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1@2018 theloop
Commercial Blockchain
Application & Scalability
@2018 theloop
JH Kim
2@2018 theloop
Table of Contents
01. Considerations for
blockchain application
02. Case study:
KOFIAconsortium blockchain
03. Expansion in
blockchain application
3
Goal of Blockchain
To enable direct transaction from one party to another without a TTP (Trusted Third Party)
What is needed is an electronic
payment system based on
cryptographic proof instead of trust,
allowing any two willing parties to
transact directly with each other
without the need for a trusted
third party.
4
Common Errors and Things to Consider
When Implementing Blockchain
Claim that blockchain technology
makes certain service available
Claim that an intermediary is
untrustworthy
5
Blockchain Technology Test and Use Cases
According to the analysis of well-known cases, blockchain technology has been tested for about 50
categories and most tests were conducted in the capital market and general financial services area
Source: KPMG(2017)
6
Blockchain Consortium in the Press Release
7
Japan Bank Consortium
61
Bank members
and counting…
Establishment
Established in October 2016 with 42 founding bank members in Japan
Objective
To establish a unified platform for domestic and cross-border
payments by utilizing Ripple’s distributed ledger technology
Organizer
SBI Group, a Japan-based financial service holding company, and
SBI Ripple Asia, a joint venture between SBI and Ripple
8
Current State of Global Blockchain Consortia
There are more than 40 blockchain consortia worldwide and financial services industry is leading
blockchain consortium trend
1
1
1
3
10
26
Public Sector
Technology, Media &
Telecommunications
Energy & Resources
Life Sciences & Health Care
Cross-Sector
Financial Services
Number of Consortia by Sector
Source: Deloitte(2017)
9
Success Factors of the Blockchain Consortium
According to an analysis result of more than 40 consortia, Funding, Membership, Leadership, Governance
Structure are key factors for success of a consortium
A consortium can be further
promoted when a consortium
leader plays an active role in
business and technology
development
The optimal governance
structure is needed to
coordinate the various issues
that arise as the consortium
proceeds
Motivating the involvement
of key institutions in the
industry strengthens the
influence of the consortium
Securing enough funds is
crucial as it takes a long time
and huge amount of capital
to test and commercialize
blockchain technology for
consortium
Funding Membership
LeadershipGovernance
Source: Deloitte(2017)
10@2018 theloop
Table of Contents
01. Considerations for
blockchain application
02. Case study:
KOFIAconsortium blockchain
03. Expansion in
blockchain application
11
Korea Financial Investment Blockchain Consortium
• The Korea Financial Investment Association(KOFIA) is the sole self-regulatory organization of Korean
financial industry
• KOFIA acts as a think-tank for the financial investment industry, dedicating its efforts to take a leading
role in promoting the development and globalization of the Korean capital market
• 25 firms have participated in the consortium, numbers will be steadily growing
12
Roadmap
Apply blockchain technology to authentication, post-trading and trading business of broker/dealers
Expected
business
Universal authentication
& information sharing
based on blockchain
Clearing & Settlement
OTC bond, OTC stock,
trading in capital
markets
'17 - '18
'18 ~ '19
'20 ~
Authentication
and information
sharing
Post-Trading
Trading
13
Process of Government Authentication: As-Is
A separate trusted third party (accredited certification body) is required with a high operating cost and a
complicated registration process
One year validity
Financial
InstitutionA
Financial
Institution B
Financial
Institution C
user
Accredited
certification body
Financial Institution
(Bank/ Securities)
④ Issue certificate
user
① Request digital
signature
② Enter Password
③ Digital signature
④ Confirm
certificate
status
⑤ Send
confirmation
results
user
① Apply for certificate &
undergo personal verification
② Register
③ Request certificate
Third party required
Need to register in
each institution
Our of service when
system fails
⑥ Transaction complete
Issue Certificate Use CertificateRegister Certificate
Accredited
certification body
Financial Institution
(Bank/ Securities)
14
Process of Universal Authentication: To-Be
Issuance / registration / usage of certificate based on blockchain eliminates unnecessary process and
reduces costs
user
Certificate issued
through consensus
of consortium
members
user
Register once for
all institutions
Certificate issued
user
Construct
Fault Tolerance
System
Synchronize Certificate
Financial
Institution
B
Validate Certificate
Financial
Institution
C
Financial
Institution
A
Financial
Institution
B
Financial
Institution
C
Financial
Institution
A
Financial
Institution
C
Financial
Institution
B
Financial
Institution
A
Issue Certificate Use CertificateRegister Certificate
15
Blockchain Authentication: Shared Data vs. Smart Contract
1. Financial institution confirms user identity
2. Certificate is generated based on the certificates that each financial
institution holds
3. Upload and share the generated certificate on the blockchain
4. Each node authenticates user based on the certificate registered on
blockchain
• The logic of authentication data generation is not verified by blockchain
• If the data registered by each node is reliable enough, Data
Replication service can be used instead of blockchain
Blockchain-based Authentication Data Sharing
1. Financial institution confirms user identity
2. Each financial institution registers its request to issue certificate on
the blockchain
3. Executes smart contract after request is verified
4. Users are verified based on the certificate generated by smart
contract on each node
• The contract is executed by the code in accordance to the consensus
among consortium members for certificate issuance and usage
• Blockchain ensures the immutability and reliability of
issuance/management code generating the certificate
Smart Contract Based Authentication Service
User
Financial
Institution A
Financial
Institution C
Financial
Institution B
Financial
Institution D
Smart ContractCertificate
Authority
User
Financial
Institution A
Financial
Institution B
Financial
Institution D
Shared
Authentication
Information
Financial
Institution E
Financial
Institution F
Financial
Institution E
Financial
Institution F
Financial
Institution C
Smart Contract Authentication Service
Certificate issuance and verification service without a centralized certificate authority based on Smart
Contract on blockchain
• Certificate issuance and verification is not delegated to a separate
entity
• Instead, Smart Contract executes the service by registering the
certificate on blockchain and make it a certification entity that is
trusted by all participating nodes
Contents of Contract
• The certificate and its status are shared by the contract
• Transaction sent by each node includes information required to
issue a certificate, such as DN, expiration date, user’s public key,
etc
• If the node's digital signature in the transaction is validated, the
certificate is issued based on the issuance request information
included in the transaction and is added to the contract data.
