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March2015
www.hhs.se
Bitcoin, Blockchain, and IoT
Who am I? (LinkedIn Inmaps)
SSE
Exec Ed
Swedish
Industry
Research
Wharton
Stanford
McKinsey
funnovation.se
Halloween in Nashville, 1974
In just a few years in Sweden alone…
Company Founded Business
Klarna 2005 E-commerce payment services
MyLoan 2006 Loan bro...
Cryptocurrency mining equipment
http://techcrunch.com/2014/09/04/kncminer-raises-14-million-to-take-bitcoin-mining-to-the-...
If the rate of change on the
outside (of an organization)
exceeds the rate of change on
the inside, the end is near....
-J...
We are “stuck” in our old mindset …
Money=Fiat Currency
Fiat Currency
 Derives value from
government
 Fiat money as
coun...
A vocabulary list of currencies
 Fiat currency
− National currency
 Alternative/complementary currency
− Bonus points/vo...
Real cash economy in Entropia Universe
http://blogs.forbes.com/oliverchiang/2010/11/13/meet-the-man-who-
just-made-a-cool-...
Today > 6000 complementary currencies
 Many community-based
currencies
 In cooperation with national
currencies
 Benefi...
Banking is
essential
but banks are not.
Bill Gates
Within 6 years:
Challenging the
fiat money
system?
Bitcoin – An emergent phenomenon
• Open source project on SourceForge i...
Bitcoin Online Forums
Bitcoin Foundations across the globe
Institutions
Emergent Collective
vs
E.g., Bitcoin
Community
~ Emergent collective of users
across globe connected through
...
What is a cryptocurrency?
 Digital
 Decentralized, peer-to-peer (P2P), i.e., no central,
third party
 Uses cryptography...
How does Bitcoin work?
Screenclip from: How Bitcoin Works under the hood, by “Curious Inventor”
Block chain
• Shared publi...
Screenclip from: How Bitcoin Works under the hood, by “Curious Inventor”
Transactions between Bitcoin wallets secured
thro...
Screenclip from: How Bitcoin Works under the hood, by “Curious Inventor”
Verifying a transaction
“Mining” confirms waiting transactions through
distributed consensus system
Generates new
Bitcoins
(at decreasing rate)
Do...
Screenclips from: How Bitcoin Works under the hood, by “Curious Inventor”
Preventing double spending fraud
Mycelium Bitcoin Wallet
Will there be a tipping point?
http://coinmap.org/
Depends on….
- Switching costs
- Network effects
Bitcoin accepted here
...
Bitcoin – one of 100s of cryptocurrencies
More than USD 475m has been invested in the Bitcoin Ecosystem
Selection of companies getting funding in 2014
Blockstream:
...
Issuing equity in cryptocurrency
http://techcrunch.com/2014/09/30/reddit-scoops-up-50m-series-b-from-sam-altman-a16z-sequo...
Benefits and drawbacks of Bitcoin
 Benefits
− Improved transaction security
− Trust in cryptography rather than instituti...
What is Bitcoin?
Is it ….
 A currency?
 An investment?
But it is definitely ….
 A ledger
 A transaction network
Bitcoin – so much more than a “coin”
 From dumb to smart money
 Underlying blockchain technology holds
real transformati...
People
• “Net generation”
• 24x7 “mobile” workforce
• Knowledge via MOOCs
• Sharing not consuming
• Sustainability
Technol...
What’s around the corner?
24x7 Global Internet Collaboration + Open Source + 3D Printing
http://mashable.com/2013/02/13/ro...
Want to learn more?
Join our funnovation workshops
funnovation.se (site launched April 1, 2015)
Robin Teigland
robin.teigland@hhs.se
www.knowledgenetworking.org
www.slideshare.net/eteigland
www.funnovation.se
@RobinTei...
