Blockchain – Presentation given in the Ignite style 20 auto-advancing slides x 15 seconds each
Slide 1 [15 seconds] [intro + thesis]
I am here to talk to you about blockchain. I will argue that the Canada, and in particular the open government community, should embrace this exciting and revolutionary technology – starting from an in-depth exploration of its full potential.
Slide 2 [14 seconds] [definition + how it works]
The blockchain, considered the key innovation behind Bitcoin, the most widely used cryptocurrency worldwide, is essentially a decentralized, peer-to-peer, public record book containing every transaction ever made in that particular system.
Slide 3 [16 seconds] [potential impact]
Because every part of the system is continually checking the work of the others, the blockchain is considered unhackable. The blockchain allows the decentralization of all transactions of any type between all parties on a global basis. Also essential: it can remove the need for any middleman.
Slide 4 [12 seconds] [potential benefits]
Blockchain has the potential to: create new markets, increase cost-effectiveness to traditional industries, heighten transactional security and build trust, and establish faster and more convenient systems.
Slide 5 [17 seconds] [fit with open government criteria]
As such, the technology resoundingly fits the open government mandate: it is innovative, enhances transparency, accountability, efficiency and engagement. It is even used to combat government fraud: in May, the Honduran government announced a blockchain land registry project, to combat corruption.
Slide 6 [14 seconds] [International response]
Internationally, this fall has been a watershed moment for mainstreaming blockchain technology. The UK government has just announced that it will open a lab dedicated to researching blockchain, alongside two UK-based finance organisations.
Slide 7 [13 seconds] [International response]
The Bank of England already has a team dedicated to studying it, and a UK Cabinet Office minister led a tech delegation to Silicon Valley to see how blockchain can be applied to Britain’s public services.
Slide 8 [18 seconds] [International response]
Moreover, 25 of the world’s biggest banks announced plans to create a framework for using blockchain in stock markets, after a year’s worth of consultations. Lastly, IBM has announced that it will soon release its own, open source version of blockchain software – the largest and most powerful technology company to date to back the innovation.
Slide 9 [15 seconds] [Canadian response]
In Canada, few official responses have been made, with the exception of a June 2015 Senate report, which urged the government to “explore the vast potential of this technology”. The report’s recommendations also included a note on potentially using it to deliver government services.
Slide 10 [13 seconds] [Concrete, practical examples of blockchain]
The startup community is also rapidly bringing blockchain technology firms to life. To give just one very recent example, Everledger announced plans to certify and track luxury items like diamonds, protecting owners against fraud.
Slide 11 [15 seconds] [Potential uses]
Blockchain’s potential uses are incredibly vast: from any form of asset registry, inventory, and exchange, including every area of finance, economics, and money; hard assets (like physical property); and intangible assets (like votes, ideas, or reputation).
Slide 12 [13 seconds] [Potential uses]
So the technology applies not just to currency and payments, but to contracts, property, all financial market transactions, as well as segments as diverse as government, health, science, literacy, publishing, economic development, art, and culture.
Slide 13 [17 seconds] [Potential uses]
To give just one example of a potentially revolutionary use, political organizations are now experimenting with secure digital voting systems. In 2014, Denmark’s Liberal Alliance reportedly became the first political party to vote using a blockchain-based system for its internal elections.
Slide 14 [14 seconds] [Potential uses]
Blockchain voting systems involve creating “wallets” for each candidate or option in an election. All voters are then allocated a digital “coin” that represents one vote, which they can then cast by sending the “coin” to the wallet of their choice.
Slide 15 [15 seconds] [Potential uses]
The entire process is recorded in the blockchain, meaning that unlike most current elections, a voter can verify that her vote was actually counted. This might fit well with plans for electoral reform promised in this past election.
Slide 16 [15 seconds] [Potential uses for government]
To give an example of a potential use within the government, Industry Canada’s Canadian Intellectual Property Office (CIPO) could use the technology to help Canadian artists register, archive, track, transfer or donate their intellectual property (IP).
Slide 17 [15 seconds] [Potential uses for government]
By creating unique, trackable, and verifiable digital copies, artists could easily and definitively prove the authenticity of their work, protect it from duplication or unlicensed use, while also fostering innovation when they do wish to open it up to others.
Slide 18 [17 seconds] [Potential partners]
Following an artist-only pilot, this could be scaled to include other forms of IP (like patents, trademarks, or industrial designs). Potential partners could include the open government community, key implicated departments and other whole-of-government departments.
Slide 19 [15 seconds] [How to scale]
It is important that Blockchain be studied further. Blockchain is developing quickly, is cross-cutting, and is potentially revolutionary.
Slide 20 [14 seconds] [Next steps]
If you’re curious or excited about blockchain’s potential, please get in touch with me. Thanks for listening.