《管理学专业英语教程(第4版)》教学课件-lesson17TheTruthaboutBlockchain

1、The Truth about Blockchain管理学专业英语教程（第四版）The Truth about Blockchain管理学专Outlines123Blockchain Technology Definition Key Elements of a BlockchainFive Principles for Blockchain ApplicationOutlines123Blockchain TechnoloIntroductionIf you have been following banking, investing, or cryptocurrency over the

2、last ten years, you may be familiar with “blockchain,” the record-keeping technology behind the Bitcoin network. And theres a good chance that it only makes so much sense.IntroductionIf you have been fWhat is Blockchain Technology?Blockchain is literally just a chain of blocks, but not in the tradit

3、ional sense of those words. When we say the words “block” and “chain” in this context, we are actually talking about digital information (the “block”) stored in a public database (the “chain”).Blockchain is an open, distributed ledger for recording transactions, tracking assets and building trust be

4、tween two parties efficiently and in a verifiable and permanent way. (P113)Blockchain TechnologyDefinition?What is Blockchain Technology?“Blocks” on the blockchain are made up of digital pieces of information. Specifically, they have three parts:1.Blocks store information about transactions like the

5、 date, time, and dollar amount of your most recent purchase 2.Blocks store information about who is participating in transactions. 3.Blocks store information that distinguishes them from other blocks. Much like you and I have names to distinguish us from one another, each block stores a unique code

6、called a “hash” that allows us to tell it apart from every other block. Three Parts of the “Blocks”“Blocks” on the blockchain areCASE: A, Inc.Blocks store information about transactions like the date, time, and dollar amount of your most recent purchase from Amazon. (NOTE: This Amazon example is for

7、 illustrative purchases; Amazon retail does not work on a blockchain principle as of this writing)A block for your splurge purchase from Amazon would record your name along with A, Inc. (AMZN). Instead of using your actual name, your purchase is recorded without any identifying information using a u

8、nique “digital signature,” sort of like a username.Hashes are cryptographic codes created by special algorithms. Lets say you made your splurge purchase on Amazon, but while its in transit, you decide you just cant resist and need a second one. Even though the details of your new transaction would l

9、ook nearly identical to your earlier purchase, we can still tell the blocks apart because of their unique codes.CASE: A, Inc.Blocks sKey Elements of a BlockchainDistributed ledger TechnologyAll network participants have access to the distributed ledger and its immutable record of transactions. With

10、this shared ledger, transactions are recorded only once, eliminating the duplication of effort thats typical of traditional business networks.Records are immutableNo participant can change or tamper with a transaction after its been recorded to the shared ledger. If a transaction record includes an

11、error, a new transaction must be added to reverse the error, and both transactions are then visible.Smart contractsTo speed transactions, a set of rules called a smart contract is stored on the blockchain and executed automatically. A smart contract can define conditions for corporate bond transfers

12、, include terms for travel insurance to be paid and much more.Key Elements of a BlockchainDiHow Does Blockchain Work? How Does Blockchain Work? Blockchain Processing DiagramBlockchain Processing DiagramFive Principles Underlying Blockchain TechnologyTransparency with PseudonymityIrreversibility of R

13、ecordsComputational LogicDistributed DatabasePeer to Peer TransmissionFive Principles Underlying BloBlockchain FAQWhats the difference between blockchain and bitcoin?Bitcoin is an unregulated, digital currency. Bitcoin uses blockchain technology as its transaction ledger.What are smart contracts?Sma

14、rt contracts are an integral part of blockchain technology. They automatically execute transactions and record information onto the ledger without human intervention.Conditions of smart contracts are mutually agreed on by network members. Theyre a key component for establishing trust and efficiency

15、between parties.Smart contracts eliminate essentially all the paperwork, streamlining the entire process and saving time and money.How can blockchain impact an entire industry?Blockchain enables businesses to rethink the way they work. In the diamond industry, for example, each party can access:High