Features
• Blockchain itself becomes the certification authority, therefore does
not require a separate certification authority to issue the certificate
• Certificate issuance key is issued every block based on Smart
Contract and is used to issue X.509 certificates without managing of
a certificate issuance key
• Financial institutes performs the role of RA like accredited
certification systems
RA Service RA Service
RA Service RA Service
16
Certificate Issuance Based on Blockchain
After requesting certificate issuance through each securities company, it creates a transaction based on the
information required for issuing the certificate and executes the Smart Contract to generate the certificate
Company A
Node
Company D
Node
[Leader Peer]
⑦ New
Block
Generation
⑪ Certificate
Registration/
Discard List
[LIST]
⑪ Certificate
Registration/
Discard List
[LIST]
⑪ Certificate
Registration/
Discard List
[LIST]
⑪ Certificate
Registration/
Discard List
[LIST]
Blockchain Execution
Blockchain Record
Company B
Node
Company C
Node
⑩ Certificate Issuance through Smart Contract
⑧ Request Verification and Send Result
(Consensus Algorithm)
⑨ New
Block Added
Company A
Legacy
(MTS/HTS)
① User
Authentication
③ Request
Issuance of Certificate
⑤ Request Certificate
Issuance (Blockchain
Transaction Generated)
⑫ Send Issuance Result
(Certificate)
④ Create
Transaction on
Certificate Issuance
(Public Key)⑬ Certificate
Certificate Management SCORE
⑥ Create transaction of certificate issuance to leader peer
17
Certificate Verification Based on Blockchain
Verify certificate validity with the authentication information stored in the Smart Contract of each
participant: Provides the same functionality as existing OCSP
Company A
Node
Certificate
Registration/
Discard List
Certificate
Registration/
Discard List
Certificate
Registration/
Discard List
Blockchain Execution
Blockchain Record
Company B
Node
Company C
Node
Certificate
Registration/
Discard List
Company D
Node
[LIST] [LIST] [LIST] [LIST]
Company A
Legacy
(MTS/HTS)
② Request Certification
(Submit Certificate)
⑤ Check Certificate Status
⑥ Authentication Result
④ Extract Certificate
Information
③ Verify Certificate
Request (Verify
Digital Signature)
Certificate Management SCORE
18
19@2018 theloop
Table of Contents
01. Considerations for
blockchain application
02. Case study:
KOFIAconsortium blockchain
03. Expansion in
blockchain application
Polkadot
• A platform for inter-blockchain connection that does not provide its own application function
• Led by Ethereum co-founder and CTO Gavin wood, scheduled to open in Q3 2019
20
MS Coco Framework
• Provides its own framework for blockchain application in enterprise environments
• Scheduled to open in 2018
21
MS Coco Framework
• Constructs nodes based on State Replication Machine
• Supports integration to various blockchains in TEE
22
ICON Project
• The ICON Project was launched to address the
problem with interoperability
• Through the C-Rep of each independent
community of blockchain, different blockchains
can be connected to one another on Nexus
• Multiple Nexus can co-exist and connect with each
other as well
• Constructs nodes based on State Replication
Machine
• Supports integration to various blockchains in TEE
23
Blockchain Transmission Protocol (BTP)
BTP Comments
• BTP is a protocol to connect transactions between
blockchains
• Transmitter blockchain transfers transaction to the receiver
blockchain via Notary Channel in Nexus
• Nexus nodes with voting rights to the Notary channels
(validator nodes) possess multiple channels, where the Light
Client of each blockchain connected to Nexus is counted as
one channel
• A Notary channel is implemented based on Multi-Channel
feature of Nexus
• Transactions confirmed by respective blockchains can be
identified through the blockchain’s Light Client connected to
Nexus
Blockchain A Blockchain B
Blockchain B
ICON Nexus Node
Node
Node
Node
Blockchain A Light Client Channel A
light
client A
light
client A
light
client A
light
client A
Light Client Channel B
light
client B
light
client B
light
client B
light
client B
24
25
Blockchain Transmission Protocol (BTP) – (continued)
Notary Channel Transaction Flow
ICON Nexus
Destination BlockchainPortalNotary
Channel
ICON Nexus
ICON Nexus
• Multiple signatures of nodes with voting rights to request Notary
registration are included in the blocks to form blockchains of the
Notary Channel
• The block data with the transactions registered to Notary
channel will be transmitted to the Receiver blockchain via Portal
• When the Receiver blockchain verifies the relevant block data, it
validates the signature of each node based on the certificates of
nodes from Notary channel
• If two-thirds or more of the signatures are confirmed according
to the Notary channel standards which follows the LFT
consensus algorithm, the consensus will be confirmed and the
requested transaction will be executed
Notary Channels Comments
BTP Example – Certification Transfer
Blockchain A Blockchain BICON Nexus NodeNode
Node Node
① Request certificate
Client Client
② Consensus on issuing certificate
③ Issue certificate ④ Submit certificate
⑤ Request validation of certificate
⑥ Transfer validation result using BTP
⑦ Check validation result
26
27@2018 theloop
Thank you!
@2018 theloop
JH Kim

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IEEE Blockchain Summit Korea 2018 - Commercial Blockchain Application & Scalability

  • 1. 1@2018 theloop Commercial Blockchain Application & Scalability @2018 theloop JH Kim
  • 2. 2@2018 theloop Table of Contents 01. Considerations for blockchain application 02. Case study: KOFIAconsortium blockchain 03. Expansion in blockchain application
  • 3. 3 Goal of Blockchain To enable direct transaction from one party to another without a TTP (Trusted Third Party) What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.
