BLOCKNOTARY PATRICE KERREMANS & DANILA SMOLKO
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BLOCKNOTARYPATRICE KERREMANS & DANILA SMOLKO
INTRO
THE TEAM
Danila Smolko Patrice Kerremans
Geert Vermeiren Pat(rick) Boens
TEXT
▸ Bitcoin & Blockchain (including Payment Demo)
▸ Ethereum
▸ Hyperledger
▸ Smart Contracts (including cases)
▸ Notary impacts (including cases)
SHORT INTRODUCTION
https://www.youtube.com/watch?v=YIVAluSL9SU
Bitcoin is the tip of the Ice berg
The blockchain can be used for any property transaction
The Blockchain is the single source of truth
It is distributed and doesn’t require middlemen
It is virtually unhackable due to this distributed nature
SUMMARIZED
INTERNET
MOBILE
CLOUD
BLOCKCHAIN
BITCOIN & BLOCKCHAIN
A PURELY PEER-TO-PEER VERSION OF ELECTRONIC CASH [WHICH] WOULD ALLOW ONLINE PAYMENTS TO BE SENT DIRECTLY FROM ONE PARTY TO ANOTHER WITHOUT GOING THROUGH A FINANCIAL INSTITUTION.
2008 - Satoshi Nakamoto - whitepaper
INTRODUCTION OF THE BITCOIN CONCEPT
THE BLOCK CHAIN IS …
A chain of blocks (duh!)
Blocks containing transactions and referencing previous blocks…
Genesis Block
THE TIMES 03/JAN/2009 CHANCELLOR ON BRINK OF SECOND BAILOUT FOR BANKS
BitCoin Genesis Block’s Coinbase Parameter
THE FAMOUS BITCOIN GENESIS BLOCK
SOLVING A VERY DIFFICULT PUZZLE
PROOF OF WORK
Find a hash that starts with a number of leading zeros
The acting of searching for this nonce is called mining
The first miner to find this nonce is rewarded new bitcoins that are created by adding a Coinable Transaction to the block.
Coinbase Transaction = reward
Regular Transactions
MINERMINER
PARTY
PARTY
PARTY
PARTYA
C
0000000000e304476c788cd474fb579a
TEXT
FINDING THIS APPROPRIATE HASH = MINING Find the hash with enough zeroes = mining
MINING BITCOINS
THE ALGORITHM ADAPTS TO MAKE MINING ONE BLOCK TO TAKE APPROXIMATELY
10 MIN
WHAT IS BLOCKCHAIN
NOT CENTRALIZED, NOT DECENTRALIZED, DISTRIBUTED
Every node in the network has a full copy of the entire blockchain
TEXT
THE BLOCKCHAINDistributed No central, nor decentralized power(s) has control over the
system
Immutable means that something is unchanging over time or unable to be changed
Traceable Since all transactions are timestamped and linked to previous transactions they can be traced & audited
public / pseudo anonymous Anyone can join the blockchain and use it to submit transactions. No KYC -yet- so some privacy
Crypto-key based extremely secure
Smart Contracts promising technology
WALLET
THE PLAYERS
U
BLOCK CHAIN
WALLET PROVIDER
WALLET PROVIDER
WALLET PROVIDER
COIN EXCHANGE
COIN EXCHANGE
U
U
WALLET
Users can have their wallet managed at a wallet provider and then buy and sell Coins via a Coin exchange (typically for a fee)
Some exchanges all serve as wallet providers
User can exchange Coins in their managed wallet with other users
User can also manage their own wallets in their own devices (but then the user needs to manage their private keys as well)
MINER
MINER
MINER
MINER
TEXT
PAYMENT DEMO
II € €
THE BYZANTINE GENERALS PROBLEM
THE PROBLEM EXPLAINED
A1 and A2 have not yet agreed on a attack time
A2 only attacks if A1 attacks and vice-versa
A1 nor A2will perish if they attack B alone
A1 and A2 can only send messages with messengers that have to go through the valley
RULESOf the Fight
GENERAL IMPOSSIBILITY: IN GENERAL, NO SOLUTIONS WITH FEWER THAN 3M+1 GENERALS CAN COPE WITH M TRAITORS
SOLUTION
NAKAMOTO ALGORITHM
by having a large enough amount of generals (miners) fight (mine) a heavy terrain (puzzle) should begged enough a deterrent for traitors (hackers)
OTHER BLOCKCHAINS
ETHEREUM
ETHEREUM
BETTER THAN BITCOIN (?)▸ In Ethereum the block time is set to twelve seconds compared to Bitcoins 10 minutes. This allows for faster transaction times. Ethereum does this by
using the Ghost protocol.
▸ Ethereum has a slightly different economic model than Bitcoin – Bitcoin block rewards halve every 4 years whilst Ethereum releases the same amount of Ether each year ad infinitum.
▸ Ethereum has a different method for costing transactions depending on their computational complexity, bandwidth use and storage needs. Bitcoin transactions compete equally with each other. This is called Gas in Ethereum and is limited per block whilst in Bitcoin it is limited by the block size.
