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Introducing the Hedera Consensus service

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The hashgraph consensus algorithm has captured the mind of people globally by providing a fast, fair, and secure mechanism to quickly reach agreement in a distributed environment.

In this talk, Leemon is joined by special guest, Bryan Gross, Principal Product Manager at IBM Blockchain, where they spend the hour diving into the new service that unlocks the full power of hashgraph — the Hedera Consensus Service.

For more information, visit: https://www.hedera.com/consensus-service/

Or join our community to learn more:

Website: https://www.hedera.com/
Twitter: https://twitter.com/hashgraph
Telegram: https://t.me/hashgraph
Discord: https://https:/www.hedera.com/discord
LinkedIn: https://www.linkedin.com/company/hash...
Reddit: https://www.reddit.com/r/hashgraph/
Facebook: https://www.facebook.com/hashgraph/
Instagram: https://www.instagram.com/hashgraph/
Whitepaper: https://www.hedera.com/whitepaper

Published in: Technology
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Introducing the Hedera Consensus service

  1. 1. Dr.LeemonBaird Co-Founder + Chief Scientist
 
 HEDERA HASHGRAPH
  2. 2. hedera.com ©2019 Hedera Hashgraph, LLC. 
 All rights reserved. !2 The MarchtoOpenAccess HEDERA WEBINAR SERIES Coming Soon 4| Unblocked-ExploringtheUnique FeaturesofHederaHashgraph 2| AStableLedgerinan UnstableForkingWorld 1| OurPathToDecentralization 3| Introducingthe 
 HederaConsensusService Today AVAILABLE FOR REPLAY youtube.com/hederahashgraph AVAILABLE FOR REPLAY youtube.com/hederahashgraph
  3. 3. hedera.com ©2019 Hedera Hashgraph, LLC. 
 All rights reserved. !3 Stability
 isvital Multipleways toavoid
 forking We’re committedto providingbest stability possible
  4. 4. hedera.com ©2019 Hedera Hashgraph, LLC. 
 All rights reserved. !4 Genesis Address Book hash Signatures (Supermajority) Timestamp Older Address Book Even Older Address Book Signatures Signatures Signatures Ledger ID 
 Data: 0.0.1234 42
 Merkle Path Address Book (Public keys, stakes) State Proof
  5. 5. HederaConsensusService ©2019 Hedera Hashgraph, LLC. All rights reserved.  A HEDERA WEBINAR SERIES EPISODE 3
  6. 6. hedera.com ©2019 Hedera Hashgraph, LLC. 
 All rights reserved. AUTHOREDBY: Dr.LeemonBaird Co-Founder&ChiefScientist HederaHashgraph
 BryanGross PrincipalProductManager IBM
 
