SlideShare a Scribd company logo
What can the Blockchain do for me?
The basics of Blockchain —
what, why, cautions to take
David Gerard
David Gerard
l  Music journalist, moved to IT
l  Started following Bitcoin in 2011
l  Started Attack of the 50 Foot
Blockchain in late 2016
– well-timed for the bubble!
The basics of Blockchain
l  What actually is all this stuff?
1. The blockchain data structure — append-only ledgers
2. Bitcoin — the origin of “blockchain” hype
3. Blockchain in business — “but what are the use cases?”
1. What on earth is a “blockchain”?
Simple accounting ledger
l  Just a list of transactions
l 
l  But – how can we ensure against errors?
From To Date Amount
S atoshi Hal 09	J anuary	2009 $50.00
Vitalik Gavin 09	J anuary	2009 $1,000.00
Craig Ian 10	J anuary	2009 $0.02
Vitalik E liezer 12	J anuary	2009 $300,000.00
Mark Aleksandr 13	J anuary	2009 $400,000,000.00
Check digits
l  Last digit of a credit card:
l  4012 8888 8888 1881
l  Calculated from the other digits – a checksum
l  If it’s wrong, it’s not a valid card number!
Hashes – extended check digits
l  Much longer checksum, from any data
l  e.g., 8743b52063cd84097a65d1633f5c74f5
l  If the hash is the same, the data is the same!
l  Very fast to calculate – data→hash
l  Utterly unfeasible to reverse! – hash → data
– very hard to fake!
l  We’ll mention hashes again later ...
Simple ledger with hashes
l  Let’s attach a hash to every record!
So we know each record is correct
From To Date Amount Hash
S atoshi Hal 09	J anuary	2009 $50.00 8227fb49
Vitalik Gavin 09	J anuary	2009 $1,000.00 d64ad954
Craig Ian 10	J anuary	2009 $0.02 85e19b86
Vitalik E liezer 12	J anuary	2009 $300,000.00 9749ce74
Mark Aleksandr 13	J anuary	2009 $400,000,000.00 5c397c18
Let’s hash all the hashes!
l 
l 
l 
l  So if we know that last hash – we know that
the whole block has to come to that hash!
l  Saves rehashing whole block for each new entry
From To Date Amount Hash
S atoshi Hal 09	J anuary	2009 $50.00 8227fb49
Vitalik Gavin 09	J anuary	2009 $1,000.00 d64ad954
Craig Ian 10	J anuary	2009 $0.02 85e19b86
Vitalik E liezer 12	J anuary	2009 $300,000.00 9749ce74
Mark Aleksandr 13	J anuary	2009 $400,000,000.00 5c397c18
d8eb1c14
Let’s chain the blocks!
l  Each block’s hash is
also hashed with the
next block
l  This gives us a hash
of the whole chain
From To Date Amount Hash
S atoshi Hal 09	J anuary	2009 $50.00 8227fb49
Vitalik Gavin 09	J anuary	2009 $1,000.00 d64ad954
Craig Ian 10	J anuary	2009 $0.02 85e19b86
Vitalik E liezer 12	J anuary	2009 $300,000.00 9749ce74
Mark Aleksandr 13	J anuary	2009 $400,000,000.00 5c397c18
d8eb1c14
From To Date Amount Hash
S atoshi Hal 09	J anuary	2009 $50.00 8227fb49
Vitalik Gavin 09	J anuary	2009 $1,000.00 d64ad954
Craig Ian 10	J anuary	2009 $0.02 85e19b86
Vitalik E liezer 12	J anuary	2009 $300,000.00 9749ce74
Mark Aleksandr 13	J anuary	2009 $400,000,000.00 5c397c18
d8eb1c14
From To Date Amount Hash
S atoshi Hal 09	J anuary	2009 $50.00 8227fb49
Vitalik Gavin 09	J anuary	2009 $1,000.00 d64ad954
Craig Ian 10	J anuary	2009 $0.02 85e19b86
Vitalik E liezer 12	J anuary	2009 $300,000.00 9749ce74
Mark Aleksandr 13	J anuary	2009 $400,000,000.00 5c397c18
d8eb1c14
Tamper-evident append-only ledger!
l  Distribute the ledger
l  You can quickly verify the hashes of your copy
l  But — it’d be impossibly slow to fake!
l  This hash-of-hashes construct is called a Merkle Tree
(1979) — used in Bitcoin (2009)
l  So … where did all the magical promises for
“Blockchain” come from?
2. Bitcoin
2. Why Bitcoin
l  Digital cash would be a useful thing
l  We could use this hard-to-fake ledger for our
new digital cash!
l  But – who gets to add new entries?
l  Obvious answer: central authority (bank)
l  But ...
Bitcoin’s founders had
odd requirements
l  Not a payment system, but a political project
l  Founded in ideology — extremist libertarianism
l  No central authority at all — no trust requirement
l  A completely rigid gold standard! — digital version
l  Credit is bad too —use the actual “gold” as money
The fabulous promises of Bitcoin!
l  Decentralised! Trustless!
l  Fast and free!
l  Uncensorable and irreversible!
l  No “just printing money”!
l  Will destroy banks and governments!
– they really claimed this
How the promises worked out
l  Bitcoin had recentralised by early 2014
l  Bitcoin “mining” has economies of scale
— so it recentralises
l  Four mining pools issue most of the bitcoins
l  One company makes 80% of the mining chips
l  Bitcoin uses 0.1-0.5% of all the electricity in the world
— for 7 transactions per second worldwide
How the promises worked out
l  Uncensorable! Irreversible!
l  Turns out not to be what users want
– consumers like chargebacks, increases confidence
l  Errors, fraud, thefts not easily reversible
– irreversibility is a fraudster’s charter
l  Brittle!
– one mistake and you’ve lost your coins
How the promises worked out
l  You can’t “just print” bitcoins
l  BUT – anyone can copy the code
– and they did – 1000+ altcoins
l  Market treats all these as one pool, “cryptos”
l  Bitcoin is just like gold! … if you could create new gold mines by
cut’n’paste
l  Other coins (“altcoins”) don’t do much better
3. Blockchain for business
What organisations want
l  Any organisation — business, non-profit,
government — has bureaucracy —
the machinery they run on
l  Can we make this work better?
l  … with blockchains?
“Blockchain”
l  Bitcoin losing lustre by early 2014
l  So, market to business as“Blockchain technology”
l  a.k.a. “Distributed Ledger Technology” (DLT)
— do shared Excel sheets count?
l  But – the promises are still Bitcoin promises!
— else, shared Excel sheets would count
l  “Blockchain” is a particular collection of marketing promises
— not any particular technology
The fabulous promises of Blockchain!
l  Literally the Bitcoin promises
— just change the buzzword!
l  Decentralised, fast and free!
— “against who” is not clear — no sensible threat model
l  Uncensorable, irreversible, immutable, incorruptible!
— nobody say “GDPR”
l  Smart Contracts for added magic!
— the hard bit is always done by “smart contracts”
— which literally means “with a computer program”
The fabulous promises of Blockchain!
l  Actual promises from one large vendor:
l  “an enterprise-class, cross-industry open standard for distributed ledgers that can
transform the way business transactions are conducted globally”
l  “highly secure blockchain services and frameworks that address regulatory
compliance across financial services, government, and healthcare”
The fabulous promises of Blockchain!
l  Last two – “is” statements that are really “could”
— “could” is a word meaning “doesn’t”
l  No existing software does all those things
l  Blockchain marketing promises things that
literally don’t exist yet
— e.g. patient-controlled healthcare data
l  If it sounds too good to be true … it is.
Blockchains in the real world
l  Almost none in production use
l  World Food Programme
— single-user private Ethereum – i.e., a database
l  Press releases
— a majority from IBM
l  Pilot programmes
— lots of these from IBM
— all actually centralised systems (Walmart, Maersk)
6 questions for your salesperson
l  The obvious skeptical questions:
l  1. Are they mixing up “might” and “is”? Does their
software do all the stuff they said?
l  2. Will the system scale to the size of your data?
How?
l  3. How do you deal with human error in the
“immutable” blockchain or smart contracts?
6 questions for your salesperson
l  4. If this is to work with people you trust less than the
ones you deal with now – what’s your threat model?
l  5. If it’s to work with people you can already trust –
why blockchain?
l  6. What does this get you that a centralised database
can’t?
GDPR and blockchains
l  GDPR requires any collection of personal data
to be redactable
l  Never put personal data into a blockchain!
l  Blockchain-for-marketing pitches claim using a
blockchain will help comply with GDPR
l  This is completely false
How to reverse a hash
l  Hashes are irreversible …
… unless you have a table of someone else’s hashes
Issues to consider
l  Magic doesn’t happen
— if it sounds too good to be true, it probably is
l  Never put personal data into a blockchain!
— even hashed personal data
— don’t let even slightly personal data within a mile of it
l  If it sounds too good to be true …
l  … it probably is
Any questions?
l  David Gerard
l  dgerard@gmail.com
l  www.davidgerard.co.uk/
blockchain/
l  Twitter: @davidgerard
What is Blockchain – a primer for market researchers
What is Blockchain – a primer for market researchers

