1. BITCOIN & BLOCKCHAINS
Presented By: Jaiveer Singh
Innovation Lead, Access SG
(Singapore Cryptocurrency and Blockchain Industry Association)
www.access-sg.org www.JaiveerSingh.com

2. ACCESS SG – BLOCKCHAIN INDUSTRY ASSOCIATION
ACCESS envisions Singapore as a premier global hub for businesses
driven by digital currencies and blockchain technologies
www.access-sg.org

3. Massive Failure of Existing Checks & Balances

4. 2001: Enron was cited as the biggest audit failure
2002: Second largest long distance phone company
in the USA- accounting scandal of more than $7b
2011: Former executives at Olympus admitted to
an accounting fraud worth $1.7 billion lasting
more than a decade. Toshiba admitted that it had overstated its
earnings by nearly $2 billion over seven years

5. ACCOUNTING & AUDIT FAILURES
• Ernst & Young Pays $10 Million To Settle Lehman Brothers
Audit Failure Lawsuit
• Goldman Sachs to pay $5bn for its role in the 2008 financial
crisis
• Auditor PwC settles $5.5 billion lawsuit as Taylor, Bean
mortgage fraud case enters eighth year
• Panama agrees to adopt global tax reporting standards
• Deutsche Bank is fined $14 Billion (2016).

6. ACCOUNTING, AUDITING AND COMPLIANCE
ARE A MASSIVE COST FOR BUSINESS
GLOBALLY. (FINES ALONE HAVE COST BANKING
$200 BILLION SINCE 2009.)
SOX- SARBANES-OXLEY COMPLIANCE, BASEL, CFT, AML, FATCA , CRS,
IFRS….

7. Approx. $150 b Global Audit Market Share
• Deloitte & Touche
• Ernst & Young
• KPMG
• PWC
(Pricewaterhousecoopers)
GLOBAL AUDIT MARKET AND THE BIG FOUR
PricewaterhouseCoopers (PwC) With $35.4 billion revenues in 2015, PwC is now the
largest accounting firm in terms of revenue

8. Intro to Bitcoins - Cryptocurrency

9. DIGITAL PEER TO PEER CURRENCY - BITCOIN
a type of digital currency in which encryption techniques are used to regulate the generation of
units of currency and verify the transfer of funds, operating independently of a central bank.

10. BITCOIN – KEY FACTS
• No one single entity controls this currency.
• There’s a finite number of bitcoins.
• Bitcoins have no inherent or set value.
• You can see all transactions.
• You can mine bitcoins.
• You cannot reverse a transaction or be forced to pay.
• You can send money with little to no fees.
• Bitcoins are held in digital wallets.
• Losing a wallet means those bitcoins are lost forever.
• You can really buy things with bitcoins.
Satoshi Nakamoto an unknown person or group of person introduced Bitcoins in
2009 after global financial crisis of 2008.

11. BITCOIN – UNITS & PRICE CHART
1 Bitcoin equals
638.70 US Dollar
The satoshi is currently the smallest unit of the bitcoin currency
recorded on the block chain. It is a one hundred millionth of a single
bitcoin (0.00000001 BTC) 10^-8
•Bitcoin – BTC – (1 full Bitcoin)
•MilliBitcoin – mBTC – (1 thousandth of a BTC)
•MicroBitcoin – uBTC – (1 millionth of a BTC)

12. ALTERNATIVE CRYPTOCURRENCIES

13. KEY BUILDING BLOCKS OF BITCOIN
• Distributed Public Ledger
• Public Key – your account number
• Private Key – signing, control

14. KEEPING THE LEDGER IN ORDER
• Block of Transactions
• Hash SHA-256 (cryptographic hash functions)
• Proof of Work

15. P2P SECURE MESSAGING SYSTEM

16. DOWNFALLS OF BITCOIN MARKET PLAYERS
• Mt. Gox was a bitcoin exchange based in Tokyo, Japan. It was launched in July 2010, and by
2013 was handling 70% of all bitcoin transactions. It filed bankruptcy in 2014
• New evidence presented in April 2015 by WizSec led them to conclude that "most or all of the
missing bitcoins were stolen straight out of the MtGox hot wallet over time, beginning in late
2011 worth $450m at that time.
• Silk Road was an online black market and the first modern darknet market, best known as a
platform for selling illegal drugs. Founder Ross William Ulbricht was convicted of seven
charges related to Silk Road in U.S. Federal Court in Manhattan and was sentenced to life in
prison without possibility of parole.

17. Blockchain – The Distributed Ledger

18. DISTRIBUTED LEDGER – BLOCKCHAIN INTRO

19. BENEFITS OF BLOCKCHAIN TECHNOLOGY
1. Disintermediation & trustless exchange
2. Empowered users
3. High quality data
4. Durability, reliability, and longevity
5. Process integrity
6. Transparency and immutability
7. Ecosystem simplification
8. Faster transactions
9. Lower transaction costs

20. BLOCKCHAIN – DECENTRALIZED & DISTRIBUTED LEDGER

21. USAGE BEYOND CRYPTOCURRENCY/ DIGITAL MONEY
• Public Blockchain-based distributed computing platform
Ethereum is a decentralized platform that runs smart contracts:
applications that run exactly as programmed without any possibility of
downtime, censorship, fraud or third party interference
Everledger Plans Blockchain Database to Combat Art Fraud
Ripple is the creator and a developer of the Ripple payment protocol and
exchange network. Global payments settlement platform.

22. BLOCKCHAIN SOLUTIONS
Nasdaq Opens Blockchain Services to Global
Exchange Partners
Slock.it disrupts the billions dollar disruptors by enabling
anyone to rent, sell or share their property without
middleman
An Open-Source, Decentralized, Peer-to-Peer Prediction
Market Platform.

23. Opportunities for Blockchain Deployment

24. • Permissioned Distributed Ledger across ASEAN countries
• Moving from Double Entry to Triple Entry Accounting
QUESTIONS TO PONDER UPON

25. THANK YOU.
Presented By: Jaiveer Singh
Innovation Lead, Access SG
(Singapore Cryptocurrency and Blockchain Industry Association)
www.access-sg.org Email: LetsTalk@JaiveerSingh.com