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Blockchain: Bitcoin and Beyond:
Move from Centralized to
Decentralized Trusted Framework
Sanjeev Verma
BREAKTHROUGH
25 years ago a breakthrough
technology that connected people
Connected people around the world,
foundation for modern growth.
Today the Internet gives a new
breakthrough-BLOCKCHAIN
Changes the way economy & businesses
work
Distributed Consensus without a
centralized Trust Entity.
BNP Paribas: Blockchain is a Disruptive Invention
‘Like The Steam or Combustion Engine’
Problem: Dependency on a Single
Trusted Entity
• Trust in Digital Economy is Broken:
– We depend on Email Server ( like GMAIL) for
secure delivery of our emails.
– Social network like Facebook to broadcast our life
events to our loved ones.
– CA for our Digital Certificates...
• We are living our life precariously by relying
on a Third Party for the security and privacy of
our digital assets.
Solution: Move Towards Decentralized
Trusted Framework
• Solution:
– Decentralized Trusted Framework instead of a Single
Trusted Entity.
• Bitcoin is the first Cryptocurrency that gave a Trusted
solution using Blockchain ( based on 2009 paper).
What is Money?
• Money is means for exchanging goods and
services & has 4 properties
– Divisible, Durable, Fungible and Verifiable.
• Bitcoin like any other Fiat Currency (US $) is
based on trust.
• Bitcoin unlike US $ is deflationary since there
can be a maximum of 21 Millions Bitcoins in
Bitcoin network ( by year 2140).
Requirements of a Trusted
Cryptocurrency system
• Requirements of a Trusted Cryptocurrency
network:
– Verification of the entity initiating transaction.
– Trusted Ownership changes.
– Transaction ordering to prevent fraud ( double
spend).
Note
SignatureTo
From Amount
From Signature To Amount
RFloxXpoYC z0D8Pm9ITT z4ZFAMEl0i 300
z4ZFAMEl0i 04GNav84TI CHRouGK9WN 50
z4ZFAMEl0i fBC5cV0edM MlAClZmSX6 100
CHRouGK9WN mG6VnlKrQL MlAClZmSX6 200
... ... ... ...
#1 Signature Verification
#2 Trusted Ownership Changes
This pics taken from iponderablethings.com
#3 Transactions Ordering to prevent Double Spending
Double Spending problem
• Alice ( consumer) sends
cryptocurrency to Bob (
merchant to buy a product.
• Alice Waits for Bob to ship the
product.
• Alice conducts another
transaction referring the same
input to himself/herself.
• Due to propagation delay,
second transaction go
through. Bob ships the
product and does not get his
money too!
Bitcoin was the first cryptocurrency to address this problem using a
mechanism—now popularly known as Blockchain.
What is Blockchain?
• Blockchain is a decentralized public ledger
– Public Key is your A/C #
– Private Key your key to get access
– Entries verified by distributed computing entities
(called miners)
This pics taken from financialexpress.com
Miners work on unconfirmed transactions
and packages them into a Block.
This pics taken from iponderablethings.com
Nonce is just a solution to a puzzle
e.g. Pick a number such that the hash of all the blocks
content has 5 leading zeros.
Last Block
Nonce
Metadata
Signature
Amount
To
From
Tx Id
Block Id
10^8 Gig hashes to solve a single Block.
How a Block is Generated?
Blockchain Blocks
Blocks are cryptographically linked together: A Block can’t be solved
until previous block is solved
Occasionally there could be more than one block solved at a time:
In Bitcoin Network it takes on average 10 minutes to solve a Block.
Bitcoin Network finally stabilizes to a single
chain that is trusted by everyone in the
network.
How Blockchain addresses the issue of double spending?
Mathematical Race starts
This pics taken from iponderablethings.com
You need 50 % of the Computing Power to Break the System!
Blockchain Advantages
• Two Main Characteristics
– Distributed Consensus
• Past and Present events involving digital assets can be
verified by anyone by looking at Blockchain at any time.
– Anonymity
• Use of public cryptography ensures privacy of the
digital assets.
