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What is the Blockchain?

What is the Blockchain?.

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What is the Blockchain?

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  1. What is theBlockchain? We should think about the blockchain as another class of thing like the Internet – a comprehensive information technology with tiered technical levels and multiple classes of applications for any form of asset registry, inventory, and exchange, including every area of finance, economics, and money; hard assets (physical property); and intangible assets (votes, ideas, reputation, intention, health data, information,etc.)

  2. Agenda • What is Bitcoin/blockchaintechnology? • Currency, economics, and financeapplications • Digitalcurrency • Smartproperty • Smartcontracts • Governance and legalapplications • Science, health, literacy, and artapplications April 8, 2015 BlockchainExplained 4

  3. What isBitcoin? • Digitalcurrency • Combination of BitTorrent technology (peer-to-peer file sharing) and public key cryptography as solution to long-standing cryptographyproblems • Double-spendproblem • Copiability of digital assets; digital cash, like an imageattached to an email, can be copied infinitetimes • Centralized third party required to issue and reconciledigital cash transactions to prevent cash from being spentmultiply • Byzantine Generals’ ComputingProblem • Implication: any online transaction can bedecentralized • Conducted in a peer-to-peer trustless manner withouta controlling authority in themiddle Satoshi Nakamoto’s original design for the blockchain (2008)https://bitcoin.org/bitcoin.pdf 5

  4. How does Bitcoinwork? • Download software walletapp • Blockchain.info, Mycelium,etc. • Transfer Bitcoin via QR Code / public keyaddress • See your transaction confirm, post to the blockchain 6

  5. Where can I useBitcoin? http://bitcoinmaps.info/, http://coinmap.org/,https://airbitz.co/ 7

  6. What is theblockchain? • The open-source software upon which Bitcoin runs • A technology protocol layer likeTCP/IP • A transaction database, decentralized public ledger of alltransactions • Giant ‘interactive Google docspreadsheet’ that anyone can view and administrators (miners) continually verify and update to confirm that each transaction isvalid • Literally blocks (batches of transactions) in a chain, a sequential ledger oftransactions https://github.com/bitcoin/bitcoin, https://bitcoin.org/en/download,https://getaddr.bitnodes.io/ 11

  7. How robust is thenetwork? • 6441 Global Nodes running full Bitcoind (April2015) https://getaddr.bitnodes.io/ 12

  8. Economic and privacy arguments forBitcoin • Banking servicesmarket • 5 bn individuals worldwide withoutaccess • to banking, financial, creditservices • Remittancesmarket • $4 tn global market, 5-30%transaction • fee; immediate funds transfersolution • Vendor paymentsmarket • 1-3% merchant transactionfee • Hack-able ‘honey pot’ identitydatabases • Successful examples suggest demand for digitalpayments • Starbucks mobile app, ApplePay http://www.bitcoinvalues.net/who-accepts-bitcoins-payment-companies-stores-take-bitcoins.html 13

  9. Financial and Public RecordsApplications • Financialinstruments PublicRecords Currency Privateequities Publicequities Bonds Derivativescommodities Spendingrecords Tradingrecords Mortgage/loanrecords Servicingrecords Crowdfunding Microfinance Proxyfights Landtitles Vehicleregistries Businessincorporations Criminalrecords Passports Birthcertificates Deathcertificates VoterRegistration Voting Records Health/safetyinspections Buildingpermits Courtrecords http://forum.ethereum.org/discussion/1402/how-to-get-started-your-first-dapp-under-one-hour 14

  10. What is SmartProperty? • Register assets to blockchain via uniquekey • Blocktrace ledger tracksdiamonds • Real-time GPS LoJack tracking for anyasset • Blockchain becomes an inventory, tracking, and buy-sell mechanism for all hardassets • Decentralized assetexchange • Digital authentication accesssystem • Blockchain-based keylessentry https://openbazaar.org/,http://www.edgelogic.net/blocktrace 15

  11. What are SmartContracts? • Agreements between parties posted to the blockchain for automatedexecution • Examples • Bet on high temperaturetomorrow • Inheritance pay-out at age 21 or death ofbenefactor • Mortgage with automatic interest-rateresets • Blockchain-based Greek tax receipts inRicardian Contracts (YanisVaroufakis) • Koinify (Factom softwarelicenses) • Code: Ethereum andEris • https://github.com/ethereum/ • http://www.etherparty.io/ • https://erisindustries.com/ https://eng.erisindustries.com/smart%20contracts/2014/12/17/dennys-smart-contracting/ , http://forum.ethereum.org/discussion/1402/how-to-get-started-your-first-dapp-under-one-hour, http://financialcryptography.com/mt/archives/001555.html 16

