smart contracts - digital community 20170913 · 2017. 9. 15. · blockchain solution providers...
TRANSCRIPT
«Smart Contracts»
www.inacta.ch
Blockchain Solution Providers
«Blockchain & Smart Contracts»
September 2017
BITCOINs / ALTCOINsMICROPAYMENT
BANKING THE UNBANKED
Blockchain ModelTERMINOLOGY
3 © inacta AG • «Blockchain & Smart Contracts» • 2017.09
Cryptocurrencies
SMART CONTRACTSINTEGRATED TRUST
CUTTING THE MIDDLEMAN
Process Improvement
ICOs / TGEsCROWDFUNDING
DISRUPTING THE VC INDUSTRY
Venture Capital
BLOCKCHAIN
BITCOINs / ALTCOINsMICROPAYMENT
BANKING THE UNBANKED
Blockchain ModelTERMINOLOGY
4 © inacta AG • «Blockchain & Smart Contracts» • 2017.09
Cryptocurrencies
SMART CONTRACTSINTEGRATED TRUST
CUTTING THE MIDDLEMAN
Process Improvement
ICOs / TGEsCROWDFUNDING
DISRUPTING VC INDUSTRY
Venture Capital
BLOCKCHAINo Distributed Ledgero Miningo Consensus Mechanism “Proof of Stake“ (Proof of Work)o Private or Publico Permissioned or not permissioned
BITCOINs / ALTCOINsMICROPAYMENT
BANKING THE UNBANKED
o Bitcoino „Altcoin“ = not Bitcoin
Bitcoin alternativeso Wallets (‘Normal‘ or ‘Multisig‘)o Transactions• Gas
o Hashes
Blockchain ModelTERMINOLOGY
5 © inacta AG • «Blockchain & Smart Contracts» • 2017.09
Cryptocurrencies
SMART CONTRACTSINTEGRATED TRUST
CUTTING THE MIDDLEMAN
Process Improvement
ICOs / TGEsCROWDFUNDING
DISRUPTING VC INDUSTRY
Venture Capital
BLOCKCHAIN
BITCOINs / ALTCOINsMICROPAYMENT
BANKING THE UNBANKED
Blockchain ModelTERMINOLOGY
6 © inacta AG • «Blockchain & Smart Contracts» • 2017.09
Cryptocurrencies
SMART CONTRACTSINTEGRATED TRUST
CUTTING THE MIDDLEMAN
o DAPPs (Distributed Application)Classical vs. web3 architect.
o Oracles (off chain services, delivering trustedinput/triggers for smart contracts)
o Platformen (Ethereum, Hyperledger, R3 Corda, etc.)
o IoT
Process Improvement
ICOs / TGEsCROWDFUNDING
DISRUPTING VC INDUSTRY
Venture Capital
BLOCKCHAIN
BITCOINs / ALTCOINsMICROPAYMENT
BANKING THE UNBANKED
Blockchain Model
7 © inacta AG • «Blockchain & Smart Contracts» • 2017.09
Cryptocurrencies
SMART CONTRACTSINTEGRATED TRUST
CUTTING THE MIDDLEMAN
Process Improvement
ICOs / TGEsCROWDFUNDING
DISRUPTING VC INDUSTRY
o ICO = Initial Coin Offeringo TGE = Token Generating Evento VC = Venture Capital
Venture Capital
BLOCKCHAIN
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Blockchainˈblɒktʃeɪn/
noun
«a digital ledger in which transactions
are recorded chronologically and publicly.»made in bitcoin or another cryptocurrency
• An accurate, immutable and distributed “database”
Terminolgy: Distributed LedgerINTRODUCTION
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Centralised Decentralised Distributed
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Global Bitcoin Nodes DistributionBITCOIN
Source: https://bitnodes.21.co
11 © inacta AG • Präsentationstitel • DatumSource: https://bravenewcoin.com/industry-resources/infographics/weekly-bitcoin-and-blockchain-statistics
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www.ethernodes.org/network/1
BITCOINs / ALTCOINsMICROPAYMENT
BANKING THE UNBANKED
Blockchain ModelINTRODUCTION
13 © inacta AG • «Blockchain & Smart Contracts» • 2017.09
Cryptocurrencies
SMART CONTRACTSINTEGRATED TRUST
CUTTING THE MIDDLEMAN
Process Improvement
ICOs / TGEsCROWDFUNDING
DISRUPTING THE VC INDUSTRY
Venture Capital
BLOCKCHAIN
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Blockchain related
«Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code.»
