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BEGIN BLOCKCHAIN - Module 5 v2.pptx

  1. 1. Co-funded by the Erasmus+ Programme of the European Union ONLINE COURSE BLOCKCHAIN AND BUSINESS
  2. 2. e n a b l i n g n e w g r o w t h f o r S M E ’ s Modules Overview 1.0 – The Basics of Blockchain 2.0 – How can blockchain ecosystems serve entrepreneurs and SME’s? 3.0 – Will Blockchain Work for You? 4.0 – What regulations will impact my business? 5.0 – The Future of Blockchain?
  3. 3. e n a b l i n g n e w g r o w t h f o r S M E s Module 5 The future of Blockchain
  4. 4. This programme has been funded with support from the European Commission. The author is solely responsible for this publication (communication) and the Commission accepts no responsibility for any use that may be made of the information contained therein Learning Objectives Be familiar with current and future applications of blockchain – NFTs, DeFi, DAOs, decentralized metaverse ( the real metaverse) Understand the role blockchain could play in future business, banking, healthcare and voting Discuss whether it is a valuable new technology or whether its cons outweigh its pros 1 2 3 By the end of this module, you will be able to: 4 Understand the potential scope of blockchain in the future
  5. 5. e n a b l i n g n e w g r o w t h f o r S M E s Content 5.1 – Blockchain Strategy 5.2 – Current and future applications of blockchain – NFTs, DeFi, DAOs, decentralized metaverse 5.3 – The role of blockchain in the future of business, banking, healthcare and voting 5.4 – Blockchain's valuable and potential scope as a new technology in the future
  6. 6. e n a b l i n g n e w g r o w t h f o r S M E s 5.1 Blockchain Strategy
  7. 7. e n a b l i n g n e w g r o w t h f o r S M E s The EU wants to be a leader in blockchain technology, becoming an innovator in blockchain and a home to significant platforms, applications and companies. Blockchain technology allows people and organisations who may not know or trust each other to collectively agree on and permanently record information without a third-party authority. By creating trust in data in ways that were not possible before, blockchain has the potential to revolutionise how we share information and carry out transactions online. Blockchain Strategy
  8. 8. e n a b l i n g n e w g r o w t h f o r S M E ’ s • Environmental sustainability: Blockchain technology should be sustainable and energy- efficient. • Data protection: Blockchain technology should be compatible with, and where possible support, Europe’s strong data protection and privacy regulations. • Digital Identity: Blockchain technology should respect and enhance Europe’s evolving digital Identity framework. This includes being compatible with e-signature regulations, such as eIDAS, and supporting a sensible, pragmatic decentralised and self- sovereign identity framework. • Cybersecurity: Blockchain technology should be able to provide high levels of cybersecurity. • Interoperability: Blockchains should be interoperable between themselves and with legacy systems in the outside world. European Comission’s Strategy is to support a 'gold standard' for blockchain technology in Europe
  9. 9. e n a b l i n g n e w g r o w t h f o r S M E s • Building a pan-European public services blockchain • Promoting legal certainty • Increasing funding for research and innovation • Promoting blockchain for sustainability • Supporting interoperability and standards • Supporting blockchain skills development • Interacting with the community Elements of the European Commission’s blockchain strategy
  10. 10. e n a b l i n g n e w g r o w t h f o r S M E s 5.2 Current and future applications of blockchain – NFTs, DeFi, DAOs, decentralized metaverse
  11. 11. e n a b l i n g n e w g r o w t h f o r S M E s Blockchain has a growing number of use cases. Let’s take a look at the four main areas: Smart Contracts Digital Currency Record Keeping Securities Reminder from Module 3
  12. 12. e n a b l i n g n e w g r o w t h f o r S M E s More than a decade after its inception, blockchain technology not only supports cryptoassets and their trading, but constitutes the core technology underlying a series of new advances, including NFTs, smart contracts and DeFi. However, blockchain technology, especially through the use of smart contracts, can form the basis of a new form of organisation – a decentralised autonomous organisation (or DAO).