Applications of Blockchain
• Monetary Aspect is the tip of the iceberg-
Blockchain is ground breaking technology:
– Financial Applications
• Stock Exchange, Insurance,
– Non-Financial Applications
• Notary, Proof of Existence of Legal Documents, IoT,
Distributed Storage,
• Escrow Service
What is Smart Contract?
• Computer Programs that enforce the terms of
a contact:
– Self Enforceable
– Transparent
– Faster
– Cheaper
Smart Contract Example
Example:
Smart Contract Betting
Escrow Service
BET
49 ERS Wins
2
11
Bob bets
on
Alice bets
on 3
Smart Property
• Smart Property is a physical property whose
ownership is controlled by Blockchain using
Smart Contracts
– It also includes non-physical properties such as
shares in a company or access to a remote
computer.
– Examples include Cars, Houses, Diamonds etc.
Blockchain based AirBnB service
• Smart Property can be used to implement a Blockchain-based AirBnB service- From
Brokerage Service to Escrow service
Some Other Applications
• Decentralized Proof of Existence of Legal Documents:
– Cryptographic Hash or fingerprint of legal documents can
be stored in the Blockchain.
• Decentralized IoT
– Current implementation is based on a centralized hub or
broker.
– IBM’s ADEPT uses Blockchain as a general ledger to keep
secure messages exchanged between IoT devices.
– Filament a start-up provides a decentralized Software stack
that stores the digital identities of the IoT devices in a
Blockchain.
Blockchain based Peer-to-Peer Implementations of IoT
Conclusion
• Blockchain is a disruptive technology
– Distributed Consensus and Anonymity are its two
main characteristics.
– Finding newer applications in both Financial and Non-
Financial space.
– A new term Fintech has been coined to describe its
applications in financial space.
• Still has challenges in terms of scalability, govt
regulations and behavioral change in trade
without involving third party.
• https://www.youtube.com/watch?v=YIVAluSL9SU
The Emerging Technology Hype Cycle-2015
Blockchain: Bitcoin and Beyond

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Blockchain: Bitcoin and Beyond

  • 1. Blockchain: Bitcoin and Beyond: Move from Centralized to Decentralized Trusted Framework Sanjeev Verma
  • 2. BREAKTHROUGH 25 years ago a breakthrough technology that connected people Connected people around the world, foundation for modern growth. Today the Internet gives a new breakthrough-BLOCKCHAIN Changes the way economy & businesses work Distributed Consensus without a centralized Trust Entity.
  • 3. BNP Paribas: Blockchain is a Disruptive Invention ‘Like The Steam or Combustion Engine’
  • 4. Problem: Dependency on a Single Trusted Entity • Trust in Digital Economy is Broken: – We depend on Email Server ( like GMAIL) for secure delivery of our emails. – Social network like Facebook to broadcast our life events to our loved ones. – CA for our Digital Certificates... • We are living our life precariously by relying on a Third Party for the security and privacy of our digital assets.
  • 5. Solution: Move Towards Decentralized Trusted Framework • Solution: – Decentralized Trusted Framework instead of a Single Trusted Entity. • Bitcoin is the first Cryptocurrency that gave a Trusted solution using Blockchain ( based on 2009 paper).
  • 6. What is Money? • Money is means for exchanging goods and services & has 4 properties – Divisible, Durable, Fungible and Verifiable. • Bitcoin like any other Fiat Currency (US $) is based on trust. • Bitcoin unlike US $ is deflationary since there can be a maximum of 21 Millions Bitcoins in Bitcoin network ( by year 2140).
  • 7. Requirements of a Trusted Cryptocurrency system • Requirements of a Trusted Cryptocurrency network: – Verification of the entity initiating transaction. – Trusted Ownership changes. – Transaction ordering to prevent fraud ( double spend).
