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vcapv.com © William Mougayar, Virtual Capital Ventures
William Mougayar
General Partner, Virtual Capital VenturesAuthor, The Business Blockchain
Blockchains: Past, Present and Future
July 6 2016
vcapv.com © William Mougayar, Virtual Capital Ventures
CryptographyScience
BLOCKCHAIN
SoftwareEngineering
GamingTheory
CryptographyScience
The Blockchain Novelty
3© William Mougayar, Virtual Capital Ventures.vcapv.com © William Mougayar, Virtual Capital Ventures
How to view the Blockchain
Source: The Business Blockchain (Wiley, 2016) © William Mougayar
4© William Mougayar, Virtual Capital Ventures.vcapv.com © William Mougayar, Virtual Capital Ventures
Many Facets to the Blockchain① Cryptocurrency② Computing Infrastructure③ Transaction Platform④ Decentralized Database⑤ Distributed Accounting Ledger⑥ Development Platform⑦ Open Source Software⑧ Financial Services Marketplace⑨ Peer-to-Peer Network⑩ Trust Services Layer
5vcapv.com © William Mougayar, Virtual Capital Ventures
Blockchains, like the Web, need the Internet
I N T E R N E T
WORLD WIDE WEB BLOCKCHAINS
Source: The Business Blockchain (Wiley, 2016) © William Mougayar
6vcapv.com © William Mougayar, Virtual Capital Ventures
Source: The Business Blockchain (Wiley, 2016) © William Mougayar
Types of Blockchain Applications
7vcapv.com © William Mougayar, Virtual Capital Ventures
Four Types of Blockchain Applications
Source: The Business Blockchain (Wiley, 2016) © William Mougayar
8© William Mougayar, Virtual Capital Ventures.vcapv.com © William Mougayar, Virtual Capital Ventures
Some Basic Concepts① Smart Property② Time Stamping③ Multi-signature Transactions④ Smart Contracts⑤ Oracles⑥ State Machines
9vcapv.com © William Mougayar, Virtual Capital Ventures
In the mid-2000’s FinTech Attacked the Banks, and it was called “Unbundling Banking”
U.S.
Europe
In startup fashion, most attacks aren’t head-on, start small & look harmless at first sights, therefore are ignored
So, the banks didn’t feel FinTech initially, because it crept up
The blockchain will repeat FinTech
Graphs Source: CB Insights
vvv
BLOCKTECH in FINANCIAL SERVICES VIRTUALscape by William Mougayar
INFRASTRUCTURE & BASE PROTOCOLS
MIDDLEWARE & SERVICES
Public Special
Services Software Development Special APIsGeneral APIs Platforms Smart Contracts
MinersPayment
APPLICATIONS & SOLUTIONS
Virtual Capital Ventures © 2015 1.7
ExchangesBrokerage
Banks
Money Services
Investments
Trading Platforms
Hard WalletsSoft Wallets
ATMs
Payroll & Insurance
Payments
ComplianceMerchants
Trade Finance
Source: http://startupmanagement.org/blog
Financial Data
Microtransactions
Capital Markets
11vcapv.com © William Mougayar, Virtual Capital Ventures
SelfPublishing
E-Commerce
Social Interactions
IT Supremacy Internet Years
Defining Technology Eras
Personal Communications
Blockchain Promise
1994 2015
Data computation
Database applications
Transaction processing
Business Intelligence
Global operations
Enabling
Decentralizationof
Trust
Value Flowwithout
Intermediaries
12vcapv.com © William Mougayar, Virtual Capital Ventures
A T O M I C Blockchain
Programmable
ASSETS
TRUST
OWNERSHIP
MONEY
IDENTITY
CONTRACTS
With that, comes a lot of responsibility, because it’s P2P !!
13vcapv.com © William Mougayar, Virtual Capital Ventures
UNREGULATEDENVIRONMENTS
REGULATEDENVIRONMENTS
Innovation Potential for Blockchain
14vcapv.com © William Mougayar, Virtual Capital Ventures
Proof Services
Source: The Business Blockchain (Wiley, 2016) © William Mougayar
15vcapv.com © William Mougayar, Virtual Capital Ventures
Proving Everything As a Service
Source: The Business Blockchain (Wiley, 2016) © William Mougayar
16vcapv.com © William Mougayar, Virtual Capital Ventures
OpenBazaar: Decentralized P2P Commerce
vcapv.com © William Mougayar, Virtual Capital Ventures
“The buying and selling works flawlessly, I'm very impressed. I've made over twenty purchases and the total fees were less than $1.40 for all twenty purchases and sales. That's great.”
vcapv.com © William Mougayar, Virtual Capital Ventures
CryptographyScience
BLOCKCHAIN
Humans
RegulatorsMachines
Reconfiguring Trust
19© William Mougayar, Virtual Capital Ventures.vcapv.com © William Mougayar, Virtual Capital Ventures
3 Pillars of Decentralization
20© William Mougayar, Virtual Capital Ventures.vcapv.com © William Mougayar, Virtual Capital Ventures
Decentralization – What does it look like?① No intermediary delays, speed② Upfront/Permissionless user identification and reputation, without
censorship③ Flat structures with little overhead④ Trust built inside the network⑤ Resiliency against attacks⑥ No central point of failure⑦ Governance decisions by consensus⑧ Peer-to-peer communications
Source: The Business Blockchain (Wiley, 2016) © William Mougayar
21vcapv.com © William Mougayar, Virtual Capital Ventures
How New Technology Permeates
22© William Mougayar, Virtual Capital Ventures.vcapv.com © William Mougayar, Virtual Capital Ventures
13 Generic Ideas for Implementing Blockchains
1. Rethinking intermediary functions2. Bundling / Unbundling3. New flows of value4. Decentralized governance5. New legal frameworks6. Creating/Issuing digital assets7. Embedding trust rules inside transactions8. Implementing digital signatures & what they enable9. Proofs of records / transactions / process / storage etc.10. Verifying authenticities11. Embedding digital identities12. Escrow / custodial services13. Enabling smart things to transact autonomously
23vcapv.com © William Mougayar, Virtual Capital Ventures
Who will be the next
Google of the blockchain?
24vcapv.com © William Mougayar, Virtual Capital Ventures
Who will be the next
Oracle of the blockchain?
25vcapv.com © William Mougayar, Virtual Capital Ventures
Who will be the next
Netscape of the
blockchain?
26vcapv.com © William Mougayar, Virtual Capital Ventures
Who will be the next ____
of the blockchain?
27vcapv.com © William Mougayar, Virtual Capital Ventures
The first large bank to accept
cryptocurrency?
28vcapv.com © William Mougayar, Virtual Capital Ventures
Crossing $1B assets traded
on blockchains?
29vcapv.com © William Mougayar, Virtual Capital Ventures
The first crypto-based economy
business?
30© William Mougayar, Virtual Capital Ventures.vcapv.com © William Mougayar, Virtual Capital Ventures
3 Predictions① Cryptocurrency payments will not disrupt
the existing world② Distributed Ledgers are for improvements,
Blockchains are for innovation③ The Crypto Economy is where value will be
created
vcapv.com © William Mougayar, Virtual Capital Ventures
William MougayarInvestor . EntrepreneurBlogger . Board Member
General PartnerVirtual Capital Ventures
http://startupmanagement.org/blog http://vcapv.com @wmougayar
thank you