  13. 13. e n a b l i n g n e w g r o w t h f o r S M E s So far, one of the most important use cases for blockchain is cryptocurrencies and will continue to do so for some time. But an even more exciting future is emerging in blockchain technology: non-fungible tokens (NFTs). NFTs are a new way to buy and sell digital assets that represent real-world items. Each NFT is unique, non-substitutable and non-exchangeable - only the original owner/creator of that asset can buy, sell, trade or gift it. NFTs can become special digital collectibles, from rare works of art to unique accessories. They can also be used in blockchain games or other virtual worlds. Because the possibilities of NFTs are endless, they will have a significant impact on the future of digital property. It is likely that everything from works of art to cars can be purchased with NFTs. Non-Fungible Tokens
  14. 14. e n a b l i n g n e w g r o w t h f o r S M E ’ s Decentralized finance (DeFi) is an umbrella term for a collection of financial products that rely on smart contracts and blockchain technology. It enables open, peer-to-peer (P2P) financial services, as well as the automation of specific procedures. DeFi applications aim for decentralization, although they vary in scope. Due to its openness, decentralization and P2P nature, DeFi enables so-called "money legos". This term refers toto the interoperability of applications in different working spaces. It is also said to act as an acceleratorin the space of innovation. Decentralised Finance (DeFi)
  15. 15. e n a b l i n g n e w g r o w t h f o r S M E ’ s • Intrinsic characteristics: topography and nature of the underlying systems or embedded protocols • Functional differences: occurring as a result of the underlying intrinsic characteristics. • Operational differences: exploring interface/platform, including expectations and the user experience. • Regulatory landscape: comparing the outlook of policymakers and regulators in addressing those differences. Similarities and Differences of DeFi and traditional or conventional finance (TradFi)
  16. 16. e n a b l i n g n e w g r o w t h f o r S M E ’ s Overview of Intrinsic characteristics Features TradFi DeFi Access Permissioned models Permissionless models Data integrity Read/write access is controlled, managed, gated, exclusive Inclusive, immutable Interoperability Segmented, dependent on multiple intermediaries Composability, money Legos Settlement Timely chain of events, T+day(s) Immediate settlement Value Uses data to record (nominal) value Data does not record value, but is value in itself
  17. 17. e n a b l i n g n e w g r o w t h f o r S M E ’ s Overview of functional differences Feature TradFi DeFi Accounting Double-entry accounting bookkeeping. Triple-entry accounting bookkeeping Trust Trusted. Identity-based systems. Mostly trustless. Data availability Transaction history is private. User is known. History of financial transactions is publicly open. User is (pseudo)anonymous. History and characteristics Established. Slow and rigid in terms of innovation. Nascent. Incrementally/radically innovative. Constantly changing, often faster than regulation can keep up with. User experience Easy to use. Embedded in everyday life. Often difficult to use. More technical competency is required. Risk Risks are managed and thoroughly regulated. Requires an individual understanding of the underlying risks. Reversibility Reversible transactions. Amend permissions. (Mostly) irreversible transactions. Append only.
  18. 18. e n a b l i n g n e w g r o w t h f o r S M E ’ s Overview of operational differences Feature TradFi DeFi Custody Mostly custodial Mostly non-custodial Entities Involves regulated, supervised and licensed entities that offer standardised services to identified users Involves unregulated, unsupervised, unlicensed entities. Unknowns offer unstandardised services to anyone Access Gated access for supply and demand Inclusive; anybody can offer or receive DeFi Transparency Mostly operationally opaque Public and transparent operation
  19. 19. e n a b l i n g n e w g r o w t h f o r S M E ’ s Overview of regulatory differences Feature TradFi DeFi Regulation Ruled by law Ruled by law and code Record-keeping Governed by regulation; confidential Openly accessible Consumer protection Governed by regulation Unclear whether existing regulations apply or new ones are needed
  20. 20. e n a b l i n g n e w g r o w t h f o r S M E ’ s Differences between DeFi and TradFi Feature TradFi DeFi Ideology Efficiently allocate resources and facilitate commerce, investment and development Make financial services accessible to everyone Infrastructure Private database Open blockchain/DLT Innovation Incremental and sustaining Radical and disruptive Human-facing aspects Brick and mortar; Web 2.0 Web 2.0 transitioning to Web 3.0
  21. 21. e n a b l i n g n e w g r o w t h f o r S M E ’ s • The technology stack on which DeFi is built can be separated into five major components: (1) settlement layer, (2) asset layer, (3) protocol layer, (4) application layer, and (5) aggregation layer: DeFi Fundamentals
