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Blockchain Overview and Application Deutsche Bank Corporate Banking & Securities Blockchain overview and application November 2015 Deutsche Bank Securities Inc., a subsidiary of Deutsche Bank AG, conducts investment banking and securities activities in the United States. For internal use only “IMPORTANT: This presentation (the “Presentation”) has been prepared by Deutsche Bank’s investment banking department exclusively for the benefit and internal use of the recipient (the “Recipient”) to whom it is addressed. The Recipient is not permitted to reproduce in whole or in part the information provided in this Presentation (the “Information”) or to communicate the Information to any third party without our prior written consent. No party may rely on this Presentation without our prior written consent. Deutsche Bank and its affiliates, officers, directors, employees and agents do not accept responsibility or liability for this Presentation or its contents (except to the extent that such liability cannot be excluded by law). Statements and opinions regarding the Recipient's investment case, positioning and valuation are not, and should not be construed as, an indication that Deutsche Bank will provide favourable research coverage of the Recipient or publish research containing any particular rating or price target for the Recipient’s securities. This Presentation is (i) for discussion purposes only; and (ii) speaks only as of the date it is given, reflecting prevailing market conditions and the views expressed are subject to change based upon a number of factors, including market conditions and the Recipient's business and prospects. The Information, whether taken from public sources, received from the Recipient or elsewhere, has not been verified and Deutsche Bank has relied upon and assumed without independent verification, the accuracy and completeness of all information which may have been provided directly or indirectly by the Recipient. No representation or warranty is made as to the Information’s accuracy or completeness and Deutsche Bank assumes no obligation to update the Information. The Presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Deutsche Bank. The analyses contained in the Presentation are not, and do not purport to be, appraisals of the assets, stock, or business of the Recipient. The Information does not take into account the effects of a possible transaction or transactions involving an actual or potential change of control, which may have significant valuation and other effects. The Presentation is not exhaustive and does not serve as legal, accounting or tax advice. Nothing herein shall be taken as constituting the giving of investment advice and this Presentation is not intended to provide, and must not be taken as, the basis of any decision and should not be considered as a recommendation by Deutsche Bank. Recipient must make its own independent assessment and such investigations as it deems necessary. In preparing this presentation Deutsche Bank has acted as an independent contractor and nothing in this presentation is intended to create or shall be construed as creating a fiduciary relationship between the Recipient and Deutsche Bank.” Deutsche Bank Corporate Banking & Securities For internal use only Contents Section 1 Blockchain overview 1 2 Banks using blockchain technology 8 3 Blockchain technology start-ups 10 Deutsche Bank Corporate Banking & Securities For internal use only Deutsche Bank Corporate Banking & Securities Section 1 Blockchain overview For internal use only Blockchain introduction Transaction process A new block of transactions . Goal: to prove and transfer ownership without the need for a trusted third party 1 is received by network Blockchain – . Public and private cryptography: nodes (or “miners”) A trustless, ̶ Public key: account numbers that everyone can see in the public ledger but no real identity attached to them decentralized, ̶ Private key: let users transfer ownership (i.e. spend Bitcoins) on their corresponding public key Each node validates (or public database . “Proof-of-work” system: units of currency are mined by miners who use sophisticated systems to run computations required to secure and verify transactions and record them in the “blockchain” “mines”) the transactions of growing via “proof-of-work”, then ̶ New transactions are broadcasted to all nodes, each node collects transactions into a block and works on 2 records (“public finding the proof-of-work for its block broadcasts the block to all ledger”) ̶ When a node finds a proof-of-work, it broadcasts the block to all nodes and earns a pre-defined amount of the nodes for voting currency if the block is accepted ̶ Nodes accept the block only if all transactions in Illustrative blockchain it are valid and not spent Genesis block Block 2 Block 3 Block 4 Block 5 3 Block 289766 Prev. block Prev. block Prev. block Prev. block Prev. block Once majority accepts the Transactions . Transactions Transactions Transactions Transactions Transactions 3 