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Blockchain Technology - Application and Benefits [17 May 2016]

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Blockchain Technology - Application and Benefits [17 May 2016]

  1. 1. CLOUD ARCHITECTURE IN ATO Distributed Ledger Technology Tuesday, 17th May 2016 Presented By Mick Motion-Wise Technology Architect 04-3747-9236 mick@motion-wise.net
  2. 2. Agenda What is Distributed Ledger Technology [blockchain] How does blockchain work Use Cases ◦ Smart Property ◦ Diamonds ◦ Health Wrap Up B l o c k c h a i n
  3. 3. Blockchain is a tamper-proof, immutable, transparent distributed ledger with no single-point-of-failure. B l o c k c h a i n What is blockchain?
  4. 4. B l o c k c h a i n The blockchain overlay network management and blockchain data exchange strategy.
  5. 5. B l o c k c h a i n
  6. 6. B l o c k c h a i n How does blockchain work? The digital registers of the blockchain use an encryption method known as cryptographic hashing. Members of the blockchain use a private key to sign transactions recorded into the register. All transactions can be audited publically.
  7. 7. B l o c k c h a i n
  8. 8. B l o c k c h a i n https://blockchain.info/
  9. 9. B l o c k c h a i n Rewards When we reach 420,000 blocks, we enter Rewards Era 3. In Era 3 [which lasts until the 630,000th block], the rewards of bitcoins per block is halved from 25 BTC per block to 12.5 BTC per block. After the 630,000th the rewards are halved again. 𝑖=0 32 210000[ 5000000000 2 𝑖 ] 10000000 Using this equation we will reach 93.75% of the maximum number of available bitcoins in 8 years time. Source: https://en.bitcoin.it/wiki/Controlled_supply Access: 17/5/16
  10. 10. B l o c k c h a i n An example of the blockchain message exchange network
  11. 11. To help explain Distributed Ledger Technology we will refer to points on the next diagram. Initially, each point will be referred to regards its relationship to adjoining capability in the flowchart. At a later section of the presentation, we will deep dive on each point [as presentation time allows]. B l o c k c h a i n How does blockchain work [con’t]?
  12. 12. B l o c k c h a i n
  13. 13. B l o c k c h a i n
  14. 14. The acceptance of blockchain worldwide is triggering billions of dollars of investment and real issues are being addressed by blockchain which include legacy financial infrastructure - traditionally based on centralized, unencrypted hub-and spoke database architecture. This is not only expensive and inefficient but vulnerable to operational failure, disaster recovery testing and cyber attack. B l o c k c h a i n Use Cases
  15. 15. B l o c k c h a i n
  16. 16. B l o c k c h a i n
  17. 17. B l o c k c h a i n Everledger
  18. 18. B l o c k c h a i n
  19. 19. B l o c k c h a i n
  20. 20. B l o c k c h a i n
  21. 21. B l o c k c h a i n Q & A
  22. 22. Resources Block Chain Blockchain University http://blockchainu.co/ Blockchain Workshops http://blockchainworkshops.org/ Developers Resources https://www.ethereum.org/ ABC Radio – Blockchain explained http://tiny.cc/46ljby Blockchain Report 2016 – Q1 http://www.coindesk.com/state-of-blockchain-q1-2016/ Blockchain Live https://blockchain.info/
  23. 23. B l o c k c h a i n

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