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Blockchain-Hyperledger-Colombo
- 2. Hyperledger-Colombo The global Blockchain market is expected to be worth $20 billion by 2024. Source: Forbes 2017 Sep 21
- 3. Hyperledger-Colombo 9 out of 10 agree that Blockchain will disrupt the banking and financial industry. It is estimated that banks could save $8-12 billion annually if they used blockchain technology. Source: Forbes 2017 Sep 21
- 4. Hyperledger-Colombo There is significant investment by today’s tech giants such as IBM and Microsoft in blockchain technology. IBM dedicates $200 million and 1,000 employees to Blockchain-Powered projects. The average investment in blockchain projects is $1 million. Source: Forbes 2017 Sep 21
- 5. Hyperledger-Colombo Who am I ● Rajitha ● Software Engineer ● Currently working for Gapstars/Conxillium
- 6. Hyperledger-Colombo How it is Started [MeetUp] ● Conxillium, Application of Blockchain for their products ● Gapstars/Blockchain team/University of Moratuwa ● Business application of Blockchain ● Hyperledger: Permissioned Blockchain ● Open Source, Linux Foundation ● Contributing back to the community.
- 7. Hyperledger-Colombo Agenda ● Introduction to Blockchain & Distributed Ledger Technologies [DTL] . ● Introduction to Hyperledger by Marta ● Q&A session ● Refreshments
- 8. Hyperledger-Colombo What is Blockchain ● Simply a chain of blocks! ● Blocks contain data/transactions ● Have specific behavior – Append only – Link to previous entry – Need to comply with specific set of rules to append data – Distributed, shared among participating members ● This type of data structure/ Database called: Distributed Ledger Image Source: http://muratbuffalo.blogspot.com/2017/09/paper-summary-untangling-blockchain.html
- 9. Hyperledger-Colombo Benefits of DLT/Blockchain ● Trustworthy & Transparent ● Faster processing of data/transactions ● Reduce involvement of 3rd parties
- 10. Hyperledger-Colombo Type of Blockchains ● Open Public Blockchains ● Permissioned Blockchains
- 11. Hyperledger-Colombo Hyperledger Blockchain ● A blockchain is a peer-to-peer distributed ledger forged by consensus, combined with a system for "smart contracts" and other assistive technologies. Source: https://courses.edx.org/courses/course-v1:LinuxFoundationX+LFS171x+3T2017
- 12. Hyperledger-Colombo Smart Contracts ● Smart contracts are simply computer programs that execute predefined actions when certain conditions within the system are met. Source: https://courses.edx.org/courses/course-v1:LinuxFoundationX+LFS171x+3T2017
- 13. Hyperledger-Colombo Consensus ● This referred to the process or steps that use to keep all members in a same agreement which used to update the data in the ledger and sync data between all participating members. – Proof of Work – Proof of Stake – Proof of Elapsed Time
- 14. Hyperledger-Colombo Hyperledger Blockchain ● A blockchain is a peer-to-peer distributed ledger forged by consensus, combined with a system for "smart contracts" and other assistive technologies. Source: https://courses.edx.org/courses/course-v1:LinuxFoundationX+LFS171x+3T2017
Editor's Notes
- Excited to see this much of interrest for Blockchain or DL This is the very 1st meetp, Thank you Marta for coming here. Thank you Gapstars & Conxillium Before start Distributed Ledger, Blockchain, Cryptocurrrency BitCoin?
- Do you all know this!!!! Worth $20 billion by 2024. Anyway These are From Forbes It is like within next 7 Years :) Interesting Right!!! The Next one
- From Forbes Baking & Finace can SAVE $8-12 Billion Not ONLY banking & finance Supply Chain, Governments And 90% of major North American and European banks are exploring blockchain solutions. And other thing… -->
- From Forbes IBM $200 million & 1000 employees Interresting right?? Hyperledger Fabric is from IBM Intel & Hitachi also provided their help Hyperledger Sawtooth is from Intel I think. Hope these facts provide some insites for you about current situation or state of Blockchain. So Lets start with Who am I
- Rajitha Gunawardhane Java Developer, Software Engineer, Tech Lead what ever you call it. 10 yeas of experience this Feb :) Working for Conxillium through Gapstars Thats little bit about me. Next Moving on to the ‘Blockchain MeetUp story’ How it is started!
- Conxillium: Local government domain 2016 Dec, Director of the company said that application of blockchain for products Business or Enterprice application of Blockchain technology Find out Hyperledger: it is permissioned which is what we want for the products. It is Open Source, hosted by Linux Foundation So I did not see any reason Not to try it out. Huge effort Products/Learning curve Business & Technical both, Marta may know all of that. You can ask from her later. So how I can contribute back! Lets start with MeetUp build a group we can help each other Business application, Technical implementations, Jobs, etc Agenda
- I will do the 1st part
- So The turm Blochchain is using in many places BitCoin CryptoCurrency Distributed Ledgers Better to clear it out. → Chain of Blocks → Blocks have data or Transactions The important thing is the behaviour & How it work → → Append only So you cant modify data, You have to append to it. → Block need to have link to previous block → You cant just add an entry here. There are set of protocols/Agreements that needed comply. If you have heard of Consensus & Smart Contracts are playing a role here. → All of this data is shared with participating members. We can call them peers. If you know Network, peer-to peer network → This type of distributed data based type of Distributed ledger.
- → Data is shared between peers or memebrs. Since it is append only/ immutable data can not be changed, Tamper proof. Ofcourse you can update data as a new entry. Then it is visible to all participating members. Other one → New transactions are Verified in different steps. Consensus algorithms, PoW - Bitcoin, PoStake, Proof of Elapsed Time (PoET) – Sawtooth – Intel Final state of ledger is acceptable from all peers/members. So double check avoided. Owner Ship of Land, Bank loan,, Cross Boarder travel. Insurance settlement. → Some are saying No 3rd party. I would say reduce involvement. EX: Loans,
- → Public like BitCoin, Etherium they have private one as well. Slower than private, because of anonymity, → Permissioned Hyperledger Fast, We know who is doing transaction. Suitable for ….. There are others Monax, NEM
- We can code this using a Programming language or Script pre-written logic Deployed/Stoed on the network can result in ledger updates Digital Contract,
- PoW- Bitcoin PoET – Sawtooth – Intel – wait time based
- Hope Now you have idea about Blockchain Thank you Would like to invite Marta