  • 8. Note SignatureTo From Amount From Signature To Amount RFloxXpoYC z0D8Pm9ITT z4ZFAMEl0i 300 z4ZFAMEl0i 04GNav84TI CHRouGK9WN 50 z4ZFAMEl0i fBC5cV0edM MlAClZmSX6 100 CHRouGK9WN mG6VnlKrQL MlAClZmSX6 200 ... ... ... ... #1 Signature Verification
  • 9. #2 Trusted Ownership Changes This pics taken from iponderablethings.com
  • 10. #3 Transactions Ordering to prevent Double Spending Double Spending problem • Alice ( consumer) sends cryptocurrency to Bob ( merchant to buy a product. • Alice Waits for Bob to ship the product. • Alice conducts another transaction referring the same input to himself/herself. • Due to propagation delay, second transaction go through. Bob ships the product and does not get his money too! Bitcoin was the first cryptocurrency to address this problem using a mechanism—now popularly known as Blockchain.
  • 11. What is Blockchain? • Blockchain is a decentralized public ledger – Public Key is your A/C # – Private Key your key to get access – Entries verified by distributed computing entities (called miners)
  • 12. This pics taken from financialexpress.com
  • 13. Miners work on unconfirmed transactions and packages them into a Block. This pics taken from iponderablethings.com
  • 14. Nonce is just a solution to a puzzle e.g. Pick a number such that the hash of all the blocks content has 5 leading zeros. Last Block Nonce Metadata Signature Amount To From Tx Id Block Id 10^8 Gig hashes to solve a single Block. How a Block is Generated?
  • 15. Blockchain Blocks Blocks are cryptographically linked together: A Block can’t be solved until previous block is solved
  • 16. Occasionally there could be more than one block solved at a time: In Bitcoin Network it takes on average 10 minutes to solve a Block. Bitcoin Network finally stabilizes to a single chain that is trusted by everyone in the network.
  • 17. How Blockchain addresses the issue of double spending? Mathematical Race starts This pics taken from iponderablethings.com
  • 18. You need 50 % of the Computing Power to Break the System!
  • 19. Blockchain Advantages • Two Main Characteristics – Distributed Consensus • Past and Present events involving digital assets can be verified by anyone by looking at Blockchain at any time. – Anonymity • Use of public cryptography ensures privacy of the digital assets.
  • 20. Applications of Blockchain • Monetary Aspect is the tip of the iceberg- Blockchain is ground breaking technology: – Financial Applications • Stock Exchange, Insurance, – Non-Financial Applications • Notary, Proof of Existence of Legal Documents, IoT, Distributed Storage, • Escrow Service
  • 21.
  • 22. What is Smart Contract? • Computer Programs that enforce the terms of a contact: – Self Enforceable – Transparent – Faster – Cheaper
  • 24. Example: Smart Contract Betting Escrow Service BET 49 ERS Wins 2 11 Bob bets on Alice bets on 3
  • 25. Smart Property • Smart Property is a physical property whose ownership is controlled by Blockchain using Smart Contracts – It also includes non-physical properties such as shares in a company or access to a remote computer. – Examples include Cars, Houses, Diamonds etc.
  • 26. Blockchain based AirBnB service • Smart Property can be used to implement a Blockchain-based AirBnB service- From Brokerage Service to Escrow service
  • 27. Some Other Applications • Decentralized Proof of Existence of Legal Documents: – Cryptographic Hash or fingerprint of legal documents can be stored in the Blockchain. • Decentralized IoT – Current implementation is based on a centralized hub or broker. – IBM’s ADEPT uses Blockchain as a general ledger to keep secure messages exchanged between IoT devices. – Filament a start-up provides a decentralized Software stack that stores the digital identities of the IoT devices in a Blockchain.
  • 28. Blockchain based Peer-to-Peer Implementations of IoT
  • 29. Conclusion • Blockchain is a disruptive technology – Distributed Consensus and Anonymity are its two main characteristics. – Finding newer applications in both Financial and Non- Financial space. – A new term Fintech has been coined to describe its applications in financial space. • Still has challenges in terms of scalability, govt regulations and behavioral change in trade without involving third party. • https://www.youtube.com/watch?v=YIVAluSL9SU
  • 30. The Emerging Technology Hype Cycle-2015