A Book About Blockchain

Rajat Rajbhandari

Description

This book describes methods to transform existing business by using digitized trust that is industrialized at scale.

Executives, consultants, and strategists are wondering how to participate in the blockchain economy. They are wondering whether new business models that will emerge because of this novel technology will disrupt theirs or whether they will ignore their businesses and create completely different models. In this book I answer all those questions. By the time you finish, you will understand what blockchain economy is, how to participate in it, and avoid being disrupted or, even worse, ignored. Drawing from my own experiences as research scientist and entrepreneur, the book describes methods to transform existing business by using digitized trust that is industrialized at scale.

Sujets

• Information Technology
• Computers
• Industries
• Informatique
• Economics
• Business

Informations

• Publié par: Business Expert Press
• Date de parution: 29 décembre 2020
• Nombre de lectures: 29
• EAN13: 9781953349392
• Langue: English

Extrait

A Book About Blockchain
A Book About Blockchain
How Companies Can Adopt Public Blockchain to Leap into the Future
Rajat Rajbhandari, PhD
A Book About Blockchain: How Companies Can Adopt Public Blockchain to Leap into the Future
Copyright © Business Expert Press, LLC, 2021.
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means—electronic, mechanical, photocopy, recording, or any other except for brief quotations, not to exceed 250 words, without the prior permission of the publisher.
First published in 2021 by Business Expert Press, LLC 222 East 46th Street, New York, NY 10017 www.businessexpertpress.com
ISBN-13: 978-1-95334-938-5 (paperback) ISBN-13: 978-1-95334-939-2 (e-book)
Business Expert Press Business Law and Corporate Risk Management Collection
Collection ISSN: 2333-6722 (print) Collection ISSN: 2333-6730 (electronic)
Cover design by Dishebh Shrestha and interior design by S4Carlisle Publishing Services Private Ltd., Chennai, India
First edition: 2021
10 9 8 7 6 5 4 3 2 1
Printed in the United States of America.
Advanced Quotes for A Book About Blockchain
I am impressed by the deep conceptual understanding that Rajat has. In this book, he conveys to the reader a practical, down-to-earth version of blockchain with all its elements.
As a business leader, and someone who pushed the envelope in applying technology to the resources industry, I view this book as perhaps the simplest end-to-end explanation of blockchain. It is a must read for any leader/startup entrepreneur or consultant.
—Ricardo Escobar (Former CIO BHP Billiton)
It is quite simply the best book about blockchain for corporate executives. It will prove invaluable to early adopting project managers, strategists, and IT professionals as corporations experiment with blockchain and digital currencies. It perfectly nails the sweet spot between breathless hype over the technology’s enormous potential and a too deep technical dive.
—Chris Ballinger (CEO and Founder of MOBI), Former Chief Financial Officer of Toyota Research Institute
Rajat’s technical understanding and real-world experience allows him to pierce the hype bubble to deliver a sober look at the promise of blockchain. This is an important book for professionals evaluating blockchain technology and its implications for their businesses.
—Patrick Duffy, President of Blockchain in Transport Alliance
Description
Executives, consultants, and strategists are wondering how to participate in the blockchain economy. They are wondering whether new business models that will emerge because of this novel technology will disrupt theirs or whether they will ignore their businesses and create completely different models. In this book I attempt to answer those questions. By the time you finish, you will understand what blockchain economy is, how to participate in it, and avoid being disrupted or, even worse, ignored. Drawing from my own experiences as research scientist and entrepreneur, the book describes methods to transform existing business by using digitized trust that is industrialized at scale.
Keywords
Blockchain; trust machine; smart contract; autonomous networks; consensus mechanisms; non fungible digital tokens; cryptocurrencies; tokenized platforms; decentralized autonomous organization; crypto governance; horizontal business innovation; risk management; interoperability.
Contents
Acknowledgments
Chapter 1 Introduction
Chapter 2 Evangelizing Blockchain
How Should One Evangelize Blockchain?
One Person’s Hype Is Another Person’s Headache
Maximalist from the Inside, “Whatever Works” from the Outside
Defending Cryptocurrencies
Real Potential of Blockchain: Reduce Information Asymmetry?
Chapter 3 Explaining Blockchain Fundamentals
Ledger of Transactions
Network of Nodes
Cryptography
Consensus and Mining
Smart Contracts
