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Slides: http://slideshare.net/LaBlogga
Bitcoin and Blockchain Explained
Melanie Swan
Philosophy & Economic Theory
New School for Social Research, NY NY
melanie@BlockchainStudies.org
Blockchain Smartnetworks
Bitcoin and Blockchain Explained
Part of a Series on Cryptophilosophy
cryptophilosophy
Dec 9, 2016
Blockchain Explained
Thesis
1
Beyond digitalizing money, payments,
economics, and finance, and governance,
smart property and smart contracts,
blockchains secure automated fleet
coordination
The implications could be an orderly transition
to the automation economy and trust-rich
digital smartnetwork societies of the future
Dec 9, 2016
Blockchain Explained 2
Melanie Swan, Blockchain Futurist
 Philosophy and Economic Theory, New School
for Social Research, New York NY
 Founder, Institute for Blockchain Studies
 Singularity University Instructor; Institute for Ethics and
Emerging Technology Affiliate Scholar; EDGE
Essayist; FQXi Advisor
Traditional Markets Background
Economics and Financial
Theory Leadership
New Economies research group
Source: http://www.melanieswan.com, http://blockchainstudies.org/NSNE.pdf, http://blockchainstudies.org/Metaphilosophy_CFP.pdf
https://www.facebook.com/groups/NewEconomies
Dec 9, 2016
Blockchain Explained
Blockchain
3
Dec 9, 2016
Blockchain Explained
Bitcoin-FinTech-Blockchain Growth
4
https://angel.co/bitcoin, http://thefinanser.co.uk/fsclub/2015/02/the-fintech-scene-is-so-hot-its-boiling.html
http://thenextweb.com/insider/2015/04/16/bitcoin-is-the-worlds-most-dangerous-idea/
Silicon Valley Bank:
Global investment in
FinTech is set to
double from $10
billion in 2014 to
$19.7 billion in 2015,
and reach $46.1
billion by 2020
Dec 9, 2016
Blockchain Explained
Gartner Emerging Technology Hype Cycle
5
http://thenextweb.com/insider/2015/04/16/bitcoin-is-the-worlds-most-dangerous-idea/
Cryptocurrencies added July 2014
Dec 9, 2016
Blockchain Explained
How does Bitcoin work?
6
1. Download software wallet app
 Blockchain.info, Mycelium, etc.
2. Transfer Bitcoin via QR Code / public key address
3. See your transaction confirm, post to the blockchain
Dec 9, 2016
Blockchain Explained
Blockchain Technology: What is it?
7
 Blockchain technology is the secure distributed ledger
software that underlies cryptocurrencies like Bitcoin
 “Internet of Money” leapfrog technology; Skype is an app allowing
phone calls via Internet without POTS; Bitcoin is an app allowing
money transfer via Internet without banks; ‘decentralized Paypal’
Internet
(decentralized network)
Blockchain
Bitcoin
Source: http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491
Application
Layer
Protocol
Layer
Infrastructure
Layer
SMTP
Email
VoIP
Phone
calls
OSI Protocol Stack:
Dec 9, 2016
Blockchain Explained
Blockchain (not Bitcoin) is the revolution
8
 Internet phase transitions
 Phase I: transfer information
 Modernize publishing, books, music,
news, information
 Phase 2: transfer value (money,
property)
 Modernize of economics and finance
 Providing the digital payments layer the
Internet never had
 Instantiating the qualitative good of
trust in the infrastructure
Source: http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491
Dec 9, 2016
Blockchain Explained
Smartnetwork vision
Pushing more complexity through the Internet pipes
9
Information
Source: http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491
Sci-fi inspiration: Accelerando, Lady of Mazes, Blindsight, The Golden Age, Glasshouse
Confirmation of Automated
Distribution of
Transfer of
 Growing classes of activities for smartnetwork execution
 I: Information; II: Money, finance, economics; energy; supply chain, logistics,
transportation; health; IOT; III: identity, preference, intangible resources
Value Identity Preference
Registration of
20161990 2025e 2050e 2075e
Automated
Propagation of
Voting
Policy
Opinion
Participation
GBI
Energy
Trust
Autonomy
Recognition
Economics Politics
Ideas
Health
Collaboration
opportunities
Instantiation
Upload integrity
Smart-
resources
Smart-
currencies
2090e
Internet Smartnetwork
Dec 9, 2016
Blockchain Explained 10
Currency
Source: http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491
Property:
Assets
Inventory
Securities: stocks, bonds, government issue, futures and
options, FX contracts
Hard assets: cars, houses, global supply chain, medical
inventories; Intangible assets: IP
Money, digital payments, remittance
Programmable smartmoney
Fundamental enabling infrastructure
Economics
Governance
& Legal
Services
Global-scale
projects
Politics
Singularity
All contractual arrangements
Blockchain’s vast reach beyond currency
Financial instruments: mortgage, loans
Million-person genome banks, supply chain
management, autonomous driving fleets
Voting, identity, citizenship, civic services
Legal documents, contracts, wills, agreements
Dec 9, 2016
Blockchain Explained
Why is it called blockchain?
Blockchain: a chain of transaction blocks
 Every 10 minutes, the latest
block of submitted
transactions is validated (by
cryptographic mining) and
posted to a single distributed
ledger
 Each new block of
transactions calls the last
block, so that the
transactions are chained
together sequentially, hence
the word blockchain
11
Source: https://blockexplorer.com
Dec 9, 2016
Blockchain Explained
Blockchain crucial for the
Singularity-class project: Financial Inclusion
 Just as the Printing Press and
the Internet flattened access to
communicating information...
 …blockchains are giving the
power of the printing press to
banking, credit, and money
 Access to economic and financial
systems (credit) as a basic human
right (2 billion under-banked)
 Long-tail economics: any two
parties can transact on the
network (eBay of money)
12
Source: http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491
Dec 9, 2016
Blockchain Explained
Issue: hierarchy is not scalable
13
Sources: What is Decentralization? http://futurememes.blogspot.com/search?q=datt.co,
http://blog.midem.com/2016/04/blockchain-broken-music-industry/
 Blockchains are a form of trust-making technology
 A system of checks and balances that is universal and
planetary-scale (Kardashev-level)
 New tiers of scalability are needed
 Million-genome repositories (largest is 3700 currently),
connectome databases to reveal brain structure
Dec 9, 2016
Blockchain Explained
Smartnetwork theme: design Optimality
 Optimal mix of centralized and
decentralized models
 Rethinking Coase’s firm size
 Manufacturing reorganization per
electricity; industries rethought per
decentralized networks
 Tighter supply chain integration
 Complexity design principles
 Decentralization here to stay
 Proven decentralized scalability
paradigm: Internet
 Bitcoin, blockchain, decentralization
14
Sources: Coase, RH, The Nature of The Firm, 1937, http://www3.nccu.edu.tw/~jsfeng/CPEC11.pdf
Decentralization
Blockchain
Bitcoin
Dec 9, 2016
Blockchain Explained
Blockchain Economics and Finance
Apparatus for constituting the present and the future
15
Bitcoin, Crypto-currencies Smart Contracts
Economics Finance
Spot, Cash Market Futures, Options
Market
Present Future
Source: http://www.slideshare.net/lablogga/blockchain-payment-systems, http://www.slideshare.net/lablogga/blockchain-financial-
networks, http://www.slideshare.net/lablogga/blockchain-temporality-smart-contract-timespecifiability-with-blocktime
Real-time payments Utility Settlement Coin
(USC) (8/24/16)
Temporality
Regime
Dec 9, 2016
Blockchain Explained
Decentralized Economics and Finance
Current mode is one kind of system for organizing access to resources
16
The organizing assumption of
economic systems has been
scarcity; an orientation to the
production and distribution of scarce
material goods. This no longer holds
in an era of digital services, non-rival
goods, and complementarity
Mindset Shifts:
1. Scarcity to Abundance
2. Labor to Fulfillment
3. Hierarchy to Decentralization
The organizing assumption of
financial systems has been the
control or at least prediction of
the future value of assets and
liabilities; finance = credit (credit
is really about trust). Also no
longer holding.
