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THE IMPACT OF
BLOCKCHAIN
ON FINANCIAL SERVICES
B e i r u t , F e b r u a r y 2 1 , 2 0 1 8
@JuanLlanos @ConsenSys
© 2018 Juan Llanos
Source: Bloq
Source: William Mougayar
96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 +
browser
tokens
rewards
WOW
Ripple Protocol
EGold
B i t c o i...
“A peer-to-peer network that allows for the
proof and transfer of ownership without the need of
a trusted third party.”
Go...
AN ACCOUNTING
SYSTEM
© 2018 Juan Llanos
N O C E N T R A L A U T H O R I T Y
D I S T R I B U T E D C O N S E N S U S
B I T C O I N REVOLUTION
© 2018 Juan Llanos
© 2018 Juan Llanos
D I S T R I B U T E D CONSENSUS PROTOCOL
state and state changes guaranteed via...
• D I S T R I BU T E D → one trusted co...
N O C E N T R A L A U T H O R I T Y
O P E N + P R O G R A M M A B L E
D I S T R I B U T E D C O N S E N S U S
N O D O U B ...
DISTRIBUTED
LEDGER
© 2018 Juan Llanos
© 2018 Juan Llanos
Source: Skry
Source: Andreas	Antonopoulos
96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 +
browser
tokens
rewards
WOW
Ripple Protocol
EGold
B i t c o i...
D I S T R I B U T E D CONSENSUS PROTOCOLS
state and state changes guaranteed via...
• D I S T R I BU T E D → one trusted c...
© 2018 ConsenSys
DISTRIBUTED LEDGER+
SMART CONTRACTS
NATIVE TOKEN +
E T H E R E U M REVOLUTION
© 2018 Juan Llanos
SMART
CONTRACTS
© 2018 Juan Llanos
© 2018 Juan Llanos
“The basic idea behind smart contracts is
that many kinds of contractual clauses (such
as collateral, b...
© 2018 Juan Llanos
“Smart contracts utilize protocols and user
interfaces to facilitate all steps of the
contracting proce...
© 2018 Juan Llanos
“A contract is essentially an automated
agent that lives on the Ethereum network,
has an Ethereum addre...
© 2018 Juan Llanos
SMART
CONTRACT
© 2018 ConsenSys
© 2018 ConsenSys
© 2018 ConsenSys
© 2018 Juan Llanos© 2018 ConsenSys
© 2018 Juan Llanos© 2018 ConsenSys
freedom to own
freedom to transfer
freedom to innovate
© 2018 Juan Llanos
P E R M I S S I O N L E S S I N N O V A T I O N
...
PARADIGMS
challenged
m o n e y
s o v e r e i g n t y
s e c u r i t y
r e g u l a t i o n
p r o p e r t y
i d e n t i t y
l...
PRODUCT-FOCUSED
ACTIVITY-BASED
INDUSTRY-SPECIFIC
JURISDICTION-DEPENDENT
INTERMEDIARY-ENFORCED
© 2018 Juan Llanos
permissionless-/limitless-ness
borderless-/jurisdictionless-ness
(pseudo) anonymity
peer-to-peer
(in)flexibility
radical t...
PRIVATE vs OPEN
BLOCKCHAINS
© 2018 Juan Llanos
© 2018 Juan Llanos
Quorum is an enterprise-
focused version of
Ethereum ideal for any
application requiring high
speed and high throughput
pr...
+ Permissioning
+ Privacy
+ Performance
+ Configurable Consensus
+ Settlement Finality
© 2018 ConsenSys
© 2018 ConsenSys
CRYPTO
TOKENS
© 2018 Juan Llanos
DISTRIBUTED LEDGER+
SMART CONTRACTS
NATIVE TOKEN +
E T H E R E U M REVOLUTION
© 2018 Juan Llanos
+
ERC20 TOKENS
USE CASES
USE CASES
USE CASES
© 2018 Juan Llanos
© 2018 ConsenSys
PAYMENTS
IDENTITY
ASSET CUSTODY
© 2018 Juan Llanos
PAYMENTS
PAYMENTS
PAYMENTS
© 2018 Juan Llanos
© 2018 ConsenSys
© 2018 ConsenSys
© 2018 ConsenSys
IDENTITY
IDENTITY
IDENTITY
© 2018 Juan Llanos
© 2018 ConsenSys
© 2018 ConsenSys
© 2018 ConsenSys
KYC for loans/cards
instant onboarding
© 2018 Juan Llanos
ASSET CUSTODY
ASSET CUSTODY
ASSET CUSTODY
© 2018 Juan Llanos
C R Y P T O T O K E N S
key management
© 2018 Juan Llanos
CAPITAL MARKETS
CAPITAL MARKETS
CAPITAL MARKETS
© 2018 Juan Llanos
© 2018 ConsenSys
INSURANCE
INSURANCE
INSURANCE
© 2018 Juan Llanos
© 2018 ConsenSys
OTHER APPLICATIONS
OTHER APPLICATIONS
OTHER APPLICATIONS
© 2018 Juan Llanos
© 2018 Juan Llanos
© 2018 ConsenSys
© 2018 ConsenSys
WHY BLOCKCHAIN
WHY BLOCKCHAIN
WHY BLOCKCHAIN
© 2018 Juan Llanos
© 2018 ConsenSys
© 2018 Juan Llanos
Source: Bloq
© 2018 ConsenSys
SINGAPORE
© 2017 Juan Llanos
THINK OCEAN
NOT LAKE
© 2018 Juan Llanos
@JuanLlanos @ConsenSys
Prochain SlideShare
