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by Saifedean Ammous


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Book Details
 Price
 3.00
 Pages
 285 p
 File Size 
 2,153 KB
 File Type
 PDF format
 ISBN
 9781119473862 (Hardcover) 
 9781119473893 (ePDF)
 9781119473916 (ePub)
 Copyright©   
 2018 by Saifedean Ammous 

About the Author
Saifedean Ammous is a Professor of Economics at the Lebanese American
University and member of the Center on Capitalism and Society at Columbia
University. He holds a PhD in Sustainable Development from Columbia University.

Foreword
by Nassim Nicholas Taleb
Let us follow the logic of things from the beginning. Or, rather, from the end:
modern times. We are, as I am writing these lines, witnessing a complete riot
against some class of experts, in domains that are too difficult for us to
understand, such as macroeconomic reality, and in which not only is the expert
not an expert, but he doesn't know it. That previous Federal Reserve bosses
Greenspan and Bernanke, had little grasp of empirical reality is something we
only discovered too late: one can macroBS longer than microBS, which is why
we need to be careful of whom to endow with centralized macro decisions.
What makes it worse is that all central banks operated under the same model,
making it a perfect monoculture.

In complex domains, expertise doesn't concentrate: under organic reality, things
work in a distributed way, as F. A. Hayek has convincingly demonstrated. But
Hayek used the notion of distributed knowledge. Well, it looks like we do not
even need the “knowledge” part for things to work well. Nor do we need
individual rationality. All we need is structure.

It doesn't mean all participants have a democratic share in decisions. One
motivated participant can disproportionately move the needle (what I have
studied as the asymmetry of the minority rule). But every participant has the
option to be that player.

Somehow, under scale transformation, a miraculous effect emerges: rational
markets do not require any individual trader to be rational. In fact they work well
under zero intelligence—a zero-intelligence crowd, under the right design,
works better than a Soviet-style management composed of maximally intelligent humans.

Which is why Bitcoin is an excellent idea. It fulfills the needs of the complex
system, not because it is a cryptocurrency, but precisely because it has no owner,
no authority that can decide on its fate. It is owned by the crowd, its users. And it
now has a track record of several years, enough for it to be an animal in its own right.

For other cryptocurrencies to compete, they need to have such a Hayekian property.

Bitcoin is a currency without a government. But, one may ask, didn't we have
gold, silver, and other metals, another class of currencies without a government?
Not quite. When you trade gold, you trade “loco” Hong Kong and end up
receiving a claim on a stock there, which you might need to move to New
Jersey. Banks control the custodian game and governments control banks (or,
rather, bankers and government officials are, to be polite, tight together). So
Bitcoin has a huge advantage over gold in transactions: clearance does not
require a specific custodian. No government can control what code you have in your head.

Finally, Bitcoin will go through hiccups. It may fail; but then it will be easily
reinvented as we now know how it works. In its present state, it may not be
convenient for transactions, not good enough to buy your decaffeinated espresso
macchiato at your local virtue-signaling coffee chain. It may be too volatile to be
a currency for now. But it is the first organic currency.
But its mere existence is an insurance policy that will remind governments that
the last object the establishment could control, namely, the currency, is no longer
their monopoly. This gives us, the crowd, an insurance policy against an
Orwellian future.
Nassim Nicholas Taleb
January 22, 2018

Table of Contents
Cover
Title Page
About the Author
Foreword
Prologue
Notes
Chapter 1: Money
Notes
Chapter 2: Primitive Moneys
Notes
Chapter 3: Monetary Metals
Why Gold?
Roman Golden Age and Decline
Byzantium and the Bezant
The Renaissance
La Belle Époque
Notes
Chapter 4: Government Money
Monetary Nationalism and the End of the Free World
The Interwar Era
World War II and Bretton Woods
Government Money's Track Record
Notes
Chapter 5: Money and Time Preference
Monetary Inflation
Saving and Capital Accumulation
Innovations: “Zero to One” versus “One to Many”
Artistic Flourishing
Notes
Chapter 6: Capitalism's Information System
Capital Market Socialism
Business Cycles and Financial Crises
Sound Basis for Trade
Notes
Chapter 7: Sound Money and Individual Freedom
Should Government Manage the Money Supply?
Unsound Money and Perpetual War
Limited versus Omnipotent Government
The Bezzle
Notes
Chapter 8: Digital Money
Bitcoin as Digital Cash
Supply, Value, and Transactions
Appendix to Chapter 8
Notes
Chapter 9: What Is Bitcoin Good For?
Store of Value
Individual Sovereignty
International and Online Settlement
Global Unit of Account
Notes
Chapter 10: Bitcoin Questions
Is Bitcoin Mining a Waste?
Out of Control: Why Nobody Can Change Bitcoin
Antifragility
Can Bitcoin Scale?
Is Bitcoin for Criminals?
How to Kill Bitcoin: A Beginners' Guide
Altcoins
Blockchain Technology
Notes
Acknowledgements
Bibliography
Online Resources
List of Figures
List of Tables
Index
End User License Agreement


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Cover Design: Wiley
Cover Images: REI stone © Danita Delimont/Getty Images; gold bars © Grassetto/Getty 
Images; QRcode/Courtesy of Saifedean Ammous

