1. The document discusses how blockchain can be used to create a single shared source of truth between multiple parties who don't know or trust each other without relying on a centralized authority. It outlines key elements like ownership, traceability, smart contracts, and transparency. 2. Blockchain examples are provided like tracking asset ownership and transfers. Distributed networks and consensus are discussed. 3. When approaching blockchain projects, the document recommends finding common business processes with trust/validation challenges and rethinking workflows rather than just adding blockchain. It stresses governance and collaboration over immediate ROI.

1. Koen Vingerhoets – @IthronKoen on

2. Preliminary remarks
• Bitcoin is “A”, not “THE” blockchain;
• My focus is on Blockchain, not bitcoin;
• No 10 minutes wait / transaction;
• No crazy electricity use;
• Anonymous as far as needed;
• No cryptocurrency needed;
• I don’t know which crypto you should buy;
Explaining blockchain without mentioning BTC is impossible

3. 1. Blockchain when you’re in a hurry
2. Blockchain when you have 15 minutes time
3. How to approach “blockchain projects”?
On the menu

4. In 2008, Satoshi Nakamoto writes…

5. A bitcoin is a unique transfer of value

6. The blockchain persists all these unique transfers

7. How the technology behind bitcoin could change the world

8. The truth in tempore non suspecto

9. 1. Blockchain when you’re in a hurry
2. Blockchain when you have 15 minutes time
3. How to approach “blockchain projects”?
On the menu

10. The blockchain is, from a business point of view,
• A shared platform
• On which parties who don’t know or trust each other
• Are able to collaborate with respect for privacy
• Without relying on a possibly corrupt administrator.
A business definition

11. TrustOwnership
Traceability
Distributed
Smart contracts
Transparency
Six key elements to create a single shared source of truth

12. Permissioned
Public BTC 1984
? FI’s
Permissionless
Private
Transparency: public - private & permissioned - permissionless

13. Trust
Traceability
Distributed
Smart contracts
Transparency
Ownership
Six key elements to create a single shared source of truth

14. IN 0,8 BTC
IN 0,6 BTC
OUT 1 BTC
REST 0,4 BTC
Koen receives two payments
- 0,8 BTC from Nicki
- 0,6 BTC from Wim
Koen transfers 1 BTC to Thomas
- 0,8 BTC + 0,2 BTC
- 0,4 BTC is unspent transaction
• (A defined number of) assets are stored
on the blockchain
• Each asset is identified
• Assets are divided
• Assets are transferred (not copied)
=> Clear view on who owns what when.
Koen -> ThomasNicki -> Koen
Wim -> Koen
Ownership: how value is stored

15. Trust
Distributed
Smart contracts
Transparency
Ownership
Traceability
Six key elements to create a single shared source of truth

16. Traceability: the sequence is the defense

17. Trust
Smart contracts
Transparency
Ownership
Traceability
Distributed
Six key elements to create a single shared source of truth

18. Trusted party &
Single point of failure
One level hierarchy : dictator
Several critical points protect each
other from failure
Two level hierarchy : democracy
Everyone is equal
Zero level hierarchy : direct representation
Distributed: (de)centralized & distributed
Architecture
Decision making
Logical working

19. Distributed
Smart contracts
Transparency
Ownership
Traceability
Trust
Six key elements to create a single shared source of truth

20. Trust: consensus as a service
BTC : 7trx/s
+1% power

21. Trust
DistributedTransparency
Ownership
Traceability Smart contracts
Six key elements to create a single shared source of truth

22. Definition
A smart contract is an agreement whose execution
is both automated and enforceable.
• The actual “transaction” among parties is
expressed through and independently executed
by computer code, no party can block it or
otherwise tamper with.
• It constitutes legally binding rights and
obligations of the involved parties.
“Smart” “contracts”… at least it runs on a blockchain

23. What could it be now?
“Smart” “contracts”… at least it runs on a blockchain

24. Trust
Distributed
Smart contracts
Transparency
Ownership
Traceability
In collaboration with others, Blockchain is…
… the single shared source of truth.
Six key elements to create a single shared source of truth

25. 1. Blockchain when you’re in a hurry
2. Blockchain when you have 15 minutes time
3. How to approach “blockchain projects”?
On the menu

27. 29
Did anyone say… “blockchain projects”?
Blockchain

28. Efficiency improvements.
Where is your business slowed down by middlemen? Where are multiple parties involved
to validate or reconcile transactions? Ex : international payments
New business models.
Which parts of your business are ripe for decentralization and disintermediation?
Ex : Red Hat, making enterprise ready linux distro’s
Better products/services.
How is a blockchain going to serve your customers better?
Ex : Uber decentrilazing the “taxi-driver”
Being part of new Ecosystems.
Would you prefer to drive your industry, or remain a bystander?
Ex : join leading consortia, the train of collaboration is leaving the station.
Staying relevant.
Where will your business be in five years?
Ex : IBM moving from cheap hardware to highly valued consultancy business
Why blockchain? (According to MIT Sloan)

29. 31
Business A
Human
knowledge
Internal
processes
Database
Internal
validation
Business B
Human
knowledge
Internal
processes
Database
Internal
validation
Internalized
shared process
Internalized
shared process
Blockchain /
auditlog
Contracts &
liability
Proof
Data exchange
Data reconciliation
Post hoc
validation layer
Blockchain as airbag between 2 businesses

30. 32
Blockchain as single shared source of truth with n businesses
Proof
Business A
Human
knowledge
Internal
processes
Database
Internal
validation
Business B
Human
knowledge
Internal
processes
Database
Internal
validation
Business C
Human
knowledge
Internal
processes
Database
Internal
validation
Business X
Human
knowledge
Internal
processes
Database
Internal
validation
Business N
Human
knowledge
Internal
processes
Database
Internal
validation
Ex ante truth &
trust layer
…
Blockchain /
auditlog
Contracts &
liability
Post hoc
validation layer
Externalized
smart contract
Dataexchange
Dataexchange
Dataexchange
Dataexchange

31. Find E2E common processes with challenges
Trust
Distributed
Smart contracts
Transparency
Ownership
Traceability

32. No one has ever done this before

33. Key learning 1 : don’t start from technology

34. Key learning 2 : don’t just add a blockchain, rethink

35. Key learning 3 : governance & collaboration first, ROI later

36. Or call us, we have Design Thinking (and cookies)

37. Koen.Vingerhoets@belfius.be
Twitter : @IthronKoen
TrustOwnership
Transparency
Traceability
Distributed
Smart contracts
Blockchain is…
… the single shared source of truth.