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Blockchain: Understanding the blockchain and its impact on financial services by ConsenSys at ArabNet Beirut 2018

Understanding the blockchain and its impact on financial services

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Blockchain: Understanding the blockchain and its impact on financial services by ConsenSys at ArabNet Beirut 2018

  1. 1. THE IMPACT OF BLOCKCHAIN ON FINANCIAL SERVICES B e i r u t , F e b r u a r y 2 1 , 2 0 1 8 @JuanLlanos @ConsenSys
  2. 2. © 2018 Juan Llanos Source: Bloq
  3. 3. Source: William Mougayar
  4. 4. 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 + browser tokens rewards WOW Ripple Protocol EGold B i t c o i n P r o t o c o l Ven Ripple XRP Litecoin Linden Dollars Entropia Universe QQ Online Exchanges Altcoin Explosion Regulated Exchanges Beenz Flooz Colored Coins Square Cash Amazon Coin E t h e r e u m Sovereign Coin Real Estate Equities Derivatives B i t c o i n O p e n S o u r c e P r o t o c o l S o l v e s D o u b l e S p e n d P r o b l e m v i a O p e n L e d g e r S m a r t C o n t r a c t s © 2018 Juan Llanos
  5. 5. “A peer-to-peer network that allows for the proof and transfer of ownership without the need of a trusted third party.” Goldman Sachs “An open platform for value exchange.” Richard Brown “A Peer-to-Peer Electronic Cash System” Satoshi Nakamoto © 2018 Juan Llanos
  6. 6. AN ACCOUNTING SYSTEM © 2018 Juan Llanos
  7. 7. N O C E N T R A L A U T H O R I T Y D I S T R I B U T E D C O N S E N S U S B I T C O I N REVOLUTION © 2018 Juan Llanos
  8. 8. © 2018 Juan Llanos
  9. 9. D I S T R I B U T E D CONSENSUS PROTOCOL state and state changes guaranteed via... • D I S T R I BU T E D → one trusted computer made up of many untrusted computers • C O N S E N S U S • Traditional → supermajority or benevolent dictator • “Nakamoto” → forked-choice rule (compromise) • P R O T O C O L → Mechanism to make faults expensive: • Proof-of-Work (PoW) → Make changing the state expensive © 2018 Juan Llanos
  10. 10. N O C E N T R A L A U T H O R I T Y O P E N + P R O G R A M M A B L E D I S T R I B U T E D C O N S E N S U S N O D O U B L E - S P E N D P2P TRANSFER WITHOUT IDENTITY B I T C O I N REVOLUTION T R A N S PA R E N T L E D G E R © 2018 Juan Llanos
  11. 11. DISTRIBUTED LEDGER © 2018 Juan Llanos
  12. 12. © 2018 Juan Llanos Source: Skry
  13. 13. Source: Andreas Antonopoulos
  14. 14. 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 + browser tokens rewards WOW Ripple Protocol EGold B i t c o i n P r o t o c o l Ven Ripple XRP Litecoin Linden Dollars Entropia Universe QQ Online Exchanges Altcoin Explosion Regulated Exchanges Beenz Flooz Colored Coins Square Cash Amazon Coin E t h e r e u m Sovereign Coin Real Estate Equities Derivatives B i t c o i n O p e n S o u r c e P r o t o c o l S o l v e s D o u b l e S p e n d P r o b l e m v i a O p e n L e d g e r S m a r t C o n t r a c t s E t h e r e u m G l o b a l S u p e r C o m p u t e r i s B o r n © 2018 Juan Llanos
  15. 15. D I S T R I B U T E D CONSENSUS PROTOCOLS state and state changes guaranteed via... • D I S T R I BU T E D → one trusted computer made up of many untrusted computers • CONSENSUS • Traditional → supermajority or benevolent dictator • “Nakamoto” → forked-choice rule (compromise) • PROTOCOLS → Mechanisms to make faults expensive: • Proof-of-Work (PoW) → Make changing the state expensive • Proof-of-Stake (PoS) → Use security deposits to punish nodes who propose competing updates to the consensus © 2018 Juan Llanos
  16. 16. © 2018 ConsenSys
  17. 17. DISTRIBUTED LEDGER+ SMART CONTRACTS NATIVE TOKEN + E T H E R E U M REVOLUTION © 2018 Juan Llanos
  18. 18. SMART CONTRACTS © 2018 Juan Llanos