Understand the Blockchain Ecosystem and How to Make it Work for You

Vikram Dhillon . David Metcalf . Max Hooper


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Book Details
 Price
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 Pages
 225 p
 File Size
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 File Type
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 ISBN-13 (electronic) 
 ISBN-13 (pbk)
 978-1-4842-3081-7
 978-1-4842-3080-0
 Copyright   
 2017 by Vikram Dhillon,
 David Metcalf, and Max Hooper  

About the Author
Vikram Dhillon is a research fellow in the Institute of Simulation and Training at the University of Central Florida where he studies the integration of emerging technologies into existing infrastructure. The focus of his recent work has been on decentralized ledger technologies. He holds a Bachelor of Science degree in Molecular Biology from the University of Central Florida, where his focus was bioinformatics. Currently, he is a DO-MBA candidate at the College of Medicine, Nova Southeastern University. He is the author of several scientific papers in computational genomics and two books, the most recent one on blockchain enabled applications. He has also written in-depth articles for the Bitcoin Magazine and letters for the New York Times. He was previously funded by the National Science Foundation through the Innovation Corps program to study customer discovery and apply it to commercialize high-risk startup ideas. He is a member of the Linux Foundation and has been active in open source projects and initiatives for the past several years. He often speaks at local conferences and meetups about programming, design, security, and entrepreneurship.
He currently lives in Fort Lauderdale, Florida, and writes a technology-focused blog at opsbug.com.

David Metcalf has more than 20 years of experience in the design and
research of Web-based and mobile technologies converging to enable learning and health care. Dr. Metcalf is Director of the Mixed Emerging Technology Integration Lab (METIL) at UCF’s Institute for Simulation and Training. The team has built mHealth solutions, simulations, games, eLearning, mobile and enterprise IT systems for Google, J&J, the Veterans Administration, U.S. military, and the UCF College of Medicine among others. Recent projects include Lake Nona’s Intelligent Home
prototype and SignificantTechnology, a mobile-enabled online degree and eResource kit. Dr. Metcalf encourages spin-offs from the lab as part of the innovation process and has launched Moving Knowledge and several other for-profit and nonprofit ventures as examples. In
addition to research and commercial investments, he supports social
entrepreneurship in education and health. Dr. Metcalf continues to bridge the gap between corporate
learning and simulation techniques and nonprofit and social entrepreneurship. Simulation, mobilization,
mobile patient records and medical decision support systems, visualization systems, scalability models,
secure mobile data communications, gaming, innovation management, and operational excellence are his current research topics. Dr. Metcalf frequently presents at industry and research events shaping business strategy and use of technology to improve learning, health, and human performance. He is the coeditor and author of Connected Health (2017), HIMSS mHealth Innovation (2014) and the HIMSS Books bestseller mHealth: From Smartphones to Smart Systems (2012).

Max Hooper is the chief executive officer of Merging Traffic. He is
responsible for the company’s management and growth strategy, serving as the corporate liaison to the financial services industry and various capital formation groups. Prior to starting the company, he was
cofounder of Equity Broadcasting Corporation (EBC), a media company that owned and operated more than 100 television stations across the United States. He was responsible for activities in the cable, satellite, investment banking, and technology industries and during his tenure it grew to become one of the top 10 largest broadcasting companies in the country. A lifelong learner, Hooper has earned five doctorate degrees: PhD, DMin, PhD, ThD, and DMin from a variety of institutions. As an avid
runner, he has completed more than 100 marathons and an additional 20 ultra-marathons, which are 50- or 100-mile runs. He has completed the Grand Slam of Ultra Running. Hooper is committed to his family and is a husband, father to five children, and grandfather to seven grandsons. He is active in many organizations and serves on various boards of directors. He works globally with several ministries and nonprofit aid groups, and was honored to speak at the United Nations in New York in 2015.

About the Technical Reviewer
Zeeshan Chawdhary is an avid technologist, with 13 years of experience in the industry. Having started his career in mobile development with J2ME in 2005, he ventured into Web development in 2006, and has extensive experience in building robust and scalable Web applications.
He has led teams to build Web and mobile apps for companies like Nokia, Motorola, Mercedes, GM,
American Airlines, and Marriott while serving as chief technology officer for a San Francisco–based firm. He is based in Mumbai, India, and has also dabbled with a few startups in India, leading teams in building a Houzz+Etsy model and car rental platform, in addition to authoring a few books on iOS, Windows Phone, and iBooks.
He currently works with an international team as director of development, serving clients with
technologies like Magento, Wordpress, WooCommerce, Laravel, ReactJS, and .Net.
He can be reached at imzeeshanc@gmail.com or on Twitter at @imzeeshan.