More Related Content

What's hot

Blockchain Insider | Chapter 1: Blockchain, Bitcoin, Money
Blockchain Insider | Chapter 1: Blockchain, Bitcoin, MoneyBlockchain Insider | Chapter 1: Blockchain, Bitcoin, Money
Blockchain Insider | Chapter 1: Blockchain, Bitcoin, Money
Koh How Tze
 
Blockchain intro at framework
Blockchain intro at frameworkBlockchain intro at framework
Blockchain intro at framework
Lon Barfield
 
Bitcoin
BitcoinBitcoin
Introducing blockchain
Introducing blockchainIntroducing blockchain
Introducing blockchain
Lon Barfield
 
Introduction to Cryptocurrency
Introduction to CryptocurrencyIntroduction to Cryptocurrency
Introduction to Cryptocurrency
ROUNAKKEDIA1
 
Bitcoin secret trading_book
Bitcoin secret trading_bookBitcoin secret trading_book
Bitcoin secret trading_book
InformerRead
 
White Paper
White PaperWhite Paper
White Paper
Omar Storm
 
Bitcoin Secret Trading Strategy Guide
Bitcoin Secret Trading Strategy GuideBitcoin Secret Trading Strategy Guide
Bitcoin Secret Trading Strategy Guide
Claudia Tucker
 
Bitcoin 2017 Secret Trading Strategy Guide
Bitcoin 2017 Secret Trading Strategy GuideBitcoin 2017 Secret Trading Strategy Guide
Bitcoin 2017 Secret Trading Strategy Guide
infoshare100
 

What's hot (9)

Blockchain Insider | Chapter 1: Blockchain, Bitcoin, Money
Blockchain Insider | Chapter 1: Blockchain, Bitcoin, MoneyBlockchain Insider | Chapter 1: Blockchain, Bitcoin, Money
Blockchain Insider | Chapter 1: Blockchain, Bitcoin, Money
 
Blockchain intro at framework
Blockchain intro at frameworkBlockchain intro at framework
Blockchain intro at framework
 
Bitcoin
BitcoinBitcoin
Bitcoin
 
Introducing blockchain
Introducing blockchainIntroducing blockchain
Introducing blockchain
 
Introduction to Cryptocurrency
Introduction to CryptocurrencyIntroduction to Cryptocurrency
Introduction to Cryptocurrency
 
Bitcoin secret trading_book
Bitcoin secret trading_bookBitcoin secret trading_book
Bitcoin secret trading_book
 
White Paper
White PaperWhite Paper
White Paper
 
Bitcoin Secret Trading Strategy Guide
Bitcoin Secret Trading Strategy GuideBitcoin Secret Trading Strategy Guide
Bitcoin Secret Trading Strategy Guide
 
Bitcoin 2017 Secret Trading Strategy Guide
Bitcoin 2017 Secret Trading Strategy GuideBitcoin 2017 Secret Trading Strategy Guide
Bitcoin 2017 Secret Trading Strategy Guide
 

Similar to What is Blockchain – a primer for market researchers

An Investigator’s Guide to Blockchain, Bitcoin and Wallet Transactions
An Investigator’s Guide to Blockchain, Bitcoin and Wallet TransactionsAn Investigator’s Guide to Blockchain, Bitcoin and Wallet Transactions
An Investigator’s Guide to Blockchain, Bitcoin and Wallet Transactions
Case IQ
 
Bitcoin for humans
Bitcoin for humansBitcoin for humans
Bitcoin for humans
Itai Damti
 
