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tomorrow’s transactions today Innovations in finance: What Bitcoin is really about Douwe Lycklama, 25 maart, Seminar Treasury, Cash- en Payment software Download the Cryptocurrency report here

Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

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Page 1: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

tomorrow’s transactions today

Innovations in finance: What Bitcoin is really about

Douwe Lycklama, 25 maart, Seminar Treasury, Cash- en Payment software

Download the Cryptocurrency report here

Page 2: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

2 25 March 2015. © Innopay BV. All rights reserved.

Innopay consultants zijn innovatie-experts in betalen, digitale identiteit and e-business

• Opgericht in 2002

• Partners: Shikko Nijland & Douwe Lycklama

• Hoofdkantoor in Amsterdam

• 20+ consultants plus internationaal netwerk van geassocieerde experts

• Drie kern praktijken: betalen, digitale identiteit en E-Business

• Strategy, Co-creatie and Transformatie

• Focus op transactie en dienstverlenende sectoren

• ING, Western Union, Mastercard, Paypal, CCV, EMS, Rabobank, Equens, Worldline, BVN, iDEAL

• Geografische focus op EU

• Lid van o.a. EBA, ECP and EPCA

• Founding member HollandFintech

Page 3: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

3 25 March 2015. © Innopay BV. All rights reserved.

Page 4: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

4 25 March 2015. © Innopay BV. All rights reserved.

Storyline and main conclusion

1. What is Money?

2. What is Bitcoin about?

3. An example of what Bitcoin could mean

4. When will everybody use it? How?

5. So, what is the most important thing to take home?

• Bitcoin is about a technology (and a bit about a coin);

• The technology is in its infancy;

• Search companies that will be successful in the Bitcoin sphere and invest in them.

Page 5: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

5 25 March 2015. © Innopay BV. All rights reserved.

1: What is money?

Page 6: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

6 25 March 2015. © Innopay BV. All rights reserved.

We collectively agree that money has value

Value?

Page 7: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

7 25 March 2015. © Innopay BV. All rights reserved.

We trust the banks to keep score according to the rules

Page 8: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

8 25 March 2015. © Innopay BV. All rights reserved.

Meanwhile, banks keep spreadsheets that say how much is in your account: a Ledger

Page 9: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

9 25 March 2015. © Innopay BV. All rights reserved.

Conclusion:Money is about collectively trusting central organizations to manage a

shared ledger.

Page 10: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

10 25 March 2015. © Innopay BV. All rights reserved.

2:What is Bitcoin

about?

Page 11: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

11 25 March 2015. © Innopay BV. All rights reserved.

Bitcoin is a network of unique addresses that are part of a single ledger

3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy.

5Jbqxe3AisuHck95ysBPKVR9poqnoNwj3MJaQ91mPKgTJKsdcJe

Address:

Secret code:

@ [email protected]

***********

Address:

Secret code:

Compare with e-Mail:

Page 12: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

12 25 March 2015. © Innopay BV. All rights reserved.

Just like how you use an e-mail client, you use a Bitcoin client to send/receive bitcoins

Page 13: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

13 25 March 2015. © Innopay BV. All rights reserved.

The “Blockchain” contains the ledger:It tells us which addresses contain bitcoins

Page 14: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

14 25 March 2015. © Innopay BV. All rights reserved.

Every 10 minutes the latest additions to the blockchain are added to the blockchain

1 2 3

1 1 2 1 2 3

10 minutes 10 minutes 10 minutes

1 = Additions to the blockchain

(new transactions)

= Blocks with data on what changed

when

The Blockchain

= Constant re-encryption of all

existing data

The ledger until now

Page 15: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

15 25 March 2015. © Innopay BV. All rights reserved.

With Bitcoin, all participants collectively check and update the shared ledger (blockchain)

Page 16: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

16 25 March 2015. © Innopay BV. All rights reserved.

Conclusion:Bitcoin is about

organizing consensus on the contents of a shared ledger in a

decentralized & distributed manner

Page 17: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

17 25 March 2015. © Innopay BV. All rights reserved.

3.Ok, so what?

… Let’s see an example of what

Bitcoin could mean!

Page 18: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

18 25 March 2015. © Innopay BV. All rights reserved.

What if you… want to send 750 euros to Sri Lanka?

€ 750

Page 19: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

19 25 March 2015. © Innopay BV. All rights reserved.

Source: Yahoo / AA News 2014

Sending money with the current financial system costs time… and money

Page 20: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

20 25 March 2015. © Innopay BV. All rights reserved.

… That would be huge!

What if you could send those same

750 euros instantlyfor the price of 1

euro?

Page 21: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

21 25 March 2015. © Innopay BV. All rights reserved.

bitcoin is a decentralized consensus technology; not just a currency

Page 22: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

22 25 March 2015. © Innopay BV. All rights reserved.

The technology can make transfers of anything that requires a certain consensus possible

Page 23: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

23 25 March 2015. © Innopay BV. All rights reserved.

4.Great. When will

everyone use it? How?

Page 24: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

24 25 March 2015. © Innopay BV. All rights reserved.

Right now, the technology is in its infancy: it will take time to build services that are usable

UNIX 1972

MAC OS 2014

Page 25: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

25 25 March 2015. © Innopay BV. All rights reserved.

Could you have invented YouTube (2005) in 2002? It was still unthinkable!

Page 26: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

26 25 March 2015. © Innopay BV. All rights reserved.

Companies will find ways to put the technology to use

Page 27: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

27 25 March 2015. © Innopay BV. All rights reserved.

Momentum of technology is growing; current deadlock needs to be dealt with

Regulators BanksWait for guidance

from…

Entrepreneurs

/ the Market

Page 28: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

28 25 March 2015. © Innopay BV. All rights reserved.

5.So, what is the most

important thing to take home?

Page 29: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

29 25 March 2015. © Innopay BV. All rights reserved.

it’s about spotting the companies that find ways to unlock the potential of Bitcoin technology

Page 30: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

30 25 March 2015. © Innopay BV. All rights reserved.

In de praktijk

1. Wallet installeren

2. Bitcoin aanschaffen

3. Gebruiken

− Persoon persoon

− Winkel

− Facturen

Page 31: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

31 25 March 2015. © Innopay BV. All rights reserved.

Demo

Page 32: Innovations in finance: What Bitcoin is really about - … · 2017. 6. 27. · tomorrow’s transactions today Innovations in finance:What Bitcoin is really about Douwe Lycklama,

tomorrow’s transactions today

[email protected]

Download the cryptocurrency report here: www.innopay.com