The Blockchain Opportunity today & tomorrow
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Blockchain represents Web 3.0, the next phase of The Web, and will significantly touch all of our lives in the coming years. But its power is as reformative as it is disruptive. Jamie explores how blockchain technology will both reform banking and insurance as well as disrupt the disruptors of Web 2.0. He will give a glimpse into the future at how blockhains will lead to an exponential growth of all other major trends inc. artificial intelligence, internet-of-things, 3D printing providing them with a new infrastructure to scale securely and combine in interesting ways.
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The Blockchain Opportunity today & tomorrow
- 1. Jamie Burke OutlierVentures.io + BlockchainAngels.eu @jamie247
- 2. Web 3.0 – Web of Ownership / Trust • Silicon valley began the computing revolution • Web 1.0 connected those computers up in a ‘Read- Only Web’ • Web 2.0 allowed for mediated P2P with ‘Read-Write- Web • Web 3.0 enables unmediated p2p / m2m / b2b / a2a via Read-Write-Own Web
- 3. Blockchain explained in 1 minute! • Distributed ledger • Unique Tokens • Anonymized Processing / Mining • Immutable, encrypted, pseudo • Smart contracts • Consensus Mechanisms
- 4. Bitcoin Blockchain – digital currency Counterparty – digital assets Ethereum Decentralised (Software) Computer Decentralised Applications Decentralised Autonomous Organisations (UNPERMISSIONED) (PERMISSIONED) Eris Industries – permissioned apps Ripple – bank to bank payments Hyper Ledger / Linux – open collab. Multi-chain Universe Accenture’s Editable blockchain
- 5. What is the value they can bring? Provenance P2P Exchange Digital Trust Supply Chains Task Automation Distributed Database Auditability B2B Marketplaces Identity Paperless Security Transparency GovernanceRedundancyReduce Fraud Sharing Economy B2C Marketplaces M2M Liquidity Asset Integrity Back Office
- 6. (UNPERMISSIONED) (PERMISSIONED) Public / Private Commons based peer owned networks More efficient private markets Secure, private, censorship proof, self financing Fraud proof, auditable, automated, liquid Reconfiguring 2.0Fixing legacy systems
- 7. • Open source, not rely on donations • Protocol layer (infrastructure) • Variation of crowd funding / crowd sale IPO • Network token pre-sale • Developers who build apps on top grow holing value • Funded their apps with profits from token holdings • Very powerful network effect • Legal gray area (securities law) First Industry to Self Finance
- 8. MainstreamEarly Market Where in the cycle?
- 12. • Blockchain co-opted by corporates & consults • Low to no growth economy pressure on bottom line • Reduce / eliminate intermediaries • Focus on efficiency / liquidity • Large IT: IBM, Microsoft, Oracle & Cisco • BaaS • Regulators / auditors Private blockchains
- 13. Capital Markets • Clearing & Settlement • KYC • Payments & Remittance • Securitization& fractionalization of new assets • Insurance / reinsurance • Crowdfunding
- 14. 1. Common shared operating system 2. Accelerator: Ability to securely scale macro trends 3. Combinator: allows macro trends to combine
- 15. AI Audit
- 16. Summary We are moving from centralized human mediated systems to trustless decentralized autonomous networks
- 17. Jamie Burke OutlierVentures.io + BlockchainAngels.eu @jamie247
Editor's Notes
- 2.0 participatory but mediated compromise / trade off become very centralised; Network effects, Economies of scale & VC financing models Trust brokers sharing of our content & things (Facebook, Google, AirBnB, Uber) Weakness in security, privacy & censorship 3.0 is an upgrade. A blockchain replaces the trust broker. trustless I say trust full How web was supposed to work. very deliberate Not just content but money share or transact: assets, data, resources.
