Blockchain for India
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Parts of presentation I had prepared for Ministry of Finance, Govt of India. Explaining the essence of blockchain as a trust machine. Comparing private and public blockchains.
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Blockchain for India
- 2. 1. What is blockchain? 2. Database, Private blockchain, Public Blockchain 3. R3 Case Study 4. Uses of Private and Public Blockchains Part 1
- 3. 1.NYSE On VCs - Short Video 3.Challenges of Virtual Currencies 4.Summary of Research Papers by Banks and Governments on VCs 5.Global regulation 6.Future Use Cases of Public Blockchains 7.Valuation of VC Companies 8.Taxation Annexures 9.Bitcoin Price - Case Study Conclusion 10.Potential For India Challenges Opportunities Part 2
- 8. Database Private Blockchain Public Blockchain Centralized Permissioned Nodes Decentralized Trusted Third Party (TTP) No Trust Among Nodes No Trust (P2P) KYC Consensus Consensus Trust via Access Control Trust via Membership Trust via Economic Penalties - Proof of Work Analogies LAN WAN Internet Windows Android Linux Microsoft Expedia Wikipedia Paypal SWIFT, NPCI Bitcoin blockchain Amazon Web Services Hyperledger, Ethereum Enterprise Alliance Ethereum blockchain
- 9. Database Private Blockchain Public Blockchain Scaling Easy Easy Difficult Variable cost per transaction Low Low High Overhead cost High High Low Upgrades Core - Fast, End Points - Slow Core - Fast, End Points - Slow Core - Slow, End Points - Fast Immutable No No Yes Hackable Core network Core network User accounts Innovation Limited Limited Exponential Access Controlled Controlled Open Availability Downtime Downtime Congestion
- 16. Database Private Blockchain Public Blockchain Remove trust between institutions P2P networks Time Stamping and Verification
- 47. “Policy makers and regulators should not ignore VCs, nor should they attempt to ban them. Both extreme approaches are incorrect. VCs should be treated by regulators as any other financial instrument, proportionally to their market importance, complexity, and associated risks.” http://www.europarl.europa.eu/cmsdata/149900/CASE_FINAL%20publication.pdf
- 48. Issued by Issue Period Positive/ Negative/ Neutral Department of Finance, Ireland March 2018 Positive LSE Institute of Global affairs February 2018 Positive Department of Treasury, USA 2017 Positive Financial Services Regulatory Authority, Abu Dhabi October 2017 Positive IMF Staff Discussion Notes January 2016 Neutral Reserve Bank, New Zealand - Analytical notes November 2017 Neutral United Nations Economic and Social Commission for Asia and the Pacific Not available Neutral United Nations Economic Commission for Latin America and Caribbean January 2016 Positive Bank of Korea April 2017 Positive Bank of Canada November 2017 Positive Journal of Information Systems & Operations Management Not available Positive
- 54. $10 billion global exchange volume per day 0.25 - 0.5% fee $9 billion revenue per year 100% growth quarter-on-quarter India share: <1% Exchanges
- 55. Current: $200-300 billion 1 year ago: $16 billion 2 years ago: $7 billion 3 years ago: $1 billion Capital Gain Tax Market Cap
- 59. 2010 Cycle 1
- 60. 2011 Cycle 2
- 61. 2012-13 Cycle 3
- 62. 2014 Cycle 4
- 66. ◦ Global Asset Class ◦ Micro Remittances ◦ Banking the Unbanked ◦ Fintech Hub
- 67. ◦ Avoid success / fail prediction of technology ◦ Address only concerns - illicit use, money laundering, user protection ◦ Chasing bad actors has lower economic costs than banning network technologies, example, Internet.