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Understanding Blockchain

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Blockchain is among the most hyped but least understood technology today. In this webinar we deep dive on how it can help you transform your business.

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Understanding Blockchain

  1. 1. The webinar will start shortly… Thanks for joining us today!
  2. 2. Tell us where you’re dialing in from!
  3. 3. Hello! Ritesh Patel EVP, Chief Digital Officer Ogilvy CommonHealth Worldwide Helen Disney Founder Unblocked Thomas Crampton Global Managing Director Social@Ogilvy
  4. 4. A quick introduction by our guest - Unblocked: An overview of Unblocked: A hub for Blockchain events, education and information. Sector-specific events designed to introduce C-level professionals to this cutting-edge technology, demonstrating concrete examples of how their companies can take it forward. Building a growing business community interested in Blockchain events, information, interviews, news and views
  5. 5. Blockchain: “an operating system for the planet”? Blockchain is the technology which allows the digital currency bitcoin to function – we can’t understand blockchain without bitcoin BUT blockchain technology is much more than simply a financial technology Blockchain technology has special properties which make it very useful Blockchain solutions can be therefore be used to transform a range of industries including healthcare
  6. 6. What is Bitcoin – Part 1? You may know Bitcoin as a virtual or digital currency (properly known as a cryptocurrency) ”a techno tour de force." - Bill Gates, Founder of Microsoft “It's money 2.0” - Chamath Palihapitiya, Former head of AOL “The TCP/IP of money" - Paul Buchheit, Creator of Gmail “The first [encrypted money] that has the potential to do something like change the world." - Peter Thiel, Co-Founder of Paypal BUT did you know that Bitcoin is also a giant computing network?
  7. 7. What is Bitcoin – Part 2? Did you know that the Bitcoin network is the largest distributed computing project in the world – more powerful than Google? All transactions on the Bitcoin network are recorded on the Blockchain = the ‘World Wide Ledger’ “The blockchain is a truly open, distributed, global platform that fundamentally changes what we can do online, how we do it, and who can participate” (Don Tapscott, author, Blockchain Revolution)
  8. 8. Bitcoin: Advantages and Disadvantages Disadvantages At $10B, Market cap is very small and so difficult for institutional investors to take meaningful positions. With the absence of any sovereign Government backing, Bitcoin’s value is backed by public’s confidence in its security and value, making it highly volatile. State-by-state licensing regime makes investing in Bitcoin extremely costly. Risk of another currency becoming more popular, for example Ethereum Advantages Anyone can add bitcoin to their portfolio, not just qualified investors. Investors can invest without paying hefty fees typically charged by VCs. Bitcoin is highly liquid vs VC investments. Ultimately the fact that it’s cap will be reached by 2140 suggests that it has deflationary tendencies, which will lead to higher value as supply reduces.