Mindset Shifts:
1. Access instead of Ownership
2. Topological Ranges instead
of Point Values
3. Assurity instead of
Insufficiency
Sources: http://futurememes.blogspot.com/2016/09/defining-blockchain-economy-what-is.html and New Economies and Finance at
the New School: http://blockchainstudies.org/NSNE.pdf
Economics Finance
Present FutureTemporality
Regime
Dec 9, 2016
Blockchain Explained
Abundance Philosophy of Economics
Realization of decentralized economics and finance
17
Source: Swan, M. "Automation Economy: An Abundance Philosophy of Economics" In Emerging Technology and
Unemployment. Palgrave Macmillan. Forthcoming.
 Phase I: transition to Automation Economy
 Phase II: transition to Actualization Economy
A
B
C
Trust, Autonomy,
Recognition
Dec 9, 2016
Blockchain Explained
Technological Unemployment
 Key singularity-class challenge: orderly transition to the
Automation Economy
 Half (47%) of employment is at risk of automation in the next
two decades – Carl Frey, Oxford, 2015
 Why are there still so many jobs in a world that could be
automating more quickly? – David Autor, MIT, 2015
18
Source: Swan, M. "Automation Economy: An Abundance Philosophy of Economics" In Emerging Technology and
Unemployment. Palgrave Macmillan. Forthcoming.
Dec 9, 2016
Blockchain Explained
Use Bitcoin to avoid Digital Identity theft
19
Amazon,
Overstock,
Newegg, etc.
www.bitcoinvalues.net/who-accepts-bitcoins-payment-companies-stores-take-bitcoins.html
Dec 9, 2016
Blockchain Explained
Economic and privacy arguments for Bitcoin
 Vendor payments market
 1-3% merchant transaction fee
 Hack-able ‘honey pot’ identity databases
 Banking services market
 5 bn individuals worldwide without access
to banking, financial, credit services
 Remittances market
 $4 tn global market, 5-30% transaction
fee; immediate funds transfer solution
 Successful examples suggest
demand for digital payments
 Starbucks mobile app, Apple Pay
20
http://www.bitcoinvalues.net/who-accepts-bitcoins-payment-companies-
stores-take-bitcoins.html
Dec 9, 2016
Blockchain Explained
How big is the market and is it liquid?
Which cryptocurrency should I use?
21
https://coinmarketcap.com/
Dec 9, 2016
Blockchain Explained
Bitcoin Price Volume Chart
22
https://coinmarketcap.com/currencies/bitcoin/#charts
 Trade volume increase
Dec 9, 2016
Blockchain Explained
What is the blockchain?
23
https://github.com/bitcoin/bitcoin, https://bitcoin.org/en/download, https://getaddr.bitnodes.io/
 The open-source software upon which
Bitcoin runs
 A technology protocol layer like TCP/IP
 A transaction database, a decentralized
public ledger of all transactions
 Giant ‘interactive Google doc spreadsheet’
that anyone can view and administrators
(miners) continually verify and update to
confirm that each transaction is valid
 Literally blocks (batches of
transactions) in a chain, a sequential
ledger of transactions
Dec 9, 2016
Blockchain Explained
How robust is the network?
24
https://bitnodes.21.co/
 5404 Global Nodes running full Bitcoind (Dec 2016)
Dec 9, 2016
Blockchain Explained
Financial and Public Records Applications
 Financial instruments
1. Currency
2. Private equities
3. Public equities
4. Bonds
5. Derivatives Commodities
6. Spending records
7. Trading records
8. Mortgage/loan records
9. Servicing records
10. Crowdfunding
11. Microfinance
25
http://forum.ethereum.org/discussion/1402/how-to-get-started-your-first-dapp-under-one-hour
 Public Records
1. Land titles
2. Vehicle registries
3. Business incorporations
4. Criminal records
5. Passports
6. Birth certificates
7. Death certificates
8. Voter Registration
9. Voting Records
10. Health/safety inspections
11. Building permits
12. Court records
Dec 9, 2016
Blockchain Explained
What is Smart Property?
 Register assets to blockchain via unique key
 Blocktrace ledger tracks diamonds
 Real-time GPS LoJack tracking for any asset
 Blockchain becomes an inventory, tracking,
and buy-sell mechanism for all hard assets
 Decentralized asset exchange
 Digital authentication access system
 Blockchain-based keyless entry
26
Asset-backed tokens, https://openbazaar.org/, http://www.edgelogic.net/blocktrace
Dec 9, 2016
Blockchain Explained
Decentralized Application (Dapp) Ecosystem
27
http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491
Project Name and URL Activity Centralized
Equivalent
OpenBazaar, BitMarkets, BitPremier
https://openbazaar.org
Buy/sell items locally Craigslist
LaZooz
http://lazooz.org
On-demand ride service Uber, Lyft
Twister
http://twister.net.co
Social networking, peer-to-peer
microblogging
Twitter, Facebook
Gems
http://getgems.org
Social networking, private
token-based social messaging
Twitter, SMS apps
Bitmessage
https://bitmessage.org
Secure messaging (individual or
broadcast)
SMS services
Storj
http://storj.io/
File storage Dropbox, Google Drive
Onename
https://onename.com/
BitID
https://github.com/bitid/bitid
Bithandle
http://www.hackathon.io/bithandle
Digital identity verification VeriFone, Verisign, Facebook
Dec 9, 2016
Blockchain Explained
What are Smart Contracts?
28
 Agreements between parties posted to the
blockchain for automated execution
 Cryptolaw: intersection of technological (inexorable,
uninfringeable) and legal frameworks (flexible)
 Smart Contract Examples:
 Bet on high temperature tomorrow
 Inheritance pay-out at age 21 or death of benefactor
 Mortgage with automatic interest-rate resets
 Code: Ethereum and Eris
 https://github.com/ethereum/
 https://erisindustries.com/
https://eng.erisindustries.com/smart%20contracts/2014/12/17/dennys-smart-contracting/ ,
http://forum.ethereum.org/discussion/1402/how-to-get-started-your-first-dapp-under-one-hour,
http://financialcryptography.com/mt/archives/001555.html
Dec 9, 2016
Blockchain Explained
Smart Contract
Law Firm?
