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Blockchain & the law 101

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An introduction to blockchain and it's interaction with the law.

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Blockchain & the law 101

  1. 1. 0
  2. 2. A QUICK HISTORY OF BLOCKCHAIN Introducing Digital Time Stamps 1 Digital time stamps record the date and time of the occurrence of an event – for example, when information is being created, modified, or deleted
  3. 3. A QUICK HISTORY OF BLOCKCHAIN Introducing Digital Time Stamps 2 WHAT PROBLEM DID THEY TRY TO SOLVE? WHAT WERE THE PROBLEMS THAT AROSE? ENSURING AUTHENTICITY OF INFORMATION TAMPERING NO CENTRAL VERIFICATION
  4. 4. A QUICK HISTORY OF BLOCKCHAIN How do you solve the problems associated with digital timestamps? 3 (1) MAKE IT TAMPER PROOF – HASHES AND CODES
  5. 5. A QUICK HISTORY OF BLOCKCHAIN How do you solve the problems associated with digital timestamps? 4 (2) A LEDGER ON THE CLOUD
  6. 6. A QUICK HISTORY OF BLOCKCHAIN How does this work? 5 HASH DATA HASH OF A PREVIOUS BLOCK
  7. 7. A QUICK HISTORY OF BLOCKCHAIN How does this work? 6 DATA FROM TO AMOUNT
  8. 8. A QUICK HISTORY OF BLOCKCHAIN How does this work? 7 HASH 34819d7beeabb9260a5c854bc85b3e44
  9. 9. A QUICK HISTORY OF BLOCKCHAIN How does this work? 8 Contains a hash of the previous block
  10. 10. A QUICK HISTORY OF BLOCKCHAIN How does this work? 9 HASH 178F PREVIOUS HASH 0000 HASH 593L PREVIOUS HASH 178F HASH 613H PREVIOUS HASH 593L GENESIS BLOCK
  11. 11. A QUICK HISTORY OF BLOCKCHAIN How does this work? 10 HASH 178F PREVIOUS HASH 0000 HASH 593L PREVIOUS HASH 178F HASH 613H PREVIOUS HASH 593L GENESIS BLOCK 736P
  12. 12. A QUICK HISTORY OF BLOCKCHAIN 11 This results in… BLOCKCHAIN - A list of blocks, linked and secured through cryptographic keys - Each block contains a link to the previous block as well as a timestamp - By design, the blockchain is inherently resistant to modification - “distributed ledger technology” that aids in recording transactions between parties
  13. 13. IMMUTABILITY OF THE BLOCKCHAIN 12 - immutable, adjective, unchanging over time or unable to be changed - Tampering with the blockchain is easy to detect because of “Hashes” and “Blocks” - HASHES - hard to back-calculate the original data from the hash - if the input data changes in the slightest way, the hash changes in an unpredictable way - BLOCKS
  14. 14. APPLICATIONS OF BLOCKCHAIN – SMART CONTRACTS 13 -> When money is paid, an irrevocable set of actions is put in motion -> Money is retained and a drink is supplied -> The transaction cannot be stopped in mid flow -> Money cannot be returned when the drink is supplied. -> The terms of the transaction are embedded in the hardware and software
  15. 15. APPLICATIONS OF BLOCKCHAIN – SMART CONTRACTS 14 - Instance of a code and a programme that interprets the code, accepts conditions, and decides outcomes - Characteristics - Digital form - Contractual clauses embedded in software - Performance mediated by technology - Irrecoverable - How does blockchain enable smart contracts?
  16. 16. APPLICATIONS OF BLOCKCHAIN – LAND VERIFICATION 15 - Presumptive Ownership v Confirmed Ownership - Title can only be established through transfer documents - Onus on buyer to examine all documents and link them together - Require a clear trail and record of all transactions associated with a unit of land
  17. 17. APPLICATIONS OF BLOCKCHAIN - CRYPTOCURRENCIES 16 CRYPTOCURRENCIES COINS TOKENS
  18. 18. APPLICATIONS OF BLOCKCHAIN - CRYPTOCURRENCIES 17 BITCOIN - First decentralized digital currency - Mining – record keeping service, rewarded with bitcoins - No physical components – only balances associated with public and private keys ETHEREUM - Platform + Programming language - Open-ended decentralized software platform that enables smart contracts and distributed applications - Ether – a vehicle for moving around Ethereum and running applications BITCOIN V. ETHEREUM - Differ in purposes: Bitcoin is an alternative to fiat currency, Ethereum is a platform which facilitates peer-to-peer contracts and applications via Ether - While Ether and Bitcoin are both currencies, Bitcoin functions as a payment alternative while Ether primarily facilitates working and monetizing Ethereum
  19. 19. 18 COLLECTIVE INVESTMENT SCHEMES CROWD FUNDIN SECURITIE OFFERING “CHARACTERISING” ATOKEN SALE
  20. 20. 19 TOKEN SALES - DOCUMENTATION WHITEPAPE TERMS OF TOKEN SALES TERMS AND CONDITION OFTHE PLATFORM
  21. 21. 20 THANKYOU
  • ssuserc417c8

    Apr. 24, 2018
  • AnantMalaviya

    Apr. 11, 2018

An introduction to blockchain and it's interaction with the law.

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