Blockchain and Cryptocurrency Lecture for Accounting Students นักศึกษาบัญชี, Mahidol University มหาวิทยาลัยมหิดล - Dr. Thiti - Nov 6, 2021

1. Thiti Vacharasintopchai, D.Eng., ATSI-DX, CISA
ดร.
ธิ
ติ
วั
ชร
สิ
นธพ
ชั
ย November 6, 2021
Blockchain
and Cryptocurrency

2. About Me
Thiti Vacharasintopchai
D.Eng. (Structural Engr, AIT 2007)
M.Eng. (Structural Engr, AIT 2000)
B.Eng. (Civil Engr, Chula 1998)
ISACA Certi
fi
ed Information Systems Auditor (CISA)
ATSI DX expert, funded by Thailand’s NBTC
22 years in construction
12 years in tech management
10 years in real estate
6 years in university
3 years in healthcare

3. What is Blockchain
DISCLAIMER: NOT FINANCIAL ADVICE.
FOR EDUCATIONAL PURPOSE ONLY.
A Car Ownership Example
Source: Gupta (2020. Blockchain for Dummies, 3rd IBM Limited Edition. John Wiley & Sons.

4. What is Blockchain
Source: Antonopoulos and Wood (2019). Mastering Ethereum. O’Reilly
DISCLAIMER: NOT FINANCIAL ADVICE.
FOR EDUCATIONAL PURPOSE ONLY.
…a globally decentralized computing infrastructure that
executes programs called smart contracts …synchronize and
store the system’s state changes, along with a cryptocurrency
to meter and constrain execution resource costs.
[platform] enables developers to build powerful decentralized
applications with built-in economic functions. While providing
high availability, auditability, transparency, and neutrality, it
also reduces or eliminates censorship and reduces certain
counterparty risks.

5. How Blockchain works
Source: Gupta (2020. Blockchain for Dummies, 3rd IBM Limited Edition. John Wiley & Sons.
DISCLAIMER: NOT FINANCIAL ADVICE.
FOR EDUCATIONAL PURPOSE ONLY.

6. What is Cryptocurrency?
Token
DISCLAIMER: NOT FINANCIAL ADVICE.
FOR EDUCATIONAL PURPOSE ONLY.
Source: Antonopoulos and Wood (2019). Mastering Ethereum. O’Reilly
“token” derives from the Old English “t
ā
cen,” meaning a sign or symbol.
It is commonly used to refer to privately issued special-purpose coin-like
items of insigni
fi
cant intrinsic value, such as transportation tokens,
laundry tokens, and arcade game tokens.
…on blockchains mean abstractions that can be owned and that
represent assets, currency, or access rights.

7. How Cryptocurrency works
Tokens and Fungibility
DISCLAIMER: NOT FINANCIAL ADVICE.
FOR EDUCATIONAL PURPOSE ONLY.
Source: Antonopoulos and Wood (2019). Mastering Ethereum. O’Reilly
In economics, fungibility is the property of a good or a commodity
whose individual units are essentially interchangeable.
Tokens are fungible when we can substitute any single unit of the token
for another without any di
ff
erence in its value or function.
Non-fungible tokens are tokens that each represent a unique tangible or
intangible item and therefore are not interchangeable.
For example, a token that represents ownership of a speci
fi
c Van Gogh painting is not equivalent
to another token that represents a Picasso, even though they might be part of the same
“art ownership token” system.

8. How Cryptocurrency works
Auction House Smart Contract
DISCLAIMER: NOT FINANCIAL ADVICE.
FOR EDUCATIONAL PURPOSE ONLY.
Source: Antonopoulos and Wood (2019). Mastering Ethereum. O’Reilly
non-fungible “deed” token

9. How Cryptocurrency works
Counterparty Risk
DISCLAIMER: NOT FINANCIAL ADVICE.
FOR EDUCATIONAL PURPOSE ONLY.
Source: Antonopoulos and Wood (2019). Mastering Ethereum. O’Reilly
Counterparty risk is the risk that the other party in a transaction will fail
to meet their obligations.
When an asset is traded indirectly through the exchange of a token of
ownership, there is additional counterparty risk from the custodian of the
asset.
Do they have the asset?
Will they recognize (or allow) the transfer of ownership based on the transfer of a token (such
as a certi
fi
cate, deed, title, or digital token)?