  • 4. 4 Common Errors and Things to Consider When Implementing Blockchain Claim that blockchain technology makes certain service available Claim that an intermediary is untrustworthy
  • 5. 5 Blockchain Technology Test and Use Cases According to the analysis of well-known cases, blockchain technology has been tested for about 50 categories and most tests were conducted in the capital market and general financial services area Source: KPMG(2017)
  • 6. 6 Blockchain Consortium in the Press Release
  • 7. 7 Japan Bank Consortium 61 Bank members and counting… Establishment Established in October 2016 with 42 founding bank members in Japan Objective To establish a unified platform for domestic and cross-border payments by utilizing Ripple’s distributed ledger technology Organizer SBI Group, a Japan-based financial service holding company, and SBI Ripple Asia, a joint venture between SBI and Ripple
  • 8. 8 Current State of Global Blockchain Consortia There are more than 40 blockchain consortia worldwide and financial services industry is leading blockchain consortium trend 1 1 1 3 10 26 Public Sector Technology, Media & Telecommunications Energy & Resources Life Sciences & Health Care Cross-Sector Financial Services Number of Consortia by Sector Source: Deloitte(2017)
  • 9. 9 Success Factors of the Blockchain Consortium According to an analysis result of more than 40 consortia, Funding, Membership, Leadership, Governance Structure are key factors for success of a consortium A consortium can be further promoted when a consortium leader plays an active role in business and technology development The optimal governance structure is needed to coordinate the various issues that arise as the consortium proceeds Motivating the involvement of key institutions in the industry strengthens the influence of the consortium Securing enough funds is crucial as it takes a long time and huge amount of capital to test and commercialize blockchain technology for consortium Funding Membership LeadershipGovernance Source: Deloitte(2017)
  • 10. 10@2018 theloop Table of Contents 01. Considerations for blockchain application 02. Case study: KOFIAconsortium blockchain 03. Expansion in blockchain application
  • 11. 11 Korea Financial Investment Blockchain Consortium • The Korea Financial Investment Association(KOFIA) is the sole self-regulatory organization of Korean financial industry • KOFIA acts as a think-tank for the financial investment industry, dedicating its efforts to take a leading role in promoting the development and globalization of the Korean capital market • 25 firms have participated in the consortium, numbers will be steadily growing
  • 12. 12 Roadmap Apply blockchain technology to authentication, post-trading and trading business of broker/dealers Expected business Universal authentication & information sharing based on blockchain Clearing & Settlement OTC bond, OTC stock, trading in capital markets '17 - '18 '18 ~ '19 '20 ~ Authentication and information sharing Post-Trading Trading
  • 13. 13 Process of Government Authentication: As-Is A separate trusted third party (accredited certification body) is required with a high operating cost and a complicated registration process One year validity Financial InstitutionA Financial Institution B Financial Institution C user Accredited certification body Financial Institution (Bank/ Securities) ④ Issue certificate user ① Request digital signature ② Enter Password ③ Digital signature ④ Confirm certificate status ⑤ Send confirmation results user ① Apply for certificate & undergo personal verification ② Register ③ Request certificate Third party required Need to register in each institution Our of service when system fails ⑥ Transaction complete Issue Certificate Use CertificateRegister Certificate Accredited certification body Financial Institution (Bank/ Securities)
  • 14. 14 Process of Universal Authentication: To-Be Issuance / registration / usage of certificate based on blockchain eliminates unnecessary process and reduces costs user Certificate issued through consensus of consortium members user Register once for all institutions Certificate issued user Construct Fault Tolerance System Synchronize Certificate Financial Institution B Validate Certificate Financial Institution C Financial Institution A Financial Institution B Financial Institution C Financial Institution A Financial Institution C Financial Institution B Financial Institution A Issue Certificate Use CertificateRegister Certificate
  • 15. 15 Blockchain Authentication: Shared Data vs. Smart Contract 1. Financial institution confirms user identity 2. Certificate is generated based on the certificates that each financial institution holds 3. Upload and share the generated certificate on the blockchain 4. Each node authenticates user based on the certificate registered on blockchain • The logic of authentication data generation is not verified by blockchain • If the data registered by each node is reliable enough, Data Replication service can be used instead of blockchain Blockchain-based Authentication Data Sharing 1. Financial institution confirms user identity 2. Each financial institution registers its request to issue certificate on the blockchain 3. Executes smart contract after request is verified 4. Users are verified based on the certificate generated by smart contract on each node • The contract is executed by the code in accordance to the consensus among consortium members for certificate issuance and usage • Blockchain ensures the immutability and reliability of issuance/management code generating the certificate Smart Contract Based Authentication Service User Financial Institution A Financial Institution C Financial Institution B Financial Institution D Smart ContractCertificate Authority User Financial Institution A Financial Institution B Financial Institution D Shared Authentication Information Financial Institution E Financial Institution F Financial Institution E Financial Institution F Financial Institution C
  • 16. Smart Contract Authentication Service Certificate issuance and verification service without a centralized certificate authority based on Smart Contract on blockchain • Certificate issuance and verification is not delegated to a separate entity • Instead, Smart Contract executes the service by registering the certificate on blockchain and make it a certification entity that is trusted by all participating nodes Contents of Contract • The certificate and its status are shared by the contract • Transaction sent by each node includes information required to issue a certificate, such as DN, expiration date, user’s public key, etc • If the node's digital signature in the transaction is validated, the certificate is issued based on the issuance request information included in the transaction and is added to the contract data. Features • Blockchain itself becomes the certification authority, therefore does not require a separate certification authority to issue the certificate • Certificate issuance key is issued every block based on Smart Contract and is used to issue X.509 certificates without managing of a certificate issuance key • Financial institutes performs the role of RA like accredited certification systems RA Service RA Service RA Service RA Service 16
  • 17. Certificate Issuance Based on Blockchain After requesting certificate issuance through each securities company, it creates a transaction based on the information required for issuing the certificate and executes the Smart Contract to generate the certificate Company A Node Company D Node [Leader Peer] ⑦ New Block Generation ⑪ Certificate Registration/ Discard List [LIST] ⑪ Certificate Registration/ Discard List [LIST] ⑪ Certificate Registration/ Discard List [LIST] ⑪ Certificate Registration/ Discard List [LIST] Blockchain Execution Blockchain Record Company B Node Company C Node ⑩ Certificate Issuance through Smart Contract ⑧ Request Verification and Send Result (Consensus Algorithm) ⑨ New Block Added Company A Legacy (MTS/HTS) ① User Authentication ③ Request Issuance of Certificate ⑤ Request Certificate Issuance (Blockchain Transaction Generated) ⑫ Send Issuance Result (Certificate) ④ Create Transaction on Certificate Issuance (Public Key)⑬ Certificate Certificate Management SCORE ⑥ Create transaction of certificate issuance to leader peer 17
