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Manie Eagar lecture at Rotman School of Management

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“We are on the threshold of the largest capital transformation in history. The market is evolving from investment in cryptocurrencies to crypto assets – tokenized securities, commodities, and assets – a multi-trillion-dollar global market opportunity.” From the annual lecture to top executives from the China Construction Bank at the Rotman School of Management, Toronto.

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Manie Eagar lecture at Rotman School of Management

  1. 1. “Blockchain Beyond Crypto” Building the Blockchain Ecosystem Rotman School of Management October 26, 2018 2018 10 26 1
  2. 2. MANIE EAGAR • Chairman iBank Digital Asset – Digital banking solutions for corporate and retail clients to meet their banking and financial needs. • Founder BlockForum Canada/International – supporting Canadian and international dialogue and leadership in showcasing best practice in blockchain, crytpoexchanges, cryptobanking, and the emerging market for security tokens and tokenized assets. • CEO DigitalFutures, a consultancy focusing on innovations in fintech, cryptocurrency and blockchain technologies, and TAOs (Tokenized Asset Offerings). CAREER HIGHLIGHTS • International track record in banking (Barclays/ABSA), IT/telecommunications (Dimension Data & Vodafone), investment management (J&J Group/Old Mutual), and a director of the Bitcoin Alliance of Canada. • First ever live weekly Blockchain TV show in China (OneTV). • Founder and Chairman Blockchain Association of Canada. • Helped launch the first bitcoin ATM in the world in Vancouver BC (2013). • Invited Speaker: Canadian Senate hearings on Digital Currencies regulation (2014). • First Canadian blockchain & fintech Study: Blockchain and Emerging Financial Technologies: Positioning British Columbia as a Global FinTech Hub. • First ever FinTechBook contributing author – an Amazon bestseller. See next page for translation 2
  3. 3. MANIE EAGAR • Chairman, iBank Digital Asset L.P. (“iBank”), based in Vancouver, Canada, is a world leader in the facilitation and underwriting of crypto trading supported by Huobi Cloud and lending through the first open decentralized global lending network. • BlockForum Canada/International – – • DigitalFutures – CEO – TAOs • in / IT/ J&J /Old Mutual • (OneTV). • • (2013) • (2014) • : BC • 3
  4. 4. The world’s first bitcoin ATM helps Vancouver make financial history. The machine, which went into operation Tuesday inside Waves Coffee House at Howe and Smithe streets, converts bitcoins into dollars and dollars into bitcoins, an anonymous digital currency that is distributed online, peer-to-peer without any central authority and can be used at a growing number of Vancouver retailers and online merchants around the globe. http://www.vancourier.com/news/bitcoin-puts-vancouver- in-the-virtual-money-1.678225#sthash.tAhFjDRa.dpuf See next page for translation 4
  5. 5. http://www.vancourier.com/news/bitcoin-puts-vancouver- in-the-virtual-money-1.678225#sthash.tAhFjDRa.dpuf 2013 10 1 5
  6. 6. What is Blockchain? A distributed, cryptographically secure, immutable, timestamped, and transparent ledger that establishes ownership and allows for the efficient exchange of ownership. Paul Baran, 1964. On distributed communications. RAND 6
  7. 7. Blockchain as a Distributed Database Key Features • Time stamping: A blockchain is a distributed database that maintains a continuously growing list of ordered records called blocks. Each block contains a timestamp and a link to a previous block. • Immutability: By design, blockchains are inherently resistant to modification of the data - once recorded, the data in a block cannot be altered retroactively. • Autonomous: Through the use of a peer-to-peer network and a distributed timestamping server, a blockchain database is managed autonomously. • Smart contracts: Blockchains are "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. The ledger itself can also be programmed to trigger transactions automatically.” Harvard Business Review: The Truth About Blockchain See next page for translation 7
  8. 8. • • • • Harvard Business Review: The Truth About Blockchain 8