Why banks invest in blockchain (and not in bitcoin)
Why banks invest in blockchain (and not in bitcoin)Why banks invest in blockchain (and not in bitcoin)
Why banks invest in blockchain (and not in bitcoin)
Koen Vingerhoets
 
Introduction to Bitcoin & Blockchain @ darefest16
Introduction to Bitcoin & Blockchain @ darefest16Introduction to Bitcoin & Blockchain @ darefest16
Introduction to Bitcoin & Blockchain @ darefest16
Sam Wouters
 
Bitcoin story of programable currency
Bitcoin story of programable currencyBitcoin story of programable currency
Bitcoin story of programable currency
Hossam Soffar
 
Masterclass on Bitcoin, Ethereum & Cryptoassets
Masterclass on Bitcoin, Ethereum & CryptoassetsMasterclass on Bitcoin, Ethereum & Cryptoassets
Masterclass on Bitcoin, Ethereum & Cryptoassets
ThiyagaRajan Maruthavanan (Rajan)
 
Blockchain explained
Blockchain explainedBlockchain explained
Blockchain explained
Lon Barfield
 
Bitcoin meetup @Santiago de Chile
Bitcoin meetup @Santiago de ChileBitcoin meetup @Santiago de Chile
Bitcoin meetup @Santiago de Chile
Dalma Berkovics
 
Crypto currencies presentation by Dr. Andre Gholam
Crypto currencies presentation by Dr. Andre GholamCrypto currencies presentation by Dr. Andre Gholam
Crypto currencies presentation by Dr. Andre Gholam
PMILebanonChapter
 
Think bitcoin workshop slideshare
Think bitcoin workshop slideshareThink bitcoin workshop slideshare
Think bitcoin workshop slideshare
thinkbitcoin
 
What is Blockchain and why should we care?
What is Blockchain and why should we care?What is Blockchain and why should we care?
What is Blockchain and why should we care?
Paul Johnston
 
8 June 2017 - interledger at tu delft
8 June 2017 - interledger at tu delft8 June 2017 - interledger at tu delft
8 June 2017 - interledger at tu delft
Michiel de Jong
 
Blockchain, Bitcoin, Crypto assets, Initial Coin Offer workshop
Blockchain, Bitcoin, Crypto assets, Initial Coin Offer workshopBlockchain, Bitcoin, Crypto assets, Initial Coin Offer workshop
Blockchain, Bitcoin, Crypto assets, Initial Coin Offer workshop
Next Space Pvt. Ltd
 
Kopi Chat Introduction to Blockcain 29 November 2017
Kopi Chat Introduction to Blockcain 29 November 2017Kopi Chat Introduction to Blockcain 29 November 2017
Kopi Chat Introduction to Blockcain 29 November 2017
BLOCK71 Jakarta
 
The Future of Money: Decentralized Finance
The Future of Money: Decentralized FinanceThe Future of Money: Decentralized Finance
The Future of Money: Decentralized Finance
J. Scott Christianson
 
Bitcoin Presentation.pptx
Bitcoin Presentation.pptxBitcoin Presentation.pptx
Bitcoin Presentation.pptx
AshutoshSingh502936
 
Client X Future
Client X FutureClient X Future
Client X Future
Clinton den Heyer
 
Blockchain and Virtual Currency - Technical issues -
Blockchain and Virtual Currency- Technical issues -Blockchain and Virtual Currency- Technical issues -
Blockchain and Virtual Currency - Technical issues -
Kindai University
 
Blockchain and Virtual Currency - Technical issues -
Blockchain and Virtual Currency- Technical issues -Blockchain and Virtual Currency- Technical issues -
Blockchain and Virtual Currency - Technical issues -
Shigeichiro Yamasaki
 
Bitcoin Challenges - The Dawn of Trustless Computing
Bitcoin Challenges - The Dawn of Trustless ComputingBitcoin Challenges - The Dawn of Trustless Computing
Bitcoin Challenges - The Dawn of Trustless Computing
Michele Mostarda
 

Similar to What is Blockchain – a primer for market researchers (20)

An Investigator’s Guide to Blockchain, Bitcoin and Wallet Transactions
An Investigator’s Guide to Blockchain, Bitcoin and Wallet TransactionsAn Investigator’s Guide to Blockchain, Bitcoin and Wallet Transactions
An Investigator’s Guide to Blockchain, Bitcoin and Wallet Transactions
 
Bitcoin for humans
Bitcoin for humansBitcoin for humans
Bitcoin for humans
 
Why banks invest in blockchain (and not in bitcoin)
Why banks invest in blockchain (and not in bitcoin)Why banks invest in blockchain (and not in bitcoin)
Why banks invest in blockchain (and not in bitcoin)
 
Introduction to Bitcoin & Blockchain @ darefest16
Introduction to Bitcoin & Blockchain @ darefest16Introduction to Bitcoin & Blockchain @ darefest16
Introduction to Bitcoin & Blockchain @ darefest16
 
Bitcoin story of programable currency
Bitcoin story of programable currencyBitcoin story of programable currency
Bitcoin story of programable currency
 
Masterclass on Bitcoin, Ethereum & Cryptoassets
Masterclass on Bitcoin, Ethereum & CryptoassetsMasterclass on Bitcoin, Ethereum & Cryptoassets
Masterclass on Bitcoin, Ethereum & Cryptoassets
 
Blockchain explained
Blockchain explainedBlockchain explained
Blockchain explained
 
Bitcoin meetup @Santiago de Chile
Bitcoin meetup @Santiago de ChileBitcoin meetup @Santiago de Chile
Bitcoin meetup @Santiago de Chile
 
Crypto currencies presentation by Dr. Andre Gholam
Crypto currencies presentation by Dr. Andre GholamCrypto currencies presentation by Dr. Andre Gholam
Crypto currencies presentation by Dr. Andre Gholam
 
Think bitcoin workshop slideshare
Think bitcoin workshop slideshareThink bitcoin workshop slideshare
Think bitcoin workshop slideshare
 
What is Blockchain and why should we care?
What is Blockchain and why should we care?What is Blockchain and why should we care?
What is Blockchain and why should we care?
 