29
http://www.robotandhwang.com/attorneys/
 Law is something to be
radically reshaped by
the emergence of
technology, it is about
the management and
manipulation of data on
an entirely new scale -
Richard Susskind
Dec 9, 2016
Blockchain Explained
Financial Services
 Distributed ledger
 Instant transaction validation
 Settlement, clearing, audit
 Simpler, more secure, less
expensive financial services
 Use case applications
 Industry-wide collaboration
 Securities asset registries
 Value chain efficiency:
custody, titling, insurance
 Financial-inclusion
addressable market
 Digital identity, banking
30
Source: https://www.cbinsights.com/blog/financial-services-corporate-blockchain-investments
Dec 9, 2016
Blockchain Explained
Energy grid smartnetworks
 Concept: the power grid of every
continent is an energy Internet
 “Quantized units” are energy:
kWh/kWm
 Use case applications
 Automatic markets: off-hour and
lowest cost demand fulfillment
 Smart grid management
 Energy price and trade validation
 Resource self-pricing
 Source fungibility: wind, solar power
 P2P microgrid infrastructure
31
Sources: Rifkin, J. The Zero Marginal Cost Society; https://www.newscientist.com/article/2079334-blockchain-based-
microgrid-gives-power-to-consumers-in-new-york/
Cryptosustainability Micropolis Example:
Peer-to-peer Microgrids
Dec 9, 2016
Blockchain Explained
Supply chain & logistics grid smartnetworks
 Tamper-proof record-keeping
 Register assets and inventory
 Assure provenance, custody
 Track quantity and transfer of assets
(pallets, trailers, containers) moving
through supply chain nodes
 Track purchase orders, change orders,
receipts, shipment notifications
 Assign and verify custody and product
certification
 Link physical goods to serial numbers,
bar codes, RFID tags
 Virtual reality rapid simulation and
event-history keeping (>transactions)
32
Dec 9, 2016
Blockchain Explained
Fleets: Secure, Automated Coordination
33
Source: Blockchain Singularities :http://www.slideshare.net/lablogga/blockchain-singularities-65443340
 Modern fleet management operation via
digital smartnetwork coordination
 Blockchain properties
 Secure, trackable, automated coordination of
large-scale projects with many items
 Automated system of checks and balances; all
transactions must confirm via smartnetwork
 Moves any sort of quantized/unitized packets on
the smartnetwork: energy, cars, synapse firings
 Fleet management
 Autonomous vehicles, IOT sensors, social
robotics, synaptic connections, deep-learners,
medical nanorobots, planet terraformers, synbio
agents, environmental cleanup bots
Dec 9, 2016
Blockchain Explained
Blockchain IOT
34
http://www.zdnet.com/article/internet-of-things-market-to-hit-7-1-trillion-by-2020-idc/,
http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491
https://gigaom.com/2014/09/09/check-out-ibms-proposal-for-an-internet-of-things-architecture-using-bitcoins-block-chain-tech/
 M2M/IOT Bitcoin payment network to
enable the machine economy
 The economic layer the web never had
 IOT 2020: 26 bn devices in a $7 tn market
 Smarthome IOT networks (dist. privacy)
 Self-mining ecologies
 Privacy orchestration: devices, personal
robotics, digital health assistants
 IBM Adept
 Blockchain + Messaging + BitTorrent
 Blockchains as scalable communication and
coordination mechanism
Smartcity Connected
Car Orchestration
Smarthome IOT and
Personal Robotics
Coordination
Dec 9, 2016
Blockchain Explained
Blockchain Health
 Blockchain technology in health-related applications
1. EMRs: Personal Health Record Storage and Access
 Personal health records stored and administered via blockchain
 Users key-permission doctors and other parties into records
2. Health Research Commons (info processing)
 Aggregated personal medical records, quantified self data
commons (DNA.bits), genome and connectome files
3. Health Document Notary Services
 Proof-of-insurance, test results, prescriptions, status, condition,
treatment, physician referrals
4. Doctor Vendor RFP Services
 (Like Uber drivers) doctors and health practices bid to supply
medical services; automated bidding via tradenets
35
http://futurememes.blogspot.fr/2014/09/blockchain-health-remunerative-health.html
Dec 9, 2016
Blockchain Explained
Blockchain Genomics
36
 Jurisdictional regulation prevents
individuals from having access to
their own genetic data
http://genomesunzipped.org/2011/03/people-have-a-right-to-access-their-own-genetic-information.php
Dec 9, 2016
Blockchain Explained
Blockchains: Global and Liberty-enhancing
37
 Global governance for transnational organizations
 WikiLeaks, ICANN, Wikipedia
 Benefits of blockchain administration
 Uplift to cloud from local jurisdictional regulations
 Universal administration mechanism for global organizations
 Structure promotes transparency, accountability, freedom
 Namecoin: decentralized DNS
http://www.forbes.com/sites/andygreenberg/2010/12/07/visa-mastercard-move-to-choke-wikileaks/
Snowden Affair
Dec 9, 2016
Blockchain Explained
Blockchain Government
 Opt-in Personalized Government
 Composting vs education
 Reputation-based ID system, voting,
dispute resolution, national income
distribution, public documents
registration and repository
 Neighbor.ly
 Self-directed community bonds
 Precedentcoin
 Crowdsourced legal services, justice
entrepreneurs, blockchain arbitration
 Sidekik
 On-demand tele-attorney, private police
38
http://www.bitnation.co/, https://bitcoinmagazine.com/17066/first-blockchain-wedding-2/,
https://bitcoinmagazine.com/19813/sidekik-decentralized-video-streaming-storage/
World’s First Blockchain Marriage:
David Mondrus and Joyce Bayo, October
5, 2014, Disney World FL, Coins in the
Kingdom Bitcoin Conference, Jeffrey
Tucker (Liberty.me) presiding
Dec 9, 2016
Blockchain Explained
Blockchain Representation and Voting
 Delegative democracy (Liquid Democracy)
 Voting power temporarily vested in
delegates not long-term representatives
 Group proposition development
 Futarchy, two-step program
1. Traditional vote on outcomes (ex: GDP)
2. Prediction markets to determine specific
proposals for achieving the outcome
 Random Sample Elections
 Randomly selected individuals vote on a
single issue, blockchain orchestration
 Convergent Facilitation
 Register group needs as smart assets
39
https://bitcoinmagazine.com/17066/first-blockchain-wedding-2/,
http://www.bitnation-blog.com/latest-update-dec-22nd-2014/
Dec 9, 2016
Blockchain Explained
Blockchain Legal
 Notary Service, Attestation
 Register contracts, agreements, wills (Proof of Existence, Factom)
 Register, protect, and transact IP (Monegraph, Ascribe)
 How it works
 Hash + timestamp + blockchain record
40
http://www.proofofexistence.com/
Dec 9, 2016
Blockchain Explained
Blockchain Science and What is Mining?
Bitcoin: world’s largest supercomputer @ 42 petahashes/second
 Mining is the process of adding
transaction records to the public
ledger by performing a computing
task that is costly to execute but
easy to verify
 Issue: mining is purposefully
wasteful to deter malicious players
 ‘Green’ mining projects
 Primecoin
 Foldingcoin
 Gridcoin
 Zennet
41
http://www.righto.com/2014/02/bitcoin-mining-hard-way-algorithms.html,
http://codinginmysleep.com/bitcoin-mining-in-plain-english/
Dec 9, 2016
Blockchain Explained
Smartnetwork Application: Friendly AI
 Argument…
1. Digital intelligences will be
running on consensus-managed
smartnetworks
2. Good reputational standing is
required to conduct operations
 Resource access, fund-raising,
services-providing, contracts
3. Consensus only validates and
records bonafide transactions
from ‘good’ agents
4. Therefore all agents ‘good’
42
Swan, M. Cognitive Applications of Blockchain Technology. Cognitive Science 2015: The Annual Meeting of the Cognitive Science Society:
Mind, Technology, and Society, Pasadena CA, July 2015. submitted. Swan, M. Blockchain Thinking: The Brain as a DAC (Decentralized
Autonomous Organization). Texas Bitcoin Conference, Austin TX, March 27-29, 2015. accepted.