  • 18. Certificate Verification Based on Blockchain Verify certificate validity with the authentication information stored in the Smart Contract of each participant: Provides the same functionality as existing OCSP Company A Node Certificate Registration/ Discard List Certificate Registration/ Discard List Certificate Registration/ Discard List Blockchain Execution Blockchain Record Company B Node Company C Node Certificate Registration/ Discard List Company D Node [LIST] [LIST] [LIST] [LIST] Company A Legacy (MTS/HTS) ② Request Certification (Submit Certificate) ⑤ Check Certificate Status ⑥ Authentication Result ④ Extract Certificate Information ③ Verify Certificate Request (Verify Digital Signature) Certificate Management SCORE 18
  • 19. 19@2018 theloop Table of Contents 01. Considerations for blockchain application 02. Case study: KOFIAconsortium blockchain 03. Expansion in blockchain application
  • 20. Polkadot • A platform for inter-blockchain connection that does not provide its own application function • Led by Ethereum co-founder and CTO Gavin wood, scheduled to open in Q3 2019 20
  • 21. MS Coco Framework • Provides its own framework for blockchain application in enterprise environments • Scheduled to open in 2018 21
  • 22. MS Coco Framework • Constructs nodes based on State Replication Machine • Supports integration to various blockchains in TEE 22
  • 23. ICON Project • The ICON Project was launched to address the problem with interoperability • Through the C-Rep of each independent community of blockchain, different blockchains can be connected to one another on Nexus • Multiple Nexus can co-exist and connect with each other as well • Constructs nodes based on State Replication Machine • Supports integration to various blockchains in TEE 23
  • 24. Blockchain Transmission Protocol (BTP) BTP Comments • BTP is a protocol to connect transactions between blockchains • Transmitter blockchain transfers transaction to the receiver blockchain via Notary Channel in Nexus • Nexus nodes with voting rights to the Notary channels (validator nodes) possess multiple channels, where the Light Client of each blockchain connected to Nexus is counted as one channel • A Notary channel is implemented based on Multi-Channel feature of Nexus • Transactions confirmed by respective blockchains can be identified through the blockchain’s Light Client connected to Nexus Blockchain A Blockchain B Blockchain B ICON Nexus Node Node Node Node Blockchain A Light Client Channel A light client A light client A light client A light client A Light Client Channel B light client B light client B light client B light client B 24
  • 25. 25 Blockchain Transmission Protocol (BTP) – (continued) Notary Channel Transaction Flow ICON Nexus Destination BlockchainPortalNotary Channel ICON Nexus ICON Nexus • Multiple signatures of nodes with voting rights to request Notary registration are included in the blocks to form blockchains of the Notary Channel • The block data with the transactions registered to Notary channel will be transmitted to the Receiver blockchain via Portal • When the Receiver blockchain verifies the relevant block data, it validates the signature of each node based on the certificates of nodes from Notary channel • If two-thirds or more of the signatures are confirmed according to the Notary channel standards which follows the LFT consensus algorithm, the consensus will be confirmed and the requested transaction will be executed Notary Channels Comments
  • 26. BTP Example – Certification Transfer Blockchain A Blockchain BICON Nexus NodeNode Node Node ① Request certificate Client Client ② Consensus on issuing certificate ③ Issue certificate ④ Submit certificate ⑤ Request validation of certificate ⑥ Transfer validation result using BTP ⑦ Check validation result 26

Editor's Notes

  1. Hello, everyone. 최근 암호화폐를 비롯한 블록체인에 대한 폭발적인 관심은 이제 진지한 논의를 위한 단계로 진입했다고 생각합니다. 더루프는 자체적으로 블록체인 플랫폼을 개발하는 블록체인 전문 기업으로서 이러한 시기에 실제적인 블록체인 기반 서비스와 해당 서비스가 만들어내는 가치를 보여주는 것이 매우 중요하다고 생각합니다. 그래서 오늘 준비한 PT의 주제는 commercial blockchain application and scalability 입니다. Hello, everyone. My name is JH Kim and I’m CEO of theloop. The explosive interest in blockchain and cryptocurrency has indeed entered into the stage for serious discussion today. As a blockchain technology company with a proprietary blockchain platform, we think it is very important to show an actual blockchain application and its value to the public. So today, I prepared our presentation on the subject of“commercial blockchain application and scalability”.
  2. 먼저 blockchain based application을 위한 고려사항에 대해 살펴보도록 하겠습니다. 블록체인 기반 서비스를 준비하는 팀이 가장 먼저 직면하는 문제는 과연 블록체인이 적용될 필요가 있고 블록체인이 해당 문제를 해결할 수 있느냐는 것입니다. Let’s think about what needs to be considered when we apply blockchain technology. When people make a plan for blockchain application, they often face two challenges. 1) One, whether blockchain is really necessary. 2) And two, whether blockchain can really solve the problem.
  3. 블록체인 적용을 위한 고려사항의 clue는 블록체인의 시작으로 알려진 비트코인을 살펴보는 것이 도움이 됩니다. 블록체인에 관심있는 사람이라면 누구나 한번은 살펴봤을 비트코인의 whitepaper입니다, introduction에서 Satoshi가 언급했듯이 비트코인의 목표는 trusted third party 없이 거래당사자간 직접적인 거래를 할 수 있게 하는 것입니다. 즉, 블록체인을 도입하려는 비지니스 모덿에서 중개자가를 왜 없애야 하는지, 또한 TTP를 왜 신뢰할 수 없는지에 대한 답이 가능해야합니다. Let’s take a look at the whitepaper of Bitcoin to get some sense about what needs to be considered. You may have taken a look at Bitcoin’s whitepaper if you are interested in blockchain. Here, Satoshi has mentioned that Bitcoin's goal is to enable direct transaction between one and another without a trusted third party. This means, one must be able to answer why he or she is trying to eliminate a trusted third party and why a trusted third party is unreliable when suggesting a blockchain-based business model.
  4. 블록체인을 적용하는 것이 필요하다고 주장하는 사람들이 흔히 이렇게 2가지 오류를 범하곤 합니다. 첫번째는 블록체인 기술 때문에 해당 서비스가 가능하다고 주장하는 것입니다. 이 경우 기존의 중앙화된 구조로도 충분히 제공가능한 서비스인 경우가 대부분입니다. 이같은 기술이 혁신을 위한 충분조건이라고 얘기하는 것과 비슷한 오류를 범하게 합니다. 혁신은 기술이 아닌 시장의 선택에 의해 이루어지기 때문입니다. 두번째 오류는 중개자는 신뢰할 수 없다고 주장하는 것입니다. 이제까지 잘 믿고 있었던 중개자를 믿을 수 없다고 얘기하거나 중개자를 새로 만들 경우 중개자가 자신의 이익을 위해 움직이기 때문에 서비스의 가치가 없어진다는 것입니다. 정리하면 중개자로 인해 서비스에 문제가 있거나 중개자가 없어서 서비스가 제공되지 않는 상황입니다. 또한 블록체인이 적용될 경우 해당 블록체인의 governance 모델과 rule은 어떻게 되는지 고민해봐야합니다. 블록체인이 탈중앙화에 대한 생각의 전환을 가져오긴 했지만 기술 자체는 탈중앙화된 governance 모델을 지원하기 위한 기술일 뿐이기 때문입니다. There are two common errors people make when they claim that they need to implement blockchain. First, they often claim that it is the blockchain technology which makes the service available. But most of these services are actually feasible under the existing centralized structure. This is an error similar to saying that the technology is a sufficient condition for innovation. In reality, innovation happens by market need rather than technology itself. The second common error is to claim that intermediary cannot be trusted at all. They sometimes claim that all of a sudden we cannot trust an intermediary that we have been trusting just fine up till today. Or, they claim that the value of a certain service will disappear if it sets up an intermediary, since the intermediary will act upon his or her own benefit. In summary, some services are facing problems because of the intermediary, and others have problem finding one to make the service run. One should also think about the governance model and the rules to run the blockchain when implementing the it. Because even though blockchain has led to a twist in the idea of decentralization, it is important to realize that the blockchain itself is just a technology that supports a decentralized governance model.