  22. 22. e n a b l i n g n e w g r o w t h f o r S M E s Decentralized Autonomous Organizations - DAO for short - are growing every day and could very well become a real alternative for people to act collectively (for profit or not). DAOs present unprecedented legal challenges and have the potential to be a game-changer in 21st century business law. This, in turn, forces corporate lawyers to rethink what they consider immutable and likely to adapt many corporate law rules to fit this new reality. DAOs (decentralized autonomous organizations)
  23. 23. e n a b l i n g n e w g r o w t h f o r S M E s A decentralized autonomous organization consists of a bundle of smart contracts deployed on a given blockchain.There are hundreds and even thousands of DAOs or similar blockchain-based decentralized arrangements by other names fully operational today. As we discussed DeFi above, their recent growth has made DAOs and similar organizations hard to ignore. DAOs are forms of human organization based on blockchain technology in which various affiliates pool money (usually, but not necessarily, cryptocurrencies) to perform a given activity (not necessarily for profit). What defines DAO
  24. 24. e n a b l i n g n e w g r o w t h f o r S M E s The governance of the organization is largely automated and decentralised, which means that the traditional role of the management body is replaced by a mix of direct management by associates and automated management through smart contracts. They are decentralized: there is no centralized management and many important decisions are taken directly by associates, trying to alleviate the traditional agency problem between shareholders and management. They are autonomous: many decision-making rights that traditionally belong to management can be entrusted to a smart contract. A smart contract defines the organization's rules and typically holds the DAO's treasury. Imagine a mix between corporate charter and governing bodies. What makes DAOs different
  25. 25. e n a b l i n g n e w g r o w t h f o r S M E s The difference is more complicated On the one hand - just as a traditional company is a set of contracts, a DAO is a set of smart contracts, but very large and complex. On the other hand - very few DAOs are alike. Many have management structures closer to a traditional company, while others operate in completely new ways. DAO boundaries are porous. DAO organization vs Cryptocompany
  26. 26. e n a b l i n g n e w g r o w t h f o r S M E s Some DAOs prefer permissionless "token-based membership" by acquiring control tokens by exchanging or earning a reward for liquidity through proof-of-work; Other DAOs prefer a more permissive “stake-based membership” where any prospective member can propose to join the DAO by providing value in return – either tokens or work. The membership structure of the DAO organization
  27. 27. e n a b l i n g n e w g r o w t h f o r S M E ’ s • ‘It is a gaming platform, a virtual retail destination, a training tool, an advertising channel, a digital classroom, a new gateway to digital experiences. The metaverse seems to be whatever people’s imaginations dream it to be.’ • M c K i n s e y d e c l a r e s , i n a r e p o r t f o c u s i n g o n v a l u e c r e a t i o n i n t h e m e t a v e r s e . Decentralized Metaverse
  28. 28. e n a b l i n g n e w g r o w t h f o r S M E ’ s (1) The generalised and significant shift across norms, disciplines, cultures or other barriers creates new opportunities. (2) Persistent, cohesive, shared experiences give the sense of a new ‘world’. (3) Can be immersive and interactive, but users also can interact with it in a limited capacity. In other words, the metaverse is flexibly immersive. “The metaverse is the product of a technology-driven shift with generalized impact through persistent and adaptable digital experiences.” Metaverse defined
  29. 29. e n a b l i n g n e w g r o w t h f o r S M E ’ s Metaverse – what’s the opportunity
  30. 30. e n a b l i n g n e w g r o w t h f o r S M E ’ s At its most basic, the metaverse will have three features: • a sen se of immersion • real - t im e in t eract ivit y • u ser agen cy Ultimately, the full vision of the metaverse will also include the following: • in t eroperabilit y across plat forms an d devices • con cu rren cy wit h t h ou san ds of people in t eract in g simu lt an eou sly • u se cases span n in g h u man act ivit y well beyon d gamin g Metaverse has several foundational characteristics
  31. 31. e n a b l i n g n e w g r o w t h f o r s m e ’ s The ten layers of the metaverse
  32. 32. e n a b l i n g n e w g r o w t h f o r s m e ’ s Strategist Matthew Ball defines the metaverse: A massively scaled and interoperable network of real- time rendered 3D virtual worlds which can be experienced synchronously and persistently by an effectively unlimited number of users with an individual sense of presence, and with continuity of data, such as identity, history, entitlements, objects, communications, and payments
  33. 33. e n a b l i n g n e w g r o w t h f o r S M E ’ s Open vs Closed Metaverse Closed Metaverse Open Metaverse Infrastructure Platforms. Serve as the basis for deploying applications and tools Networks and platforms. Serve as the basis for deploying applications and tools, as well as other platforms (platform for other platforms) Governance Centrally governed by identifiable entity or entities. Provides the ability for decentralised community- based governance, as well as algorithmic governance. Values Decisions are based mainly on adding shareholder value. Decisions are based mainly on adding stakeholder value.