Table of Contents
About the Authors ........................................... xi
About the Technical Reviewer ...................................................... xiii
Acknowledgments .................................................................xv
Introduction .................................................xvii
Chapter 1: Behold the Dreamers
Paradigm Shift .................................................................................................................. 1
Cypherpunk Community ................................................................................................... 3
Summary .......................................................................................................................... 5
Chapter 2: The Gold Rush: Mining Bitcoin
Reaching Consensus ........................................................................................................ 7
Mining Hardware ............................................................................................................ 12
Startup Stories ............................................................................................................... 13
New Consensus ............................................................................................................. 14
Summary ........................................................................................................................ 14
References ..................................................................................................................... 14
■Chapter 3: Foundations of Blockchain
Transaction Workflow ..................................................................................................... 15
Simple Payment Verification .......................................................................................... 21
Blockchain Forks ............................................................................................................ 23
Summary ........................................................................................................................ 24
References ..................................................................................................................... 24
Chapter 4: Unpacking Ethereum
Overview of Ethereum .............................................................. 25
Accounts in Ethereum ...............................................................27
State, Storage, and Gas ............................................................................. 30
Ethereum Virtual Machine ....................................................................... 33
Solidity Programming Language ..............................................................36
World Computer .............................................................................................38
Blockchain-as-a-Service .....................................................................41
Decentralized Applications ....................................................... 42
Geth and Mist ....................................................................44
Summary ........................................................................................ 44
References ......................................................................... 45
Chapter 5: Decentralized Organizations
Aragon Kernel ...................................................................... 48
Identity Management ................................................................................ 49
DAO/Company Walkthrough .............................................. 50
Setting Up a DAO ...........................................................................50
Issuing Shares ...............................................................................54
Fundraising and Bylaws .................................................................................63
Summary ................................................................... 66
References ............................................................. 66
Chapter 6: The DAO Hacked
Introduction ........................................................................... 67
The Team .............................................................................. 69
The DAO ........................................................................... 70
The ICO Highlights ............................................................... 72
The Hack ......................................................................... 72
The Debate ............................................................................. 75
The Split: ETH and ETC ......................................................... 76
The Future ........................................................................... 77
Summary ............................................................................ 78
■Chapter 7: Ethereum Tokens: High-Performance Computing
Tokens and Value Creation ......................................................... 79
Ethereum Computational Market ............................................................... 83
Golem Network .................................................................... 89
Application Registry ................................................................................90
Transaction Framework ...........................................................................91
Supercomputing Organized by Network Mining ................................. 96
Buyer–Hub–Miner Interactions ................................................................101
Superglobal Operation System for Network Architecture .................................. 104
iEx.ec ............................................................................ 106
Summary ......................................................................... 109
References ............................................... 109
Chapter 8: Blockchain in Science
Reproducibility Crisis ................................................ 111
Clinical Trials ...................................................................... 115
Reputation System ............................................................... 119
Pharmaceutical Drug Tracking ...................................... 122
Prediction Markets and Augar ...................................................................123
Summary ..................................................................... 124
Chapter 9: Blockchain in Health Care
Payer–Providers–Patient Model ...................................... 125
Workflow ............................................................................. 127
Hot Switching ............................................................................131
Waste Management: Capital One, Ark Invest, and Gem ..................... 131
Verifiable Data Audit ...................................................................................134
Summary ......................................................................................... 137
References ............................................................................... 137
■Chapter 10: The Hyperledger Project
Current Status ......................................................................... 139
Governance .............................................................140
Fabric and Sawtooth ...................................................... 141
Decision Models: Do You Need a Blockchain? ..................................... 144
Rapid Prototyping with Hyperledger Composer .................................. 147
Summary ....................................................................... 149
Chapter 11: Recent Developments in Blockchain
EOS Blockchain ......................................................... 151
Delegated Proof-of-Stake .................................................................154
Parallel Execution ...............................................................................157
Scheduling ....................................................................................159
Chain Core ........................................................................... 160
Ethereum Enterprise Alliance ............................................. 175
zk-SNARKs ...............................................................177
Review of Quorum ....................................................................177
Ethereum Enterprise Roadmap ....................................................................180
Summary ................................................................. 181
References ............................................................ 181
■Chapter 12: Technological Revolutions and Financial Capital
State of the Blockchain Industry ........................... 184
Blockchain Solution .................................................................................184
Venture Capital and ICOs ................................................................. 185
Initial Coin Offerings ................................................. 185
Digital Currency Exchanges .............................................................. 189
Status of ICO Regulation ........................................................ 189
Pros and Cons of ICO Investments ...........................................................190
Regulation Technology: RegChain ............................................... 192
New Blockchain Companies and Ideas ............................ 194
Homechain and SALT .............................................................194
Ambrosus, Numerai, and SWARM ......................................................194
Democratizing Investment Opportunities ........................... 195
Summary ............................................................... 196
■Appendix A: Building a Health Care Consortium
■Appendix B: References
■Index