Recommended viewing:
How Bitcoin Works under the hood, by “Curious
Inventor” http://youtu.be/Lx9zgZCMqXE
Bitcoin, Blockchain, and IoT
Bitcoin, Blockchain, and IoT
Bitcoin, Blockchain, and IoT
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Bitcoin, Blockchain, and IoT

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Presentation made in March 2015 for CIOs in Sweden on Bitcoin, Blockchain, and IoT

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Bitcoin, Blockchain, and IoT

  1. 1. March2015 www.hhs.se Bitcoin, Blockchain, and IoT
  2. 2. Who am I? (LinkedIn Inmaps) SSE Exec Ed Swedish Industry Research Wharton Stanford McKinsey funnovation.se
  3. 3. Halloween in Nashville, 1974
  4. 4. In just a few years in Sweden alone… Company Founded Business Klarna 2005 E-commerce payment services MyLoan 2006 Loan broker Trustly 2008 Online payments TrustBuddy 2009 P2P lending iZettle 2010 Mobile payments FundedByMe 2011 Crowdfunding, crowd equity Kivra 2011 Digital mailbox Tink 2012 Personal finance Safello 2013 Cryptocurrency exchange KnCMiner 2013 Cryptocurrency mining equipment Toborrow 2013 P2P lending for companies
  5. 5. Cryptocurrency mining equipment http://techcrunch.com/2014/09/04/kncminer-raises-14-million-to-take-bitcoin-mining-to-the-moon/
  6. 6. If the rate of change on the outside (of an organization) exceeds the rate of change on the inside, the end is near.... -Jack Welch
  7. 7. We are “stuck” in our old mindset … Money=Fiat Currency Fiat Currency  Derives value from government  Fiat money as country’s main currency
  8. 8. A vocabulary list of currencies  Fiat currency − National currency  Alternative/complementary currency − Bonus points/vouchers, e.g., frequent flyer miles − Digital currency  In-game currencies, e.g., Stardollars, Farmville cash  Virtual world currencies, e.g., Linden dollars, PEDs  Mobile currency, e.g., M-pesa  Cryptocurrency, e.g., Bitcoin
  9. 9. Real cash economy in Entropia Universe http://blogs.forbes.com/oliverchiang/2010/11/13/meet-the-man-who- just-made-a-cool-half-million-from-the-sale-of-virtual-property/ •GDP >USD 440 mln •PEDs <--> USD, Euro •Record virtual good: USD 625,000
  10. 10. Today > 6000 complementary currencies  Many community-based currencies  In cooperation with national currencies  Benefits − Counterbalance banks − Create means of exchange − Promote resilience of local community http://www.lietaer.com/writings/books/rethinking-money-by-bernard-lietaer-and-jacqui-dunne/
  11. 11. Banking is essential but banks are not. Bill Gates
  12. 12. Within 6 years: Challenging the fiat money system? Bitcoin – An emergent phenomenon • Open source project on SourceForge in Jan 2009 • Original source code by “Satoshi Nakamoto” – pseudonym? • Developed by self-organizing community of thousands of strangers across globe • Approx USD 3.6 bln in circulation (Feb 2015) and 80,000 daily transactions • SEK 30 bln of Bitcoin vs Swedish Crown: 91 bln SEK Teigland, Yetis, Larsson 2013 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2263707
  13. 13. Bitcoin Online Forums
  14. 14. Bitcoin Foundations across the globe
  15. 15. Institutions Emergent Collective vs E.g., Bitcoin Community ~ Emergent collective of users across globe connected through internet Teigland, Yetis, Larsson 2013 E.g., Central Bank ~ Long-standing financial institutions and regulations
  16. 16. What is a cryptocurrency?  Digital  Decentralized, peer-to-peer (P2P), i.e., no central, third party  Uses cryptography to validate transactions  Also uses cryptography to generate currency itself  Non-technical explanation of Bitcoin − https://www.youtube.com/watch?v=t5JGQXCTe3c
  17. 17. How does Bitcoin work? Screenclip from: How Bitcoin Works under the hood, by “Curious Inventor” Block chain • Shared public ledger • All transactions ever made included • Chronology and integrity enforced by cryptography