  34. 34. e n a b l i n g n e w g r o w t h f o r S M E ’ s Open vs Closed Metaverse Closed Metaverse Open Metaverse Business models/reve- nues sources Advertisements, subscriptions, digital items and services. Business models must account for intermediation. Advertisements, subscriptions, digital items and Services. Disintermediation will introduce new business models. Privacy, data, ownership, identity Stored in centralised databases and managed by authorised private and public providers. Limited user control over information enforceable by law. Digital content is managed and controlled by providers. Stored in decentralised and centralised databases and managed by authorised private and public providers as well as smart contracts. User control over information ranges from limited to complete and is enforceable by law and/or algorithmically. Some digital content cannot be managed or controlled by providers. Assets and financial services Proprietary asset registries, financial interoperability necessitates intermediation and is subject to fees and inefficiencies. Possibility for universally shared registries of digital and physical assets (NFTs or blockchain). Intermediated and efficient financial services which can interoperate with legacy finance.
  35. 35. e n a b l i n g n e w g r o w t h f o r s m e ’ s Sectors Leading Metaverse Adoption
  36. 36. e n a b l i n g n e w g r o w t h f o r S M E ’ s 1. Photorealism, i.e. the degree to which the metaverse world resembles the physical world and is sufficiently indistinguishable from it, to the casual observer; 2. Immersiveness, i.e. the degree to which users can (or must) embed themselves inside the world to use it, for example by wearing a VR headset; 3. Persistence, i.e. the degree to which the interaction experience ‘follows’ users in their daily lives in an always-on fashion; Fully mature metaverse characteristics – technology focused
  37. 37. e n a b l i n g n e w g r o w t h f o r S M E ’ s 4. Data ownership, i.e. the degree to which users own the assets they possess in the virtual world (avatars,objects, land, etc.) and can take them off the metaverse to be used in other virtual worlds; 5. Openness, i.e. the degree to which the virtual world is open to developers to create new spaces,experiences, objects and applications; 6. Censorship resistance, i.e. the degree to which users can be prohibited from accessing the virtual world, restricted in their experiences or expelled from the metaverse, by a centralised authority who ‘owns’ andcontrols the world. Fully mature metaverse characteristics- related to governance
  38. 38. e n a b l i n g n e w g r o w t h f o r S M E ’ s Technology is always much easier to analyse. Arguably, it is progressing fast towards creating solutions that increase the photorealism, immersiveness and persistence of metaverses, and one can anticipate that all technical challenges will be ultimately solved. • By contrast, it is by no means certain whether successful virtual worlds of the future (successful in the sense of attracting large numbers of users who consistently live, work and play on them) will be built and owned by centralised organisations (who exercise various degrees of authority in restricting open Access to developers, users and competitors), or whether more decentralised designs will prevail, resulting in open, interoperable and censorship-resistant metaverses. Centralized versus decentralized metaverse
  39. 39. e n a b l i n g n e w g r o w t h f o r s m e ’ s We believe that with the metaverse we can create higher-quality government services. Current government services are demand driven. However, we believe that in the future we can provide services in advance of demand—we can provide a new form of government services and, in that sense, it will be very helpful to citizens. We also believe this metaverse platform will help citizens see Seoul city in a different perspective. –Jong-Soo Park, CIO of Seoul’s Smart City Police Bureau
  40. 40. e n a b l i n g n e w g r o w t h f o r S M E s 5.3 The role of blockchain in the future of financial servises, government, and healthcare
  41. 41. e n a b l i n g n e w g r o w t h f o r S M E ’ s • Financial services’ core functions of verifying and transferring financial information and assets very closely align with blockchain’s core transformative impact. • Major current pain points, particularly in cross-border payments and trade finance, can be solved by blockchain-based solutions, which reduce the number of necessary intermediaries and are geographically agnostic. • Further savings can be realized in capital markets post-trade settlement and in regulatory reporting. Role within Financial Services
