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Blockchain: The New Technology and Its Applications for Libraries

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A presentation given by Bohyun Kim at the 2019 SLA (Special Libraries Association) Conference in Cleveland, OH on June 18th, 2019.

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Blockchain: The New Technology and Its Applications for Libraries

  1. 1. BLOCKCHAIN The New Technology & Its Applications For Libraries Bohyun Kim CTO & Associate Professor, University of Rhode Island Libraries SLA Annual Conference, Cleveland, OH, June 18, 2019
  2. 2. Blockchain ▸ aka. DLT = Distributed Ledger Technology ▸ Developed for Bitcoin, the first distributed cryptocurrency ▸ Bitcoin debuted in Jan 2009.
  3. 3. 200K-400K A DAY https://www.blockchain.com/charts/n-transactions?timespan=all
  4. 4. USD 1.5-4.5 BILLION https://www.blockchain.com/charts/estimated-transaction-volume-usd? daysAverageString=7&timespan=all
  5. 5. Immutable and Irreversible ▸ A technology that allows you to encrypt a record of transaction in a secure and tamper-proof manner. ▸ Entries are immutable and irreversible. ▸ Created by a distributed network of computers that participate in the blockchain-mining process. ▸ Blockchain = a series of linked hashes with time stamps ▸ Security; Speed; Privacy; Decentralized architecture ▸ How does it work… ??
  6. 6. BLOCKCHAIN IS A LEDGER https://blockgeeks.com/guides/what-is-blockchain-technology/
  7. 7. BLOCKS IN BLOCKCHAINAmeer Rosic, “What Is Hashing? Under The Hood Of Blockchain,” Blockgeeks (blog), July 2017, https:// blockgeeks.com/guides/what-is-hashing/.
  8. 8. KEY COMPONENTS ▸ Public key cryptography ▸ Hashing ▸ Nonce ▸ Mining https://en.bitcoin.it/wiki/File:Blockchain.png
  9. 9. HASH https://passwordsgenerator.net/sha256-hash-generator/
  10. 10. “The Great Chain of Being Sure about Things,” The Economist, October 31, 2015, https:// www.economist.com/ news/briefing/ 21677228- technology-behind- bitcoin-lets-people- who-do-not-know-or- trust-each-other-build- dependable.
  11. 11. MERKLE TREE https://en.wikipedia.org/wiki/Merkle_tree THE HASH OF ALL THE HASHES OF THE TRANSACTIONS IN THE CURRENT BLOCK
  12. 12. BLOCK Ameer Rosic, “What Is Hashing? Under The Hood Of Blockchain,” Blockgeeks (blog), July 2017, https:// blockgeeks.com/guides/what-is-hashing/.
  13. 13. NONCE Ameer Rosic, “What Is Hashing? Under The Hood Of Blockchain - Blockgeeks,” Blockgeeks (blog), July 2017, https://blockgeeks.com/guides/what-is-hashing/.
  14. 14. PROCESS 1. A transaction is transformed into a hash. 2. The hash of a whole block is created. 3. A nonce (random string) is appended to the hash and hashed again. 4. The resulting hash is compared to the difficulty level required by a blockchain. 5. If it is less than the difficulty level, other nodes on the network checks and confirms the solution and updates their instances of the blockchain. ▸ If not, then the nonce is changed and the trial-and-error process repeats. 6. The hash of the header becomes the new block’s identifying string, and the addition is propagated through the network. 7. That block is now part of the ledger. 8. The miners responsible for this are rewarded (if there is a reward associated with mining).
  15. 15. WHY DOES BLOCKCHAIN MATTER? ▸ Secure, immutable, and tamper-proof ▸ A promising new technology with the potential of great disruption
  16. 16. BLOCKCHAIN IS A TRUST PROTOCOL ▸ A distributed public/private open/closed database where records are kept tamper-proof by virtue of its technical implementation alone. ▸ Enables decentralized authority
 (A 3rd-party intermediary authority is no longer required.) ▸ Immediate and low cost ▸ Provides privacy, transparency, and security ▸ Application in a wide range of areas
  17. 17. VARIOUS IMPLEMENTATIONS https://medium.com/coinmonks/public-vs-private-blockchain-in-a-nutshell-c9fe284fa39f
  18. 18. https://tnw.to/Sl2Oo
  19. 19. https:// www.technologyreview.com/s/ 610806/inside-the-jordan- refugee-camp-that-runs-on- blockchain/
  20. 20. https://e-estonia.com/solutions/e-identity/e-residency/
  21. 21. SMART CONTRACT https://blockgeeks.com/guides/ethereum/
  22. 22. https:// www.technologyreview.co m/s/610718/states-that- are-passing-laws-to- govern-smart-contracts- have-no-idea-what-theyre- doing/
  23. 23. BLOCKCHAIN START-UPS ▸ Everledger ▸ Horizon State ▸ Augur ▸ EventChain ▸ Livepeer
  24. 24. https://dock.io/how-it-works
  25. 25. https://joincivil.com/how-it-works/
  26. 26. https://techcrunch.com/2017/08/09/sony-education-blockchain/
  27. 27. ISSUES WITH BLOCKCHAIN ▸ Speed ▸ Lack of standard; Interoperability issues ▸ Huge energy consumption ▸ (Alternative: Proof of Stake instead of Proof of Work) ▸ Security - 51% attack ▸ Nevertheless, the DLT is expected to be widely adopted in many industries.
  28. 28. BLOCKCHAIN FOR LIBRARIES ▸ What are some of the opportunities and challenges that blockchain may bring to libraries and beyond? ▸ What potential library services or program ideas do you see in relation to blockchain?
  29. 29. THANK YOU!
 
 Bohyun Kim Twitter: @bohyunkim Website: http://bohyunkim.net

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