  5. 블록체인에 대한 다양한 적용 시도는 financial service, payment, capital market 을 비롯한 다양한 곳에서 본격화되고 있습니다. 특히 financial service는 블록체인 적용에 가장 적극적입니다. 일반인이 보기엔 금융서비스의 중개자로 여겨지는 금융기관이 블록체인 적용에 가장 적극적이란는 것은 아이러니일 수 있습니다. 허나 금융기관들도 다른 금융기관과 거래를 위해서는 별도의 중개자를 통해 서비스를 제공하기 때문에 중개자 문제를 해결하고 싶어합니다. 물론 중개자 문제를 해결함으로서 생기는 가치를 고객에게 돌려주는 것은 다른 문제입니다. Different sectors such as financial services, payments, and capital markets have started their efforts to apply blockchain services in their own industries.  Financial service sectors are especially aggressive in the adoption. From an outsider’s perspective, it might seem ironic that financial institutions, the intermediary of financial services, are eager to implement blockchain. However, even financial institutions require separate intermediaries to process transactions with each other, and thus it is also in their favor to eliminate intermediary friction. Obviously, it is another issue to return the value created by solving intermediary inefficiency to the customers. 
  6. 중개자를 통해 연결되어있던 금융기관들이 중개자를 제거하려면 경쟁자라고 여겼던 금융기관들끼리 협력이 필요합니다. 이러한 움직임은 2015년부터 시작되었습니다. 2015년 11월 Goldman Sachs, JPMorgan 등 대형 은행들이 R3 consortium을 중심으로 연합을 통해 블록체인 기술 도입을 적극적으로 검토하기 시작했습니다. 거래 당사자간 거래를 통해 금융거래를 혁신하겠다던 bitcoin이 아닌 실제 금융거래에서 blockchain 기술 적용을 검토하게 된 것입니다. 실제 이 시기를 전후로 google에서 bitcoin이 아닌 blockchain에 대한 검색이 폭발적으로 증가하기도 했습니다. Financial institutions that were connected by intermediaries need to cooperate with each other in order to eliminate it. Such movement started in 2015. In November 2015, Goldman Sachs, JPMorgan and other large banks started to review the joint adoption of blockchain technology, under the R3 consortium. This approach directly applies blockchain technology to real financial transactions, which is a significantly different approach from Bitcoin, which aimed to revolutionize financial transactions with a peer to peer transaction. In fact, Google search for“blockchain”instead of“bitcoin”grew enormously.
  7. 일본에서도 은행들간의 blockchain consortium이 생겼습니다. 2016년 10월 무려 42개의 은행이 참여한 거대한 blockchain consortium이 생겼습니다. 일본은 국제 송금뿐만 아니라 국내 송금도 많은 시간과 수수료가 드는 등의 문제가 있는데 이를 블록체인으로 해결해보려는 것이 목표였습니다. 이처럼 전세계적으로 다양한 목적을 가지고 blockchain consortium이 조직되고 실제 적용을 위한 다양한 poc를 수행하게 되었습니다. A blockchain consortium among banks has also emerged in Japan. In October 2016, a giant blockchain consortium was launched with 42 banks participating. In Japan, even domestic remittance requires a lot of time and transaction fees and the consortium aimed to fix this problem with blockchain. Likewise, numerous blockchain consortiums have formed for various purposes, and have conducted different poc’s for real adoption
  8. 전세계적으로 이러한 blockchain consortium은 40개 이상이 생겨났습니다. 특히 financial service industry가 트렌드를 선도하고 있는 것이 두드러집니다. 이후 소개할 Korea Investment blockchain consortium 역시 25개 증권사가 참여한 한국의 가장 큰 blockchain consortium입니다. There are now over forty of such blockchain consortiums worldwide. It is worth noting that the financial service industry is leading the trend. “Korea Investment blockchain consortium”which I will introduce later is the biggest blockchain consortium in South Korea comprised of 25 securities firms.
  9. 이러한 블록체인 컨소시엄을 통해 블록체인 기술 적용이 모두 성공적이었던 것은 아니었습니다. 앞서 언급했듯이 실제 블록체인을 적용하는 것은 기술에 의한 영향은 미미했습니다. 성공한 블록체인 컨소시엄의 경우 funding, governance, membership, leadership 이 4가지 factor가 성공을 위한 주요 요소로 분석됐습니다. 실제 성공적으로 블록체인 기반 서비스를 런칭한 Korea investment blockchain consortium의 경우도 이러한 요소들이 잘 준비되어 있었습니다. 우선 한국 투자업계의 대부분이 컨소시엄 회원사로 참여하여 membership을 강화했습니다. 또한 이미 다양한 중개자에게 제공하는 서비스 수수료가 있었기에 이를 상쇄한다는 목표를 가지고 funding도 비교적 쉽게 확보하였습니다. Governance를 위해 Chief Operation Committee를 중심으로 working committee와 technical committee를 통해 다양한 이슈에 대응했습니다. 마지막으로 컨소시엄에서는 theloop를 기술파트너로 선정하고 consortium secretariat과 함께 프로젝트를 이끌어나가게 했습니다. Not all blockchain applications through a blockchain consortium have been successful. As mentioned above, the success of the project was only partially influenced by the technology itself. Four key factors were identified in successful blockchain consortiums: membership, funding, governance, and leadership. These four factors are well identified in the“Korea investment blockchain consortium”, where it has already successfully launched a blockchain application First, its membership was strengthened with most of the companies in Korea’s financial investment industry joining the consortium, Furthermore, it had a common goal of eliminating the service fee provided to various intermediaries, and the funding was relatively smooth. Governance-wise, it dealt with diverse issues by setting up a working committee and a technical committee centered around the Chief Operation Committee. Lastly, the consortium chose theloop as its technical partner and let us lead the project with the consortium secretariat.
  10. 먼저 blockchain based application을 위한 고려사항에 대해 살펴보도록 하겠습니다. 블록체인 기반 서비스를 준비하는 팀이 가장 먼저 직면하는 문제는 과연 블록체인이 적용될 필요가 있고 블록체인이 해당 문제를 해결할 수 있느냐는 것입니다. Now let me talk about the KOFIA consortium blockchain, which can be said to be the most successful blockchain application example in the world.
  11. Korea Financial Investment Blockchain Consortium 의 중심에는 KOFIA, 즉 Korea Financial Investment Assosication이 있습니다. The Korea Financial Investment Association(KOFIA) is the sole self-regulatory organization of Korean financial industry. KOFIA acts as a think-tank for the financial investment industry, dedicating its efforts to take a leading role in promoting the development and globalization of the Korean capital market KOFIA 중심으로 25개의 금융투자기관이 컨소시엄에 참여하여 2016년 12월 공식적으로 출범하게 되었습니다. At the heart of the Korea Financial Investment Blockchain Consortium is KOFIA, the Korea Financial Investment Association. The Korea Financial Investment Association (KOFIA) is the sole self-regulatory organization of the Korean financial industry. KOFIA acts as a think-tank for the financial investment industry, dedicating it to a leading role in promoting the development and globalization of the Korean capital market 25 financial investment institutions have joined KOFIA to launch the consortium in December 2016.
