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Chicago-Kent bitcoin and IP talk

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This is a presentation I gave at my law school about bitcoin and why young lawyers should stay up on technology.

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Chicago-Kent bitcoin and IP talk

  1. 1. Bitcoin or why you should stay up on tech as a young attorney Nelson M. Rosario September 29, 2015
  2. 2. Two Things  What is Bitcoin?  Why should you care?  Why should you stay up on tech as a young attorney?
  3. 3. Why should you care about Bitcoin?
  4. 4. 4 27 123 177 2012 2013 2014 2015 Patent Applications w/word "bitcoin"
  5. 5. The Byzantine Generals Problem
  6. 6. What is Bitcoin? Bitcoin is not  Bitcoin is not currency per se  Bitcoin is not the same as bitcoin  Bitcoin is not just peer to peer money Bitcoin is  A cryptographic protocol  A distributed medium of exchange  A triple entry bookkeeping system
  7. 7. Key Concepts Transactions Blockchain Proof of work
  8. 8. Transactions  Alice wants to send Bob some bitcoin  Three components to each transaction  Input  Record of where Alice received the bitcoin  Amount  Output  Bob’s bitcoin wallet address  Two things needed to send  bitcoin address  Alice’s private key
  9. 9. How do you send bitcoin? bitcoin address Private key
  10. 10. Public Key Cryptographic Transactions
  11. 11. Transaction continued  The transaction is broadcast to the network  Once a majority of the network agrees on the transaction as valid, it becomes valid
  12. 12. Two last points  bitcoin transactions are irreversible  There is no such thing as a “bitcoin” there are only bitcoin transactions
  13. 13. Blockchain  A general ledger of every bitcoin transaction ever  Every user on the Bitcoin network has a copy of the Blockchain
  14. 14. The Blockchain
  15. 15. Proof of Work
  16. 16. So what?
  17. 17. Impact of Bitcoin/Potential Applications  Decentralized digital currency  Low to no transaction fees  Fewer risks for merchants  Security and control  Transparency  Divisible to allow microtransactions  Secure ledger to record property transfers
  18. 18. Why should I keep up with technology as a young attorney?
  19. 19. Opportunity  Opportunity for you  Opportunity for your employer
  20. 20. Opportunity for you  New work at your job  New clients  Add on benefits
  21. 21. Opportunity for your employer  Can count on you for work  Can advertise your expertise to clients
  22. 22. Questions? Nelson M. Rosario Associate Attorney Lempia Summerfield Katz LLC Email: nmrculebra@gmail.com Twitter: @NelsonMRosario Blog: http://medium.com/@nelsonmrosario LinkedIn: www.linkedin.com/in/nelsonrosario nrosario@lsk-iplaw.com

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