Blockchain revolution
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Presentation to the Dutch National Bitcoin Congress, June 2015. Includes five examples of new businesses on the blockchain which the audience at the event voted for in increasing order of plausibility.
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Blockchain revolution
- 1. www.chyp.comPlease Copy and Distribute The Blockchain Revolution Dutch National Bitcoin Congress Amsterdam June 2015 1
- 2. www.chyp.comPlease Copy and Distribute David G.W. Birch Director of Innovation at Consult Hyperion An internationally-recognised thought leader in digital identity and digital money; Named one of the global top 15 favourite sources of business information (Wired magazine); In the London FinTech top 3 most influential powerlist (City A.M.) One of the top ten Twitter accounts followed by innovators, along with Bill Gates and Richard Branson (PR Daily); One of the top ten most influential voices in banking (Financial Brand); Named one of the "Fintech Titans" (NextBank); Voted one of the European “Power 50” people in digital financial services (FinTech Awards); Ranked Europe’s most influential commentator on emerging payments (Total Payments magazine). 2
- 3. www.chyp.comPlease Copy and Distribute It was 20 years ago today… 3 24/06/2015
- 4. www.chyp.comPlease Copy and Distribute Consult Hyperion… 4 24/06/2015
- 5. www.chyp.comPlease Copy and Distribute Business ideas and techno-reality 5 24/06/2015
- 6. www.chyp.comPlease Copy and Distribute An idea whose time has come 6 24/06/2015
- 7. www.chyp.comPlease Copy and Distribute Shared ledgers in a glass bank 7
- 8. www.chyp.comPlease Copy and Distribute Shared ledger using a blockchain 8
- 9. www.chyp.comPlease Copy and Distribute “Smart” “contracts” and “property” p.225 Smart contracts need not be limited to finance and when paired with "smart property" — where deeds, titles and other certifications of ownership are put in digital form to be acted on by software — these contracts allow the automatic transfer for ownership of a physical asset. 9
- 10. www.chyp.comPlease Copy and Distribute Let’s speculate 10 24/06/2015
- 11. www.chyp.comPlease Copy and Distribute Campus consent No means #NO 11
- 12. www.chyp.comPlease Copy and Distribute Protected provenance Diamonds are a URLs best friend 12
- 13. www.chyp.comPlease Copy and Distribute Democratic deficit Never mind voter ID, what about voter IQ? 13
- 14. www.chyp.comPlease Copy and Distribute Dated diligence This when my bank did KYC and AML 14
- 15. www.chyp.comPlease Copy and Distribute Gregarious gadgets Everything a sensor, everyone a target 15
- 16. www.chyp.comPlease Copy and Distribute What do these examples mean? Consent Doesn’t work, and won’t work with a blockchain either Provenance A permanent record that could spawn value-added applications Democracy Transparency is more important than efficiency in some applications Diligence Smart “contracts” might make a difference Gadgets This could, just could, be a new industry 16
- 17. www.chyp.comPlease Copy and Distribute It’s a platform world Rather than create a new blockchain for each new idea, we will eventually have blockchain platforms on which new ideas could be implemented in situ (Wood & Buchanan). 17
- 18. www.chyp.comPlease Copy and Distribute Blockchain as platform for Homomorphic encryption Delivering paradoxical privacy and transparency Publicly private records Value-added applications that transform the mundane Bottom-up identity The real revolution 18
- 19. www.chyp.comPlease Copy and Distribute Contact 19 Browse www.chyp.com Follow @chyppings Mail info@chyp.com Comment http://www.chyp.com/media/blog/ Listen http://www.chyp.com/media/podcasts/ Consult Hyperion UK Tweed House, 12 The Mount Guildford, Surrey GU24HN, UK. +44 1483 301793 Consult Hyperion USA 535 Madison Avenue, 19th Floor New York, NY 10022, USA. +1 888 835 6124
Editor's Notes
