Eclipsecon Europe: Blockchain, Ethereum and Business Applications
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Blockchain, Ethereum and business applications was presented. Key points discussed included: 1. Bitcoin and Ethereum were summarized, including their origins and differences such as Ethereum enabling smart contracts. 2. Examples of business applications using Ethereum were provided such as flight delay insurance and autonomous vehicles. 3. Developing applications that interact with Ethereum using Solidity, web3.js, and Java libraries like web3j was demonstrated.
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Eclipsecon Europe: Blockchain, Ethereum and Business Applications
- 1. Blockchain, Ethereum and Business Applications @ZimMatthias Matthias Zimmermann BSI Business Systems Integration AG
- 7. «history’s first» Blockchain • Satoshi Nakamoto (?) • White Paper 2008 • Open Source Software 2009
- 8. Coffee at Bob‘s Source: «Mastering Bitcoin», Andreas M. Antonopoulos Address Amount [B] 1GdK9UzpHBzqzX2A9JFP3Di4weBwqgmoQA 0.015
- 9. Addresses == «Accounts» Encoded Numbers Example: 1GdK9UzpHBzqzX2A9JFP3Di4weBwqgmoQA Derived from a public/private key pair Getting, using and loosing it Create your own addresses, no need to ask anyone No ID required, no showing up at local branch, … To send Bitcoins you need your private Key You loose your private key you loose your money What is a Bitcoin Address?
- 10. Bitcoin Network Bitcoin Client • Sends TX to network • Mines new blocks • Holds local copy of blockchain Peer-to-Peer Network Mobile Wallet
- 11. Distribution of unconfirmed TX
- 12. To confirm TX: − TX mined into block − 5 new blocks on top Network mines TX in ~ 10 min. Sometimes this takes hours … The Coffee Transaction Screenshot: blockchain.info Bob’s Address Coffee Price My Address Link to TX Block TX Fee
- 13. Block #277316 includes coffee TX Genesis Block TX Blocks and the Blockchain 419 TX (€495,000) Link to previous Block#277316 #277315 #2 #1 Screenshot: blockchain.info Block Hash do you see the leading zeros?
- 14. 1. New TX are propagated through Bitcoin peer-to-peer network 2. Bitcoin client receive new TX and add it to local «mempool» 3. Client starts to «mine» transactions: − Assemble TX from mempool to block candidate − Starts to solve the block candidate’s crypto challenge − Client solving the challenge first, gets block reward and all TX fees 3. Winning client sends the new block to its peers 4. Arrival of new block triggers the next challenge From Transactions to Blocks (Mining)
- 15. mzi@BSI ~/Desktop/oss/events/2017/jug_blockchain_2017 $ java DummyBitcoinMiner 1 … B37060F28617A5DFA3DB9A3D547663B3:I am Satoshi Nakamoto:lubf -> CF6BB3C636DF380E357E28271D948BBC B37060F28617A5DFA3DB9A3D547663B3:I am Satoshi Nakamoto:jauj -> E6F1EB09AEF0BF331261B64E1C798EAB B37060F28617A5DFA3DB9A3D547663B3:I am Satoshi Nakamoto:dwpt -> 0CEE0B104F133062073BDD810D3DB6CF Success with nonce 'dwpt' for difficulty '0'. Hashes calculated: 29 $ java DummyBitcoinMiner 4 … B37060F28617A5DFA3DB9A3D547663B3:I am Satoshi Nakamoto:quyc -> 89BD526A2DF7EBF41ACD227BFC6B78FE B37060F28617A5DFA3DB9A3D547663B3:I am Satoshi Nakamoto:ceaw -> 0000AD30B2DDD8A773B8E5AABB5282AD Success with nonce 'ceaw' for difficulty '0000'. Hashes calculated: 11584 Block Hashes and Crypto Challenge Difficulty Oct’ 17: 18 leading zeros
- 16. Bitcoin Success Completely decentral currency (no need for banks) Open Source (GitHub) and Open Data (complete TX history) First successful implementation of any crypto currency «Gold Standard» since 2009 Record price levels in 2017 Bitcoin Challenges Scaling debate/war Declining market share (Ethereum, …) Bitcoin Recap
- 18. Ethereum
- 19. Currency and Smart Contracts • 2014 by Vitalik Buterin • Distributed VM (Turing complete) • Open source software
- 20. Ethereum vs Bitcoin Common Traits Virtual currency Peer-to-peer network/nodes with local blockchain Concepts of addresses, transactions, mining Main Differences Specification with different implementations (Bitcoin reference client) Smart contracts and Ethereum virtual machine Gas to execute smart contracts and TX
