blockchain - beyond the hype
TRANSCRIPT
Blockchain – Beyond the Hype
August 30, 2017
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Agenda
• Introductions
• Technology status
• Current challenges
• The near future
• Summary
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Rowan Lemley (host)
Introductions
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Petri Karjalainen
Head of Strategic Partnerships
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OpusCapita by the numbers
Company:
• Founded 1984
• Over 400 employees
• Revenue €75 million (2016)
Buyer-Supplier Ecosystem:
• 4 000 customers in over 100 countries
• ~100 000 suppliers
• 200 million e-transactions annually
• 40 million different products bought and sold
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Poll: What do you expect blockchain technology will mean to your business in the next 3-5 years?
We see no impact to our business model
We are expecting blockchain to dramatically change our business model
We are doing nothing with blockchain currently
We are investigating and evaluating blockchain
We are planning a pilot
We are currently piloting blockchain
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Answers from 2016 webinar
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15.4 %
19.2 %
42.3 %
42.3 %
3.8 %
7.7 %
We see no impact to our business model
We are expecting blockchain to dramatically change ourbusiness model
We are doing nothing with blockchain currently
We are investigating and evaluating blockchain
We are planning a pilot
We are currently piloting blockchain
What do you expect blockchain technology will mean to your business in the next 3-5 years?
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What others are thinking
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Where Gartner places blockchain
Blockchain != Bitcoin
BlockChain is a technology concept, Bitcoin is application built withblockchain technology concept!
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Blockchain is an encrypted and distributed database with smart contracts to create trust and transparency
Benefits of distributed ledger vs. middle man
Higher security
No delays
Wider reach
Lower costs
Smart contracts
Can’t be hacked
Trust protocol build in
Facilitate, verify,
enforce the contract
Automatic processing
Global encrypted
ledger
Public
Technology status review
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• Hyperledger Foundation– Founded 2016– Members: ~ 130
• Enterprise Ethereum Alliance– Founded 2017– Members: ~ 116
• Ripple (Company)– Founded 2012– Members: ~ 90
• R3 (Company)– Founded 2014– Members: ~ 80
Blockchain tech - Tech foundations and companies
“Hyperledger is an open source
collaborative effort created to
advance cross-industry blockchain
technologies.”
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Blockchain fabrics for business applications today
Hyperledgermodular framework developing business appsfor corporations and public organizations
Ethereumdecentralized platform with cryptocurrency for SMEs
Public
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In comparison to databases at the moment.
Consistent (CP) DB Available (AP) DB Blockchain
Privacy Good Good Bad
Write scalability Tunable Good Bad
Single node performance Good Good Moderate/Immature
Maturity & Ecosystem Good Good Immature
Features, ease of use Good Good Immature
Read scalability Good Good Good
Consistency Good Tunable Good
Robustness (crash recovery) Good Good Good
Vulnerability to malicious activity Bad Bad Good
Current challenges
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And yet… Blockchain technology has some issues
• Currently blockchains don’t really do privacy very well
• Transactions are public to everyone running a node
• Lots of research being done
• Most interesting use cases will require privacy
• Currently blockchains don’t really scale well
• Every node will validate every transaction
• Permissioned networks get slower as you add nodes
• Isolating networks will create
problems
Privacy Scale
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What can we expect in the next 12-24 months?
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Blockchain is a phenomenon
● Blockchain has made it possible to think about novel solutions to problems
● And new ways of thinking “Blockchain Inspired”
○ Share, collaborate, open,
transparent
● Blockchain has introduced new
concepts such as
○ Smart Contracts
○ Cryptographic verification
● Misconceptions will be clarified
○ Blockchains are not faster
○ They are not better for
privacy
○ They don’t scale easily
”Inspiring” ”Innovating”
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Summary
Closing Thoughts:
• Status
• Challenges
• Future
Thank You
See you at our next webinar: The New Paradigm for B2B Commerce – with Pete Loughlin of Purchasing Insight (September 6)
Rowan Lemley