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Introduction
Blockchain technology is poised to fundamentally change our online world. This is not some kind of
miraculous, cure-all, money-making solution. One specific use of blockchain such as Bitcoin, but rather the fundamental shift for the offline world ushered in by the web with easy to use access to information and the ability to make digital copies of data or content in an unprecedented ease for distribution across the globe. Hence the name, the World Wide Web. That interconnectivity has suffered fundamental problems when it comes to transactions - TRUST.
The fundamental shift that blockchain technology represents is a method for moving away from an
attempt to have a central trusted authority in a massively distributed network. But instead to have multiple sources of trust that must all agree, based on an algorithm that this transaction can be trusted as valid. Furthermore, most blockchain solutions offer an immutable and enduring record of a transaction as it is hard for any trusted or untrusted source to change or modify. This presents a completely new level of security, privacy, and TRUST to our online world. As you will see throughout this book, a variety of uses, protocols, and standards make up the current blockchain ecosystem.
We also strive to strike the perfect balance between being a technical reference and a how-to handbook
that shows practical examples of both current and future state use cases. While not comprehensive, we do select for several high promise areas where blockchain technology is beginning to enable applications for an entirely new industry segment. We hope this book will inform you and provides a roadmap to your success leveraging blockchain technology to enable new applications for your business.
Throughout the book, you will see many examples of applications to reinforce key points. Early
examples extend beyond financial transactions to cover other aspects of FinTech, RegTech (regulation),
InsuranceTech, GovTech (eVoting, licensing, records and certification), HealthTech, and many others.
In order to understand these early examples, it is necessary to explore the Blockchain history;
fundamentals of distributed trust; consensus; hardware, software and encryption in the early chapters.
Next, you’ll learn about the network transactions and simplified payments in Blockchain fundamentals.
We’ll compare this with the extended capabilities if Ethereum and specific characteristics like how gas
works and distributed apps along with examples of Blockchain as a Service. To further extend these
capabilities, two chapters are devoted to DAO/Decentralized Organizations and the details and examples in these areas. In Chapter 7, Ethereum Tokens are highlighted for value creation with various technology and business sector examples that highlight the power of Smart Contracts to allow multiple sources of value and rules to be embedded in the transactions directly. The next three chapters- 8, 9 and 10 segment examples into Blockchain in Science, Blockchain in Healthcare, and details on the structure of the Hyperledger Project, respectively. The final two chapters, 11 and 12 explore many recent developments and future trends, particularly in ICOs and the effect on financial markets and processes. Don’t miss the late-breaking Appendix with a detailed interview with the Hashed Health leadership team and their insights on Blockchain in Healthcare. We hope you find the information in this book useful as well as enjoyable as you explore The fundamentals, current best practices and future potential of Blockchain Enabled Applications. We welcome your feedback at info@metil.org.

by Tiana Laurence

Getting Started with Blockchain
Introducing Blockchain
Picking a Blockchain
Getting Your Hands on Blockchain
Developing Your Knowledge
Beholding the Bitcoin Blockchain
Encountering the Ethereum Blockchain
Regarding the Ripple Blockchain
Finding the Factom Blockchain
Digging into DigiByte
Powerful Blockchain Platforms
Getting Your Hands on Hyperledger
Applying Microsoft Azure
Getting Busy on IBM Bluemix
Industry Impacts
Financial Technology
Real Estate
Insurance
Government
Other Industries
The Part of Tens
Ten Free Blockchain Resources
The Ten Rules to Never Break on the Blockchain
Ten Top Blockchain Projects
Index

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Book Details
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 2.00 USD
 Pages
 225 p
 File Size
 11,409 KB
 File Type
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 ISBN
 978-1-119-36559-4 (pbk)
 978-1-119-36561-7 (ebk)
 978-1-119-36560-0 (ebk)
 Copyright   
 2017 by John Wiley & Sons, Inc 

Introduction
Welcome to Blockchain For Dummies! If you want to find out what blockchains
are and the basics of how to use them, this is the book for
you. Many people think blockchains are difficult to understand. They
might also think that blockchains are just about cryptocurrencies like Bitcoin, but
they’re are so much more. Anyone can master the basics of blockchains.
In this book, you find helpful advice for navigating the blockchain world and
cryptocurrencies that run them. You also find practical step-by-step tutorials that
will build your understanding of how blockchains work and where they add value.
You don’t need a background in programming, economics, or world affairs to
understand this book, but I do touch on all these subjects because blockchain
technology intersects all of them.

About This Book
This book explains the basics of blockchains, smart contracts, and cryptocurrencies.
You probably picked up this book because you’ve heard about blockchains,
know they’re important, but have no idea what they are, how they work, or why you
should care. This book answers all these questions in easy-to-understand terms.
This book is a bit different than just about any other blockchain book on the market.

It provides a survey of all the key blockchains in the public market, how
they work, what they do, and something useful you can try with them today.
This book also covers the landscape of blockchain technology and points out some
of the key things to be aware of for your own blockchain projects. Here, you find
out how to install an Ethereum wallet, create and execute a smart contract, make
entries into Bitcoin and Factom, and earn cryptocurrencies.
You don’t have to read the book cover to cover. 
Just flip to the subject that you’re interested in.

Finally, within this book, you may note that some web addresses break across two
lines of text. If you’re reading this book in print and want to visit one of these web
pages, simply key in the web address exactly as it’s noted in the text, pretending
as though the line break doesn’t exist. If you’re reading this as an e-book, you’ve
got it easy — just click the web address to be taken directly to the web page.




