Exploring Blockchain Technology, Risks, and Emerging Trends - AWS Summit Sydney 2018
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Exploring Blockchain Technology, Risks, and Emerging Trends Blockchain has become a hot topic for enterprises, start-ups, entrepreneurs, and regulatory bodies. But, blockchain's promise of a distributed ledger has far greater implications than just cryptocurrency. Companies are now beginning to understand its disruptive potential and are experimenting with its most promising applications. In this session, we cover the concepts of blockchain and use cases in the enterprise. We’ll also show you how to get started, demonstrate blockchain in use and show how to implement it using AWS services. Matt Taylor, Senior Solutions Architect, Amazon Web Services
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Exploring Blockchain Technology, Risks, and Emerging Trends - AWS Summit Sydney 2018
- 1. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. Matt Taylor Partner Solutions Architect, Amazon Web Services Exploring Blockchain Technology, Risks and Emerging Trends
- 2. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. Block 1 Use Cases Previous Block Hash: 000057ec2fda71 Block Hash: 000087ea2ffe94 Timestamp Block Hash: 000057ec2fda71 Block 0 Blockchain Technology Cryptocurrency and Smart Contracts Previous Block Hash: Timestamp Block 2 Previous Block Hash: 000087ea2ffe94 Block Hash: 000044bf2efe32 Timestamp Blockchain on AWS Emerging TrendsRisks
- 3. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. What Comes To Mind When You Think Of Blockchain?
- 4. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. It’s Not Just About Bitcoin Thousands of other alt coins
- 5. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. Smart Contracts Traditional Contracts • Require human action • Open to manipulation • Verified and enforced by third parties Smart Contracts • Automatic (if this, then that) • Trackable and irreversible • Verified and enforced by blockchain
- 6. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. So What Is A Blockchain? A list of blocks that contain data Cryptographically linked to one another Resistant to data modification / Immutable Requires consensus across the recorded chain or ledger Decentralised
- 7. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. How Does It Work? Alice Bitcoin address Bob Bitcoin address Transaction
- 8. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. Creating New Blocks Find a hash has with a certain number of leading 0’s H(prev hash, tx, nonce) < 0000...X… Once found, broadcast to network. Others confirm - Consensus Move to next block Block 59 Transaction Previous Block Hash: 0000d68b2f0a3b Timestamp Transaction Block Hash: 000057ec2fda71
- 9. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. A Chain Of Blocks Block 59 Transaction Previous Block Hash: 0000d68b2f0a3b Timestamp Block 60 Transaction Previous Block Hash: 000057ec2fda71 Block Hash: 000087ea2ffe94 Timestamp Transaction Block 61 Previous Block Hash: 000087ea2ffe94 Block Hash: 000044bf2efe32 Timestamp Transaction Transaction TransactionNew Transaction New Block Hash: 0000473acb123 Block Hash: 000057ec2fda71
- 10. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. Smart Contract Alice Bob Smart Contract Address Smart Contract I will transfer ownership of my car to whoever pays me $20,000 $ Ledger Car owner = Bob Alice balance = $100,000 Bob balance = $100,000 Ledger Car owner = Alice Alice balance = $80,000 Bob balance = $120,000
- 11. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. Smart Contract Example – Coin Or Token MattCoin
- 12. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. Block 1 Use Cases Previous Block Hash: 000057ec2fda71 Block Hash: 000087ea2ffe94 Timestamp Block Hash: 000057ec2fda71 Block 0 Blockchain Technology Cryptocurrency and Smart Contracts Previous Block Hash: Timestamp Risks
- 13. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. Use Case – Identity And Health Information Control your own data Share with trusted entities with your consent
- 14. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. Use Case - Supply Chain
- 15. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. Supply Chain 1. Tag with IoT Sensors 2. Transmit time, location, temperature etc to the blockchain 3. Facilitate and tracks possession changes 4. Buyer can view blockchain data
- 16. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. Risks STRATEGIC INTEGRATION ICO REGULATORY CONSENSUS PROTOCOL SKILLS
- 17. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. Is It Really Immutable? 1 2 3 4 5 6 7 8 90 11 12 13 14 15 16 17 18 1910 21 22 23 24 25 26 27 28 2920 31 32 33 34 35 36 37 38 3930 41 42 43 44 45 46 47 48 4940 51 52 53 54 55 56 57 58 5950 61 62 63 6460 1 2 3 4 5 6 7 8 90 11 12 13 14 15 16 17 18 1910 21 22 23 24 25 26 27 28 2920 31 32 33 34 35 36 37 38 3930 41 42 43 44 45 46 47 48 4940 51 52 53 54 55 56 57 58 5950 61 62 63 64 65 66 67 68 6960 59 71 72 73 74 7570 Never going to catch up!
- 18. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. Majority Attack What if you had 51% of the compute/hash power? 1 2 3 4 5 6 7 8 90 11 12 13 14 15 16 17 18 1910 21 22 23 24 25 26 27 28 2920 31 32 33 34 35 36 37 38 3930 41 42 43 44 45 46 47 48 4940 51 52 53 54 55 56 57 58 5950 61 62 63 64 65 66 67 68 6960 71 72 7370 You can double spend your own coins but not manipulate other transactions Loose faith in the network, value will drop Better off using your compute power to mine and collect fees Very $$, not even large-scale governments could easily mount a majority attack
- 19. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. Block 1 Use Cases Previous Block Hash: 000057ec2fda71 Block Hash: 000087ea2ffe94 Timestamp Block Hash: 000057ec2fda71 Block 0 Blockchain Technology Cryptocurrency and Smart Contracts Previous Block Hash: Timestamp Block 2 Previous Block Hash: 000087ea2ffe94 Block Hash: 000044bf2efe32 Timestamp Blockchain on AWS Emerging TrendsRisks
- 20. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. Blockchain Architecture on AWS Amazon CloudFront Amazon Route 53 Amazon CloudWatch AWS CloudTrail AWS Shield Amazon ElastiCache Amazon S3 Amazon ECS AWS WAF Amazon RDS AWS CloudFormation Amazon SNS AWS KMS AWS CloudHSM Amazon API Gateway Amazon EC2 Blockchain Nodes Lambda function AWS IoT Elastic Load Balancing
- 21. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. Emerging Trends From pilot to production Blockchain will mature into an asset tracking tool with IoT Electronic Health Record systems will incorporate blockchain Blockchains will solve specific problems with impact We will begin to see ‘Active Networks’
- 22. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. AWS Partner Ecosystem aws.amazon.com/partners/blockchain
- 23. © 2018, Amazon Web Services, Inc. or its affiliates. All rights reserved. Thank You