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Why How What - The Blockchain
- 2. @sdwouters Into Bitcoin since 2013 Digital Transformation Consultant at Duval Union Consulting Sam Wouters
- 4. @sdwouters Who has heard of Bitcoin before today?
- 6. @sdwouters Positive image? Who has heard of Bitcoin before today?
- 7. @sdwouters Negative image?Positive image? Who has heard of Bitcoin before today?
- 8. @sdwouters Who fundamentally understands Bitcoin? Negative image?Positive image? Who has heard of Bitcoin before today?
- 9. @sdwouters Media that predicted the death of Bitcoin bitcoinobituaries.com
- 10. @sdwouters Who has heard of Bitcoin before today? Negative image?Positive image? Who owns bitcoins? Who fundamentally understands Bitcoin?
- 11. @sdwouters “We’re trying to make laws for something we don’t understand”
- 12. @sdwouters Banks try to skip learning about Bitcoin
- 13. @sdwouters Nearly all of them are investing in Bitcoin’s technology, the Blockchain
- 15. @sdwouters HOW does it work? WHY does the Blockchain exist?
- 16. @sdwouters WHAT can we do with it? HOW does it work? WHY does the Blockchain exist?
- 18. @sdwouters How it began in 2008: a financial system without “trusted” third parties bitcoin.org/bitcoin.pdf
- 19. @sdwouters Banks built the most complex system in the world *Insert image of global financial system*
- 20. @sdwouters Why do bank transfers take days?
- 21. @sdwouters Why can’t we use microtransactions?
- 22. Financial innovation is held back by rules and regulations
- 23. But this is innovation!
- 24. @sdwouters Say that to the 40% unbanked adults worldwide…
- 25. And to the people who pay 5-20% money transfer fees!
- 26. Yet we can do this?
- 27. @sdwouters The Blockchain is about more than global payments
- 28. @sdwouters We have more debt than we can ever repay
- 29. @sdwouters Governments struggle to track expenses
- 30. @sdwouters We have unprecedented money printing research.stlouisfed.org/fred2/series/AMBSL
- 31. The money in your bank loses value Inflation Interest>
- 32. @sdwouters If Finance is so messed up why don’t we fix it?
- 33. @sdwouters Governments are not in charge in the financial world Governments Corporates Banks National central banks International central banks Central bank of central banks
- 34. @sdwouters Despite regulation, banks won’t stop ‘misbehaving’ cnbc.com/2015/10/30/misbehaving-banks-have-now-paid-204b-in-fines.html
- 35. Resulting in "cosy" relationships between financial businesses and regulators. We are fighting a never ending flood
- 36. @sdwouters HOW does it work? WHY does the Blockchain exist?
- 37. Transactions Security The Blockchain works fundamentally different
- 39. @sdwouters Money is sent directly between two parties
- 40. @sdwouters Money is sent directly between two parties
- 41. @sdwouters THE BLOCKCHAIN records who owns what, and when
- 43. @sdwouters Governments and banks dislike… because they have less control over us. They can't track what we do with it, so people can use it for illegal activities. CASH
- 44. @sdwouters Governments and banks dislike… because they have less control over us. They can't track what we do with it, so people can use it for illegal activities. CASH because they have no control over us. They can however track exactly what we do with it. BITCOIN
- 45. @sdwouters Anyone can see where a transaction is sent to and where it came from
- 46. @sdwouters What criminal leaves permanent evidence?
- 47. @sdwouters Digital currencies lowest risk in money laundering
- 48. @sdwouters Transactions are synchronised through the network
- 49. @sdwouters Every X minutes, they are permanently recorded in a new block in the blockchain …
- 52. Problems Solutions Central point of failure Decentralized network Expensive to secure Shared security cost Trust who is in charge Trust a fixed set of rules Centralized All organizations
- 53. Problems Solutions Central point of failure Decentralized network Expensive to secure Shared security cost Trust who is in charge Trust a fixed set of rules Centralized Decentralized All organizations The Internet & Bitcoin
- 54. @sdwouters An open blockchain is secured by computing power from people and companies all over the world
- 55. @sdwouters In return for their efforts, these “miners” earn Digital currency and tiny transaction fees
- 56. The miners and nodes verify the transactions and add them to the next block in the Blockchain
- 57. @sdwouters When you change a transaction in the past the link to that block changes as well
- 58. @sdwouters The network will know that your version has been messed with and reject it
- 59. @sdwouters You need to create a longer blockchain than the entire network combined
- 60. @sdwouters The Bitcoin network is over 25.000 times stronger than the top 500 supercomputers in the world
- 61. Problems Solutions Central point of failure Decentralized network Expensive to secure Shared security cost Trust who is in charge Trust a fixed set of rules Decentralized Who is in charge of the network/computers?
- 62. @sdwouters Improvements can be proposed by developers around the world bitcoin.org/bitcoin.pdf … github.com/bitcoin/bips
- 63. @sdwouters If the majority of the network agrees, the code can be changed / UPDATED
- 64. @sdwouters WHAT can we do with it? HOW does it work? WHY does the blockchain exist?
- 67. Money is the tip of the iceberg
- 68. @sdwouters Logical evolution INTERNET Transfer information BLOCKCHAIN Transfer ownership TEXT IMAGES PROGRAMS VIDEOS MONEY CONTRACTS PATENTS ASSETS
- 69. @sdwouters Everledger stores unique info and ownership of diamonds on the Bitcoin blockchain everledger.io
- 70. @sdwouters “The Blockchain could disrupt everything”
- 71. @sdwouters THE BLOCKCHAIN IS AN INEFFICIENT DATABASE
- 72. @sdwouters Better sharing of data? WHY IS a Blockchain Amazing TO USE?
- 73. @sdwouters 3 Censorship resistance 2 Immutability WHY IS a Blockchain Amazing TO USE? Decentralization 4 1 Open Innovation 5 Open Access
- 75. @sdwouters Should we have forbidden these too because criminals can use them? Technology always reflects society
- 76. @sdwouters Remember them, they outweigh the bad minority
- 77. @sdwouters But all these banks are investing in BLOCKCHAINS!
- 78. @sdwouters They are no longer trying to build a “private blockchain”
- 79. @sdwouters Some still try to build private blockchains Controlled Innovation Controlled Access (Auditable) Privacy High Transaction Capacity No Volatile Cryptocurrency No Mining Security Costs
- 80. @sdwouters The Open Blockchain will create the most value
- 81. @sdwouters Bitcoin is driven by the same force that grew the Internet to billions of users: Open innovation
- 82. @sdwouters Don’t skip learning about it
- 83. If Bitcoin is so great, why isn’t everyone using it?
- 84. ‣ Bitcoin is only 7 years old, it still needs a lot of development. ‣ This has never been tried before and it is about money, not information. ‣ Bitcoin is like the Internet in the 90s: ‣ People don't get it. ‣ It looks ugly. ‣ We have few use cases. ‣ People don’t see how it will change the world. ‣ Those who are disrupted by it will do everything to stop it. ‣ Mainstream 10 years later ‣ Mass adoption 20 years later
- 85. @sdwouters Perhaps you think you don’t really need it
- 86. @sdwouters But the world does
- 87. Thanks! Want to learn more? WWW @sdwouters sam.wouters@duvalunion.com samwouters.com