  9. 9. Blockchain for Managing Trust • Permissioned blockchain: In order to contribute to the processing of transactions and have your ‘vote’ counted, you do not need a previous relationship with the ledger, and your vote does not depend on having a prior identity of any kind within the ledger e.g. Ripple nodes. • Permissionless blockchain: Transactions are validated and processed by those who are already recognized by the ledger. Your vote counts proportionally against everyone else’s, based on the specific rules of the ledger e.g. bitcoin mining. See next page for translation 9
  10. 10. • : • : 10
  11. 11. Blockchain Platform Configurations Consensys: Decentralized Utility of the Ethereum Blockchain 11
  12. 12. Blockchain and the Digital Economy “Blockchain technology is a significant innovation that could transform almost every aspect of commerce and information management.” • Blockchain is a foundational technology. • It has the potential to create new foundations for our economic and social systems, and drive value creation, investment and exchange. 12
  13. 13. New tools for the 21st century digital economy What blockchain technology has already given us… …… Bitcoin: A digital currency (token) for frictionless, instant transaction and value exchange. Distributed autonomous governance models: Decentralized peer-to-peer networking. Distributed ledgers: Immutable, secure, time stamped recordkeeping. Smart contracts: Automated business rules and legal, actionable agreements e.g. Decentralized Applications (dApps) (dApps) 13
  14. 14. Blockchain Fueling the Digital Economy Some Significant Early Impacts (FinTech) • Reaching the 2,5bn financially underserved. • Unbanking the banked: banking’s ‘uber’ moment. • Frictionless & low cost Forex & Remittances. • Instant & compliant Trade & Settlement. • Affordable Micropayments. • ITOs/TGEs have overtaken early stage VC funding. • Creation of new digital asset classes: IMF Urges Banks to Invest In Cryptocurrencies See next page for translation 14
  15. 15. • 25 • • • • • ITOs/TGEs • IMF 15
  16. 16. Blockchain Valuechain Identity & Security Digital Identity Management Authentication & Authorization Compliance/KYC/AML /KYC/ Governance & Risk Management Cybersecurity Auditing Voting Citizen Services Value Exchanges Network Infrastructure & APIs API Document Storage & Delivery Digital Content Management dApp Development APP B2B & B2C Marketplaces B2B B2C Smart Contracts Big Data & Predictive Analytics Asset Registries Gold & Diamonds Property Titles/Land Records / Data Storage Supply Chain Management Logistics IOT/MML / Energy Management FinTech Forex & Remittances Interbank Payments Settlements Crowdfunding/ICOs / Syndicated Loans Private Shares Treasury Repos Loyalty Points P2P Transfers P2P Insurance 1 2 4 3 16
  17. 17. Digital commerce - Mobile banking - Micropayments - P2P lending Blockchain - Digital currencies / tokens / - Distributed ledger technologies - Smart contracts Internet of value exchange - Mobile commerce - Tokenization of value - Creative Economy INTEROPERABILITY Platform Convergence Big Data Predictive Analytics Cybersecurity Digital Identity Management (KYC & AML) Internet of Value Internet of Assets Machine-to-Machine Learning Internet of Things Artificial Intelligence Roboadvisors 17
  18. 18. Digital asset management and value exchange • Digital asset management and value exchange are fast becoming the virtual market spaces where globally distributed organizations and communities connect to barter, exchange, transact, settle and interact around different modes of digital value exchange. • Key sectors of the digital economy will participate in closed or open digital economy market spaces facilitated by secure distributed ledger applications. • As the digital economy becomes global and pervasive key focus areas will be digital asset management and value exchange; distribution and logistics; Internet of Things (IOT); Machine-to-Machine Data (M2M); distributed, online and mobile payments; and global remittances and settlements via smart contracts.” • The crossover between multiple consumer and financial domains and digital economy technologies such as the blockchain are creating fresh challenges in standardization interoperability, compliance and regulation. See next page for translation 18
