Blockchain & Bitcoin. Länsstyrelserna David Bauman

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2 Blockchain & Bitcoin Länsstyrelserna David Bauman

3 Agenda What is Money? What is Bitcoin & Blockchain? How does it Work? Areas of Application Future Public Sector Questions

4 What is Currency?

5 Money & Banks Trade History Currency Pre 1200 BC: Bartering & Exchange ~1200 BC: Cowry Shells ~1000 BC: Metal ~600 BC: Coins ~1000 AD: Paper Money Year 1397: Medici Bank Year 1637: Gold Standard Year 1950: Credit Card Today: >2,5 billion without bank access

6 What is Bitcoin? Cryptocurrency Globaly Distributed Ledger of all Transactions Ever Made Complete Information on all Addresses and Balances at all Points in Time Public and Open Source

7 Fundamentals What is Blockchain? Distributed Database Chronological Order Growing Chain of Data Decentralized Network Security without Middlemen Consensus Algorithm

8 What is Blockchain? Block Tech Block n Block n+1 Block n+2 Block Header Block Header Block Header Previous Hash Previous Hash Previous Hash Time Stamp Nonce Root Hash Time Stamp Nonce Root Hash Time Stamp Nonce Root Hash Hash Hash Hash Hash Hash Hash Tx Tx Tx Tx

9 12 Million Digital Bitcoin Wallets Bitcoin Acceptance & Breakthrough Transactions on Blockchain per Day Times more Computing Power in Bitcoin Network than in World's Most Powerful Super Computer (Tianhe-2) also comparable to over 1000 Google or banks Businesses Accepting Bitcoin as Payment 1000 Physical Bitcoin ATM locations $1.5 Billion Venture Capital in Bitcoin Start-Ups $16 Billion - Bitcoin Market Value

10 Bitcoin Mining Consensus Algorithm

11 Bitcoin Venture Capital Compared to early Internet (Million $)

12 Bitcoin Venues Where can consumers use it? Microsoft, Dell, Wordpress, Webhallen, Skytours, Overstock, Newegg, Gift Cards, Credit Cards...

13 Top Ten Altcoins Market Value Comparison

14 Blockchain Technology Fintech Development Distributed Ledgers Non-fiat Cryptocurrencies Micro Payments, Micro Lending P2P Crowdfunding Equity Mobile Money Machine to Machine Transactions Clearing & Settlement

15 Blockchain Activities Banks & Financial Institutes Many Banks Explore Blockchain Technology R3 CEV Consortium ~ 50 Banks, including SEB and Nordea Nasdaq Private Market Trade with Unlisted Shares

16 Blockchain Activities Banks & Financial Institutes Nasdaq Linq Blockchain Ledger Launched in 30 Dec 2015 Securities Issuance Documentation System Since then, tens of Stock Exchanges Following

17 Blockchain Activities Banks & Financial Institutes UBS, Deutsche Bank, Santander & BNY Mellon, four of the world s biggest banks, stated in 27 Aug 2016 that they are together developing a new digital cash. The aim is a new industry standard for clearing and settlement, based on blockchain technology.

18 Smart Contracts Programmable Currency! Transactions with Multiple Parties Connections to External Events & Data Connections to Physical Products, Services, People Signed Agreements Secure and Exact in Code Decentralized Democracy instead of Court Interpretation Simple Example: Bet about Tomorrow's Weather More Complex Example: Decentralized Commerce

19 Proof of Existence Blockchain Technology Extended Features Transactions without Central Authorities Transparency & Accountability VS Anonymity Smart Contracts Programmable Currency Internal Tokens mapped to Assets Smart Property Granular Token Based Rights Distributed Trustworthy Computing Secure Voting Systems Decentralized Autonomous Organizations (DAOs)

20 Permissioned Blockchain As Opposed to Public Blockchain Permissions & Roles Cooperation between Multiple Entities Consensus without Centralized Control Trusted Network gives Advantages Controlled Consensus Algorithm Reduced Resource Usage & Energy Consumption

21 Blockchain Technology Areas of Application Transactions, Agreements and Value Transactions Payments, micro payments, smart contracts, permanent timestamped documentation and accounting, transparency, traceability for taxes, real time monitoring of society transactions, transparency and efficiency of foreign aid and global goals, exchange cost, fraud and erroneous payouts. Material and Immaterial Rights Financial instruments, proofs of ownership, certificates, licenses, memberships, citizenships, public assets, land, properties, vehicles, copyright, inventions. Identification of People, Organizations, Goods, Services & Virtual Entities Digital keys, identity, origin and tracking, digital identity related services, patient journals, administration. Registries and Traceable Transparent Communication Births, marriages, death certificates, citizenship, interactions with authorities, reduce tax fraud, granular control of rights to registry changes.

22 Smart Contracts Evolved Unlimited Decentralized Computing Decentralized Turing Machine (Computer) Cloud Runs any General Program Fail-safe and Exact Internal Cryptocurrency can Pay for Resource Time Example: Ethereum Project & Ether, The DAO

23 (Public) Blockchain According to Vitalik Buterin A blockchain is a magic computer that anyone can upload programs to and leave the programs to selfexecute, where the current and all previous states of every program are always publicly visible, and which carries a very strong crypto economically secured guarantee that programs running on the chain will continue to execute in exactly the way that the blockchain protocol specifies.

24 Blockchain Proposed Framework for Robotic Swarm Systems MIT Researcher Eduardo Castelló Ferrer White Paper Published on 2 Aug 2016 Removes many previous Logistical and Security Problems Vast Number of Simple Robot Modules Cooperating Behaviour Differentiation through Sidechain Hopping

25 Potential Future Steps? Combination with IoT, AI, robotics... Layers on top of Blockchain (cmpr TCP/IP) Blockchain as Internet of Things Enabler (IBM + Samsung) Internet 3.0 Collaborative & Sharing Economy Non Geografically based Society/Power Structures Defines Future Global Laws & Rules A.I. Integration & A.I. Containment Automated Decentralized Companies & DAOs New Perspectives on Concepts like Diversity & Democracy Global Digitalization and the end of Individuality

26 Summary Conclusions Global Digitization Affects us All Industry by Industry is being Disrupted Blockchain has a Role to Play Technology Development is still Accelerating Harder and Harder for Traditional Structures to Keep Pace Singularity or not Next Paradigm Shift is Coming

27 Public Sector Some Examples Public Asset Directories Ledgers & Interactions Voting Systems New ways to make Decisions Digital Identities Forensics, Fraud Detection, & Cash Flow Tracking Regulation, Auditing, & Control Decentralized Government Services Infrastructure Marketplaces & Payment Systems Smart Cities Journal and Record Systems

28 Health Care Infrastructure Example

29 Public Sector Payment Infrastructure Avoid Private Sector Fee Structures & Monopolization Enable Big Data Payment Flow Analysis & Research Value & Technology Agnostic Transfers M2M, Internet of Things & Micro Payments Subsidize Sparsely Populated Areas Facilitate for Disabled & Elderly People

30 Public Sector Infrastructure Next Step A Public Sector Blockchain Based Digital Infrastructure Could Provide Payment Environment & Much More! I d love to dive deeper into specific needs from a public sector perspective, and sketch together on a solution architecture. Let s do smaller focus group meetings and local workshops!

31 Thanks for listening! The End of the Beginning I m taking a strategic position in technology development Want to join me, have questions, or just talk? Xelmo AB David Bauman Birger Jarlsgatan david.bauman@xelmo.com

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