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What is BLOCKCHAIN?

What is BLOCKCHAIN and why does it matter to Foundations of Data Management Rick Hull 11 April 2016. What is BLOCKCHAIN?. Blockchain provides the foundation for BITCOIN Blockchain is a mystery story: Who is (or who are) Satoshi Nakamoto ??

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What is BLOCKCHAIN?

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  1. What is BLOCKCHAIN and why does it matter to Foundations of Data ManagementRick Hull11 April 2016

  2. What is BLOCKCHAIN? • Blockchain provides the foundation for BITCOIN • Blockchain is a mystery story: Who is (or who are) Satoshi Nakamoto ?? • Blockchain is a new approach to managing/monitoring financial (and other) transactions • Shared single point of truth • Immutable • Non-repudiable (author cannot later deny that s/he signed a document) • The Bitcoin and Blockchain Technology ExplainedRodrigo Henrik << https://www.youtube.com/watch?v=oSP-taqLWPQ >> Single source of truth (replicated across many nodes) From “Trusted Middleman” Paradigm … … to …

  3. Blockchain is becoming a new workflow enabler Bitcoin is one of many applications of Blockchain Blockchain can represent many different kinds of valued object Example of distributed transaction from IBM: Import parts -- >10 organizations, >30 documents Blockchain blocks are programmable function Start() { echo “Hello, world!”; } ID: 1AtFaRrPFiwm2xUYN2C41edGgKPR5AXYDh Blockchain is shared view of entire trxn, accessed through views by each stakeholder

  4. Banks, Microsoft, IBM, others, are embracing Blockchain IBM estimate of financial savings

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