The document discusses the potential applications of blockchain technology in the real estate industry, known as PropTech. It outlines how blockchain could streamline processes like property transactions and leasing by creating a shared, immutable record that reduces the need for intermediaries and verifies information automatically. Blockchain properties like transparency and distributed trust management could address issues in real estate like lack of transparency in pricing and the need for streamlined due diligence between multiple parties. The document also provides an overview of the global PropTech market and funding levels that have grown significantly in recent years.
Columbia Law School - Decentralized Ledgers Presentation on 4/7/2014
Principals from Tillit explore the business and legal implications of advanced blockchain technologies, including smart contracts, digital stored value and the concepts of "code as law"
Visa moves to allow payment settlements using cryptocurrency.
If we have to name the most revolutionary change in the world of technology in recent years, then you have to count cryptocurrency and Blockchain in the list. Bitcoin is the pioneering cryptocurrency in this domain. It highlighted the fact that transactions can take place without third-party intervention, and you can have faster transactions using a decentralized platform that guarantees complete security of data. Although cryptocurrency exchange does have its set of apprehensions surrounding its sustenance, in the long run, we have to agree to the fact that it has opened a new gateway of opportunities for a new phase of the digital financial revolution.
BlockChain Strategists is the first French consulting company dedicated to BlockChain & Crypto-economies Strategies, organizations and governance models.
We are convinced BlockChain value generation is tightly linked to a deeper understanding of blockchain specificities and DNA: Internet of value, Trusted ecosystems, economic horizontalisation and peer to peer models, crypto-economies.
Master these specificities unleashes capacity to go beyond experimentations with a middle and long term roadmap, generating value via new products & services go to market, and enhanced economic models (clustering, fraud management, traceability).
Operational efficiency is questioned due to current offering dispersion and apparent immaturity. Our value added is to assist in building IT Strategy filtering technologies based on their respective business coverage and proven credentials.
At BlockChain Strategists, we make the bridge between Digital Strategic Consulting and BlockChain market play, to become YOUR partner in this upcoming digital disruption
Blockchain and Internet of Things: Why a Perfect Match
While blockchain gained a lot of interest particularly in the FinTech domain, it is in the IoT space that most of the advantages brought by blockchain could be exploited. In this talk you will see how blockchain can help in addressing some of the most challenging problems of IoT such as scalability, security, data privacy and why the decentralised nature of blockchain perfectly matches with the intrinsic distributed and decentralised nature of IoT.
Redefining Security with the Blockchain by William Mougayar
William Mougayar gave a keynote on redefining security with blockchain technology. He discussed how blockchain, cryptography, and distributed systems can challenge traditional notions of security. New platforms are emerging that implement decentralized security models like IPFS for file storage, Synereo for social media, and Ethereum for building decentralized applications. These platforms may help address big problems around data privacy, identity ownership, and the decentralization of computing architectures. The talk concluded that learning blockchains and applying their principles of decentralization could help rethink how to securely build new applications in the future.
JoaquĆn Moreno - Blockchain Practice Lead de Globant - semanainformatica.com
The document discusses blockchain technology. It begins by explaining how blockchains solve the Byzantine General's Problem and the double spend problem. It then describes how blockchains work at a high level, including transaction creation, broadcasting, validation, and linking to previous blocks. The document outlines different types of blockchains and provides examples of use cases across various industries. It also summarizes key challenges for blockchains like scalability, privacy, and regulation. Finally, it envisions blockchain integration with storage solutions as part of a growing ecosystem.
Regulation & law in the Bitcoin era: analysis and perspectives | Stefano Capa...
Bitcoin and cryptocurrencies are innovation permission-less: lawmakers and regulators did not expect this new paradigm. The first experiment to regulate failed (BitLicense), because did not consider the unique characteristics of the new ecosystem, new actors, and new typology of transaction. Starting from common principles and some property of bitcoin, the speech will focus on the effort made by European Union, particularly on European Court of Justice Case C-264/14 and the fifth Anti Money Laundering Directive and made by Italy.
The implications of blockchain for the insurance industry - Eurapco Peer Semi...
Blockchain has the potential to significantly impact the insurance industry by reducing costs and enabling new business models and products. It allows for direct peer-to-peer transactions without intermediaries, increased automation through smart contracts, and improved transparency. However, blockchain technology still faces challenges related to scalability, speed, security of smart contracts, and integration with external data. The insurance industry is beginning to explore blockchain applications through partnerships and open innovation, but the technology is still maturing. Further experimentation is needed to identify the most promising use cases for blockchain in insurance.
We shortly go through bitcoin/blockchain history before trying to guess how our economy/society will be impacted by this technology in the near future.
The document discusses the potential for blockchain technology to impact content sales, distribution, and licensing in media industries. It describes the Content Blockchain Project, which aims to create an open blockchain ecosystem for identifying content, managing rights and licenses, and enabling transactions. Key elements discussed include the ISCC content identifier standard, registering identifiers and metadata on the blockchain to enable identification and licensing of content through "smart licenses" accessible to all.
This document discusses the potential of blockchain technology to revolutionize various industries by creating a decentralized internet of value. It describes how blockchain uses distributed ledgers and cryptography to allow for trustless and transparent transactions without middlemen. Examples are given of how blockchain could transform industries like transportation (Uber), healthcare (electronic medical records), insurance (peer-to-peer models), and more. Challenges around scalability and regulation are also mentioned. The document promotes blockchain as a means to fully democratize the internet through decentralized applications, smart contracts, and new models of value exchange and autonomous organizations.
The document discusses blockchain technology and its potential applications, providing an overview of blockchain basics like how transactions are grouped into blocks and how consensus is reached in the network, and exploring potential use cases for blockchain in areas like asset tracking, fundraising, government services, and finance by reducing the need for intermediaries and increasing transparency, immutability, and robustness. The document also cautions that blockchain is still an emerging technology with significant hype and that widespread adoption may take time as technical and regulatory challenges are addressed.
How Blockchain could disrupt the advertising industry
Blockchain has the potential to disrupt the digital advertising industry by addressing several challenges. It could 1) remove intermediary fees by allowing direct transactions between advertisers and publishers, 2) provide a shared ledger to accurately track impressions and resolve discrepancies, and 3) establish standardized taxonomies and definitions to improve communication. Blockchain's transparency, immutability, and consensus-based approach could also help prevent ad fraud and correctly match consumer identities and data across the industry.
The document provides an overview of blockchain use cases. It begins with remembering the key components of blockchain like blocks, miners, proof of work, and distributed ledgers. It then discusses public versus private blockchains and how private blockchains allow for control over participants. Several specific use cases are outlined, including smart contracts, proof of existence services, digital notarization of photos/videos, digital weddings, lottery systems, alarm clock apps, and banking operating systems. It is suggested that 2017 will be a year when more blockchain proofs of concept and pilots move into limited production and early adoption.
Blockchain - Use Cases. Typical existing Blockchain Domain projects by Industries Presentation by Andrew Darley, Industry Sales Leader Europe IBM Cloud. Held at Watson Sweden Summit 2017.
Future Commerce: Reinventing Markets with Blockchain, by David Shrier
The document discusses how blockchain technology can reinvent markets. It begins with an introduction to blockchain and how it uses distributed ledger systems to record transactions across networks of computers. Examples are given of how blockchain could change money and payments by making them faster, cheaper and more secure. It also explores how blockchain could change financial markets and insurance by disintermediating middlemen. Opportunities discussed include improving access, reducing fraud, enhancing data analytics and more. The document promotes an online MIT course on future commerce that will cover these topics.
This document summarizes key points about Bitcoin, blockchain technology, and cryptocurrencies. It discusses how Bitcoin works through a peer-to-peer network and cryptography to validate transactions. It also outlines companies working in the Bitcoin ecosystem that have received over $475 million in funding. Both benefits and drawbacks of Bitcoin are presented. The document concludes by suggesting the blockchain technology underlying Bitcoin could transform how property rights are transferred through ledgers in a fast, transparent, and secure manner.
This document provides an overview of blockchain and initial coin offerings (ICOs). It discusses common myths about blockchain, such as the ideas that blockchain is just for Bitcoin, proof of work is the only consensus method, and that all data needs to be stored on a blockchain. The document also covers blockchain use cases, validation of blockchains, and the benefits and challenges of ICOs as a method of fundraising. It aims to demystify blockchain and provide essential information about this emerging technology.
Initial coin offerings (ICOs) are a new way of raising funds for projects running on blockchain technology. Similar to the role venture capital (VC) plays in financing start-ups in traditional finance, ICOs are the future of venture investing in the blockchain world. Through ICOs, exponential returns can be earned in a very short period of time. When a decentralised application is created, the start-up behind it can sell the associated coin or token early in the process for an amount based on what it thinks itās worth.
Wave Financial + TQ Tezos: State of Digital Securities
Wave Financial recently authored a report on the state of digital securities in conjunction with TQ Tezos - a leading institutional-grade blockchain solutions developer with a focus on security and durability across technological generations.
Digitizing securities through blockchain technology can enable cost savings, economic value creation, and risk reduction. While the digital securities ecosystem is quite nascent, early examples from financial heavyweights like Santander and Franklin Templeton indicate that the potential benefits around compliance automation and cost reduction may be the driving forces of broader adoption.
In this report, we explore the advantages of digital securities, the global regulatory landscape, current challenges hindering widespread adoption, and leading digital securities initiatives.
ACC presentation on tokenization of everything - February-March 2018
This document summarizes a presentation on blockchain and ICOs given to the ACC SF Bay Area Corporate and Securities Committee. It discusses the basics of blockchain technology and applications, challenges of multi-jurisdictional regulation, potential uses of blockchain including for smart contracts, and considerations around blockchain intellectual property and due diligence. The presentation aimed to help transactional lawyers understand blockchain to perform due diligence on related technologies and transactions.