 DonaldThibeau Principal ProductManager HederaHashgraph Hedera Consensus Service WHITEPAPER
  7. 7. hedera.com ©2019 Hedera Hashgraph, LLC. 
 All rights reserved. Hedera Services
  8. 8. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. 3rd PARTY APPLICATIONS Individuals Enterprises Devices Governments MEDIA LEGAL HEALTH GAMING LOGISTICSCOMMUNICATIONS REAL ESTATE SOCIAL CAUSESFINANCIAL END USERS PRIVATE DLT HEDERA 
 GOVERNING 
 COUNCIL HASHGRAPH CONSENSUS CRYPTOCURRENCY
 SERVICE SMART CONTRACTS
 SERVICE FILE
 SERVICE
  9. 9. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. HASHGRAPH CONSENSUS CRYPTOCURRENCY
 SERVICE SMART CONTRACTS
 SERVICE FILE
 SERVICE • ABFT 
 (Asynchronous Byzantine Fault Tolerant) • Fair ordering • Fair timestamps • Fair access 3rd PARTY APPLICATIONS Individuals Enterprises Devices Governments MEDIA LEGAL HEALTH GAMING LOGISTICSCOMMUNICATIONS REAL ESTATE SOCIAL CAUSESFINANCIAL END USERS PRIVATE DLT HEDERA 
 GOVERNING 
 COUNCIL
  10. 10. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. 3rd PARTY APPLICATIONS Individuals Enterprises Devices Governments MEDIA LEGAL HEALTH GAMING LOGISTICSCOMMUNICATIONS REAL ESTATE SOCIAL CAUSESFINANCIAL END USERS PRIVATE DLT HEDERA 
 GOVERNING 
 COUNCIL HEDERA
 SERVICES HASHGRAPH CONSENSUS CRYPTOCURRENCY
 SERVICE SMART CONTRACT
 SERVICE FILE
 SERVICE
  11. 11. hedera.com ©2019 Hedera Hashgraph, LLC. 
 All rights reserved. HASHGRAPH CONSENSUS CRYPTOCURRENCY
 SERVICE SMART CONTRACT
 SERVICE FILE
 SERVICE IMPLICIT
 SERVICES 2 & RevocationTimestamping
  12. 12. hedera.com ©2019 Hedera Hashgraph, LLC. 
 All rights reserved. HASHGRAPH CONSENSUS CRYPTOCURRENCY
 SERVICE SMART CONTRACT
 SERVICE FILE
 SERVICE IMPLICIT
 SERVICES 2 & RevocationTimestamping
  13. 13. hedera.com ©2019 Hedera Hashgraph, LLC. 
 All rights reserved. HASHGRAPH CONSENSUS CRYPTOCURRENCY
 SERVICE SMART CONTRACT
 SERVICE FILE
 SERVICE IMPLICIT
 SERVICES 2 & RevocationTimestamping CONSENSUS
 SERVICE
  14. 14. hedera.com ©2019 Hedera Hashgraph, LLC. 
 All rights reserved. HASHGRAPH CONSENSUS CRYPTOCURRENCY
 SERVICE SMART CONTRACT
 SERVICE FILE
 SERVICE IMPLICIT
 SERVICES 2 & RevocationTimestamping CONSENSUS
 SERVICE
  15. 15. hedera.com ©2019 Hedera Hashgraph, LLC. 
 All rights reserved. HASHGRAPH CONSENSUS CRYPTOCURRENCY
 SERVICE SMART CONTRACT
 SERVICE FILE
 SERVICE IMPLICIT
 SERVICES 2 & RevocationTimestamping CONSENSUS
 SERVICE
  16. 16. hedera.com ©2019 Hedera Hashgraph, LLC. 
 All rights reserved. Scaling up
  17. 17. hedera.com ©2019 Hedera Hashgraph, LLC. 
 All rights reserved. !17 Ledger 
 Scaling Sharding Side
 Ledgers Consensus Service
  18. 18. Sharding
  19. 19. Sharding Bob CarolAlice
  20. 20. Sharding Bob Carol Alice Alice
  21. 21. Sharding Alice Bob Carol Alice
  22. 22. Sharding Bob Carol Alice Alice
  23. 23. Sharding Bob Carol Alice Alice
  24. 24. Sharding Bob Carol Alice Alice
  25. 25. Sharding Bob CarolAlice TRUSTPRIVACY BAD GOOD
  26. 26. SideLedger Bob Carol Alice
  27. 27. SideLedger Bob Carol AliceAlice Carol Bob
  28. 28. SideLedger Bob Carol AliceAlice Carol Bob
  29. 29. SideLedger Bob Carol Alice Summary Alice Carol Bob
  30. 30. SideLedger Bob Carol AliceAlice Carol Bob
  31. 31. SideLedger Bob Carol Alice TRUSTPRIVACY OK BAD Alice Carol Bob
  32. 32. ConsensusService
  33. 33. ConsensusService Alice Carol Bob
  34. 34. ConsensusService Alice Carol Bob Alice Carol Bob
  35. 35. ConsensusService Alice Carol Bob Alice Carol Bob EncryptedMessages EncryptedMessages EncryptedMessages
  36. 36. ConsensusService Alice Carol Bob Alice Carol Bob
  37. 37. ConsensusService Alice Carol Bob Alice Carol Bob State ProofforOrder + Timestamp AllMessages
  38. 38. ConsensusService Alice Carol Bob Alice Carol Bob
  39. 39. ConsensusService Alice Carol Bob Alice Carol Bob
  40. 40. TRUST ConsensusService Alice Carol Bob Alice Carol Bob PRIVACY GOODGOOD
  41. 41. hedera.com ©2019 Hedera Hashgraph, LLC. 
 All rights reserved. Use Cases
  42. 42. hedera.com ©2019 Hedera Hashgraph, LLC. 
 All rights reserved. !42 Use
 Cases STOCK MARKET GAMESAUDIT
 LOG STABLE
 COIN
  43. 43. hedera.com ©2019 Hedera Hashgraph, LLC. 
 All rights reserved. Concepts
  44. 44. Alice Carol Bob Alice Carol Bob CONCEPTS Hedera
 ConsensusService
  45. 45. CONCEPTS EncryptedMessages EncryptedMessages EncryptedMessages Messages Alice Carol Bob Alice Carol Bob Hedera
 ConsensusService
  46. 46. CONCEPTS EncryptedMessages EncryptedMessages EncryptedMessages Alice Carol Bob Alice Carol Bob Messages Privacy Hedera
