Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

What is Blockchain and why should we care?

251 views

Published on

A talk trying to explain blockchain in 10 minutes (!) and some of the use cases it is being put to. Mainly for a non-technical and faith based audience. tl;dr just use a database and don't get involved in crypto.

Published in: Technology
  • Be the first to comment

What is Blockchain and why should we care?

  1. 1. What is Blockchain? And why should we care Paul Johnston @PaulDJohnston Medium/Twitter
  2. 2. Paul Johnston Twitter and Medium: @PaulDJohnston Discuss Cloud / Serverless / Being a Chief Technology Officer (CTO) / Climate Change Interim CTO/Consultant (currently available) Ex-AWS - the largest cloud company in the world Startup founder, Advisor and Conference series founder
  3. 3. ETHICS WHITEPAPER - THE STATE OF DATA CENTRE ENERGY USE IN 2018 bit.ly/2024wp
  4. 4. https://www.change.org/p/sustainable-servers-by-2024
  5. 5. Data Centres are responsible for more than 2% of Global Carbon Emissions (This will become important later in the talk)
  6. 6. What actually is Blockchain? (aka Distributed Ledger Technology)
  7. 7. A Ledger
  8. 8. A Ledger with Hashes per Record Each record has it’s own one-way hash. Utterly unfeasible to reverse. Easily verifies the transaction hasn’t been changed.
  9. 9. A “Block” of Hashed Transactions The block has a hash of all the block’s hashes
  10. 10. Block 1 Block 2 Block 3 } } } (Genesis)
  11. 11. Block 1 Block 2 Block 3 Reference block 2 hash Reference block 1 hash
  12. 12. Block 1 Block 2 Block 3 Blockchain A Chain of Blocks
  13. 13. A Distributed Ledger ! "# $ New blocks are agreed between all
  14. 14. A Distributed Ledger ! "# $ The more copies distributed the harder it is to fake or change the ledger % % % % % % % % % % % % % % % % % % % % % % % % %
  15. 15. “All very interesting … but why is this useful?”
  16. 16. Blockchain is… • Tamper-Evident Append-Only Ledger • Quick to verify • Impossibly slow to fake (cryptographic hashes) • A Merkle Tree - a hash of hashes (1979) • Used in Bitcoin
  17. 17. Bitcoin • Uses a blockchain ledger • “Proof of Work” - literally guessing numbers to win a Bitcoin lottery - Bitcoin “Mining” • Very inefficient • Strongly libertarian ideology
  18. 18. Bitcoin will use 0.5% of world’s electricity by end of 2018 (and it’s literally just using computers to guess numbers)
  19. 19. Bitcoin = ⚡Ireland #ClimateChange
  20. 20. Bitcoin is bad If you have any, get rid of it. Have nothing to do with it.
  21. 21. Cryptocurrencies
  22. 22. Cryptocurrencies • Many other similar altcoins based on Bitcoin • Popular ones include Ethereum and Ripple • Unregulated • Some use Proof of Stake not Proof of Work which is a little better, but still not great.
  23. 23. ICOs
  24. 24. Initial Coin Offerings (ICOs) • Create an altcoin • Offer investors “tokens” • Investors hope the coins go up in value • Again, unregulated
  25. 25. Cryptocurrencies and ICOs are unregulated finance
  26. 26. BE CAREFUL!
  27. 27. Back to Blockchain
  28. 28. Is Blockchain Technology Useful? • The promises out there are the same promises of Bitcoin • Decentralised • Append-Only • Tamper-Evident • Also with added “Smart Contracts” (Ethereum)
  29. 29. A Blockchain Classic Do I need Blockchain? No
  30. 30. Australian Govt - “Nah Mate!” • $700k research into Blockchain for US Govt • Anonymity is “not a good fit” for government projects “for every use of blockchain that you would consider today, there is a better technology” - Peter Alexander, Chief Digital Officer, Australian Govt Digital Transformation Agency
  31. 31. Reddit Humour https://www.reddit.com/r/ProgrammerHumor/comments/7etmm1/a_diagram_to_help_you_decide_whether_blockchain/
  32. 32. https://xkcd.com/2030/
  33. 33. Become Leonardo da Vinci • Blockchains for Art - Verisart • Claim you painted the Mona Lisa (as Terence Eden did) • If the ledger cannot change, then errors cannot be changed • https://shkspr.mobi/blog/2018/06/how-i-became- leonardo-da-vinci-on-the-blockchain/ • Put bad data in, you just distribute encrypted bad data
  34. 34. Blockchain Smart Contracts • Unalterable Electronic Contracts • Contract is code • Bug in code, led to $160m loss for a company called Parity • Unalterable contract means $160m is irretrievable
  35. 35. Blockchain Success Stories? • Economist Technology Quarterly September 2018 • $1Bn+ investment in first 5 months of 2018 - positive? • Very few actual successes • “Special hammer looking for the right nail”
  36. 36. More info… David Gerard • David Gerard @davidgerard on Twitter • https://davidgerard.co.uk/blockchain/ • Book: Attack of the 50 Foot Blockchain • Where I got a chunk of my slides (with permission - thank you David): https:// davidgerard.co.uk/blockchain/ 2018/04/19/welcome-to-the- blockchain-slides-from-berenbergs- blockchain-from-hype-to-reality/
  37. 37. So don’t use Blockchain?
  38. 38. Know your tools
  39. 39. Know other tools? Cloud Serverless Kubernetes Peer to Peer AWS Hybrid Badger Istio VMWare Red Hat Azure O’Reilly
  40. 40. Blockchain • Decentralised • Append Only • Tamper Evident • Ledger
  41. 41. When to use Blockchain? • Zero trust in other parties (trustless) • Require unalterable data • Where regulation or law is unhelpful (be careful!)
  42. 42. When to use Blockchain? • Zero trust in other parties (trustless) • Require unalterable data • Where regulation or law is unhelpful (be careful!) • Compatible with Christian Values?
  43. 43. Blockchain only fits very specific use cases
  44. 44. Blockchain Do I need Blockchain? Almost certainly not
  45. 45. Blockchain Do I need Blockchain? Almost certainly not Just use a normal Database
  46. 46. What is Blockchain? And why should we care Paul Johnston @PaulDJohnston Medium/Twitter

×