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Which blockchain ? The future at a crossroad

Which blockchain ? The future at a crossroad. Antonio Sassano. Roma 12 Dicembre, 2017. The Distributed Ledger ( BlockChain ). Private Key A. Public Key A. A. Transaction 3. Transaction 2. Transaction n. Transaction n. Transaction n. Transaction 2. Transaction 1.

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Which blockchain ? The future at a crossroad

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  1. Whichblockchain?The future at a crossroad Antonio Sassano Roma 12 Dicembre, 2017

  2. The Distributed Ledger (BlockChain) Private KeyA Public KeyA A Transaction 3 Transaction 2 Transactionn Transactionn Transactionn Transaction 2 Transaction 1 Transaction 2 Transaction 2 Transaction 1 Transaction 1 Transaction 1 Transaction 4 Transaction Signed by A Private KeyB B Public KeyB • Signed & ReadableTransactions (CryptoSignature) • Betweenanonymous «entities»: Humans or Machines • A transactioncan be: • the effect of an executable code (Smart Contract) • the transfer of a cryptocurrency • the trade of anyimmaterial asset (e.g. spectrum) BLOCK k+3 BLOCK k BLOCK BLOCK k+1 BLOCK k+2 BLOCK • A ConsensusAlgorithmvalidates the Block • WhichBlockis the next one? • Proof of Work: Computer power decides • Proof of Stake: Assets «atstake» decide • Algorand: FBA, Sortition and .. Mathematics • The «chain» of transactionsis«immutable» and «tamperproof» • Everybodycan read and write on the blockchain (Public) • No Centralized Trust Authority«certifies» the transactions • Highly Secureby design (Bitcoinas «showcase») Shared and verifiable by all stakeholders Thisis the Open, Public, Permissionless, Borderless, Distributed Ledger SeminariBordoniBlockChain - 25 Settembre, 2018

  3. The main takeaway The Open, Public, Permissionless, Borderless, Distributed Ledger is (can be) totally disruptive for ALL Central Trust BasedIndustries SeminariBordoniBlockChain - 25 Settembre, 2018

  4. (Only) Public BlockChains are Trustable and Secure - Only in the Public BlockChainALL stakeholders decide - Trust and Security High «by design». Efficiencyneedsresearch (Algorand) - Ifsome stakeholders «do not decide» wehave a Private BlockChain High «by design» (ConsensusAlgorithm) High «by design» (Bitcoinexample) Low (now!) All Stakeholders + Crypto + Math Not a BlockChain Low Low High Consortium (Private BC) Wehave a limited trust In Central Authorities • Single Point of Failure • Denial of Service • … HackedEveryday Dictators are Efficient Very Low Very Low Centralized Very High Trust of the Stakeholders (Cyber)Security Consensus RedDecide GreenOnlyStakeholders Efficiency SeminariBordoniBlockChain - 25 Settembre, 2018

  5. The race to shape Web 3.0 is on Web 2.0non-interoperable silos (platforms) APPS CLOUD Platforms Internet Protocol «Lean» Open Protocol Internet Protocol DAPPS Web 3.0 PrivateBlockChain ORACLIZE CORDITE Private BlockChains • Nothing«really» changes • Central Control and Silos • Data to Dapps and Platforms • In OTT .. We Trust • No interoperability • Efficiency«for free» (no research) CLOUD Platforms SeminariBordoniBlockChain - 25 Settembre, 2018

  6. … and is an information war • Banks + Mgmt Cons + Tech • BitcoinBlockChain? BAD! • Why? No Trust, Slow and … • … anyone can join / validate! • Banks + Mgmt Cons + Tech • Hyperledger?: Isolated silos ! • Corda? SameasEthereumbut ..«Right design for enterprises» SeminariBordoniBlockChain - 25 Settembre, 2018

  7. The «new beast» is the Public BlockChain Web 2.0 non-interoperable silos (platforms) APPS CLOUD Platforms Internet Protocol Web 3.0 PublicBlockChain DAPPS • Decentalised Cloud (IFPS) • Decentralised Control • Dataowned by producer • «FatProtocol» paradigm • Tokens movevaluedownward • Democracy «by design» BITCOIN STREAMR BANCOR BRAVE + BAT Public BlockChain EOS.IO ALGORAND Internet Protocol SeminariBordoniBlockChain - 25 Settembre, 2018

  8. Whowillprevail? • The History of Internet: • The dream: A resilient network without a C&C Center • The (once) Big PlatformsAttempt (’80-’90) «We are the secure, fast and efficient network»: • DNA (DECNet Internet 17k Nodes in 1989) • SNA (IBM), DSA (Honeywell) • TCP/IP and the WWWmade all of them obsolete! • Here we are again: • The dream: A resilient «book of transactions» with no Central Trust • The Big PlatformsAttempt: Private BlockChain • But can Notaries, Bank, Insurance, Administrations, OTT, …. Intermediaries in general survive in a Distributed World ? • Or Public, Open BlockChainwill make all of them obsolete! • We do not know. Butsurelytwothings are mandatory: • Researchand sharing of (good) Knowledge • Experiments on real life problems SeminariBordoniBlockChain - 25 Settembre, 2018

  9. the role of Fondazione Ugo Bordoni • Basic Skills: • Cryptography and (Cyber)Security Certification • Data Mining • Telecommunications(Network, Spectrum) • Knowledge of PA processes • OurGoals: • Foster a Permanent Forum on «Distributed Ledger» Technology • (Active) Participation to the EuropeanBlockChain Forum • (Active) Participation to the Italian Task Force on BlockChain • OurExperimentalProjects: • BlockChain for Dynamic Spectrum Management • Internet of Things– MicroPayments(5G) • Supply Chain Certification(FraudDetection) • Digital and AuthorshipRights Management SeminariBordoniBlockChain - 25 Settembre, 2018

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