Blockchain and business applications
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These slides were presented at the International Scientific Conference of Business Economics Management and Marketing (ISCOBEMM 2019), September 5th - 6th 2019 in Prušánky – Nechory, Czech Republic.
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Blockchain and business applications
- 1. Blockchain Applications in Business Ahad Zare Ravasan, PhD Masaryk University, Brno, Czech Republic Ahad.Zareravasan@econ.muni.cz
- 2. My Bitcoin Background • Heard about Bitcoin from a friend in college in early 2011 (BTC/USD ~10 each) • Began Bitcoin mining in 2011, made several bitcoins • Biggest regret: selling over 100 BTC < $1000 (today value > $ 1m) • Bought some bitcoins in 2017 • Traded on Bitfinex and Binance • Second Biggest regret: Engaging with trading which resulted in losing 80% of my initial coins due to recent market collapse BITCOIN PIZZA DAY On MAY 22nd 2010, 10.000 BTC PAID FOR A PIZZA Laszlo Hanyecz
- 3. Outline • Part 1: Blockchain features • Part 2: Blockchain Applications, starting with cryptocurrencies • Part 3: Criticism and Challenges • Part 4: Adoption framework 3
- 4. 4 WHAT IS BLOCKCHAIN? WHAT IT IS NOT?
- 5. Blockchain opportunities by industrial sector Zare.Ahad@gmail.com 5
- 6. 6
- 7. A brief history on money • Physical cash – Non-traceable – Secure – Low inflation • Can’t be used online directly Electronic credit or debit transactions Banks see all transactions Merchants can track/profile customers 7
- 8. Chaum’s anonymous e-cash Features: - anonymous - secure (no double-spending) - Low inflation - Privacy-preserving Various practical issues: - only transfer (no creation/storage) - Need for trusted central party - Computationally expensive …and bankrupted in 1999 8
- 9. Bitcoin (BTC) • is a global crypto-currency (symbol BTC) • Around since January of 2009 • Based on Blockchain • Not issued by any entity/ No trusted third- party required • Peer-to-peer / decentralized / Uncontrollable • Cryptographically sealed (cryptoCurrency) 9 • People who verify transactions are called miners • The maximum number of Bitcoins will be about 21 million • Fast transactions • Low-cost transactions • Irreversible trades
- 10. 10 SWIFT 11,000+ financial institutions use the service in more than 200 countries 34 million FIN messages per day Settlement time= 30 min- 48 hours XRP (Ripple) 150 financial institutions use the service 1 million transaction per day (network cap is 130 m) Settlement time= 5 seconds
- 11. Implications for Cryptocurrency community 11 R3CEV consortium
- 12. Potential areas to adopt in the financial sector Zare.Ahad@gmail.com 12
- 13. E-government-public sector 13 • promote transparency of the national and local budgets • create crowdfunding platforms enabling investors to trace expenditures on their projects • e-voting • education
- 14. Healthcare 14 • manage Electronic Medical Records (EMRs) • pharmaceutical supply chain
- 15. Energy 15 • POWER LEDGER Project
- 16. Insurance 16 • Fraud detection • Integration with IoT
- 17. Supply Chain 17 • EVERLEDGER • MAERSK
- 19. Some modules 19
- 20. Blockchain: technical challenges and limitations • Throughput: The potential throughput of issues in the Bitcoin network is currently maximized to 7tps. • Latency: currently roughly 10 minutes to complete one transaction (for BTC). 20
- 21. Blockchain: technical challenges and limitations • Wasted resources: Mining Bitcoin wastes huge amounts of energy ($15million/day). 21
- 22. Blockchain Fit Assessment Framework 22 Source: Deloitte
- 23. Thank you for your attention! Questions, comments or remarks? Email: Ahad.Zareravasan@econ.muni.cz