blockchain technology: landscape & future directions · blockchain technology: landscape &...
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Jeremy Clark
Blockchain Technology: Landscape & Future Directions
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Jeremy Clark • Assistant Professor at the Concordia Institute for Information Systems
Engineering (CIISE) in Montreal • PhD from the University of Waterloo (2009) • Team of eight graduate students • Numerous academic papers on Bitcoin/Blockchain, including one of the
earliest • Contributed to courses (Princeton, MIT) & textbook on Bitcoin/blockchain • Testified to Senate and House committees on Bitcoin/blockchain
Where I Am
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Digital RevolutionBlockchain
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Digital Revolution
For business processes based on paper records, digitization increases efficiency
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Digital Revolution
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Database
Digital Revolution
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T-2351T-4528T-9636T-9833
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Who Owns the Database? Privileged Position Availability Manage Access
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Who Owns the Database? Privileged Position Availability Manage Access
Reconciliation
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Disintermediation
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Blockchain
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Blockchain
Data cannot be changed once written Data is only written if it is true (truth by definition) Everyone sees the same data; no reconciliation Data is readily available
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Blockchain
Data cannot be changed once written Data is only written if it is true (truth by definition) Everyone sees the same data; no reconciliation Data is readily available Data can activate processes which are validated
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• Securities: stocks, bonds, derivatives, swaps, repos and post-trade settlement
• Markets: land deeds, carbon credits • Banking: inter-bank settlement, international
payments, remittances, micropayments, loyalty • Provenance: luxury goods, organic certifications,
supply chain management • Government: voting, registries • Coordination: internet of things • Identity management: KYC, PKI • Fun: gambling, prediction markets
Use Cases
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• Securities: stocks, bonds, derivatives, swaps, repos and post-trade settlement
• Markets: land deeds, carbon credits • Banking: inter-bank settlement, international
payments, remittances, micropayments, loyalty • Provenance: luxury goods, organic certifications,
supply chain management • Government: voting, registries • Coordination: internet of things • Identity management: KYC, PKI • Fun: gambling, prediction markets
Use Cases
Blockchain systems can interact
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Frequently Asked Questions& common misconceptions
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Relation to Bitcoin
Bitcoin is designed to be a currency (BTC)
Bitcoin is not a digital form of an existing currency
Thus not like Paypal, EFTs, interact-by-email
Bitcoin is decentralized: no central bank
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The term blockchain 1) Bitcoin’s protocol for achieving a distributed
ledger maintained by an open network of profit-seeking nodes
2) Any distributed ledger
3) The philosophy behind Bitcoin: digitizing commodities, securities, deeds, contracts…
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• Blockchains and (distributed) databases are similar and somewhat interchangeable
• The emphasis is on different things • Blockchains are for small data (1MB every 10 min) • Blockchains are for validated data • Blockchains are not about complex queries (you
download everything) • Blockchains are secure against malicious nodes
Blockchain v. Database
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• CAC-ISO-TC307: Blockchain and electronic distributed ledger technologies
• Industry Consortiums: Various
Standards
Regulation• Use-Case Specific: Mostly pertains to Bitcoin • Taxation: capital gain • Accounting (IFRS): intangible asset • KYC/AML: Fintrac given authority • ICOs/Trusts/Exchanges: Securities authorities
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• By default, blockchains have no confidential transactions
• Confidentiality can be added on with encryption but non-trivial
• By default, blockchains have no identities associated to transactions
• Identities can be added (or conversely, anonymity strengthened)
Confidentiality & Privacy
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Consistency?Consensus through voting
Proof of Work
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Consistency?Consensus through voting
Honest majority
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Consistency?Consensus through voting One vote per ________?
Honest majority
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Consistency?Consensus through voting One vote per ________?
1) Entity: trusted list of entities, closed network
Honest majority
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Consistency?Consensus through voting One vote per ________?
1) Entity: trusted list of entities, closed network
2) Unit of computational effort: Bitcoin’s blockchain No trust, open network
Honest majority
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ACM Queue
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acmqueue | july-august 2017 2
2 OF 30
1980
1985
1990
1995
2000
2005
2010
2015
smartcontracts
publickeys as
identities
Byzantinefault
toleranceproof
of workdigitalcash
MerkleTree [33]
Haber &Stornetta [22]
Haber &Stornetta [23]
Benaloh &de Mare [6]
Bayer, Haber,Stornetta [5]
Ecash [10]
anti-spam[15]
hashcash [2]
Micro-mint [44]
clientpuzzles
[25]
offlineEcash [32]
DigiCash
ByzantineGenerals [27]
Paxos [28]
PBFT [8]
Paxos madesimple [29]
computationalimpostors [1]
Chaumanonymous
communication[9]
Chaumsecurity w/o
identification[11]
b-money [13]
Bit gold [42]
privateblockchains
Bitcoin [34]
Ethereum
Szaboessay [41]
Goldbergdisser-tation [20]
Sybil attack[14]
Nakamoto concensus
linkedtimestamping,verifiable logs
FIGURE 1: Chronology of key ideas found in Bitcoin
cryptocurrency
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More resources
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Bitcoin and Cryptocurrency Technologies
Arvind Narayanan, Joseph Bonneau, Edward Felten,
Andrew Miller, Steven Goldfeder
with a preface by Jeremy Clark
Draft — Feb 9, 2016
Feedback welcome! Email [email protected]
For the latest draft and supplementary materials including programming assignments,
see our Coursera course.
The official version of this book will be published by Princeton University Press in 2016.
If you’d like to be notified when it’s available, please sign up here.
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ACM Queue
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@PulpSpy
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