smart contracts - digital community 20170913 · 2017. 9. 15. · blockchain solution providers...

«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





Cryptocurrencies



Process Improvement


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



o Bitcoino „Altcoin“ = not Bitcoin

Bitcoin alternativeso Wallets (‘Normal‘ or ‘Multisig‘)o Transactions• Gas

o Hashes



Cryptocurrencies



Process Improvement



Venture Capital

BLOCKCHAIN





Cryptocurrencies



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



Venture Capital

BLOCKCHAIN



Blockchain Model


Cryptocurrencies



Process Improvement



o ICO = Initial Coin Offeringo TGE = Token Generating Evento VC = Venture Capital

Venture Capital

BLOCKCHAIN

8

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


Centralised Decentralised Distributed


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


www.ethernodes.org/network/1



Blockchain ModelINTRODUCTION


Cryptocurrencies



Process Improvement


DISRUPTING THE VC INDUSTRY

Venture Capital

BLOCKCHAIN

14

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


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)


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


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



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


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


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


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


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


Financial industryReal Estate Government ServicesInsurance industry Manufacturing

Use Cases

Signing - and verification serviceBLOCKCHAIN BASED SIGNATURE SERVICE


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


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


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


Subscriber

SubscriberWallet

3. Transaction

2. Sending hash value of content

1. Sign on

Data- sender address- hash value of content- timestamp

Block

Block


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


Participant


Block

Block


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


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.


Evolution – where are we headed? Some perspectivesOUTLOOK

Applications

Maturity Useability Consolidation

Processes PlatformsTechnology

Scalability

Applications

Applications

Tools

IntegrationGovernance

35

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

37

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

smart contracts - digital community 20170913 · 2017. 9. 15. · blockchain solution providers...

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