Leading blockchain and Web 3.0 venture capital firm Outlier Ventures published the Q3 report in its State of Blockchains series, which provides an overview into blockchain investment and market trends worldwide. The report reveals a range of insights into the market
CRYPTOCURRENCY TO REVOLUTIONIZE FINANCIAL SERVICE INDUSTRY.pdf
The document discusses how cryptocurrency and blockchain technology have the potential to revolutionize the financial services industry. It explains that blockchain provides transparency, security, efficiency and cost savings. While cryptocurrencies currently face challenges as a currency due to volatility and limited acceptance, blockchain technology could significantly impact transaction speed, traceability and costs if widely adopted. The role of banks may also change as smaller players challenge incumbents using technologies like blockchain and peer-to-peer services.
CRYPTOCURRENCY TO REVOLUTIONIZE FINANCIAL SERVICE INDUSTRY.pptx
The document discusses how cryptocurrency and blockchain technology have the potential to revolutionize the financial services industry. It explains that blockchain provides transparency, security, efficiency and cost savings. While cryptocurrencies currently face challenges as a currency due to volatility and limited acceptance, blockchain technology could significantly impact transaction speed, traceability and costs if widely adopted. The role of banks may also change as smaller innovative players challenge large banks through peer-to-peer services and technologies like blockchain.
This document provides an overview of blockchain trends in 2017. It discusses how blockchain is being applied in various industries such as banking, financial services, cryptocurrency, supply chain management, and IOT. It also analyzes funding and investment in blockchain startups, noting that over $2.2 billion has been invested in 923 blockchain companies to date. Potential risks and regulations related to cryptocurrencies are also examined.
MindWorks Ventures presents 'Blockchain Report 2017' which includes an introduction to blockchain, industry trends, relevant blockchain startups, and potential risks and regulations.
The ERP of the Future : Blockchain of Things. Tinal Parikh
The ERP of the Future : Blockchain of Things
Tinal Parikh
Department of Computer Science, Shri Chimanbhai Patel Post Graduate Institute of Computer Applications, Gujarat
Technological University, Ahmedabad, Gujarat, India
ABSTRACT
The surge of savvy advancements in all spaces of human action opens new opportunities for the improvement
of business forms. Things that appeared to be inconceivable 15-20 years back, for example, swift online
payments, e-banking and virtual cash, have turned into a piece of our regular day to day existence. Rising and
creating cryptographic forms of money give us significantly more potential outcomes. One of them is
Blockchain advancement, which authorizes clients towards profit related trades without commission charges.
We are toward the begin of enterprise resource planning (ERP) computerized change with the presentation of
blockchain innovation, best known as a digital ledger (distributed database) behind digital money. The
fundamental distinctive component of the innovation is the absence of a single centralized base for data storage.
All the data is distributed between interconnected blocks, which are joined into a chain utilizing complicated
algorithms. Each block stores its own snippet of data. New blocks can be added to the complete of this chain,
yet they can't be changed after including. This gives the most elevated amount of security and hack-protection.
The upright of blockchain was recognized early on, but like most innovation, it took a while for the more
extensive market to comprehend what a major jump forward it was in making a workable model of aggregate
system straightforwardness that encourages profound shared trust of a framework which has no 'proprietor.'
This is the reason dialogs of blockchain have made so much premium as of late in the money related world,
with calm voices now saying blockchain has turned into a 'major open door' for bookkeeping and finance.
Blockchain might be the free innovation that associates your item to the end client. Blockchain will encourage
the development of key information alongside the status of the shipment. Blockchain empowers quick, modest
and frictionless procedures within organisations, and between organisations and their partners, e.g. through
near real-time settlement, enhanced data sharing, reliable tracing of any record or other thing, moment
verifications of any piece of a procedure happening and less possibility of mistake and misrepresentation. The
industries that will profit by blockchain innovation include: land, fintech and banking, medicinal services,
transportation, urban arranging, smart energy, digital commerce and tourism.
Keywords : Blockchain, Technology, ERP, Cryptocurrencies, Enterprise Resource Planning
The Blockchain Imperative: The Next Challenge for P&C Carriers
Blockchain, a universal ledger and data-storage platform, can help P&C carriers address some of their most critical business challenges and significantly alter the way they operate. Although the technology has yet to achieve widespread adoption in the insurance space, the time is ripe for carriers to begin thinking about, exploring and experimenting with blockchain.
Crypto currencies usage is growing in a more connected world. The traditional banking industry is being disrupted by a decentralized network, rich in computing resources and connectivity.
Full quality version here -> https://www.scribd.com/document/333257162/Crypto-Currency-Mining-Science
ICOs as a Funding Mechanism for Blockchain Startups: The Current State of Play
This document provides an overview of initial coin offerings (ICOs) and blockchain technology. It defines key terms like blockchain, ICOs, and the different types of tokens offered. It discusses regulatory uncertainties around ICOs and recent SEC enforcement actions. The conclusion emphasizes that the SEC views most tokens as securities and will analyze the economic substance over the form to determine if a token is a security.
Blockchain and XBRL at the 2017 American Accounting Association presented b...
The integration of "Blockchain and XBRL" provides a seamless data solution, with blockchain as a potential output from XBRL based reporting.
Blockchainās smart contracts might also be facilitated by an XBRLās powerful persistent data model.
This presentation takes the viewer through the basics of block chain concepts, its evolution and why it is a paradigm shift.
It also explores the ways in which the block chain concept can be put to use and how it has the potential to revolutionize the way businesses are conducted today.
Key takeaways
Idea of Blockchain.
The technology behind Blockchain.
Why it is a paradigm shift.
How it may be put to use in different industries.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
BlockToken describes to the Australian Crypto community how to launch a token offering within today's current climate. This presentation discusses the various methods used in the marketing and distribution of ICO and STO campaigns.
Initial Coin Offerings: An Overview [Digital Ventures]
Some thoughts on the recent trends in token crowdsales, presented to Siam Commercial Bank's top management as part of Digital Ventures' briefings on latest trends in the Fintech world.
\\ 15:50
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|| GmbH Anteile zu kommerziellen Immobilien ohne Fonds oder Aktien
|| Ć¼ber die eigene Homepage verƤussern? In der Schweiz bereits mƶglich.
||
|| Dipl.-Ing. Walter Strametz, IMD MBA
|| Founding & Boardmember FIBREE.org, founder element36.io
//
Blockchain Use Cases: Think of a "Public" Pub/Sub QueueAltoros
The document discusses several perspectives on blockchain use cases from SWIFT Institute, Accenture, and potential adoption scenarios. SWIFT Institute found little short-term payoff for securities transactions due to challenges like regulatory support. Accenture saw opportunities but said the technology is not mature enough. The document then presents a simple use case of blockchain as a public pub/sub message queue and discusses the technical advantages and challenges. It concludes by considering which industries and organizations may be early blockchain adopters.
Regulation in the Digital Era? Some thoughts on the Blockchain | Marta Ghigli...Codemotion
This document discusses blockchain technology and its potential applications in government. It describes how some governments have started implementing blockchain solutions, such as Estonia creating a national identity management system on the blockchain to reduce bureaucracy. The document also lists potential use cases for blockchain in government like national identity management, tax collection, and voting. Finally, it suggests Dubai could save $1.5 billion per year by moving government transactions to the blockchain.
This document discusses the distributed ledger landscape and who is developing shared, replicated ledgers and why. It outlines the characteristics of distributed ledgers and the motivations for building non-proof-of-work ledgers and private blockchains. Known, trusted parties are preferred over unknown, untrusted parties due to unclear governance and scalability challenges of public blockchains. Permissioned blockchains with legally accountable validators are seen as more suitable for settling off-chain assets like securities and fiat. While distributed ledgers provide benefits, their use cases depend on factors like whether participants are known or anonymous, and what type of consensus is required.
Columbia Law School - Decentralized Ledgers Presentation on 4/7/2014Ldger, Inc
Principals from Tillit explore the business and legal implications of advanced blockchain technologies, including smart contracts, digital stored value and the concepts of "code as law"
Visa moves to allow payment settlements using cryptocurrency.Blockchain Council
If we have to name the most revolutionary change in the world of technology in recent years, then you have to count cryptocurrency and Blockchain in the list. Bitcoin is the pioneering cryptocurrency in this domain. It highlighted the fact that transactions can take place without third-party intervention, and you can have faster transactions using a decentralized platform that guarantees complete security of data. Although cryptocurrency exchange does have its set of apprehensions surrounding its sustenance, in the long run, we have to agree to the fact that it has opened a new gateway of opportunities for a new phase of the digital financial revolution.
BlockChain Strategists is the first French consulting company dedicated to BlockChain & Crypto-economies Strategies, organizations and governance models.
We are convinced BlockChain value generation is tightly linked to a deeper understanding of blockchain specificities and DNA: Internet of value, Trusted ecosystems, economic horizontalisation and peer to peer models, crypto-economies.
Master these specificities unleashes capacity to go beyond experimentations with a middle and long term roadmap, generating value via new products & services go to market, and enhanced economic models (clustering, fraud management, traceability).
Operational efficiency is questioned due to current offering dispersion and apparent immaturity. Our value added is to assist in building IT Strategy filtering technologies based on their respective business coverage and proven credentials.
At BlockChain Strategists, we make the bridge between Digital Strategic Consulting and BlockChain market play, to become YOUR partner in this upcoming digital disruption
Blockchain and Internet of Things: Why a Perfect MatchFabio Antonelli
While blockchain gained a lot of interest particularly in the FinTech domain, it is in the IoT space that most of the advantages brought by blockchain could be exploited. In this talk you will see how blockchain can help in addressing some of the most challenging problems of IoT such as scalability, security, data privacy and why the decentralised nature of blockchain perfectly matches with the intrinsic distributed and decentralised nature of IoT.
