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Smart Contracts - Can you digitize trust?

  1. 1. OMM Solutions TECHtalk #4 1< OMM Solutions GmbH >28.06.2017 www.tech-talks.eu
  2. 2. Einmal im Monat ist TECHtalk Zeit! First come first served! < OMM Solutions GmbH > 2
  3. 3. Talk: Smart Contracts - Can you digitize trust? Speaker: Olaf Horstmann 3< OMM Solutions GmbH >
  4. 4. Basic Blockchain 4< OMM Solutions GmbH > e.g. Bitcoin Block 1 Block 2 Block 3 Block n … $ / i Hash from last block $ / i • verifies Transactions • “builds” Block 28.06.2017
  5. 5. Blockchain with Compute-Capabilities 5< OMM Solutions GmbH > e.g. Ethereum Block 1 Block 2 Block 3 Block n … $ / i / <> Hash from last block $ / i / <> $ / i / <> • verifies Transactions • executes Code (Smart Contracts) • bundles additional Transactions initiated by SCs • “builds” Block $ / i / <> $ / i / <> SC-execution 28.06.2017
  6. 6. Example: Betting-Contract 6< OMM Solutions GmbH > 0x90c63c3d1110Ea49…. Bookie publishes betting-rates to a smart contract Together with depositing an initial betting-pool 0x90c63c3d1110Ea49…. Gamblers look at the rates Placed bets are automatically limited to what the pool could pay out – this limit is adjusted with every bet 0x90c63c3d1110Ea49…. Some source of information - “oracle(s)” - feeds the results into the contract The contract automatically evaluates the payouts and initiates the transactions $ + i $ + i i $i 28.06.2017
  7. 7. Demo < OMM Solutions GmbH > 728.06.2017
  8. 8. • “programmable number account” • mediator of trust • applications are mostly finance-related • A tool for automated/event-based... • decentralized information evaluation • transaction initiation What a smart Contract is < OMM Solutions GmbH > 828.06.2017
  9. 9. • Source of information • Source of trust • Simple to understand • Error-Proof • Written by humans • Easy-To-Use • As for the current state of the technology What a Smart Contract NOT is… < OMM Solutions GmbH > 928.06.2017
  10. 10. • Deposits • When renting an appartment, a car, an expensive machine • Allowance-Contracts • e.g. for kids to allow them to spend X€ / week • Investments in Companies • no need for „manually“ run Stock-Markets • Auctions • the bid is done with sending money and the contract will automatically refund the money or forward it to the seller • Betting, Gambling Applications for consumers < OMM Solutions GmbH > 1028.06.2017
  11. 11. • Monetary “rule-sets” • e.g.: Transactions of >10000€ must be approved by 3 out of 5 authorized instances • Automated execution of payments on certain “events” • e.g.: goods from a supplier arrive → worker confirms the receipt on the blockchain → payment is initiated Applications for Companies < OMM Solutions GmbH > 1128.06.2017
  12. 12. • Insurace-claiming • e.g.: drought-/flood-information provided by several weather-stations could automatically trigger a payout to insured farmers • A verified doctor could issue information to the blockchain, that automatically triggers a payout • The government could issue a death-certificate to the blockchain, that could automatically trigger the payout of a life-insurance Applications for Insurances < OMM Solutions GmbH > 1228.06.2017
  13. 13. • replace any „manually“ initiated transaction Applications in Banking < OMM Solutions GmbH > 1328.06.2017
  14. 14. • Applications • digital currency • Identification • Smart contracts for automated tax-calculation and transactions • Chances • Almost everything could be automated • Less fraud, less errors, better transparency • Risks • System could be abused by the few “in power” (but so could other systems) Applications in Government < OMM Solutions GmbH > 1428.06.2017
  15. 15. • Public (current state) • The Ethereum-Network is currently pretty much at its transaction-limit already • Blockchain will grow very large very quickly → very difficult to maintain such a node as an average user • Closed • Could decrease cost through automation • If the technology is used at many companies → could decrease cost of communication • Easier to include additional “oracles” and contact-points than with a custom system • Widely used technology • more developers • less error-prone than a custom system Public vs. Closed System < OMM Solutions GmbH > 1528.06.2017
  16. 16. • Automated execution • Save money & time • Transactions are final General Benefits < OMM Solutions GmbH > 1628.06.2017
  17. 17. • Very young technology • To really trust the contract, you would have to read AND understand the source-code • Contracts can be published without the source-code (you should not blindly trust those) • You still need to trust the “oracle” • Even accidentally false information provided by an oracle could cause irreversible transactions • Who is liable for errors/bugs in an SC General Drawbacks < OMM Solutions GmbH > 1728.06.2017
  18. 18. • Ethereum • Etherscan (Adressen, Transaktionen, Tokens im Browser Suchen) • Mist (Official Ethereum Wallet) • Alternatives: Jaxx, MyEtherWallet, imToken (Mobile), and more… • Geth (official go-ethereum client) • Solidity (Ethereum’s SmartContract programming language) • Parity (Ethereum Browser) • ERC20 Token Standard (Standard for custom Tokens) • Golem Network (Distributed Super-Computer-Network) • Status Network (Mobile Ethereum Platform) • Gnosis (“Crowd Sourced Wisdom”) • Brave Browser • Rinkeby (Ethereum Test-Network) Stuff to google < OMM Solutions GmbH > 1828.06.2017
  19. 19. Vielen Dank für Eure Aufmerksamkeit! 19< OMM Solutions GmbH >
  20. 20. Ihr persönlicher Ansprechpartner Fragen oder Interesse? < OMM Solutions GmbH > 20 Olaf Horstmann Technology & Innovation OMM Solutions GmbH Vor dem Lauch 4 70567 Stuttgart Germany oh@omm-solutions.de +49 (0)711 75 86 46 04
  21. 21. Ihre persönliche Checkliste… 21< OMM Solutions GmbH > …zur Digitalisierung Ihrer Organisation  Machen Sie Digitalisierung zur Chefsache  Stellen Sie ein Digitalisierungsteam auf  Entwickeln Sie eine Digitalisierungsstrategie  Investieren Sie in die digitale Kompetenz Ihrer Mitarbeiter  Digitalisieren Sie Ihr Geschäftsmodell  Machen Sie aus Daten einen sinnvollen Business Case  Setzen Sie die neuesten Technologien ein  Entwickeln Sie digitale Lösungen gemeinsam mit Kunden und Partnern  Erweitern Sie Ihre Wettbewerbsbetrachtung um Tech-Unternehmen  Kooperieren Sie auch mit jungen Startups Quelle: https://www.bitkom.org/noindex/Publikationen/2016/Leitfaden/In-10-Schritten-digital/In-10-Schritten-digital-Praxisleitfaden.pdf 28.06.2017
  22. 22. 22< OMM Solutions GmbH > www.omm-solutions.de OMM Solutions GmbH Vor dem Lauch 4 70567 Stuttgart Geschäftsführer Martin Allmendinger Malte Horstmann Olaf Horstmann Kontakt Telefon: +49 711 6747 051-0 E-Mail: info@omm-solutions.de Umsatzsteuer-ID: DE295716572 Sitz der Gesellschaft: Stuttgart Amtsgericht Stuttgart, HRB 749562 Impressum

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