8 June 2017 - interledger at tu delft
8 June 2017 - interledger at tu delft8 June 2017 - interledger at tu delft
8 June 2017 - interledger at tu delft
 
Blockchain, Bitcoin, Crypto assets, Initial Coin Offer workshop
Blockchain, Bitcoin, Crypto assets, Initial Coin Offer workshopBlockchain, Bitcoin, Crypto assets, Initial Coin Offer workshop
Blockchain, Bitcoin, Crypto assets, Initial Coin Offer workshop
 
Kopi Chat Introduction to Blockcain 29 November 2017
Kopi Chat Introduction to Blockcain 29 November 2017Kopi Chat Introduction to Blockcain 29 November 2017
Kopi Chat Introduction to Blockcain 29 November 2017
 
The Future of Money: Decentralized Finance
The Future of Money: Decentralized FinanceThe Future of Money: Decentralized Finance
The Future of Money: Decentralized Finance
 
Bitcoin Presentation.pptx
Bitcoin Presentation.pptxBitcoin Presentation.pptx
Bitcoin Presentation.pptx
 
Client X Future
Client X FutureClient X Future
Client X Future
 
Blockchain and Virtual Currency - Technical issues -
Blockchain and Virtual Currency- Technical issues -Blockchain and Virtual Currency- Technical issues -
Blockchain and Virtual Currency - Technical issues -
 
Blockchain and Virtual Currency - Technical issues -
Blockchain and Virtual Currency- Technical issues -Blockchain and Virtual Currency- Technical issues -
Blockchain and Virtual Currency - Technical issues -
 
Bitcoin Challenges - The Dawn of Trustless Computing
Bitcoin Challenges - The Dawn of Trustless ComputingBitcoin Challenges - The Dawn of Trustless Computing
Bitcoin Challenges - The Dawn of Trustless Computing
 

More from Ray Poynter

The State of AI in Insights and Research 2024: Results and Findings
The State of AI in Insights and Research 2024: Results and FindingsThe State of AI in Insights and Research 2024: Results and Findings
The State of AI in Insights and Research 2024: Results and Findings
Ray Poynter
 
ResearchWiseAI - an artificial intelligence driven research data analysis tool
ResearchWiseAI - an artificial intelligence driven research data analysis toolResearchWiseAI - an artificial intelligence driven research data analysis tool
ResearchWiseAI - an artificial intelligence driven research data analysis tool
Ray Poynter
 
AI-powered interviewing: Best practices from Yasna
AI-powered interviewing: Best practices from YasnaAI-powered interviewing: Best practices from Yasna
AI-powered interviewing: Best practices from Yasna
Ray Poynter
 
Artificial Intelligence and Qual: The Story So Far
Artificial Intelligence and Qual: The Story So FarArtificial Intelligence and Qual: The Story So Far
Artificial Intelligence and Qual: The Story So Far
Ray Poynter
 
State of Research Insights in Q1, 2024 from NewMR
State of Research Insights in Q1, 2024 from NewMRState of Research Insights in Q1, 2024 from NewMR
State of Research Insights in Q1, 2024 from NewMR
Ray Poynter
 
Sudden Death of Beliefs
Sudden Death of BeliefsSudden Death of Beliefs
Sudden Death of Beliefs
Ray Poynter
 
Uncovering Consumers’ Hidden Narratives
Uncovering Consumers’ Hidden NarrativesUncovering Consumers’ Hidden Narratives
Uncovering Consumers’ Hidden Narratives
Ray Poynter
 
Narrative Exploration of New Categories at Mondelēz
Narrative Exploration of New Categories at MondelēzNarrative Exploration of New Categories at Mondelēz
Narrative Exploration of New Categories at Mondelēz
Ray Poynter
 
The Future in Focus
The Future in FocusThe Future in Focus
The Future in Focus
Ray Poynter
 
The Future in Focus
The Future in FocusThe Future in Focus
The Future in Focus
Ray Poynter
 
The State of Insights – September 2023
The State of Insights – September 2023The State of Insights – September 2023
The State of Insights – September 2023
Ray Poynter
 
Research Thinking in the age of AI
Research Thinking in the age of AIResearch Thinking in the age of AI
Research Thinking in the age of AI
Ray Poynter
 
How might AI impact Research and Insights over the next two years?
How might AI impact Research and Insights over the next two years?How might AI impact Research and Insights over the next two years?
How might AI impact Research and Insights over the next two years?
Ray Poynter
 
From Words to Wisdom: Unleashing the Potential of Language Models for Human-C...
From Words to Wisdom: Unleashing the Potential of Language Models for Human-C...From Words to Wisdom: Unleashing the Potential of Language Models for Human-C...
From Words to Wisdom: Unleashing the Potential of Language Models for Human-C...
Ray Poynter
 
ChatGPT for Social Media Listening: practical application with YouScan’s Insi...
ChatGPT for Social Media Listening: practical application with YouScan’s Insi...ChatGPT for Social Media Listening: practical application with YouScan’s Insi...
ChatGPT for Social Media Listening: practical application with YouScan’s Insi...
Ray Poynter
 
Using Generative AI to Assess the Quality of Open-Ended Responses in Surveys
Using Generative AI to Assess the Quality of Open-Ended Responses in SurveysUsing Generative AI to Assess the Quality of Open-Ended Responses in Surveys
Using Generative AI to Assess the Quality of Open-Ended Responses in Surveys
Ray Poynter
 
Exploring the future of verbatim coding with ChatGPT
Exploring the future of verbatim coding with ChatGPTExploring the future of verbatim coding with ChatGPT
Exploring the future of verbatim coding with ChatGPT
Ray Poynter
 
Using Generative AI to bring Qualitative Capabilities to Quantitative Surveys
Using Generative AI to bring Qualitative Capabilities to Quantitative SurveysUsing Generative AI to bring Qualitative Capabilities to Quantitative Surveys
Using Generative AI to bring Qualitative Capabilities to Quantitative Surveys
Ray Poynter
 
How AI / ChatGPT Drives Business Growth
How AI / ChatGPT Drives Business GrowthHow AI / ChatGPT Drives Business Growth
How AI / ChatGPT Drives Business Growth
Ray Poynter
 
Tech for tech’s sake? Learnings from experiments with AI in consumer research
Tech for tech’s sake? Learnings from experiments with AI in consumer researchTech for tech’s sake? Learnings from experiments with AI in consumer research
Tech for tech’s sake? Learnings from experiments with AI in consumer research
Ray Poynter
 

More from Ray Poynter (20)

The State of AI in Insights and Research 2024: Results and Findings
The State of AI in Insights and Research 2024: Results and FindingsThe State of AI in Insights and Research 2024: Results and Findings
The State of AI in Insights and Research 2024: Results and Findings
 
