IBM Presentation on Blockchain 20/10/17

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Matt Lucas Presentation IBM (Blockchain)-
Attendees Farzad, Anders, Disa, Matt, Diede, Dan, Chris, Adama, Aji, Annika

IBM see Blockchain as a shared replicated ledger

Consensus, Immutability, Finality, Provenance Bitcoin Vs Blockchain

  • Bitcoin is about anonymity
  • Bitcoin – Is the combination of Ledger and the currency (asset that is stored on there)
  • Blockchain- can store anything of value
  • Bitcoin records transactions by an artificial cost (proof of work)
  • Blockchain needs to be very heavyweight to record the transaction


What’s the difference between Blockchain and database?

  • Matt- In a single controlling entity Blockchain must have mutual trust and autonomy
  • Database have multiple database administrators which you need to trust
  • Blockchain gives you trust
  • Different algorithms have different tolerances to malicious activity
  • Blockchain- Exhisiting business that work together


How do you prove the trust in Blockchain? Proof of work, it’s a combination of Consensus, Immutability, Finality, Provenance Aswell as the transaction log and the data base Consensus – Is a general agreement you can achieve this through proof of work
Hyperledger

  • IBM- is contributing codes into Hyperledger
  • Hyperledger- was designed for business networks
  • Hyperledger is an umbrella for several different technologies which have over 150 members
  • When you implement a Blockchain it is a low-level construct
  • Hyperledger Composer allows you to specify assets, transactions and participants
  • It is there to reduce risk and increase understanding and flexibility it is not a Composer is not a Blockchain it sits on top of Blockchain


Ethereum

  • Ethereum was designed as a public BlockChain so therefore it was based on proof of work and would need incentive for good behaviour that reward is Ethereum
  • It is more focused around public networks now


There is a need to digitally describe an asset

  • Huge supply chains are harder to get a system that works there are two approaches to help tackle this;
  • Flouderlead- I want to build a Blockchain I will invite my supply chain to build my BlockChain this allows them to start going very quickly
  • Onboarding- Don’t reflect the needs of all the different needs for the suppliers
  • Consortium Approach – Agree what the business problem is and what the standards are this is a more collaborative approach however, agreeing these standards can be very slow


Trust

  • You need to control your chain of trust by controlling who joins and who can involve other parties as well as controlling signing things off
  • One method is the use of transaction certificates one time use certificates that are only associated with that transaction
  • Trust – encrypt the data or do not send the data and have private channels in a network
  • Provenance and Traceability – Gives you the ability to trace goods from the point of production to the point of consumption
  • This does not solve the issue with trust completely in the event of a problem you can now show where this started