William Mougayar gave a keynote on redefining security with blockchain technology. He discussed how blockchain, cryptography, and distributed systems can challenge traditional notions of security. New platforms are emerging that implement decentralized security models like IPFS for file storage, Synereo for social media, and Ethereum for building decentralized applications. These platforms may help address big problems around data privacy, identity ownership, and the decentralization of computing architectures. The talk concluded that learning blockchains and applying their principles of decentralization could help rethink how to securely build new applications in the future.
JoaquĆn Moreno - Blockchain Practice Lead de Globant - semanainformatica.comCOIICV
The document discusses blockchain technology. It begins by explaining how blockchains solve the Byzantine General's Problem and the double spend problem. It then describes how blockchains work at a high level, including transaction creation, broadcasting, validation, and linking to previous blocks. The document outlines different types of blockchains and provides examples of use cases across various industries. It also summarizes key challenges for blockchains like scalability, privacy, and regulation. Finally, it envisions blockchain integration with storage solutions as part of a growing ecosystem.
Regulation & law in the Bitcoin era: analysis and perspectives | Stefano Capa...Codemotion
Bitcoin and cryptocurrencies are innovation permission-less: lawmakers and regulators did not expect this new paradigm. The first experiment to regulate failed (BitLicense), because did not consider the unique characteristics of the new ecosystem, new actors, and new typology of transaction. Starting from common principles and some property of bitcoin, the speech will focus on the effort made by European Union, particularly on European Court of Justice Case C-264/14 and the fifth Anti Money Laundering Directive and made by Italy.
The implications of blockchain for the insurance industry - Eurapco Peer Semi...Vidal Chriqui
Blockchain has the potential to significantly impact the insurance industry by reducing costs and enabling new business models and products. It allows for direct peer-to-peer transactions without intermediaries, increased automation through smart contracts, and improved transparency. However, blockchain technology still faces challenges related to scalability, speed, security of smart contracts, and integration with external data. The insurance industry is beginning to explore blockchain applications through partnerships and open innovation, but the technology is still maturing. Further experimentation is needed to identify the most promising use cases for blockchain in insurance.
We shortly go through bitcoin/blockchain history before trying to guess how our economy/society will be impacted by this technology in the near future.
The document discusses the potential for blockchain technology to impact content sales, distribution, and licensing in media industries. It describes the Content Blockchain Project, which aims to create an open blockchain ecosystem for identifying content, managing rights and licenses, and enabling transactions. Key elements discussed include the ISCC content identifier standard, registering identifiers and metadata on the blockchain to enable identification and licensing of content through "smart licenses" accessible to all.
This document discusses the potential of blockchain technology to revolutionize various industries by creating a decentralized internet of value. It describes how blockchain uses distributed ledgers and cryptography to allow for trustless and transparent transactions without middlemen. Examples are given of how blockchain could transform industries like transportation (Uber), healthcare (electronic medical records), insurance (peer-to-peer models), and more. Challenges around scalability and regulation are also mentioned. The document promotes blockchain as a means to fully democratize the internet through decentralized applications, smart contracts, and new models of value exchange and autonomous organizations.
The document discusses blockchain technology and its potential applications, providing an overview of blockchain basics like how transactions are grouped into blocks and how consensus is reached in the network, and exploring potential use cases for blockchain in areas like asset tracking, fundraising, government services, and finance by reducing the need for intermediaries and increasing transparency, immutability, and robustness. The document also cautions that blockchain is still an emerging technology with significant hype and that widespread adoption may take time as technical and regulatory challenges are addressed.
How Blockchain could disrupt the advertising industryDamien Berger
Blockchain has the potential to disrupt the digital advertising industry by addressing several challenges. It could 1) remove intermediary fees by allowing direct transactions between advertisers and publishers, 2) provide a shared ledger to accurately track impressions and resolve discrepancies, and 3) establish standardized taxonomies and definitions to improve communication. Blockchain's transparency, immutability, and consensus-based approach could also help prevent ad fraud and correctly match consumer identities and data across the industry.
The document provides an overview of blockchain use cases. It begins with remembering the key components of blockchain like blocks, miners, proof of work, and distributed ledgers. It then discusses public versus private blockchains and how private blockchains allow for control over participants. Several specific use cases are outlined, including smart contracts, proof of existence services, digital notarization of photos/videos, digital weddings, lottery systems, alarm clock apps, and banking operating systems. It is suggested that 2017 will be a year when more blockchain proofs of concept and pilots move into limited production and early adoption.
Blockchain - Use Cases. Typical existing Blockchain Domain projects by Industries Presentation by Andrew Darley, Industry Sales Leader Europe IBM Cloud. Held at Watson Sweden Summit 2017.
Future Commerce: Reinventing Markets with Blockchain, by David ShrierFutureEnterprise
The document discusses how blockchain technology can reinvent markets. It begins with an introduction to blockchain and how it uses distributed ledger systems to record transactions across networks of computers. Examples are given of how blockchain could change money and payments by making them faster, cheaper and more secure. It also explores how blockchain could change financial markets and insurance by disintermediating middlemen. Opportunities discussed include improving access, reducing fraud, enhancing data analytics and more. The document promotes an online MIT course on future commerce that will cover these topics.
This document summarizes key points about Bitcoin, blockchain technology, and cryptocurrencies. It discusses how Bitcoin works through a peer-to-peer network and cryptography to validate transactions. It also outlines companies working in the Bitcoin ecosystem that have received over $475 million in funding. Both benefits and drawbacks of Bitcoin are presented. The document concludes by suggesting the blockchain technology underlying Bitcoin could transform how property rights are transferred through ledgers in a fast, transparent, and secure manner.
This document provides an overview of blockchain and initial coin offerings (ICOs). It discusses common myths about blockchain, such as the ideas that blockchain is just for Bitcoin, proof of work is the only consensus method, and that all data needs to be stored on a blockchain. The document also covers blockchain use cases, validation of blockchains, and the benefits and challenges of ICOs as a method of fundraising. It aims to demystify blockchain and provide essential information about this emerging technology.
Initial coin offerings (ICOs) are a new way of raising funds for projects running on blockchain technology. Similar to the role venture capital (VC) plays in financing start-ups in traditional finance, ICOs are the future of venture investing in the blockchain world. Through ICOs, exponential returns can be earned in a very short period of time. When a decentralised application is created, the start-up behind it can sell the associated coin or token early in the process for an amount based on what it thinks itās worth.
Wave Financial + TQ Tezos: State of Digital Securities Tom Lombardi
Wave Financial recently authored a report on the state of digital securities in conjunction with TQ Tezos - a leading institutional-grade blockchain solutions developer with a focus on security and durability across technological generations.
Digitizing securities through blockchain technology can enable cost savings, economic value creation, and risk reduction. While the digital securities ecosystem is quite nascent, early examples from financial heavyweights like Santander and Franklin Templeton indicate that the potential benefits around compliance automation and cost reduction may be the driving forces of broader adoption.
In this report, we explore the advantages of digital securities, the global regulatory landscape, current challenges hindering widespread adoption, and leading digital securities initiatives.
ACC presentation on tokenization of everything - February-March 2018Louis Lehot
This document summarizes a presentation on blockchain and ICOs given to the ACC SF Bay Area Corporate and Securities Committee. It discusses the basics of blockchain technology and applications, challenges of multi-jurisdictional regulation, potential uses of blockchain including for smart contracts, and considerations around blockchain intellectual property and due diligence. The presentation aimed to help transactional lawyers understand blockchain to perform due diligence on related technologies and transactions.
Leading blockchain and Web 3.0 venture capital firm Outlier Ventures published the Q3 report in its State of Blockchains series, which provides an overview into blockchain investment and market trends worldwide. The report reveals a range of insights into the market
CRYPTOCURRENCY TO REVOLUTIONIZE FINANCIAL SERVICE INDUSTRY.pdfOliviaThomas57
The document discusses how cryptocurrency and blockchain technology have the potential to revolutionize the financial services industry. It explains that blockchain provides transparency, security, efficiency and cost savings. While cryptocurrencies currently face challenges as a currency due to volatility and limited acceptance, blockchain technology could significantly impact transaction speed, traceability and costs if widely adopted. The role of banks may also change as smaller players challenge incumbents using technologies like blockchain and peer-to-peer services.
CRYPTOCURRENCY TO REVOLUTIONIZE FINANCIAL SERVICE INDUSTRY.pptxOliviaThomas57
The document discusses how cryptocurrency and blockchain technology have the potential to revolutionize the financial services industry. It explains that blockchain provides transparency, security, efficiency and cost savings. While cryptocurrencies currently face challenges as a currency due to volatility and limited acceptance, blockchain technology could significantly impact transaction speed, traceability and costs if widely adopted. The role of banks may also change as smaller innovative players challenge large banks through peer-to-peer services and technologies like blockchain.
This document provides an overview of blockchain trends in 2017. It discusses how blockchain is being applied in various industries such as banking, financial services, cryptocurrency, supply chain management, and IOT. It also analyzes funding and investment in blockchain startups, noting that over $2.2 billion has been invested in 923 blockchain companies to date. Potential risks and regulations related to cryptocurrencies are also examined.
MindWorks Ventures presents 'Blockchain Report 2017' which includes an introduction to blockchain, industry trends, relevant blockchain startups, and potential risks and regulations.
The ERP of the Future : Blockchain of Things
Tinal Parikh
Department of Computer Science, Shri Chimanbhai Patel Post Graduate Institute of Computer Applications, Gujarat
Technological University, Ahmedabad, Gujarat, India
ABSTRACT
The surge of savvy advancements in all spaces of human action opens new opportunities for the improvement
of business forms. Things that appeared to be inconceivable 15-20 years back, for example, swift online
payments, e-banking and virtual cash, have turned into a piece of our regular day to day existence. Rising and
creating cryptographic forms of money give us significantly more potential outcomes. One of them is
Blockchain advancement, which authorizes clients towards profit related trades without commission charges.
We are toward the begin of enterprise resource planning (ERP) computerized change with the presentation of
blockchain innovation, best known as a digital ledger (distributed database) behind digital money. The
fundamental distinctive component of the innovation is the absence of a single centralized base for data storage.