ResearchWiseAI - an artificial intelligence driven research data analysis tool
ResearchWiseAI - an artificial intelligence driven research data analysis toolResearchWiseAI - an artificial intelligence driven research data analysis tool
ResearchWiseAI - an artificial intelligence driven research data analysis tool
 
AI-powered interviewing: Best practices from Yasna
AI-powered interviewing: Best practices from YasnaAI-powered interviewing: Best practices from Yasna
AI-powered interviewing: Best practices from Yasna
 
Artificial Intelligence and Qual: The Story So Far
Artificial Intelligence and Qual: The Story So FarArtificial Intelligence and Qual: The Story So Far
Artificial Intelligence and Qual: The Story So Far
 
State of Research Insights in Q1, 2024 from NewMR
State of Research Insights in Q1, 2024 from NewMRState of Research Insights in Q1, 2024 from NewMR
State of Research Insights in Q1, 2024 from NewMR
 
Sudden Death of Beliefs
Sudden Death of BeliefsSudden Death of Beliefs
Sudden Death of Beliefs
 
Uncovering Consumers’ Hidden Narratives
Uncovering Consumers’ Hidden NarrativesUncovering Consumers’ Hidden Narratives
Uncovering Consumers’ Hidden Narratives
 
Narrative Exploration of New Categories at Mondelēz
Narrative Exploration of New Categories at MondelēzNarrative Exploration of New Categories at Mondelēz
Narrative Exploration of New Categories at Mondelēz
 
The Future in Focus
The Future in FocusThe Future in Focus
The Future in Focus
 
The Future in Focus
The Future in FocusThe Future in Focus
The Future in Focus
 
The State of Insights – September 2023
The State of Insights – September 2023The State of Insights – September 2023
The State of Insights – September 2023
 
Research Thinking in the age of AI
Research Thinking in the age of AIResearch Thinking in the age of AI
Research Thinking in the age of AI
 
How might AI impact Research and Insights over the next two years?
How might AI impact Research and Insights over the next two years?How might AI impact Research and Insights over the next two years?
How might AI impact Research and Insights over the next two years?
 
From Words to Wisdom: Unleashing the Potential of Language Models for Human-C...
From Words to Wisdom: Unleashing the Potential of Language Models for Human-C...From Words to Wisdom: Unleashing the Potential of Language Models for Human-C...
From Words to Wisdom: Unleashing the Potential of Language Models for Human-C...
 
ChatGPT for Social Media Listening: practical application with YouScan’s Insi...
ChatGPT for Social Media Listening: practical application with YouScan’s Insi...ChatGPT for Social Media Listening: practical application with YouScan’s Insi...
ChatGPT for Social Media Listening: practical application with YouScan’s Insi...
 
Using Generative AI to Assess the Quality of Open-Ended Responses in Surveys
Using Generative AI to Assess the Quality of Open-Ended Responses in SurveysUsing Generative AI to Assess the Quality of Open-Ended Responses in Surveys
Using Generative AI to Assess the Quality of Open-Ended Responses in Surveys
 
Exploring the future of verbatim coding with ChatGPT
Exploring the future of verbatim coding with ChatGPTExploring the future of verbatim coding with ChatGPT
Exploring the future of verbatim coding with ChatGPT
 
Using Generative AI to bring Qualitative Capabilities to Quantitative Surveys
Using Generative AI to bring Qualitative Capabilities to Quantitative SurveysUsing Generative AI to bring Qualitative Capabilities to Quantitative Surveys
Using Generative AI to bring Qualitative Capabilities to Quantitative Surveys
 
How AI / ChatGPT Drives Business Growth
How AI / ChatGPT Drives Business GrowthHow AI / ChatGPT Drives Business Growth
How AI / ChatGPT Drives Business Growth
 
Tech for tech’s sake? Learnings from experiments with AI in consumer research
Tech for tech’s sake? Learnings from experiments with AI in consumer researchTech for tech’s sake? Learnings from experiments with AI in consumer research
Tech for tech’s sake? Learnings from experiments with AI in consumer research
 

Recently uploaded

KHUSWANT SINGH.pptx ALL YOU NEED TO KNOW ABOUT KHUSHWANT SINGH
KHUSWANT SINGH.pptx ALL YOU NEED TO KNOW ABOUT KHUSHWANT SINGHKHUSWANT SINGH.pptx ALL YOU NEED TO KNOW ABOUT KHUSHWANT SINGH
KHUSWANT SINGH.pptx ALL YOU NEED TO KNOW ABOUT KHUSHWANT SINGH
shreyassri1208
 
skeleton System.pdf (skeleton system wow)
skeleton System.pdf (skeleton system wow)skeleton System.pdf (skeleton system wow)
skeleton System.pdf (skeleton system wow)
Mohammad Al-Dhahabi
 
Oliver Asks for More by Charles Dickens (9)
Oliver Asks for More by Charles Dickens (9)Oliver Asks for More by Charles Dickens (9)
Oliver Asks for More by Charles Dickens (9)
nitinpv4ai
 
REASIGNACION 2024 UGEL CHUPACA 2024 UGEL CHUPACA.pdf
REASIGNACION 2024 UGEL CHUPACA 2024 UGEL CHUPACA.pdfREASIGNACION 2024 UGEL CHUPACA 2024 UGEL CHUPACA.pdf
REASIGNACION 2024 UGEL CHUPACA 2024 UGEL CHUPACA.pdf
giancarloi8888
 
BPSC-105 important questions for june term end exam
BPSC-105 important questions for june term end examBPSC-105 important questions for june term end exam
BPSC-105 important questions for june term end exam
sonukumargpnirsadhan
 
Skimbleshanks-The-Railway-Cat by T S Eliot
Skimbleshanks-The-Railway-Cat by T S EliotSkimbleshanks-The-Railway-Cat by T S Eliot
Skimbleshanks-The-Railway-Cat by T S Eliot
nitinpv4ai
 
Standardized tool for Intelligence test.
Standardized tool for Intelligence test.Standardized tool for Intelligence test.
Standardized tool for Intelligence test.
deepaannamalai16
 
