Blockchain Demystified for Business Intelligence Professionals Jennifer Stirrup Director Data Relish Ltd
Jen Stirrup Boutique Consultancy Owner of Data Relish Postgraduate degrees in Artificial Intelligence and Cognitive Science Twenty year career in industry Author JenStirrup.com DataRelish.com http://bit.ly/jenstirruprd http://bit.ly/jenstirruplinkedin http://bit.ly/jenstirrupmvp http://bit.ly/jenstirruptwitter
Boutique Consultancy Owner of Data Relish Jen Stirrup Postgraduate degrees in Artificial Intelligence and Cognitive Science Twenty year career in industry Author http://bit.ly/jenstirruprd http://bit.ly/jenstirruplinkedin http://bit.ly/jenstirrupmvp http://bit.ly/jenstirruptwitter
What is blockchain?
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)
Blockchain is a secure, shared, distributed ledger that can be public, private, or consortium Secure - Uses cryptography to create transactions that are impervious to fraud and establishes a shared truth. Shared - Blockchain value is directly linked to the number of organizations or companies that participate in them. There is huge value for even the fiercest of competitors to participate with each other in these shared database implementations. Distributed - There are many replicas of the blockchain database. In fact, the more replicas there are the more authentic it becomes. Ledger - The database is append only so it is an immutable record of every transaction that occurs.
What is Blockchain? It can be perceived as a 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.
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
How does blockchain work?
Applications Decentralized blockchain computing platforms Decentralized processing and storage Smart Contracts Cryptographic primitives, consensus protocols and algorithms
Major attraction Public Verifiability Uncorrupted and unaltered data Transparency
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
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
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
Different Types of Blockchain Permissioned and Private: R3 Corda Hyperledger Public Smart Contract Ethereum
Cryptokitties
Microsoft s Strategy
Smart Contracts
An Open Cloud Microsoft has world class Identity Services through Azure Active Directory Our corporate strategy is focused on creating and nurturing an open cloud ecosystem We have flexible architecture that allows you to avoid vendor lock-in
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