All the data is distributed between interconnected blocks, which are joined into a chain utilizing complicated
algorithms. Each block stores its own snippet of data. New blocks can be added to the complete of this chain,
yet they can't be changed after including. This gives the most elevated amount of security and hack-protection.
The upright of blockchain was recognized early on, but like most innovation, it took a while for the more
extensive market to comprehend what a major jump forward it was in making a workable model of aggregate
system straightforwardness that encourages profound shared trust of a framework which has no 'proprietor.'
This is the reason dialogs of blockchain have made so much premium as of late in the money related world,
with calm voices now saying blockchain has turned into a 'major open door' for bookkeeping and finance.
Blockchain might be the free innovation that associates your item to the end client. Blockchain will encourage
the development of key information alongside the status of the shipment. Blockchain empowers quick, modest
and frictionless procedures within organisations, and between organisations and their partners, e.g. through
near real-time settlement, enhanced data sharing, reliable tracing of any record or other thing, moment
verifications of any piece of a procedure happening and less possibility of mistake and misrepresentation. The
industries that will profit by blockchain innovation include: land, fintech and banking, medicinal services,
transportation, urban arranging, smart energy, digital commerce and tourism.
Keywords : Blockchain, Technology, ERP, Cryptocurrencies, Enterprise Resource Planning
The Blockchain Imperative: The Next Challenge for P&C CarriersCognizant
Blockchain, a universal ledger and data-storage platform, can help P&C carriers address some of their most critical business challenges and significantly alter the way they operate. Although the technology has yet to achieve widespread adoption in the insurance space, the time is ripe for carriers to begin thinking about, exploring and experimenting with blockchain.
Crypto currencies usage is growing in a more connected world. The traditional banking industry is being disrupted by a decentralized network, rich in computing resources and connectivity.
Full quality version here -> https://www.scribd.com/document/333257162/Crypto-Currency-Mining-Science
ICOs as a Funding Mechanism for Blockchain Startups: The Current State of PlayParsons Behle & Latimer
This document provides an overview of initial coin offerings (ICOs) and blockchain technology. It defines key terms like blockchain, ICOs, and the different types of tokens offered. It discusses regulatory uncertainties around ICOs and recent SEC enforcement actions. The conclusion emphasizes that the SEC views most tokens as securities and will analyze the economic substance over the form to determine if a token is a security.
Blockchain and XBRL at the 2017 American Accounting Association presented b...Workiva
The integration of "Blockchain and XBRL" provides a seamless data solution, with blockchain as a potential output from XBRL based reporting.
Blockchainās smart contracts might also be facilitated by an XBRLās powerful persistent data model.
This presentation takes the viewer through the basics of block chain concepts, its evolution and why it is a paradigm shift.
It also explores the ways in which the block chain concept can be put to use and how it has the potential to revolutionize the way businesses are conducted today.
Key takeaways
Idea of Blockchain.
The technology behind Blockchain.
Why it is a paradigm shift.
How it may be put to use in different industries.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
BlockToken - How to Launch an ICO or STOGenson Glier
BlockToken describes to the Australian Crypto community how to launch a token offering within today's current climate. This presentation discusses the various methods used in the marketing and distribution of ICO and STO campaigns.
Some thoughts on the recent trends in token crowdsales, presented to Siam Commercial Bank's top management as part of Digital Ventures' briefings on latest trends in the Fintech world.
Similar to 8 dobrauz the dynamics of innovation (20)
\\ 15:50
|| Direktinvestition in Zweckgesellschaften digital abwickeln.
|| GmbH Anteile zu kommerziellen Immobilien ohne Fonds oder Aktien
|| Ć¼ber die eigene Homepage verƤussern? In der Schweiz bereits mƶglich.
||
|| Dipl.-Ing. Walter Strametz, IMD MBA
|| Founding & Boardmember FIBREE.org, founder element36.io
//
\\ 16:10
|| Realest8: Die vollkommen digitale Immobilientransaktion
||
|| Dr. Thomas Seeber, Masci (Padova) LL.M. (Krems), Partner Kunz Wallentin RA
|| Assessor iuris Matthias Lichtenthaler, PMP, Head of Digital Transformation BRZ
//
\\ 15:30
|| Digitalisierung von Aktien auf der Blockchain
||
|| RA Dr. Thomas Kulnigg, Partner Schƶnherr RechtsanwƤlte
|| RAA Dr. Zurab Simonishvill, Schƶnherr RechtsanwƤlte
|| Ing. Daniel Horak MSc. MA, Managing Partner Sales & Marketing CONDA
//
\\ 14:25
|| Was ist Blockchain/wofĆ¼r kann ich die Blockchain im Real Estate nutzen?
||
|| RA Mag. Markus Dƶrfler, LL.M.
|| Partner Hƶhne, In der Maur & Partner RechtsanwƤlte
//
\\ 14:00
|| Blockchain Law 101 - Is the U.S. Open for Business?
||
|| Alexandra Levin Kramer, N Esq.
|| Partner Founding Chair, Blockchain Technology
|| & Digital Currency CKR Law LLP New York
//
Millennials are interested in investing in cryptocurrencies like bitcoin, but there are barriers that limit widespread adoption. Regulations around cryptocurrencies in Austria depend on the specific business model and may fall under several existing financial laws and acts. For millennials, the ideal investing experience would be through fast, easy to use apps and services that offer real innovation beyond traditional options, with personalized investment options free of complexity.
\\ 9:25
|| Blockchain - Standortbestimmung zwischen Hype und RealitƤt.
|| Erfolgsfaktoren am Weg in die dezentralisierte Zukunft.
||
|| Dr.iur Guenther Dobrauz-Saldapenna, MBA
|| Managing Partner PwC Legal Schweiz
//
Presentation from blockchain-real.net // blockchain-real.at (9th of March 2018, Graz, Austria)
Copyright/Property of: Prof. Dr. Michael Truebestein (CH/DE)
Professor fĆ¼r Immobilienmanagement, arbeitet am IFZ Zug Schweiz mit Blockchain-Spezialisten an neuen Formen der Immobilienfinanzierung
ā
Title: Blockchain im Immobilienmanagement:
Hausverwaltung mit Blockchain neu organisiert
The speakers provided the slides to the public and are shared in this LinkedIn Group: https://www.linkedin.com/groups/12087113
About Blockchain-REAL: Blockchain means revolution: What does blockchain technology - the operating system behind Bitcoin & Co, so to speak - for businesses and the real estate industry? The speculation hype around the cryptocurrencies obscures the view of a truly groundbreaking technology that is slowly but surely turning some things upside down. See what Blockchain can do on a day and decide for yourself how to use this technology.
9 jedelsky blockchain in der immobilienwirtschaftWalter Strametz
Presentation from blockchain-real.net // blockchain-real.at (9th of March 2018, Graz, Austria)
Copyright/Property of: DI MBA Achim Jedelsky (DE)
Daimler Real Estate (DE), Advisor REIDAO
Title: Was Blockchain & Real Estate miteinander zu tun haben: Eine Ćberleitung von der Blockchain in die Welt der Immobilien inkl. Bericht Ć¼ber internationale Projekte
The speakers provided the slides to the public and are shared in this LinkedIn Group: https://www.linkedin.com/groups/12087113
About Blockchain-REAL: Blockchain means revolution: What does blockchain technology - the operating system behind Bitcoin & Co, so to speak - for businesses and the real estate industry? The speculation hype around the cryptocurrencies obscures the view of a truly groundbreaking technology that is slowly but surely turning some things upside down. See what Blockchain can do on a day and decide for yourself how to use this technology.
Presentation from blockchain-real.net // blockchain-real.at (9th of March 2018, Graz, Austria)
Copyright/Property of: Mag. Bibiane Kaufmann (AT)
Spezialistin fĆ¼r Konzessionsfragen der FMA und Teil der Kontaktstelle FinTech. Mitherausgeberin von "Crowdfunding & AltFG" (Manz-Verlag)
Title: Wer Ć¼bernimmt die Aufsicht Ć¼ber die Blockchain? Regulierung und neue Technologien - und ein Einblick in FMA-Projekte von 2017
The speakers provided the slides to the public and are shared in this LinkedIn Group: https://www.linkedin.com/groups/12087113
About Blockchain-REAL: Blockchain means revolution: What does blockchain technology - the operating system behind Bitcoin & Co, so to speak - for businesses and the real estate industry? The speculation hype around the cryptocurrencies obscures the view of a truly groundbreaking technology that is slowly but surely turning some things upside down. See what Blockchain can do on a day and decide for yourself how to use this technology.
Presentation from blockchain-real.net // blockchain-real.at (9th of March 2019, Graz, Austria)
Copyright/Property of: DI Dr. Christian Baumann (AT)
Vorstandsvorsitzender AUSTRIAPRO, ein Thinktank der WKĆ, der die Blockchain-Technologie fĆ¼r die ƶsterreichische Wirtschaft vorantreibt .
Title: Blockchain Technologien: Konkrete Anwendungen fĆ¼r die heimische Wirtschaft.
The speakers provided the slides to the public and are shared in this LinkedIn Group: https://www.linkedin.com/groups/12087113
About Blockchain-REAL: Blockchain means revolution: What does blockchain technology - the operating system behind Bitcoin & Co, so to speak - for businesses and the real estate industry? The speculation hype around the cryptocurrencies obscures the view of a truly groundbreaking technology that is slowly but surely turning some things upside down. See what Blockchain can do on a day and decide for yourself how to use this technology.
We have implemented a solution for the OTC trade based on Ethereum and IPFS, covering the regulations of Mifid 2 and Finfrag. OTC is an abbreviation of Over-the-Counter (trading). It has always been an important pillar of activity for financial institutions. Bilateral OTC trading is attractive, because transactions can be kept more private than when trading via a market exchange (a central counterparty CPP), and there are less fees to be paid. We have set out to build a Blockchain-based Clearing and Settlement system that fixes the deficiencies of OTC trading, without scarifying the advantages. Blockchain technology is ideal to achieve this.