10. Some Coins & Blockchain Projects
Source: https://www.sec.or.th/TH/Pages/WEEKLYREPORT.aspx
DISCLAIMER: NOT FINANCIAL ADVICE.
FOR EDUCATIONAL PURPOSE ONLY.
• USDT
• BTC
• ETH
• XRP
• DOGE

11. Some Coins & Blockchain Projects
Source: https://coinmarketcap.com
DISCLAIMER: NOT FINANCIAL ADVICE.
FOR EDUCATIONAL PURPOSE ONLY.

12. Use Cases
Source: https://www.xspringdigital.com/th/project/sirihub; SCB; Ripple
DISCLAIMER: NOT FINANCIAL ADVICE.
FOR EDUCATIONAL PURPOSE ONLY.
• Siri Hub
Investment Token
• SCB B2P
Blockchain Solution for Procurement-to-Pay
https://youtu.be/Pisggr6YBC4
• Ripple payment network
ระดมทุนในมูล
ค่
ารวม 2,400,000,000 บาท
เพื่อไปลงทุนใ
ห้
ไ
ด้
มาซึ่งกระแสรายรับจาก
ก
ลุ่
มอาคารสํานักงาน Siri Campus
ซึ่งถือครองกรรมสิทธิ์ความเ
ป็
นเ
จ้
าของโดย บริษัท สิริพัฒน โฟ
ร์
จํากัด

13. Use Cases
Source: https://www.prachachat.net/
fi
nance/news-674429
DISCLAIMER: NOT FINANCIAL ADVICE.
FOR EDUCATIONAL PURPOSE ONLY.
Siri Hub
นางสาวรื่นวดี สุวรรณมงคล เลขาธิการสำนักงานคณะกรรมการกำกับหลักทรัพ
ย์
และตลาดหลักทรัพ
ย์
(ก.ล.ต.) ก
ล่
าว
ว่
า การออก
เสนอขายโทเค็นดิจิทัลเ
ป็
นการระดมทุนทางเลือกให
ม่
ในยุคดิจิทัล ซึ่ง ก.ล.ต.สนับสนุนการนำเทคโนโลยีมาใ
ช้
ในตลาดทุน โดยเฉพาะ
อ
ย่
างยิ่งการระดมทุนที่มีโครงการหรือทรัพ
ย์
สินรองรับ เ
ช่
น กรณี real estate-backed ICO ควบ
คู่
ไปกับการมีกลไก
คุ้
มครอง
ผู้
ลงทุน
ที่เพียงพอเหมาะสม โดย
ปั
จจุบันมีภาคเอกชนเ
ข้
ามาหารือกับ ก.ล.ต. เพื่อออกเสนอขายโทเค็นดิจิทัลจำนวนหนึ่ง และมี
ผู้
ยื่นคำขอ
อนุญาตออกเสนอขาย real estate-backed ICO แ
ล้
ว จำนวน 1 ราย มูล
ค่
าการระดมทุน 2,400
ล้
านบาท

14. Use Cases
Source: https://youtu.be/Pisggr6YBC4
DISCLAIMER: NOT FINANCIAL ADVICE.
FOR EDUCATIONAL PURPOSE ONLY.
Siri Hub

15. Use Cases
Source: https://www.scb.co.th/th/about-us/news/oct-2564/b2p-blockchain.html
DISCLAIMER: NOT FINANCIAL ADVICE.
FOR EDUCATIONAL PURPOSE ONLY.
SCB B2P

16. Use Cases
Source: https://youtu.be/Pisggr6YBC4
DISCLAIMER: NOT FINANCIAL ADVICE.
FOR EDUCATIONAL PURPOSE ONLY.
SCB B2P

17. Use Cases
Source: https://ripple.com/ripplenet
DISCLAIMER: NOT FINANCIAL ADVICE.
FOR EDUCATIONAL PURPOSE ONLY.
RippleNet

18. What Accountants Need to Know
Source: https://www2.deloitte.com/global/en/pages/audit/articles/gx-impact-of-blockchain-in-accounting.html
DISCLAIMER: NOT FINANCIAL ADVICE.
FOR EDUCATIONAL PURPOSE ONLY.

19. Thank you