Blockchain, Bitcoin und Crypto Assets: Entstehung eines ... · Blockchain, Crypto Assets, Initial Coin Offerings (ICOs), Digitalisierung und Entrepreneurship Beratung von Unternehmen

Prof. Dr. Philipp Sandner

Blockchain Center

Frankfurt School of Finance & Management

E-Mail: [email protected]

Internet: www.fs-blockchain.de

Blockchain, Bitcoin und Crypto Assets:

Entstehung eines neuen Finanzökosystems?

https://campus.frankfurt-school.de/clicnetclm/iFrame.do?kat_id=104873




3 © Prof. Dr. Philipp Sandner

What do we do?

Workshops, trainings, research projects,

Ethereum prototypes, startups

For whom?

Banking, mobility, Industrie 4.0, internet of things,

crypto assets, initial coin offerings

Dates

Workshop: How do ICOs work? (Dec. 2017)

Crypto Assets Conference 2018 (Feb. 2018)

Blockchain Certificate Program (May 2017)

Crypto Funds: Investment Vehicles (May 2018)

Crypto Startup Summer School (Feb. 2018)

Contact


[email protected]

www.fs-blockchain.de

Supported by:

Diese Folie unbedingt

drin lassen!

Which problem does

blockchain technology

solve?








Dear Wolfgang,

Money

Wolfgang


Dear Wolfgang,

please find attached $200.

Best, Philipp

Money

Wolfgang


Attachment

200,00 USD

Click to download

Dear Wolfgang,

please find attached $200.

Best, Philipp

Money

Wolfgang


Sample transaction on Ethereum

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Blockchain technology provides a layer for the "Internet of

Value" in addition to the existing "Internet of Information"

Internet

Information

Blockchain

Value

Information

The Internet allows sending information: documents, PDFs, emails. Yet, value cannot

be transferred via the internet.

Blockchain technology now allows the electronic transmission of "value": e.g. money, stocks,

rights on assets. This is much more than displaying the bank account in online banking.


Payment process between two parties

Alex Sophie

Bank Bank Correspondent

bank

Correspondent

bank

A payment requires multiple stages:

this costs time and can induce errors

Ledger Ledger Ledger Ledger


The core of blockchain technology

Alex Sophie

The core of blockchain is that

all transactions of a specific asset

are recorded in one common distributed database

Ledger

The ownership for a property will thereby

be transferred from an old owner to a new owner


Core of the blockchain technology

Alex Sophie

Sender can be human being or machine

Direct transfer between participants

without intermediaries



Alex Sophie




Recipient can be human being or machine



Alex Sophie





Value in general can be transferred



Alex Sophie






Transaction can be direct or based on conditions



Alex Sophie






Transaction can be direct or based on conditions Smart contract

Public Blockchain

(Crypto Assets)


Ranking of crypto currencies


Was als Tech-Bewegung begann, entwickelt

sich derzeit zum professionellen

Anlagemarkt

Vier Wellen von Krypto-Investoren: F-G-H-I

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Freaks, Fans, Fantasten

Geeks, Gründer, Ganoven

High-Tech Investoren, Hedge-Fonds,

High-Net-Worth-Individuals

Internationale

Institutionelle

Investoren

F

G

H

I

Source: Postera Capital (2017)


„ “ “

„ Should you buy bitcoins?

Bitcoin will soar to $100,000 or

$150,000 before year 2020.

Bitcoin will soon disappear.

Market capitalization

would be

1-2 trillion USD


Crypto assets are getting more diverse

Source: CoinMarketCap (2017)

Bitcoin market

share from

95% to 50%

Jan

2017


Crypto currencies are fintechs

Source: CoinMarketCap (2017)

Dotcom bubble

was 10x-20x

larger

FinTech

FinTech

FinTech


ICO funding raised $5.6bn in 2017 and

VC funding $800mn: ICO exceeded VC by 7x

Source: CoinDesk (2017)

Q4 2017


Das Blockchain- und Krypto-Ökosystem ist großenteils außerhalb etablierter Strukturen

gewachsen

Bis vor kurzem waren „alte“ und „neue“ Welt getrennt

„Neue Welt“:

Blockchain- und Krypto-

Ökosystem

„Alte Welt“:

Banken, Finanzdienstleister,

Institutionelle Investoren



An der Schnittstelle zwischen „neuer“ und „alter“ Welt entsteht eine Infrastruktur an

Dienstleistern, die professionellen Investoren investitionsfähig machen

Eine professionelle Infrastruktur für Krypto-Investoren

entsteht

„Neue Welt“:

Blockchain- und Krypto-

Ökosystem

„Alte Welt“:

Banken, Finanzdienstleister,

Institutionelle Investoren



Anlagemöglichkeiten in Kryptoassets: Übersicht

Anlage in Coins & Tokens

Direkt Indirekt

Erwerb über

Handelsplätze

Erwerb über

Bank/Broker

Zertifikate

Futures

Single-Asset-Fonds

Token-Fonds

Hedgefonds

Gemischte Fonds

CFDs

Anlagen in das Blockchain-Ökosystem

bzw. Krypto-Ökosystem

Infrastruktur Unternehmens-

beteiligungen

Mining

Masternoding

Aktien

Venture Capital


Example of a crypto fund

Discovering market inefficiencies for arbitrage opportunities

Source: Blocksize Capital (2018), www.blocksize-capital.com



Arbitrage spread analysis and trade execution




Analysis of market data




Development of correlations


Predictions


In 10 years most of all financial

transaction have some kind of

blockchain technology

underlying.


Large companies including

financial organizations apply the

blockchain technology but do

not develop it.


Innovation mainly comes from

startups and from the „crypto

world“.

This includes also R3. Large corporations apply the technology but do not drive it.


In Europe, blockchain

technology is driven by Berlin,

Zürich/Zug, and Estonia.


The most relevant technological

break throughs will come from

these regions – and from Asia.


The most relevant regulatory

break throughs will come from

Liechtenstein and Switzerland.


Switzerland/Liechtenstein will

be the new “Luxembourg” for

crypto funds and crypto finance.


• Intermediaries need to adjust their business model

• Blockchain technology is about efficiency (processes, automation) and new business

models (integration, micro payments, developing countries)

• Organizations should learn how to understand, apply and implement this technology

• Innovation is happening with large companies, startups and virtual currencies

• Cross-sector approaches required

• Blockchain technology might not follow the Gartner hype cycle

Key learnings

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More information: www.fs-blockchain.de


More information: www.fs-blockchain.de


Contact


Head of the Frankfurt School Blockchain Center

[email protected]

Frankfurt School of Finance & Management

Adickesallee 32-34

60322 Frankfurt am Main

Germany

You are welcome to contact me via

email, Xing, LinkedIn or Twitter (@philippsandner).



Geboren 1980 in Heidelberg

Kontakt: [email protected]

Studium der BWL an der Universität Mannheim

Promotion an der Ludwig-Maximilians-Universität München

Auslandsaufenthalte an der Copenhagen Business School und an

der University of California at Berkeley

Post-Doc an der Technischen Universität München

Mitgründer einer auf Innovationsstrategie und IP

spezialisierte Unternehmensberatung

Professor an der Frankfurt School of Finance & Management;

Themengebiete: Digitalisierung, Entrepreneurship und Innovation;

Leiter des Frankfurt School Blockchain Centers

Blockchain, Crypto Assets, Initial Coin Offerings (ICOs),

Digitalisierung und Entrepreneurship

Beratung von Unternehmen hinsichtlich ihrer Blockchain-Aktivitäten,

u.a. auch den ersten Crypto Fund Europas oder das koreanische

Blockchain-Startup HYCON

FinTechRat des Bundesministerium der Finanzen,

Mitgründer des Blockchain Bundesverband e.V.,

Multichain Asset Managers Association

2000-2005

2005-2011

2010-2015

2015

seit 2017

Themen

Praxis

Engagement

Documents

Blockchain, Bitcoin und Crypto Assets: Entstehung eines ... · Blockchain, Crypto Assets, Initial Coin Offerings (ICOs), Digitalisierung und Entrepreneurship Beratung von Unternehmen