We held this workshop at the EPFL forum. Target was to introduce design thinking method to the students. It was a quite hands-on workshop, so the slide are of limited use.
ti&m is a Swiss digital consulting firm that specializes in digital transformation, security, and innovation projects. They offer consulting, design, agile project development, products, and an innovation hosting service called the ti&m garage. Their strengths include vertical integration, talented engineers and consultants, agility, sustainable values, and entrepreneurial spirit. They work with customers in industries such as finance, insurance, energy, life sciences, transportation, and others.
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The Ministry of Information and Broadcasting Advisory Dated 03.07.2024.pdfSocial Samosa
According to the advisory, advertisers in the Food and Health sectors must submit an annual self-declaration before printing, airing, or displaying any advertisement.
This presentation by Edwin Hlangwani, BRICS Young Scientist at the University of Johannesburg, was part of the Expert Exchange "Youth Empowerment for a Just Energy Transition" held on June 18, 2024.
This presentation by Ivan Sergejev from the Estonian Ministry of Finance was part of the Expert Exchange "Youth Empowerment for a Just Energy Transition" held on June 18, 2024.
SDG Stocktake Georgia 2024 - SDGs Through the Eyes of Georgia's Business SectorUNGlobalCompactNetwo1
SDGs Through the Eyes of Georgia's Business Sector. The research was carried out by the UN Global Compact Network Georgia in partnership with EY Georgia, funding was provided by Sweden.
As we reflect on our inaugural year at BacharLorai, we celebrate our efforts toward achieving our vision of a world where every Bangladeshi has access to the resources and opportunities needed to thrive. Thanks to our dedicated team and supportive community, we have made significant strides in empowering Bangladeshis worldwide. We've directly impacted over 1,400 lives through diverse, innovative initiatives aimed at addressing crucial societal needs.
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1. The Dynamics of Innovation and what
Regulation has to do with it.
ICOs, Cryptocurrencies and tokenized assets - status quo and where
we are headed.
Dr. iur. Guenther Dobrauz-Saldapenna, MBA
PwC Legal Switzerland
We are building the law firm of the future.
Every day.
www.pwclegal.ch
2. 9 March 2018
PwC
Regulation becomes as
strategic dimension
1 Regulation becomes as strategic dimension
blockchain-REAL
2
Status quo and where we are headed ā
Regulation becomes a strategic dimension
3. PwC
9 March 2018
How we should see regulation
3
blockchain-REAL
1 Regulation becomes as strategic dimension
Innovators Early
Adopters
Early
Majority
Late
Majority
Laggards
Key Success/ Performance Parameter
Time
Dominant Design
Innovation
Production/
Efficiency
Dominant Design
4. PwC
9 March 2018
How we should see regulation
4
blockchain-REAL
1 Regulation becomes as strategic dimension
Innovators Early
Adopters
Early
Majority
Late
Majority
Laggards
Key Success/ Performance Parameter
Time
Enforced Standard
Production/
Efficiency
Regulation
Enforced Standard
5. 9 March 2018
PwC
Smart technologies and
connected business models
2 Smart technologies and connected business models
blockchain-REAL
5
Regulatory roadmap for Asset &
Wealth Managers ā In a nutshell
Smart technologies and connected
business models
6. PwC
9 March 2018
Smart technologies that enable
new business modelsā¦
6
blockchain-REAL
2 Smart technologies and connected business models
Speech
synthesis
Smart
Technologies
Business models:
ļ¼ Virtual currencies
(āBitcoinā, etc.)
ļ¼ Payment transactions
(āApple Payā, etc.)
ļ¼ āCrowdfundingā and
ācrowdlendingā
ļ¼ Digital trading /
Robo-advice
ļ¼ Data analysis and
interface programs
ļ¼ Data security
solutions
ļ¼ Distributed ledger
technologies (DLTs),
blockchain in
particular
7. PwC
9 March 2018
Horizons of technology disruption
7
blockchain-REAL
2 Smart technologies and connected business models
1995 now 2025
WWW
Mobility
Social
Visualisation
Networking
Cloud
Big
data
Data analytics
Early machine learning
IoT
Hybrid
cloud Containers
Cybersecurity
Natural language processing Large scale machine learning
Deep learning Reinforcement learning
AV/VR Biometric identity
3D/4D
printing
Blockchain
Autonomous systems ā
cars and drones
Nano-tech
Advanced robotics ā cyborgs,
swambots
Super computer ā
quantum, neuromorphic
Autonomous super
systems
0
3
5
15
Timeinyearstopeakofadoption
Time to exponential technology breakthrough pointSource: dimensions data via @mikequindazzi
Robotics
Past
(Internet)
Different
(Cloud)
Beyond
(Smart ecosystems)
Other
(Super society)
8. 9 March 2018
PwC
Distributed Ledger Technologies (DLTs)
and Blockchain
8
blockchain-REAL
2.1 Distributed Ledger Technologies (DLTs) and Blockchain
2.1
9. 9 March 2018
PwC
DLT System layers
2.1 Distributed Ledger Technologies (DLTs) and Blockchain
blockchain-REAL
9
Governance
layer
Token
layer
Technology
layer
Legal Entity Token
Holder
Inclusion
Network
Governance
Decision-
making
Processes
Off-chain
Governance
System
Community
Infra-
structure
Token Type
& Purpose
Utility &
Rights
Token Value Value
Distribution
Supply &
Inflation
Legal Status
Blockchain/
Ledger
Architecture
Protocol
Code
Protocol-
Level
Consensus
Mechanism
Validation
Algorithm
Underlying
Platform
Code &
Contract
Security
10. PwC
9 March 2018
Blockchain
The three levels
10
blockchain-REAL
2.1 Distributed Ledger Technologies (DLTs) and Blockchain
Storing digital records1
Blockchain allows unprecedented control of information
through secure, auditable, and immutable records of not only
transactions but digital representations of physical assets.
Exchanging digital assets2
Users can issue new assets and transfer ownership in real
time without banks, stock exchanges, or payment processors.
Executing smart contracts3
Self-governing contracts simplify and automate lengthy and
inefficient business processes.
Ground rules Terms and conditions are recorded in the
contractās code.
Implementation The shared network automatically
executes the contract and monitors compliance.
Verification Outcomes are validated instantaneously
without a third party.
11. PwC
9 March 2018
Blockchain is changing distribution models
11
blockchain-REAL
2.1 Distributed Ledger Technologies (DLTs) and Blockchain
Investor
Bank Custodian and
BankClearing
Data
Vendor
Client
servicing
Transfer
Agent
Asset
ManagerDistributor
Paying
Agent
Investor
1. Blockchain offers a new approach towards data management and sharing, enabling the opportunity to
improve efficiency within the asset management industry.
2. Based on the blockchain technology, all facilitators within the value chain work from common datasets, in
near real-time, and supporting operations are either streamlined or made redundant.
3. Examples of enhanced blockchain technologies are ā faster interbank clearing and settlement, lower
transaction costs, reduced counterparty risk, and increased transparency.
Traditional fund distribution model
(1-4 days processing)
Blockchain distribution model
(3-6 seconds processing)
ā¢ Distributed
Ledgers
ā¢ Master data
ā¢ Securities issuance
ā¢ Trade contract
recording
ā¢ Clearing &
Settlement
ā¢ Asset Servicing
Asset
Manager
13. PwC
9 March 2018
Smart Contracts on the Blockchain
13
blockchain-REAL
2.2 Smart Contracts
A smart contract is a computer code with a predefined set of rules that
runs on a blockchain
It defines the conditions under which all parties to the smart contract agree to interact with each other ā it auto executes if
all conditions are met
Smart contracts eliminate
the need of third parties
Itās like a cryptographic box that contains value, and
only unlocks, if certain conditions are met
14. PwC
9 March 2018
Smart Contracts
Application Examples
14
blockchain-REAL
2.2 Smart Contracts
1-3 Days Minutes
Manual remittance Automatic remittance
Escrow necessary
Escrow may not be
necessary
Expensive Fraction of the cost
Physical presence
(wet signature)
Virtual presence
(digital signature)
Lawyers necessary
Lawyers may not be
necessary
Smart contractsTraditional contracts
Ā¢
16. 9 March 2018
PwC
Understanding the ICO
Initial coin offerings are making headlines. What they are, how they work, and what you
need to know about these blockchain innovations.
2.3 Initial Coin Offerings (ICOs)
blockchain-REAL
16
Initial coin offering:
Bubble or break-
through? Learn more
about this fundraising
phenomena.
What if you could
raise millions of dollars
in capital for a startup
without giving away
any equity?
One option could be via ICOs,
where tokens are offered to
willing purchasers. Itās a
complex and rapidly evolving
market. Here is a sense of
how ICOs work and the initial
regulatory response.
At a glance
An initial coin offering (ICO) is a form of fundraising
that harnesses the power of cryptocurrencies and
blockchain-based trading. Similar to a crowdfunding
campaign, an ICO allocates tokens instead of shares to
early investors in a business. These tokens typically do
not represent actual ownership in the company, but
they often provide access to an ecosystem and can be
traded on an aftermarket. As with cryptocurrencies, all
transactions are verified through a blockchain. Itās not a
hype: ICOs raised over US$5 billion in 2017 in nearly
800 deals, according to CB Insights. Blockchain equity
funding by comparison was a mere US$1 billion in 215
deals for the same period1).
Benefits
ā¢ ICOs represent a new option for raising capital.
ā¢ The funds involved are typically much greater than
the funds in basic crowdfunding campaigns.
ā¢ ICO issuers can be creative with their business
models.
ā¢ Strong interest in cryptocurrencies has triggered
attention in ICOs by both buyers and sellers.
Challenges
ā¢ A token received in an
ICO does not grant
equity rights.