Dec 9, 2016
Blockchain Explained
Derrida: Ontology of Joycean Consensus
43
Derrida. Ulysses Gramophone: Hear Say Yes In Joyce. Pp. 267, 296.
http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491
 Affirmation is not solo, “saying yes” is dependent
upon another to hear it and acknowledge receipt
 The affirmation relation is liberty-enhancing and
totalization-resisting, the affirming and acknowledging
parties, and the yes itself, remain distinct
 “The two responses refer to each other without having any
relationship between them. The two sign yet prevent the
signature from gathering itself together [totalizing].”
 The yes “addresses itself to some other which it does not constitute”
 The yes avoids its own totalization, “The yes, by responding and
countersigning, does not let itself be counted or discounted [totalized].”
 Well-formed consensus: preserve the integrity of
entities in a network of ad-hoc relations
Dec 9, 2016
Blockchain Explained
Cryptocitizen Sensibility
 A new relationship with authority and
responsibility-taking
 Digital safety: Backing up our money
 Governance services vs. being governed
 Trend: happened with news media,
entertainment, stock-trading, health services;
now happening with economics and politics
 Freedom of choice, autonomy, and self-
determination of economic and political
systems as basic human rights
 Responsibility for trust-generating
behavior per reduced government
involvement in decentralization
44
Dec 9, 2016
Blockchain Explained
Blockchain Philosophy
Smartnetwork Trust & Consensus Realities
 Trust is manufactured on
smartnetworks though consensus
protocols and independent
confirmations of truth states
 Smartnetworks are a way of making
new and pluralistic reality
 Different network consensus protocols
come to different truth states about the
world, thus…
 …creating mulitple realities, and
 …the notion that realitiy is maleable and
can be created; gives portability with reality
45
Dec 9, 2016
Blockchain Explained
Blockchain Art
46
Rio, Tel Aviv, Hamburg, Barcelona, Seoul, Tokyo, New York
http://bitfilm.com/festival.html
Dec 9, 2016
Blockchain Explained
Blockchain Art
47
http://cryptoart.com/
 Fine art paper wallets
Dec 9, 2016
Blockchain Explained
Blockchain Art
48
https://bitcointalk.org/index.php?topic=98392.0
 Cryptographic art
Someone used Bitcoin's ability to
embed arbitrary text inside a
transaction to put an ASCII Art Ben
Bernanke into the Bitcoin blockchain
Dec 9, 2016
Blockchain Explained
Blockchain Art
49
http://fiatleak.com/
 Data visualization as art
Dec 9, 2016
Blockchain Explained
Blockchain Art
50
http://www.quora.com/What-are-some-of-the-best-Bitcoin-visualizations
 Data visualization as art
Dec 9, 2016
Blockchain Explained
Blockchain Literacy
 ‘Bitcoin MOOCs,’ ‘Kiva for literacy’
 Peer-to-peer learning contracts
 Literacy beyond reading
 Technical, Agricultural, Vocational Literacy
 Blockchain-based personal development
contracts
 QS-biometric utility function imputation and tracking
 Maslow chains, subjectivation and actualization chains
 Development Economics 2.0
 Decentralized credit bureaus, literacy contracts,
remittances, blockchain-tracked aid, microcredit,
 Open-source FICO scores
 Peer-vouched reputation
51
Dec 9, 2016
Blockchain Explained
Blockchain Applications by Sector (selected)
52
http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491
Crucial Blockchain Properties
• Cryptoledger
• Decentralized network
• Trustless
counterparties
• Independent
consensus-confirmed
transactions
• Permanent record
• Public records
repository
• Notarization time-
stamping hashes
• Universal format
• Accessibility
Government
& Legal
• Transnational orgs
• Personalized
governance services
• Voting, propositions
• P2P bonds
• Tele-attorney services
• IP registration and
exchange
• Tax receipts
• Notary service and
document registry
Economics
and Markets
• Currency
• Payments &
Remittance
• Banking & Finance
• Clearing &
Settlement
• Insurance
• FinTech
• Trading & Derivatives
• QA & Internal Audit
• Crowdfunding
IOT
• Agricultural & drone
sensor networks
• Smarthome networks
• Integrated smartcity,
connected car,
smarthome sensors
• Self-driving car
• Personalized robots,
robotic companions
• Personalized drones
• Digital assistants
• Communication
(messaging)
• Large-scale
coordination
• Entity ingress/egress
• Transaction security
• Universal format
• Large-scale multi-
data-stream
integration
• Privacy and security
• Real-time
accessibility
Health
• Universal EMR
• Health databanks
• QS Data Commons
• Big health data
stream analytics
• Digital health wallet
• Smart property
• HealthToken
• Personal
development
contracts
• Large-scale
infrastructural
element for
coordination
• Checks-and-
balances system
for ‘good-player’
access
• Community
supercomputing
• Crowd analysis
• P2P resourcenets
• Film, dataviz
• AI: blockchain
advocates, friendly
AI, blockchain
learners, digital
mindfile services
Science,
Art, AI
Dec 9, 2016
Blockchain Explained
Blockchain downside and risks?
ISSUE
53
Satoshi Roundtable #3: Scaling Bitcoin Milan
Oct 8-9, 2016
Hacking Scandals
Mt Gox, Ethereum DAO, Bitfinex
Silk Road, drug dealers,
terrorists, criminals
Scalability, evolution
Block size, sidechains
Mining Centralization
RESPONSE
Centralization temporary; wide-spread at higher-
scale; move to 16 nm, solar/hydro-powered chips
Building resilient system constantly under open
attack 24/7 (remember early Internet DNS attacks)
Blockchains are a universal technology available to
all; non-criminal activity predominates
Early Internet: “this will never scale, insecure, not resilient;” Yahoo, AltaVista down for days due to DNS attacks
Source: http://www.coindesk.com/bitcoin-scaling-conference-italy
Technology Risk
Perception Risk
Regulatory Risk, Economic Risk
National government
regulation, bans
Governments modernizing economic infrastructure
with blockchains too; licensing, open dialogue
Dec 9, 2016
Blockchain Explained
Blockchain Strategies
Leadership Edge
 Blockchain is not a separate industry as
much as a new underlying technology
with applications in every industry
 New kind of more sophisticated Internet
technology for transferring value
 Multiple blockchains by industry with different
classes of encryption and mining paradigms
 Money and financial assets
 Energy, health, IOT, transportation fleets
 Developing a blockchain strategy
 Educate, via industry user groups
 Engage with consulting firms
 Prototype, test, launch applications
54
Source: http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491
Dec 9, 2016
Blockchain Explained
Blockchain Strategies
Leading with New Applications
 Re-invent value chain, identify…
 Digital value transfer opportunities
 Network intermediaries and coupling points
 Automation possibilities and new markets
 Example: banks targeting larger customer base
through blockchain-based eWallet solutions
1. Revenue-generating, customer-facing
 Offer blockchain-based services to clients
 Lead industry-wide blockchain initiatives: “Better EDI,”
single-ledger, supply chain inventory management
 Digital billing customer interface, tokenized interaction
2. Internal cost-savings, efficiency-improvement
 Quality assurance, test, audit, compliance, sales RFQ
 Finance, treasury, accounting, expense management
55
Source: http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491
Dec 9, 2016
Blockchain Explained
Conclusion
56
Beyond digitalizing money, payments,
economics, and finance, and governance,
smart property and smart contracts,
blockchains secure automated fleet
coordination
The implications could be an orderly transition
to the automation economy and trust-rich
digital smartnetwork societies of the future
U Penn, Philadelphia PA, Dec 9, 2016
Slides: http://slideshare.net/LaBlogga
Bitcoin and Blockchain Explained
Melanie Swan
Philosophy & Economic Theory
New School for Social Research, NY NY
melanie@BlockchainStudies.org
Blockchain Smartnetworks
Bitcoin and Blockchain Explained
Part of a Series on Cryptophilosophy
cryptophilosophy
Thank You! Questions?

