Relatori: Leonardo Maria De Rossi, Information System Researcher at SDA Bocconi School of Management | Blockchain & Bitcoin teacher at Università Commerciale Luigi Bocconi | Research Leader at DEVO Nico Abbatemarco, Researcher at SDA Bocconi School of Management | Team Member at DEVO | Blockchain Author & Researcher Quando si parla di temi come innovazione e digital transformation si fa spesso l’errore, più o meno volontario, di dare all’apparenza un peso molto maggiore rispetto alla sostanza. Questo è particolarmente vero per quanto riguarda blockchain, dove quasi sempre l’hype prevale sulla realtà. In questo contesto, l’università svolge un ruolo fondamentale nel contribuire a determinare quale è il reale valore aggiunto apportato da una tecnologia del genere. Leonardo De Rossi e Nico Abbatemarco, ricercatori di Information System presso SDA Bocconi, proveranno a fare luce su questo mondo raccontando l’esperienza su Blockchain del DEVO (Digital Enterprise Value Organization) Lab, il laboratorio di ricerca di SDA Bocconi impegnato nell’analisi della trasformazione digitale delle imprese, con particolare enfasi sugli impatti organizzativi ed economici dell’adozione di nuove tecnologie.

1. Digital Enterprise Value and Organization
Economics, Organization and Technology
for the Digital Enterprise
Make Blockchain mainstream, but
without the hype
Il delicato ruolo dell’università fra
innovazione e conoscenza
Leonardo Maria De Rossi
leonardo.derossi@unibocconi.it
Nico Abbatemarco
nico.abbatemarco@sdabocconi.it
Crypto Coinference * 8 Novembre 2018
Novotel Ca’ Granda Hotel * Milano * Italia

2. SDA BOCCONI DEVO LAB

3. DEVO LAB MEMBERS
DEVO research program and
activities are assessed and
suggested by the DEVO LAB
Think Tank.
All Members have a long-term
commitment to the DEVO Lab
and are entitled to have a
representative in the DEVO
LAB’s Think Tank.
Other participants could include
representatives of sponsors of
large research projects and
experts in the field with
international standing.

4. DEVO LAB FOUNDATION
The aim of DEVO Lab is to bring
together diversified perspectives,
experiences and backgrounds to
consistently assess the business
implications of technologies and the
value generation they can enable.
The DEVO Lab merges the ideas and
insights born from the Think Tank
sessions carried out in collaboration
with a broad and multidisciplinary
community of professionals.

5. PARTNERSHIP WITH MIT DESIGN LAB
The DEVO Lab leverages a
partnership with MIT Design Lab
to scout emerging solutions and to
bring a frontier perspective to all
its research streams.
A MIT report on disruptive
technologies is shared every six
months with all the Lab Members.
Yihyun Lim
Director of the MIT Design Lab

6. BLOCKCHAIN HYPE
6

7. THE HYPE DRIVEN APPROACH TO BLOCKCHAIN
Conversation #1 with the CDO of a Company
CDO - Professor, we need your help. We have to
realize a pilot with blockchain by the end of 2018
Prof. - Great! Why do you “have to” do something on
blockchain by the end of the year?
CDO - Because it’s in our plan
Prof. - Why is it in your plan?
CDO – Well, you know, everybody in our industry is
talking about blockchain, our main competitors are
moving on, so…

8. THE HYPE DRIVEN APPROACH TO BLOCKCHAIN
Conversation #2 with the CDO of a Company
CDO - Professor, we are working on our pilot. We
started to scope out the project, but we’re not able
to find a candidate process for a blockchain test
Prof. - Do you have some ideas?
CDO - Should we organize a workshop to find out
a problem we can solve with blockchain?

9. OUR VISION
A blockchain is a sequence of
blocks, each one containing a
certain amount of information
distributed through a chain (i.e. a
ledger) over a network (in the most
common case, the Internet).
Every blockchain is a combination of
three main technical pillars:
▪ Distributed computation
▪ Advanced cryptography
▪ Consensus mechanism
What is the
blockchain?
Blockchain allows the creation of a
totally decentralized and distributed
ecosystem without the need of any
intermediaries, enabling the creation
of a:
▪ Reliable;
▪ Secure; and
▪ Censorship-resistant
ecosystem
for transferring value in the
(untrusted) digital world.
How can blockchain
be useful?
Despite all the hype, there is no need
for a blockchain architecture in most
of today’s business applications.
However, there can be space for a
blockchain solution if I:
▪ Need to immutably store some
kind of information;
▪ Need to share these information
with external stakeholders;
▪ Do not trust all or any of the
stakeholders involved;
▪ Want to verify the correctness of
the other stakeholders’ info.
When do I need
to use blockchain?

10. 1
5
12
3
6
200+
300+
Bocconi course on Bitcoin and Blockchain
Master thesis supervised
Executive education sessions
Academic conferences
International publications
University students 2018
Executive participants 2018

11. What is the value of a cryptocurrency’s network?

12. GOOGLE SEARCHES EXPLAIN 91% OF BITCOIN MOVEMENTS!

13. CORRELATION IS NOT CAUSALITY

14. Are there economic fundamentals justifying the Bitcoin prices’ trend?

15. In a long-run equilibrium, price equals marginal cost

16. A COINTEGRATION MODEL TO DETERMINE THE EQUILIBRIUM PRICE OF BTC
Transaction fees
Newly-minted coins
Amortization and renovation of hardware
Cost of electricity

17. nov-13 mag-14 nov-14 mag-15 nov-15 mag-16 nov-16 mag-17 nov-17 mag-18
Bitcoin: equilibrium vs. effective price
Price Equilibrium price

18. LIMITATIONS AND FURTHER RESEARCHES
Off-chain solutions Systemic acceptance Commodity or currency

19. Leonardo Maria De Rossi
Research Fellow
SDA Bocconi School of Management
leonardo.derossi@unibocconi.it
https://www.linkedin.com/in/leonardo-de-rossi-a9971bb1/
Nico Abbatemarco
Researcher
SDA Bocconi School of Management
nico.abbatemarco@sdabocconi.it
https://it.linkedin.com/in/nico-abbatemarco-aa5957137
CONTACTS