Blockchain: Beyond the Hype
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Blockchain was 2017’s technology buzzword of the year, and for good reason. Blockchain technology has the potential to radically alter enterprise business models through cost reduction and increased operational efficiency. But many organizations are finding blockchain to be as confusing as it is promising. We cut through the hype of blockchain and share a practical way to get started, including how to determine where it fits within your organization. We answer these questions and more: -Why adopt blockchain? -What makes a good blockchain use case? -What are some specific industry applications? -What are the best practices for getting started?
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Blockchain: Beyond the Hype
- 2. 2 About Perficient Perficient is the leading digital transformation consulting firm serving Global 2000 and enterprise customers throughout North America. With unparalleled information technology, management consulting, and creative capabilities, Perficient and its Perficient Digital agency deliver vision, execution, and value with outstanding digital experience, business optimization, and industry solutions.
- 3. 3 Perficient Profile • Founded in 1997 • Public, NASDAQ: PRFT • 2017 revenue $485 million • Major market locations: • Allentown, Atlanta, Ann Arbor, Boston, Charlotte, Chicago, Cincinnati, Columbus, Dallas, Denver, Detroit, Fairfax, Houston, Indianapolis, Lafayette, Milwaukee, Minneapolis, New York City, Northern California, Oxford (UK), Phoenix, Seattle, Southern California, St. Louis, Toronto, Washington, D.C. metro • Global delivery centers in China, India and Mexico • 3,000+ colleagues • Dedicated solution practices • ~95% repeat business rate • Alliance partnerships with major technology vendors • Multiple vendor/industry technology and growth awards
- 4. NAVEEN SACHDEVA Director, Blockchain Solutions Perficient SPEAKER
- 5. 6 The Hype
- 6. 7 FROM A BUSINESS PERSPECTIVE An exchange network that facilitates the transfer of value between willing and mutually agreeing participants What is Blockchain?
- 7. 8 FROM A TECHNICAL PERSPECTIVE A replicated, distributed ledger of transactions with ledge entries referencing other data stores What is Blockchain?
- 8. 9 FROM A LEGAL PERSPECTIVE Validated, indisputable transactions, which do not require intermediaries or trusted third-party legal entities What is Blockchain?
- 9. 10 SECURE IMMUTABLE TRACEABLE CONSENSUS Blockchain Characteristics DECENTRALIZED Designed with security in mind Impervious to being changed, building trust Control is distributed across participating nodes Transactions are time and date stamped across the chain Must provide agreement before each transaction
- 11. 12 Public vs. Permissioned Public Permissioned Participation Anyone can participate By invitation only, vetted either by a central authority, consensus, or other criteria Access Control Anyone can read and anyone can write (subject to validation) Read and write access may be restricted to protect privacy of data Identity Pseudonymous Participants identified, preferably strongly Consensus Typically requires a majority of validator nodes May be done by a smaller set of nodes, such as stakeholders and/or knowledge- holders Control of Code Anyone can make changes, but a majority of nodes decide which to keep May be centralized or controlled by a consortium
- 12. Use Cases
- 13. 14 • Trade Finance • Blockchain enables increased visibility and trust to reduce delays, costs, and manual effort with smart contracts. • Clearing Settlement • A real-time point-to-point transfer between financial institutions powered by blockchain removes friction and accelerates settlement. • Bank Guarantees • Blockchain enables better document management, tracking, and reporting capabilities and standardization of forms. Financial Services
- 14. 15 Project Ubin FINANCIAL SERVICES Source: Monetary Authority of Singapore
- 16. 17 • Traceability/Provenance • Blockchain evens the playing field for the producers, processors, and consumers alike. • Supply Chain • Utilizing blockchain technology to record and manage the movement of goods and related invoices will significantly mitigate the risk of errors and the opportunity to alter invoice values or recipients. • Inventory Allocations • Adjust schedules to respond to demand by knowing supplier inventories are allocated, especially on long lead time and capacity constrained items. Supply Chain
- 17. 18 Food Traceability from Farm to Store SUPPLY CHAIN Source: ZDNet
- 18. 19 • Eligibility Determination • Blockchain can improve speed and accuracy in determining insurance eligibility and estimating patient payment. • Sharing of Health Information: • A blockchain solution could address the HIPAA Privacy Rule by separating and encrypting identity, PII, and PHI. • Patient Medication Management • Blockchain provides streamlined medication data sharing functionality by updating viewership permissions. Healthcare
- 19. 20 12. Add Patient Reference 14. Update Patient Patient Index HealthCare System A 3. Add Patient 5. Update Patient Patient ReferencePatientA 2. Get Patient 1. Check-in 3. Register 4. Add the Patient to the local EMR. 6. Treat Patient and update local EMR 8. Check-in 10. Validate/Update Info 7. Update Patient ReferencePatientB HealthCare System B Get Additional Patient Info HEALTHCARE 9. Get Patient 11. Add the Patient to the local EMR. 13. Treat Patient and update local EMR
- 21. 22 • Some asset transactions are managed locally and others are managed by third parties who use their own systems. • Assets that move location and ownership throughout their lifecycle. • Assets where regulatory oversight is required from third parties. Asset Management CROSS INDUSTRY Source: IBM
- 22. Getting Started
- 23. 24 How to Get Started 1 • Select blockchain platform • Build • Retrospective • Develop technical and functional architecture • Build, integrate, and demo • Retrospective • Educate • Identify potential use cases • Assess and prioritize • Define Minimum Viable Product (MVP) • Define Minimum Viable Ecosystem (MVE) and onboard • Develop operating models and governance • Develop MVP • Deploy • Retrospective 1 42 3 5 • Expand MVE – engage Regulators if needed • Expand Product IDENTIFY USE CASE COMPLETE POC PROTOTYPE PILOT SCALE
- 24. 25 1. A business problem to be solved – Must have business value and ROI 2. An identifiable business network – With participants, assets and transactions 3. A need for trust – Consensus, immutability, finality or provenance What Makes a Good Blockchain Use Case? Identifying a good blockchain use case is not always easy!