«Smart contracts are computer protocols intended to facilitate, verify, or enforce the negotiation or performance of a contract.»
Smart contracts
Why Smart?INTRODUCTION
• Smart contracts consists of…o Code (the contract it self)
o Contracting parties (Wallet addresses)
o Assets (Representation of the subject of the contract)
o Triggers (Events triggering the contract or being triggered by the contract)
o Validity
• Smart contracts are transparent and cannot be amendedo “Contract“ or agreement is stored on the blockchain
o Source code or ‘machine code’ is visible on the blockchain
o Deletion of the contract can be restricted
• Are self executingo Determined validity or triggers will regulate the behaviour
• Offers automated settlemento Asset transfers can be triggered automatically in form of tokens
© inacta AG • «Blockchain & Smart Contracts» • 2017.09
16 © inacta AG • «Blockchain & Smart Contracts» • 2017.09
Smart contracts can...INTRODUCTION
• Manage agreements between users, say, if one buysinsurance from the other
• Function as 'multi-signature' accounts, so that funds arespent only when a required percentage of people agree
• Store information about an application, such as domainregistration information or membership records.
• Provide utility to other contracts (similar to how a softwarelibrary works)
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Flow of a Smart ContractINTRODUCTION
Blo
ckc
hai
nP
hys
ical
wo
rld
Triggers Oracles
VariablesRules
Thresholds...
Dependencies...
Tri
gg
er
Inp
ut
Ou
tpu
t
Flow of a Smart Contract
• Smart Contracts can interact
• Smart Contracts can follow the Object Oriented coding (aggregations, inheritance, etc.)
INTRODUCTION
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Processing
Tri
gg
er
OutputInput
Claim
«Blockchain and Smart Contracts will revolutionise the digitalisation trend.»
• Self executing smart contracts
• “Automated trust” in business relations
• Distributed governance
• Cryptographic security
• Distributed Run-time Environment (world wide distributed infrastructure)
INTRODUCTION
19 © inacta AG • «Blockchain & Smart Contracts» • 2017.09
20 © inacta AG • «Blockchain & Smart Contracts» • 2017.09
Process ImprovementINTRODUCTION
Transfer of values
Digitalisation of contracts
Use - and administration of
digital content
Government- and Lawyer Services Digital Assets Trading
Decentralised Cloud Storage
Digital Identification
Fraud prevention
Blockchain
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How to Initiate your ProjectsSMART CONTRACTS
Address the challenge like you would any other software development project!
• Identify the need or problem which should be addressed
• Formulate requirements – in form of use cases
• Solutions are typically „Hybrid“ – partly traditional application architecture combined with elements stored on the blockchain
MethodologySMART CONTRACTS
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Analysis Design Build Test Release
Reiterate per sprint and for changes
Analysis o Gathering and analysing the requirements for the application / process improvement
Design o Identifying the technical elements needed to build the solution, weigh the characteristics before settling on the overall architecture and the solution design
Build o Realise the designed solution in code, tools and infrastructure
Test o Test the solution against the defined features, as well as end-to-endo Covering both integration- and user acceptance test
Release o Deploy the Software as accepted by the requestor/sponsoro Document the solution and hand it over to operations
Integration / Deployment
Generic Approach to Designing Smart ContractsSMART CONTRACTS
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Business Process
Objectives
Involved Actors
LegalTokenisation
“Oracles“External sources
of truth
Technology / Architecture / Design
Technologies
Smart Contracts can be written on more blockchain technologies.
A couple of the most renowned are:
• Ethereum
• Hyperledger
• Rootstock RSK (extending Bitcoin)
SMART CONTRACTS
24 © inacta AG • «Blockchain & Smart Contracts» • 2017.09
inacta | TechExperts: “Blockchain & Smart Contracts - ein Praxisbeispiel”
Tuesday, 26. September 2017
Signup: https://www.meetup.com/de-DE/inacta-TechExperts/
Expanding Rapidly
Early adaptors are in every industry, e.g....
