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.

Current Infrastructure(General Idea)

Middleware like RuPay,VISA,MasterCard

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.

Seriously !! Be careful !

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 ?

• Installing the ethereum cli

$ sudo apt-get install software-properties-common

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.

How to do It ?

• Installing Mist Browser from Downloads page:

How to do It ?

• Installing Mist Browser from Downloads page:

How to do It ?

Wait for the Download to complete & setup your account to get started

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

How to do It ?

• Try showing the output using:

• $ipfs cat ($Hash)

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.

Comparing Bitcoin, Ethereum & Hyperledger

Banks Embracing Blockchain & Clouds

Thank You