Blockchain Technology https://www.ivedix.com/the-enormous-potential-of-blockchain-technology/

Outline What is Blockchain Applications Example: Bitcoin

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What is Blockkchain link Blockchain technology offers a way for untrusted parties to reach consensus on a common digital history. A common digital history is important because digital assets and transactions are in theory easily faked and/or duplicated. Blockchain technology solves this problem without using a trusted intermediary. https://www.cbinsights.com/research/what-is-blockchain-technology/

Blockchain/Block chain link A growing list of records, called blocks Linked using cryptography Each block contains a cryptographic hash of the previous block,  a timestamp, and transaction data It is an Open distributed ledger Record transactions between two parties efficiently in a verifiable and permanent way Typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks] https://en.wikipedia.org/wiki/Blockchain

Blockchain (continued) link Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks Blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance.  Decentralized consensus has therefore been claimed with a blockchain.

Blockchain (continued) link Blockchain was invented by a person (or group of people) using the name Satoshi Nakamoto (unknown identity) in 2008 Serve as the public transaction ledger of the cryptocurrency bitcoin Blockchains which are readable by the public are widely used by cryptocurrencies. Blockchain is considered a type of payment rail

Bitcoin network link https://en.wikipedia.org/wiki/Blockchain#/media/File:Bitcoin_Block_Data.svg

Bitcoin network link

Bitcoin Bitcoin is a cryptocurrency Invented in 2009 by an anonymous founder known as Satoshi Nakamoto. Isn’t managed by a bank or agency but transactions are recorded in the blockchain It is public and contains records of each and every transaction that takes place. The cryptocurrency is traded by individuals with cryptographic keys that act as wallets.  Bitcoins are moved in blocks every 10 minutes on a decetnralized ledger that connects blocks into a coherent chain dating back to the first genesis block. It was originally described as a peer-to-peer electronic cash but the technology has evolved to emphasize being a settlement layer rather than a payment network. https://www.coindesk.com/price/bitcoin

Blockchain – Uses link Cryptocurrencies use blockchain technology to record transactions bitcoin network is based on blockchain May 8, 2018 Facebook  Is opening a new blockchain group Headed by David Marcus (previously was in charge of Messenger). According to The Verge Facebook is planning to launch its own cryptocurrency for facilitating payments on the platform.

Blockchain – Uses (continued) link Smart contracts Proposed contracts that could be partially or fully executed or enforced without human interaction.[53]  Objectives of a smart contract automated escrow An IMF staff discussion reported that Smart contracts based on blockchain technology might reduce moral hazards and optimize the use of contracts in general. “No viable smart contract systems have yet emerged." Due to the lack of widespread use their legal status is unclear.

Blockchain – Uses (continued) link Financial services Major portions of the financial industry are implementing distributed ledgers for use in banking and according to a September 2016 IBM study, this is occurring faster than expected. Banks are interested in this technology because it has potential to speed up back office settlement systems. Banks are opening new research labs dedicated to blockchain technology Financial services - increase efficiency and reduce costs. Berenberg, a German bank, believes that blockchain is an "overhyped technology" still has major challenges and very few success stories.

Blockchain – Uses (continued) link Supply chain Industries trying to employ blockchains in supply chain logistics and supply chain management. Works to develop open standards for supply chains. Walmart and IBM are running a trial to use a blockchain-backed system for supply chain monitoring — all nodes of the blockchain are administered by Walmart and are located on the IBM cloud.[70]

Types of blockchains link Public blockchains A public blockchain has absolutely no access restrictions. Anyone with an Internet connection can send transactions to it as well as become a validator (i.e., participate in the execution of a consensus protocol). Public blockchains example: Bitcoin blockchain Ethereum blockchain.

Types of blockchains (continued) link Private blockchains Join when invited by the network administrators. Participant and validator access is restricted. interested in the blockchain technology in general but are not comfortable with a level of control offered by public networks. Typically, they seek to incorporate blockchain into their accounting and record-keeping procedures without sacrificing autonomy and running the risk of exposing sensitive data to the public internet

Types of blockchains (continued) link Consortium blockchains semi-decentralized. is permissioned A number of companies each controlled and operated a node on such a network. The administrators of a consortium chain restrict users' reading rights as they see fit and only allow a limited set of trusted nodes to execute a consensus protocol.

Types of blockchains (continued) link Hybrid blockchains combination between different characteristics both public and private blockchains have by design. It allows to determine what information stays private and what information is made public.

Bitcoin Price (BTC) 17394.97 (Dec 2017) https://www.coindesk.com/price/bitcoin

Videos How the blockchain is changing money and business | Don Tapscott link TED Talks: The Blockchain Explained Simply Link How Bitcoin Works Under the Hood link

Businesses FedEx Executive Advocates for Industry Blockchain Standards link London Stock Exchange CEO Is Certain That Blockchain Can Be Used in Issuing, Settlement London Stock Exchange CEO hints at how the 300-year-old trading venue could use blockchain link 80 Firms Including MasterCard, Coinbase Spent $42 Mln Lobbying Crypto, Fintech Issues in Q1 Singapore and Canada Central Banks Complete First Cross-Border Blockchain Payment