- 25. 26 1. Alimited scope, but still solves a real business problem – Minimum Viable Product four weeks of effort 2. Asmaller business network – Usually without requiring regulators 3. Allows for scaling with more participants and scenarios – Consider shadow chains to mitigate risks What Makes a Good First Blockchain Use Case? Difficult to identify Start small, succeed, and grow quickly!
- 26. 27 Things to Think About Governance Direct vs Indirect Privacy Key Management Identity and Access Management On-chain vs Off- chain Data PII Data Store Consensus
- 27. Questions Type your question into the chat box
- 28. 29 Next up: [Event] Blockchain Workshop in Indianapolis Wednesday, April 11th https://bit.ly/2Ee8Diw [Event] Supply Chain Roundtable in Denver Tuesday, May 8th https://bit.ly/2JaJMjz Follow Us Online • Perficient.com/SocialMedia • Facebook.com/Perficient • Twitter.com/PRFT_Integrate • Blogs.perficient.com
- 29. Thank You!
Editor's Notes
- From a business perspective, blockchain is an exchange network that facilitates the transfer of value or other entities between willing and mutually agreeing participants. Blockchain does all of this without the need for intermediaries or trusted third-party legal entities that typically slow down the process and increase costs. Blockchain is the single immutable source of truth for data and transactions that span multiple parties .
- From a technical perspective, blockchain is a replicated, distributed ledger of transactions withledger entries referencing other data stores (for additional information related to ledgertransactions). Cryptography is used to ensure that network participants see only the parts of theledger that are relevant to them, and that transactions are secure, authenticated and verifiable,in the context of permissioned business blockchains.
- From a legal perspective, blockchain ledger transactions are validated, indisputable transactions, which do not require intermediaries or trusted third-party legal entities.
- MAS is Singapore’s central bank and financial regulatory authority. MAS acts as a settlement agent, operator and overseer of payment, clearing and settlement systems in Singapore that focus on safety and efficiency. As part of its role, it operates MAS Electronic Payments System (MEPS) - a Real-Time Gross Settlement (RTGS) system that supports large-value local currency interbank funds transfers and the settlement of script less Singapore Government Securities (SGS) between participants, subject to the availability of funds and securities. • In 2016, MAS partnered with R3, a leading blockchain consortium, to launch Project Ubin for developing a proof-of-concept to conduct inter-bank payments through DLT (Phase 1). • Project Ubin's objective was to evaluate the implications of a tokenized SGD on a distributed ledger with potential benefits to Singapore’s financial ecosystem. • In Phase 1, the project leveraged on the MAS MEPS+ system to enable real-time fund transfers to issue funds on a DLT. Ubin Phase 2, focusing on Liquidity Saving Mechanism (LSM). It is also an objective of Phase 2 to understand how real-time gross settlement privacy can be ensured using DLT. The consortium includes 11 financial institutions and five technology partners. The participating financial institutions are Bank of America Merrill Lynch, Citi, Credit Suisse, DBS Bank Ltd, HSBC Limited, J.P. Morgan, Mitsubishi UFJ Financial Group, OCBC Bank, Singapore Exchange, Standard Chartered Bank, and United Overseas Bank. Future Phases There are two spin-off projects that will leverage the lessons of the prototypes developed. The first project, driven by the Singapore Exchange (SGX), focuses on making the fixed income securities trading and settlement cycle more efficient through DLT. The second project focuses on new methods to conduct cross border payments using central bank digital currency.
- Blockchain’s Role in the Produce Supply Chain - https://www.zestlabs.com/wp-content/uploads/2018/01/Blockchains-Role-in-the-Produce-Supply-Chain.pdf
- Patient EMR – UCM – how providers can use the blockchain to evolve to EMR