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Blockchain 101 – an Executive Introduction to Distributed Ledger Technology Abstract Blockchain 101 – An Executive Introduction to Distributed Ledger Technology Abstract This report is a starting point for enterprise executives and IT leaders to better understand the basics as to what blockchain is, how it works, how it compares and integrates with existing technologies, why it is of value to the enterprise, and potential enterprise use cases. We also describe some of the significant roadblocks that must be overcome to achieve the lofty potential of this industry movement. Blockchain is a simple concept that can be game changing as adoption increases and a supporting ecosystem is built. That said, it has the potential of disrupting many long-standing processes. Blockchain tends to be either over-hyped or totally dismissed by analysts and vendors because of their a vested self-interest. In contrast, we seek to provide a balanced, independent perspective for our enterprise clients. Throughout this report we address many aspects of blockchain technology. We start with some of the basics on the technology itself, provide five business reasons to at least evaluate blockchain, and we’ll share five roadblocks you may need to address. We’ll also share blockchain patterns that may help you discover opportunities in the context of your business needs and provide educational guidance. Finally, we’ll recommend an enterprise blockchain action plan for your consideration. Authors: Gary Zimmerman Gary Rowe CMO / Principal Consulting Analyst CEO / Principal Consulting Analyst [email protected] [email protected] Blockchain 101 Zimmerman & Rowe Table of Contents 2 © 2017 TechVision Research, all rights reserved www.techvisionresearch.com Blockchain 101 Zimmerman & Rowe 3 © 2017 TechVision Research, all rights reserved www.techvisionresearch.com Blockchain 101 Zimmerman & Rowe Introduction Most IT and business executives have or will shortly be exposed to blockchain. This executive level-set report is designed to provide a basic understanding of the technology; what it is, how it works and how it can impact your business. We start with this high-level blockchain explanation. Blockchain is simply a secure, shared database. In its purest form, everyone connected to a blockchain network has access to the same set of information. Think of blockchain as a permanent, replicated, distributed, yet secure ledger where all parties have access to the same information. Much like an accounting ledger, blockchain is a platform for recording transactions, but it intrinsically makes this shared data available. So why the fuss around blockchain since replicated databases have been here for a long time? It is because of specific elements associated with the security of the shared database; permanence, transparency and the network effect are major enhancements as blockchain gains momentum. So if you are a CIO, Business Architect, or Business Unit Head and are • looking to cut transaction costs, • deliver new products or services, • or are worried that upstarts can disrupt your business because they have better capabilities... This report is a great starting point in understanding and assessing the value of blockchain and other related distributed ledger technologies. It’s easy to get swept up in the hype of blockchain, the protocol that will change the world. As Don and Alex Tapscott expressed so eloquently, “Today thoughtful people everywhere are trying to understand the implications of a protocol that enables mere mortals to manufacture trust through clever code. This has never happened before—trusted transactions directly between two or more parties, authenticated by mass collaboration and powered by collective self-interests, rather than by large corporations motivated by profit.” It has been said that blockchain will do for assets what the Internet did for information. But to reach this future state, we all have to take practical, pragmatic steps along the journey. Consider this report a first step in a blockchain journey of a thousand miles. Throughout this report we’ll address many aspects of blockchain (distributed ledger) technology. We’ll share some background on the technology itself in the basics section of this report. We’ll give you five good reasons to evaluate blockchain to improve your competitive position, and we’ll share five areas of concern you’ll need to consider as you explore the technology. We’ll share the different ways you can identify opportunities in 4 © 2017 TechVision Research, all rights reserved www.techvisionresearch.com Blockchain 101 Zimmerman & Rowe terms of what you can do with blockchain and the best ways to learn more about it. We’ll give you key concepts of the technology so that you are grounded as you explore the subject further. Finally, we’ll recommend a blockchain action plan to help you get started. None of these sections will be at the level of detail you’ll need to complete the journey, but they can get you started down the path. The Basics Over the last few years, a major IT innovation known as blockchain