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Tokyo FinTech Meetup #5 - Blockchain All-Stars

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These are the slides used by the presenters for the September 8, 2017 Tokyo FinTech Meetup, covering Ethereum, Hyperledger and Corda. The event page is here:
https://www.meetup.com/tokyofintech/events/241392568/

The recording of the event is available here:
https://youtu.be/J3kbtmkbuRk

Published in: Technology
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Tokyo FinTech Meetup #5 - Blockchain All-Stars

  1. 1. Tokyo FinTech Meetup #5 September 8, 2017
  2. 2. How to reach us: Tokyo FinTech Meetup Page YouTube Recordings Tokyo FinTech Meetup #5 September 8, 2017
  3. 3. Presentation #1 Jeff Wentworth Curvegrid Tokyo FinTech Meetup #5 September 8, 2017
  4. 4. © Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08© Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08 Introduction to Ethereum A blockchain app platform Tokyo FinTech Meetup September 8, 2017 curvegrid.com
  5. 5. © Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08 Building a blockchain application server to help companies use this technology. Established May 2017 2 Jeff Wentworth Previously Vice President in Storage Engineering at Goldman Sachs William Metcalfe Former CTO at Gilt Japan
  6. 6. © Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08 Consider a double-entry bookkeeping ledger. Blockchain is a decentralized ledger 3 Account Debit Credit Alice 2,000 Ξ Bob 2,000 Ξ Ξ is the currency symbol for Ether
  7. 7. © Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08 Transactions are an atomic entry on the ledger. Introduction to the Ethereum blockchain 4 Transaction Account Debit Credit 1 Alice 2,000 Ξ Bob 2,000 Ξ
  8. 8. © Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08 Transactions are grouped together into blocks. Blocks are appended to the ledger and immutable. Introduction to the Ethereum blockchain 5 Block Transaction Account Debit Credit 12938 1 Alice 2,000 Ξ Bob 2,000 Ξ 2 Carl 1,500 Ξ Diana 1,500 Ξ
  9. 9. © Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08 Introduction to the Ethereum blockchain 6 Block Transaction Account Debit Credit 12938 1 0x177569f45f04bfbde900af fa623910f5b28d5295 2,000 Ξ 0x1c4e909083d80185df10a 60fd5ed25402e996eeb 2,000 Ξ 2 0xf26b36ee790c3d04c84c 488e067b37ef47f43ffe 1,500 Ξ 0x08780e78886ed5662a4 59d318b70ec738a9188cc 1,500 Ξ Account “names” are actually very large numbers (represented here in base-16)
  10. 10. © Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08 Introduction to the Ethereum blockchain 7 Block Transaction Account Debit Credit 12938 1 0x177569f45f04bfbde900af fa623910f5b28d5295 2,000 Ξ 0x1c4e909083d80185df10a 60fd5ed25402e996eeb 2,000 Ξ remit(“0x08780e78886ed5662a459d318b70ec738a9188cc”, “0x51391b8604587e3c”, 3600) Transactions can include computer code that will run on the blockchain. This is invoking a function called remit() with some parameters.
  11. 11. © Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08 Introduction to the Ethereum blockchain 8 Block Transaction Account Debit Credit 12938 1 Alice 2,000 Ξ Bob 2,000 Ξ remit(“0x08780e78886ed5662a459d318b70ec738a9188cc”, “0x51391b8604587e3c”, 3600) Who or what is Bob? (account 0x1c4e909083d80185df10a60fd5ed25402e996eeb)
  12. 12. © Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08 Introduction to the Ethereum blockchain 9 Block Transaction Account Debit Credit 6054 1 contract Bob { ... function remit(address _recipient, bytes32 _pwHash, uint _timeout) public payable returns (bool success) { trackedBalance = msg.value; remitter = msg.sender; recipient = _recipient; pwHash = _pwHash; deadline = now + _timeout; return true; } ... } Bob is a computer program that was uploaded to, and runs on, the Ethereum blockchain. remit() is one of the functions that Bob can perform.
