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Blockchain Technology: A New Approach to Provenance

Blockchain Technology: A New Approach to Provenance. Presenter: Nelson M. Rosario Principal at Smolinski Rosario Law Adjunct Professor, Illinois Tech Chicago-Kent College of Law Visiting Professor, IE Law School Date: March 12, 2019. What is new here?. What is Blockchain?. The future ?.

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Blockchain Technology: A New Approach to Provenance

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  1. Blockchain Technology: A New Approach to Provenance Presenter: Nelson M. Rosario Principal at Smolinski Rosario Law Adjunct Professor, Illinois Tech Chicago-Kent College of Law Visiting Professor, IE Law School Date: March 12, 2019

  2. What is new here?

  3. What is Blockchain?

  4. The future?

  5. The future? A scam?

  6. The future? A scam? Magic Internet Money?

  7. Blockchain technology is mainly about one key principle….

  8. Blockchain technology is mainly about one key principle…. trust

  9. Blockchain technology allows for a new way to manage trusted relationships without using a central counterparty

  10. Now we can trust that informationtransacted on a network we do not trust has not been tampered with

  11. IT ALL BEGINS WITH BITCOIN...

  12. THE DOUBLE SPEND PROBLEM • HOW CAN YOU BE SURE THAT THE DIGITAL MONEY YOU RECEIVED HASN’T ALREADY BEEN SPENT? • TRADITIONALLY BANKS PROVIDED THE SOLUTION • BITCOIN OFFERED A DECENTRALIZED SOLUTION

  13. TRANSACTIONS ON THE BITCOIN NETWORK ARE PUBLIC TO EVERYONE IN THE NETWORK

  14. ANYONE CAN VERIFY THAT FUNDS ON THE BITCOIN NETWORK HAVEN’T BEEN SPENT YET

  15. BITCOIN RESULTS IN THE FIRST UNIQUE VERIFIABLE DIGITAL PROPERTY

  16. PUT ANOTHER WAY NOW WE HAVE TRUE DIGITAL SCARCITY

  17. THE BUILDING BLOCKS OF BLOCKCHAIN TECHNOLOGY NETWORKS+ LEDGERS + CRYPTOGRAPHY = BLOCKCHAIN APPLICATIONS

  18. THE BUILDING BLOCKS OF BLOCKCHAIN TECHNOLOGY BY COMBINING THESE THREE TECHNOLOGIES AND ADDING SOME ECONOMIC INCENTIVES = BLOCKCHAIN APPLICATIONS

  19. Networks: Centralized, peer-to-peer

  20. A GROUP OF PEOPLE THAT SHARE INFORMATION AND RESOURCES

  21. MUCH OF HUMAN HISTORY CONCERNS SCALING TRUST AND GROWING NETWORKS

  22. THE WAY TRUST HAS BEEN SCALED HAS BEEN THROUGH THE USE OF COORDINATION TECHNOLOGY

  23. COORDINATION TECHNOLOGIES • WRITING • TELEGRAPH • TELEPHONE • THE INTERNET • BLOCKCHAIN APPLICATIONS?

  24. NETWORKS - TYPES

  25. MOST BLOCKCHAIN NETWORKS ARE ORGANIZED AS DECENTRALIZED NETWORKS

  26. MOST CRYPTOCURRENCY BLOCKCHAINS ARE PEER TO PEER NETWORKS

  27. PEER-TO-PEER NETWORK

  28. HOW SHOULD WE ORGANIZE INFORMATION ON THESE NETWORKS?

  29. ONE WAY IS TO USE A LEDGER

  30. Ledgers: centralized, distributed

  31. LEDGERS ARE OLD AND STILL IN USE

  32. LEDGERS - ISSUES • LEDGERS CAN BE MAINTAINED BY A CENTRAL PARTY • LEDGERS CAN BE MAINTAINED BY MULTIPLE PARTIES THAT THEN NEED TO RECONCILE THEIR LEDGERS

  33. LEDGERS ALLOW PARTIES TO COME TO A CONSENSUS ON WHO OWNS WHAT

  34. NOT ALL LEDGERS NEED BE CENTRALIZED OR RECONCILED

  35. DISTRIBUTED LEDGERS ARE SHARED/REPLICATED LEDGERS

  36. DISTRIBUTED LEDGERS TYPICALLY LEVERAGE PEER-TO-PEER NETWORKS

  37. THE DIFFICULTY WITH DISTRIBUTED LEDGERS IS HOW DOES INFORMATION GET ORDERED CORRECTLY?

  38. OR PUT ANOTHER WAY HOW DO WE COME TO CONSENSUS?

  39. BYZANTINE GENERALS PROBLEM

  40. WHAT ABOUT KEEPING THINGS SECRET?

  41. Cryptography: encryption, decryption, hashing, digital signatures

  42. CRYPTOGRAPHY IS ALL ABOUT SECRETS

  43. CRYPTOGRAPHY IS AS OLD AS WRITING

  44. MOST CRYPTOCURRENCY BLOCKCHAINS USE PUBLIC-KEY CRYPTOGRAPHY

  45. THEY ALSO USE HASHING AND DIGITAL SIGNATURES

  46. Great, now what?

  47. Applications: blockchain, cryptocurrency, smart contracts, daos

  48. Blockchain: A definition • A blockchain is a tamper-evident censorship resistant append-only ledger of transaction data • Note: There is no universally accepted definition of what a blockchain is

  49. Two main flavors of blockchain Permissionless • Anyone can join • People come and go as they please • Usually focused on unique crypto tokens, i.e. cryptocurrency • Lots of questions concerning governance, scalability, legality, etc. Permissioned • Much more strictly controlled • Favored by large corporations • Need permission to join, and/or view the information stored on the chain • Far less questions concerning governance, scalability, legality, etc.

  50. The distributed ledger can be represented as blocks of transactions that are linked together through cryptography

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