My ppt for Nordic Financial Unions Annual Conference in May 2015 in Hurdalsjoen, Norway (http://nordicfinancialunions.org/ ) as well as for CGI Day in Stockholm in June 2015 (http://www.cgi.se/events). Feel free to use.
In just the past few years in Stockholm…
Company Founded Business
Klarna 2005 E-commerce payment services
MyLoan 2006 Loan broker
Trustly 2008 Online payments
TrustBuddy 2009 P2P lending
iZettle 2010 Mobile payments
FundedByMe 2011 Crowdfunding, crowd equity
Kivra 2011 Digital mailbox
Tink 2012 Personal finance
Safello 2013 Cryptocurrency exchange
KnCMiner 2013 Cryptocurrency mining equipment
Toborrow 2013 P2P lending for companies
Within 6 years:
Bitcoin = The power of community +
open source + internet + CPU
• Open source project on SourceForge in Jan 2009
• Original source code by “Satoshi Nakamoto” – pseudonym?
• Developed by self-organizing community of thousands of
strangers across globe
• Approx USD 3.3 bln market cap and 105,000 daily
transactions (1 BTC = USD 235, May 29)
Teigland, Yetis, Larsson 2013 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2263707
If the rate of change on the
outside (of an organization)
exceeds the rate of change on
the inside, the end is near....
Increasing pace of change
From 1920s to 2010s
− Average lifespan of S&P 500 company fell from 67
years to 15 years
− In next few years, 70% of Fortune 1000 companies to
− By 2020, >75% of S&P 500 companies do not exist
− By 2025, >45% of Fortune 500 companies to be from
Fast Company, McKinsey & Inc
• “Net generation”
• 24x7 “mobile” workforce
• Knowledge via MOOCs
• Sharing not consuming
• Broadband access
• The Cloud
• Mobile phones
• Internet of Things
• Big Data
• 3D printing
• Non-fiat cryptocurrencies
• Mobile money/payments
• M2M payments
History tends to repeat itself….
Innovation, financial crisis, industrial revolution, …
Late 18th C Late 19th C Late 20th C
• US: 40% of workforce freelancers
• Sweden: 700,000 to 900,000 F-skatt in past 10 years
Jobs that did not exist 10 years ago
Social media manager
Big data architect
Cloud services specialist
Digital marketing specialist
Beach body coach
No one knows everything,
everyone knows something,
all knowledge resides in humanity.networks.
Adapted from Lévy 1997
Six degrees of
- Milgram, 1967
Est. $30 mln sales
30% profit margin in
20 employees but a
24x7 global “workforce” of
No internal R&D or
sales & marketing
A platform for global community collaboration
“Local Motors is the place for people to create
influential vehicles together.”
• 1000x cheaper to produce new car model
• 5-22x faster production, depending on vehicle
Today > 6000 complementary currencies
In cooperation with fiat
− Counterbalance banks
− Create means of exchange
− Promote resilience of local
What is Bitcoin?
Is it ….
But it is definitely much more than “a coin”…
A ledger (the blockchain)
A software development platform
A P2P network for monetary and non-
monetary asset transactions
Returning the internet to its roots as a
decentralized P2P system?
IoT and smart contracts
− Ownership attached to asset/property and can be verified
− Run on blockchain technology, execute legal rules
between two entities: people, organizations, machines
− Trustless because no center, no one in middle – the
network is the middleman
− Example: I run a private weather station using neighbors’
sensors. Smart contracts enable payment to neighbors
for data sent from their sensors to my weather station.
− But time will tell… uses we cannot imagine today.
Emerging companies in IoT/Blockchain space
Enables decentralized electronic
security via keyless access
protocol for smart property
Manages payment addresses
assigned to each IoT device for
M2M sale of data (Bitcoin)
Enables sensors to have private
key to participate in blockchain
They do not own the assets, but they have
a center that can be disrupted by the
blockchain technology and
Moving towards a true Sharing Economy?
Thomas Jefferson (1816)
“Laws and institutions must go hand in hand
with the progress of the human mind.”
The problem is that the human mind itself
can’t keep pace with the advances that
computers are enabling.
• Will we see a parallel to other industries, e.g.,
music, software, newspaper, books?
• How to learn about new developments such as
crowdfunding, P2P lending, cryptocurrencies,
mobile payment systems?
• Will “trusted” third parties no longer be needed
since trust can be mediated through networks,
which are self-regulating?
• What basic assumptions will no longer hold, e.g.,
do we need money?
• How to turn threat into opportunity?
The future is already here,
it’s just not very evenly
- William Gibson