  12. Korea Financial Investment Blockchain Consortium은 아래와 같음 로드맵을 가지고 운영되고 있습니다. 첫번째 phase는 블록체인 인프라를 구축하고 해당 인프라에 적응하는 시기입니다. 거래와 직접적인 관계가 없는 서비스에 우선 적용하기로 하였고 그리하여 이후 소개할 블록체인 기반의 인증서비스와 금융사고 정보를 공유하는 서비스를 구축하였습니다. 두번째 phase는 실시간 거래가 아닌 금융거래에 적용하는 것이 목표입니다. 은행간 네트웍을 이용해 이루어지던 clearing, settlement를 블록체인을 이용해 처리하게 될 것이며 현재 이를 준비하고 있습니다. 마지막 phase는 실시간 거래에 블록체인을 적용하는 단계입니다. 실제 주식을 거래하는 것은 regulation 이슈가 있어 우선 OTC 거래를 중심으로 블록체인 기반 실시간 거래를 지원할 예정입니다. 이러한 단계를 거치면서 investment industry에서의 전통적인 중개자의 역할을 서서히 줄어들 것입니다. Korea Financial Investment Blockchain Consortium operates with the following roadmap. The first phase is planned to build the blockchain infrastructure and adapt to it. We decided to prioritize services that are not directly related to the transaction, so we built a service on blockchain-based authentication and a service toshare issue report on personal data security, which I will introduce later. The second phase is to apply to financial transactions rather than real-time transactions. We are preparing to process clearing and settlement with a blockchain rather than inter-bank networks in current state. The final phase is to apply blockchain to real-time transactions. Since there is a regulation issue in trading real stocks, we will support real-time trading with blockchain on OTC tradings first. Through these stages, we expect the role of traditional intermediaries in the investment industry to gradually diminish.
  13. 이제부터는 실제 블록체인 기반 인증서비스에 대해 알아보도록 하겠습니다. 한국에는 독특한 인증서비스가 있습니다. 바로 NPKI, 즉 National Public Key Infrastructure 을 기반으로한 인증서비스입니다. 한국은 전자서명을 활성화를 의해 2000년초 전자서명법이라는 법을 제정하여 전자서명의 법적 지위를 실제 물리적인 서명과 동일하게 만들었습니다. 또한 국가차원에서 공인된 전자서명을 위해 national accredited certificate authority를 산업별로 지정하고 운영하였습니다. NPKI 기반 인증체계 정착을 위하 금융, 공공 분야 등은 사용을 강제화했습니다. 실제로 NPKI 인증체계는 국가가 보증하는 신뢰할 수 있는 인증체계라는 점에서 인터넷 뱅킹 및 e-commerce의 폭박적인 성장에 기여한 측면도 있습니다. 그러나 이와 같은 문제점도 가지고 있습니다. 우선 금융거래를 위해 사용자는 해당 금융거래와 상관없는 accredited certificate authority에게 certificate을 받아야합니다. 또한 고객의 신원확인은 금융기관이 담당하고 오로지 인증서 발급을 의한 데이터만 certificate authtority에 제공하는 구조입니다. 전형적인 중개자가 들어가있는 거래 구조라고 할 수 있습니다. 또한 한국인들이라면 다 공감하는 불편한 점들이 있습니다 바로 이렇게 발급된 인증서를 사용하는 금융기관마다 등록하는 과정을 매년 거쳐야 한다는 점입니다. 중개자를 통한 거래에 있어 가장 큰 위험성 중에 하나인 single point of failure 문제 역시 존재합니다. 한국에서는 certificate authority에 문제가 생길 경우 대다수의 금융 및 공공서비스가 멈추게 됩니다. Now, let's look at the actual blockchain authentication service Korea has a unique authentication system, which is an authentication service based on NPKI, National Public Key Infrastructure. In the early 2000s, Korea enacted the Digital Signature Act to encourage the use of digital signature, which made the legal status of digital signatures the same as the actual physical signatures. Also, the government designated and operated a national accredited certificate authority for each industry to make digital signature accreditable. In order to promote the adoption of an NPKI-based authentication system, the government has enforced the use in financial and public sectors. In fact, the NPKI certification system has contributed to the growth of online banking and e-commerce since it is a reliable certification system that is recognized by the government. But we also have this problem. To make a financial transaction, users must obtain a certificate from a third party accredited certificate authority that is not related to the transaction itself. On top of that, financial institutions are in charge of customer identification and they only provide data needed for certificate issuance to the certificate authority. It is a typical structure with an intermediary. Also, there are pain points all Koreans can relate to: Users have to renew the registration of these certificates every year for every financial institution. There is also a problem of single point of failure, one of the greatest risks in trading through intermediaries. In Korea, most financial and public services will have to stop if there is a problem with the certificate authority.
  14. 블록체인 기반 인증서비스는 이러한 문제들을 해결하기 위해 도입되었습니다. 금융기관들로 구축된 블록체인상에서 참여사간 합의된 계약을 통해 인증서를 발급합니다. 인증서 발급 및 관리에 대한 변경이 필요하면 참여사들끼리 합의를 하면 됩니다. 기존처럼 certificate authority가 변경해줄때까지 시간과 비용을 들이지 않아도 됩니다. 이렇게 발급된 인증서는 기본적으로 블록체인을 통해 공유됩니다. 그렇기때문에 사용자는 기존처럼 금융기관마다 인증서를 등록하는 고통으로부터 해방되었습니다. 또한 Single point of failure였던 certificate authority를 smart contract로 구현했기 때문에 다수의 금융기관 노드에 문제가 생기기 않는다면 나머지 금융기관은 정상적인 서비스가 가능합니다. Blockchain-based authentication service was introduced to address these problems. In this blockchain network comprised of numbers of financial institutions, certificates are issued based on the contract agreed by thenetwork participants. Participants just need to agree any change needed to certificate issuance and management. People do not need to spend time and money to wait for the certificate authority to change the status, unlike the legacy system. Then the certificate issued will be shared on blockchain by default. Users are saved from the trouble of registering certificates to each and every financial institution. Also, since the certificate authority, which was a single point of failure, is replaced with smart contract, rest of the financial institutions can still function normally as long as most of the nodes do not have issues.