16、-resolution photosImmutable payment recordsCertificates of authenticity and more.Blockchain FAQWhats the diffeBlockchain FAQWhats the difference between blockchain and bitcoin?Bitcoin is an unregulated, digital currency. Bitcoin uses blockchain technology as its transaction ledger.What are smart con

17、tracts?Smart contracts are an integral part of blockchain technology. They automatically execute transactions and record information onto the ledger without human intervention.Conditions of smart contracts are mutually agreed on by network members. Theyre a key component for establishing trust and e

18、fficiency between parties.Smart contracts eliminate essentially all the paperwork, streamlining the entire process and saving time and money.How can blockchain impact an entire industry?Blockchain enables businesses to rethink the way they work. In the diamond industry, for example, each party can a

19、ccess:High-resolution photosImmutable payment recordsCertificates of authenticity and more.Blockchain FAQWhats the diffeText 2 A Framework for Blockchain Adoption123Contextual Dimensions for Blockchain Applications How Foundational Technologies take holdAdvantages and Disadvantages of BlockchainText

20、 2 A Framework for BlockchBlockchain vs. BitcoinBlockchain vs.BitcoinBlockchain technology was first outlined in 1991 by Stuart Haber and W. Scott Stornetta, two researchers who wanted to implement a system where document timestamps could not be tampered with. But it wasnt until almost two decades l

21、ater, with the launch of Bitcoin in January 2009, that blockchain had its first real-world application.The Bitcoin protocol is built on the blockchain. In a research paper introducing the digital currency, Bitcoins pseudonymous creator Satoshi Nakamoto referred to it as “a new electronic cash system

22、 thats fully peer-to-peer, with no trusted third party.Blockchain vs. BitcoinBlockchaContextual Dimensions for Blockchain Applications Noveltythe degree to which an application is new to the worldComplexitythe level of ecosystem coordination involvedThere have been two dimensions affect how a founda

23、tional technology and its business use cases evolve.Contextual Dimensions for BlocHow Foundational Technologies Take HoldThe adoption of foundational technologies typically happens in four phases. Each phase is defined by the novelty of the applications and the complexity of the coordination efforts

24、 needed to make them workable. Applications low in novelty and complexity gain acceptance first. Applications high in novelty and complexity take decades to evolve but can transform the economy. TCP/IP technology, introduced on ARPAnet in 1972, has already reached the transformation phase, but block

25、chain applications (in red) are in their early days.How Foundational Technologies How Foundational Technologies Take HoldSingle use-low-novelty and low-coordination applications that create better, less costly, highly focused solutions. E-mail, a cheap alternative to phone calls, faxes, and snail ma

26、il, was a single-use application for TCP/IP.Localization-relatively high in novelty but need only a limited number of users to create immediate value, so its still relatively easy to promote their adoption. Substitution-this quadrant contains applications that are relatively low in novelty because t

27、hey build on existing single-use and localized applications, but are high in coordination needs because they involve broader and increasingly public uses.Transformation-this quadrant fall completely novel applications that, if successful, could change the very nature of economic, social, and politic

28、al systems.How Foundational Technologies Advantages and Disadvantages of BlockchainFor all its complexity, blockchains potential as a decentralized form of record-keeping is almost without limit. From greater user privacy and heightened security to lower processing fees and fewer errors, blockchain

29、technology may very well see applications beyond those outlined above.ProsImproved accuracy by removing human involvement in verificationCost reductions by eliminating third-party verificationDecentralization makes it harder to tamper withTransactions are secure, private and efficientTransparent tec

30、hnologyConsSignificant technology cost associated with mining bitcoinLow transactions per secondHistory of use in illicit activitiesSusceptibility to being hackedAdvantages and Disadvantages More selling points of blockchain for the business worldAccuracy of the Chain Transactions on the blockchain network are approved by a network of thousands or millions of computers. This removes almost all human involvement in the verification process, resulting in less human error and a more accurate record of information.Cost Reductions Typically, consumers pay a