Table of Contents
INTRODUCTION. 1
About This Book. 1
Foolish Assumptions. 2
Icons Used in This Book. 2
Beyond the Book. 3
Where to Go from Here. 3
PART 1: GETTING STARTED WITH BLOCKCHAIN . 5
CHAPTER 1: Introducing Blockchain. 7
Beginning at the Beginning: What Blockchains Are. 7
What blockchains do. 8
Why blockchains matter. 9
The Structure of Blockchains. 10
Blockchain Applications. 11
The Blockchain Life Cycle. 11
Consensus: The Driving Force of Blockchains. 12
Blockchains in Use. 14
Current blockchain uses. 14
Future blockchain applications. 15
CHAPTER 2: Picking a Blockchain. 17
Where Blockchains Add Substance. 17
Determining your needs. 18
Defining your goal. 19
Choosing a Solution . 19
Drawing a blockchain decision tree. 21
Making a plan. 22
CHAPTER 3: Getting Your Hands on Blockchain. 25
Diving into the Bitcoin Blockchain. 25
Creating your first Bitcoin wallet. 26
Creating a second Bitcoin wallet. 27
Generating a Bitcoin vanity address. 27
Transferring your vanity address . 28
Making an entry into the Bitcoin blockchain. 29
Reading a blockchain entry in Bitcoin  .29
Using Smart Contracts with Bitcoin . 30
Building your first smart bond. .31
Checking the status of your contract. 33
Building a Private Blockchain with Docker and Ethereum . 34
Preparing your computer. 34
Building your blockchain . 36
PART 2: DEVELOPING YOUR KNOWLEDGE. 39
CHAPTER 4: Beholding the Bitcoin Blockchain . 41
Getting a Brief History of the Bitcoin Blockchain. 42
Debunking Some Common Bitcoin Misconceptions. 45
Bitcoin: The New Wild West. 47
Fake sites . 47
No, you first!. 47
Get-rich-quick schemes . 48
Mining for Bitcoins . 48
Making Your First Paper Wallet. 49
CHAPTER 5: Encountering the Ethereum Blockchain . 51
Exploring the Brief History of Ethereum. 52
Ethereum: The Open-Source World Wide Computer. 53
Decentralized applications: Welcome to the future. 54
The power of decentralized autonomous organizations. 54
Hacking a Blockchain . 57
Understanding smart contracts . 58
Discovering the cryptocurrency Ether . 58
Getting Up and Running on Ethereum. 59
Mining for ether. 59
Setting up your Ethereum wallet. 60
Building Your First Decentralized Autonomous Organization. 60
Test net and congress. 61
Governance and voting 62
Uncovering the Future of DAOs . 63
Putting money in a DAO. 63
Building smarter smart contracts. 64
Finding bugs in the system . 64
CHAPTER 6: Regarding the Ripple Blockchain. 65
Getting a Brief History of the Ripple Blockchain. 66
Ripple: It’s All About Trust . 67
Seeing How Ripple Differs from Other Blockchains. 68
Unleashing the Full Power of Ripple. 71
Exercising Caution with Ripple . 72
CHAPTER 7: Finding the Factom Blockchain. 75
A Matter of Trust. 76
The purpose of the Factom blockchain: Publishing anything. 77
Incentives of federation. 78
Building on Factom. 81
Authenticating documents and building identities using APIs. 81
Getting to know the Factoid: Not a normal token . 81
Anchoring your application. 82
Publishing on Factom. 82
Building transparency in the mortgage industry . 84
Verifying physical documents: dLoc with Factom. 86
CHAPTER 8: Digging into DigiByte. 89
Getting Familiar with DigiByte: The Fast Blockchain . 90
Mining on DigiByte . 91
Signing Documents on DigiByte’s DiguSign. 94
Earning DigiBytes While Gaming. 95
PART 3: POWERFUL BLOCKCHAIN PLATFORMS. 97
CHAPTER 9: Getting Your Hands on Hyperledger. 99
Getting to Know Hyperledger: Dreams of a Hyper Future . 100
Focusing on Fabric. 101
Building your system in Fabric 102
Diving into chaincode development. 102
Investigating the Iroha Project 104
Introducing Sumeragi: The new consensus algorithm 104
Developing mobile apps. 105
Diving into Sawtooth Lake. 106
Exploring the consensus algorithm: Proof of Elapsed Time. 107
Deploying Sawtooth . 107
CHAPTER 10: Applying Microsoft Azure. 109
Bletchley: The Modular Blockchain Fabric. 109
Cryptlets for encrypting and authenticating. 111
Utility and Contract Cryptlets and CrytoDelegates. 112
Building in the Azure Ecosystem. 113
Getting Started with Chain on Azure . 114
Installing Chain’s distributed ledger. 115
Creating your own private network . 115
Using financial services on Azure’s Chain . 116
Deploying Blockchain Tools on Azure . 116
Exploring Ethereum on Azure. 116
Cortana: Your analytics machine learning tool. 117
Visualizing your data with Power BI. 117
Managing your access on Azure’s Active Directory . 118
CHAPTER 11: Getting Busy on IBM Bluemix. 119
Business Blockchain on Bluemix. 119
Your isolated environment . 120
Bluemix use cases. 121
Watson’s Smart Blockchain. 122
Building Your Starter Network on Big Blue. 124
PART 4: INDUSTRY IMPACTS. 129
CHAPTER 12: Financial Technology. 131
Hauling Out Your Crystal Ball: Future Banking Trends . 131
Moving money faster: Across borders and more. 133
Creating permanent history. 134
Going International: Global Financial Products . 135
Border-free payroll. 136
Faster and better trade. 137
Guaranteed payments. 138
Micropayments: The new nature of transactions. 138
Squeezing Out Fraud . 139
CHAPTER 13: Real Estate. 141
Eliminating Title Insurance. 141
Protected industries. 142
Consumers and Fannie Mae . 144
Mortgages in the Blockchain World. 144
Reducing your origination costs. 145
Knowing your last-known document. 145
Forecasting Regional Trends. 146
The United States and Europe: Infrastructure congestion. 147
China: First out of the gate. 148
The developing world: Roadblocks to blockchain. 148
CHAPTER 14: Insurance . 151
Precisely Tailoring Coverage. 151
Insuring the individual . 152
The new world of micro insurance. 153
Witnessing for You: The Internet of Things. 154
IoT projects in insurance . 155
Implications of actionable big data. 155
Taking Out the Third Party in Insurance . 156
Decentralized security . 156
Crowdfunded coverage . 156
The implications of DAO insurance. 157
CHAPTER 15: Government. 159
The Smart Cities of Asia. 159
Singapore satellite cities in India. 161
China’s big data problem. 162
The Battle for the Financial Capital of the World. 163
London’s early foresight. 163
The regulatory sandbox of Singapore . 164
The Dubai 2020 initiative. 165
Bitlicense regulatory framework: New York City . 167
Securing the World’s Borders . 168
The Department of Homeland Security
and the identity of things. 168
Passports of the future. 169
The new feeder document. 169
CHAPTER 16: Other Industries. 171
Lean Governments. 171
Singapore’s Smart Nation project. 172
Estonia’s e-Residency . 173
Better notarization in China. 174
The Trust Layer for the Internet. 174
Spam-free email. 175
Owning your identity. 176
Oracle of the Blockchain .176
Trusted authorship. 177
Intellectual property rights. 177
PART 5: THE PART OF TENS. 179
CHAPTER 17: Ten Free Blockchain Resources. 181
Factom University. 181
Ethereum 101 .182
Build on Ripple. 182
Programmable Money by Ripple. 182
DigiKnow. 183
Blockchain University. 183
Bitcoin Core. 183
Blockchain Alliance. 183
Multichain Blog . 184
HiveMind. 184
CHAPTER 18: The Ten Rules to Never Break on the Blockchain. 185
Don’t Use Cryptocurrency or Blockchains to Skirt the Law. 185
Keep Your Contracts as Simple as Possible. 186
Publish with Great Caution . 187
Back Up, Back Up, Back Up Your Private Keys . 187
Triple-Check the Address Before Sending Currency . 189
Take Care When Using Exchanges. 189
Beware Wi-Fi. 190
Identify Your Blockchain Dev. 190
Don’t Get Suckered. 190
Don’t Trade Tokens Unless You Know What You’re Doing. 191
CHAPTER 19: Ten Top Blockchain Projects. 193
The R3 Consortium. 193
T ZERO: Overstocking the Stock Market. 194
Blockstream’s Distributed Systems 195
OpenBazaar’s Blockchain. 196
Code Valley: Find Your Coder . 196
Bitfury’s Digital Assets. 197
Any Coin Can ShapeShift . 198
Machine-Payable Apps on 21 . 198
Anonymous Transactions on Dash. 199
ConsenSys: Decentralized Applications. 200
INDEX . 201


