On Blockchains and Payment Systems

Lectures on Blockchain - David Yermack
#blockchain

Watch David Yermack’s full Stigler Center lecture on the potential implications of blockchain technology for the future of finance. First part of a three-part series.

In January, NYU professor David Yermack taught a mini-course of three stand-alone lectures at the Stigler Center on the potential implications of blockchain technology.

Yermack, the Albert Fingerhut Professor of Finance and Business Transformation at New York University Stern School of Business, has researched blockchain technology extensively in recent years. His Stigler lectures touched on the potential implications of blockchains for the future of finance, as well as for managers, institutional investors, small shareholders, auditors, central banks, and other groups in the financial world.

As a service to the readers of ProMarket, we will be posting the videos and full transcripts of the lectures. Below, you’ll find a video and transcript of the first lecture, slightly edited for clarity:

Lecture 1
“I Expect That Within the Next 10 Years, Probably Half of the Banks Will be Gone”
https://promarket.org/expect-within-next-1...

Lecture 2
Blockchains and Corporate Finance: “In a Blockchain Market, Shareholder Activists Might Play Much Less of a Role”
https://promarket.org/blockchains-corporat...

Lecture 3
“The Blockchain Is Going to Revolutionize Central Banking and Monetary Policy”
https://promarket.org/blockchain-going-rev...

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5 likes 59 comments
bgting

Blockchain’s Broken Promises - Nouriel Roubini
Boosters of blockchain technology compare its early days to the early days of the Internet. But whereas the Internet quickly gave rise to email, the World Wide Web, and millions of commercial ventures, blockchain's only application – cryptocurrencies such as Bitcoin – does not even fulfill its stated purpose.
https://www.project-syndicate.org/commenta...

bgting

Bubble, Bubble, Fraud and Trouble - Paul Krugman
https://nyti.ms/2FsnfMv

bgting

Is “a Stable Cryptocurrency” an Oxymoron? - Uneasy Money
https://uneasymoney.com/2018/01/25/is-a-st...

bgting

A monetarist economist take ...
Is Bitcoin a Waste of Resources? - Stephen Williamson
http://newmonetarism.blogspot.sg/2018/01/i...

bgting

Blockchain: what it is, what it does, and why you probably don't need one - MacroMania
http://andolfatto.blogspot.sg/2018/01/bloc...
... ...
So what do people mean when they bandy about the term blockchain? I recently had a chance to learn about the project from a corporate perspective as represented by Ed Corno of IBM (see IBM Blockchain), the other member of the panel I mentioned above. From Ed's slide deck we have the following definition:
Blockchain: a shared, replicated, permissioned ledger with consensus, provenance, immutability and finality.
Well, if this is what blockchain is, then maybe I want one too! The issue I have with this definition (apart from the fact that it confounds descriptive elements with desired outcomes) is that it glosses over what I consider to be an important defining characteristic of blockchain: the consensus mechanism. Loosely speaking, there are two ways to achieve consensus. One is reputation-based (trust) and the other is game-based (trustless).
... ...

bgting

Largest digital banks in Africa are mobile telecoms ...
MTN Takes on Vodacom for Title of Africa's Biggest Digital Bank
https://www.bloomberg.com/news/articles/20...

mj0101

Reply to @bgting : And it makes sense esp with lack of infrastructure. There mobile can reach so many (like in remote Indon).

bgting

Financial Innovation: A World in Transition - Jerome Powell
https://www.federalreserve.gov/newsevents/...
Summary
Rapidly changing technology is providing a historic opportunity to transform our daily lives, including the way we pay. Fintech firms and banks are embracing this change, as they strive to address consumer demands for more timely and convenient payments. A range of innovative products that seamlessly integrate with other services is now available at our fingertips. It is essential, however, that this innovation not come at the cost of a safe and secure payment system that retains the confidence of its end users. The examples I have drawn upon today highlight that fintech firms and banks must each play a role in assuring that enhancements to convenience and speed do not undermine safety and security. More broadly, the Faster and Secure Payments Task Forces demonstrate the importance of broad and diverse stakeholder input, which are essential if the United States is to implement safe, ubiquitous real-time retail payments. Working together, we can achieve a safe and fast payments system that meets the evolving needs of consumers and our dynamic economy.

bgting

Crypto-Fool’s Gold? - Kenneth Rogoff
https://www.project-syndicate.org/commenta...
The price of Bitcoin is up 600% over the past 12 months, and 1,600% in the past 24 months. But the long history of currency tells us that what the private sector innovates, the state eventually regulates and appropriates – and there is no reason to expect virtual currency to avoid a similar fate.

bgting

Special Report: Chaos and hackers stalk investors on cryptocurrency exchanges
http://www.reuters.com/article/us-bitcoin-...

mj0101

Reply to @bgting : Yes,Amazon Wholefoods - hackers are getting smarter - like crypto miners.

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