Building Digital Transaction Systems in the new Banking World
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Transcript of Building Digital Transaction Systems in the new Banking World
Building Digital Transaction Systems in the new Banking World
(BankOps)Ramit Surana
@ramitsurana
/in/ramitsurana
Agenda
• What is Fintech ?
• What is a blockchain ?
• Current Infrastructure
• What is Bitcoin ?
• Seriously,Be Careful
• About Ethereum
• Mist Browser
• Building Dapps
• IPFS
• IOTA
What is Fintech ?
• Fintech is the short form for Financial Technology
• The term explores and empowers the beauty of how the future of financial banks will be in the future with technology.
What is Blockchain ?
• Blockchain is a shared, immutable ledger for recording the history of transactions.
• Blockchain is offered using P2P communication and cryptocurrency methodology.
What is Bitcoin ?
• Bitcoin is the first blockchain.
• Introduced in a white paper by Satoshi Nakamoto.
• Works on a series of new concepts that have been introduced in the whitepaper.
About Ethereum
• Decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
• Comes along a wallet and mist browser for secure transactions.
How to do It ?
• Adding the repository of ethereum
$ sudo add-apt-repository -y ppa:ethereum/ethereum
• Update your system
$ sudo apt-get update
How to do It ?
• Adding the repository of ethereum$ sudo apt-get install ethereum
Try it out using:$sudo geth console
Geth
• Geth is a go based implementation of a console by Ethereum
• Geth has been audited for security and will be the future basis for the end user-facing Mist Browser.
• For C++ implementation checkout eth.
Mist Browser
• Tool to browse, test and develop Dapps.
• Easy to use
• Separate browser for all your transactions.
Ethereum Wallet
• Simple open source wallet to maintain your ether currency.
• Easily store currency on your system.
• You can also use several different 3rd party companies for managing the wallet.
How to do It ?
• Installing Ethereum wallet from Downloads page:
• Rest setup is similar to mist browser setup and ends us with formation as a account.
Building Dapps
• Decentralized Application (or 'Dapp') is a piece of software consisting of a user interface (UI) and a decentralized backend; typically making use of a blockchain and smart contracts.
• Can be built using various frameworks such as Truffle.
About IPFS
• IPFS is peer-to-peer hypermedia protocol
• Future replacement for https certificate methodology.
• Each file and its block is given a unique fingerprint called cryptographic hash.
• Uses Git like provisioning.
The IPFS Stack
• IPFS is peer-to-peer hypermedia protocol
• Future replacement for https certificate methodology.
• Each file and its block is given a unique fingerprint called cryptographic hash.
• Uses Git like provisioning.
How to do It ?
• Download the tar package available at https://ipfs.io/docs/install/.
• Run the installation script, found in the package
• $ ipfs init
Please Note it Down
IoTA
• Applying IoT(Internet of Things) on blockchain.
• Aims to provide a distributed ledger for implementing transaction through IoT.
• Directed acyclic graph (DAG) as a distributed ledger which stores all transaction data of the IOTA network.
Banks using it
• NASDAQ – Linq
• CitiBank – CitiCoin – Internal Trading System
• US Federal Reserve – IBM Implementation
IBM Blockchain
• The aim of IBM is to have a blockchain that is reliant on the exchange of cryptocurrencieswith anonymous users on a public network (e.g. Bitcoin), a blockchain for business provides a permissioned network, with known identities, without the need for cryptocurrencies.
• Can be integrated with Bluemix and Watson.
Hyperledger Project
• Open source collaborative effort created to advance cross-industry blockchain technologies.
• Fabric is way to easily connect different nodes,blocks and identities in a secured manner so that transactions can happen in a secure manner.