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Author’s Acknowledgments
This book is the product of many people’s ideas and work. It would not have been
possible without the open and supportive blockchain and cryptocurrency world.
I’d like to thank specifically Paul Snow, Peter Kirby, Brian Deery, and David
Johnston for the countless hours spent teaching me about blockchain and cryptography.
I’d also like to thank Abhi Dobhal, Lawrence Rufrano, Ryan Fugger,
Charley Cooper, Alyse Killeen, Jeremy Kandah, Clemens Wan, Greg Wallace, Brian
Behlendorf, Amir Chetrit, Jared Tate, Casey Lawlor, and Scott Robinson for the
direction and guidance in the evolving blockchain space and for taking time out of
their busy lives to review and sanity-check my work.

This book also took a lot of editing. I’m not kidding it really took a lot of editing.
My project editor, Elizabeth Kuball, did a great job keeping me on task and on
schedule, and Steve Hayes, my executive editor, made the whole book possible. I’d
also like to thank Scott Robinson again for his thorough technical review and
excellent suggestions, as well as editor Pat O’Brien and all the other behind-thescenes
people, who did thankless jobs to bring this book about. I’m forever in their debit.

About the Author
Tiana Laurence is a co-founder of Factom, Inc., and was an early Bitcoin enthusiast.
Her passion is growing great companies. A serial entrepreneur, Tiana started
her first business at 16. She loves helping young aspiring entrepreneurs learn
about business and technology. Tiana has a BA in Business and Leadership from
Portland State University. When Tiana is not working on her businesses or being
nerdy, she can be found running or rock climbing in Austin, Texas.


Understand the Blockchain Ecosystem and How to Make it Work for You

Vikram Dhillon, David Metcalf, Max Hooper


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Book Details
 Price
 3.00 USD
 Pages
 225 p
 File Size
 8,980 KB
 File Type
 PDF format
 ISBN-13 (pbk)
 ISBN-13 (electronic) 
 978-1-4842-3080-0
 978-1-4842-3081-7
 Copyright   
 2017 by Vikram Dhillon,
 David Metcalf, and Max Hooper 

About the Author
Vikram Dhillon is a research fellow in the Institute of Simulation and Training at the University of Central Florida where he studies the integration of emerging technologies into existing infrastructure. The focus of his recent work has been on decentralized ledger technologies. He holds a Bachelor of Science degree in Molecular Biology from the University of Central Florida, where his focus was bioinformatics. Currently, he is a DO-MBA candidate at the College of Medicine, Nova Southeastern University. He is the author of several scientific papers in computational genomics and two books, the most recent one on blockchain enabled applications. He has also written in-depth articles for the Bitcoin Magazine and letters for the New York Times. He was previously funded by the National Science Foundation through the Innovation Corps program to study customer discovery and apply it to commercialize high-risk startup ideas. He is a member of the Linux Foundation and has been active in open source projects and initiatives for the past several years. He often speaks at local conferences and meetups about programming, design, security, and entrepreneurship. He currently lives in Fort Lauderdale, Florida, and writes a technology-focused blog at opsbug.com.