  9. 9. Bitcoin blockchain protocol Jim owes Alice money for lunch. He installs an app on his smartphone to create a new Bitcoin wallet. A wallet app is like a mobile banking app and a wallet is like a bank account. To pay her, he needs two pieces of information: his private key and her public key. Jim gets Alice’s public key by scanning a QR code from her phone, or by having her email him the payment address, a string of seemingly random numbers and letters.* The app alerts Bitcoin ‘miners’ around the world of the impending transaction. ‘Miners’ provide transaction verification services in exchange for bitcoin. 1 All pending transactions in the past 10 minutes are grouped for verification. The miners verify that Jim has enough bitcoins to make the payment by completing complex cryptographic computations. Once verified, the new block joins the prior block so a chain is made – the blockchain. This provides an immutable and permanent audit trail to prove occurrence and timing of transactions. All the transactions in the block are now fulfilled and Alice gets paid. 22 3 4 5 6 7 Transaction Requested Transaction Authorized Transaction Executed & Recorded
  10. 10. Think of blockchain as a transformative way to establish trust, transparency, and efficiency within P2P systems A continually updated, network hosted ‘database’ of all transactions on a blockchain. Comprised of blocks of transactions (with metadata) chained together by cryptography Digital Ledger Programmed into each blockchain protocol, and responsible for verifying and updating transactions on the network’s digital ledger; not necessary in private blockchains Consensus Mechanism The good transacted on a blockchain; cryptocurrency provided the initial proof of concept, with the industry now looking to “color tokens” – i.e. any other form of digital asset Digital Asset Computing nodes with access to the blockchain, able to manipulate the ledger and view past transactions; may be pre-approved or verified by a consensus mechanism Network Participants Blockchain is comprised of 4 basic components
  11. 11. Two parts to Blockchain PUBLIC - The Bitcoin Blockchain - open source, highly secure, ‘permissionless’ ie anyone can be part of it PRIVATE – ‘Bespoke’ blockchains – closed, require permission to access (‘permissioned’), less secure
  12. 12. Normal Transaction Note the no. of participants for a single transaction. Intermediaries involved: 6 Intermediaries are needed for trust. Security: Can be compromised
  13. 13. Blockchain Transaction Intermediaries involved: 2 A knows B’s computer address (or B’s public key) A encrypts the message – Timestamp + B’s Public Key B decrypts it using his own private key
  14. 14. Some use cases
  15. 15. Blockchain: to date span a wide variety of industries and use-cases DISTRIBUTED LEDGER
  16. 16. Financial Services Low cost cross-border frictionless payments, low transaction risk, near instant settlement, easy to use no third party. Example:
  17. 17. Real Estate Blockchain applications can help record, track, and transfer land titles, property deeds and helps ensure the documents are accurate and verifiable. Example:
  18. 18. Retail- Provenance Provenance use digital tools power transparent businesses and traceable products. They use blockchain technology to make purchases that are secure, meaningful and more informed.
  19. 19. Healthcare
  20. 20. Blockchain Value Propositions for Healthcare Health Information Exchange (HIE) Pain Points Blockchain Opportunities Establishing a Trust Network depends on the HIE as an intermediary to establish point-to-point sharing and “book-keeping” of what data was exchanged. Disintermediation of Trust likely would not require an HIE operator because all participants would have access to the distributed ledger to maintain a secure exchange without complex brokered trust. Cost Per Transaction, given low transaction volumes, reduces the business case for central systems or new edge networks for participating groups. Reduced Transaction Costs due to disintermediation, as well as near-real time processing, would make the system more efficient. Master Patient Index (MPI) challenges arise from the need to synchronize multiple patient identifiers between systems while securing patient privacy. Distributed framework for patient digital identities, which uses private and public identifiers secured through cryptography, creates a singular, more secure method of protecting patient identity. Varying Data Standards reduce interoperability because records are not compatible between systems. Shared data enables near real-time updates across the network to all parties. Limited Access to Population Health Data, as HIE is one of the few sources of integrated records. Distributed, secure access to patient longitudinal health data across the distributed ledger. Inconsistent Rules and Permissions inhibit the right health organization from accessing the right patient data at the right time. Smart Contracts create a consistent, rule-based method for accessing patient data that can be permissioned to selected health organizations.
  21. 21. 10 Notable Healthcare Companies Built on Blockchain Gem Blockchain application platform for enterprises. For example, its first partner is Philips Blockchain Lab, a research center on Blockchain who is exploring the uses of Blockchain technology in clinical trials. Blockchain security company, seeking to register every update and access to healthcare records in the Blockchain. They signed a deal with the Estonian e-Health Authority to secure the country’s health records, and created a network that can be used by patients, providers, private companies or the government to access information in a safe way. Australian Blockchain company that built a platform CyphMD’s to improve and facilitate data sharing using smart contracts on the Ethereum Blockchain. Improved data sharing will influence the accuracy of the diagnosis and reduce the potential for common clinical errors. Platform that helps manage medical records using Ethereum Blockchain. It was created by MIT graduates with the goal to give patients the control over their health data. Their prototype gives patients one-stop-shop access to their medical history across multiple providers. Blockchain application company operating out of San Francisco seeking to revolutionize the relationship between medical researchers and users, so users can share their medical data while maintaining control. Guardtime Brontech MedRec Blockchain Health Co.