  19. 19. • • • (IoT) (M2M • 19
  20. 20. VALUE CREATION VALUE MANAGEMENT VALUE EXCHANGE The interexchange of value: The ‘Internet of Things’ meets the ‘Internet of Value Exchange’ Digital Asset Value Exchange (DAVEx) (DAVEx) 20
  21. 21. Decentralized registration, storage & distribution of value via: distributors; exchanges; market makers, smart contracts; tokenization; digital currencies; loyalty schemes; promotions etc. Identity, assets, transactions and usage recorded and stored in distributed ledgers (blockchains). The production, consumption and interexchange of digital goods and services e.g. content creation (music, artwork, books, design); smart contracts; share certificates; legal; accounting; machine-to- machine trading; peer-to-peer networking, crowdfunding; gifting; resource, knowledge and skills sharing; etc. Decentralized access to, and control of digital assets: users, consumers, aggregators, market spaces, resellers, licensees, merchants, agents and promoters of digital goods and services. Validation and verification of identity and transactions. Compliance. Digital Asset Value Exchange (DAVEx) VALUE CREATION VALUE MANAGEMENT VALUE EXCHANGE See next page for translation 21
  22. 22. ; ; , ; ; ; ; , , ( , , , ); ; ; ; ; ; P2P , ; ; , : , , , , , , , (DAVEx) 22
  23. 23. The New Tokenized Asset Investment Class Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond by Chris Burniske & Jack Tatar, October 2017 Means of exchange, store of value and unit of account. Cryptocurrencies “Raw” digital resources (computer power, storage capacity and network bandwidth). Crypto Commodities Tokenized Assets Crypto Art & Collectibles Finished digital goods and services (media, social networks, movies, music, games), etc. Tokenization of physical assets & resources e.g. Real estate, energy resources, property, renewables, etc. Non fungible tokens designed to be unique and tradeable. See next page for translation 23
  24. 24. Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond by Chris Burniske & Jack Tatar, October 2017 24
  25. 25. Blockchain Ecosystem Securities Settlements Digital Asset Management& Value exchange Wealth Management Personal Finance Loyalty Payment Processing , Settlements & Transfers Predictive Analytics Big Data Digital (Crypto) Currencies Accounting Auditing Financial Management Compliance Digital Identity KYC/AML Verification Security Crowdfunding Investments Venture Capital Foreign Exchange Remittances Digital Banking Mobile payments P2P Lending Blockchain Shared Ledger Technology FinTech + Blockchain 25
  26. 26. Bank of Canada • Project Jasper PoC (with Payments Canada) • Discussion Paper: Central Bank Digital Currencies: A Framework for Assessing Why and How Senate Banking study • Digital Currency – You Can’t Flip This Coin – Digital Economy Canada 26
  27. 27. • Digital ID and Authentication Council of Canada (DIACC) Blockchain PoC in progress with Securekey. Securekey PoC • Canadian Banks: Bank of Montreal, Canadian Imperial Bank of Commerce, Desjardins Group, Royal Bank of Canada, Scotiabank and TD Bank, along with IBM and SecureKey, are building a complete ‘Concierge’ identity solution running on IBM’s blockchain. IBM Securekey IBM https://www.youtube.com/watch?v=GPhFcDnLfmA https://www.youtube.com/watch?v=llmX0nPVahs Digital Identity Canada 27
  28. 28. …… 28
  29. 29. Canadian Exchange Plans Clearinghouse for Digital Tokens The Canadian Securities Exchange to create North America’s first clearing house based on blockchain technology, allowing companies to issue digital tokens with the blessing of regulators. 29
  30. 30. TMX‘s Shorcan Announces Cryptocurrency Initiatives Shorcan • TMX’s Shorcan Digital Currency Network (Shorcan DCN) has entered into an agreement with Paycase Financial, a value network and trustware provider for decentralized financial services, to launch a new cryptocurrency brokerage service focused on Bitcoin and Ether. Shorcan Paycase • BMO Financial Group will provide Shorcan DCN with banking services as part of the payment and settlement infrastructure. Shorcan DCN 30
