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What to expect from Blockchain in 2019?
Agenda
• Brief Introduction
• Historic Use Cases
• What to Expect from Blockchain Technology in 2019 and Beyond
Brief Introduction
The definition of Blockchain
• The Blockchain is an appendable immutable universally distributed open
ledger
• Immutable – cannot delete anything from the ledger
• Appendable – can add to the ledger
• Universally distributed – everyone has access to the same exact copy of the ledger
• Open ledger – the place where all transactions are recorded
The shop example
• Imagine everyone in a shop knows via a public ledger how much currency
everyone has
• By removing the exchange of money to there is a much lower possibility that people
will be exploited
Secure Hash Algorithm (SHA)
• SHA-256
• 256 bit encryption
• 32 bytes
• 64 alphanumeric characters long every time
This where encryption comes in…
• SHA 256 encryption is the most popular encryption today and most often
associated with Blockchain technology
• It was developed by the NSA to ensure that codes were completely unique
• SHA 256 is valuable since the hash function produces unique outputs when
given different inputs
Examples of SHA-256
• When one character changes all 64 characters change:
• Example:
• Abc:
• 06D90109C8CCE34EC0C776950465421E176F08B831A938B3C6E76CB7BEE8790B
• aBc:
• 516DD854EC42B5B992888CFA87AE16E260864F5E051E045CD7D7C0B45EACBEB2
• Those exact inputs above will never yield a different hash
Hash function
• What is a function
• X=Y for example put simply 1=1
• A hash makes it much more complicated
• Example: think about your last meal
Why is this important
• Protects identity
• Your hash is your private key and public key
• Identifies you uniquely and maintains privacy
• Transactions on the Blockchain can be thought of as two unique 64 character long hashes
communicating with each other
SHA security
• Can the hash be deciphered?
• Yes
• But with all of the computing power in the world it would take around 1 billion years.
Applied to cryptocurrencies
• To protect your information while providing you a high level of security
exchanges do the following:
• They hash your information and provide you a pubic and private key
• In addition, exchanges require users to produce a secret passphrase
• This is the only way to access your account
• Reversing the work done by the algorithm but takes a lot of work
• With all of the worlds computing power it would take approximately 1 billion years
To trust Blockchain you must believe in the
hashing
• The hash that is created for a user is unique to the user
• It changes the second it is manipulated
• When each new block is mined it references the hash of the previous block
• If a hash is changed the ledger will recognize that there is a problem with the Blockchain
• If one computer recognizes a difference in the previous block it all become
invalidated
• When this happens the longest chain in the ledger becomes the most secured and thus
relied upon chain for the given Blockchain
Proof of work concept
• Validates by looking for the longest chain
• There must be a way to prove that transactions are taking place in a truthful manner
• Must be able to make the assumption that your information is safe
• If you cannot trust the mathematics you cannot trust Blockchain technology
• Everyone within the given Blockchain environment can validate the longest
chain of mined blocks
• What happens if you change the hash output of a block?
• A fork occurs
What does a transaction on a ledger based
model look like?
• We keep track through nodes on the network that track transactions within
the Blockchain
• Once a transaction is initiated the entire Blockchain community updates the publically
available ledger to reflect new totals after the transaction
• Everyone can verify transactions
• Nonce values ensure that each transactions are distinguishable
What is a nonce value
• After the hash is created
• Blockchain technology then relies on a nonce value
• A nonce value does work to prove that you did the work to mine one specific block within a
Blockchain
• This is where the processing associated with Blockchain takes place
• Once the complex math is solved that requires large amounts of processing a nonce value is then created
• A nonce value is a number that is unique to the hash it is coupled with that indicates the
amount of zeros that are to be located at the front of the hash.
• Your nonce value + your hash = the next block on your Blockchain
The value of the nonce value within a
transaction on the Blockchain
• You can prove that a transaction happened on the Blockchain
• This cannot be done with conventional currency
Historic Use Cases
Security Blockchain technology provides
• The security that you get by using Blockchain technology is from the fact
that the ledger is ongoing
• If someone tires to change the information of a block within the Blockchain the block
will break and the rest of the community will know that something went wrong
• When something goes wrong nothing happens since everyone has the same copy ledger and
ensures that all transactions are valid
The need
• As the population increases and more people will want to participate in the global economy
• Examples of Blockchain technology
• Voting (Estonia since 2004)
• Currency (Venezuela)
• Security breaches are now commonplace
• Can rely on complete transaction in a protected manner
• Don’t have to worry about being victim since the user is protected on both ends with Blockchain technology
• Takes out a huge amount of time and resources keeping track of money and information
• Blockchain is trustless since everyone has the same copy of the ledger
• Blockchain technology allows people to trust people without knowing them
Interesting applications of Blockchain
technology
• Decentralized Internet
• If the internet becomes decentralized example
• Can export processing speed and storage across the globe
• Funding farmers in developing countries
• Smart Contract
• Remove banks
• Rely on a decentralized peer-to-peer network to allow people to vote on or provide funding.
