Your SlideShare is downloading. ×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Leon-Gerard Vandenberg, bitSIM - CASE STUDY: US Navy Cash >> BitSIM – a Bitcoin Payment Channel for Mobile


Published on

Leon-Gerard Vandenberg, CTO Future Capital Bitcoin Fund & Founder, bitSIM delivered the presentation at the 2014 Cryptocon Summit and Barcamp in Sydney. …

Leon-Gerard Vandenberg, CTO Future Capital Bitcoin Fund & Founder, bitSIM delivered the presentation at the 2014 Cryptocon Summit and Barcamp in Sydney.

The 2014 Cryptocon Summit and Barcamp focused opportunities stemming from Bitcoins core innovation – the blockchain - a decentralised ledger system that allows seamless and efficient exchanges of virtual currency between users and opens up a wealth of opportunities not only for financial products and retail, but literally for any business, enabling them to conduct business more cheaply and more efficiently than ever before. .

For more information about the event, please visit:

Published in: Business
  • Be the first to comment

No Downloads
Total Views
On Slideshare
From Embeds
Number of Embeds
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

No notes for slide


  • 1. Leon-Gerard Vandenberg
 PEng MBA, CTO & consultant see 1 Bitcoins & eCurrencies 
 “Riding the Learning Curve”
  • 2. Bitcoins & eCurrencies “Riding the Learning Curve” Intro Rearview Mirror Status & Current “Take Away” Forward Looking - Concerns & Opportunities Wrap Q&A
  • 3. G’Day Hey - I’ve been around the traps - I got some deep sector expertise in Defence/Technology development - crypto too :-) CTO/Co-founder for a company that launched USA's NavyCash smartcard scheme for centralised US Treasury payments and salaries in the form of a closed eCurrency system on MasterCard Experience & pedigree bodes well for solutions across the burgeoning Bitcoin industries Mobile & Seamless Ease of Use of Bitcoin/Crypto/Identity Services and Startups is my future focus
  • 4. What was an eCurrency? Not a digital counter Innovation -eCash (aka DigiCash) 1990
 - David Chaum 
 - Blind Digital Signatures - Anonymous - now defunct
 - Range of European banks took it on - card focus
 - One (or two) US Banks - card focus St. George Bank 1998 - Yes Australia too.. :-)
  • 5. Other eCurrency Schemes Government Schemes 
 - Border Control Citizen ID Malaysian ID Card Banks / Transit Agencies 
 - Oyster Card UK / Octopus HK / Singapore Belgian Proto - EuroBank centric Mondex Card Scheme - failed - too heavy crypto
 NOT a memory card 
 - aka TelstraPhone card
  • 6. NavyCash Founded in 1999-2000 Closed Tender to Navy Supply Office - Washington DC Two Stage ePurse - Offline & Online - Person to Person
 -Salary on a Card - cash out anywhere / spouse card as well Bank Branch on a NavyShip / Navy Base Central Float - Authorised by US Treasury 
 - Managed by JP Morgan / Chase MasterCard Network - ATM & Fiat withdrawals in local currency Closed Economy
  • 7. NavyCash Problems with Double Spend Spouse - back at Navy Base -spends - sailor owes debt Two Stage ePurse - Offline & Online - Person to Person
 only on same ship or same base - not really cross whole NavyCash Pool Bank Branch on a NavyShip / Navy Base - 24 hour Lag - Batch Runs Central Float - Heaps of Services Fees Made by JP Morgan / Chase MasterCard Network - ATM & Fiat withdrawals in local currency Closed Economy - NOW how would Bitcoin and Blockchain work?
  • 8. Virtual SIM concepts What is a Virtual SIM?
 Why is it useful
 - Freedom from incumbent Carrier Constraints
 - Ability to issue your own loyalty / mCash / VOIP solution
 - Bank & Merchant services on any mobile - Anywhere
 - Global Reach - Global Standard - ~7 Billion Handsets Original - used to reload - NavyCash Anywhere Anytime
  • 9. Status Now Navy Cash most successful smartcard scheme in USA Ten Years to roll out - 4Billion + Dollars under management VSIM - concepts now used in NFC Phones / Visa / MC
 - Smartphone Patent Wars Currency Wars…
 What does a US$ buy now?
 Coming of the Redback (RMB) 9
  • 10. Text Bitcoin is here - Its Global see
  • 11. Bitcoin is the solution to… FinRegulators & Banks - acting badly! - Carriers and Cellco fought ISPs and Internet VOIP like Legacy Banks will fight Bitcoin and Rupert Murdock et al. fought Aereo, Inc Governments - acting badly! - (detriment of citizens)
 - Sovereign Risk & Quantitive Easing (QE 4+?) World Bank & EU Bailouts & Bail-in’s 
 - Cyprus - who’s next - NY Bitlicense? Freedom to invest in New Asset Class 
 - Virtual Property with Smart Constraints
 - Future pas Internet 2.0 - SmartContracts
  • 12. Forward Looking
 Concerns and Opportunities Concerns Tax Rulings / Regulation / QE / Currency Wars Privacy / Security / Anonymity Opportunities Job Creation / Wealth Creation / New Asset Class New Economy - Disruptive Thinking Simple Secure Use - Bitcoins on SIM / Anywhere /Anytime
  • 13. zero footprint bitcoin SIM (virtual SIM) Chip on Flex Technology SIM Pack / Self Install / BTC delivered over the air - OTA International Remittance Target $1T HW Wallet - PIN enabled
 Secure Authentication connect to your local or "hosted" cloud wallet
  • 14. bitSIM Chip/Pin devices China Manufacturing - Australian Designed NFC ready, the Target to achieve Banking Grade EMV L1&L2 plus Bitcoin bitSIM & Banking/Exchange Gateway Transactions
 Bitcoin Functions Off &
 On Blockchain Network 
 (BIP32) Bluetooth & PIN enabled
 version of Trezor Dongle
 Bitcoin Merchant Transactions via Mobile Phone & bluetooth <>Anyone<>Anywhere<>Anytime<> !
  • 15. Wrap Get In - Learn about Bitcoin/Litecoin/etc Be Secure - invest in security. 
 - good personal stewardship / your legal affairs Invest - in your learning & your own BTC 
 Careful on quantum, this is still an experiment Participate - in the community - credible startups Be Vocal about the proper Utility 
 Public Goodness of Bitcoin Give - Use and Replenish BTC
  • 16. Questions? This is not a dream… Bitcoin is my Unicorn :-)