- 21. What is gas? Unit to pay mining nodes Unit of gas has price in Ethers What can we buy with gas? Pay TX fees Execute smart contracts Computations performed by clients: Ethereum Virtual Machine (EVM) EVM is working as long as there is gas Example 1: SHA3 computation costs 30 gas Example 2: EVM always terminates (stays in infinite loop until gas runs out) Gas
- 22. What is a Smart Contract? Code written in high level language «Solidity» Code is compiled into byte code Byte code executed on client by EVM Has owner Has address Can hold currency Examples 1. Flight delay insurance 2. «Truly» autonomous cars Ethereum Smart Contracts
- 23. Flight Delay App https://fdd.etherisc.com http://oraclize.it http://www.flightstats.com
- 24. Smart contract: Order car to transport people (fees go to car contract) Smart contract: Car pays for energy/services (car pays with it’s own funds) «Truly» Autonomous Cars In 2017 RWE introduces charging stations connected to Ethereum blockchain http://www.trustnodes.com/2017/04/29/germanys-energy-giant-launches-100s-ethereum-based-electric-cars-charging-stations https://www.theverge.com/2017/2/21/14687346/uber-self-driving-car-arizona-pilot-ducey-california
- 25. «Greeter» with web3 Smart Contract Hello World
- 26. Ethereum and Applications Ethereum Client Geth/TestRPC/… Ethereum Peer-to-Peer Network Interface http://localhost:8545 JSON-RPC JavaScript web3 web3j Java
- 28. greeter.sol + additional state + ‘payable’
- 29. Solidity Compiler (online) byte code (EVM) to deploy contract Deploy script (JS)
- 33. 1. Compile greeter.sol greeter.bin greeter.abi 2. Create wrapper class (use Web3j command line tool) Greeter.java greeter.sol Greeter.java
- 35. Trading-Network Demo Ethereum, web3j, Eclipse Scout
- 36. Use Case Currency Hedging: Manage buy and sell orders for € / US$ Classical Business App − Idendity management: Map users with Ethereum addresses − web3j library to access Ethereum client − Eclipse Scout to build application Blockchain Benefits − Efficiency: No central organization/infrastructure − Trust: Tampering-proof ledger, trust by blockchain Trading Network Demo
- 37. PostgreSQLEthereum Client TestRPC web3 Eclipse Scout Backend web3j JDBC Eclipse Scout UI (web application) https://github.com/BSI-Business-Systems-Integration-AG/trading-network/tree/features/matthiaszimmermann/jugch_talk_2017
- 40. Resources https://www.ethereum.org/ https://github.com/ethereum/ https://docs.web3j.io/ https://www.eclipse.org/scout/
- 41. Summary
- 42. Blockchain Internet of decentralized trust Cool new technology Technology is great for «unbanked»: Machines AND people Efficient trustless global exchange for values (and information) Distributed business models Challenges Privacy Scalability (Bitcoin can do 7 tx/s) Energy consuption (Bitcoin power consumption ~ Ecuador) Maturity (blockchain still in it’s infancy) Regulatory (it’s a mess …) Wrap-up
- 43. Thanks! «Blockchain, Ethereum and Business Applications»
- 47. Bitcoin Mining Today Mining-pools: Include many ASIC computers (PC way too slow) AntMiner: 10,000x faster than PC, burns 10x more electricity Energy Costs: # of hashes per KWh is central criteria + cooling(!) Hashing Power over the Years 10.4 x 1018 H/s
- 48. Bitcoin Energy Consumption Index Bitcoin vs VISA Bitcoin compared to countries
- 49. The Challenge Mining clients build block candidates independently Several new blocks might be found at the «same» time Clients may receive new blocks that are inconsistent The local copy of the blockchain may have forks The Solution The «true» blockchain is defined by the highest cumulative PoW (difficulty) By selecting the greatest-difficulty chain, eventual consensus is achieved Miner majority vote defines the true chain Miners «vote» for the true chain by deciding which block/fork to extend Consensus Mechanism «Preventing Forks» ? ?