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Blockchain Explained: Bitcoin, Decentralization and the Future of the Automation Economy

  • 1. U Penn, Philadelphia PA, Dec 9, 2016 Slides: http://slideshare.net/LaBlogga Bitcoin and Blockchain Explained Melanie Swan Philosophy & Economic Theory New School for Social Research, NY NY melanie@BlockchainStudies.org Blockchain Smartnetworks Bitcoin and Blockchain Explained Part of a Series on Cryptophilosophy cryptophilosophy
  • 2. Dec 9, 2016 Blockchain Explained Thesis 1 Beyond digitalizing money, payments, economics, and finance, and governance, smart property and smart contracts, blockchains secure automated fleet coordination The implications could be an orderly transition to the automation economy and trust-rich digital smartnetwork societies of the future
  • 3. Dec 9, 2016 Blockchain Explained 2 Melanie Swan, Blockchain Futurist  Philosophy and Economic Theory, New School for Social Research, New York NY  Founder, Institute for Blockchain Studies  Singularity University Instructor; Institute for Ethics and Emerging Technology Affiliate Scholar; EDGE Essayist; FQXi Advisor Traditional Markets Background Economics and Financial Theory Leadership New Economies research group Source: http://www.melanieswan.com, http://blockchainstudies.org/NSNE.pdf, http://blockchainstudies.org/Metaphilosophy_CFP.pdf https://www.facebook.com/groups/NewEconomies
  • 4. Dec 9, 2016 Blockchain Explained Blockchain 3
  • 5. Dec 9, 2016 Blockchain Explained Bitcoin-FinTech-Blockchain Growth 4 https://angel.co/bitcoin, http://thefinanser.co.uk/fsclub/2015/02/the-fintech-scene-is-so-hot-its-boiling.html http://thenextweb.com/insider/2015/04/16/bitcoin-is-the-worlds-most-dangerous-idea/ Silicon Valley Bank: Global investment in FinTech is set to double from $10 billion in 2014 to $19.7 billion in 2015, and reach $46.1 billion by 2020
  • 6. Dec 9, 2016 Blockchain Explained Gartner Emerging Technology Hype Cycle 5 http://thenextweb.com/insider/2015/04/16/bitcoin-is-the-worlds-most-dangerous-idea/ Cryptocurrencies added July 2014
  • 7. Dec 9, 2016 Blockchain Explained How does Bitcoin work? 6 1. Download software wallet app  Blockchain.info, Mycelium, etc. 2. Transfer Bitcoin via QR Code / public key address 3. See your transaction confirm, post to the blockchain
  • 8. Dec 9, 2016 Blockchain Explained Blockchain Technology: What is it? 7  Blockchain technology is the secure distributed ledger software that underlies cryptocurrencies like Bitcoin  “Internet of Money” leapfrog technology; Skype is an app allowing phone calls via Internet without POTS; Bitcoin is an app allowing money transfer via Internet without banks; ‘decentralized Paypal’ Internet (decentralized network) Blockchain Bitcoin Source: http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491 Application Layer Protocol Layer Infrastructure Layer SMTP Email VoIP Phone calls OSI Protocol Stack:
  • 9. Dec 9, 2016 Blockchain Explained Blockchain (not Bitcoin) is the revolution 8  Internet phase transitions  Phase I: transfer information  Modernize publishing, books, music, news, information  Phase 2: transfer value (money, property)  Modernize of economics and finance  Providing the digital payments layer the Internet never had  Instantiating the qualitative good of trust in the infrastructure Source: http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491
  • 10. Dec 9, 2016 Blockchain Explained Smartnetwork vision Pushing more complexity through the Internet pipes 9 Information Source: http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491 Sci-fi inspiration: Accelerando, Lady of Mazes, Blindsight, The Golden Age, Glasshouse Confirmation of Automated Distribution of Transfer of  Growing classes of activities for smartnetwork execution  I: Information; II: Money, finance, economics; energy; supply chain, logistics, transportation; health; IOT; III: identity, preference, intangible resources Value Identity Preference Registration of 20161990 2025e 2050e 2075e Automated Propagation of Voting Policy Opinion Participation GBI Energy Trust Autonomy Recognition Economics Politics Ideas Health Collaboration opportunities Instantiation Upload integrity Smart- resources Smart- currencies 2090e Internet Smartnetwork
  • 11. Dec 9, 2016 Blockchain Explained 10 Currency Source: http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491 Property: Assets Inventory Securities: stocks, bonds, government issue, futures and options, FX contracts Hard assets: cars, houses, global supply chain, medical inventories; Intangible assets: IP Money, digital payments, remittance Programmable smartmoney Fundamental enabling infrastructure Economics Governance & Legal Services Global-scale projects Politics Singularity All contractual arrangements Blockchain’s vast reach beyond currency Financial instruments: mortgage, loans Million-person genome banks, supply chain management, autonomous driving fleets Voting, identity, citizenship, civic services Legal documents, contracts, wills, agreements
  • 12. Dec 9, 2016 Blockchain Explained Why is it called blockchain? Blockchain: a chain of transaction blocks  Every 10 minutes, the latest block of submitted transactions is validated (by cryptographic mining) and posted to a single distributed ledger  Each new block of transactions calls the last block, so that the transactions are chained together sequentially, hence the word blockchain 11 Source: https://blockexplorer.com
  • 13. Dec 9, 2016 Blockchain Explained Blockchain crucial for the Singularity-class project: Financial Inclusion  Just as the Printing Press and the Internet flattened access to communicating information...  …blockchains are giving the power of the printing press to banking, credit, and money  Access to economic and financial systems (credit) as a basic human right (2 billion under-banked)  Long-tail economics: any two parties can transact on the network (eBay of money) 12 Source: http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491
  • 14. Dec 9, 2016 Blockchain Explained Issue: hierarchy is not scalable 13 Sources: What is Decentralization? http://futurememes.blogspot.com/search?q=datt.co, http://blog.midem.com/2016/04/blockchain-broken-music-industry/  Blockchains are a form of trust-making technology  A system of checks and balances that is universal and planetary-scale (Kardashev-level)  New tiers of scalability are needed  Million-genome repositories (largest is 3700 currently), connectome databases to reveal brain structure
  • 15. Dec 9, 2016 Blockchain Explained Smartnetwork theme: design Optimality  Optimal mix of centralized and decentralized models  Rethinking Coase’s firm size  Manufacturing reorganization per electricity; industries rethought per decentralized networks  Tighter supply chain integration  Complexity design principles  Decentralization here to stay  Proven decentralized scalability paradigm: Internet  Bitcoin, blockchain, decentralization 14 Sources: Coase, RH, The Nature of The Firm, 1937, http://www3.nccu.edu.tw/~jsfeng/CPEC11.pdf Decentralization Blockchain Bitcoin
  • 16. Dec 9, 2016 Blockchain Explained Blockchain Economics and Finance Apparatus for constituting the present and the future 15 Bitcoin, Crypto-currencies Smart Contracts Economics Finance Spot, Cash Market Futures, Options Market Present Future Source: http://www.slideshare.net/lablogga/blockchain-payment-systems, http://www.slideshare.net/lablogga/blockchain-financial- networks, http://www.slideshare.net/lablogga/blockchain-temporality-smart-contract-timespecifiability-with-blocktime Real-time payments Utility Settlement Coin (USC) (8/24/16) Temporality Regime
  • 17. Dec 9, 2016 Blockchain Explained Decentralized Economics and Finance Current mode is one kind of system for organizing access to resources 16 The organizing assumption of economic systems has been scarcity; an orientation to the production and distribution of scarce material goods. This no longer holds in an era of digital services, non-rival goods, and complementarity Mindset Shifts: 1. Scarcity to Abundance 2. Labor to Fulfillment 3. Hierarchy to Decentralization The organizing assumption of financial systems has been the control or at least prediction of the future value of assets and liabilities; finance = credit (credit is really about trust). Also no longer holding. Mindset Shifts: 1. Access instead of Ownership 2. Topological Ranges instead of Point Values 3. Assurity instead of Insufficiency Sources: http://futurememes.blogspot.com/2016/09/defining-blockchain-economy-what-is.html and New Economies and Finance at the New School: http://blockchainstudies.org/NSNE.pdf Economics Finance Present FutureTemporality Regime
  • 18. Dec 9, 2016 Blockchain Explained Abundance Philosophy of Economics Realization of decentralized economics and finance 17 Source: Swan, M. "Automation Economy: An Abundance Philosophy of Economics" In Emerging Technology and Unemployment. Palgrave Macmillan. Forthcoming.  Phase I: transition to Automation Economy  Phase II: transition to Actualization Economy A B C Trust, Autonomy, Recognition
  • 19. Dec 9, 2016 Blockchain Explained Technological Unemployment  Key singularity-class challenge: orderly transition to the Automation Economy  Half (47%) of employment is at risk of automation in the next two decades – Carl Frey, Oxford, 2015  Why are there still so many jobs in a world that could be automating more quickly? – David Autor, MIT, 2015 18 Source: Swan, M. "Automation Economy: An Abundance Philosophy of Economics" In Emerging Technology and Unemployment. Palgrave Macmillan. Forthcoming.