  19. 19. © 2018 Juan Llanos “The basic idea behind smart contracts is that many kinds of contractual clauses (such as collateral, bonding, delineation of property rights, etc.) can be embedded in the hardware and software we deal with, in such a way as to make breach of contract expensive (if desired, sometimes prohibitively so) for the breacher.” Nick Szabo, 1997
  20. 20. © 2018 Juan Llanos “Smart contracts utilize protocols and user interfaces to facilitate all steps of the contracting process. This gives us new ways to formalize and secure digital relationships which are far more functional than their inanimate paper-based ancestors. Smart contracts reduce mental and computational transaction costs imposed by either principals, third parties, or their tools.” Nick Szabo, 1997
  21. 21. © 2018 Juan Llanos “A contract is essentially an automated agent that lives on the Ethereum network, has an Ethereum address and balance, and can send and receive transactions. A contract is “activated” every time someone sends a transaction to it, at which point it runs its code, perhaps modifying its internal state or even sending some transactions, and then shuts down.” Vitalik Buterin, 2013
  22. 22. © 2018 Juan Llanos SMART CONTRACT © 2018 ConsenSys
  23. 23. © 2018 ConsenSys
  24. 24. © 2018 ConsenSys
  25. 25. © 2018 Juan Llanos© 2018 ConsenSys
  26. 26. © 2018 Juan Llanos© 2018 ConsenSys
  27. 27. freedom to own freedom to transfer freedom to innovate © 2018 Juan Llanos P E R M I S S I O N L E S S I N N O V A T I O N CORRUPTION- & CENSORSHIP-RESISTANCE
  28. 28. PARADIGMS challenged m o n e y s o v e r e i g n t y s e c u r i t y r e g u l a t i o n p r o p e r t y i d e n t i t y l a w g o v e r n a n c e © 2018 Juan Llanos
  29. 29. PRODUCT-FOCUSED ACTIVITY-BASED INDUSTRY-SPECIFIC JURISDICTION-DEPENDENT INTERMEDIARY-ENFORCED © 2018 Juan Llanos
  30. 30. permissionless-/limitless-ness borderless-/jurisdictionless-ness (pseudo) anonymity peer-to-peer (in)flexibility radical transparency/translucence probabilistic finality DECENTRALIZED PARADIGM © 2018 Juan Llanos
  31. 31. PRIVATE vs OPEN BLOCKCHAINS © 2018 Juan Llanos
  32. 32. © 2018 Juan Llanos
  33. 33. Quorum is an enterprise- focused version of Ethereum ideal for any application requiring high speed and high throughput processing of private transactions within a permissioned group of known participants. © 2018 ConsenSys
  34. 34. + Permissioning + Privacy + Performance + Configurable Consensus + Settlement Finality © 2018 ConsenSys
  35. 35. © 2018 ConsenSys
  36. 36. CRYPTO TOKENS © 2018 Juan Llanos
  37. 37. DISTRIBUTED LEDGER+ SMART CONTRACTS NATIVE TOKEN + E T H E R E U M REVOLUTION © 2018 Juan Llanos + ERC20 TOKENS
  38. 38. USE CASES USE CASES USE CASES © 2018 Juan Llanos
  39. 39. © 2018 ConsenSys
  40. 40. PAYMENTS IDENTITY ASSET CUSTODY © 2018 Juan Llanos
  41. 41. PAYMENTS PAYMENTS PAYMENTS © 2018 Juan Llanos
  42. 42. © 2018 ConsenSys
  43. 43. © 2018 ConsenSys
  44. 44. © 2018 ConsenSys
  45. 45. IDENTITY IDENTITY IDENTITY © 2018 Juan Llanos
  46. 46. © 2018 ConsenSys
  47. 47. © 2018 ConsenSys
  48. 48. © 2018 ConsenSys
  49. 49. KYC for loans/cards instant onboarding © 2018 Juan Llanos
  50. 50. ASSET CUSTODY ASSET CUSTODY ASSET CUSTODY © 2018 Juan Llanos
  51. 51. C R Y P T O T O K E N S key management © 2018 Juan Llanos
  52. 52. CAPITAL MARKETS CAPITAL MARKETS CAPITAL MARKETS © 2018 Juan Llanos
  53. 53. © 2018 ConsenSys
  54. 54. INSURANCE INSURANCE INSURANCE © 2018 Juan Llanos
  55. 55. © 2018 ConsenSys
  56. 56. OTHER APPLICATIONS OTHER APPLICATIONS OTHER APPLICATIONS © 2018 Juan Llanos
  57. 57. © 2018 Juan Llanos
  58. 58. © 2018 ConsenSys
  59. 59. © 2018 ConsenSys
  60. 60. WHY BLOCKCHAIN WHY BLOCKCHAIN WHY BLOCKCHAIN © 2018 Juan Llanos
  61. 61. © 2018 ConsenSys
  62. 62. © 2018 Juan Llanos Source: Bloq
  63. 63. © 2018 ConsenSys
  64. 64. SINGAPORE © 2017 Juan Llanos
  65. 65. THINK OCEAN NOT LAKE © 2018 Juan Llanos
  66. 66. @JuanLlanos @ConsenSys

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