Unleashing the Blockchain
Written by Bhat Dittakavi
Coverage by Bhat@variance.AI on Blockchain by Mani from IBM at T-HUB on 7th Apr 2017
A Blockchain is a distributed database that maintains a continuously growing list of ordered records called blocks. Each block contains timestamp and a link to a previous block. Blockchain facilitates secure online transactions.
Block chain got four parts.
1) Hyper Ledger (ethereal)
Block chain
Shared ledger.
No update. No lyrics append.
2) Chain code
Smart contract or chain code governs business logic.
3) Privacy
Each one of us have a certain level of privacy built within the chain code. Each user has given level of authenticity. (Privacy)
4) Consensus
PBFU: If there are 11 people and I want to write in this ledger, then 6 of the level have to agree to what I write in this ledger. Nothing is written means there is no transaction. If there is entry, one can’t fake he couldn’t do it.
Protocols
-Repel
-Stiller
-Apoldo
December 2015: 20 companies came together as hyper ledger through Linux foundation. Today we got 120 companies back this project. This is touted as enterprise capable open source platform. There is Intel, Accenture, MS, IBM and so on. IBM contributed initially to fabric.
Say we as private people are connected through say network LAN. In hyper ledger we call it fabric. The smart contract governs how we talk, what we share and what we see in this ledger. Fabric, the network piece and the smart context that controls authorizations
Consensus mechanisms implemented
-PPFT(IBM)
-POET(Intel)
-Byzantine
Open source and hence no vendor locking.
This is pretty modular. You can easily replace PPFT with POET.
APACHE Kafka getting integrated into this.
Work in progress
Block chain Explorer
Analytics on top of the ledger
Fabric composer (drag and drop)
We see live solutions rolling out in block chains.
Block chain uses in fintech
KYC solution in fintech
Loan syndication
Turnaround time for check clearance is 4 days. In block chains context, it takes minutes. There is more liquidity I’m the system. Shorter response system.
Use case: Banking
SBI came up with a consortium of banks. They identified 5 use cases 1) KYC 2) AML. They all have access to KYC. Lease overheads from the customer point of view.
Use case: Insurance
IRDA came up with another consortium for insurance players.
Use case; (NEHA)
EHR Data. Shared with research or other hospitals.
Use case: Background checks
Top 80% are employed in top 10%. Background verification for employment on Block chain.
Use case: insurance premium
They patch into OBD of car and plug that into Block chain.
Use case: 108
Block chain with get coordinates and contact number.
Block chain is an immutable record. No alibi possible.
Boeing uses block chains for parts maintenance and fitness certifications.
There is no governance in bitcoins.
Block chain based currency will be good.
Players that replace Block chain have become part of it now. Example: Swift
Private Block chain: Among private parties.
Public Blockchain: Land and education records
-Committor node
-Endorser node
-Client
No single point of failure. Original ledger can replicate across all of them.
Permission Blockchain can merge with public Blockchain.
Student can view his records. He can’t modify but view that in a private Blockchain. We csn turn this into public Blockchain once he graduates.
Bhat's Notes 