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Blockchain Payment Systems

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Blockchain Payment Systems

  1. 1. Chicago IL, September 24, 2015 Slides: http://slideshare.net/LaBlogga Melanie Swan Economic Theorist New School, New York NY melanie@BlockchainStudies.org Blockchain Payment Systems
  2. 2. September 24, 2015 Blockchain Payment Systems Overview 1 Blockchain Payment Systems: Like email for money1 Like Skype for money2 (digital instantiation) Like Apple Pay for governments (ubiquitous solution, like cash) 1 Blythe Masters; 2 Andreas Antonopoulos; http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491
  3. 3. September 24, 2015 Blockchain Payment Systems Bitcoin-FinTech-Blockchain Growth 2 https://angel.co/bitcoin, http://thefinanser.co.uk/fsclub/2015/02/the-fintech-scene-is-so-hot-its-boiling.html http://thenextweb.com/insider/2015/04/16/bitcoin-is-the-worlds-most-dangerous-idea/ Silicon Valley Bank: Global investment in FinTech is set to double from $10 billion in 2014 to $19.7 billion in 2015, and reach $46.1 billion by 2020
  4. 4. September 24, 2015 Blockchain Payment Systems Definition What is Blockchain Technology? 3 http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491  An information technology  A software protocol; email (SMTP) runs on TCP/IP, Bitcoin runs on underlying blockchain software  Decentralized: each network node keeps the ledger (giant ‘Google doc spreadsheet’ of transactions); blocks (batches) of transactions posted sequentially to a ledger or chain  Implication: secure network where any transaction can be independently confirmed as unique and valid without an intermediary
  5. 5. September 24, 2015 Blockchain Payment Systems Applications Evolution of Payment Modernization 4 Electronic Payments Mobile Payments Crypto-Payments
  6. 6. September 24, 2015 Blockchain Payment Systems Consumer Payments How does Bitcoin work? 5 1. Download software wallet app  Blockchain.info, Mycelium, etc. 2. Transfer Bitcoin via QR Code / public key address 3. See your transaction confirm, post to the blockchain
  7. 7. September 24, 2015 Blockchain Payment Systems Consumer Payments Where can I use Bitcoin? 6 http://bitcoinmaps.info/, http://coinmap.org/, https://airbitz.co/
  8. 8. September 24, 2015 Blockchain Payment Systems Enterprise Payments Reduces Cost and Risk for Merchants  Vendor payments market  Reduce 1-3% merchant transaction fee  Remove hack-able ‘honey pot’ databases 7 http://www.statista.com/chart/1681/daily-transaction-volume-of-payment-networks/ Online Merchants Accepting Bitcoin Bitcoin Payments Vendors QuickBooks Software Integration
  9. 9. September 24, 2015 Blockchain Payment Systems Institutional Payments Current Payment System 1. The central bank: national bank clearing and payments  Banking clearing and settlement services, depository accounts  Payment services: collect checks, electronically funds transfer, received and distribute currency 2. The U.S. government's checking account  Electronic check and payment processing  Treasury operations: issue, transfer, exchange, and redemption of U.S. government securities 8
  10. 10. September 24, 2015 Blockchain Payment Systems Institutional Payments Blockchain Payment System 1. The central bank: national bank clearing and payments  Clearing, settlement, compliance, QA 2. The U.S. government's checking account  Register instruments as smart assets  Spot (cryptocurrency) and future (smart contract) transactions  Blockchain payments system, features:  Immediate recording improves liquidity and risk (T=0, not T+3)  Secure, transparent, accessible, auditable ledger 9
  11. 11. September 24, 2015 Blockchain Payment Systems Applications Payments as Access  Banking services market  5 bn individuals worldwide and 1/3 U.S. with inadequate access to banking, financial, credit services  Remittances market  $4 tn global market, 5-30% transaction fee; immediate funds transfer solution  Decentralized credit bureaus  Open-source FICO scores  ‘Bitcoin MOOCs’  ‘Kickstarter for literacy’  Smart Literacy Contracts 10 http://www.forbes.com/sites/ashoka/2013/06/14/banking-the-unbanked-a-how-to/
  12. 12. September 24, 2015 Blockchain Payment Systems Resources How to get Involved  Podcasts/presentations  Andreas Antonopoulos, Let’s Talk Bitcoin  Local meetup groups  Bitcoin, Ethereum, blockchain  Executive Education  Blockchain University (http://blockchainu.co/)  Blockchain for Business (http://www.bfor.biz)  Blockchain consultancy practices  Big 4 and Strategy Consulting firms 11  Books  Non-technical overview of blockchain possibilities
  13. 13. September 24, 2015 Blockchain Payment Systems Overview 12 Blockchain Payment Systems: Like email for money1 Like Skype for money2 (digital instantiation) Like Apple Pay for governments (ubiquitous solution, like cash) 1 Blythe Masters; 2 Andreas Antonopoulos; http://www.amazon.com/Bitcoin-Blueprint-New-World-Currency/dp/1491920491
  14. 14. Chicago IL, September 24, 2015 Slides: http://slideshare.net/LaBlogga Melanie Swan Economic Theorist New School, New York NY melanie@BlockchainStudies.org Blockchain Payment Systems Thank you! Questions?
  15. 15. September 24, 2015 Blockchain Payment Systems Gartner Emerging Technology Hype Cycle 14 http://thenextweb.com/insider/2015/04/16/bitcoin-is-the-worlds-most-dangerous-idea/ Cryptocurrencies added July 2014

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