  • 20. Dec 9, 2016 Blockchain Explained Use Bitcoin to avoid Digital Identity theft 19 Amazon, Overstock, Newegg, etc. www.bitcoinvalues.net/who-accepts-bitcoins-payment-companies-stores-take-bitcoins.html
  • 21. Dec 9, 2016 Blockchain Explained Economic and privacy arguments for Bitcoin  Vendor payments market  1-3% merchant transaction fee  Hack-able ‘honey pot’ identity databases  Banking services market  5 bn individuals worldwide without access to banking, financial, credit services  Remittances market  $4 tn global market, 5-30% transaction fee; immediate funds transfer solution  Successful examples suggest demand for digital payments  Starbucks mobile app, Apple Pay 20 http://www.bitcoinvalues.net/who-accepts-bitcoins-payment-companies- stores-take-bitcoins.html
  • 22. Dec 9, 2016 Blockchain Explained How big is the market and is it liquid? Which cryptocurrency should I use? 21 https://coinmarketcap.com/
  • 23. Dec 9, 2016 Blockchain Explained Bitcoin Price Volume Chart 22 https://coinmarketcap.com/currencies/bitcoin/#charts  Trade volume increase
  • 24. Dec 9, 2016 Blockchain Explained What is the blockchain? 23 https://github.com/bitcoin/bitcoin, https://bitcoin.org/en/download, https://getaddr.bitnodes.io/  The open-source software upon which Bitcoin runs  A technology protocol layer like TCP/IP  A transaction database, a decentralized public ledger of all transactions  Giant ‘interactive Google doc spreadsheet’ that anyone can view and administrators (miners) continually verify and update to confirm that each transaction is valid  Literally blocks (batches of transactions) in a chain, a sequential ledger of transactions
  • 25. Dec 9, 2016 Blockchain Explained How robust is the network? 24 https://bitnodes.21.co/  5404 Global Nodes running full Bitcoind (Dec 2016)
  • 26. Dec 9, 2016 Blockchain Explained Financial and Public Records Applications  Financial instruments 1. Currency 2. Private equities 3. Public equities 4. Bonds 5. Derivatives Commodities 6. Spending records 7. Trading records 8. Mortgage/loan records 9. Servicing records 10. Crowdfunding 11. Microfinance 25 http://forum.ethereum.org/discussion/1402/how-to-get-started-your-first-dapp-under-one-hour  Public Records 1. Land titles 2. Vehicle registries 3. Business incorporations 4. Criminal records 5. Passports 6. Birth certificates 7. Death certificates 8. Voter Registration 9. Voting Records 10. Health/safety inspections 11. Building permits 12. Court records
  • 27. Dec 9, 2016 Blockchain Explained What is Smart Property?  Register assets to blockchain via unique key  Blocktrace ledger tracks diamonds  Real-time GPS LoJack tracking for any asset  Blockchain becomes an inventory, tracking, and buy-sell mechanism for all hard assets  Decentralized asset exchange  Digital authentication access system  Blockchain-based keyless entry 26 Asset-backed tokens, https://openbazaar.org/, http://www.edgelogic.net/blocktrace
  • 28. Dec 9, 2016 Blockchain Explained Decentralized Application (Dapp) Ecosystem 27 http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491 Project Name and URL Activity Centralized Equivalent OpenBazaar, BitMarkets, BitPremier https://openbazaar.org Buy/sell items locally Craigslist LaZooz http://lazooz.org On-demand ride service Uber, Lyft Twister http://twister.net.co Social networking, peer-to-peer microblogging Twitter, Facebook Gems http://getgems.org Social networking, private token-based social messaging Twitter, SMS apps Bitmessage https://bitmessage.org Secure messaging (individual or broadcast) SMS services Storj http://storj.io/ File storage Dropbox, Google Drive Onename https://onename.com/ BitID https://github.com/bitid/bitid Bithandle http://www.hackathon.io/bithandle Digital identity verification VeriFone, Verisign, Facebook
  • 29. Dec 9, 2016 Blockchain Explained What are Smart Contracts? 28  Agreements between parties posted to the blockchain for automated execution  Cryptolaw: intersection of technological (inexorable, uninfringeable) and legal frameworks (flexible)  Smart Contract Examples:  Bet on high temperature tomorrow  Inheritance pay-out at age 21 or death of benefactor  Mortgage with automatic interest-rate resets  Code: Ethereum and Eris  https://github.com/ethereum/  https://erisindustries.com/ https://eng.erisindustries.com/smart%20contracts/2014/12/17/dennys-smart-contracting/ , http://forum.ethereum.org/discussion/1402/how-to-get-started-your-first-dapp-under-one-hour, http://financialcryptography.com/mt/archives/001555.html
  • 30. Dec 9, 2016 Blockchain Explained Smart Contract Law Firm? 29 http://www.robotandhwang.com/attorneys/  Law is something to be radically reshaped by the emergence of technology, it is about the management and manipulation of data on an entirely new scale - Richard Susskind
  • 31. Dec 9, 2016 Blockchain Explained Financial Services  Distributed ledger  Instant transaction validation  Settlement, clearing, audit  Simpler, more secure, less expensive financial services  Use case applications  Industry-wide collaboration  Securities asset registries  Value chain efficiency: custody, titling, insurance  Financial-inclusion addressable market  Digital identity, banking 30 Source: https://www.cbinsights.com/blog/financial-services-corporate-blockchain-investments
  • 32. Dec 9, 2016 Blockchain Explained Energy grid smartnetworks  Concept: the power grid of every continent is an energy Internet  “Quantized units” are energy: kWh/kWm  Use case applications  Automatic markets: off-hour and lowest cost demand fulfillment  Smart grid management  Energy price and trade validation  Resource self-pricing  Source fungibility: wind, solar power  P2P microgrid infrastructure 31 Sources: Rifkin, J. The Zero Marginal Cost Society; https://www.newscientist.com/article/2079334-blockchain-based- microgrid-gives-power-to-consumers-in-new-york/ Cryptosustainability Micropolis Example: Peer-to-peer Microgrids
  • 33. Dec 9, 2016 Blockchain Explained Supply chain & logistics grid smartnetworks  Tamper-proof record-keeping  Register assets and inventory  Assure provenance, custody  Track quantity and transfer of assets (pallets, trailers, containers) moving through supply chain nodes  Track purchase orders, change orders, receipts, shipment notifications  Assign and verify custody and product certification  Link physical goods to serial numbers, bar codes, RFID tags  Virtual reality rapid simulation and event-history keeping (>transactions) 32
