IMDA SG:D Industry Day

22 May 2018 - Blockchain for Enterprises

Building Business Networks and Ecosystems with Blockchain

‍Kenneth Bok, 
Founder, blocks

About

• Kenneth Bok, 34, Singaporean National

• Director @ blocks, De/Centralize

• Work: Bok Wan Investments (2015-2016), BlackRock (2016), Goldman Sachs (2008-2010), Government of Singapore Investment Corporation (2006)

• Education: M.Eng. (First Class Hons), Mechanical Engineering, Imperial College London (2004-2008); M.A., Philosophy and Religion, California Institute of Integral Studies (2014-2015)

• Invested in crowdsale of Ethereum @ $0.50, analyzing Blockchain and Crypto since 2014

• Speaking: India-Japan Global Partnership Summit, SGInnovate, SG:Digital Industry Day, De/Centralize, Echelon Asia Summit, Imagine, Campus Party Singapore

• Advisory: Horyou

• Investments: Horyou, Constellation, FundRequest, Cosmos, Tezos, Ethereum, SingularityNET


22 May 2018 - Blockchain for Enterprises


Blockchain Refresher

• Append-only database

• Trust

• Incentive structures / Gossip network

• Cryptography – Asymmetric Encryption

• Solved: Double-Spend Problem

• ‘Atomic Units of Information’

• ‘Programmable Money’

• Enables consensus in large networks with hostiles


The Two Universes of Blockchain

• Private vs Public

• In an enterprise environment, permissioned is usually the norm – need for confidentiality

• The BGP problem doesn’t apply in private networks

• Higher throughput

• Consensus – state-agreements among large networks are much faster than anything else seen before

• Large – global-scale networks

Private Blockchain Solutions

• Hyperledger Fabric

• Chain

• BlockApps

• MultiChain


Private Blockchain Solutions

“An important goal of a distributed system is to make
it easy for users (and applications) to access and share remote resources. Resources can be virtually anything, but typical examples include peripherals, storage facilities, data, files, services, and networks, to name just a few.”


– Pg. 7, Distributed Systems, 3rd ed. Maarten van Steen & Andrew S. Tanenbaum


Examples

Golem is a global, open source decentralized super computer that anyone can access. It is made up of the combined power of users’ machines, from PCs to entire data centers.

Filecoin is a decentralized storage network that turns cloud storage into an algorithmic market. The market runs on a blockchain with a native protocol token (also called “Filecoin”), which miners earn by providing storage to clients.

MediLot

Paradigm Differences

• “Software is eating the world” - Marc Andreessen

• Movement towards automation and decentralization

• No longer traditional rent-seeking, company vs consumer model

• Shared ownership through token

• Token represents participation in the network

• One launch, no series A,B, IPO

• Collaboration / Competition – Open Source

Smart Contracts

• Smart contracts are essentially business logics on a blockchain

• “In computer software, business logic or domain logic is the part of the program that encodes the real-world business rules that determine how data can be created, stored, and changed.” - Wikipedia

• “A decentralized autonomous organization (DAO) is an organization that is run through rules encoded as computer programs called smart contracts. A DAO's financial transaction record and program rules are maintained on a blockchain.” – Wikipedia

Disintermediation

• Long tail effects for global audience

• ”The ICO mechanism allows entrepreneurs to generate buyer competition for the token, which, in turn, reveals consumer value without the entrepreneurs having to know, ex ante, consumer willingness to pay.” – Christian Catalini, Joseph Gans

Convergence

Blockchain: Cyber-circulatory system

AI: Cyber-mind

IoT: Cyber-senses

Data is the center of everything!


How can you use blockchain in your biz?

• Find out what is already being done

• Think about the network effects you can create

• Does a software-based / fully digital approach work for you?

• Engineering talent

• Vision / Ethos


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