CHUYÊN ĐỀ ÔN TẬP VÀ PHÁT TRIỂN CÂU HỎI TRONG ĐỀ MINH HỌA THI TỐT NGHIỆP THPT ...
CHUYÊN ĐỀ ÔN TẬP VÀ PHÁT TRIỂN CÂU HỎI TRONG ĐỀ MINH HỌA THI TỐT NGHIỆP THPT ...CHUYÊN ĐỀ ÔN TẬP VÀ PHÁT TRIỂN CÂU HỎI TRONG ĐỀ MINH HỌA THI TỐT NGHIỆP THPT ...
CHUYÊN ĐỀ ÔN TẬP VÀ PHÁT TRIỂN CÂU HỎI TRONG ĐỀ MINH HỌA THI TỐT NGHIỆP THPT ...
Nguyen Thanh Tu Collection
 
Observational Learning
Observational Learning Observational Learning
Observational Learning
sanamushtaq922
 
Simple-Present-Tense xxxxxxxxxxxxxxxxxxx
Simple-Present-Tense xxxxxxxxxxxxxxxxxxxSimple-Present-Tense xxxxxxxxxxxxxxxxxxx
Simple-Present-Tense xxxxxxxxxxxxxxxxxxx
RandolphRadicy
 
spot a liar (Haiqa 146).pptx Technical writhing and presentation skills
spot a liar (Haiqa 146).pptx Technical writhing and presentation skillsspot a liar (Haiqa 146).pptx Technical writhing and presentation skills
spot a liar (Haiqa 146).pptx Technical writhing and presentation skills
haiqairshad
 
Temple of Asclepius in Thrace. Excavation results
Temple of Asclepius in Thrace. Excavation resultsTemple of Asclepius in Thrace. Excavation results
Temple of Asclepius in Thrace. Excavation results
Krassimira Luka
 
SWOT analysis in the project Keeping the Memory @live.pptx
SWOT analysis in the project Keeping the Memory @live.pptxSWOT analysis in the project Keeping the Memory @live.pptx
SWOT analysis in the project Keeping the Memory @live.pptx
zuzanka
 
220711130088 Sumi Basak Virtual University EPC 3.pptx
220711130088 Sumi Basak Virtual University EPC 3.pptx220711130088 Sumi Basak Virtual University EPC 3.pptx
220711130088 Sumi Basak Virtual University EPC 3.pptx
Kalna College
 
How to Download & Install Module From the Odoo App Store in Odoo 17
How to Download & Install Module From the Odoo App Store in Odoo 17How to Download & Install Module From the Odoo App Store in Odoo 17
How to Download & Install Module From the Odoo App Store in Odoo 17
Celine George
 
MDP on air pollution of class 8 year 2024-2025
MDP on air pollution of class 8 year 2024-2025MDP on air pollution of class 8 year 2024-2025
MDP on air pollution of class 8 year 2024-2025
khuleseema60
 
THE SACRIFICE HOW PRO-PALESTINE PROTESTS STUDENTS ARE SACRIFICING TO CHANGE T...
THE SACRIFICE HOW PRO-PALESTINE PROTESTS STUDENTS ARE SACRIFICING TO CHANGE T...THE SACRIFICE HOW PRO-PALESTINE PROTESTS STUDENTS ARE SACRIFICING TO CHANGE T...
THE SACRIFICE HOW PRO-PALESTINE PROTESTS STUDENTS ARE SACRIFICING TO CHANGE T...
indexPub
 
Andreas Schleicher presents PISA 2022 Volume III - Creative Thinking - 18 Jun...
Andreas Schleicher presents PISA 2022 Volume III - Creative Thinking - 18 Jun...Andreas Schleicher presents PISA 2022 Volume III - Creative Thinking - 18 Jun...
Andreas Schleicher presents PISA 2022 Volume III - Creative Thinking - 18 Jun...
EduSkills OECD
 
Haunted Houses by H W Longfellow for class 10
Haunted Houses by H W Longfellow for class 10Haunted Houses by H W Longfellow for class 10
Haunted Houses by H W Longfellow for class 10
nitinpv4ai
 
Pharmaceutics Pharmaceuticals best of brub
Pharmaceutics Pharmaceuticals best of brubPharmaceutics Pharmaceuticals best of brub
Pharmaceutics Pharmaceuticals best of brub
danielkiash986
 

Recently uploaded (20)

KHUSWANT SINGH.pptx ALL YOU NEED TO KNOW ABOUT KHUSHWANT SINGH
KHUSWANT SINGH.pptx ALL YOU NEED TO KNOW ABOUT KHUSHWANT SINGHKHUSWANT SINGH.pptx ALL YOU NEED TO KNOW ABOUT KHUSHWANT SINGH
KHUSWANT SINGH.pptx ALL YOU NEED TO KNOW ABOUT KHUSHWANT SINGH
 
skeleton System.pdf (skeleton system wow)
skeleton System.pdf (skeleton system wow)skeleton System.pdf (skeleton system wow)
skeleton System.pdf (skeleton system wow)
 
Oliver Asks for More by Charles Dickens (9)
Oliver Asks for More by Charles Dickens (9)Oliver Asks for More by Charles Dickens (9)
Oliver Asks for More by Charles Dickens (9)
 
REASIGNACION 2024 UGEL CHUPACA 2024 UGEL CHUPACA.pdf
REASIGNACION 2024 UGEL CHUPACA 2024 UGEL CHUPACA.pdfREASIGNACION 2024 UGEL CHUPACA 2024 UGEL CHUPACA.pdf
REASIGNACION 2024 UGEL CHUPACA 2024 UGEL CHUPACA.pdf
 
BPSC-105 important questions for june term end exam
BPSC-105 important questions for june term end examBPSC-105 important questions for june term end exam
BPSC-105 important questions for june term end exam
 
Skimbleshanks-The-Railway-Cat by T S Eliot
Skimbleshanks-The-Railway-Cat by T S EliotSkimbleshanks-The-Railway-Cat by T S Eliot
Skimbleshanks-The-Railway-Cat by T S Eliot
 
Standardized tool for Intelligence test.
Standardized tool for Intelligence test.Standardized tool for Intelligence test.
Standardized tool for Intelligence test.
 
CHUYÊN ĐỀ ÔN TẬP VÀ PHÁT TRIỂN CÂU HỎI TRONG ĐỀ MINH HỌA THI TỐT NGHIỆP THPT ...
CHUYÊN ĐỀ ÔN TẬP VÀ PHÁT TRIỂN CÂU HỎI TRONG ĐỀ MINH HỌA THI TỐT NGHIỆP THPT ...CHUYÊN ĐỀ ÔN TẬP VÀ PHÁT TRIỂN CÂU HỎI TRONG ĐỀ MINH HỌA THI TỐT NGHIỆP THPT ...
CHUYÊN ĐỀ ÔN TẬP VÀ PHÁT TRIỂN CÂU HỎI TRONG ĐỀ MINH HỌA THI TỐT NGHIỆP THPT ...
 
