TWISummit 2019 - Blockchain in Enterprise
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What does the journey of setting up of the world's first enterprise-level blockchain in the market look like? Here’s an overview of the challenges with the technology, to what went in, into making the final design and technical decisions to make it all work.
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TWISummit 2019 - Blockchain in Enterprise
- 2. ● Giant ledger with every transaction written as a new row row in ledger ● Updates are an append only action ● Distribute the ledger across all nodes ● Every node has complete copy of the ledger, and all ledgers are always in sync ● Anyone can verify all transactions DLT - DISTRIBUTED LEDGER TECHNOLOGY ©ThoughtWorks 2019
- 4. WHAT IS BLOCKCHAIN Decentralized ● Eliminating central party ● Peer to peer network, somewhat like a mesh topology. ● Consensus is a dynamic way of reaching agreement in a group. Consensus ©ThoughtWorks 2019
- 5. FEATURES OF BLOCKCHAIN Immutable Decentralized TransparentSecure ©ThoughtWorks 2019
- 7. Building the world's first enterprise-level blockchain platform ©ThoughtWorks 2019
- 8. ● VAKT is a consortium of leading energy companies and banks. ● It captures whole trade life cycle from beginning to end in one place. VAKT - POST TRADE MANAGEMENT PLATFORM ©ThoughtWorks 2019
- 10. WHY CLIENT CHOSE BLOCKCHAIN ● Lack of trust amongst consortium members ● Removing single source of truth for the application ©ThoughtWorks 2019
- 12. HOW ETHEREUM TRANSACTIONS FLOW Trade Encrypted Trade Decrypted Trade ©ThoughtWorks 2019
- 13. QUORUM ● Privacy ○ Utilises peer-to-peer encrypted message exchanges for directed transfer of private data to network participants ● Peer Permissioning ○ Ensuring only known parties can join the network ©ThoughtWorks 2019
- 14. SMART CONTRACTS ● Smart Contract : ○ Store rules ○ Verifies rules ○ Self execute rules ● Removes need of a middle man as they are self executing, ex: Vending machines ● Help in exchanging money, property, goods in a transparent, direct and trusted way. ● They are responsible for creating blocks in blockchain. ©ThoughtWorks 2019
- 15. CHALLENGES FACED 1. Evolving smart contracts 2. Understanding what to keep on ledger and off ledger 3. New and changing technology 4. Un-anticipated infrastructure complications ©ThoughtWorks 2019
- 16. CHALLENGES : SMART CONTRACT EVOLUTION Iteration 1 Iteration 2 ©ThoughtWorks 2019
- 19. CHALLENGES : SMART CONTRACT EVOLUTION Iteration 1 Iteration 2 ©ThoughtWorks 2019
- 20. INFRASTRUCTURE FOR DAPP UI PARTY B PARTY C API PARTY A UIAPI UIAPI ©ThoughtWorks 2019
- 21. “With the first line of code only written in May this year, we would not have been able to deliver to such an aggressive timescale without ThoughtWorks. They helped us to deliver this project on time and under budget” - John Jimenez, Interim CEO, VAKT ©ThoughtWorks 2019
- 22. THANK YOU! #TWISummit Please share your feedback with phiman@thoughtworks.com ©ThoughtWorks 2019
Hinweis der Redaktion
- ThoughtWorks leveraged blockchain technology to build a digital platform, allowing all parties to manage that process in the same place for the very first time. the aim of transforming the global commodities trading industry Captures whole trade life cycle Traditionally post-trade process would involve both parties checking paperwork and changing records on separate, manual systems, which is time-consuming and error-prone
- Quorum supports private transactions and private contracts through public/private state separation
- Quorum supports private transactions and private contracts through public/private state separation