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Blockchain is Changing the World
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Transcript
Blockchain
will change
is changing
the world
Bitcoin made us all really excited!
(for a while a least)
Whilst we've heard about Bitcoin and Blockchain...
...and why so many people are talking about it
...most of us are a little confused about exactly what it is...
We'd like to help you join the conversation
So what is
Blockchain?
First let's clear up the confusion
Bitcoin is the digital currency
Blockchain is the technology behind Bitcoin
So whilst we know about Blockchain because of Bitcoin, it's not its only use
Outside of Bitcoin, Blockchain is an extremely powerful technology that stands to revolutionise the way we...
revolutionise
Access
Verify
Transact
Information, peer to peer; transforming industries and transforming the world
transforming
It records transactions
Blockchain works like a ledger
A group of transactions forms a block
As more transactions
take place, a series of
blocks are formed and
linked, like a chain
Block - Chain
Chain
Block
We've had ledgers for a long time but there are
things that
make Blockchain
revolutionary
3
Typically a ledger has been stored in one central place
It's a
Decentralised Network
01
Blockchain uses a decentralised network. A connected set of computers that hold a ledger records that constantly reconciles transactions
This means that there is no single entity (like a government) can control the ledger
Having a Blockchain publicly available also creates transparency
Before Blockchain, ledgers could be tampered. To keep them safe meant expensive protection and increasing cost of transactions
You can trust the Data
02
In Blockchain is secured by cryptographic locks. This creates a record of truth that requires all participants to agree and approve
This verification presents a far greater challenge to hackers than networks hosted from a central system and creates trust in the chain
Trusted middlemen (middlepeople) don't come cheap or without influence
It Removes
the Middleman (person)
03
Blockchain allows us to skip the middleman and transact directly, peer to peer
This is big.
It helps speed up the pace and reduce the cost of transacting just about everything
Trust in the supply chain
The Global Diamond market is worth of
$20bn a year
Alice is looking to buy a diamond and pop the question to Gwen
She isn’t just worried about her saying yes
... and wasn’t involved in any shady transactions.
She also wants to make sure that the Diamond was from a conflict free mine...
Everledger created
the Diamond Time Lapse using Blockchain to securely track, trace and authenticate the provenance of diamonds
Over the last 3 years, it has tracked the providence of
2 millions diamonds.
This means Alice can see the journey of the diamond all the way from the mine to cutting to the store
Using a network to hold and verify the ledger Alice can have trust that each record is correct and hasn’t been tampered with
Blockchain is ongoing.
Hopefully the next transaction in the record comes from a
YES!
Sending money in Developing Countries
Sending money between Africa can be slow, expensive and volatile. Less developed banking systems means get in the way of doing business
This is
Samuel
Samuel exports
Cocoa Beans to Japan
It currently takes up to 10 nervous days
to arrive to Samuel
After Samuel’s clients sends him money
10 days
... and he is upset about about how expensive the process is
Because of the volatility and delay, Samuel never knows how much he will be getting...
Bit Pesa
is a blockchain-based payment platform that's trying to reduce the cost and increase the speed of business payments to, from, and within sub-Saharan Africa.
Instead of sending money through to Samuel via electronic funds and multiple correspondent banks
Samuel’s Japanese client uses the BitPesa platform...
... which purchases Bitcoin and sends it to a receiving bank account in another country, which then transfers it into Ghanaian cedi
This halves the transaction cost and the money can arrive in less than hour
The speed of transfer creates a greater sense of trust in the transaction
Opportunity to Improve not just Samuel’s business but to open up Africa to trade with the rest of the world
More than 12 million refugees are currently displaced due to war and conflicts in the Middle East.
Improving Refugee Health
Many of these suffer from Chronic Health Conditions
In camps,
health records are collected manually using spreadsheets or paper based systems
There is also a lack of standardised recording and language barriers.
Without accurate records, it's hard for refugees to access quality care
Ryo, Ver2 and Walk with me giving refugees the ability to have their health records stored
An app on their 3G phone is used to store, transport and updated their health records in a standardised, secure way.
Gives them control
by allowing families to choose who gets access
Also opens the opportunity for access to remote services and telemedicene
This gives the chance for better health outcomes, consistent care
You can help support their great work here
https://www.tyingvines.org/tyingvines-wwm-donate/
Blockchain in the future
While Blockchain is still relatively new and many experiments will fail before they succeed, the possibilities for innovation are endless
You’ll see industries like Banking and Payments, Cybersecurity, Government, Crowdfunding, Healthcare, Rentals and Ride sharing, etc. evolve
Let’s prepare ourselves for a future where distributed, autonomous solutions will have a huge role.
Both in our personal lives and in business
Acknowledgments
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