• Democracy via a public ledger
Smart Contracts
• Blockchain provides an opportunity to exchange value and information at
the same time
• Parameters can be set that are required for a transaction to occur
• If a malicious actor attempts to change hash values a fork will occur
• When reviewing the proof of work before a transaction one can examine the Blockchain of
a malicious actor and find a short Blockchain
• Since a hash value was maliciously edited and the Blockchain was forked
Bitcoin
• 2009 Bitcoin was first developed
• Hit its first peak in 2013
• Recently started to climb again starting in 2016
Bitcoin is a currency
• This is because Bitcoin can be exchanged for goods and services
The advantage of Blockchain transactions
• The proof of work concept when combined with nonce values and SHA
256 hashes provide an incredible amount of security
• It helps ensure that only the best and most confirmed version of a given Blockchain is
in use
• This quality ensures that everyone who is participating on the Blockchain knows what is
happening and is kept up to date
• Manipulated transactions are immediately invalidated
One of the first uses of Bitcoin
• Silk Road a black-market on the dark web found value in Bitcoin
• Because Bitcoin was a currency that maintained privacy by only displaying a users
private key
• Users could send value anonymously
• These qualities for a short period of time helped the Silk Road flourish
The value in Blockchain technology being
decentralized
• When currency becomes decentralized societies can provide more equity to
their people
• Blockchain can provide everyone with an equal playing field
• All that is necessary is a cell phone
• India has adopted Blockchain technology largely because of these reasons
Issues with Bitcoin today
• The time and the processing power required to mine a Bitcoin today has
increased drastically since its inception
• Because of this node operators, payment processors and miners have gained the ability
to categorize transactions and monetize them
• Because so many people want to use Bitcoin miners can now ask for high fees and average
fees for getting a transaction across the network in a timely manner has also increased
• These problems are creating inefficiencies for Bitcoin since transactions are becoming more costly
and slower
Forking
• A possible solution is to fork the Bitcoin Blockchain
• Forking is attractive since it would allow the verification method to remain intact
What to Expect from Blockchain Technology
in 2019 and Beyond
Key Findings
• There was a market rush to utilize Blockchain technology for supply chain
optimization before the technology was sufficiently mature, and before
businesses were properly prepared to incorporate the technology
• Although the financial services industry was among the first industries to
attempt to utilize blockchain, the potential benefit of Blockchain is existent
in all industries
• Governance is the largest threat to Blockchain technology
Blockchain-Inspired Offerings
• Will be prominent for the next five years
• These solutions will not meet all the requirements associated with Blockchain
technology but will combine some elements in order to offer some of the
benefits associated with Blockchain
• Expect these solutions to capitalize on tokenization and decentralization benefits
associated with Blockchain technology
• In service focused industries expect difficulties getting Blockchain business use cases
approved (also inefficiency issues associated with early adoption)
Complete Blockchain Offerings
• Likely will not significantly develop for another five to ten years
• Theses solutions will include all of the components typically associated with Blockchain
technology
• Look for:
• Encryption solutions;
• Offerings that take advantage of Blockchain technology immutability;
• Monetized tokenization; and
• More advanced decentralization offerings
Blockchain-Enhanced Offerings
• Do not expect Blockchain-enhanced offerings for at least another ten years
• These will be mainstream solutions
• Will combine complete Blockchain solutions with other developing technologies, such as:
• Internet of Things; and
• Artificial Intelligence (AI)
• Expect solutions like smart contracts with the incorporation of AI
In Conclusion
• Currently in 2019 there is little enterprise Blockchain Use:
• Only about 1% of enterprises have deployed some sort of Blockchain solution;
• Around 1/3 of enterprises currently show no interest in Blockchain technology;
• The other 2/3’s of enterprises either are interested in Blockchain or are planning to
incorporate Blockchain technology into their long-term plans
Blockchain Training Courses
on sight…
Exam and certification fees will be included in the training price.
www.pecb.com/events
THANK YOU
?
kenny.kimbel@gmail.com linkedin.com/in/kenneth-kimbel-1478ab52

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What to expect from Blockchain in 2019?