  31. 31. New Challenges for Regulators and Compliance • The globalization of tokenized securities, commodities and assets demands institutional grade products to serve the complete lifecycle of capital formation, liquidity enablement, capital deployment and information tools bridging the crypto and fiat currency worlds. • Service verticals are becoming interoperable: by leveraging shared infrastructure, we can offer a superior user experience and more competitive products that possess unique features unmatched by any other crypto or fiat fintech company. • Know Your Client (KYC) and Anti-Money Laundering (AML) are two major reasons banks and other financial firms refuse to service cryptocurrency clients and to integrate into their bank’s operations. Initiatives such as Quantex offers a comprehensive solution to bring transparency to sources and uses of funds to ensure our banking services are used only for legal, regulatory compliant purposes. See next page for translation 31
  32. 32. • • • (KYC) (AML) Quantex 32
  33. 33. Digital Transformation Strategy Embed blockchain applications in your Digital Transformation Strategy Link Review milestones on your digital transformation strategy Ideation Find key strategic pain- points, such as consumer data protection to gain realistic ROI Design Create a strengths/asset- class blockchain strategy and strategic performance roadmap Action Develop blockchain awareness, common understanding and desire for engagement Governance and Risk Mitigation: Regular Research & Progress Reports to Board, Executives, Digital Transformation Stakeholders See next page for translation 33
  34. 34. ROI / 34
  35. 35. TOKENIZATION – THE NEW FORMAT Enabling Liquidity for Trillions of Dollars In Global Assets Cryptocurrencies Virtual Assets Securities Blockchain is the Next Evolution of Electronic Representation of Assets BLOCKCHAIN Handwritten Ledgers Paper Certificates Electronic Certificates Central Ledgers See next page for translation 35
  36. 36. – 36
  37. 37. DRIVING THE TOKENIZED AND BLOCKCHAIN FUTURE IN FINANCIAL SERVICES, TOGETHER. bcblockchainforum.ca blockforum.ca 37
  38. 38. Blockchain and capital markets transformation • We are on the threshold of the largest capital transformation in history. • The market is evolving from investment in cryptocurrencies to cryptoassets - tokenized securities, commodities, and assets – a multi-trillion-dollar global market opportunity. • Yet, lack of regulatory clarity and government expertise has been a significant cause of uncertainty in the legal status of cryptocurrency and blockchain services and regulation, inhibiting ecosystem development and engagement with entrepreneurs and investors alike. Also, the challenge of cross-jurisdictional alignment that is sensitive to cultural and economic diversities. In leading jurisdictions (20 or so by our estimate): • Blockchain, financial and regulatory technologies and applications are converging and maturing progressively, and a variety of integrated offerings are embracing centralized, decentralized and hybrid models. • Regulators are fast catching up updating current compliance and security rules or crafting fresh approaches to oversee blockchain and ICO ventures, capital raising and investors. See next page for translation 38
  39. 39. • • • 20 • • ICO 39
  40. 40. The Digital Economy at the convergence of Fintech, Regtech, Blocktech, Cryptotech requires: – Leadership in the new emerging capital formation flowing from ICO’s, security token and tokenized assets offerings; – Institutional grade cryptoasset investment, trade (exchange) and financial services; – Building sustainable blockchain and cryptocurrency ecosystems; and – Nextgen regulation, governance, standards and compliance BLOCKFORUM INTERNATIONAL (BFI) is an international association hosting Roundtables to promote private and public sector collaboration in shaping the security token and tokenized asset economy, and the alignment of cross-jurisdictional ecosystems. BFI ROUNDTABLE events demonstrate leadership and future scenarios in navigating converging Blockchain, Cryptocurrency, Internet of Things, Big Data, Machine Learning, AI and Quantum technologies. See next page for translation 40
  41. 41. – ICO ; – ; – ; – BLOCKFORUM INTERNATIONAL BFI BFI AI 41
  42. 42. manie@digitalfutures.co +1 (416) 887-1472 42

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