ā¢ ICOs are often
unregulated;
investors and issues
need to beware.
ā¢ Hackers have already
breached ICOs and
stolen funds.
ā¢ When it comes to the
taxation and legal
status of ICOs many
gray areas still exist.
ā¢ The US Securities and
Exchange
Commission (SEC)
notes that tokens or
coins āthat are offered
or sold may be
securities.ā As
securities, they must
be registered before
sale and are subject to
US federal securities
laws2) .
ā¢ Some startups offer
āutilityā tokens
(provide access to an
ecosystem) instead of
security tokens
(provide economic
exposure).
ā¢ ICO deals are more
and more frequent,
and one major
challenge is
discovering and
learning enough
about them for due
diligence purposes.
ā¢ The ultimate
ecosystem or
promised product
may not come to
fruition.
1) http://www.cbinsights.com/research/blockchain-vc-ico-funding 2) http://www.sec.gov/news/public-statement-clayton-2017-12-11?utm_source
17. 9 March 2018
PwC
How an ICO works
2.3 Initial Coin Offerings (ICOs)
blockchain-REAL
17
After weighing the risks
and upsides, Company X
decides that a ICO is the
most viable way to raise
funds.
1
Company X fine tunes
how the tokens can be
used in the ecosystem.
2
Company X formally launches an
ICO campaign, explaining the
goals of the project, the teamās
experience, and the problem they
are solving. As with an IPO, an
initial price is set (either in
traditional currency or, more
often, in cryptocurrency). A pre-
sale period often takes place.
3
On the date of the ICO,
the company issues
tokens to the participants.
5 Like an IPO or a crowd-
funding campaign, ICOs
are open for a limited
time. Many have soft or
hard caps on the amount
that can be raised.
6
Third-party services have
emerged that can aid with
KYC/AML, token
development, ICO
marketing, and more.
4
Following the ICO, the
team will continue
building the promised
product using the funds
received.
7
An ICO is a limited
period in which a
company offers a
predefined number
of tokens to
investors.
SHARE
LIKE
BUY
18. 9 March 2018
PwC
Initial regulatory response
2.3 Initial Coin Offerings (ICOs)
blockchain-REAL
18
China imposed an outright ban on ātoken
fundraisingā in September 20173), declaring
that the activity constitutes āan illegal
issuance of securitiesā associated with
financial crimes such as fraud and pyramid
schemes.
The government of Canada, Hong Kong,
Singapore, Switzerland, and others, in
similar fashion to the US, have asserted that
at least some coin offerings will be subject
to securities laws. The European Securities
and Markets Authority (ESMA) also echoed
this sentiment.
Similarly, South Korea banned token
offerings at the end of September 20174),
asserting that these offerings, āregardless of
technical terminology,ā violate the countryās
capital market law. Additionally, the
countryās Financial Services Commission
plans broader reviews of cryptocurrency
company practices through the end of the
calendar year.
Taking a different tack entirely, Japan
recognized7) bitcoin as legal tender in May
2017 and has since authorized 11
cryptocurrency exchanges. Tokyo-based
exchange Coincheck said in October that it
was reviewing ICO proposals it received
from hundreds of Chinese startups after
China imposed its ban.
Russiaās central bank revealed its intention
beginning in October 2017 to block5) all
cryptocurrency exchange websites operating
in the country entirely. President Putin
pointed out that cryptocurrencies can serve
as a vehicle for money laundering, tax
evasion, and terrorism, according to
Reuters6). www.pwclegal.ch
3) https://www.coindesk.com/chinas-ico-ban-a-full-
translation-of-regulator-remarks/
4) https://www.coindesk.com/south-corean-
regulator-issues-ico-ban/
5) http://cointelegraph.com/news/breaking-russia-
rejects-cryptocurrency-as-authorities-block-
access-to-exchanges
6) http://www.reuters.com/article/us-russia-
cenbank-bitcoin/russia-turns-cold-on-crypto-
currencies-idUSKBN1CF0RF
7) http://www.cryptocoinsnews.com/japan-
accepts-bitcoins-as-legal-payment-method-whats-
next/
Regulators have
expressed divided re-
sponses to ICOs, ranging
from total bans to support
for the activity as long as itās
regulated. As a result, ICO
activity has been migrating
to countries such as Japan,
which has taken steps
toward legalization.
19. 9 March 2018
PwC
The new "Tech" phenomenon
3 The new "Tech" phenomenon
blockchain-REAL
19
The new "Tech" phenomenon
20. 9 March 2018
PwC
PropTech / Real Estate Tech
3.1 PropTech / Real Estate Tech
blockchain-REAL
20
3.1
Software tools and platforms used by
participants in the real estate industry,
including brokers, investors, mortgage
lenders, property owners, and
managers.
21. 9 March 2018
PwC
The PropTech industry verticals
3.1 PropTech / Real Estate Tech
blockchain-REAL
21
Real estate
FinTech
Smart real estate
Shared economy
Exogenous tech
PropTech FinTech
ā¢ The real estate industry appears to take pride in keeping several aspects of its operations secret,
such as comparable lease rental rates or property prices to create a possible competitive advantage.
ā¢ In response to greater demand for transparency, technology advancements and the disintermediation
by startups, property-related information is increasingly available in digital and paper form.
22. 9 March 2018
PwC
Real Estate Tech annual global financing
2013 ā Q1ā17
3.1 PropTech / Real Estate Tech
blockchain-REAL
22
$451 $1,159 $1,991 $2,698 $733
114
186
250
61
(Full-YearProjection)
2013 2014 2015 2016 2017
ā¢ 61 deals were completed in Q1ā17.
ā¢ At the current run-rate investment activity is on
track to reach $2.9B invested across 247 deals.
ā¢ This would represent an 11% decrease in deal
activity, but a 10% increase in funding.
277
247
Source: CBInsights
$2,973M
(Full-YearProjection)
Disclosed
Funding ($M)
Deals
23. 9 March 2018
PwC
The relation between PropTech and Blockchain
Why consider blockchain for real estate leasing?
3.1 PropTech / Real Estate Tech
blockchain-REAL
23
Transaction dependence:
Many leasing and property management transactions are correlated and part of the same database.
For instance, in case of a net lease structure, the tenant pays a base rent amount to the landlord and
maintenance expenses directly to the vendor.
Lack of trust among entities:
Many times, different participants in the leasing lifecycle do not have pre-existing relationships, which
results in mistrust.
Need for a common database:
Shared databases are critical for leasing transactions. One of the key examples is a multiple listing
service, which collates property-level information from private databases of brokers and agents.
Multiple entities can modify database:
Managing real estate properties involves several entities, such as owners, tenants, operators, and
service providers, who provide, access, and modify a variety of information.
Opportunity for disintermediation:
Trusted intermediaries in real estate, such as notaries, can be disintermediated through blockchain, as
transactions can be independently verified and automatically reconciled.
24. 9 March 2018
PwC
The relation between PropTech and Blockchain
How to streamline pre-lease due diligence?
3.1 PropTech / Real Estate Tech
blockchain-REAL
24
ā¢ In a real estate lease transaction, significant time is spent
on due diligence activities, due to using physical
documents for proof of identity.
ā¢ For a property, these are documents supporting the history of
ownership, tenants, repairs, and maintenance activities.
ā¢ Using physical documents related to financial and legal review
also limits the flexibility to customize such documents to
suit various needs.
ā¢ This inefficient manual verification process increases
administrative tasks and is prone to loss of information
and errors.
ā¢ Due to involvement of numerous third-party service providers,
the due diligence process tends to be elongated.
ā¢ Real estate market participants should consider
developing digital identities for a property
to keep pace with the growing preference for
digital transactions.
ā¢ A digital identity with respect to a real estate
property implies a digital identifier that
consolidates information, such as vacancy,
tenant profile, financial and legal status, and
performance metrics in digital form.
ā¢ Digital identities of properties linked to the digital
identities of owners/tenants can create valuable
online records for the property, improve lease
information management and greatly ease the
due diligence process.
ā¢ Digital identity allows financial institutions to
perform critical activities more accurately and
to streamline and automate many processes.
ā¢ This may have a powerful impact on reducing
current deficiencies and inaccuracies.
Existing challenge:
Time consuming, paper-driven, predominantly offline due
diligence process
The blockchain opportunity:
Drive efficiency and accuracy in due diligence
process
25. 9 March 2018
PwC
New regulatory
developments
4 New regulatory developments
blockchain-REAL
25
New regulatory developments
26. 9 March 2018
PwC
FinTech policy and regulation
The EUās vision of a digital single market
26
blockchain-REAL
4 New regulatory developments
The Strategy paper of the EU Commission from May 2015 has since resulted in 35
legislative proposals on the topic, especially within Telecom Network legislation
Agenda for the creation of a ādigital single marketā
The European Commission published a public consultation on FinTech
legislation in March 2017 which ended in June. FinTech regulation has not
previously been an explicit legislative goal, however this might be subject to
change in the near future
27. 9 March 2018
PwC
FinTech policy and regulation
Local FinTech-regulation as a factor for business decisions
27
blockchain-REAL
4 New regulatory developments
Ā§
The emergence of a FinTech industry is a digital challenge for legislators and
regulators
Ā§
Traditional bodies of rules and regulatory concepts are coming up against their
limits, and are therefore being reformed around the world:
ļ§ Creation of āFinTechā-specific laws
ā¢ Digitization of regulatory law
ā¢ FCA and Hong Kong SFC FinTech Co-Op Agreement
ā¢ New regulatory categories (āsandboxā of the FCA in the UK)
ļ¼ Application for cohort stage 4 was open until 31st January 2018
Ā§
Initial attempts at concrete regulation in some small areas only, e.g.:
ā¢ E-Money Directive (EMD)
ā¢ Payment Services Directive (PSD II)
28. 9 March 2018
PwC
Distributed ledger technologies (DLTs)
Position of ESMA
28
blockchain-REAL
4 New regulatory developments
ESMA Report āDistributed Ledger Technology Applied to Securities Marketsā dated 7
February 2017
Applicability of pertinent EU directives
ā¢ European Market Infrastructure Regulation (EMIR)
ā¢ Settlement Finality Directive (SFD)
ā¢ Central Securities Depositories Regulation (CSDR)
ESMA's observations
ā¢ DLT was originally developed for virtual currencies (Bitcoin) in the form of
āblockchainsā
ā¢ Increased use for traditional financial services (post-trading activities, e.g., clearing
and settlement in particular)
29. 9 March 2018
PwC
āVirtual currenciesā in the EU
29
blockchain-REAL
4 New regulatory developments
ā¢ Identification of 70 risks in connection with virtual currencies (including money laundering, consumer
protection, fiscal and currency policy)
ā¢ These risks stem from the following factors in particular:
ļ¼ Anyone can create a virtual currency system or alter the function of one
ļ¼ The parties involved (including the āminersā) remain anonymous
ļ¼ The EBA is proposing the creation of a single regulatory framework, which is therefore likely to
take some time
EBA opinion on Virtual Currency ā July 2014
EBA welcomed the Commission's proposal to bring virtual currency exchange platforms and custodian
wallet providers within the scope of the 4th Anti-Money Laundering Directive.