  12. Decentralized Application (Dapp)Ecosystem http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491

  13. Economic Principles: not just forEconomics EconomicPrinciples • Traditional Deployment • Markets • BlockchainDeployment • Any interaction is adiscovery • and exchangeprocess • Abundance mindsetand overcomingscarcity • Decentralizedmodels • supplementhierarchy • Demurrage incitatorypotential and resource redistribution across networknodes • Reciprocal miningcommunities Blockchain technology is prompting us to rethink economic principles inmarkets, and apply them much more extensibly to other situations in a non-monetarysense

  14. Blockchains: Global andLiberty-enhancing • Global governance for transnationalorganizations • WikiLeaks, ICANN,Wikipedia • Benefits of blockchainadministration • Uplift to cloud from local jurisdictionalregulations • Universal administration mechanism for globalorganizations • Structure promotes transparency, accountability,freedom • Namecoin: decentralizedDNS SnowdenAffair http://www.forbes.com/sites/andygreenberg/2010/12/07/visa-mastercard-move-to-choke-wikileaks/ 20

  15. BlockchainLegal • Notary Service, Attestation • Register contracts, agreements, wills (Proof of Existence,Factom) • Register, protect, and transact IP (Monegraph,Ascribe) • How it works • Hash + timestamp + blockchainrecord http://www.proofofexistence.com/

  16. SmartContract LawFirm? • Law is something to be radically reshaped by the emergence of technology, it is about the management and manipulation of data on an entirely new scale - RichardSusskind http://www.robotandhwang.com/attorneys/

  17. Blockchain Science and What isMining? • Mining is the process of adding transaction records to the public ledger by performing a computing task that is costly to execute but easy to verify • Issue: mining is purposefully wasteful to deter maliciousplayers • ‘Green’ miningprojects • Primecoin • Foldingcoin • Gridcoin • Zennet http://www.righto.com/2014/02/bitcoin-mining-hard-way-algorithms.html, http://codinginmysleep.com/bitcoin-mining-in-plain-english/ 25

  18. BlockchainHealth • Blockchain technology in health-relatedapplications • EMRs: Personal Health Record Storage andAccess • Personal health records stored and administered viablockchain • Users key-permission doctors and other parties intorecords • Health ResearchCommons • Aggregated personal medical records, quantified selfdata commons (DNA.bits), genome and connectomefiles • Health Document NotaryServices • Proof-of-insurance, test results, prescriptions, status,condition, • treatment, physicianreferrals • Doctor Vendor RFPServices • (Like Uber drivers) doctors and health practices bid tosupply medical services; automated bidding viatradenets http://futurememes.blogspot.fr/2014/09/blockchain-health-remunerative-health.html

  19. BlockchainGenomics • Jurisdictional regulation prevents individuals from having access to their own geneticdata http://genomesunzipped.org/2011/03/people-have-a-right-to-access-their-own-genetic-information.php

  20. BlockchainArt Rio, Tel Aviv, Hamburg, Barcelona, Seoul, Tokyo, NewYork http://bitfilm.com/festival.html 28

  21. BlockchainArt • Fine art paperwallets http://cryptoart.com/ 29

  22. Summary: The blockchainis… • A decentralized public transactionledger • A currency, finance, economic, smart propertysystem • An enabler of the M2M/IOT machineeconomy • A registry, listing, and management system for all of the world’s assets, smart property, and itemizablequanta • A society’s public records repository, a representative and participatory legal and governancesystem • A tool for science, health, literacy, and artapplications • A new form of information technology, a decentralized system of checks and balances, an infrastructure, an organizing system that is universal andplanetary-scale http://www.melanieswan.com/documents/BlockchainThinking_SWAN.pdf 34

  23. Conclusion Blockchain technology, cryptocurrencies, and smart contracts are truly a new kind of thing…technically, conceptually, structurally, and socially…with tremendous potential to decentralize and transform the manner in which we conduct all activity…to realize futures that are more efficient and participative, scalable at a planetary level, and enhancing of core values such as liberty, equality, andinnovation http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491 35

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