  15. 블록체인 기반 인증서비스를 얘기할때 일반적으로 두가지 모델이 있습니다. 첫째는 인증에 필요한 데이터를 블록체인을 통해 공유하는 모델입니다. 이 경우 인증에 필요한 데이터는 각 참여사들이 off chain으로 만들게 됩니다. 이는 인증에 필요한 데이터 생성 로직의 무결성이 보장되지 않는 문제점이 있습니다. 즉, 노드에서 등록하는 인증 데이터에 대한 검증 없이 해당 데이터를 신뢰할 수 있다면 distributed database를 사용하면 되는 경우가 많습니다. 두번째 방식은 인증에 필요한 데이터 생성 및 관리를 사전에 참여사들이 합의한 계약에 따라 블록체인 스마트 컨트랙트로로 처리하는 모델입니다. 이 경우 인증 전반의 프로세스의 무결성이 블록체인을 통해 보장되기 때문에 해당 과정의 투명성이 확보됩니다. Speaking of authentication based on blockchain, there are two models in general. The first is a model where participants share the data required for authenticationviablockchain. In this case, each participant will create the data required for authentication off chain. However, the integrity of the logic in how they generate the data required for authentication is not guaranteed. In other words, a distributed database would be enough if the data can be trusted without validation of the authentication data registered by each node. The second model is a model where data required for authentication are created and managed by smart contract according to the contract agreed by participants in advance. This model ensures the transparency of the procedure as the integrity of the procedure is guaranteed by blockchain.
  16. 스마트컨트랙트로 인증 서비스를 제공하는 것을 좀더 자세히 살펴보겠습니다. 한국에서는 NPKI 기반의 X.509 certificate를 인증 서비스에 사용하기 위한 다양한 legacy가 이미 광범위하게 존재합니다. 바로 RA, 즉 Registration Authority 같은 것입니다. RA는 CA를 대신하여 certificate를 사용자의 KYC를 수행하고 인증서 관리를 위한 사전 프로세스를 담당합니다. 이러한 legacy를 최대한 활용하는 형태로 스마트컨트랙트 기반 인증서비스를 구축되었습니다. 스마트컨트랙트의 내용은 이와 같습니다. 계약으로 공유하는 데이터는 인증서 및 인증서 상태정보 각 노드가 보내는 거래 내역에 인증서 발급에 필요한 정보(DN, 유효기간, 사용자 공개키 등) 포함 거래 내역에 포함된 노드의 전자서명이 정당하면 거래 내역에 포함된 발급 요청 정보를 기반으로 인증서를 발급하여 계약 데이터에 포함함 Let's look more closely at the authentication service based on smart contracts. In Korea, there are already a wide range oflegacy systemsfor NPKI-based X.509 certificates to be used in authentication services. One example would be RA or Registration Authority. On behalf of CA, RA is responsible for the KYC and the procedures come before certificate management. The smart contract-based authentication service is implemented taking this legacy system fully into account. Smart contract includes following: Data shared by the contract are the certificate itself and certificate status. Transaction sent by each node includes information required to issue a certificate, such as DN, expiration date, user’s public key, etc. If the node's digital signature in the transaction is validated, the certificate is issued based on the issuance request information included in the transaction and is added to the contract data.
  17. 해당 스마트컨트랙트가 실제로 작동하여 인증서 발급되는 과정을 단계별로 살펴보겠습니다. 사용자는 금융기관을 통해 KYC 과정을 진행합니다. 이후 공개키 알고리즘을 이용한 private key와 public key를 생성합니다. 3번 과정이 생성된 key pair 중 public key를 금융기관에 보내서 인증서 발급을 요청하는 단계입니다. 금융기관은 사용자의 public key를 포함하여 인증서 발급을 위한 transaction을 생성하고 자신의 서명을 추가하여 블록체인에 거래를 요청하게 됩니다. 블록체인 내부에서는 Block generator인 leader peer가 transaction을 수집한 후 거래를 검증하면서 candidate block을 생성합니다. 8~11번 까지 과정을 거치면서 candidate block에 대한 검증 및 smart contract가 실행되어 인증서가 생성되고 이 모든 변화에 대해 consensus를 이루게됩니다. 최종적으로 합의가 끝나서 정상적으로 인증서가 블록체인에 생성되면 이를 사용자에게 전달함으로서 인증서 발급이 완료됩니다. Let's take a look at how smart contract actually works and how a certificate is issued step by step. A user goes through the KYC by financial institutions. A private key and a public key are then created with public key algorithm. Step 3 is where the public key is sent to a financial institution to request certificate issuance. The financial institution generates a transaction to issue certificate, with user’s public key included in the transaction, and adds its signature to request a transaction to the blockchain. Within the blockchain, block generator, which is the leader peer, collects the transaction and generates a candidate block while verifying the transaction. From step 8 to 11, a certificate is generated by validating the candidate block and executing while all these changes are made on consensus. When the consensus is finalized and the certificate is generated on blockchain normally, certificate issuance completes by delivering it to the user.
  18. 사용자가 로그인 및 금융거래 시에 전자서명과 함께 제출하는 인증서는 전자서명의 유효성을 팓단하는데 사용됩니다. 이때 해당 인증서에 대한 validity가 보장되어야 해당 전자서명의 validity도 보장되기 됩니다. 기존 NPKI 인증서비스에는 이를 CA가 담당했지만 블록체인 기반 인증 서비스는 아주 간단히 처리됩니다. Certificate 와 certificate status가 블록체인에 모두 보관되어 있기 때문입니다. 금융기관은 단순히 자신의 노드에서 스마트컨트랙트에 저장된 인증서 상태를 query함으로 인증서의 validity를 확인할 수 있습니다. A certificate submitted with a user log in or a financial transaction is for confirming the validity of a digital signature. At this point, the validity of the certificate ensures the validity of the digital signature. In the original NPKI authentication system, CA was responsible for this task but under blockchain-based authentication system, this validation process is very simple as both certificate and certificate status are stored in blockchain. A financial institution can verify the validity of a certificate by simply querying the status of the certificate stored in smart contract from its own node.
  19. 먼저 blockchain based application을 위한 고려사항에 대해 살펴보도록 하겠습니다. 블록체인 기반 서비스를 준비하는 팀이 가장 먼저 직면하는 문제는 과연 블록체인이 적용될 필요가 있고 블록체인이 해당 문제를 해결할 수 있느냐는 것입니다. The applications provided by a single blockchain can be expanded via interconnection of blockchains. Now let’s take a look at the various inter-blockchain technology and its recent trend.