ā¢ National sanction powers as proposed in the EC's amendments should be retained, while transactions in
virtual currencies should remain outside of the scope of the Payment Services Directive.
ā¢ Virtual exchange platforms and custodian wallet providers should be implemented in order to avoid risks of
misrepresentation, including whether these entities should be allowed to carry out regulated financial
activities at the same time as carrying out virtual currency transactions.
EBA opinion to bring Virtual Currencies into the Scope of 4AMLD ā August 2016
30. 9 March 2018
PwC
āVirtual currenciesā
Treatment of ICOs in different jurisdictions
30
blockchain-REAL
4 New regulatory developments
Treat token as
Regulations
Non-monetary digital assetSecurities
Cryptocurrency & Exchanges:
ā¢ PBoC imposed a nationwide ban on
cryptocurrency exchanges in Sep 2017
ā¢ Early Oct 2017, government hinted
possible resumption of cryptocurrency
trading through implementation of a
licensing program with stringent AML
requirements
Cryptocurrency & Exchange:
ā¢ 50 states can have their own
regulations (e.g. BitLicense)
ā¢ CFTC regulates cryptocurrency
derivatives
ā¢ FinCEN requires all exchanges to
register
Attitude towards
cryptocurrencies
Implications ā¢ Expected to resume ICO market eventually
but with regulatory framework
ā¢ Many US entrepreneurs going
overseas to conduct their ICO
ChinaUnited States
Asset, not a security
Cryptocurrency & Exchange:
ā¢ No special FINMA license
required for a cryptocurrency
exchange
ā¢ Favorable treatment under Swiss
Anti-Money Laundering Act
ā¢ Favored choice for many ICOs,
especially EU based projects
ā¢ Swiss Financial Market
Supervisory Authority (FINMA)
began investigating ICO
practices, to determine whether
regulatory provisions have been
breached (cf. FINMA Guidance
04/2017)
ā¢ Zug known as āCrypto Valleyā
with established ecosystem
Switzerland
ICOs:
ā¢ Definition of security very broad
(e.g. Howey Test)
ā¢ SEC recently created a cyber unit
dedicated to policing āviolations
involving DLT technology and
ICOsā
ICOs:
ā¢ PBoC announced a ban on ICOs on 4
Sep 2017 & mandatory repayment
ICOs:
31. 9 March 2018
PwC
Contract
5 Contract
blockchain-REAL
31
Regulatory roadmap for Asset &
Wealth Managers ā In a nutshellContact
35. 9 March 2018
PwC
Appendix
6 Appendix
blockchain-REAL
35
Regulatory roadmap for Asset &
Wealth Managers ā In a nutshellAppendix
36. PwC
9 March 2018
Blockchain technologies
EtherScript ā The language of the protocol
36
blockchain-REAL
6 Appendix
An Etheruem smart contract to sell websites for ā5000 by Marchā
First, store buyerās Ethereum address
6af267736363738ghgs7726337373737
Then, store sellerās Ethereum address
April 1, 2014 is 13929839948 in ācomputer timeā
16365437465
note
When t
then
ā¦ then designate the buyer as the new website admin and pay the seller
6af267736363738ghgs7726337373737
and t
transaction
If the agreed amount is received on timeā¦
put
note
put
note
put
note
note
ļ“in storage ļ“slot Buyer
ļ“in storage ļ“slot Seller
ļ“in storage t ļ“slot Deadline
ļ“value t ļ“ā„ t ļ“5000 ļ“ether
transaction ļ“timestamp t ļ“ā¤ t ļ“storage t ļ“Deadline
put
note
ļ“storage t ļ“slot Buyer ļ“in storage t ļ“slot Website_Admin
ļ“contract balance t ļ“to storage t ļ“slot Seller
37. PwC
9 March 2018
Blockchain is changing distribution models
37
blockchain-REAL
6 Appendix
Status quo
ā¢ Currently each transaction involves
different companies, ranging from
transfer agents to asset managers
that have often to input the
same information, which
is time-consuming and can
be prone to errors.
ā¢ The costs of redundancy are
ultimately being paid by
the end investors.
Cost savings
ā¢ Blockchain could save the asset
management industry several billions of
dollars a year, if manual practices
were streamlined via online
ledger technologies.
ā¢ Based on daily trade volumes
of funds in the UK, IRL, LUX,
HK, SGP, TWN and AUS,
$2.7bn in savings was
possible.
Industry insight
ā¢ Calastone has successfully
used blockchain to buy and sell
mutual funds (test case).
ā¢ BNP Paribas AM has completed a
full end-to-end fund transaction using
blockchain technology (test case).
ā¢ The UK government recently set out an
ambition to create a blockchain-enabled
digital fund.
Process innovation
ā¢ Process innovation is possible by
stripping out iterative processes
that are traditionally incurred during the
buying, selling, clearing and
settlement of transactions and moving to
blockchain technologies.
Investor
Blockchain
distribution
model
ā¢ Distributed
Ledgers
Asset
Manager
38. PwC
9 March 2018
Autonomous e-commerce
38
blockchain-REAL
6 Appendix
A fleet of self-driving
trucks delivers goods to
distribution centers.
The robots at the distribution
center sort and move those
goods.
An end consumer,
meanwhile, has some
returns to make (such
as shoes that donāt fit).
An end consumer
also can act as a
seller and put out
new smart
packages for
delivery to the
distribution.
Autonomous delivery
drones then make
deliveries to end
consumers.
31
2 4
5
39. PwC
9 March 2018
Blockchain Start-ups
39
blockchain-REAL
6 Appendix
PresentPast Future
Cloud storage Smart Contracts
Social Networking
Digital Identity
Art & Ownership Prediction
Markets
Internet of
Things
Supply Chain
Anti-Counterfeiting Governance
40. PwC
9 March 2018
Understanding a Bitcoin transaction
How blockchain technology powers Bitcoin
40
blockchain-REAL
6 Appendix
Transaction
request
Verifying &
block placing
Append block
to chain
Checkpoints
Approval of
payment
Receive
payment
1 2 3 4 5 6
Alice wants to send
Bob two Bitcoins
She sends a TRANS-
ACTION REQUEST
to the Bitcoin block-
chain, a distributed
database running on
thousands of com-
puters globally
Send Bob
REQUEST
Computers known as
MINERS verify this
transaction (e.g. check
Aliceās balance)
And compete to place
it into a BLOCK with
other transactions
To append a block to
the chain of prior blocks
(hence: āblockchainā),
miners solve a MATH
PUZZLE that requires a
lot of computational
power to solve
All this computational
power PROTECTS THE
BLOCKCHAIN against
hackers ā it would be
difficult and expensive
to falsify transactions or
attack the network
Others in the network
check the minerās
work
Once the answer is
VERIFIED ā when a
majority of miners in
the network approve
the block ā the miner
who solved the puzzle
gets paid in Bitcoin
BLOCK
105
105
Bob receives
two Bitcoins
Aliceās transaction gets
ADDED TO THE
BLOCKCHAIN along
with the others
LEDGER
105
102
103
104
41. PwC
9 March 2018
Traditional Contracts
41
blockchain-REAL
6 Appendix
Verify the deal
ļ§ A trusted third party is required for
verification, in order to officially transfer the
ownership of the car, the terms of the contract
have to be met
ļ§ The process differs from country to country,
but always involves one or more trusted third
parties: motor vehicle registration authority,
in combination with a notary and/or insurance
company
ļ§ Itās a complicated and lengthy process
ļ§ Middle man fees apply
Bob wants to
sell a car
Alice wants to
buy a car
Paper contract
ļ§ Alice agrees to
pay CHF 20ā000
for the car
ļ§ Once Bob gets the
deposit, he will
transfer the car
ownership to
Alice, by handing
her over the car
documents and
car keys
42. PwC
9 March 2018
Smart Contracts
42
blockchain-REAL
6 Appendix
ļ§ Bob wants to sell a car.
ļ§ He identifies himself with his blockchain
address (public key) 757582, uses a smart
contract to define the terms of the sale,
signing with his private key
ļ§ Alice wants to buy a car.
ļ§ She finds Bobās car listed on the internet.
ļ§ She signs the contract with her private
key transferring CHF 20ā000 from her
blockchain address (public key) 389157
to Bobās blockchain address 757382
ļ§ Bob leaves his car and car key in a garage locked
with a smart contract controlled smart lock
ļ§ The car has itās own blockchain address (public
key) 738492, stored on the blockchain
2
Alice can now pick up her
car by unlocking the smart
lock with her private key
The smart contract is verified by each mode
in the Blockchain Network, to see if Bob is
the owner of the car and if Alice has enough
money to pay Bob
ļ§ If the network agrees, that both
conditions are true, Alice automatically
gets the access code to the smart lock
for the garage
ļ§ The blockchain registers Alice as the new
owner of the car, Bob has CHF 20ā000
more on his account, and Alice CHF
20ā000 less
Smart
contract
4
6
5
2
1
3
43. PwC
9 March 2018
Why can I trust a Smart Contract?
