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Blockchain - preparing for the next steps


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The current state of the blockchain ecosystem, how it will evolve and how to prepare for the next steps from a business perspective.

Presentation delivered at #EIC16
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Blockchain - preparing for the next steps

  1. 1. From Exploration to Implementation Preparing for the Next Steps of Blockchain Sebastien Meunier Chappuis Halder & Co. #eic16
  2. 2. 2CHAPPUIS HALDER & CO. First there was only Bitcoin… then the world discovered Blockchain 2008 2009 2013 20162012 2014 2015 • registered • White paper published Bitcoin • Block 0 mined • 1st transaction Bitcoin • Begins working on a digital currency system Ripple • White paper published (smart contracts) Ethereum Bitcoin in the spot light Blockchain hype 2011 • Launch of Bitcoin exchange & wallet Coinbase 2010 Google trends • 1st bank to experiment with Bitcoin/Blockchain Fidor Bank Next?
  3. 3. 3CHAPPUIS HALDER & CO. Blockchain: a revolution or an illusion? ?
  4. 4. 4CHAPPUIS HALDER & CO. Key characteristics of the Bitcoin Blockchain The Blockchain is a distributed ledger (network of ~6500 nodes) used to securely record the Bitcoin transactions Distributed: all nodes in the network have the same role Public: everyone has access to the history of transactions Permissionless: anyone can become a participant Pseudonymous: a secure address is used as identity Secure: the proof of work and chaining of the blocks make any attempt to alter the transactions practically impossible Immutable: transactions can never be modified 2 main usages Bitcoin: Peer-to-peer exchanges of units of value, solving the double-spending problem Trust system: the Blockchain itself ensures the trust between participants, without the need of intermediaries
  5. 5. 5CHAPPUIS HALDER & CO. Beyond Blockchain, the distributed ledger ecosystem Litecoin, Dogecoin, Dash, Peercoin, Monero, Bytecoin, Blackcoin, Gridcoin, Decred Namecoin, Emercoin Bitshares, Nxt, NEM Ripple (real-time gross settlement, remittance, FX) Stellar (payments & remittance) Ethereum (smart contracts) Multichain (Coin Sciences), Bankchain (itBit), Setl, Bloq, Eris, Epiphyte, Symbiont, Clearmatics, Openchain (Coinprism), Blockstack (DAH), Chain, Azure BaaS, … Specialized networks Alternative cryptocurrencies Private distributed ledgers
  6. 6. 6CHAPPUIS HALDER & CO. Build your own Blockchain – the DL stack Distributed applications (Use-cases / Business services) Integration services User interface API / Toolkits Business Logic (Rules, Smart contracts) Asset Management (Colored coins, …) Settlement (Consensus protocol, Token) Transport (Network protocol) BaaS
  7. 7. 7CHAPPUIS HALDER & CO. The end game is still unclear Competing networks Bitcoin Blockchain Ethereum … … Gateways 1 Universal trust service Public Blockchain 3 Standard-driven ecosystem Payments Identity Securities 2
  8. 8. 8CHAPPUIS HALDER & CO. How to prepare for the next steps 6 – 18months 2 – 3 years 4+ years Experimentation and first large scale PoC Efforts to build industry standards Niche innovations in large markets Global trends Emergence of global standards Large partnerships/JV Disruption of small markets New markets Mainstream adoption? Major industry- wide disruptions, elimination of intermediaries? Collaborate  Be involved in consortiums  Organize hackathons What businesses should do right now Develop awareness  Set up internal trainings  Organize market watch Experiment  Identify relevant use-cases  Launch proof of concepts Develop your strategy  Define your priorities  Build your roadmap Anticipate the change  Analyze impacts on IT, processes, organization
  9. 9. 9CHAPPUIS HALDER & CO. Identify relevant use-cases When all you have in mind is a blockchain, everything looks like a blockchain use-case
  10. 10. 10CHAPPUIS HALDER & CO. Not all business use-cases are relevant / disruptive Build distributed ledgers at industry / consortiums level Leverage existing public DL to: • Store “proofs” outside the firewall (BTC) • Build distributed applications (ETH) Build a private DL at Group level From a business perspective, 3 ways to build a distributed ledger solution Level of disruption Disruption of intermediaries, efficiency for the participants From enhancement of existing services to significant impact and creation of new services Efficiency~ over existing systems for some specific use-cases
  11. 11. 11CHAPPUIS HALDER & CO. 6 ways to work with Distributed Ledgers Internal experimentations Market watch Sponsorships of accelerators / hackathons Partnerships with startups or service providers Participation to workgroups / consortiums Strategic Investments (Venture Capital)
  12. 12. 12CHAPPUIS HALDER & CO. Final thoughts  Still early days for distributed ledgers  Hot topics: standardization, identity management, legal & compliance issues  Blockchain technology is an enabler – the Business perspective is key  Be aware of what’s happening, identify relevant use-cases, experiment, develop your strategy  Technology providers / Consultancies can help, but important to develop in-house competencies