  • 2. Agenda • Brief Introduction • Historic Use Cases • What to Expect from Blockchain Technology in 2019 and Beyond
  • 4. The definition of Blockchain • The Blockchain is an appendable immutable universally distributed open ledger • Immutable – cannot delete anything from the ledger • Appendable – can add to the ledger • Universally distributed – everyone has access to the same exact copy of the ledger • Open ledger – the place where all transactions are recorded
  • 5. The shop example • Imagine everyone in a shop knows via a public ledger how much currency everyone has • By removing the exchange of money to there is a much lower possibility that people will be exploited
  • 6. Secure Hash Algorithm (SHA) • SHA-256 • 256 bit encryption • 32 bytes • 64 alphanumeric characters long every time
  • 7. This where encryption comes in… • SHA 256 encryption is the most popular encryption today and most often associated with Blockchain technology • It was developed by the NSA to ensure that codes were completely unique • SHA 256 is valuable since the hash function produces unique outputs when given different inputs
  • 8. Examples of SHA-256 • When one character changes all 64 characters change: • Example: • Abc: • 06D90109C8CCE34EC0C776950465421E176F08B831A938B3C6E76CB7BEE8790B • aBc: • 516DD854EC42B5B992888CFA87AE16E260864F5E051E045CD7D7C0B45EACBEB2 • Those exact inputs above will never yield a different hash
  • 9. Hash function • What is a function • X=Y for example put simply 1=1 • A hash makes it much more complicated • Example: think about your last meal
  • 10. Why is this important • Protects identity • Your hash is your private key and public key • Identifies you uniquely and maintains privacy • Transactions on the Blockchain can be thought of as two unique 64 character long hashes communicating with each other
  • 11. SHA security • Can the hash be deciphered? • Yes • But with all of the computing power in the world it would take around 1 billion years.
  • 12. Applied to cryptocurrencies • To protect your information while providing you a high level of security exchanges do the following: • They hash your information and provide you a pubic and private key • In addition, exchanges require users to produce a secret passphrase • This is the only way to access your account • Reversing the work done by the algorithm but takes a lot of work • With all of the worlds computing power it would take approximately 1 billion years
  • 13. To trust Blockchain you must believe in the hashing • The hash that is created for a user is unique to the user • It changes the second it is manipulated • When each new block is mined it references the hash of the previous block • If a hash is changed the ledger will recognize that there is a problem with the Blockchain • If one computer recognizes a difference in the previous block it all become invalidated • When this happens the longest chain in the ledger becomes the most secured and thus relied upon chain for the given Blockchain
  • 14. Proof of work concept • Validates by looking for the longest chain • There must be a way to prove that transactions are taking place in a truthful manner • Must be able to make the assumption that your information is safe • If you cannot trust the mathematics you cannot trust Blockchain technology • Everyone within the given Blockchain environment can validate the longest chain of mined blocks • What happens if you change the hash output of a block? • A fork occurs
  • 15. What does a transaction on a ledger based model look like? • We keep track through nodes on the network that track transactions within the Blockchain • Once a transaction is initiated the entire Blockchain community updates the publically available ledger to reflect new totals after the transaction • Everyone can verify transactions • Nonce values ensure that each transactions are distinguishable
  • 16. What is a nonce value • After the hash is created • Blockchain technology then relies on a nonce value • A nonce value does work to prove that you did the work to mine one specific block within a Blockchain • This is where the processing associated with Blockchain takes place • Once the complex math is solved that requires large amounts of processing a nonce value is then created • A nonce value is a number that is unique to the hash it is coupled with that indicates the amount of zeros that are to be located at the front of the hash. • Your nonce value + your hash = the next block on your Blockchain
  • 17. The value of the nonce value within a transaction on the Blockchain • You can prove that a transaction happened on the Blockchain • This cannot be done with conventional currency
  • 19. Security Blockchain technology provides • The security that you get by using Blockchain technology is from the fact that the ledger is ongoing • If someone tires to change the information of a block within the Blockchain the block will break and the rest of the community will know that something went wrong • When something goes wrong nothing happens since everyone has the same copy ledger and ensures that all transactions are valid
  • 20. The need • As the population increases and more people will want to participate in the global economy • Examples of Blockchain technology • Voting (Estonia since 2004) • Currency (Venezuela) • Security breaches are now commonplace • Can rely on complete transaction in a protected manner • Don’t have to worry about being victim since the user is protected on both ends with Blockchain technology • Takes out a huge amount of time and resources keeping track of money and information • Blockchain is trustless since everyone has the same copy of the ledger • Blockchain technology allows people to trust people without knowing them