▸ Ethereum has its own Turing complete internal code... a Turing complete code means that given enough computing power and enough time... anything can be calculated. With Bitcoin there is not this form of flexibility.
▸ Ethereum was crowd funded whilst Bitcoin was released and early miners own most of the coins that will ever be mined. With Ethereum 50% of the coins will be owned by miners in year five.
▸ Ethereum discourages centralized pool mining through its Ghost protocol rewarding stale blocks. There is no advantage to being in a pool in terms of block propagation.
▸ Ethereum uses a memory hard hashing algorithm called Ethash that mitigates against the use of ASICS, and encourages decentralised mining by individuals using their GPU’s.
https://www.cryptocompare.com/coins/guides/why-is-ethereum-different-to-bitcoin/
CRYPTOCURRENCY
ETHEREUM’S CURRENCY IS CALLED
ETHER
HYPERLEDGER
HYPERLEDGER (OR THE HYPERLEDGER PROJECT) IS A CROSS-INDUSTRY COLLABORATIVE EFFORT, STARTED IN DECEMBER 2015 BY THE LINUX FOUNDATION, TO SUPPORT BLOCKCHAIN-BASED DISTRIBUTED LEDGERS. IT IS FOCUSED ON LEDGERS DESIGNED TO SUPPORT GLOBAL BUSINESS TRANSACTIONS, INCLUDING MAJOR TECHNOLOGICAL, FINANCIAL, AND SUPPLY CHAIN COMPANIES, WITH THE GOAL OF IMPROVING MANY ASPECTS OF PERFORMANCE AND RELIABILITY.
wikipedia
HYPERLEDGER
R3
R3 (R3CEV LLC) IS A BLOCKCHAIN TECHNOLOGY COMPANY. IT LEADS A CONSORTIUM OF 45 FINANCIAL COMPANIES IN RESEARCH AND DEVELOPMENT OF BLOCKCHAIN USAGE IN THE FINANCIAL SYSTEM.
wikipedia
R3
COMPARISON
COMPARISON
HyperLedger Ethereum BitcoinDescription General Purpose
BlockchainGeneral Purpose
BlockchainTransactions Blockchain
Governance Linux Foundation Ethereum Developers Bitcoin Developers
Currency none Ether Bitcoin
Mining Reward none Ether Bitcoin
Consensus Network Pluggable Mining Mining
Network Private or Public Public or Private Public
Privacy Open to Private Open Open
Smart Contracts Multiple Programming languages
Solidity Programming Language Not baked in
SMART CONTRACTS
Firm A Firm B
SMART CONTRACT
IF (CONDITIONS ARE MET) THEN EXECUTE THESE TERMS
The use of code and a blockchain to execute logic if certain conditions are met.
Execution is not “forgotten”, it is automatic.
No discussion about the conditions or terms, since code is unambiguous.
You still need lawyers to make sure the rules are properly defined.
Faster and cheaper.
THE PHRASE "SMART CONTRACTS" WAS COINED BY LEGAL THEORIST COMPUTER SCIENTIST NICK SZABO IN 1994*
wikipedia
SMART CONTRACTS
* the idea was around since the 70s, though
SMART CONTRACT TEMPLATES
A DECENTRALIZED AUTONOMOUS ORGANIZATION THAT IS RUN THROUGH RULES ENCODED AS COMPUTER PROGRAMS CALLED SMART CONTRACTS. A DAO'S FINANCIAL TRANSACTION RECORD AND PROGRAM RULES ARE MAINTAINED ON A BLOCKCHAIN
wikipedia
DAO - DECENTRALIZED AUTONOMOUS ORGANIZATION
COULD THE BITCOIN NETWORK BE USED AS AN ULTRA-SECURE NOTARY SERVICE?
YES!*
* but mainly for proof of existence, not for all notary services…
ADDING A COMMENT TO THE BLOCKCHAIN
OP_RETURN
80 CHARACTERS
ADDING A “DOCUMENT” TO THE BLOCKCHAIN
C35AD8A76CF51E00E6E3DADAE01712C7DDCFF83CA7125D1D3BB
2A8D7A57B10CD
21/09/2016
TEXT
GHANA - BITLAND
Ghana Blockchain Cadastral Land Registration Registry Technology 2016 by NGO Bitland: ‣ Investigate the issued land title (land commission of Ghana)
‣ Survey the land (real estate)
‣ Confirm the land-title validity (talk to nearby neighbours).
‣ Record the property GPS coordinates with a GPS device
‣ Submit the collected data and information into the Blockchain ledger
‣ Issue a paper certificate to the rightful property owner
TEXT
BLOCK NOTARY AN TIERON
▸ Sending a picture to the blockchain and receiving a receipt for it.
TEXT
BLOCK NOTARY
UPROOV.COM
LOVE AND MARRIAGE…
ATM
TEXT
WHAT DOES LEARN US?
TEXT
STARTUPS
START-UPS
TEXT
MORE STARTUPS, DIFFERENT VIEW
BANKS & FINANCIAL SERVICES PLAYERS
BANKS
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