Observational Learning
Observational Learning Observational Learning
Observational Learning
 
Simple-Present-Tense xxxxxxxxxxxxxxxxxxx
Simple-Present-Tense xxxxxxxxxxxxxxxxxxxSimple-Present-Tense xxxxxxxxxxxxxxxxxxx
Simple-Present-Tense xxxxxxxxxxxxxxxxxxx
 
spot a liar (Haiqa 146).pptx Technical writhing and presentation skills
spot a liar (Haiqa 146).pptx Technical writhing and presentation skillsspot a liar (Haiqa 146).pptx Technical writhing and presentation skills
spot a liar (Haiqa 146).pptx Technical writhing and presentation skills
 
Temple of Asclepius in Thrace. Excavation results
Temple of Asclepius in Thrace. Excavation resultsTemple of Asclepius in Thrace. Excavation results
Temple of Asclepius in Thrace. Excavation results
 
SWOT analysis in the project Keeping the Memory @live.pptx
SWOT analysis in the project Keeping the Memory @live.pptxSWOT analysis in the project Keeping the Memory @live.pptx
SWOT analysis in the project Keeping the Memory @live.pptx
 
220711130088 Sumi Basak Virtual University EPC 3.pptx
220711130088 Sumi Basak Virtual University EPC 3.pptx220711130088 Sumi Basak Virtual University EPC 3.pptx
220711130088 Sumi Basak Virtual University EPC 3.pptx
 
How to Download & Install Module From the Odoo App Store in Odoo 17
How to Download & Install Module From the Odoo App Store in Odoo 17How to Download & Install Module From the Odoo App Store in Odoo 17
How to Download & Install Module From the Odoo App Store in Odoo 17
 
MDP on air pollution of class 8 year 2024-2025
MDP on air pollution of class 8 year 2024-2025MDP on air pollution of class 8 year 2024-2025
MDP on air pollution of class 8 year 2024-2025
 
THE SACRIFICE HOW PRO-PALESTINE PROTESTS STUDENTS ARE SACRIFICING TO CHANGE T...
THE SACRIFICE HOW PRO-PALESTINE PROTESTS STUDENTS ARE SACRIFICING TO CHANGE T...THE SACRIFICE HOW PRO-PALESTINE PROTESTS STUDENTS ARE SACRIFICING TO CHANGE T...
THE SACRIFICE HOW PRO-PALESTINE PROTESTS STUDENTS ARE SACRIFICING TO CHANGE T...
 
Andreas Schleicher presents PISA 2022 Volume III - Creative Thinking - 18 Jun...
Andreas Schleicher presents PISA 2022 Volume III - Creative Thinking - 18 Jun...Andreas Schleicher presents PISA 2022 Volume III - Creative Thinking - 18 Jun...
Andreas Schleicher presents PISA 2022 Volume III - Creative Thinking - 18 Jun...
 
Haunted Houses by H W Longfellow for class 10
Haunted Houses by H W Longfellow for class 10Haunted Houses by H W Longfellow for class 10
Haunted Houses by H W Longfellow for class 10
 
Pharmaceutics Pharmaceuticals best of brub
Pharmaceutics Pharmaceuticals best of brubPharmaceutics Pharmaceuticals best of brub
Pharmaceutics Pharmaceuticals best of brub
 

