Blockchain Technology - Application and Benefits [17 May 2016]

transcript

CLOUD ARCHITECTURE IN ATO

Distributed Ledger TechnologyTuesday, 17th May 2016

Presented ByMick Motion-WiseTechnology Architect04-3747-9236mick@motion-wise.net

Agenda What is Distributed Ledger Technology [blockchain] How does blockchain work Use Cases

◦ Smart Property◦ Diamonds◦ Health

Wrap Up

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Blockchain is a tamper-proof, immutable, transparent distributed ledger with no single-point-of-failure.

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What is blockchain?

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The blockchain

overlay network

management

blockchain

data exchange

strategy.

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How does blockchain work?The digital registers of the blockchain use an encryption method known as cryptographic hashing.

Members of the blockchain use a private key to sign transactions recorded into the register.

All transactions can be audited publically.

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https://blockchain.info/

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RewardsWhen we reach 420,000 blocks, we enter Rewards Era 3.

In Era 3 [which lasts until the 630,000th block], the rewards of bitcoins per block is halved from 25 BTC per block to 12.5 BTC per block. After the 630,000th the rewards are halved again.

Using this equation we will reach 93.75% of the maximum number of available bitcoins in 8 years time.

Source: https://en.bitcoin.it/wiki/Controlled_supplyAccess: 17/5/16

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An example of the blockchain message exchange network

To help explain Distributed Ledger Technology we will refer to points on the next diagram.

Initially, each point will be referred to regards its relationship to adjoining capability in the flowchart.

At a later section of the presentation, we will deep dive on each point [as presentation time allows].

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How does blockchain work [con’t]?

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The acceptance of blockchain worldwide is triggering billions of dollars of investment and real issues are being addressed by blockchain which include legacy financial infrastructure - traditionally based on centralized, unencrypted hub-and spoke database architecture. This is not only expensive and inefficient but vulnerable to operational failure, disaster recovery testing and cyber attack. B l o c k c h a i n

Use Cases

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Everledger

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Resources

Block Chain

Blockchain University http://blockchainu.co/

Blockchain Workshops http://blockchainworkshops.org/

Developers Resources https://www.ethereum.org/

ABC Radio – Blockchain

explained

http://tiny.cc/46ljby

Blockchain Report 2016 – Q1 http://www.coindesk.com/state-of-blockchain-q1-2016/

Blockchain Live https://blockchain.info/

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Blockchain Technology - Application and Benefits [17 May 2016]

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