David Metcalf has more than 20 years of experience in the design and
research of Web-based and mobile technologies converging to enable
learning and health care. Dr. Metcalf is Director of the Mixed Emerging
Technology Integration Lab (METIL) at UCF’s Institute for Simulation
and Training. The team has built mHealth solutions, simulations,
games, eLearning, mobile and enterprise IT systems for Google, J&J, the
Veterans Administration, U.S. military, and the UCF College of Medicine
among others. Recent projects include Lake Nona’s Intelligent Home
prototype and SignificantTechnology, a mobile-enabled online degree
and eResource kit. Dr. Metcalf encourages spin-offs from the lab as
part of the innovation process and has launched Moving Knowledge
and several other for-profit and nonprofit ventures as examples. In
addition to research and commercial investments, he supports social
entrepreneurship in education and health. Dr. Metcalf continues to bridge the gap between corporate
learning and simulation techniques and nonprofit and social entrepreneurship. Simulation, mobilization,
mobile patient records and medical decision support systems, visualization systems, scalability models,
secure mobile data communications, gaming, innovation management, and operational excellence are his current research topics. Dr. Metcalf frequently presents at industry and research events shaping business strategy and use of technology to improve learning, health, and human performance. He is the coeditor and author of Connected Health (2017), HIMSS mHealth Innovation (2014) and the HIMSS Books bestseller mHealth: From Smartphones to Smart Systems (2012).

Max Hooper is the chief executive officer of Merging Traffic. He is
responsible for the company’s management and growth strategy,
serving as the corporate liaison to the financial services industry and
various capital formation groups. Prior to starting the company, he was
cofounder of Equity Broadcasting Corporation (EBC), a media company
that owned and operated more than 100 television stations across the
United States. He was responsible for activities in the cable, satellite,
investment banking, and technology industries and during his tenure it
grew to become one of the top 10 largest broadcasting companies in the
country. A lifelong learner, Hooper has earned five doctorate degrees:
PhD, DMin, PhD, ThD, and DMin from a variety of institutions. As an avid
runner, he has completed more than 100 marathons and an additional 20
ultra-marathons, which are 50- or 100-mile runs. He has completed the
Grand Slam of Ultra Running. Hooper is committed to his family and is a
husband, father to five children, and grandfather to seven grandsons. He is active in many organizations and serves on various boards of directors. He works globally with several ministries and nonprofit aid groups, and was honored to speak at the United Nations in New York in 2015.

About the Technical Reviewer
Zeeshan Chawdhary is an avid technologist, with 13 years of experience in the industry. Having started his career in mobile development with J2ME in 2005, he ventured into Web development in 2006, and has extensive experience in building robust and scalable Web applications.
He has led teams to build Web and mobile apps for companies like Nokia, Motorola, Mercedes, GM,
American Airlines, and Marriott while serving as chief technology officer for a San Francisco–based firm. He is based in Mumbai, India, and has also dabbled with a few startups in India, leading teams in building a Houzz+Etsy model and car rental platform, in addition to authoring a few books on iOS, Windows Phone, and iBooks.
He currently works with an international team as director of development, serving clients with
technologies like Magento, Wordpress, WooCommerce, Laravel, ReactJS, and .Net.
He can be reached at imzeeshanc@gmail.com or on Twitter at @imzeeshan.