  22. 22. 10 Notable Healthcare Companies Built on Blockchain Pokitdok Platform company offering 5 types of solutions: clearinghouse (X12), private label marketplace, scheduling, identity management and payment optimization to improve communication among the medical community and reduce the inefficiency of the healthcare system. Help insurance companies use the Blockchain for their record keeping, so that all parties involved are able to easily verify the accuracy of the claims and further increase efficiency in medical billing processes. They signed a deal with US health data software provider to imprint their documents on the Blockchain to guarantee authenticity of sequence of events. French startup looking to improve the major issue of lack of transparency and trust panning from data falsification in pharmaceutical clinical trials. For example of 137 clinical trials it investigated during a study, 67 found outcomes they weren’t expecting, and only 9 reported their results properly. Global Blockchain platform company looking to solve problems in several industries. The startup partnered with Philips Healthcare to work on the possible applications of Blockchain technology to improve the healthcare industry. French startup using blockchain-based technologies to fight drug counterfeiting. Blockchain can improve drug traceability, allow participants in the supply chain interact easily and alert the labs of fake drugs. Factom Stratumn Tierion Blockpharma
  23. 23. Business Models Software as a Service - Companies charge a fee for using their API and infrastructure. Example: Tierion Professional Services - Some companies build custom projects for enterprise clients. Many existing firms have Blockchain practice areas. Examples: Gem. Flat Fees & Transaction Fees - Some companies build and maintain networks between a consortium of partners. They make money by charging a subscription fee or a transaction fee on activity in the network. Often times, they are a part owner of the network. Examples: Chain, R3Cev Service Level Agreements - Some businesses build platforms and host infrastructure for enterprise customers. They offer a SLA for uptime and maintenance. Examples: Bloq, Microsoft Cryptocurrency Speculation - Some Blockchain companies either issue their own token or the management holds large amounts of a cryptocurrency such as Ethereum. These companies do work that makes the market value of their token increase. They then sell the token to
  24. 24. Potential Healthcare Use: Blockchain and a Data Lake Create a health blockchain as an index Transactions in the blocks would contain a user’s unique identifier, an encrypted link to the health record and a timestamp for when the transaction was created. The health blockchain would contain a complete indexed history of all medical data, including formal medical records as well as health data from mobile applications and wearable sensors, and would follow an individual user throughout their life. All medical data would be stored off blockchain in a data repository called a data lake. Data lakes would be valuable tools for health research and would be used for a variety of analysis including mining for factors that impact outcomes, determining optimal treatment options based on genetic markers and identifying elements that influence preventative medicine.
  25. 25. Data Lake - Interoperability
  26. 26. Data Lake – Access & Security
  27. 27. Example - Estonia Estonian eHealth Foundation and Guardtime partner to accelerate adoption of Guardtime’s KSI blockchain with Estonian electronic health-care systems. Parties integrate KSI blockchain with existing Oracle databases to provide increased security, transparency, auditability and governance for electronic systems and lifecycle management of patient records. Provides a template for other nations with health care fraud measured in the hundreds of billions of dollars every year.
  28. 28. Questions? Ritesh Patel EVP, Chief Digital Officer Ogilvy CommonHealth Worldwide Helen Disney Founder Unblocked Thomas Crampton Global Managing Director Social@Ogilvy
  29. 29. Want this deck? It will be available for download shortly after the webinar on: Ogilvy staff: It’s also on The Market! Are you on the go? You can join our webinars on mobile, too! Download the GoToWebinar app from the App Store or Google Play
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Blockchain is among the most hyped but least understood technology today. In this webinar we deep dive on how it can help you transform your business.


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