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Blockchain and distributed ledgers: so much more than just bitcoin

  1. April 2016
  2. Time will tell….. The Blockchain is the glue that is going to drive a productivity revolution across the globe on par with what Henry Ford did with the automobile. — Paul Brody, Americas Strategy Leader, Technology Sector, Ernst & Young
  3. >USD 1 bln invested in Bitcoin/Blockchain
  4. Challenging our mindset Money = Fiat currency  Country’s primary currency  Derives value from government backing
  5. A vocabulary list of currencies  Fiat currency − National currency  Alternative currency − Bonus points/vouchers, e.g., frequent flyer miles − Digital currency  In-game currencies, e.g., Stardollars, Farmville cash  Virtual world currencies, e.g., Linden dollars, PEDs  Mobile currency, e.g., M-pesa  Cryptocurrency, e.g., Bitcoin >6000 alternative currencies
  6. Real cash economy in Entropia Universe just-made-a-cool-half-million-from-the-sale-of-virtual-property/ •GDP >USD 440 mln •PEDs <--> USD, EUR •Record virtual good: USD 625,000
  7. “…an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.” The beginnings of Bitcoin on the internet in 2008-2009
  8. Banking is essential, but banks are not. Bill Gates
  9. Self-organizing, global community of strangers • Libertarian • Efficiency • Profit • Challenge • Community
  10. Institutions EmergentCollective VS E.g., Central Bank ~ Long-standing financial institutions and regulations E.g., Bitcoin Community ~ Emergent collective of users across globe connected through internet Teigland, Yetis, Larsson 2013
  11. Continued growth On April 27, 2016 • 1 BTC = USD 463 • 15.5 mln bitcoins in circulation • Market capitalization of ≈USD 7.1 bln • ≈245,000 transactions
  12. How does Bitcoin work?
  13. Where can I buy bitcoins? 32 länder i Europa
  14. Yesterday I bought 1000 SEK of bitcoins
  15. The blockchain underlies bitcoin transactions Financial Times
  16. A global network of Bitcoin nodes
  17. Miners verify the transactions
  18. Mycelium wallet on my phone
  19. Where can I spend my bitcoins? Dell Microsoft Wordpress Overstock Giftcards Expedia
  20. Where can I spend bitcoin in Prague?
  21. my bitcoin purchase
  22. What is so novel about Bitcoin? • Distributed timestamped public ledger • Decentralized, P2P network • Proof-of-work algorithm • All transactions ever made logged • Chronology and integrity enforced by cryptography • No third party overseeing Trust in the network
  23. Bitcoin – one of 100s of cryptocurrencies
  24. Sluggish growth in bitcoin usage?  Users satisfied with current payment systems that continuously improving  Practical difficulty of purchasing bitcoins  Volatility of bitcoin’s value relative to governmentissued currencies  Perception that bitcoin is insecure  Perception that only used for money laundering, drugs, etc.  Questions over bitcoin’s legal status  Irreversible and unforgiving nature of bitcoin transactions  Lack of support for bitcoin in mainstream financial sector
  25. - Andreas Antonopolous Saying that Bitcoin is a currency is like saying that the internet is email. Currency is just the first app!
  26. The blockchain  Decentralized and distributed • Robust, no central control or authority required to coordinate behavior or interaction • Shared public history of all transactions  Displaces roles of trusted third parties • Can’t do same transaction twice • No transaction repudiation • Initial entry requires trust but then system operates on trustless basis
  27. Centralized vs distributed ledgers Financial Times
  28. Benefits of blockchain for financial services  Lower costs through shared infrastructure  Faster settlement that leads to lower capital and liquidity needs  Increased transparency, especially with cross border payments  Greater security through cryptography, transparency Citi Research, Jan 2016
  29. Betting on the blockchain - together >40 banks and counting… Goldman Sachs, JPMorgan, Credit Suisse, Barclays, Commonwealth Bank of Australia, State Street, RBS, BBVA, UBS, Nordea, SEB, + …… + +
  30. What can be decentralized using blockchains? • Trading, stocks, bonds, • Contracts, notary services • Insurance • Law, dispute resolution, • Matchmaking services • Crowdfunding, peer-to-peer lending • Etc.
  31. Blockchain insurance applications
  32. Enabling smart contracts? Weather data algorithm Insurance claim payout
  33. IBM Institute for Business Value (PDF)
  34. • World’s first decentralized computer? • Commoditizes trust
  35. robots
  36. All our knowledge is about the past, but all our strategic decisions are about the future. What we don’t know we don’t know Most of what we need to know to make good decisions today is outside our comprehension: We don’t even know it’s there. What we know What we know we don’t know
  37. 1950s vision of home PC in 2004
  38. Robin Teigland @robin.teigland If you love knowledge, set it free… If you like this presentation and would like to contribute to our research, we accept bitcoins: 1GJR2kE7ebeWwvefHcGCwP2HRfTTjN9ewG. Thank you!!!!!