SMART CONTRACTS
25 © inacta AG • «Blockchain & Smart Contracts» • 2017.09
Financial industryReal Estate Government ServicesInsurance industry Manufacturing
Use Cases
Signing - and verification serviceBLOCKCHAIN BASED SIGNATURE SERVICE
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Company Customer
inactasign verify
RESTful API
Blockchain Signature Service
LEGENDdocument flowhash value flow
1. create document2. sign document3. verify document
Web UI
1 2 3
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Value ProprositionBLOCKCHAIN BASED SIGNATURE SERVICE
Value Proposition
• Proof of existence
• Proof of sender
• Time stamped
• Eternally verifiable
Solution Elements
• Smart Contract
• Java Application
• REST APIs
• User Interfaces (UI)o Signing Service
o Verification
Internet
Windows Server
Sample System Architecture: Service hosted internally, WEB UI hosted in DMZBLOCKCHAIN BASED SIGNATURE SERVICE
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Intranet DMZ
Apache Tomcat
hash value
Participant
Windows Server
geth Client(Local Etherium
Node)Logging /Metadata
Wallet Private
Key
Sign-Queue
Verify Web UI
Subscriber
SubscriberApache Tomcat
web3.js
web3j Java API
Signature Service Core
SignREST
Report Charts
hash value + metadata VerifyREST
Ethereum Signature Contract: create content signatureBLOCKCHAIN BASED SIGNATURE SERVICE
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Subscriber
SubscriberWallet
3. Transaction
2. Sending hash value of content
1. Sign on
Data- sender address- hash value of content- timestamp
Block
Block
Data- sender address- hash value of content- timestamp
Block
4. Add new block
Signature Contract
Signature Smart Contract allows signature transaction only for one wallet (smart contract owner) to avoid fraud.
OtherWallet
Ethereum Signature Contract: verify content signatureBLOCKCHAIN BASED SIGNATURE SERVICE
31 © inacta AG • «Blockchain & Smart Contracts» • 2017.09
Participant
Data- sender address- hash value of content- timestamp
Block
Block
Data- sender address- hash value of content- timestamp
Block
2. Get block by hash value
1. Send hash value of content3. Response verification of signature
Content Signature Contract
No transaction required for verification in Smart Contract.
Outlook
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Smart Contracts | OpportunitiesOUTLOOK
• Data-Driven contracts are legal contracts thatinterface with external data and systems (e.g. geolocation for deliveries; IT infrastructureuptime, IoT sensors)
• Future opportunities will arise as more and more‚trusted‘ sources (Oracles) of information will beavailable.
• Paper contracts are very inefficient and costly tomanage, and have not really been digitized yet.
• The technologies exist to enable the shift towardssmart contracts to now happen • IoT, APIs, blockchain and distributed ledger
technologies.
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Evolution – where are we headed? Some perspectivesOUTLOOK
Applications
Maturity Useability Consolidation
Processes PlatformsTechnology
Scalability
Applications
Applications
Tools
IntegrationGovernance
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Speed is everything!OUTLOOK
Unsere Aktivititäten im Blockchain Umfeld (noch zu übersetzen)
• Founding Members of the “Crypto Valley Association”http://www.cryptovalley.swiss
• Lead for the working group “Investments”
• Initiators of the “Blockchain Competition“, with the ambition to foster Business Cases from startups, based on blockchain technology (Focus 2017: Insurance, 2018: open)http://www.blockchaincompetition.ch/en/
• ”The worldwide home for blockchain”
• Incubation and shared office space for blockchain businesses and startups in the blockchain space
• Partners and coaches for startups through our “Lakeside Labs”, e. g.: iProtus, Melonport, Validity Labs, Blockchain Source
REFERENCES | INACTA
36 © inacta AG • Blockchain Signing Service • 20.04.2017
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Want to learn more about blockchain or Ethereum in particular!?
Lots of resources are availableE.g. on youtube.com
Ethereum
www.inacta.ch
• Anders BröchnerSenior Consultant
+41 76 423 [email protected]
«Blockchain & Smart Contracts»
Blockchain Services
• Ralf GlabischnigPartner+41 41 720 44 84+41 79 825 75 [email protected]
© inacta AG • «Blockchain & Smart Contracts» • 2017.09