  42. 42. e n a b l i n g n e w g r o w t h f o r S M E s • As with banks, governments’ key record-keeping and verifying functions can be enabled by blockchain infrastructure to achieve large administrative savings. • Public data is often siloed as well as opaque among government agencies and across businesses, citizens, and watchdogs. In dealing with data from birth certificates to taxes, blockchain-based records and smart contracts can simplify interactions with citizens while increasing data security. • Many public-sector applications, such as blockchainbased identity records, would serve as key enabling solutions and standards for the wider economy. Governments are actively running blockchain pilots supported by start-ups Role within Public Sector
  43. 43. e n a b l i n g n e w g r o w t h f o r S M E ’ s • Blockchain could be the key to unlocking the value of data availability and exchange across providers, patients, insurers, and researchers. • Blockchain-based healthcare records can not only facilitate increased administrative efficiency, but also give researchers access to the historical, non– patient-identifiable data sets crucial for advancements in medical research. • Smart contracts could give patients more control over their data and even the ability to commercialize data access. For example, patients could charge pharmaceutical companies to access or use their data in drug research. • Blockchain is also being combined with IoT sensors to ensure the integrity of the cold chain (logistics of storage and distribution at low temperatures) for drugs, blood, and organs Role within Healthcare
  44. 44. e n a b l i n g n e w g r o w t h f o r S M E s 5.4 Blockchain's value and potential scope as a new technology in the future
  45. 45. e n a b l i n g n e w g r o w t h f o r S M E ’ s It looks like blockchain is here to stay, I think it’s going to be a powerful technology for modern society. Reid Hoffman, Co-Founder & Executive Chairman, LinkedIn.
  46. 46. e n a b l i n g n e w g r o w t h f o r S M E s Five common blockchain myths create misconceptions about the advantages and limitations of the technology.
  47. 47. e n a b l i n g n e w g r o w t h f o r S M E ’ s • Blockchain does not have to be a disintermediator to generate value, a fact that encourages permissioned commercial applications. • Blockchain’s short-term value will be predominantly in reducing cost before creating transformative business models. • Blockchain is still three to five years away from feasibility at scale, primarily because of the difficulty of resolving the “coopetition” paradox to establish common standards. (mkinsey.com, 2018) Key insights on the strategic value of blockchain
  48. 48. e n a b l i n g n e w g r o w t h f o r S M E s • Identify value by pragmatically and skeptically assessing impact and feasibility at a granular level and focusing on addressing true pain points with specific use cases within select industries. • Capture value by tailoring strategic approaches to blockchain to their market position, with consideration of measures such as ability to shape the ecosystem, establish standards, and address regulatory barriers. Companies should take the following structured approach in their blockchain strategies
  49. 49. e n a b l i n g n e w g r o w t h f o r S M E s The value at stake from blockchain varies across industries McKinsey& Company
  50. 50. e n a b l i n g n e w g r o w t h f o r S M E s Blockchain feasibility in each Industry will depend on the type of asset, technology maturity, standards and regulation, and the ecosystem McKinsey& Company
  51. 51. e n a b l i n g n e w g r o w t h f o r S M E s Elements of the European Commission’s blockchain strategy European Commission, Directorate-General for Communications Networks, Content and Technology, Study on copyright and new technologies : copyright data management and artificial intelligence, Publications Office of the European Union, 2022 Blockchain beyond the hype: What is the strategic business value? (mckinsey.com) Decentralised Finance (DeFi)A Thematic Report Prepared ByThe European Union Blockchain Observatory & Forum https://www.lisbondaoobservatory.cidp.pt/what-is-a-dao NFTs, DAOs, MobileWeb3, And The Metaverse: Off And Running In 2022 https://www.eublockchainforum.eu/sites/default/files/reports/Metaverse_Report_Final_1.pdf Value creation in the metaverse. The real business of the virtual world (mckinsey.com) Key references