Download - Blockchain- Why, How and Where to use?
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BLOCKCHAINA mysterious monster!
ByMohammed Asghar Khan,
For Microsoft, Dubai
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Blockchain is just Bitcoin!■ NO!
■ But they are closely related.
■ Bitcoin is a digital currency whose underlying “system” is called Blockchain.
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Let’s get the basics clear■ Blockchain is a distributed system.
■ A collection of individual computers
■ Working together for a common goal
■ Eg. WWW
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Peer to Peer (P2P)■ Every computer can become a
client and a server!
■ Eg. BitTorrent Protocol
■ Over internet (TCP/IP)
■ Individuals can share data without any central control
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So, what is Blockchain?■ Is it a database?
■ Is it a network application?
■ Blockchain is special!
■ But, what makes it special?
■ Blockchain is a system for validating, clearing, settling, tracking and recording the ownership of assets that are being traded.
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Normal Transaction
■ Note the no. of participants for a single transaction.
■ Intermediaries involved: 6
■ Intermediaries are needed for trust.
■ Security: Can be compromised
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Blockchain Transaction■ Intermediaries involved: 2
■ A knows B’s computer address (or B’s public key)
■ A encrypts the message– Timestamp + B’s Public
Key
■ B decrypts it using his own private key
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What’s inside a block?
■ Block ID: A unique identifier
■ Block ID= Code (Hash) derived from the information in the block.
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Who makes the block?■ Volunteers in the network, start
to “mine” the blocks
■ All miners race to finish the block
■ These miners try to compute a hash based on:– The Merkle root
■ Which is a hash of the transactions in a block
– Other Meta Data■ Rest of the stuff in the
block
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This is how a Blockchain looks like■ Blocks added every 10
minutes
■ Current hashing power of BitCoin network is more than 500 supercomputers combined
■ 340,000,000,000,000,000 hashes per second
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Enough Theory!
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B-a-a-S■ Microsoft Azure DevTest Labs
■ For developers and testers who aim to create environments quickly in Azure.
■ Re-usable templates and artifacts.
■ Integration with on-demand environment
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What are benefits of using a blockchain for trade?
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A few pilot use cases… Shipping industry
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A few pilot use cases… Healthcare industry
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A few pilot use cases…
■ Music Industry :
■ Diamond Industry :
■ Bio Science:
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■When Henry Ford made cheap, reliable cars people said, 'Nah, what's wrong with a horse?' That was a huge bet he made, and it worked.– Elon Musk
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Thank you!
linkedin.com/ThinkMohammedTwitter: @azarkhanm