- Technology’s Martyrs: The Slide Rule” by Kirk Johnson in the New York Times (3rd January 1987) covers the story of Keuffel & Esser. This company, founded in 1867, was America’s pre-eminent manufacturer of slide rules. In 1965, they sold one million of them. In 1967, their centenary, they were commissioned to prepare a report about the future called “Life in the year 2067″, looking a century on. They interviewed scientists to come up with a vision that predicted electric cars and 3D TV. What it didn’t predict was that they would be out of business within a few years because of the electronic calculator. The end came quickly. On this day in 1976 K&E produced its last slide rule, which it presented to the Smithsonian Institution. [From Computer History Museum | Exhibits | This Day in History: July 11] In less than a decade they were gone because of technological change. But note the “Gibson” take on this: the invention that destroyed them, the electronic calculator, already existed when they wrote their report. In fact the first all electronic calculator desktop calculator went on sale in 1961 At the end of 1961 the Bell Punch Company put the Anita Mk VII on the market in continental Europe and the Anita Mk 8 in the rest of the world as the world’s first electronic desktop calculators. These were the only commercial electronic desktop calculators for more than 2 years [From Anita: the world’s first electronic desktop calculator] What’s more, the first electronic all-transistor calculator (from Sharp) went on sale in 1964. So by the time the slide rule guys did their study, the technology that would destroy them had been on open sale for several years. They made the mistake, I guess, of thinking that because slide rules cost $10 and calculators cost $1,000 they would never compete, forgetting that the inevitable curve of technology price/performance would do for them in time. And, I suspect, the scientists that wrote the report all used slide rules and were perfectly happy with them.
- It is sad that the name of William Samuel Henson is largely unknown today. A man of great vision, he petitioned Parliament for permission to set up an airline—with a business model largely based on post—flying to Egypt, India and China. Parliament turned his proposal down on the grounds that it was 1843 and no-one had invented airplanes yet. Henson knew this, obviously, but could see which way technology was evolving and correctly reasoned that just because he didn’t know how to get an airplane off the ground (he had been involved in numerous experiments around powered flight), that didn’t mean that no-one else would. And when they did, there would be a new business to build on aviation technology. So he started thinking about the businesses that would make sense and, since the post had just been invented in the UK, he looked at how that might work in the future.
- It is sad that the name of William Samuel Henson is largely unknown today. A man of great vision, he petitioned Parliament for permission to set up an airline—with a business model largely based on post—flying to Egypt, India and China. Parliament turned his proposal down on the grounds that it was 1843 and no-one had invented airplanes yet. Henson knew this, obviously, but could see which way technology was evolving and correctly reasoned that just because he didn’t know how to get an airplane off the ground (he had been involved in numerous experiments around powered flight), that didn’t mean that no-one else would. And when they did, there would be a new business to build on aviation technology. So he started thinking about the businesses that would make sense and, since the post had just been invented in the UK, he looked at how that might work in the future.
- Glass Bank
- But back to Alma. The last time I went to the US -- to Austin, Texas, for South-by-Southwest -- I didn't take any US currency with me and I didn't get any $20 bills out of an ATM while I was there either. I paid for everything using cards and my mobile phone (LevelUp). Yet I read only recently, in a discussion about the near future, that... There's some debate about whether plastic credit and debit cards will be totally replaced by mobile payment systems in the next few years. However, there's no doubt that, in 2030, my son will carry a wallet with cash in it, because we'll still be using paper and metal money well into the future. [From 15 Current Technologies We’ll Still Be Using in 2030] Maybe it will be a class thing? The middle classes will have abandoned cash and it will exist only to serve the poor and excluded. That's one scenario, but I don't think so. As I have droned on about interminably, the device formerly known as the mobile phone is a way to accept payments as well as make them, and this is what does for cash. All the things you are This is me buying soup at a Vietnamese stall, paying with chip and PIN, they have an iPad and mPOS. Is this new any more or mainstream?