- Everyone votes on if they understand Catch all term record assets, identity and therefore ownership over time The difference is we all own this ledger. We can all use it. We don't need a central intermediary to manage it for us This removes their costs, time delays & censorship When two or more of us transacts we all simulatously see that change recorded in real time. assets are tokens, long unique numbers, no two people can own at the same time This ensures provenance All transactions are encrypted and ledger is uneditable or immutable These transactions are processed, or mined, by a distributed network but are pseudo anonymous so they cant be corrupted The majority of those miners ultimately decide the rules of the network - consensus Smart contracts are simple computer programs that can be built onto of this ledger to automate tasks. This can be as simple as an escrow service or or to manage a sequence of events in a complex supply chain The rules that govern these tasks are themselves also incorruptible This means whole markets can be automated with surety
- blockchainS plural Evolving as open source 8 years Divergence – permissioned / unpermissioned Inherently fractious Changes / improvements decided by 51% of network Tension, ideals + commercial pragmatism In actuality networks led made by cabals IMAGINE A FACEBOOK FORK
- uniquely verifiable tokens can be purely digital or associated with physical assets they can be tracked as they move through a supply chain this means provenance Sovereign identity KYC Marketplaces between not just people but things Ledgers provide auditability, which is why regulators are warming to the idea Digital cash is much more preferable to Govts than just cash
- two very different driving motives Reconfiguring 2.0 to have Web was intended
- Without need for professional investors (good / bad) This more so now private money in the VC world is drying up. less relevant where a startup is an application (or DApp) whose use-case should be clear to a traditional professional investor who can provide not just capital
- Dismiss as hype, but all tech go through hype cycle Adoption Curve: Bitcoin Experiment BaaS Open Ledger Standards Professionalization Gartner Hype Cycle: Depends on location. Barbers Over reach. Protocol layer catching up with promise DAO - largest crowdfund ever $168m
- 1,200 publicly listed startups and growing 40 every month doubled in last 6 months Now not just driven by techies looking for a problem But commercial folk from within industries connecting the dots
- Infra focus on $1.1bn investment to date Smart energy grids Bill of landing Cross border trade Ad serving media KYC and compliance
- Cisco here is this building want 20% of startups target 20% of Barclays last batch were blockchain EY ran dedicated blockchain accelerator Taking VERY simple use cases. Gaurdtime now have a handful of big channel partners
- protocol / infrastructure layer unpermissioned entirely self financed Over hall banking and insurance / capital markets Fire walled from disruption
- Automation / digitisation Clearing and settlement costs billions and, according to Santander’s 2015 report LINK, it is estimated that moving this into a digital record, near real-time and over the internet, will save the industry $20 billion a year in more in overhead costs due to D+3. D+3, or T+3, is the three-day clearing and settlement cycle
- common operating system it allows to convergence intellectually and commercially interest There growth limited by not having an infrastructure that secures their assets. data. files. AI IoT Autonomous Robotics VR / AR 3D Printing
- Lets look at a future blockchain enabled convergence scenario. AI, Autonomous Robotics / Drones, 3d Printing, Blockchain A car’s IoT sensor picks up a non critical part needs replacing The car has an identity on an automotive ledger. Associated to it it has a smart contract 3rd party warranty which means it just needs to pay 50% The car (as a wallet) orders a new part from a parts manufacturer for $1000 The cars warranty smart contract pays $500 towards it All money is held in a smart contract escrow on the ledger until the part has been delivered to the garage to be fitted The parts manufacturer 3d printer receives the order of $1000. It pays $500 to the manufacturer to print the associated 3d cad design knowing with surety the customers money is held in escrow Once printed an instruction is sent to the supply-chain ledger where a drone is ordered from an autonomous fleet for $100 The drone collects the package credits $100 pays $5 to its insurer and $95 to the drone fleet network DAO The car is instructed to drive itself to the garage to fit the part All this is done without any meat including accountants An AI audits the ledger to check for anomalies which are reported for end of month reconciliation Why on a blockchain? because all these various parties need to trust the network is secure and the flow of money gets to where it needs to get to and cant be corrupted. distributed
- Stage makes me want to take off my clothes