- 50. Financial Industry getting nervous …
Editor's Notes
- You probably have heard of bitcoin and there is also a foundation to it There is also a foundation for ethereum, as well as for most other cryptocurrencies With the current hype, individuals create blockchain startups and organizations build/or join alliances Now there is even a «blockchain valley» https://bitcoinfoundation.org/ https://www.ethereum.org/foundation https://www.hyperledger.org/ https://www.aegon.com/en/Home/Investors/News-releases/2017/blockchain-initiative-b3i-gains-truly-international-scope/ http://cryptovalley.swiss/ https://ww2.frost.com/files/cache/a701d7ea2011161d4eaeed6364153683_f16618.jpg
- The blockchain valley – or just valley for real blockchainers Is not located in the bay area But rather in the center of switzerland between the smallish town of zug and the somewhat larger city of zurich …
- A big part of the current hype around blockchain is ist rapidly growing market Currently, the market captializaion of bitcoin and ethereum match the gdp of complete countries such as croatia and cyprus https://coinmarketcap.com/currencies/ (accessed 17.10.17) https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP) (accessed 17.10.17)
- And all this money contributes heavily to the hype around blockchain and the interest of many people to catch the trend. Unfortunately, less people show a keen interest to understand about the technology As this is a technical conference we can now afford to move towards understanding blockchain technology
- Starten wir mit Bitcoin
- with complete TX history ~ 150 GB
- https://blockchain.info/unconfirmed-transactions https://blockchain.info/address/199kWQQSMfUWRaLJ7mVGN6SQjEHegC3gqD
- Bei hashwert für diesen block: vom miner gefundene hashwert. Hashwerte sehen üblicherweise zufällig aus, dass dieser wert mit so viel nullen beginnt ist kein zufall, der wurde vom bitcoin client gefunden, der diesen block gemint hat. Wir werden etwas später noch auf das mining kommen.
- https://github.com/bitcoin/bitcoin https://github.com/bitcoinbook/bitcoinbook
- https://ethereum.stackexchange.com/questions/3/what-is-gas-and-transaction-fee-in-ethereum
- https://fdd.etherisc.com/ http://www.oraclize.it/ http://www.flightstats.com
- http://www.trustnodes.com/2017/04/29/germanys-energy-giant-launches-100s-ethereum-based-electric-cars-charging-stations (29.4.17) https://www.theverge.com/2017/2/21/14687346/uber-self-driving-car-arizona-pilot-ducey-california (21.2.17)
- https://github.com/ethereum/wiki/wiki/JSON-RPC https://github.com/ethereum/wiki/wiki/JavaScript-API https://github.com/web3j/web3j
- https://ethereum.github.io/browser-solidity/#version=soljson-v0.4.11+commit.68ef5810.js
- cd /usr/lib/node_modules/ethereumjs-testrpc/ node var Web3 = require('web3') var web3 = new Web3() web3.setProvider(new Web3.providers.HttpProvider('http://localhost:8545')) var _greeting = 'hello world'; var greeterContract = web3.eth.contract([{"constant":true,"inputs":[],"name":"deposits","outputs":[{"name":"","type":"uint256"}],"payable":false,"type":"function"},{"constant":false,"inputs":[],"name":"kill","outputs":[],"payable":false,"type":"function"},{"constant":true,"inputs":[],"name":"greet","outputs":[{"name":"","type":"string"}],"payable":false,"type":"function"},{"inputs":[{"name":"_greeting","type":"string"}],"payable":false,"type":"constructor"},{"payable":true,"type":"fallback"}]); var greeter = greeterContract.new( _greeting, { from: web3.eth.accounts[0], data: '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', gas: '4700000' }, function (e, contract){ console.log(e, contract); if (typeof contract.address !== 'undefined') { console.log('Contract mined! address: ' + contract.address + ' transactionHash: ' + contract.transactionHash); } }); greeter.address greeter.greet() greeter.deposits() web3.fromWei(web3.eth.getBalance(greeter.address), "ether") web3.eth.sendTransaction({from: web3.eth.coinbase, to:greeter.address, value: web3.toWei(0.5, "ether")}) web3.fromWei(web3.eth.getBalance(greeter.address), "ether") greeter.deposits()
- https://github.com/BSI-Business-Systems-Integration-AG/trading-network/tree/features/matthiaszimmermann/jugch_talk_2017
- https://www.ethereum.org/ https://github.com/ethereum/
- https://www.coinbase.com/charts?locale=en (accessed 25.10.17)
- https://coinmarketcap.com/charts/ (bottom of page) [accessed 17.10.17]
- https://blockchain.info/charts/hash-rate?timespan=all http://www.coindesk.com/blockchain-immutability-myth/ https://shop.bitmain.com/market.htm?name=antminer_s9_asic_bitcoin_miner
- https://digiconomist.net/bitcoin-energy-consumption (accessed 25.10.17)
- These days every body seems to have a clearn opinion. And as banks and insurances are in the trust business are getting nervous … https://www.coindesk.com/massive-disruption-imfs-lagarde-says-cryptocurrencies-must-be-taken-seriously/ (accessed 24.10.17) https://www.wired.com/story/captains-of-finance-dismiss-bitcoin-at-their-peril/ (accessed 24.10.17)