Blockchain, Cryptocurrency, and the Cloud
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The document discusses blockchain technology, cryptocurrency, and how they relate to cloud computing. It provides a high-level overview of blockchain, including how it allows for decentralized record keeping without a central authority. It also mentions smart contracts and how Ethereum uses a blockchain and smart contract language called Solidity. Finally, it suggests some tools like Truffle and Metamask for creating blockchain applications, and mentions how Azure can provide cloud infrastructure to support blockchain projects.
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Blockchain, Cryptocurrency, and the Cloud
- 1. Blockchain, Cryptocurrency, and the Cloud Sage Franch Technical Evangelist @ Microsoft @theTrendyTechie
- 4. 3rd party authority Random internet stranger 3rd party authority
- 5. 3rd party authority Random internet stranger 3rd party authority
- 6. When the ledger is maintained by one entity Property Ownership House X Alice House Y Bob House Z Christine … … <-Bob buys X <-Alice buys Z
- 7. Blockchain at a High Level Alice X Bob Y Christine Z … Bob purchased house X from Alice Alice purchased house Z from Christine
- 8. Decentralization + Immutability TRUST in the digital age
- 10. Decentralization
- 11. Decentralization
- 12. Decentralization
- 13. Decentralization
- 14. 3-7 Tx/s
- 15. BLOCK 0 Block 0 Header Hash Merkle root BLOCK 1 Block 1 Header Hash Merkle root BLOCK 2 Block 2 Header Hash Merkle root Block Transactions Block Transactions Block Transactions Immutability
- 16. A new node enters Current Chain Chain at New Node
- 17. A new node enters Current Chain Chain at New Node
- 21. Smart Contracts
- 23. Smart Contracts
- 24. Blockchain is not without its flaws
- 26. Ethereum – blockchain technology Solidity – smart contract language Truffle – framework for creating and deploying smart contracts Metamask – browser-based crypto wallet Azure – cloud infrastructure for our blockchain
- 27. Helpful Links • https://solidity.readthedocs.io/en/develop/ • http://truffle.readthedocs.io/en/beta/getting_started/contracts/ • https://azure.microsoft.com/en-us/solutions/blockchain/
- 28. Blockchain, Cryptocurrency, and the Cloud Sage Franch Technical Evangelist @ Microsoft @theTrendyTechie
Editor's Notes
- Blockchain in terms of bitcoin Bitcoin aims to decentralize currency and replace traditional currency; Ethereum aims to decentralize the app world Ether is the currency that runs on Ethereum – you need to spend ether to execute smart contracts, which is what gives ether its value
- To fully understand immutability, we must understand how blockchain works
- Decentralization means that no one node controls what happens in the network. Decisions are made by achieving consensus among the nodes, and all nodes around the world maintain the same ledger and update whenever there is a change.
- So let’s say I in Toronto
- Want to sell my house to you, in Vancouver
- We must first propose this transaction and perform the necessary proof of work to have this transaction approved, and then when we reach consensus,
- That transaction gets added as a new block in the chain, and every other node in the network updates their chain to include it.
- Now keep in mind that this is all happening very quickly – in fact most blockchains average 3-7 transactions per second.
- This mathematical linking is what makes a blockchain immutable – each block is, in part, composed of the block that came before it. It is therefore impossible to change one block in the chain without breaking the whole thing.
- NOTE for PDF viewers: this slide builds
- Ethereum is both a blockchain network and a technology. The Ethereum networks employees the technology, but one does not have to subscribe to the Ethereum network in order to use the Ethereum technology. It allows users to create their own blockchains for whatever reason he or she sees fit, and that blockchain can be publicly shared or privately shared depending on how it is applied. Ethereum is a general purpose blockchain that still has all the concepts of those designed for cryptocurrencies. Ethereum nodes mine “Ether” as the currency that is exchanged in Ethereum networks. Secure electronic voting Identity management Bond trading Electronic banking Real-estate transactions Supply-chain management
- Real estate sale example
- We will be building a private, cloud-based blockchain currency with an Ethereum base