  13. 13. © Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08 Computer programs on the blockchain Also called smart contracts. Can hold and dispense value (Ether). Are governed by the rules of their computer code. Like other credit and debit entries on the Ethereum ledger, are immutable. Can be inspected and invoked by anyone who has access to the blockchain. Cost “gas” to invoke. Currently ¥19 for a simple transaction. A limit on gas prevents runaway contracts. 10
  14. 14. © Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08 Decentralized Apps (DApps) A DApp is the combination of traditional software with a smart contract running on a blockchain. Potential applications include: Document attestation: a contract was signed by person X at time Y Know your customer (KYC) and anti-money laundering (AML) Securities: stocks, bonds, futures, options, insurance 11
  15. 15. © Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08 Blockchain as a decentralized ledger 12 Block Tx Account Debit Credit 12938 1 0x177569f45f0 2,000 Ξ 0x1c4e909083 2,000 Ξ 2 0xf26b36ee79 1,500 Ξ 0x08780e7888 1,500 Ξ Ethereum Ledger Node A Node B Node C Node D Node X Every node has a copy of the ledger Nodes communicate peer-to-peer over the Internet to update the ledger Node E Nodes are servers, desktops or laptops
  16. 16. © Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08 Safeguarding the integrity of the Ethereum ledger Node A Node A Node A Node ANode A Node X Block 0 (Jul 30, 2015) Block 4,248,573 (Sep 8, 2017) “Mining” nodes race to solve a complex math problem Winning mining node gets an Ether reward created out of thin air (money supply increase), plus all of the gas (fees) for the transactions in the block Work When a block is added to the ledger, it is linked to the block before it and includes proof of the “mining work” Hence the process is called “Proof of Work”
  17. 17. © Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08 Safeguarding the integrity of the Ethereum ledger Node A Node A Node A Node ANode A Node X Block 0 (Jul 30, 2015) Block 4,248,573 (Sep 8, 2017) Work Node Z Node Y Work Malicious actors would have to start from scratch to spoof an entry in the ledger They would never be able to catch up Would need to beat the formula: Effort = Blocks x Work x Time
  18. 18. © Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08 People, organizations and technologies Ethereum founders include Vitalik Buterin: Ethereum White Paper, Lead developer Dr. Gavin Wood: Ethereum Yellow Paper (technical details) Organizations and consortiums include Ethereum Foundation Enterprise Ethereum Alliance ConsenSys Fiat currency to Ethereum exchanges in Japan include BitFlyer CoinCheck Quoinex 15
  19. 19. © Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08 People, organizations and technologies (Cont). Ethereum node software (clients) include Geth Parity CppEthereum MyEtherWallet Technologies include Ethereum Naming Service (ENS) Initial Coin Offering (ICO) 16
  20. 20. © Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08 Initial Coin Offering (ICO) or Token Sale Raising money on the blockchain via a crowdsale of tokens. Ownership of a token is recorded within a smart contract on the Ethereum ledger. ICOs globally1 : Jan 2017: US$15M Jul 2017: US$637M VC funding globally2 : US$500M/month Possibly subject to securities regulations. 17 1 CoinSchedule Cryptocurrency ICO Stats 2017, https://www.coinschedule.com/stats.php?year=2017 2 Has ICO Cryptocapital Exceeded Early Stage Venture Capital Funding? Yes., http://startupmanagement.org/2017/07/10/has-ico-cryptocapital-exceeded-early-stage-venture-capital-funding-yes/
  21. 21. © Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08 Sample Tokens 18 Source: Coin Market Cap, CryptoAsset Market Capitalizations, https://coinmarketcap.com/assets/views/all/, retrieved 2017-09-08
  22. 22. © Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08 Ethereum to USD Historical Price 19 Ether/USD Price Jul 30 2015 to Sep 8, 2017 Source: Ethereum Price, http://www.ethprice.com/, retrieved 2017-09-08 Feb 23, 2017 US$12.69 Sep 8, 2017 US$332.31