What is Blockchain – a primer for market researchers

  • 1.
  • 2. What can the Blockchain do for me? The basics of Blockchain — what, why, cautions to take David Gerard
  • 3. David Gerard l  Music journalist, moved to IT l  Started following Bitcoin in 2011 l  Started Attack of the 50 Foot Blockchain in late 2016 – well-timed for the bubble!
  • 4. The basics of Blockchain l  What actually is all this stuff? 1. The blockchain data structure — append-only ledgers 2. Bitcoin — the origin of “blockchain” hype 3. Blockchain in business — “but what are the use cases?”
  • 5. 1. What on earth is a “blockchain”?
  • 6. Simple accounting ledger l  Just a list of transactions l  l  But – how can we ensure against errors? From To Date Amount S atoshi Hal 09 J anuary 2009 $50.00 Vitalik Gavin 09 J anuary 2009 $1,000.00 Craig Ian 10 J anuary 2009 $0.02 Vitalik E liezer 12 J anuary 2009 $300,000.00 Mark Aleksandr 13 J anuary 2009 $400,000,000.00
  • 7. Check digits l  Last digit of a credit card: l  4012 8888 8888 1881 l  Calculated from the other digits – a checksum l  If it’s wrong, it’s not a valid card number!
  • 8. Hashes – extended check digits l  Much longer checksum, from any data l  e.g., 8743b52063cd84097a65d1633f5c74f5 l  If the hash is the same, the data is the same! l  Very fast to calculate – data→hash l  Utterly unfeasible to reverse! – hash → data – very hard to fake! l  We’ll mention hashes again later ...
  • 9. Simple ledger with hashes l  Let’s attach a hash to every record! So we know each record is correct From To Date Amount Hash S atoshi Hal 09 J anuary 2009 $50.00 8227fb49 Vitalik Gavin 09 J anuary 2009 $1,000.00 d64ad954 Craig Ian 10 J anuary 2009 $0.02 85e19b86 Vitalik E liezer 12 J anuary 2009 $300,000.00 9749ce74 Mark Aleksandr 13 J anuary 2009 $400,000,000.00 5c397c18
  • 10. Let’s hash all the hashes! l  l  l  l  So if we know that last hash – we know that the whole block has to come to that hash! l  Saves rehashing whole block for each new entry From To Date Amount Hash S atoshi Hal 09 J anuary 2009 $50.00 8227fb49 Vitalik Gavin 09 J anuary 2009 $1,000.00 d64ad954 Craig Ian 10 J anuary 2009 $0.02 85e19b86 Vitalik E liezer 12 J anuary 2009 $300,000.00 9749ce74 Mark Aleksandr 13 J anuary 2009 $400,000,000.00 5c397c18 d8eb1c14
  • 11. Let’s chain the blocks! l  Each block’s hash is also hashed with the next block l  This gives us a hash of the whole chain From To Date Amount Hash S atoshi Hal 09 J anuary 2009 $50.00 8227fb49 Vitalik Gavin 09 J anuary 2009 $1,000.00 d64ad954 Craig Ian 10 J anuary 2009 $0.02 85e19b86 Vitalik E liezer 12 J anuary 2009 $300,000.00 9749ce74 Mark Aleksandr 13 J anuary 2009 $400,000,000.00 5c397c18 d8eb1c14 From To Date Amount Hash S atoshi Hal 09 J anuary 2009 $50.00 8227fb49 Vitalik Gavin 09 J anuary 2009 $1,000.00 d64ad954 Craig Ian 10 J anuary 2009 $0.02 85e19b86 Vitalik E liezer 12 J anuary 2009 $300,000.00 9749ce74 Mark Aleksandr 13 J anuary 2009 $400,000,000.00 5c397c18 d8eb1c14 From To Date Amount Hash S atoshi Hal 09 J anuary 2009 $50.00 8227fb49 Vitalik Gavin 09 J anuary 2009 $1,000.00 d64ad954 Craig Ian 10 J anuary 2009 $0.02 85e19b86 Vitalik E liezer 12 J anuary 2009 $300,000.00 9749ce74 Mark Aleksandr 13 J anuary 2009 $400,000,000.00 5c397c18 d8eb1c14
  • 12. Tamper-evident append-only ledger! l  Distribute the ledger l  You can quickly verify the hashes of your copy l  But — it’d be impossibly slow to fake! l  This hash-of-hashes construct is called a Merkle Tree (1979) — used in Bitcoin (2009) l  So … where did all the magical promises for “Blockchain” come from?
  • 14. 2. Why Bitcoin l  Digital cash would be a useful thing l  We could use this hard-to-fake ledger for our new digital cash! l  But – who gets to add new entries? l  Obvious answer: central authority (bank) l  But ...
  • 15. Bitcoin’s founders had odd requirements l  Not a payment system, but a political project l  Founded in ideology — extremist libertarianism l  No central authority at all — no trust requirement l  A completely rigid gold standard! — digital version l  Credit is bad too —use the actual “gold” as money
  • 16. The fabulous promises of Bitcoin! l  Decentralised! Trustless! l  Fast and free! l  Uncensorable and irreversible! l  No “just printing money”! l  Will destroy banks and governments! – they really claimed this
  • 17. How the promises worked out l  Bitcoin had recentralised by early 2014 l  Bitcoin “mining” has economies of scale — so it recentralises l  Four mining pools issue most of the bitcoins l  One company makes 80% of the mining chips l  Bitcoin uses 0.1-0.5% of all the electricity in the world — for 7 transactions per second worldwide
  • 18. How the promises worked out l  Uncensorable! Irreversible! l  Turns out not to be what users want – consumers like chargebacks, increases confidence l  Errors, fraud, thefts not easily reversible – irreversibility is a fraudster’s charter l  Brittle! – one mistake and you’ve lost your coins
  • 19. How the promises worked out l  You can’t “just print” bitcoins l  BUT – anyone can copy the code – and they did – 1000+ altcoins l  Market treats all these as one pool, “cryptos” l  Bitcoin is just like gold! … if you could create new gold mines by cut’n’paste l  Other coins (“altcoins”) don’t do much better
  • 20. 3. Blockchain for business
  • 21. What organisations want l  Any organisation — business, non-profit, government — has bureaucracy — the machinery they run on l  Can we make this work better? l  … with blockchains?
  • 22. “Blockchain” l  Bitcoin losing lustre by early 2014 l  So, market to business as“Blockchain technology” l  a.k.a. “Distributed Ledger Technology” (DLT) — do shared Excel sheets count? l  But – the promises are still Bitcoin promises! — else, shared Excel sheets would count l  “Blockchain” is a particular collection of marketing promises — not any particular technology
  • 23. The fabulous promises of Blockchain! l  Literally the Bitcoin promises — just change the buzzword! l  Decentralised, fast and free! — “against who” is not clear — no sensible threat model l  Uncensorable, irreversible, immutable, incorruptible! — nobody say “GDPR” l  Smart Contracts for added magic! — the hard bit is always done by “smart contracts” — which literally means “with a computer program”
  • 24. The fabulous promises of Blockchain! l  Actual promises from one large vendor: l  “an enterprise-class, cross-industry open standard for distributed ledgers that can transform the way business transactions are conducted globally” l  “highly secure blockchain services and frameworks that address regulatory compliance across financial services, government, and healthcare”
  • 25. The fabulous promises of Blockchain! l  Last two – “is” statements that are really “could” — “could” is a word meaning “doesn’t” l  No existing software does all those things l  Blockchain marketing promises things that literally don’t exist yet — e.g. patient-controlled healthcare data l  If it sounds too good to be true … it is.
  • 26. Blockchains in the real world l  Almost none in production use l  World Food Programme — single-user private Ethereum – i.e., a database l  Press releases — a majority from IBM l  Pilot programmes — lots of these from IBM — all actually centralised systems (Walmart, Maersk)
  • 27. 6 questions for your salesperson l  The obvious skeptical questions: l  1. Are they mixing up “might” and “is”? Does their software do all the stuff they said? l  2. Will the system scale to the size of your data? How? l  3. How do you deal with human error in the “immutable” blockchain or smart contracts?
  • 28. 6 questions for your salesperson l  4. If this is to work with people you trust less than the ones you deal with now – what’s your threat model? l  5. If it’s to work with people you can already trust – why blockchain? l  6. What does this get you that a centralised database can’t?
  • 29. GDPR and blockchains l  GDPR requires any collection of personal data to be redactable l  Never put personal data into a blockchain! l  Blockchain-for-marketing pitches claim using a blockchain will help comply with GDPR l  This is completely false
  • 30. How to reverse a hash l  Hashes are irreversible … … unless you have a table of someone else’s hashes
  • 31. Issues to consider l  Magic doesn’t happen — if it sounds too good to be true, it probably is l  Never put personal data into a blockchain! — even hashed personal data — don’t let even slightly personal data within a mile of it l  If it sounds too good to be true … l  … it probably is
  • 32. Any questions? l  David Gerard l  dgerard@gmail.com l  www.davidgerard.co.uk/ blockchain/ l  Twitter: @davidgerard