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141112 a innopay future of finance - bitcoin explained
- 1. tomorrow’s transactions today Innovations in finance: What Bitcoin is really about Gijs Burgers (Innopay) Download the Cryptocurrency report here
- 2. Intro • Gijs Burgers • Consultant at Innopay BV, Amsterdam • … Also involved with beer brewing 2 November 2014. © Innopay BV. All rights reserved. Cryptocurrency: a revolutionary technology By: Jacqueline van Huijstee, Maarten Rood, Jacob Boersma & Gijs Burgers
- 3. Yesterday’s wall street journal: 1 Bitcoin = € 309 3 November 2014. © Innopay BV. All rights reserved.
- 4. Storyline and main conclusion 1. What is Money? 2. What is Bitcoin about? 3. An example of what Bitcoin could mean 4. When will everybody use it? How? 5. So, what is the most important thing to take home? • Bitcoin is about a technology (and a bit about a coin); • The technology is in its infancy; • Search companies that will be successful in the Bitcoin sphere 4 November 2014. © Innopay BV. All rights reserved. and invest in them.
- 5. 5 November 2014. © Innopay BV. All rights reserved. 1: What is money?
- 6. We collectively agree that money has value Value? 6 November 2014. © Innopay BV. All rights reserved.
- 7. We trust the banks to keep score according to the rules 7 November 2014. © Innopay BV. All rights reserved.
- 8. Meanwhile, banks keep spreadsheets that say how much is in your account: a Ledger 8 November 2014. © Innopay BV. All rights reserved.
- 9. 9 November 2014. © Innopay BV. All rights reserved. Conclusion: Money is about collectively trusting central organizations to manage a shared ledger.
- 10. 10 November 2014. © Innopay BV. All rights reserved. 2: What is Bitcoin about?
- 11. Bitcoin is a network of unique addresses that are part of a single ledger Compare with e-Mail: 11 November 2014. © Innopay BV. All rights reserved. 3J98t1WpEZ73CNmQviecrnyiWrn qRhWNLy. 5Jbqxe3AisuHck95ysBPKVR9poq noNwj3MJaQ91mPKgTJKsdcJe Address: Secret code: @ Gijs.burgers@innopay.com *********** Address: Secret code:
- 12. Just like how you use an e-mail client, you use a Bitcoin client to send/receive bitcoins 12 November 2014. © Innopay BV. All rights reserved.
- 13. The “Blockchain” contains the ledger: It tells us which addresses contain bitcoins 13 November 2014. © Innopay BV. All rights reserved.
- 14. Every 10 minutes the latest additions to the blockchain are added to the blockchain 10 minutes 10 minutes 10 minutes 1 2 3 1 1 2 1 2 3 14 November 2014. © Innopay BV. All rights reserved. 1 = Additions to the blockchain (new transactions) = Blocks with data on what changed when The Blockchain = Constant re-encryption of all existing data The ledger until now
- 15. With Bitcoin, all participants collectively check and update the shared ledger (blockchain) 15 November 2014. © Innopay BV. All rights reserved.
- 16. 16 November 2014. © Innopay BV. All rights reserved. Conclusion: Bitcoin is about organizing consensus on the contents of a shared ledger in a decentralized & distributed manner
- 17. 17 November 2014. © Innopay BV. All rights reserved. 3. Ok, so what? … Let’s see an example of what Bitcoin could mean!
- 18. What if you… want to send 750 euros to Sri Lanka? 18 November 2014. © Innopay BV. All rights reserved. € 750
- 19. Sending money with the current financial system costs time… and money Source: Yahoo / AA News 2014 19 November 2014. © Innopay BV. All rights reserved.
- 20. What if you could send those same 750 euros instantly for the price of 1 … That would be huge! 20 November 2014. © Innopay BV. All rights reserved. euro?
- 21. bitcoin is a decentralized consensus technology; not just a currency 21 November 2014. © Innopay BV. All rights reserved.
- 22. The technology can make transfers of anything that requires a certain consensus possible 22 November 2014. © Innopay BV. All rights reserved.
- 23. 23 November 2014. © Innopay BV. All rights reserved. 4. Great. When will everyone use it? How?
- 24. Right now, the technology is in its infancy: it will take time to build services that are usable UNIX 1972 24 November 2014. © Innopay BV. All rights reserved. MAC OS 2014
- 25. Could you have invented YouTube (2005) in 2002? It was still unthinkable! 25 November 2014. © Innopay BV. All rights reserved.
- 26. Companies will find ways to put the technology to use 26 November 2014. © Innopay BV. All rights reserved.
- 27. Momentum of technology is growing; current deadlock needs to be dealt with Regulators Wait for guidance Banks 27 November 2014. © Innopay BV. All rights reserved. from… Entrepreneurs / the Market
- 28. 28 November 2014. © Innopay BV. All rights reserved. 5. So, what is the most important thing to take home?
- 29. it’s about spotting the companies that find ways to unlock the potential of Bitcoin technology 29 November 2014. © Innopay BV. All rights reserved.