  23. 23. © Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08© Curvegrid Inc. Tokyo FinTech Meetup 2017-09-08 Thank you 20curvegrid.com
  24. 24. Presentation #2 Geoff Wells IBM Tokyo FinTech Meetup #5 September 8, 2017
  25. 25. • A collaborative effort created to advance cross-industry blockchain technologies for business • Announced December 2015, now around 150 members • Open source, open standards, open governance • Five frameworks and three tools projects • IBM is a premier member of Hyperledger www.hyperledger.org Brian Behlendorf Executive Director Blythe Masters Board Chair Chris Ferris TSC Chair
  26. 26. Source: https://www.hyperledger.org/about/members Updated 21 August 2017
  27. 27. • An implementation of blockchain technology that is a foundation for developing blockchain applications • Emphasis on ledger, smart contracts, consensus, confidentiality, resiliency and scalability. • V1.0 released July 2017 – 159 developers from 27 organizations – IBM is one contributor of code, IP and development effort to Hyperledger Fabric http://hyperledger-fabric.readthedocs.io/
  28. 28. • A suite of high level application abstractions for business networks • Emphasis on business-centric vocabulary for quick solution creation • Reduce risk, and increase understanding and flexibility • Features – Model your business networks, test and expose via APIs – Applications invoke transactions to interact with business network – Integrate existing systems of record • Fully open and part of Linux Foundation Hyperledger • Try it in your web browser now: http://composer-playground.mybluemix.net/ https://hyperledger.github.io/composer/ Business Application Hyperledger Composer Blockchain (Hyperledger Fabric)
  29. 29. • • • •
  30. 30. www.ibm.com/blockchain developer.ibm.com/blockchain www.hyperledger.org
  31. 31. Presentation #3 Munetoshi Yamada R3 Tokyo FinTech Meetup #5 September 8, 2017
  32. 32. The R3 Consortium - Leading the world’s largest Distributed Ledger consortium for F.I. - Focusing on developing a next generation financial transaction network. Our goal Build R3Net with Corda
  33. 33. What is R3Net ? # Network participant Role description 1 F.I. (Financial institution)  F.I.s transact each other in any type of financial agreements. 2 Oracle  Provide external facts such as interest rate, foreign exchange rate, etc.  Think of Tomson Reuters and Bloomberg. 3 Notary  Prevent double spending  Provide signatures when a peer commit a transaction  Validating notary and non- validating notary 4 Regulator  Receive all the transactions within their jurisdictions  Real-time monitoring  Regulatory reporting  Regulatory querying Oracle F.I. Notary Regulator F.I. F.I.
  34. 34. Node internals Corda Enterprise CorDapps Corda Open Source Multi- threading …SGX Modular RDBMS Trade Finance … OTC derivatives Identity Corda components … Network Map Service Vault Oracle F.I. Notary Regulator F.I. F.I.
  35. 35. What is Corda? Purpose:Build an enterprise grade platform specialized in financial transaction Data Sharing Model ”Need-to-know” basis, No broadcasting Transaction validation Validated by parties to the transaction, No Block, No PoW Consensus Uniqueness service provided Transaction style UTXO model employed, Execute in parallel Regulatory requirement Enable regulatory nodes, ensuring transparency Scripting language Kotlin, Java
  36. 36. Roadmap 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Corda Open Source & Enterprise Corda Enterprise announcement with key partners Corda maintenance contract launch Initial R3 Corda network services launch Corda open source v1.0 release Corda Enterprise v1.0 launch Platform capable of supporting pilots First community- organized Corda Meetup HQLAx announce live pilot on Corda Corda Testnet live Corda Training launched globally Corda DemoBench released Corda open source Beta announcement Corda support contract launch 5

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