2. “The blockchain is an incorruptible digital ledger of economic
transactions that can be programmed to record not just
financial transactions but virtually everything of value.”
Don & Alex Tapscott, authors Blockchain Revolution (2016)
3. It is like a shared ledger
A distributed database
Transparent and incorruptible
A network of nodes
4. 4 key features
1. Decentralized systems
2. A distributed ledger
3. Leading to a safer and secure
ecosystem by providing tamper free
environment
4. Minting
28. Ethereum is a decentralized platform that runs smart contracts:
applications that run exactly as programmed without any possibility of
downtime, censorship, fraud or third party interference.
These apps run on a custom built blockchain, an enormously
powerful shared global infrastructure that can move value around and
represent the ownership of property.”
29.
30. EOS are aiming to become a decentralized operating
system which can support industrial-scale decentralized
applications.
• They are planning to completely remove transaction fees.
• They are claiming to have the ability to conduct millions of
transactions per second.
31. It can be used to give access to financial services to billions of people
around the world, including who don’t have access to traditional
banking
Banking and Payments
32. Banks are at forefront of
Blockchain Research
and
patents
33. Supply Chain Management
Transactions can be documented in a permanent decentralized record, and
monitored securely and transparently. It can also be used to monitor costs,
labour, waste and emissions at every point of the supply chain.
34. Samsung and IBM
are using
blockchain
technology for a
new concept
called ADEPT,
which will create a
decentralized
network of IoT
devices
Internet of
Things
36. Ride Sharing
The blockchain can be used to create decentralized versions of
peer-to-peer ridesharing apps, allowing both car owners and
users to arrange terms and conditions in a secure way without
third party providers
45. If every party to a transaction trusted
the information involved, even though
they dont trust one another, costs
could fall and performance could
improve drastically.
That is the essence of the blockchain vision.
What are Dapps you might ask?
Imagine having your car working away, transporting passengers while you’re at work.
Imagine having your computer utilizing its spare capacity to serve businesses and people across the globe.
Imagine being paid for browsing the web and taking ownership of your, arguably invaluable, attention.
Imagine the world like that.
That world is not far away.
A paradigm shift in the way we view software models is approaching. When Bitcoin, the first cryptocurrency, made us reassess our definition of Store of Value (SoV), it also revealed a sneak peek of the future: a world running on decentralized applications (Dapps).
These distributed, resilient, transparent and incentivized applications will prove themselves to the world by remapping the technological landscape.
https://coinmarketcap.com/
https://coinmarketcap.com/
Feature #1: Deterministic
A program is deterministic if it gives the same output to a given input every single time. Eg. If 3+1 = 4 then 3+1 will ALWAYS be 4 (assuming the same base). So when a program gives the same output to the same set of inputs in different computers, the program is called deterministic.
Un-deterministic data resources: Eg. Suppose a program that acquires the top 10 google searches of a particular query. The list may keep changing.
Feature #2: Terminable
there is an inability to know whether or not a given program can execute its function within a time limit.
Turing Incompleteness: A Turing Incomplete blockchain will have limited functionality and not be capable of making jumps and/or loops. Hence they can’t enter an endless loop.
Step and Fee Meter: A program can simply keep track of the number “steps” it has taken, i.e. the number of instructions it has executed, and then terminate once a particular step count has been executed
Another method is the Fee meter. Here the contracts are executed with a pre-paid fee. Every instruction execution requires a particular amount of fee. If the fee spent exceeds the pre-paid fee then the contract is terminated.
Timer: Here a pre-determined timer is kept. If the contract execution exceeds the time-limit then it is externally aborted.
Feature #3: Isolated
In a blockchain, anyone and everyone can upload a smart contract. However, because of this the contracts may, knowingly and unknowingly contain virus and bugs.
If the contract is not isolated, this may hamper the whole system. Hence, it is critical for a contract to be kept isolated in a sandbox to save the entire ecosystem from any negative effects.
Provenance, Fluent, SKUChain, and Blockverify
Arcade City and La’Zooz.
3. Beyond the issue of trust, blockchains are subject to inefficiencies and extensive energy consumption they are unable to scale with rising transactions, making them subject to congestion and value fluctuation.
Kerala’s think-tank the Development and Innovation Strategic Council (K-DISC), and will use blockchain, as well as Internet of Things (IoT) technology, in an attempt to make the state’s supply network for dairy products, vegetables and fish more efficient.