  20. Bitcoin과 ethereum은 sidechain을 통해 그들의 cryptocurrency를 빠르게 처리할 수 있는 inter blockchain의 clue를 제공했다고 할 수 있습니다. Polkadot은 이러한 Inter blockchain 프로젝트의 시초와 같은 프로젝트입니다. Ethereum의 co-founder이자 CTO인 Gavin Wood 가 추진 중이며 블록체인간 연결을 통해 블록체인의 scalability를 해결하고자 합니다. Parachain이라는 독립적인 블록체인을 연결하는 Relay chain을 있으며 consensus가 다른 블록체인 간 연결을 지원하는 Bridgechain 개념을 도입하였습니다. Bitcoin and Ethereum showed a hint of inter-blockchain technology that can quickly process cryptocurrency by their sidechains. And Polkadot is the very first case of the inter-blockchain projects. Gavin Wood, the co-founder and CTO of Ethereum, is pushing ahead the Polkadot project and he is trying to solve the scalability issue of blockchain by interconnection of blockchains. In relay chain that connects independent blockchains called Parachain, he adopted the concept Bridgechain which supports connection of blockchains with difference consensus algorithms.
  21. Enterprise 영역에서는 Microsoft가 2017년에 Coco Framework을 발표하였습니다. 이는 여러 블록체인을 연결하는 practical inter blockchain platform이라고 할 수 있습니다. Coco Framework을 통해 Ethereum같은 public blockchain뿐만 아니라 JP Morgan의 Quorum, R3 Corda 등 다양한 블록체인을 연결할 수 있습니다. In the enterprise blockchain space, Microsoft announced Coco Framework in 2017. It is a practical inter-blockchain platform that connects multiple blockchains. Through Coco Framework, you can link various blockchains such as JP Morgan's Quorum, R3 Corda as well as public blockchain such as Ethereum.
  22. Coco Framework은 Coco VN이라는 node를 통해 Coco Network 구성원끼리 State Replication Machine 기반의 distributed application을 구성할 수 있습니다. 또한 Coco VN을 통해 다양한 블록체인을 연결할 수 있습니다. 즉, Coco Network과 다양한 블록체인이 연결된 inter blockchain application을 운영할 수 있는 플랫폼입니다. Coco Framework can configure a distributed application that is based on state replication machine among Coco Network membersviaa node named Coco VN. You can also connect various blockchains through Coco VN. It is a platform that can operate inter-blockchain application connected with Coco Network and other various blockchains.
  23. ICON 프로젝트는 theloop가 기술지원을 하고 있는 public blockchain project 입니다. theloop는 지난 몇년동안 다양한 private blockchain과 consortium blockchain network을 구축하였습니다. 이러한 독립된 blockchain들이 서로간 연결을 원한다는 것을 알게되었고 이를 지원하기 위한 hub blockchain을 구축하는 것이 ICON project의 시작이었습니다. 전세게의 모든 어플리케이션이 하나의 블록체인 프로토콜로 제공될 것이라고 생각하지는 않습니다. 인트라넷의 연결을 통해 인터넷이 나타났듯이 독립적인 거버넌스를 가지는 다양한 블록체인간 연결을 통해 블록체인 기반 서비스는 확장될 것이라고 믿고 있습니다. ICON project is a public blockchain project that is technically supported by theloop. theloop has built various private blockchains and consortium blockchain networks over the last few years. Noticed that these independent blockchains are willing to be connected to each other, we started ICON project to build a blockchain hub that can bring this idea to reality. We do not believe that every application in the world can be provided by a single blockchain protocol. Instead, we believe that blockchain services will expand by connecting various blockchains with independent governance, in the same way as how internet emerged from the connection of intranets.
  24. ICON 프로젝트의 중요한 요소 중의 하나는 BTP, 즉 Blockchain Transmission Protocol입니다. BTP는 블록체인간 consensus와 transaction을 전달하기 위한 protocol입니다. 기본적으로 Light Client 기술과 Nexus의 multi channel 기술을 기반으로 하고 있습니다. 왼쪽과 같이 Nexus에는 연결된 블록체인의 Light client를 통해 각 블록체인에서 합의된 내용을 모두 확인할 수 있습니다. One of the key elements of the ICON project is BTP, Blockchain Transmission Protocol. BTP is a protocol that transfers consensus and transactions in between blockchains. It is based on light client technology and Nexus multi-channel technology. As shown on the left, you can keep track of all the consensus reached on each blockchain through the light client of the connected blockchains in Nexus.
  25. Nexus 역시 light client 기술을 제공합니다. 즉, Nexus에 연결된 모든 블록체인은 Nexus에서의 합의 사실을 확인할 수 있습니다. 정리하면, Blochcain A에서 합의된 사실은 Nexus에서 확인할 수 있고 이를 Nexus에 등록합니다. 그리고 Nexus에 합의된 사실은 Blockchain B 에서 확인할 수 있게되어 최종적으로 Blockchain A에서 합의된 사실을 Blockchain B에서 확인할 수 있게 되는 것입니다. Nexus also provides light client technology. Thus, any blockchain that is connected to Nexus can check the consensus status. To sum up, one can confirm the consensus status of Blockchain A from Nexus and Nexus records the record of this request. This state can then be confirmed on Blockchain B so that as a result, one can check the consensus of Blockchain A from Blockchain B.
  26. BTP의 간단한 example을 하나 살펴보겠습니다. 앞서 소개했던 Korea Financial Investment Blockchain Consortium에서 도입한 인증서를 다른 independent blockchain에서 사용하는 예제입니다. Blockchain A에서 발행된 인증서를 Blockchain B에 속한 곳에 제출한 경우 해당 인증서의 상태를 확인해야 하는 케이스입니다. 4번 과정을 통해 인증서 상태 확인을 Blockchain A에 요청하게 되고 이 결과가 BTP를 통해 Blockchain B에 전달됩니다. 즉 BTP를 통해 Blockchain B에 속한 노드가 Blockchain A에 속한 특정 노드나 별도의 중개자없이 Blockchain A 네트웍에서 합의한 사실을 확인할 수 있는 것입니다. Let's take look at a simple example of BTP. This is an example of implementing the certificate introduced by the Korea Financial Investment Blockchain Consortium to another independent blockchain. In this case, a certificate issued by Blockchain is submitted to Blockchain B and therefore the validity of this certificate needs to be confirmed. In step 4, Blockchain A is requested to check the status of the certificate, and the result is transmitted to Blockchain B via BTP. In other words, BTP allows a node in Blockchain B to confirm the consensus made on network Blockchain without a specific node from Blockchain A or a separate intermediary involved.
  27. 이제까지 실제 사례를 중심으로 블록체인 기반 서비스를 살펴보았고 블록체인간 연결을 통해 이러한 서비스를 확장하는 방안에 대해 살펴봤습니다. 이것으로 발표를 마치겠습니다. Thank you for listening Today I have explained blockchain application based on our real use case and how we expand this kind of service by connecting between blockchains. This is the end of the presentation. Thank you for listening.