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«BlockChain Technology Beyond Bitcoin Abstract A  blockchain  is  essentially  a  distributed  database  of  records  or  public   ledger  of ...»

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Section II: Existing Market    Blockchain technology is finding applications in both financial and non-financial areas that traditionally relied on a third trusted online entity to validate and safeguard online transactions of digital assets. There was another application “Smart Contracts” that was invented in year 1994 by Nick Szabo. It was a great idea to automatically execute contracts between participating parties. However, it did not find usage until the notion of crypto currencies or programmable http://www.imponderablethings.com/2013/07/how-bitcoin-works-under-hood.html Sutardja Center for Entrepreneurship & Technology Technical Report payments came into existence. Now two programs blockchain and smart contract can work together to trigger payments when a preprogrammed condition of a contractual agreement is triggered. Smart Contracts are really the killer application of the cryptocurrency world.

Smart contracts are contracts which are automatically enforced by computer protocols. Using blockchain technology it has become much more easier to register, verify and execute Smart Contracts. Open source companies like ​Ethereum​ ​ and Codius​ enabling Smart Contracts using are blockchain technology. Many companies which operate on bitcoin and blockchain technologies are supporting Smart Contracts. Many cases where assets are transferred only on meeting certain conditions which require Lawyers to create a contract and Banks to provide Escrow service can be replaced by Smart Contracts.

Ethereum has created lot of excitement for its programmable platform capabilities. Ethereum allows anyone to create their own cryptocurrency and use that to execute, pay for smart contracts. Ethereum itself has its own cryptocurrency (ether) which is used to pay for the services. Ethereum is already powering wide range of early applications in areas such as Governance, autonomous banks, keyless access, crowdfunding, financial derivatives trading and settlement using smart contracts.

Also, there are a number of blockchains in existence to support wide range of applications--not just cryptocurrency. Currently there are three approaches in Industry to support other

applications and also to overcome perceived limitations of Bitcoin blockchain:

Alternative Blockchains​ a system of using the blockchain algorithm to achieve distributed is consensus on a particular digital asset. They may share miners with a parent network such as Bitcoin’s--this is called merged mining. They have been suggested to implement applications such as DNS, SSL certification authority, file storage and voting.

Colored Coins​ an open source protocol that describes class of methods for developers to is create digital assets on top of Bitcoin blockchain by using its functionalities beyond digital currency.

Sidechains​ alternative blockchains which are backed by Bitcoins via Bitcoin contract--just as are dollars and pounds used to be backed by Gold. One can possibly have a thousands of sidechains “pegged” to Bitcoin, all with different characteristics and purposes--all of them taking advantage of scarcity and resilience guaranteed by the Bitcoin blockchain. The Bitcoin blockchain can in turn iterate to support additional features for the experimental sidechains--once they have been tried and tested.

Sutardja Center for Entrepreneurship & Technology Technical Report

Companies such as IBM, Samsung, Overstock, Amazon, UBS, Citi, Ebay, Verizon Wireless to name a few are all exploring alternative and novel uses of the blockchain for their own applications.

Nine of the world’s biggest banks including Barclays and Goldman Sachs5 have recently ( Sept.

15, 2015) joined forces with the New York based financial technology firm R3 to create a framework for using the blockchain technology in the financial market. This is the first time banks have come to work together to find applications of blockchain technology. Leading banks like JPMorgan, State Street, UBS, Royal Bank Of Scotland, Credit Suisse, BBVA and Commonwealth Bank of Australia have joined this initiative.

Next, we give a short description of what kind of interesting applications and projects innovative and visionary companies are doing in this space.

  Section III:  Applications of Technology­Compelling Use  Cases in both Financial and Non­Financial Areas   

1. Financial Applications: 

1.1. Private Securities It is very expensive to take a company public. A syndicate of banks must work to underwrite the deal and attract investors. The stock exchanges list company shares for secondary market to function securely with trades settling and clearing in a timely manner. It is now theoretically possible for companies to directly issue the shares via the blockchain. These shares can then be purchased and sold in a secondary market that sits

on top of the blockchain. Here are some examples:

NASDAQ Private Equity: ​ NASDAQ launched its Private Equity Exchange in 20146. This is meant to provide the key functionalities like Cap table and investor relationship management for the the pre-IPO or private companies. The current process of trading stocks in this exchange is inefficient and slow due to involvement of multiple 3rd parties.