- 30. tomorrow’s transactions today Download the cryptocurrency report here: www.innopay.com Gijs.burgers@innopay.com
Hinweis der Redaktion
- CHECKVRAAG: WIE ZOU HET UIT KUNNEN LEGGEN? Innopay is onafhankelijk adviesbureau Wij helpen organisaties en markten te vernieuwen en innoveren op het gebied van payments, digital identity, e-commerce & co-creation. Zelf vooral productontwikkeling voor banken en productstrategie Waarbij ook Cryptocurrency, zoals Bitcoin, onze interesse wekt Zie rapport! is een onafhankelijk adviesbureau 15 jaar ervaring in payments, digital identity, e-commerce, e-business en digital innovation & co-creation wereld snel verandert: markt digitaliseert: Relevant blijven moeilijk Innopay helpt met overstap van de traditionele wereld naar de digitale wereld: Ondersteuning bij strategische keuzes Innoveren van producten, diensten en business modellen Transformeren van processen, systemen en mensen We beheersen de technologie, we kennen de business, en we kennen regelgeving. Bij complexe projecten onder druk zijn we op ons best: iDEAL.
- HET SPEELT DUS TOCH ALWEER EEN PAAR JAAR
- Money is about putting collective trust in central organizations to manage a shared ledger. Bitcoin is about organizing consensus on the contents of a shared ledger in a decentralized & distributed manner Right now, the technology is in its infancy: it will take time to build services that are usable
- Question: Why is this worth 20 euro? (pauze) You can give it to other people We collectively believe it has value. … which is set by the central bank? Or something? The number of digital euro is stored in the IT systems of your bank
- The Bitcoin network is like e-mail addresses: every address is unique, you can make endless new addresses, everyone unique Password to email secret: at least I hope it is. You can pretend Bitcoin to be normal money if you print bitcoin addresses on bills BRIDGE: Alright, so how do you start using Bitcoins? Normal bills have a few features that allow us to check if the bill is “real”. For instance, the serial number should be unique to this bill; but anyone can spend this bill Normal bills were created and issued by the central organization that we trust to do its job according to the rules (Central Banks) Bitcoins (in the form of addresses) also have a unique serial number But: the bitcoins can only be spent if you know the secret code for that specific serial number Everytime you want to spend your Bitcoins, an entire network of computers will check if you have the right secret code for the specific serial number BRIDGE: There is no central bank that keeps the balance
- A simple looking program that shows how much BTC is in your wallet. The program connects to the Bitcoin network for constant updating Everyone in the network helps to keep the ledger up to date just by opening the program The ledger in the Bitcoin world is called The blockchain BRIDGE: The Blockchain contains all the Bitcoin addresses and how much BTC they contain
- … About blocks being connected in the blockchain Constantly being re-encrypted according to complex encryption algorhythms … but let’s just accept that it’s magic and be done with it! <end>
- Excel known with all players instead of only the bank! The blockchain is owned by all the participants The participants can only do transactions when they adhere to the rules of the protocol Everyone’s Bitcoin program constantly checks if all transactions are according to the protocol Because everyone is constantly checking everything…. We are able to trust that what in the Blockchain is correct! So, the blockchain is not owned by a central organization … you can use the protocol instead of the central organization
- AN EXAMPLE!
- QUESTION: IS THERE A BANKER IN THE ROOM THAT KNOWS THE PRICE? TODAY: COST: Between 16 and 22 euros with remittance providers, comparable prices with banks TIME: 3-5 working days for the money to arrive on a bank account, or 10-20 minutes when receiving the money directly at a branch Great, right?
- Correspondent banking system .. Instead of a more efficient networked approach
- … that would be a huge hit! With Blockchain technology we can! We don’t need to figure out a central player for the whole world With rules that we all agree to … it’s already here and the consensus is distributed
- But protocol allows for smart transfers: Transfer X only when mom and dad both agree Transfer X on august 15th 2042 2 banks in the US and 1 in germany are organizing their backoffice with bitcoin technology
- Right now the tech is difficult to use and doesn’t have many applicances Services will grow and be built on the protocol Companies will find ways to improve their business using the technology Think of where computers and the internet started and where we are now - Think internet: What did a website look like in the year 2000? - Think internet again: in 2002 no one could imagine something like youtube that would come in 2005 Think e-mail: you could only send to people with the same company, then to the same provider, then to the entire world
- QUESTION: WHO KNOWS AT LEAST ONE OF THESE COMPANIES? QUESTION: WHICH COMPANIES WOULD BE IN THIS SLIDE IN 1996 IF IT WAS ABOUT THE INTERNET? >>> Amazon, Ebay, Paypal Ethereum: Build cloudlike software without centralizing the data Ripple: Is taking over back office processes at banks, replacing need for correspondent banking CoinOutlet: ATM network for BTC transactions Coinkite: Merchant POS systems (works globally, contrary to other systems) and flirting with debit card-esque features Amazon: 1995 started in US. First annual profit in 2004. Ebay: 1995 started in US. In 2007, EBAY sold 52.5 billion in auctions. http://money.howstuffworks.com/history-e-commerce2.htm
- Entrepreneurs want a bank account Banks want entrepreneurs to have a permit Regulators don’t give the permit because entrepreneurs are not payment institution … consequently, Entrepreneurs can not get bank accounts and start their business MAYBE not only deadlock, but also scared of new tech. That’s why we’re here: We need to use this tech, leverage it, use it to make our organizations better OR is it the scariness factor of this new technology?
- It’s not about speculating on the exchange rate of a ‘coin’…. ENABLING POTENTIAL AND INVESTING IN THAT! I hope presentation explained the core concepts of what Bitcoin might bring … without explaining anything too technological