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Page 1: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living
Page 2: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

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Page 3: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

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Page 4: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living
Page 5: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

Page 6: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

<->

Page 7: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

Page 8: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

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Page 9: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

Page 10: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

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Page 11: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

Page 12: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

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Page 13: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

Page 14: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living
Page 15: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living
Page 16: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living
Page 17: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

8 elements -> 28 interactions

4 elements -> 6 interactions1 doublingMoore’s Law ~18mos

Page 18: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living
Page 19: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living
Page 20: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

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Page 21: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

Traditional Future (IoT…)Product vendor security expertise deep limitedSecure product lifespan 5-10 years 20-50+ yearsUser attention to security per device high-ish low/noneUser tolerance for security/reliability issues high low/noneConnected to physical world no yesNumber of software platforms small hugeOn-device security tools ubiquitous usually noneVendors can afford monitoring & patching yes no

Defenses have failed to scale to today’s needs.IoT security is much harder

Page 22: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living
Page 23: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living
Page 24: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living
Page 25: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

00401880 push ebp00401881 mov ebp,esp00401889 push 00040188B call 004019b000401890 add esp,400401893 jmp 004018d100401898 push eax00401899 call 004018e00040189E add esp,4

Page 26: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living
Page 27: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

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1981

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1987

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2002

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2008

Note: Logarithmic scale

Page 28: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living
Page 29: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living
Page 30: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

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Page 31: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

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Page 32: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

Page 33: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living
Page 34: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living
Page 35: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

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Page 36: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

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Page 37: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

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Page 38: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

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Page 39: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

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Page 40: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living
Page 41: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living
Page 42: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living
Page 43: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

Time

Benefit

from f

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Value

(benef

it –risk

)

Page 44: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living

Page 45: Kocher CryptoAndCHES InvitedLecture 2016 FINALethereum Home Depot European Central Ebay 000.000 Evernote 50, 000. 000 JP Morgan Chase 76.000.000 Korea Cr Bureau Neiman Marcus Living