NASDAQ has joined hands with a San Francisco based Start-up called chain.com7 to implement private equity exchange on top of BlockChain. Chain.com is implementing BlockChain based smart contracts to implement exchange functionality. This product is expected to be fast, traceable and efficient.





http://www.reuters.com/article/2015/09/15/us-banks-blockchain-idUSKCN0RF24M20150915 https://www.nasdaqprivatemarket.com/ http://chain.com/ Sutardja Center for Entrepreneurship & Technology Technical Report Medici​ being developed as a securities exchange that uses the Counterparty is implementations of Bitcoin 2.0. The goal here is to create a cutting edge stock market.

Counterparty is a protocol that implements traditional financial instruments as the self-executing smart contracts. These smart contracts facilitate, verify or enforce the negotiation of contract and eliminate the need for a physical document. This eliminates the need for an intermediary, such as broker, exchange or bank.

Blockstream ​an open source project with focus on sidechains--interoperable is blockchains--to avoid fragmentation, security and other issues related to alternative crypto-currencies. Uses can range from registering securities, such as stocks, bonds and derivatives, to securing bank balances and mortgages.

Coinsetter ​a New York based bitcoin exchange. It is working on a Project Highline, a is method of using the blockchain to settle and clear financial transactions in T+ 10 minutes rather than the customary T+3 or T+2 days.

Augur ​ a decentralized prediction market that will allow users to buy and sell shares in is anticipation of an event with the probability that a specific outcomes will occur. This can also be used to make financial and economic forecasts based on the “wisdom of crowds”.

Bitshares ​ digital tokens that reside in the blockchain and reference specific assets are such as currencies or commodities. The Token holders may have the unique feature of earning interest on commodities, such as gold, and oil, as well as dollars, euros and currency instruments.

1.2. Insurance Assets which can be uniquely identified by one or more identifiers which are difficult to destroy or replicate can be registered in blockchain. This can be used to verify ownership of an asset and also trace the transaction history. Any property (physical or digital such as real estate, automobiles, physical assets, laptops, other valuables) can potentially be registered in blockchain and the ownership, transaction history can be validated by anyone, especially insurers.

Everledger​ a company which creates permanent ledger of diamond certification and is the transaction history of the diamond using blockchain. The characteristics which uniquely identify the diamond such as height, width, weight, depth, color etc are hashed and registered in the ledger. The verification of diamonds can be done by insurance companies, law enforcement agencies, owners and claimants. Everledger provides a simple to use web service API for looking at a diamond, create/read/update claims (by insurance companies) and create/read/update police reports on diamonds.

Sutardja Center for Entrepreneurship & Technology Technical Report

2. Non­Financial Applications: 

2.1. Notary Public  Verifying authenticity of the document can be done using blockchain and eliminates the need for centralized authority. The document certification service helps in Proof of Ownership (who authored it), Proof of Existence (at a certain time) and Proof of Integrity (not tampered) of the documents. Since it is counterfeit-proof and can be verified by independent third parties these services are legally binding. Using blockchain for notarization secures the privacy of the document and those who seek certification. By publishing proof of publication using cryptographic hashes of files into block chain takes the notary timestamping to new level. It also eliminates the need for expensive notarization fees and ineffective ways of transferring documents.

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2.2. Applications of Blockchain in the Music Industry The music industry has gone a big change in last decade due to the growth of Internet and availability of a number of streaming services over the Internet. It is impacting everyone in the music industry-artists, labels, publishers, songwriters and streaming service providers. The process by which music royalties are determined has always been convoluted one, but the rise of the Internet has made it even more complex giving rise to the demand of transparency in the royalty payments by artists and songwriters.

Sutardja Center for Entrepreneurship & Technology Technical Report

This is where the blockchain can play a role by maintaining a comprehensive, accurate distributed database of music rights ownership information in a public ledger. In addition to rights ownership information, the royalty split for each work, as determined by “smart contracts” could be added to the database. The “smart contracts” would define relationships between different stakeholders (addresses) and automate their interactions (see Appendix for more details).

2.3. Decentralized proof of existence of documents

Validating the existence or the possession of signed documents is very important in any legal solution. The traditional document validation models rely on central authorities for storing and validating the documents, which present some obvious security challenges. These models become even more difficult as the documents become older.