  • 21. Interesting applications of Blockchain technology • Decentralized Internet • If the internet becomes decentralized example • Can export processing speed and storage across the globe • Funding farmers in developing countries • Smart Contract • Remove banks • Rely on a decentralized peer-to-peer network to allow people to vote on or provide funding. • Democracy via a public ledger
  • 22. Smart Contracts • Blockchain provides an opportunity to exchange value and information at the same time • Parameters can be set that are required for a transaction to occur • If a malicious actor attempts to change hash values a fork will occur • When reviewing the proof of work before a transaction one can examine the Blockchain of a malicious actor and find a short Blockchain • Since a hash value was maliciously edited and the Blockchain was forked
  • 23. Bitcoin • 2009 Bitcoin was first developed • Hit its first peak in 2013 • Recently started to climb again starting in 2016
  • 24. Bitcoin is a currency • This is because Bitcoin can be exchanged for goods and services
  • 25. The advantage of Blockchain transactions • The proof of work concept when combined with nonce values and SHA 256 hashes provide an incredible amount of security • It helps ensure that only the best and most confirmed version of a given Blockchain is in use • This quality ensures that everyone who is participating on the Blockchain knows what is happening and is kept up to date • Manipulated transactions are immediately invalidated
  • 26. One of the first uses of Bitcoin • Silk Road a black-market on the dark web found value in Bitcoin • Because Bitcoin was a currency that maintained privacy by only displaying a users private key • Users could send value anonymously • These qualities for a short period of time helped the Silk Road flourish
  • 27. The value in Blockchain technology being decentralized • When currency becomes decentralized societies can provide more equity to their people • Blockchain can provide everyone with an equal playing field • All that is necessary is a cell phone • India has adopted Blockchain technology largely because of these reasons
  • 28. Issues with Bitcoin today • The time and the processing power required to mine a Bitcoin today has increased drastically since its inception • Because of this node operators, payment processors and miners have gained the ability to categorize transactions and monetize them • Because so many people want to use Bitcoin miners can now ask for high fees and average fees for getting a transaction across the network in a timely manner has also increased • These problems are creating inefficiencies for Bitcoin since transactions are becoming more costly and slower
  • 29. Forking • A possible solution is to fork the Bitcoin Blockchain • Forking is attractive since it would allow the verification method to remain intact
  • 30. What to Expect from Blockchain Technology in 2019 and Beyond
  • 31. Key Findings • There was a market rush to utilize Blockchain technology for supply chain optimization before the technology was sufficiently mature, and before businesses were properly prepared to incorporate the technology • Although the financial services industry was among the first industries to attempt to utilize blockchain, the potential benefit of Blockchain is existent in all industries • Governance is the largest threat to Blockchain technology
  • 32. Blockchain-Inspired Offerings • Will be prominent for the next five years • These solutions will not meet all the requirements associated with Blockchain technology but will combine some elements in order to offer some of the benefits associated with Blockchain • Expect these solutions to capitalize on tokenization and decentralization benefits associated with Blockchain technology • In service focused industries expect difficulties getting Blockchain business use cases approved (also inefficiency issues associated with early adoption)
  • 33. Complete Blockchain Offerings • Likely will not significantly develop for another five to ten years • Theses solutions will include all of the components typically associated with Blockchain technology • Look for: • Encryption solutions; • Offerings that take advantage of Blockchain technology immutability; • Monetized tokenization; and • More advanced decentralization offerings
  • 34. Blockchain-Enhanced Offerings • Do not expect Blockchain-enhanced offerings for at least another ten years • These will be mainstream solutions • Will combine complete Blockchain solutions with other developing technologies, such as: • Internet of Things; and • Artificial Intelligence (AI) • Expect solutions like smart contracts with the incorporation of AI
  • 35. In Conclusion • Currently in 2019 there is little enterprise Blockchain Use: • Only about 1% of enterprises have deployed some sort of Blockchain solution; • Around 1/3 of enterprises currently show no interest in Blockchain technology; • The other 2/3’s of enterprises either are interested in Blockchain or are planning to incorporate Blockchain technology into their long-term plans
  • 36. Blockchain Training Courses on sight… Exam and certification fees will be included in the training price. www.pecb.com/events