  18. 18. Screenclip from: How Bitcoin Works under the hood, by “Curious Inventor” Transactions between Bitcoin wallets secured through digital signatures
  19. 19. Screenclip from: How Bitcoin Works under the hood, by “Curious Inventor” Verifying a transaction
  20. 20. “Mining” confirms waiting transactions through distributed consensus system Generates new Bitcoins (at decreasing rate) Does coding and de-coding that verifies and stores transactions (increasingly complex)
  21. 21. Screenclips from: How Bitcoin Works under the hood, by “Curious Inventor” Preventing double spending fraud
  22. 22. Mycelium Bitcoin Wallet
  23. 23. Will there be a tipping point? http://coinmap.org/ Depends on…. - Switching costs - Network effects Bitcoin accepted here http://mercatus.org/site s/default/files/Luther_Cr yptocurrenciesNetworkE ffects_v1.pdf
  24. 24. Bitcoin – one of 100s of cryptocurrencies
  25. 25. More than USD 475m has been invested in the Bitcoin Ecosystem Selection of companies getting funding in 2014 Blockstream: 14M USD Spondoolies: 6M USD Bitnet: 14.5M USD Blockchain: 30M USD KnCM: 30M USD Chain: 9.5M USD Bitfury: 20M USD Bitpay: 30M USD Vaurum: 4M USD Circle: 26M USD Kraken: 5M USD Coinbase: 100M USD BTC China: 5M USD Ripple: 3.5M USD Ethereum: 6M USD OKcoin: 10M USD Xapo: 20M (60m) USD Blockstream 21M USD Source: KnC Miner, Jan 2015
  26. 26. Issuing equity in cryptocurrency http://techcrunch.com/2014/09/30/reddit-scoops-up-50m-series-b-from-sam-altman-a16z-sequoia- at-500m-valuation
  27. 27. Benefits and drawbacks of Bitcoin  Benefits − Improved transaction security − Trust in cryptography rather than institution(s) − Transparency − Lower transaction costs − Cross-border, faster transactions − No outside intervention − No inflation (although market volatility)  Drawbacks − Tax concerns − Only as safe as wallet holding coins or exchange’s servers − Consumer uncertainty − Market volatility (commodity or currency?) − Potential for illicit use − High electricity consumption to “mine”
  28. 28. What is Bitcoin? Is it ….  A currency?  An investment? But it is definitely ….  A ledger  A transaction network
  29. 29. Bitcoin – so much more than a “coin”  From dumb to smart money  Underlying blockchain technology holds real transformative power  Transfer property rights (e.g., shares, certificates, digital money) fast, transparent and very securely. http://thenextweb.com/insider/2014/02/15/bitcoin-platform-currency/
  30. 30. People • “Net generation” • 24x7 “mobile” workforce • Knowledge via MOOCs • Sharing not consuming • Sustainability Technology • Broadband access • The Cloud • Mobile phones • Internet of Things • Big Data • 3D printing • Robotics/AI • VR/AR Open Source • Software • Hardware • Physibles Convergence of….. Finance • Microlending/microfinance • Crowdfunding/equity/P2P • Non-fiat cryptocurrencies • Mobile money/payments
  31. 31. What’s around the corner? 24x7 Global Internet Collaboration + Open Source + 3D Printing http://mashable.com/2013/02/13/robohand/ $60,000 $150 Available for free download on Where is the firm?
  32. 32. Want to learn more? Join our funnovation workshops funnovation.se (site launched April 1, 2015)
  33. 33. Robin Teigland robin.teigland@hhs.se www.knowledgenetworking.org www.slideshare.net/eteigland www.funnovation.se @RobinTeigland If you love knowledge, set it free… If you like this presentation and would like to contribute to our research, we accept bitcoins: 14hs4JbnQLXE87GGzu84uXGaspmxmnLpwC. Thank you!!!!!
  34. 34. Recommended viewing: How Bitcoin Works under the hood, by “Curious Inventor” http://youtu.be/Lx9zgZCMqXE

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