The blockchain technology provides an alternative model to proof-of-existence and possession of legal documents. By leveraging the blockchain, a user can simply store the signature and timestamp associated with a legal document in the blockchain and validate it anytime using native blockchain mechanisms.

–  –  –

The major advantages of this service is security and privacy that allows a user to give decentralized proof of the document that can’t be modified by a third party. The existence of the document is validated using blockchain that does not depend on a single centralized entity. Proof of Existence webservice is available at https://proofofexistence.com/​.

2.4. Decentralized Storage Cloud file storage solutions such as Dropbox, Google Drive or One Drive are growing in popularity to store documents, photos, video and music files. Despite their Sutardja Center for Entrepreneurship & Technology Technical Report popularity, cloud file storage solutions typically face challenges in areas such as security, privacy and data control. The major issue is that one has to trust a third party with one’s confidential files.

Storj ​ provides a blockchain based peer-to-peer distributed cloud storage platform ( see Appendix for detailed description) that allows users to transfer and share data without relying on a third-party data provider. This allows people to share unused internet bandwidth and spare disk space in their personal computing devices to those looking to store large files in return for bitcoin based micropayments.

Absence of a central control eliminates most traditional data failures and outages, as well as significantly increasing security, privacy and data control. Storj platform depends upon a challenge algorithm to offer incentivization for users to properly participate in this network. In this way, Storj platform can periodically cryptographically check the integrity and availability of a file, and offer direct rewards to those maintaining the file.

Here, bitcoin based micropayments serve as both an incentive and payment while a separate blockchain is used as a datastore for file metadata.

2.5. Decentralized IoT The ​ ​ increasingly becoming popular technology in both the consumer and IOT is the enterprise space. A vast majority of IOT platforms are based on a centralized model in which as broker or hub controls the interaction between devices, However, this approach has become impractical for many scenarios in which devices need to exchange data between themselves autonomously. This specific requirement has lead to efforts towards decentralized IoT platforms.

The blockchain technology facilitates the implementation of decentralized IoT platforms such as secured and trusted data exchange as well as record keeping. In such an architecture, the blockchain serves as the general ledger, keeping a trusted record of all the messages exchanged between smart devices in a decentralized IoT topology.

IBM in partnership with Samsung has developed a platform ADEPT (Autonomous Decentralized Peer To Peer Telemetry) that uses elements of the bitcoin’s underlying design to build a distributed network of devices-a decentralized Internet of Things (IOT). ADEPT uses three protocols-BitTorrent ( file sharing), Ethereum ( Smart Contracts) and TeleHash ( Peer-To-Peer Messaging)-in the platform.

Sutardja Center for Entrepreneurship & Technology Technical Report

–  –  –

2.6. BlockChain based Anti-Counterfeit Solutions Counterfeiting is one of the biggest challenges in the modern commerce. It is one of the biggest challenge that digital commerce world faces today. Existing solutions are based on reliance on trust on a third party trusted entity that introduces a logical friction between merchants and consumers.

The blockchain technology with its decentralized implementation and security capabilities provide an alternative to existing anti-counterfeiting mechanisms. One can envision a scenario, in which brands, merchants and marketplaces are part of a blockchain network with nodes storing information to validate the authenticity of the products. With the use of this technology, stakeholders in the supply chain need not rely on a centralized entity for authenticity of the branded products.

BlockVerify​ ee Appendix for details)provides blockchain based anti-counterfeit (​s solutions that introduce transparency to supply chains. It is finding applications in pharmaceutical, luxury items, diamonds and electronics industries.

2.7. Internet Applications Namecoin​ an alternative blockchain technology (with small variations) that is is used to implement decentralized version of Domain Name Server (DNS) that is resilient to censorship. Current DNS servers are controlled by governments and large corporations, and could abuse their power to censor, hijack, or spy on your Internet usage. Use of Blockchain technology means since DNS or phonebook of the Internet is maintained in a decentralized manner and every user can have the same phone book data on their computer.

Public Key Infrastructure (PKI) technology is widely used for centralized distribution and management of digital certificates. Every device needs to have root certificate of the Certification Authority (CA) to verify digital signature. While PKI have been widely deployed and incredibly successful, dependence on a CA makes scalability an issue.



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