- A generation ago, on 3rd April 1988, the Los Angeles Times Magazine published a 25-year look ahead to 2013. It contained all sorts of bizarre views of life in Los Angeles today, including such unimaginable fantasies as supersonic jet travel and people smoking cigarettes. But it's a fun read, and in Bernado's spirit of paleofuturism, I encourage you to read it not to laugh at what they got wrong but to understand why they got it wrong. For example: what's wrong with this picture? After parking the van, Alma stops for some cash at the bank-teller machine in the lobby of her building. She punches in her I.D. number and then puts her thumb on the screen. After several tries, the machine finally recognizes her fingerprint and gives her two $20 bills with bar codes that verify the money has been issued to her. Interesting that they thought biometrics and cash would co-exist in common use. Rather fascinatingly, and so very William Gibson, one of the key elements that is missing from the vision of 2013 is the mobile phone, despite the fact that it had already existed for a decade. The first AMPS (1G) cellular network was launched in the America in 1978. Yet in the vision for 2013… Bill is trying to locate his wife to tell her about the dinner guests. Unable to reach her either at home or the office My italics, of course. It's been at least a decade since my wife called me either at home or at the office or, indeed, anywhere else. If she wants me, she calls me, she doesn't call a place. The mobile phone didn't just change the payphone business, it changed the very way that we think about communications. We understand now, of course, that the future of money over the next 25 years, in common with the future of a great many other everyday tools, is about the device formerly known as the mobile phone and what Sam Lessin of Facebook calls the ‘superpower’ of being able to communicate with anyone else anywhere in the world at any time.
- The third area is privacy. Once we have reasonable identification and authentication technology in place we can begin an intelligent discussion about how to use it. My observation is that for many of our clients the opportunity to make privacy part of their customer proposition, something that must be founded on strong security, is now a feasible business strategy. Privacy, as can already been seen in the actions of Apple and Google, is moving from a back-office hygiene factor to an integral component of consumer products.
- The third area is privacy. Once we have reasonable identification and authentication technology in place we can begin an intelligent discussion about how to use it. My observation is that for many of our clients the opportunity to make privacy part of their customer proposition, something that must be founded on strong security, is now a feasible business strategy. Privacy, as can already been seen in the actions of Apple and Google, is moving from a back-office hygiene factor to an integral component of consumer products.
- The uniqueness of blockchain assets (the end of double-spending!) may mean that the impact of the technology is also felt in the physical. The fifth area of focus is ID for the Internet of things, or IDIoT as I call it for short. I agree with the predictions I see all around about 2015 being a turning point in the evolution of the Internet things and I see examples of new collectivity and new devices around me all the time. What I don’t see is a security infrastructure emerging to manage those connections and manage those devices and this is where I think we may see intellectual effort rewarded in 2015. In fact, I can see that this might become the key focus area of the coming year as as the Internet of things comes together from digital assets that are traded transparently, previously for the people involved in the training, in-app transactions using a variety of local identity and payment systems make for a seamless new environments of interaction and transaction.
- Blockchain and CDD
- The uniqueness of blockchain assets (the end of double-spending!) may mean that the impact of the technology is also felt in the physical. The fifth area of focus is ID for the Internet of things, or IDIoT as I call it for short. I agree with the predictions I see all around about 2015 being a turning point in the evolution of the Internet things and I see examples of new collectivity and new devices around me all the time. What I don’t see is a security infrastructure emerging to manage those connections and manage those devices and this is where I think we may see intellectual effort rewarded in 2015. In fact, I can see that this might become the key focus area of the coming year as as the Internet of things comes together from digital assets that are traded transparently, previously for the people involved in the training, in-app transactions using a variety of local identity and payment systems make for a seamless new environments of interaction and transaction.
