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Cryptocurrencies and Blockchain technology


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Cryptocurrencies and Blockchain technology:
What are they and what are the killer applications?

Published in: Technology
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Cryptocurrencies and Blockchain technology

  1. 1. Sabrina Kirrane, 12.04.2018 Cryptocurrencies and Blockchain technology: What are they and what are the killer applications?
  2. 2. Background Information §  Privacy & Sustainable Computing Lab §  Launched September 2016: launch event with various important stakeholders: technologists, standardization, activists… §  Mission: Developing sustainable and privacy-preserving computer systems by bringing together computer science & human-centric behavioral science Prof. Sarah Spiekermann (Founder) Prof. Axel Polleres (Founder) Dr. Sabrina Kirrane (Founding Director) Dr. Ben Wagner (Director)
  3. 3. Background Information MISSION Developing sustainable and privacy- preserving computer systems by bringing together computer science & human-centric behavioral science. Humanities Computer Science Open Data Artificial Intelligence Net Neutrality Online Privacy Ethical Design Open Standards Big Data Analytics Public Policy and Legislation Data Science Legal Fragmentation
  4. 4. Background Information
  5. 5. Background Information DALICC is funded by the Austrian Federal Ministry of Transport, Innovation and Technology (BMVIT) under the program "ICT of the Future" between November 2016 - October 2018. More information
  6. 6. Background Information
  7. 7. Cryptocurrencies
  8. 8. Cryptocurrencies: Bitcoin: A Peer-to-Peer Electronic Cash System
  9. 9. Cryptocurrencies: Bitcoin wallets In Bitcoin, a private key is a 256-bit number, which can be represented one of several ways. infsec/fall/Main/PKC-PKI
  10. 10. §  When one bank sends money to another, no physical currency changes hands. §  Banks and settlement systems use central electronic ledgers to track assets. §  But they can be slow and inefficient, often relying on faxes or manual input. §  That not only wastes time but racks up fees. §  The system is also open to hacking and fraud. FUSSZEILESEITE 10 Cryptocurrencies: The bitcoin Ledger
  11. 11. Cryptocurrencies: Where can I find more information?
  12. 12. Cryptocurrencies: Where can I find more information?
  13. 13. §  Initial Coin Offerings can be considered as an alternative form of crowdfunding that has emerged outside of the traditional financial system. §  An Initial Coin Offering is an event that usually extends over a period of one week or more and in which everyone is allowed to purchase newly issued tokens in exchange for established cryptocurrencies like Bitcoin (BTC) or Ether (ETH). §  There are different models: §  Static goal and static price §  Dynamic goal and dynamic price §  Dynamic goal and static price Cryptocurrencies: Initial Coin Offering “Remember not to invest more than what you can afford to lose and to research the technology and team behind the project. Good luck!”
  14. 14. §  ICO Period: 20 July 2014 - 2 September 2014 §  Funds gathered (USD): $18,439,086 §  Funds gathered (BTC): 31,529.49 §  Tokens distributed: 60,000,000 Cryptocurrencies: Initial Coin Offering “Remember not to invest more than what you can afford to lose and to research the technology and team behind the project. Good luck!”
  15. 15. Cryptocurrencies: Where can I get them?
  16. 16. Cryptocurrencies: Where can I get them?
  17. 17. Cryptocurrencies: Fluctuation 96% of economists surveyed by the Wall Street Journal in December 2017 believe bitcoin’s price surge is driven by speculation on the future potential of blockchain technology, which provides secure value transfer over the internet. record-high-short-of-20000/
  18. 18. 12 Reasons Bitcoin Could Fall Below $1,000 §  Regulation could have the biggest impact §  There is no “value” to it §  Volatility can create nervousness §  Leverage can be very bad §  A shakeout is coming §  ICOs (Initial Coin Offerings) §  Hacking theft of CCs §  FOMO or Fear of missing out §  Bitcoin mining scams §  Becomes too associated with criminals and rogue states §  Third parties changing their minds §  Bitcoin & Blockchain movie looks a lot like dot-com in 1999 Cryptocurrencies: Fluctuation reasons-bitcoin-could-fall-below-1000/#7ca7835c341f
  19. 19. Cryptocurrencies: Disasters (Mt. Gox Jed McCaleb, Nicehash) dec/07/bitcoin-64m-cryptocurrency-stolen-hack- attack-marketplace-nicehash-passwords
  20. 20. Cryptocurrencies: Disasters protesters-say-660m-stolen-in-initial-coin-offerings a-coding-error-led-to-30-million-in- ethereum-being-stolen/
  21. 21. Cryptocurrencies: Regulatory considerations
  22. 22. Cryptocurrencies: Regulatory considerations cryptocurrency-regulations/
  23. 23. Blockchain technology
  24. 24. Blockchain Transactions
  25. 25. Blockchain technology
  26. 26. §  Major technologies that make Bitcoin include: §  Hashes §  Digital signatures §  Public key cryptography §  P2P §  Proof of Work Executing Transactions - Trading
  27. 27. Processing Transactions - Mining
  28. 28. Processing Transactions - Mining
  29. 29. Blockchain Technology
  30. 30. Ethereum Platform
  31. 31. Hyperledger Platforms
  32. 32. Killer Apps: Payments
  33. 33. Killer Apps: Registries
  34. 34. Killer Apps: Internet of Things blockchain-and-the-internet-of-things-4-important-benefits-of- combining-these-two-mega-trends/#635c031c19e7
  35. 35. Killer Apps: Media and Entertainment what-blockchain-has-in-store-for-media-and-entertainment- in-2018/#3045f0b771f4
  36. 36. Killer Apps: Supply Chain Management
  37. 37. Killer Apps: Digital Identities
  38. 38. Blockchain initatives
  39. 39. Blockchain Austria
  40. 40. The Blockchain Summit 2017
  41. 41. The Blockchain Summit 2017
  42. 42. FUSSZEILESEITE 42 ABC – Austrian Blockchain Center
  43. 43. §  Emerging Industries §  Databases and implementation aspects (Single Source of Truth, Semantics) §  Technological aspects of Industry 4.0 & IoT §  Optimization of processes in Emerging Industries based on blockchain §  Legal Aspects and Political Implications §  DLT and Investment §  Governance and Smart Contracts §  Data Protection and Privacy §  Blockchain-based business models §  Cryptoeconomics §  Business Applications of Distributed Data Management & Smart Contracts §  Blockchain applications in different industries §  Economical aspects §  Cryptography, Technology & Security §  Smart Contracts §  Consensus Mechanisms §  Payment Channels FUSSZEILESEITE 43 ABC – Austrian Blockchain Center
  44. 44. Data Science education/short-programs/data-science/
  45. 45. Department of Information Systems & Operations Institute for Information Business Welthandelsplatz 1, 1020 Vienna, Austria Dr. Sabrina Kirrane T +43-1-313 36-4494 F +43-1-313 36-90 4494 Twitter: @SabrinaKirrane Thank you / contact details