  • 34. Dec 9, 2016 Blockchain Explained Fleets: Secure, Automated Coordination 33 Source: Blockchain Singularities :http://www.slideshare.net/lablogga/blockchain-singularities-65443340  Modern fleet management operation via digital smartnetwork coordination  Blockchain properties  Secure, trackable, automated coordination of large-scale projects with many items  Automated system of checks and balances; all transactions must confirm via smartnetwork  Moves any sort of quantized/unitized packets on the smartnetwork: energy, cars, synapse firings  Fleet management  Autonomous vehicles, IOT sensors, social robotics, synaptic connections, deep-learners, medical nanorobots, planet terraformers, synbio agents, environmental cleanup bots
  • 35. Dec 9, 2016 Blockchain Explained Blockchain IOT 34 http://www.zdnet.com/article/internet-of-things-market-to-hit-7-1-trillion-by-2020-idc/, http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491 https://gigaom.com/2014/09/09/check-out-ibms-proposal-for-an-internet-of-things-architecture-using-bitcoins-block-chain-tech/  M2M/IOT Bitcoin payment network to enable the machine economy  The economic layer the web never had  IOT 2020: 26 bn devices in a $7 tn market  Smarthome IOT networks (dist. privacy)  Self-mining ecologies  Privacy orchestration: devices, personal robotics, digital health assistants  IBM Adept  Blockchain + Messaging + BitTorrent  Blockchains as scalable communication and coordination mechanism Smartcity Connected Car Orchestration Smarthome IOT and Personal Robotics Coordination
  • 36. Dec 9, 2016 Blockchain Explained Blockchain Health  Blockchain technology in health-related applications 1. EMRs: Personal Health Record Storage and Access  Personal health records stored and administered via blockchain  Users key-permission doctors and other parties into records 2. Health Research Commons (info processing)  Aggregated personal medical records, quantified self data commons (DNA.bits), genome and connectome files 3. Health Document Notary Services  Proof-of-insurance, test results, prescriptions, status, condition, treatment, physician referrals 4. Doctor Vendor RFP Services  (Like Uber drivers) doctors and health practices bid to supply medical services; automated bidding via tradenets 35 http://futurememes.blogspot.fr/2014/09/blockchain-health-remunerative-health.html
  • 37. Dec 9, 2016 Blockchain Explained Blockchain Genomics 36  Jurisdictional regulation prevents individuals from having access to their own genetic data http://genomesunzipped.org/2011/03/people-have-a-right-to-access-their-own-genetic-information.php
  • 38. Dec 9, 2016 Blockchain Explained Blockchains: Global and Liberty-enhancing 37  Global governance for transnational organizations  WikiLeaks, ICANN, Wikipedia  Benefits of blockchain administration  Uplift to cloud from local jurisdictional regulations  Universal administration mechanism for global organizations  Structure promotes transparency, accountability, freedom  Namecoin: decentralized DNS http://www.forbes.com/sites/andygreenberg/2010/12/07/visa-mastercard-move-to-choke-wikileaks/ Snowden Affair
  • 39. Dec 9, 2016 Blockchain Explained Blockchain Government  Opt-in Personalized Government  Composting vs education  Reputation-based ID system, voting, dispute resolution, national income distribution, public documents registration and repository  Neighbor.ly  Self-directed community bonds  Precedentcoin  Crowdsourced legal services, justice entrepreneurs, blockchain arbitration  Sidekik  On-demand tele-attorney, private police 38 http://www.bitnation.co/, https://bitcoinmagazine.com/17066/first-blockchain-wedding-2/, https://bitcoinmagazine.com/19813/sidekik-decentralized-video-streaming-storage/ World’s First Blockchain Marriage: David Mondrus and Joyce Bayo, October 5, 2014, Disney World FL, Coins in the Kingdom Bitcoin Conference, Jeffrey Tucker (Liberty.me) presiding
  • 40. Dec 9, 2016 Blockchain Explained Blockchain Representation and Voting  Delegative democracy (Liquid Democracy)  Voting power temporarily vested in delegates not long-term representatives  Group proposition development  Futarchy, two-step program 1. Traditional vote on outcomes (ex: GDP) 2. Prediction markets to determine specific proposals for achieving the outcome  Random Sample Elections  Randomly selected individuals vote on a single issue, blockchain orchestration  Convergent Facilitation  Register group needs as smart assets 39 https://bitcoinmagazine.com/17066/first-blockchain-wedding-2/, http://www.bitnation-blog.com/latest-update-dec-22nd-2014/
  • 41. Dec 9, 2016 Blockchain Explained Blockchain Legal  Notary Service, Attestation  Register contracts, agreements, wills (Proof of Existence, Factom)  Register, protect, and transact IP (Monegraph, Ascribe)  How it works  Hash + timestamp + blockchain record 40 http://www.proofofexistence.com/
  • 42. Dec 9, 2016 Blockchain Explained Blockchain Science and What is Mining? Bitcoin: world’s largest supercomputer @ 42 petahashes/second  Mining is the process of adding transaction records to the public ledger by performing a computing task that is costly to execute but easy to verify  Issue: mining is purposefully wasteful to deter malicious players  ‘Green’ mining projects  Primecoin  Foldingcoin  Gridcoin  Zennet 41 http://www.righto.com/2014/02/bitcoin-mining-hard-way-algorithms.html, http://codinginmysleep.com/bitcoin-mining-in-plain-english/
  • 43. Dec 9, 2016 Blockchain Explained Smartnetwork Application: Friendly AI  Argument… 1. Digital intelligences will be running on consensus-managed smartnetworks 2. Good reputational standing is required to conduct operations  Resource access, fund-raising, services-providing, contracts 3. Consensus only validates and records bonafide transactions from ‘good’ agents 4. Therefore all agents ‘good’ 42 Swan, M. Cognitive Applications of Blockchain Technology. Cognitive Science 2015: The Annual Meeting of the Cognitive Science Society: Mind, Technology, and Society, Pasadena CA, July 2015. submitted. Swan, M. Blockchain Thinking: The Brain as a DAC (Decentralized Autonomous Organization). Texas Bitcoin Conference, Austin TX, March 27-29, 2015. accepted.