Table of Contents
About the Authors ......................................... xi
About the Technical Reviewer ............................. xiii
Acknowledgments .......................................................xv
Introduction .............................xvii
■■Chapter 1: Behold the Dreamers
Paradigm Shift ........................................................ 1
Cypherpunk Community ........................................... 3
Summary ................................................. 5
■■Chapter 2: The Gold Rush: Mining Bitcoin 
Reaching Consensus ................................ 7
Mining Hardware ..................................... 12
Startup Stories ............................................ 13
New Consensus .......................................... 14
Summary ............................................ 14
References ........................................... 14
■■Chapter 3: Foundations of Blockchain
Transaction Workflow ........................................... 15
Simple Payment Verification .................................. 21
Blockchain Forks ........................................... 23
Summary ..................................... 24
References ............................................. 24
■■Chapter 4: Unpacking Ethereum
Overview of Ethereum ...................... 25
Accounts in Ethereum .........................27
State, Storage, and Gas ...................... 30
Ethereum Virtual Machine ....................... 33
Solidity Programming Language ...................36
World Computer ...............................38
Blockchain-as-a-Service ..............................41
Decentralized Applications ............................ 42
Geth and Mist ...............................44
Summary ......................................... 44
References .................................... 45
■■Chapter 5: Decentralized Organizations
Aragon Kernel .................................. 48
Identity Management .............................. 49
DAO/Company Walkthrough ............................... 50
Setting Up a DAO .................................50
Issuing Shares ...............................54
Fundraising and Bylaws .......................................63
Summary ................................. 66
References ................................. 66
■■Chapter 6: The DAO Hacked
Introduction .............................. 67
The Team ................................. 69
The DAO .............................. 70
The ICO Highlights .................................. 72
The Hack .................................. 72
The Debate .................................... 75
The Split: ETH and ETC ................................... 76
The Future ...................................... 77
Summary ............................... 78
■■Chapter 7: Ethereum Tokens: High-Performance Computing
Tokens and Value Creation ....................... 79
Ethereum Computational Market ......................... 83
Golem Network ...................... 89
Application Registry ..........................90
Transaction Framework ..........................91
Supercomputing Organized by Network Mining .................. 96
Buyer–Hub–Miner Interactions ....................101
Superglobal Operation System for Network Architecture ........... 104
iEx.ec ........................... 106
Summary .................. 109
References ..................... 109
■■Chapter 8: Blockchain in Science
Reproducibility Crisis ............................ 111
Clinical Trials ..................... 115
Reputation System ............................ 119
Pharmaceutical Drug Tracking .............. 122
Prediction Markets and Augar ........................123
Summary ...................................... 124
■■Chapter 9: Blockchain in Health Care
Payer–Providers–Patient Model ................... 125
Workflow ......................... 127
Hot Switching .....................131
Waste Management: Capital One, Ark Invest, and Gem ............... 131
Verifiable Data Audit .................134
Summary ................... 137
References ................. 137
■■Chapter 10: The Hyperledger Project
Current Status ................... 139
Governance .........................140
Fabric and Sawtooth .................... 141
Decision Models: Do You Need a Blockchain? .................... 144
Rapid Prototyping with Hyperledger Composer .............. 147
Summary .......................... 149
■■Chapter 11: Recent Developments in Blockchain
EOS Blockchain .................. 151
Delegated Proof-of-Stake ..........................154
Parallel Execution .........................157
Scheduling ..................................159
Chain Core ............................... 160
Ethereum Enterprise Alliance ................ 175
zk-SNARKs ........................177
Review of Quorum .....................177
Ethereum Enterprise Roadmap ................................180
Summary .............................. 181
References ............................. 181
■■Chapter 12: Technological Revolutions and Financial Capital
State of the Blockchain Industry .................. 184
Blockchain Solution ...........................184
Venture Capital and ICOs ................... 185
Digital Currency Exchanges ................. 189
Status of ICO Regulation ................... 189
Pros and Cons of ICO Investments .................190
Regulation Technology: RegChain ................. 192
New Blockchain Companies and Ideas ............ 194
Homechain and SALT .......................194
Ambrosus, Numerai, and SWARM ......................194
Democratizing Investment Opportunities ..................... 195
Summary .............................. 196
■■Appendix A: Building a Health Care Consortium ........... 197
■■Appendix B: References ..................... 207
■■Index .......................... 213

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Introduction
Blockchain technology is poised to fundamentally change our online world. This is not some kind of
miraculous, cure-all, money-making solution. One specific use of blockchain such as Bitcoin, but rather the fundamental shift for the offline world ushered in by the web with easy to use access to information and the ability to make digital copies of data or content in an unprecedented ease for distribution across the globe. Hence the name, the World Wide Web. That interconnectivity has suffered fundamental problems when it comes to transactions - TRUST.
The fundamental shift that blockchain technology represents is a method for moving away from an
attempt to have a central trusted authority in a massively distributed network. But instead to have multiple sources of trust that must all agree, based on an algorithm that this transaction can be trusted as valid. Furthermore, most blockchain solutions offer an immutable and enduring record of a transaction as it is hard for any trusted or untrusted source to change or modify. This presents a completely new level of security, privacy, and TRUST to our online world. As you will see throughout this book, a variety of uses, protocols, and standards make up the current blockchain ecosystem.
We also strive to strike the perfect balance between being a technical reference and a how-to handbook
that shows practical examples of both current and future state use cases. While not comprehensive, we do select for several high promise areas where blockchain technology is beginning to enable applications for an entirely new industry segment. We hope this book will inform you and provides a roadmap to your success leveraging blockchain technology to enable new applications for your business.

Throughout the book, you will see many examples of applications to reinforce key points. Early
examples extend beyond financial transactions to cover other aspects of FinTech, RegTech (regulation),
InsuranceTech, GovTech (eVoting, licensing, records and certification), HealthTech, and many others.
In order to understand these early examples, it is necessary to explore the Blockchain history;
fundamentals of distributed trust; consensus; hardware, software and encryption in the early chapters.
Next, you’ll learn about the network transactions and simplified payments in Blockchain fundamentals.
We’ll compare this with the extended capabilities if Ethereum and specific characteristics like how gas
works and distributed apps along with examples of Blockchain as a Service. To further extend these
capabilities, two chapters are devoted to DAO/Decentralized Organizations and the details and examples in these areas. In Chapter 7, Ethereum Tokens are highlighted for value creation with various technology and business sector examples that highlight the power of Smart Contracts to allow multiple sources of value and rules to be embedded in the transactions directly. The next three chapters- 8, 9 and 10 segment examples into Blockchain in Science, Blockchain in Healthcare, and details on the structure of the Hyperledger Project, respectively. The final two chapters, 11 and 12 explore many recent developments and future trends, particularly in ICOs and the effect on financial markets and processes. Don’t miss the late-breaking Appendix with a detailed interview with the Hashed Health leadership team and their insights on Blockchain in Healthcare. We hope you find the information in this book useful as well as enjoyable as you explore The fundamentals, current best practices and future potential of Blockchain Enabled Applications. We welcome your feedback at info@metil.org.
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