Blockchain Demystified for Business Intelligence Professionals
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Blockchain is a transformational technology with the potential to extend digital transformation beyond an organization and into the processes it shares with suppliers, customers, and partners. What is blockchain? What can it do for my organization? How can your organisation manage a blockchain implementation? How does it work in Azure? Join this session to learn about blockchain and see it in action. We will also discuss the use cases for blockchain, and whether it is here to stay.
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Blockchain Demystified for Business Intelligence Professionals
- 4. What is Blockchain? “The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” Don & Alex Tapscott, authors Blockchain Revolution (2016)
- 5. What is Blockchain? Database problem Can databases and blockchain live happily ever after? By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Bitcoin has been called “digital gold,” To date, the total value of the currency is close to $9 billion US.
- 6. How did we get here? Blockchain was introduced by Bitcoin Response by technical community to Wall Street crash Decentralized Control Nobody owns the network Immutability Tamper Resistance Create and transfer assets with no reliance on a central entity
- 8. Maturing Technology Applications Decentralized blockchain computing platforms Decentralized processing and storage Smart Contracts Cryptographic primitives, consensus protocols and algorithms
- 10. 10
- 11. Major attraction Public Verifiability Uncorrupted and unaltered data Transparency
- 12. Blockchain as a Database is awful Throughput is a few transactions a second Latency before a confirmed write is ten minutes Capacity is a few Gb. Adding nodes causes more issues Double the nodes produces quadruple the network traffic No improvement in throughput, latency or capacity Oh, and you can’t query it very well
- 13. Blockchain as a Database is good Consortium Database Decentralized / shared control blockchains allow enemies to work together for a common benefit R3 for banks Open Music Initiative Immutability and audit trail Assets and exchanges
- 14. 14
- 15. CRUD vs Append Only User can add more data in the form of blocks Read Operations: these query and retrieve data from the blockchain Write Operations: these add more data onto the blockchain
- 16. Different Types of Blockchain Permissioned and Private: R3 Corda Hyperledger Public Smart Contract Ethereum
- 17. Cryptokitties
Notes de l'éditeur
- First Wall Street, then the database world. While most people are still trying to wrap their heads around blockchain and its difference from Bitcoin, others are using it in a wide range of domains. Is it hype, a case of having a hammer and seeing problems as nails, or could blockchain actually have a purpose in the database world? blockchain and databases to live happily ever after?
- First Wall Street, then the database world. While most people are still trying to wrap their heads around blockchain and its difference from Bitcoin, others are using it in a wide range of domains. Is it hype, a case of having a hammer and seeing problems as nails, or could blockchain actually have a purpose in the database world? blockchain and databases to live happily ever after?
- Blockchain was introduced by Bitcoin, which despite its oft discussed issues has illustrated a novel set of benefits: decentralized control, where "no one" owns or controls the network; immutability, where written data is "forever" tamper-resistant; and the ability to create and transfer assets on the network, without reliance on a central entity. The initial excitement surrounding Bitcoin stemmed from its use as a token of value, for example as an alternative to government-issued currencies. Now the separation between Bitcoin and the underlying blockchain technology is getting better understood, the scope of the technology itself and its applications are being extended.
- blockchain operations work with data, and that data is also stored as part of the blockchain. For example, when transferring assets from one node to another, the amounts transferred as well as the sender, receiver, and time of transfer are stored.
- Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain. Information held on a blockchain exists as a shared — and continually reconciled — database. This is a way of using the network that has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.
- A key property of blockchain technology, which distinguishes it from traditional database technology, is public verifiability, which is enabled by integrity and transparency. Integrity: every user can be sure that the data they are retrieving is uncorrupted and unaltered since the moment it was recorded Transparency: every user can verify how the blockchain has been appended over time
- throughput is just a few transactions per second (tps), latency before a single confirmed write is 10 minutes, and capacity is a few dozen GB. Furthermore, adding nodes causes more problems: with a doubling of nodes, network traffic quadruples with no improvement in throughput, latency, or capacity. Plus, the blockchain essentially has no querying abilities. Some approaches such as BigchainDB are using documentDB with improved write in order to get around these issues. They use MongoDB.
- Decentralized / shared control, Immutability / audit trail, and Assets / exchanges. R3 was born out of a common frustration with multiple generations of disparate legacy financial technology platforms that struggle to interoperate, causing inefficiencies, risk and spiraling costs.
- Traditional databases use client-server network architecture. Here, a user (known as a client) can modify data, which is stored on a centralized server. Control of the database remains with a designated authority, which authenticates a client’s credentials before providing access to the database. Since this authority is responsible for administration of the database, if the security of the authority is compromised, the data can be altered, or even deleted.
- In a traditional database, a client can perform four functions on data: Create, Read, Update, and Delete (collectively known as the CRUD commands). The blockchain is designed to be an append only structure. A user can only add more data, in the form of additional blocks. All previous data is permanently stored and cannot be altered. Therefore, the only operations associated with blockchains are: Read Operations: these query and retrieve data from the blockchain Write Operations: these add more data onto the blockchain The blockchain allows for two functions: validation of a transaction, and writing of a new transaction. A transaction is an operation that changes the state of data that lives on the blockchain. While past entries on the blockchain must always remain the same, a new entry can change the state of the data in the past entries. For example, if the blockchain has recorded that my Bitcoin wallet has 1 million BTC, that figure is permanently stored in the blockchain. When I spend 200,000 BTC, that transaction is recorded onto the blockchain, bringing my balance to 800,000 BTC. However, since the blockchain can only be appended, my pre-transaction balance of 1 million BTC also remains on the blockchain permanently, for those who care to look. This is why the blockchain is often referred to as an immutable and distributed ledger.
- R3 Corda is still under development. Hyperledger is considering accommodating some Ethereum is the largest platform in the world by a number of transactions. Bitcoin, Litecoin, Namecoin, Dogecoin, Peercoin, Ethereum stats Hyperledger and R3 Corda are both permissioned, private blockchain frameworks to allow for enterprise organizations to build blockchain applications.