  • 44. Dec 9, 2016 Blockchain Explained Derrida: Ontology of Joycean Consensus 43 Derrida. Ulysses Gramophone: Hear Say Yes In Joyce. Pp. 267, 296. http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491  Affirmation is not solo, “saying yes” is dependent upon another to hear it and acknowledge receipt  The affirmation relation is liberty-enhancing and totalization-resisting, the affirming and acknowledging parties, and the yes itself, remain distinct  “The two responses refer to each other without having any relationship between them. The two sign yet prevent the signature from gathering itself together [totalizing].”  The yes “addresses itself to some other which it does not constitute”  The yes avoids its own totalization, “The yes, by responding and countersigning, does not let itself be counted or discounted [totalized].”  Well-formed consensus: preserve the integrity of entities in a network of ad-hoc relations
  • 45. Dec 9, 2016 Blockchain Explained Cryptocitizen Sensibility  A new relationship with authority and responsibility-taking  Digital safety: Backing up our money  Governance services vs. being governed  Trend: happened with news media, entertainment, stock-trading, health services; now happening with economics and politics  Freedom of choice, autonomy, and self- determination of economic and political systems as basic human rights  Responsibility for trust-generating behavior per reduced government involvement in decentralization 44
  • 46. Dec 9, 2016 Blockchain Explained Blockchain Philosophy Smartnetwork Trust & Consensus Realities  Trust is manufactured on smartnetworks though consensus protocols and independent confirmations of truth states  Smartnetworks are a way of making new and pluralistic reality  Different network consensus protocols come to different truth states about the world, thus…  …creating mulitple realities, and  …the notion that realitiy is maleable and can be created; gives portability with reality 45
  • 47. Dec 9, 2016 Blockchain Explained Blockchain Art 46 Rio, Tel Aviv, Hamburg, Barcelona, Seoul, Tokyo, New York http://bitfilm.com/festival.html
  • 48. Dec 9, 2016 Blockchain Explained Blockchain Art 47 http://cryptoart.com/  Fine art paper wallets
  • 49. Dec 9, 2016 Blockchain Explained Blockchain Art 48 https://bitcointalk.org/index.php?topic=98392.0  Cryptographic art Someone used Bitcoin's ability to embed arbitrary text inside a transaction to put an ASCII Art Ben Bernanke into the Bitcoin blockchain
  • 50. Dec 9, 2016 Blockchain Explained Blockchain Art 49 http://fiatleak.com/  Data visualization as art
  • 51. Dec 9, 2016 Blockchain Explained Blockchain Art 50 http://www.quora.com/What-are-some-of-the-best-Bitcoin-visualizations  Data visualization as art
  • 52. Dec 9, 2016 Blockchain Explained Blockchain Literacy  ‘Bitcoin MOOCs,’ ‘Kiva for literacy’  Peer-to-peer learning contracts  Literacy beyond reading  Technical, Agricultural, Vocational Literacy  Blockchain-based personal development contracts  QS-biometric utility function imputation and tracking  Maslow chains, subjectivation and actualization chains  Development Economics 2.0  Decentralized credit bureaus, literacy contracts, remittances, blockchain-tracked aid, microcredit,  Open-source FICO scores  Peer-vouched reputation 51
  • 53. Dec 9, 2016 Blockchain Explained Blockchain Applications by Sector (selected) 52 http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491 Crucial Blockchain Properties • Cryptoledger • Decentralized network • Trustless counterparties • Independent consensus-confirmed transactions • Permanent record • Public records repository • Notarization time- stamping hashes • Universal format • Accessibility Government & Legal • Transnational orgs • Personalized governance services • Voting, propositions • P2P bonds • Tele-attorney services • IP registration and exchange • Tax receipts • Notary service and document registry Economics and Markets • Currency • Payments & Remittance • Banking & Finance • Clearing & Settlement • Insurance • FinTech • Trading & Derivatives • QA & Internal Audit • Crowdfunding IOT • Agricultural & drone sensor networks • Smarthome networks • Integrated smartcity, connected car, smarthome sensors • Self-driving car • Personalized robots, robotic companions • Personalized drones • Digital assistants • Communication (messaging) • Large-scale coordination • Entity ingress/egress • Transaction security • Universal format • Large-scale multi- data-stream integration • Privacy and security • Real-time accessibility Health • Universal EMR • Health databanks • QS Data Commons • Big health data stream analytics • Digital health wallet • Smart property • HealthToken • Personal development contracts • Large-scale infrastructural element for coordination • Checks-and- balances system for ‘good-player’ access • Community supercomputing • Crowd analysis • P2P resourcenets • Film, dataviz • AI: blockchain advocates, friendly AI, blockchain learners, digital mindfile services Science, Art, AI
  • 54. Dec 9, 2016 Blockchain Explained Blockchain downside and risks? ISSUE 53 Satoshi Roundtable #3: Scaling Bitcoin Milan Oct 8-9, 2016 Hacking Scandals Mt Gox, Ethereum DAO, Bitfinex Silk Road, drug dealers, terrorists, criminals Scalability, evolution Block size, sidechains Mining Centralization RESPONSE Centralization temporary; wide-spread at higher- scale; move to 16 nm, solar/hydro-powered chips Building resilient system constantly under open attack 24/7 (remember early Internet DNS attacks) Blockchains are a universal technology available to all; non-criminal activity predominates Early Internet: “this will never scale, insecure, not resilient;” Yahoo, AltaVista down for days due to DNS attacks Source: http://www.coindesk.com/bitcoin-scaling-conference-italy Technology Risk Perception Risk Regulatory Risk, Economic Risk National government regulation, bans Governments modernizing economic infrastructure with blockchains too; licensing, open dialogue
  • 55. Dec 9, 2016 Blockchain Explained Blockchain Strategies Leadership Edge  Blockchain is not a separate industry as much as a new underlying technology with applications in every industry  New kind of more sophisticated Internet technology for transferring value  Multiple blockchains by industry with different classes of encryption and mining paradigms  Money and financial assets  Energy, health, IOT, transportation fleets  Developing a blockchain strategy  Educate, via industry user groups  Engage with consulting firms  Prototype, test, launch applications 54 Source: http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491
  • 56. Dec 9, 2016 Blockchain Explained Blockchain Strategies Leading with New Applications  Re-invent value chain, identify…  Digital value transfer opportunities  Network intermediaries and coupling points  Automation possibilities and new markets  Example: banks targeting larger customer base through blockchain-based eWallet solutions 1. Revenue-generating, customer-facing  Offer blockchain-based services to clients  Lead industry-wide blockchain initiatives: “Better EDI,” single-ledger, supply chain inventory management  Digital billing customer interface, tokenized interaction 2. Internal cost-savings, efficiency-improvement  Quality assurance, test, audit, compliance, sales RFQ  Finance, treasury, accounting, expense management 55 Source: http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491
  • 57. Dec 9, 2016 Blockchain Explained Conclusion 56 Beyond digitalizing money, payments, economics, and finance, and governance, smart property and smart contracts, blockchains secure automated fleet coordination The implications could be an orderly transition to the automation economy and trust-rich digital smartnetwork societies of the future
  • 58. U Penn, Philadelphia PA, Dec 9, 2016 Slides: http://slideshare.net/LaBlogga Bitcoin and Blockchain Explained Melanie Swan Philosophy & Economic Theory New School for Social Research, NY NY melanie@BlockchainStudies.org Blockchain Smartnetworks Bitcoin and Blockchain Explained Part of a Series on Cryptophilosophy cryptophilosophy Thank You! Questions?