- Last year, we caved to the marketing pressures of modern business and put out a “hot five” technology blog post for 2014. For the most part, it was pretty accurate. Which ought to be no surprise, since as blog readers must realise, my colleagues at Consult Hyperion are always working on projects involving the exploitation of new technologies in the transactions business while I maintain the deceptive appearance of a blog based on random thoughts. As an example: my prediction that tokenisation would be hot in 2014 was a cheat based on the fact that I knew just how much tokenisation work was already going on all around me down at CHYP End, not a evidence for my crystal balls. Dave Birch, founder and "global ambassador" at payments consultancy Consult Hyperion, believes that a new approach is needed. "I think the days of spending more and more on security like PCI-DSS are drawing to an end. The PAN- [permanent account number] centric card solutions will soon be replaced by chip and pin, tokenisation and new (identity-centric) alternative mechanisms," says Birch. [From Retail malware: PCI-DSS is part of the problem, says retail security specialist Slava Gomzin - 07 Aug 2014 - Computing Feature] Why the quotes? Are they implying that I'm not really the "Global Ambassador"! But to the point. I also said that "proximity and vicinity" interfaces would be hot and I stand by that having seen both NFC and BLE become a focus. Of course, these two predictions were not entirely unconnected. This has been reported as being a technology initiative that undermines NFC, whereas I tend to think that it dovetails with it. [From The "hot five" retail transaction technologies for our clients in 2014 - Tomorrow's Transactions] I said APIs but that was also an easy prediction because everyone was saying the same thing and they were all right. I won’t say much more about this here as I’m going to be writing a couple of much longer posts about APIs early in the new year. I said “recognition" because I could see that the increasing importance of transaction-appropriate identification and authentication technologies was shaping the business strategies available to our clients downstream and we are working on projects in that space right now. The key here is, as you might imagine, that the smartphone is capable to delivering a wide spectrum of identification and authentication possibilities and gives organisations real choices in how they recognise customers and how customers recognise them. The one I didn’t think quite panned out as I was expecting was “small data”. I thought that more organisations would exploit the ability of the mobile to give customers a window into their own data and provide tools for managing and analysing that data. This certainly happened in some cases but not at the scale I was expecting (as I discovered when I tried to search my own bank accounts to find some transactions from a few months ago).
- Last year, we caved to the marketing pressures of modern business and put out a “hot five” technology blog post for 2014. For the most part, it was pretty accurate. Which ought to be no surprise, since as blog readers must realise, my colleagues at Consult Hyperion are always working on projects involving the exploitation of new technologies in the transactions business while I maintain the deceptive appearance of a blog based on random thoughts. As an example: my prediction that tokenisation would be hot in 2014 was a cheat based on the fact that I knew just how much tokenisation work was already going on all around me down at CHYP End, not a evidence for my crystal balls. Dave Birch, founder and "global ambassador" at payments consultancy Consult Hyperion, believes that a new approach is needed. "I think the days of spending more and more on security like PCI-DSS are drawing to an end. The PAN- [permanent account number] centric card solutions will soon be replaced by chip and pin, tokenisation and new (identity-centric) alternative mechanisms," says Birch. [From Retail malware: PCI-DSS is part of the problem, says retail security specialist Slava Gomzin - 07 Aug 2014 - Computing Feature] Why the quotes? Are they implying that I'm not really the "Global Ambassador"! But to the point. I also said that "proximity and vicinity" interfaces would be hot and I stand by that having seen both NFC and BLE become a focus. Of course, these two predictions were not entirely unconnected. This has been reported as being a technology initiative that undermines NFC, whereas I tend to think that it dovetails with it. [From The "hot five" retail transaction technologies for our clients in 2014 - Tomorrow's Transactions] I said APIs but that was also an easy prediction because everyone was saying the same thing and they were all right. I won’t say much more about this here as I’m going to be writing a couple of much longer posts about APIs early in the new year. I said “recognition" because I could see that the increasing importance of transaction-appropriate identification and authentication technologies was shaping the business strategies available to our clients downstream and we are working on projects in that space right now. The key here is, as you might imagine, that the smartphone is capable to delivering a wide spectrum of identification and authentication possibilities and gives organisations real choices in how they recognise customers and how customers recognise them. The one I didn’t think quite panned out as I was expecting was “small data”. I thought that more organisations would exploit the ability of the mobile to give customers a window into their own data and provide tools for managing and analysing that data. This certainly happened in some cases but not at the scale I was expecting (as I discovered when I tried to search my own bank accounts to find some transactions from a few months ago).