 ConsensusService
  47. 47. CONCEPTS Alice Carol Bob Alice Carol Bob Messages Privacy TYPES OF MESSAGES Plaintext Encrypted 
 (long term key) Hash of Plaintext Encrypted 
 (short term key) 
 + hash of plaintext Hedera
 ConsensusService
  48. 48. CONCEPTS Alice Carol Bob Alice Carol Bob Messages Privacy Mirror Nodes State ProofforOrder + Timestamp AllMessages Hedera
 ConsensusService
  49. 49. CONCEPTS Alice Carol Bob Alice Carol Bob Messages Privacy Mirror Nodes Running Hash State ProofforOrder + Timestamp AllMessages Hedera
 ConsensusService
  50. 50. CONCEPTS Alice Carol Bob Alice Carol Bob Messages Privacy Mirror Nodes Running Hash State ProofsState ProofforOrder + Timestamp AllMessages Hedera
 ConsensusService
  51. 51. CONCEPTS Alice Carol Bob Alice Carol Bob Messages Privacy Mirror Nodes Running Hash State Proofs Topics 0.0.1234 Hedera
 ConsensusService
  52. 52. CONCEPTS Alice Carol Bob Alice Carol Bob Messages Privacy Mirror Nodes Running Hash State Proofs Topics 0.0.1234 Hyperledger
 Fabric Hedera
 ConsensusService
  53. 53. +
  54. 54. BryanGross Principal Product Manager
 IBM
  55. 55. Trade
 Finance Universal
 Payments Global
 Trade Identity Healthcare Bank
 Guarantees Food Government Distributed
 Energy Clearing &
 Settlement Provenance Unlisted
 Securities Insurance IBM is making blockchain real for business with over 100 active networks
  56. 56. 56 What? • An open, extensible platform for sharing shipping events, messages, and documents across all the actors and systems in the supply chain ecosystem. How? • Providing Shared Visibility and Shared State for Container Shipments Benefits • Increase speed and transparency for cross border transactions through real time access to container events. • Reduced cost and increased efficiency through paperless trade TradeLens improves global trade efficiency Open global trade digitization platform Exporter Terminal Trucker Rail Forwarder Carrier Consignee Authority Authority
  57. 57. 57 What? • IBM Food Trust is a set of modules providing traceability to improve food transparency and efficiency 
 How? • Blockchain is used to create a trusted connection with shared value for all ecosystem participants, including end consumers. 
 Benefits • Reduce impact of food recalls through instant access to end- to-end traceability data to verify history in the food network and supply chain. • Help to address the 1 in 10 people sickened and 400,000 fatalities WW which occur every year from food-born illnesses. 
 IBM Food Trust for supply chain transparency
  58. 58. 58 Financial Public Sector Retail Insurance Manufacturing • Trade Finance • Cross currency payments • Mortgages • Letters of Credit • Asset Registration • Citizen Identity • Medical records • Medicine supply chain • Supply chain • Loyalty programs • Information sharing (supplier – retailer) • Claims processing • Risk provenance • Asset usage history • Claims file • Supply chain • Product parts • Maintenance tracking Further examples by (selected) industry
  59. 59. Copyright 2019 IBM
  60. 60. 61 Ordering Service The ordering service packages transactions into blocks to be delivered to peers. Communication with the service is via channels. Fabric v1.4.1 has the following options for the ordering service: –Raft (recommended) • Crash fault tolerant (minimum of 5 nodes to tolerate 2 faults) • No additional dependencies required • Not Byzantine Fault Tolerant (yet) • Works more efficiently than Kafka over geographically diverse networks –Solo • Single node for development –Kafka • Crash fault tolerant • Requires Kafka and Zookeeper Ordering-Service O O O
  61. 61. hedera.com ©2019 Hedera Hashgraph, LLC. 
 All rights reserved. Summary
  62. 62. hedera.com ©2019 Hedera Hashgraph, LLC. 
 All rights reserved. Typical Steps Createa topic Starta mirrornode Clients submit messages Thirdparties canvalidate stateproofs Privacy Multiple participants couldrun mirrornodes • SentdirectlytoHedera • Usetopicofapplication • Encryptedwithpublickey ofapplication • Mirrornodereceives order/timestamps/ proofs • Applicationprocesses messages Hyperledger Fabric 1 2 3 4 5 6 7
  63. 63. Hedera Consensus Service WHITEPAPER DOWNLOAD:
 hedera.com/consensus
  64. 64. THANK YOU
  65. 65. ©2019 Hedera Hashgraph, LLC. All rights reserved. For more information please visit:
 hedera.com

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