Cryptocurrencies and Tokens
Merkle Trees
Chapter 4 Protocols and Concepts to Watch for
Zero-Knowledge Proofs
Identity to Interact with Blockchain Applications
Stable Cryptocurrencies
Protocols to Implement NFTs
Layer 2 Protocols and Scalability
Smart Contracts are Judges; Oracles are Attorneys
Cross-Chain Interoperability
Game-Theoretic Network Incentives
Chapter 5 Private versus Public versus Consortium Blockchains
Private Blockchains
Public versus Private Blockchains
Debate about the Private Blockchain
Here Comes Consortium Blockchain
Chapter 6 Deconstructing Smart Contracts
Self-Execution of Smart Contracts
Create, Use, and Kill
Interacting with Smart Contracts
Multisignature Smart Contracts
Handling Service Exceptions
“Code Is Law”
Contracts and Hold-Up Problem
Absence of Legal Jurisprudence
Wrapping It with a Ricardian Contract
Chapter 7 Use of Decentralized Infrastructure for Businesses
What Does Decentralized Infrastructure Mean?
Censorship Resistance of Decentralized Infrastructure
Traditional Businesses Using Decentralized Infrastructure
Decentralized Applications Built on Public Blockchain
Are Politically Decentralized Applications Feasible?
Chapter 8 Know Blockchain’s Limits
Garbage in Garbage Stays
Last Mile Problem
Blockchain Is Not a Very Good File Storage
Vitalik Buterin’s Trilemma
Throughput and Latency
Chapter 9 Focus on Creating Value
Proof of {X}
Provenance of Decisions
Chain of Custody of Assets
Payments and Settlements
Tokenization of Nonfungible Assets
Less Verification Cost Means Reduced Transaction Cost
Chapter 10 Transforming Current Business Models
Cross-Jurisdictional Payments
Decentralized Arbitration
Rise of Token-Powered Platforms
Smart Contract-Powered Data Renting
Invoiceless Payments
Traceability 2.0
Smart Contract as Escrows
Chapter 11 Creating Innovative Business Models
Horizontal Resource Sharing
Fractional Ownership of Physical Assets
Collateralized Lending of Digital Assets
Prediction Markets
Machine-ro-Machine Micropayments
Crypto-Enabled Automated Machines
Crossover with AI and Machine Learning
Complex Tokenized Systems
Crypto Asset Staking as a Business
Chapter 12 Rise of Decentralized Autonomous Organizations
What is a DAO?
What Does Governance in a DAO Mean?
On-Chain and Off-Chain Governance
Sybil Attack During On-Chain Elections
Low Participation Problems
Kill Switch and Escape Hatch
Can a DAO Exist in Its Truest Meaning?
Misguided Push to DAOs
DAO as a Public Utility Infrastructure
Why Should Traditional Businesses Care?
Chapter 13 Selling Blockchain as Other Than Blockchain
Blockchain as an Evolution of Ledger
Do Not Sell Blockchain, Sell Transparency
Blockchain Is a Risk Management Tool
Sharing Threats and Risks
Outsource Risk and Trust to a Network
Chapter 14 Overcoming FOMO and Nudging Companies
Meet, Greet, and Understand Pain Points
Push Back Against Familiarity Bias
Calling Out the Saying “Blockchain Is Not Ready”
Don Quixote Problem of Finding a Problem That Fits the Solution
“Do You Need Blockchain?” Is That the Right Question?
Chapter 15 Understanding Implementation Risks Early On
Risks Associated with Public Blockchain Infrastructure
Be Realistic About Transaction Speed
Finding an Internal Champion
Stakeholder Participation
Identifying Pain Points Where Blockchain Can Impact Is Critical
Dealing with Identity
Chapter 16 The Gold Rush of Blockchain Standards
Standardizing Blockchain Data Elements
Industry Requirements from Blockchain Standards
Standards Should Not Conflict
Will Blockchain Compete with EDI Standards?
Chapter 17 Engaging in Blockchain Implementation
Joining the Web 3.0 Movement
Monetizing and Sharing Data in Marketplaces
Participating in Consortia and Alliances
Prerequisites for Implementing Blockchain Projects
Performing Proof of Concepts
Anchoring Transactions to Public Blockchain
Decentralized Application Architecture
Hybrid Implementation Architecture
Epilogue
Glossary
About the Author
Index
Acknowledgments
A Book About Blockchain would not have been possible without the support of my family. They shared my belief that writing this book was a once-in-a-lifetime opportunity and a novel way to share my experience with others. They tolerated me locking myself in a room for hours during nights and weekends. The dexFreight family kept me motivated – Hector Hernandez, Ricardo Escobar, Adrian Giannini, Jim Handoush, Renat Khasanshyn. Also, special thanks to Ginger Goodin, Juan Carlo Villa, Art Richards, Hector Monsegur, Chris Ballinger, Santosh Shrestha, Rana Basu, Jorge Murillo, Dominik Batz, Ocean Protocol team, MOBI team, RSK and IOV Labs team. Much of this book is a result of experiences, heated discussions, and consultations we shared. I am grateful to Ken Melendez for proofreading the manuscript and Dishebh Shrestha for an amazing cover design and to the eSatya team for sponsoring the book website. Finally, I would not have started the book if my brother-in-law and a fellow