An introduction to MultiChain, an open source platform for private blockchains, that is backwards compatible with Bitcoin Core.

1. MultiChain
Private Blockchain Platform
Coin Sciences Ltd
http://www.multichain.com/

2. Banking on Bitcoin 2.0?
• Low capacity
• Poor governance
• Unknown costs
• Anonymous miners
• All activity public
• No AML/KYC
• One bloated ledger
• Poor asset support

3. So what do enterprises want?
• Private shared database
• Control of capacity + cost
• Designated “miners”
• No cryptocurrency
• Collective admin
• Hide the details
• Blockchain as
tool not ideology

4. Introducing MultiChain
• Off-the-shelf private blockchains
ü Easy to configure and deploy
• Permission management
ü Private and tightly controlled
• Native asset support
ü Tracked at network level
• Target: internal/intercompany R&D
• Bitcoin-compatible protocol + APIs

5. Key blockchain parameters
• Block time e.g. 10 seconds
• Maximum block size
– Transactions per second
• Transaction metadata
– Current limit: 8 MB
• Permissions model
– e.g. can anyone connect?
• Role (if any) for native currency

6. MultiChain permissions
• Admin / Activate
– Control others’ permissions
• Connect to network
• Create asset
• Send transaction
• Receive transaction
• Confirm transactions (“mine”)
• Permissions enforced in blockchain

7. “Mining” in MultiChain
• All blocks signed by miner
• Only permitted miners
ü No impersonation attacks
• Mining diversity constraint
ü Proof of work not required

8. What are blockchains for?
• Old problem:
– Shared database (or ledger)
– Multiple writers
– Limited trust
• Old solution:
– Intermediary as gatekeeper
• New possibility:
– Use a private blockchain

9. Signed by Bob
Signed by Alice
Alice £10
Bob $15
Alice $15
Bob £10
Example: Exchange transactions
Delivery versus payment enforced at data layer

10. MultiChain roadmap
• Version 1.0 alpha available now
– Parameters, permissions, assets
• Beta/release during 2016
– Two key features to come
– Extensive automated testing
• To follow: Premium version
– Improved performance and logging
– Stronger security and encryption
– Database integration for analytics

11. Questions?
Visit www.multichain.com for:
MultiChain download
Getting started guide
Developer docs and forum
White paper (not just for techies!)