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EXTENT-2015: Blockchain New Frontiers


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Blockchain: New Frontiers
Nikolay Ratkov, Bits.Media
11 November 2015
Trading Technology Trends & Quality Assurance Conference in St. Petersburg

Published in: Technology
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EXTENT-2015: Blockchain New Frontiers

  1. 1. Nikolai Ratkov Blockchain - new frontiers
  2. 2. Blockchain is a technology of the public decentralized registry (database) Crypto secured database, consists of the chain of concatenated blocks Current primary application of blockchain are cryptocurrencies The first public blockhain of Bitcoin was launched at January 3rd, 2009 (the Genesis block creation) BLOCKCHAIN - WHAT IS IT?
  3. 3. BLOCKCHAIN FEATURES Peer-to-peer network – all nodes are equal Every node stores full copy of database Confirmed blocks can’t be modified or deleted The older blocks are better protected
  4. 4. BLOCKCHAIN TRANSACTIONS Each transaction – autonomous data unit Key parts of transaction:  Sender and recipient addresses  Main data  Rules of execution (optional)  Technical fields  Crypto signature
  5. 5. Block – the blockchain’s main structural unit Mining is the process to find a hash to build next block Blocks connect to each other with hash of the previous one in chain Protocol rules must be fulfilled to place transaction to next block BLOCKS – THE CHAIN LINKS
  6. 6. KNOWN PROBLEMS Concurrent transactions (double spend) Chain fork Random time interval between blocks Weak scalability –fast database growth
  7. 7. BLOCKCHAIN vs RDBMS Blockchain RDBMS Infrastructure requirements Low High Distributed storage Default Optional Single Point Of Failure None Possible Data unit Block Table Cancel transaction Until confirmation Yes Modify old data No Yes Integrity control Every node Master server Centralized access control No Yes Centralized data write No Mostly Concurrent transactions Possible No Update periodicity Set (some random) Realtime Backup Priv keys only All data
  8. 8. BLOCKCHAIN PROJECTS Bitcoin and other cryptocurrencies Domain name system – Namecoin Network services: DNS, SSL, VPN – Emercoin File storage, hosting - Datacoin, StorJ, Burstcoin Crypto messengers - Bitmessage, Twister
  9. 9. BLOCKCHAIN PROJECTS Evolving applications:  Distributed software repositories  Ownership registration, public registers  Accounting and statistics data storage  Smart contracts
  10. 10. BLOCKCHAIN PROJECTS Colored coins – the protocol to represent and manage real-world assets in blockchain  Operates over Bitcoin network  Coloring and tracking Bitcoin transactions under special rules  Prove asset ownership with a message signed with public key  Trade the colored coins instead of IPO  Pay dividends to colored coins owners
  11. 11. SMART CONTRACTS Automatically enforced contracts using algorithm (program). No middleman Can be checked by everyone connected to blockchain Contract (Oracle) can check outside events Specialized platforms with their own Blockchain
  12. 12. PUBLIC SMART CONTRACT PLATFORMS Counterparty: Colored coins extension for crypto assets trading. Internal XCP cryptocurrency. Ripple Codius: Specialized smart contracts platform. “Oracles”introduced. Contracts can access Internet. Any programming languages. Closed in June 2015. Ethereum: Its own blockchain and cryptocurrency to pay contracts (ETH). Internal C-like language. Contracts can be accessed from Internet. Launched in July 2015.
  13. 13. CORPORATE BLOCKCHAINS R3 CEV startup sponsored by 25 banks, including: Barclays, Credit Suisse, J.P. Morgan, RBS, RBC, UBS, Bank of America, Citi, HSBC, Morgan Stanley, Deutsche Bank, SEB, SocGen, Mizuho, Nordea etc. NASDAQ exchange – trading platform for Nasdaq Private Market. London and Australian stock exchanges, Visa Blockchain startups investments: Master Card, American Express, IBM, Orange DV
  14. 14. STATE BLOCKCHAINS Countries to explore Blockchain tech:  Blockchain Alliance (USA)  Some US states governments  UK government  Australian government  National Bank of Ukraine
  15. 15. BLOCKCHAIN IN RUSSIA Who works on Blockchain tech in Russia:  Central Bank of Russia task force (September 2015)  HSE Lab (Prototyping center of HSE) – master-classes  – NGO, startups incubator
  16. 16. THE FUTURE OF BLOCKCHAIN  Not only cryptocurrencies  Smart contracts development  Binding with Internet of things  Standartization
  17. 17. Blockchain - new frontiers Nikolai Ratkov m Skype: nratkov