has emerged as a potentially disruptive technology. The core of this innovation is built around the concept of a distributed consensus ledger, where the ledger or record is kept and maintained on a distributed network of computers. This ledger makes it possible for the entire network to jointly create, evolve and keep track of one immutable history of transactions or other successive events. While this paper describes a broader distributed ledger technology, the ledger is today most commonly known as the blockchain. Up until recently, the most prominent blockchain technology application has been a cryptocurrency known as Bitcoin. It used a ledger called the Block chain, from where blockchain technology got its name. The Bitcoin blockchain, however, is just the first of many potential applications of distributed ledger technology. The blockchain is being heralded as the fifth disruptive computing paradigm, which would bring with it an ubiquitous experience of value exchange across the Internet. 1970’s 1980’s 1990’s 2000’s 2010’s Mainframes PCs The Internet Social Media Blockchain While the potential is there for the next wave of digital value, it remains a potential and not a reality. As we describe later in this report, a few roadblocks need to be removed before blockchain becomes ubiquitous. Blockchain technology was first developed to provide an alternative approach to payments, by using cryptographic methods to provide an algorithmic trust mechanism between two transacting parties. Now it is being tested as a solution for a wider variety of transactions. We live in a world of transactions. It’s the basis for everything we do in IT. As early as the 1970’s, mainframes were used to capture online and batch transactions that served as the 5 © 2017 TechVision Research, all rights reserved www.techvisionresearch.com Blockchain 101 Zimmerman & Rowe backbone for the enterprise’s financial and operational activity. Blockchain, or distributed ledger technologies don't change our need for transactions, but they do radically change the way we execute and confirm those transactions. Let’s start by looking at what most enterprises are typically doing today. Whether it is between internal applications or across enterprise boundaries, the general architecture template is to capture and process transactions in internally controlled data stores. That creates a workflow similar to this. 1. Receive transaction, Receive Record Verify Accept 2. Record transaction, transaction transaction transaction transaction 3. Verify transaction, 4. Accept transaction, 5. Reconcile transaction, 6. Audit transaction, 7. and all along the way, handle errors and exceptions. Reconcile Audit transaction transaction Of course, applications add value beyond these simple steps, but this is a good portion (as much as 40%) of the processing typical enterprise operational systems and organizations do every day. In figure 1, the transaction is shared between six different entities, each must execute some form of the above transaction processing steps and if there is anything amiss in the processing of any of these entities, the entire work flow needs to be examined for integrity. This is inefficient, expensive, and vulnerable to weakness in any of the exchanges. � FIGURE 1 6 © 2017 TechVision Research, all rights reserved www.techvisionresearch.com Blockchain 101 Zimmerman & Rowe What if you could share a single data store among all participants that is secure, immutable, auditable, trusted? As shown in figure 2, a blockchain world, a verified transaction is recorded once, replicated to everyone involved with no error processing or reconciliation required, and the audit trail is built in. This is efficient, cheap, and secure. That’s the promise of blockchain technology. FIGURE 2 Blockchains We’ll now add to the blockchain explanation we started with. A blockchain by itself is just a data structure that is broken up in to pieces called blocks. That is, it’s how data is logically put together and stored. Other data structures are databases (rows, columns, tables), text files, comma separated values (csv), images, lists, and so on. In the end, a blockchain is just another file. Blocks in a chain are like pages in a book You can think of a book as a chain of pages. Each page in a book contains: • The text: for example, the story. • Information about itself: at the top of the page there is usually the title of the book and sometimes the chapter number or title; at the bottom is usually the page number which tells you where you are in the book. This ‘data about data’ is called meta-data. 7 © 2017 TechVision Research, all rights reserved www.techvisionresearch.com Blockchain 101 Zimmerman & Rowe Similarly, in a blockchain, each block has: • The contents of the block, for example in Bitcoin it is the Bitcoin transactions. • A ‘header’ which contains the data about the block. In Bitcoin, the header includes some technical information about the block, a reference to the previous block, and a fingerprint (hash) of the data contained in this block, among other things.
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