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3.5: Blockchain and Encryption (Part 2)

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FinTech Foundations and Overview

Гонконгский университет науки и технологий

4.6 (оценок: 81) | Зарегистрировано учащихся: 5.3K

Курс 1 из 4 — FinTech: Finance Industry Transformation and Regulation Специализация

Просмотреть программу курса

Our primary goal is to help you to understand FinTech and to become more confident and persuasive in your ability to analyze and make recommendations to executives within the finance industry regarding how to react to these changes. This FIRST MOOC ON FINTECH IN ASIA-PACIFIC offered by HKUST presents the insight of several professors from the top business school in Asia as well as perspectives from industry professionals. HKUST has been ranked for many years as the No.1 EMBA program in the world, as the number one Finance program in Asia, and as the top MBA program in Asia by multiple independent rating and review journals and surveys. This course "FinTech Foundations and Overview" offers the combined strengths of HKUST in Business, Finance, and Technology as one the world's leading academic institutions on an important area of technology and business innovations. For learners from outside Asia, this also gives an insight into changes happening in the most advanced FinTech markets of the world, since Asia leads worldwide in FinTech adoption and creative innovations.

Рецензии

4.6 (оценок: 81)

5 stars
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VL

Aug 10, 2018

very interesting topic, the final assignment might take longer than advertised if you want to do it properly.

AK

Jun 11, 2018

An intriguing course that provides the basic information about FinTech

Из урока

The Tech of FinTech

The Technology enabling and supporting FinTech is important to understand, and this module provides a brief introduction to each of the areas of technology that enable FinTech business changes, including identity and privacy technologies, blockchain and encryption, big data analytics, AI and automation, and consumer tech innovations. This introduction is designed to be at a level appropriate for business managers or students of business, and is not intended to excite or engage tech geeks.

3.2: Identity, Privacy, and Anonymity (Part 1)9:35

3.3: Identity, Privacy, and Anonymity (Part 2)8:56

3.4: Blockchain and Encryption (Part 1)8:23

3.5: Blockchain and Encryption (Part 2)8:28

3.6: Big Data and Analytics (Part 1)8:03

3.7: Big Data and Analytics (Part 2)8:40

3.8: AI, DSS, and Automation (Part 1)8:46

3.9: AI, DSS, and Automation (Part 2)8:16

3.10: Smartphones & Customer Tech (Part 1)8:54

3.11: Smartphones & Customer Tech (Part 2)6:36

Преподаватели

Theodore Henry King CLARK
Associate Professor

>>How important is cryptography or encryption to this Blockchain world?

>>I think, most importantly

it helps us to address the trust problem and help us

to eliminate the role of a central clearinghouse or government too

>>So, is that why Blockchain is

a disruptive technology is because it eliminates the third party?

>>That's the innovation that Blockchain point has

>>Okay. So, we can do banking before

we can do a lot of these things before

Blockchain eliminates the need for a central bank

or a government, or a large institution

We can have trust with people we've never met

>>Right

>>That's cool. And so, that's undue innovation

One of the criticisms is efficiency

is that it's kind of slow sometimes to update

Is that an inherent problem to Blockchain

or is that a problem of Bitcoin?

>>It is by design for Blockchain

Because we want the mining of each block to be

computationally demanding so that the transaction cannot be easily modified

What if I had information that only a central clearing group would know

so that I could make the mining easy but only if you knew a secret code?

>>Right

>>That you could do fast, right?

>>Yes

>>But you'd have to have a secret code that only a few people knew?

>>Yes

>>That won't work with Bitcoin?

>>That won't work with Bitcoin

>>But it might work for a government issue of a registry of deeds for land?

>>Exactly

>>Okay. So Blockchain is more than Bitcoin

it could be different than Bitcoin

we can use it in many different ways

Bitcoin is simply one way of using Blockchain for cryptocurrency?

>>Right, it's just one special case of it

>>Okay, one special case

But all of these cases have hash functions?

>>Yes

>>And that's essentially encryption in action?

How does that work? What's this hash?

