Crypto Currencies & Blockchain Technology a guide for non IT Specialists

Transcription

1 Crypto Currencies & Blockchain Technology a guide for non IT Specialists A 1 day Workshop Style Course This course is presented in London on: 6 February 2019, 19 June 2019, 28 October 2019 This course can also be presented in-house for your company or via live on-line webinar The Banking and Corporate Finance Training Specialist

2 Course Objectives Delegates will: Be able to better separate the hype and hysteria from reality in order to understand exactly what crypto-currencies and Blockchain are all about Explore the history of crypto-currencies Explain how they work are they really anonymous? Appreciate the meaning of terms such as miners, proof of work, consensus and the complex Course maths underpinning Overview the Blockchain Have an understanding of the different crypto-currencies available and their differentiators Know about buying and storing currencies Have an appreciation about the strengths and weaknesses of crypto money Appreciate why the medium of exchange feature has yet to achieve real traction Understand what DLT and Blockchain are Appreciate why institutions are excited by DLT and Blockchain as a settlement medium Consider the potential applications of DLT and Blockchain Explore what changes are possible Explore what has happened so far Consider the potential going forward Examine how crypto-currencies are regulated Consider the future Course Content Session 1 - What is a Crypto - currency A brief history How do crypto-currencies wor? What platforms are used? The importance of miners Proof of work & Consensus Different crypto-currencies available Case Study simple example of how a crypto currency works Session 2 - The Mechanics of Bitcoin and Other Crypto-currencies How do they work Mining syndicates Coin rewards versus transaction fees Forks to overcome limitations Decentralisation The leading crypto-currencies Case Study - Understanding the different features and applications of the leading crypto- currencies Session 3 - How to Store and Use Crypto-currencies Wallets Personal and Wallet codes Intermediaries Using Crypto currencies

3 The smallest division the Satoshi High profile wallet providers Crypto currency acceptance the hype Crypto currency acceptance the reality Case Study examples of what is claimed and what is happening Session 4 - Crypto currencies and Anonymity How does this work Identifying a user Where does it work well? Where has it gone wrong? Capital flight Money laundering Other criminal activity Wallet hacking Case Study Examples of what has happened so far Session 5 - Blockchain & DLT What is a Blockchain? Distributed Ledger Technology Blockchain Technology Cryptography Building a Blockchain Using a Blockchain Uses/Effects/Advantages in different sectors -private/ Govt /Para-statal Bodies Principle uses of Blockchain to date Private versus public DLT Case Study Simple examples of blockchains Session 6 - How might DLT change the world? The claims The possibilities The likely reality The capacity to disrupt The capacity to enhance The threats and weaknesses What is likely to happen in practice? Case Study examples of what changes have happened and what are possible Session 7 - What are the obstacles Key constraints Existing processes Market resistance Client resistance Regulatory resistance

4 Case Study Examples of potential obstacles Session 8 - Regulation of Crypto-currencies and Blockchain A wait and see approach for now Who has regulated? Bitlicense Swiss initiatives on ICO s OFAC guidelines The strengths and weaknesses of regulation Case Study: Examples of what has happened to date. Session 9 - Putting It All Together What has happened so far Why has it not been implemented en-masse yet? What will the next stage be? What should financial institutions be doing now? The future? END Background of the Trainer Your course director has spent more than 40 years in the banking and financial sector, much of it in a senior managerial/director role. He is a former Institute of Banking Lecturer, having gained distinctions in the exams. He is a subject matter expert on all aspects of retail, corporate and global banking, including risk management and regulatory compliance. He has lectured extensively to both leading global financial institutions and to smaller bespoke specialists. He has delivered extensive programmes in all parts of the world including the USA, Europe, MENA, Africa and Hong Kong. He is currently an accredited Master Trainer for Risk and FCC training at the world s biggest global bank. Course Summary Cryptocurrencies are very high profile at present mainly for the wrong reasons. The founding currency, Bitcoin, was conceived by the mysterious Satoshi Nakamoto following the banking crisis. His/her/their vision was the creation of an alternative global currency, free of governmental and other controls, independent of all financial institutions, traded on a global peer to peer basis in the Cloud. Its settlement system used an established ledger technology called Blockchain which was enhanced considerably by a fiendishly complex mathematical algorithm requiring proof of work and community consensus to achieve crypto resilience. As originally conceived, Satoshi s mission has been largely accomplished except Bitcoin is not yet operating as a medium of exchange in any meaningful way. The challenge Satoshi could not avoid is that all the features that make a crypto currency highly attractive to the intended user are also very appealing to criminals. This has prompted more unwelcome frauds and consequent regulatory interventions, than the system intended.

5 Blockchain on the other hand is exciting institutions because Bitcoin has provided a free field test of its capabilities in probably the most hostile environment. Most serious commentators agree it is a proven, cyber-resilient and highly secure version of Distributed Ledger Technology (DLT) which has so far been impervious to outside attack. All losses on Bitcoin exchanges have occurred through either intermediaries or hot wallets. It is claimed by some very high profile supporters that it has the capacity to revolutionise the way financial institutions manage both payments and their FCC obligations. Its supporters talk in terms of world changing possibilities. This interactive course describes both Blockchain and DLT in language that the non-it specialist can understand. It covers the topics in detail, cuts through all the hype and offers a balanced and measured description of the possibilities on offer. The Participants: Anyone with an interest in the subject What Redcliffe s clients are saying about the course: Clear and concise delivery method and very good content. Very informative and engaging kept our attention --Senior Legal Counsel, ABN Amro The trainer s delivery is excellent and his knowledge of the course was fantastic. --Trade Finance Specialist, Danske Bank Great examples of industry application. --Corporate Finance Partner, DAC Beachcroft LLP

6 09:30-17:00 London Standard Price: VAT Membership Price: VAT In-House Training Delivering this course in-house for a number of participants could be very cost effective. The venue and timing can be agreed to suit the client, as well as the selection of the trainer and the precise contents of the seminar. Tailored Learning All of our training courses can be tailored to suit your company s exact training needs. We will work closely with you to help develop a training programme with content that is unique for your organisation. Please us on enquiries@redcliffetraining.co.uk for more information E-Learning This course can also be presented as a bespoke e-learning programme created by you to fit your exact requirements.