wallets and consensus€¦ · ideal solution domains. ... putting all your eggs in one basket…...

wallet.services wallet_services

Wallets and ConsensusBlockchain Engineering for Enterprise Systems

By

Alan Keir

Overview

WalletsSecure management and storage

ConsensusBusiness problems involving data

ApplicationsIdeal solution domains

Problem #1 – Securing a Bitcoin Exchange

Providing AML/KYC Compliant Data

An accident waiting to happen…

$9 Million

$1300 Million

Bitcoin Client & Wallet Setup

Multiple Wallets in Bitcoin Clients

Implementing Multiple Wallets

Shared (or Hot) Wallets

Putting all your eggs in one basket…

High Profile Crypto Exchange Thefts

Task #1 – Design a secure multi-wallet service

Gathering Requirements

• Individual Wallets

• Individual Wallets

• Resilience to Client Attacks

• Resilience to Wallet Attacks

Gathering Requirements

• Individual Wallets

• Resilience to Client Attacks

• Resilience to Wallet Attacks

• Recovery from Key Theft

Gathering Requirements

Solution #1 – A secure multi-wallet service

✓ Individual Wallets

✓ Resilience to Client Attacks

✓ Resilience to Wallet Attacks

Solution: Decoupling Wallets

✓ Individual Wallets

✓ Resilience to Client Attacks

✓ Resilience to Wallet Attacks

✓ Recovery from Key Theft

Solution: Dual Wallet Ownership

Solution: Implemented

@ The Wash Bar / 5th May 2014

• Fast, Scalable and Secure Wallet Hosting

• Multiple Currency types

Problem #2 – Applying Blockchain to Business Problems involving data

Cross-Organisational Workflows

Task #2 – Design a self governing workflow system

• Attestation

• Certification

• Chain-of-Custody

• Secure data sharing

Requirements Gathering

• Attestation

• Certification

• Chain-of-Custody

• Secure data sharing

• Chain-of-Command

Requirements Gathering

• Attestation

• Certification

• Chain-of-Custody

• Secure data sharing

• Chain-of-Command

• Consent

Requirements Gathering

• Attestation

• Certification

• Chain-of-Custody

• Secure data sharing

• Chain-of-Command

• Consent

• Termination

Requirements Gathering

Solution #2 – A blockchain that implements compliant workflows.

✓ Attestation

✓ Certification

✓ Chain-of-Custody

✓ Secure data sharing

✓ Chain-of-Command

✓ Consent

✓ Termination

Solution: Data Bearing Transactions

✓ Attestation

✓ Certification

✓ Chain-of-Custody

✓ Secure data sharing

✓ Chain-of-Command

✓ Consent

✓ Termination

Solution: Encryption and Multisig

Public Consensus Model?

Permissioned Consensus Model

First generation consensus rules

Smart Contracts

✓ Attestation

✓ Certification

✓ Chain-of-Custody

✓ Secure data sharing

✓ Chain-of-Command

✓ Consent

✓ Termination

Solution: Governance via Smart Contracts

Cross-Organisational Workflows

✓ Attestation

✓ Certification

✓ Chain-of-Custody

✓ Secure data sharing

✓ Chain-of-Command

✓ Consent

✓ Termination

Using Blockchains to Govern Interaction

Using Blockchains to Govern Interaction

Blockchains aren’t data repositories

Blockchains aren’t data repositories

Thank You!