>>So, hash function in short terms

it means that we take the input of any lengths but gives the output of a fixed length

It is a one-way function

which means that it is easy to go one way to the other

but hard to go the other directions

We can take the modular function as an example

So, for example, what 2010 mult 36 will give us 30

which we can calculate easily

But, given the result of 30

there will be unlimited possibilities that concludes to 30 more than 36

that's what we meant by that

>>And if I make a small change or even a tiny bit of data?

>>It's going to look entirely different

>>It's a totally new hash?

>>Totally new

>>So, it's clearly wrong, you changed it?

>>Even a tiny bit

>>even a penny change?

>>Yes

>>It's all wrong?

>>And that the entire nose on this network will detect this change

>>And if I change something in history

every block thereafter is invalid?

>>Right

>>That's a problem. So it breaks the whole chain, so I can't do that?

>>Right

>>But it's easy to compute

we could just do that on our PC

we can compute the hash?

>>With a blink of time

>>But it's hard to find the right one?

>>Right

>>Okay. All right, so it's a complicated function

So, you've got an example here of a hash function, how does that work?

>>So, if you hash the input of a letter A

this long string is what we are going to get as the hash function of it

>>I would like to enter that into my phone

>>Right

>>So, how do I deal with the long hash like that?

With long hash like this one

we don't need to remember the whole thing

>>Oh, good. Okay

>>Yeah. As customers, we can only remember our original password or original code

>>Okay

>>Like letter A

>>Or we can also use a QR

a code to be able to be recognized by the computer interface

but a lot of data really easily with our phone

Okay. So, what do we do with the hash function

how does it help us?

>>One important application can be commitment

Commitment allows one to commit to why aren't you always out revealing the why to others

>>Like what?

>>Say that Alice and Bob both participate in a mathematics contest

and Alice got her answer first

But she doesn't want to reveal

>>Obviously, she's smarter

>>Alice will be happy to hear that

>>Yes. Okay, but Bob is a little slow?

>>Bob is a little slow

>>Okay

>>But Alice doesn't want to give the answer to Bob

because Bob can claim that he got the same answer, right?

>>Of course, that's what guys do

>>Bob says not really

>>Not really. Okay. So, but Alice is concerned

he would copy and say that he was first but even he's lying

>>Yeah

>>So, now she can say

"Bob here's my hash."

>>Yes, exactly

>>And he can say, "Oh,

I don't have that same hash.

I better work on it some more." Okay

>>Also, he can check Alice's answer to

see if it really gives the same hash to see if Alice's lying

>>Oh, but he can also check and see if

he has the same answer as Alice to see if he's right?

>>Yeah

>>Without being given the answer

you're giving the key to grade your own problem without knowing the answer

>>Right

>>Okay. All right

So, document integrity, how does this help?

>>So when we download a file from website

the website can provide a hash value

But once we have this file

we can compute the hash and then we can compare those two hash values

If they are consistent with each other

we can be confident to say that the file has not been compromised yet

>>Okay. So my video is what I think it is

my program is what I think it is

This is not just data

this could be a whole program, right?

>>Right. Yes

>>Yeah. So it can be any link of things that can have a hash?

>>Videos, photos, whatever, to validate

>>Yeah. Okay. And you said password storage also works?

>>Many websites now store passwords of clients in the hashed forms

So when customers input their password

the hash of it got to be compared with the stored hash

>>Okay. So you can indeed validate

like if I call up and say I can't remember my password

and they say, "Well, I can't tell you what it is because it's saved in the hash form."

But I could say, "Well,

could I try a couple of versions" and you said, "No, that's not it

That's not it. Yep, that's the one."

So, I could check it

I'm not sure I want to give customer service my password

but I might be able to type it in and the bank could say, "That's the one."

>>Right

>>Without seeing it?

>>Yeah, bank won't have any idea what your possible combinations are

>>Right. So they can't recreate

my password but they could tell me, "You got the hash right."

Okay. So that's cool

All right, well thank you very much

Now, the bottom line on this,

DLT is more than Blockchain

Blockchain is more than Bitcoin

Bitcoin is an application

DLT and encryption are critical to many aspects of FinTech

Not just Blockchain, many other areas use encryption

use distributed ledger, but Blockchain clearly demonstrated DLT works

>>Right

>>So it's a powerful technology that opens up the door to many

many new ways of doing business inventory

Okay, thank you very much for your time

>>Thank you, Ted

Okay

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