block of transactions: ̶ The block is appended to the longest chain Crypto-currency network ̶ The nodes are compensated by (a) 2 1 Block 289766 new coin issuance, Node Node and/or (b) transaction Blockchain Blockchain Transaction Transaction Transaction fee from the buyer/seller In(a) Out(b) In Out In Out Node Node Key Key Key Blockchain Blockchain Node Buyer’s Node Transactions don’t exist on their own. Blockchain Blockchain Digital signature Each transaction input is a pointer to a previous transaction Public key The network is made of interconnected “nodes” (end-user (a) Input holds address of the buyer and contains the buyer’s public key (i.e. software and CPUs), that are in charge of validating any account number) and private key (i.e. digital signature to execute transaction) transactions received (b) Output holds address of seller Deutsche Bank 1 Corporate Banking & Securities For internal use only Crypto-currency market – As of November 2015, Name Market Cap($m) Price Volume (24h, $m) % Change (24h) 660 publicly traded crypto-currencies are 1 Bitcoin $5,688.37 $383.86 $71.51 0.07% equivalent to over $6.2bn USD market 2 Ripple 155.61 <$0.01 0.37 0.75% capitalization 3 Litecoin 147.53 $3.42 4.25 (3.34%) – The top 15 most traded 4 Ethereum 76.79 $1.03 1.92 4.70% currencies account for 98.7% of total market 5 Dash 15.53 $2.60 0.09 (0.94%) cap 6 Dogecoin 14.12 <$0.01 0.12 0.14% – There are 5.3m Bitcoin 7 Peercoin 10.05 $0.44 0.13 2.25% wallets 8 Stellar 9.80 <$0.01 0.00 1.91% – 63,000 merchants accepted Bitcoin as a 9 BitShares 7.82 <$0.01 0.09 (11.86%) payment method including Overstock and 10 TRMB 7.07 $0.16 0.36 (0.11%) Virgin Atlantic 11 Nxt 6.51 $0.01 0.04 (8.17%) 12 MaidSafeCoin 6.13 $0.01 0.01 (0.02%) 13 Namecoin 5.60 $0.44 0.04 (4.45%) 14 Bytecoin 5.58 <$0.01 0.01 1.37% 15 Monero 4.75 $0.48 0.04 (5.15%) Total $6,161.27 $78.99 Deutsche Bank Source: coinmarketcap.com as of 11/9/2015 2 Corporate Banking & Securities For internal use only Comparison of different messaging and transaction settlement protocols Swift Bitcoin Ripple Stellar – Ripple was a payment protocol first, and a Architecture Centralized Decentralized Decentralized Decentralized digital currency later – Bitcoin was a digital Batch clearing, Proof-of-work, Consensus algorithm, Consensus algorithm, settlement through settlement on one currency first, and Settlement settlement on one settlement on one different ledgers at public ledger payment protocol later global ledger global ledger different banks (blockchains) – Ripple is striving to replace the current Speed + 2 business days 10 minutes 3-8 seconds 3-8 seconds correspondent banking system Goal: 1,000 – Stellar has a similar Peak volume 19m messages/day 7 transactions/second Unproven network architecture but transactions/ second different go-to-market strategy. Ripple Labs, a Currency Fiat currencies Bitcoin only Universal Universal for-profit organization, supported targets banks to use the protocol while Stellar, a Free for users (miners Transaction cost of non-profit organization, Operator fees accept new coins as Nominal security fees Nominal security fees the system wants to distribute fee) Stellar as fast as possible to end users No need for mining: No need for mining: Bitcoin is capped at 100bn was created in 100bn was created in Currency control Governments 21m; over 14m Bitcoins the beginning; no more the beginning; 1% have been mined XRP will ever by annual inflation created Deutsche Bank 3 Corporate Banking & Securities For internal use only Bitcoin basics Uses legacy blockchain proof-of-work algorithm – Bitcoin uses the legacy Miners (how are bitcoins created?) Exchange (how do I obtain bitcoins?) blockchain protocol and – Bitcoins are “mined” by “miners” – people or institutions that – Mining: requires very sophisticated computing power now; network employ sophisticated systems to run math computations maybe out of reach for most people and institutions required to verify transactions and record them in the – The unit of the network “blockchain” – Exchanges: 100+ exchanges exist around the world is bitcoin (BTC). The – Typically requires proof of identity in order for exchanges to – Miners are awarded bitcoins if they are the successful miner currency is math-based comply with “know your customer” or anti-money laundering (and sometimes a transaction fee) and capped at 21m requirements units – Current reward for completing a block is 25 BTC (~$7.6k) – Individuals: various websites and apps allow direct one-on-one – Bitcoin believers seem – System designed to have an arbitrary max of 21m bitcoins to be transactions mined at a predictable pace to grab onto the ideology of bitcoin as an – All bitcoins are expected to be mined by 2140, after which – ATMs: a handful of ATMs have sprung up that take cash in transaction fees alone are expected to be sufficient exchange for a paper receipt with codes necessary to load escape from centralized compensation for miners to maintain the blockchain bitcoins onto your wallet control.
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