43
blockchain-REAL
6 Appendix
C
ļ§ Since every transaction is stored
on the public blockchain,
everyone can inspect it
ļ§ The owner of the unique car ID
with the Blockchain address
738492 is A, not C
Random
person
Ā«Alice owns
the car!ā
C steals the car and claims
ownership of Aliceās car
44. PwC
9 March 2018
Smart Contracts
Simple to complex
44
blockchain-REAL
6 Appendix
Use case
examples
Digital value
exchange
A family member
sends some
bitcoin to
another family
member
Smart right
and obligation
Consumer buys a
digital content
stream
Basic smart
contract
Landlord
remotely locks
nonpaying tenant
out of apartment
Multi-party
smart contract
Sellers lends
buyer funds to
buy a house
Distributed
autonomous
business unit
Unit of a
corporations
issues its own
bonds, and
buyers monitor
payments via a
shared ledger
Distributed
autonomous
organization
Self-driving
trucks make P2P
deliveries, pay
local toll road
fees, and buy
local electricity
Distributed
autonomous
government
Settlers of a
previously
uninhabited area
code their own
self-enforcing
government
services
Distributed
autonomous
society
Groups of settlers
from different
areas establish
self-enforcing
trade agreements
Smart contracts ā simple to complex
Simple Complex
45. PwC
9 March 2018
Sectors and industries affected by Smart Contracts
45
blockchain-REAL
6 Appendix
Supply Chain eGovernment Gaming & Gambling
Banks & Insurances Energy sector IoT
Creative Industry IT Services Industry Legal tech
Mobility Accounting & Auditing Digital Identity
Smart Contracts & Blockchain
46. PwC
9 March 2018
ICO Raises by industry
[$mm]
46
blockchain-REAL
6 Appendix
1.8
2.4
183.1
18.9
22.8
1,108.9
7.5
0.5
8.6
366.8
7.5
652.2
166
282.3
6
631.4
5.3
386.9
5.5
262.6
0.4 12.1
395.7
2014 2015 2016 2017
Cryptocurrency Core Tech Cloud
Finance: Banking & Payments Finance: Investments Finance: Markets
Internet of Things & People Gaming & Gambling Media & Social
26 8 231 4,270
47. PwC
9 March 2018
Initial Coin Offerings (ICOs) vs. Venture Capital
Involved parties at an ICO
47
blockchain-REAL
6 Appendix
Project / Code
Token
purchasersIssues token
Use the token to participate in the
ecosystem
Crypto
Exchange
Trade token
Founders and
management
team
Issues whitepaper and project information
Provides funding &
oversees project R&D
Receive āFounder
Tokensā
Manage the
Token issuance
entity
Private Company
(for-profit)
Token issuing
entity
Pays in crypto(e.g. ETH, BTC, USD)
48. PwC
9 March 2018
Initial Coin Offerings (ICOs)
High-level process overview
48
blockchain-REAL
6 Appendix
Sales
Execution
Regulatory
Clearance
Token Utility
and Economy
Design
Business
Strategy
ā¢ Selection of
marketing/PR
firm
ā¢ Define sale
strategy (target
segment, pricing
strategy, etc.)
ā¢ Define token sale
timeline (presale,
public sale) and
related marketing
plan
ā¢ Legal
documentation,
drafting and
review
ā¢ Account planning
and budgeting
ā¢ Operational
framework design
ā¢ Governance
framework design
ā¢ Strategic alliances
Actions
Business
Execution
ā¢ Design and refine
token utility and
economic model
ā¢ Sale Mechanics
ā¢ Token Economy
ā¢ Incorporation of
legal entity
ā¢ Start of bank account
opening process
ā¢ Launch of website
ā¢ Launch of select
marketing
Examples of
Deliverables
High level
timeline
ā¢ Project Overview/ FAQ ā¢ Issuance of sale
documents
ā¢ KYC and AML
process finalized
4 ā 12 weeks 4 weeks
ā¢ Whitepaper
ā¢ Project Strategy
ā¢ Business Model
ā¢ Understand
market landscape
and industry pain
points
ā¢ Design and
refine business
and operating
model
ā¢ Key team buildout
ā¢ Selection
of
profession
al advisors
ā¢ Selection of
business/toke
n advisors
ā¢ Legal &
tax advice
ā¢ FINMA ruling
49. 9 March 2018
PwC
A PropTech business case
Using blockchain technology in a real estate lease agreement (1/2)
6 Appendix
blockchain-REAL
49
2
Property visit
and inspection
1
Property search through
blockchain-enabled MLS
MLS
3
Negotiation and signing
of the letter of intent
LOI
4
Pre-lease due diligence
by using smart identities
ā¢ The lessor and the
lessee or their
respective brokers list
their requirements on
the multiple-listing
services (MLS).
ā¢ A transparent MLS
system enables all
parties to view the
available listings
based on their
requirements.
ā¢ The brokers discuss
their clientsā
requirements and
arrange for property
visits and
inspections.
ā¢ Both sides negotiate
the terms and value
of the deal.
ā¢ The lessee sends the
letter of intent (LOI)
to the lessor,
expressing interest in
the property.
ā¢ Using blockchain-
based digital
identities of
individuals and
assets, the lessor
conducts a
background check on
the lessee and the
lessee checks the
prior transaction and
liens on the property.
50. 9 March 2018
PwC
A PropTech business case
Using blockchain technology in a real estate lease agreement (2/2)
6 Appendix
blockchain-REAL
50
5
Preparation of the
heads of agreement
6
Lease agreement
using smart contracts
7
Automated payments and
cash ļ¬ow management
using the smart contract
8
Real-time data analysis
ā¢ The heads of
agreement,
containing all the
clauses and terms
agreed between the
two sides, is prepared
and verified by the
accounts and legal
teams on both sides.
ā¢ The key terms of the
agreement are recorded
on the blockchain and
this becomes the smart
contract.
ā¢ The smart contract
initiates payment of
security deposit/advance
rent.
ā¢ The lessor then transfers
the possession of the
property to the lessee.
ā¢ The transaction
agreement is officially
recorded.
ā¢ Based on the terms of the
agreement, the smart
contract initiates the
regular lease payments
from the lessee to the
lessor, after paying the
outstanding maintenance
expenses to the
contractors.
ā¢ On completion of the
lease term, the smart
contract initiates the
transfer of the security
deposit to the lessor.
ā¢ As several payments
and transactions are
recorded on the
blockchain along
with the digital
identities of
individuals,
properties, and
organizations, the
lessor can perform
real-time data
analysis using
appropriate analytics.
51. 9 March 2018
PwC
An industry overview of PropTech start-ups
Residential RE & Mortgage Lending
6 Appendix
blockchain-REAL
51
Commercial RE
Source: CBInsights
52. 9 March 2018
PwC
Robo Advice ā International context
52
blockchain-REAL
6 Appendix
ā¢ RA is prohibited without prior approval by BaFin (Ā§ 32 KWG). Qualifies as investment advice if the
intermediary provides client with specific advice concerning particular security (ISIN-level).
ā¢ Information about industries without reference to individual securities are not in scope.
ā¢ Furthermore, RA could qualify as investment brokerage (Abschluss- oder Anlagevermittlung)
ā¢ Open question: Who drafts the advisory protocol?
DE
ā¢ āAdvice Gapā with respect to clients due to prohibition of commissions according to RDR.
ā¢ March 2016: FAMR-Report by FCA (Financial Advice Market Review)
ā¢ FCA welcomes and endorses FCA; however, currently increased regulatory uncertainty
UK
ā¢ December 2015: Joint Discussion Paper of ESAs (EBA, ESMA, EIOPA).
ā¢ Focus on investment advice
ā¢ Problem: Different understanding of Notion of āadviceā across banking sector (e.g. MCD), securities-
sector (e.g. MiFID II) and insurance sector (e.g. IDD)
EU
ā¢ The biggest obstacle in connection with Robo Advice (RA) is the increased regulatory uncertainty in
various countries.
ā¢ It is unclear for providers if their services are subject to licensing obligations. This can be crucial in
particular in a cross-border context.
ā¢ March 2016: FINRA-Report on Digital Investment Advice
ā¢ Identified issues:
ā¢ Client-profiling
ā¢ Suitability & Appropriateness Testing
USA
53. 9 March 2018
PwC
Crowdfunding regulation in the EU
Position of ESMA and the Commission (1/2)
53
blockchain-REAL
6 Appendix
ESMA
ā¢ Communication issued by the Commission
regarding unleashing the potential of
crowdfunding in the EU, dated 27 March 2015
ā¢ Initial scenario: Absence of an EU-wide
regulatory concept
- Fragmentation ā differing national concepts
- No regulatory interoperability or
coherence between local regulatory
regimes
- Consequence: No cross-border or Europe-
wide activity is discernible ā crowdfunding
can only be promoted at a local level
ā¢ Following an empirical analysis, the ESMA
has come to the conclusion that most of the
pertinent EU directives (MiFID, AIFMD,
Prospectus Directive) are generally not
applicable in practice
Commission
ā¢ Report on crowdfunding in the capital
markets union dated 3 May 2016
ā¢ Market analysis
- EU market still relatively small
- Volume in 2015: EUR 4.2 billion
- 510 platforms in the EU at the end of
2014 (market leader: UK)
- Cross-border activities low, local
phenomenon
ā¢ Regulation
- National approaches to regulation in some
cases
- The Commission wants to promote growth
throughout the union by means of the
future capital markets union
54. 9 March 2018
PwC
Crowdfunding regulation in the EU
Position of ESMA and the Commission (2/2)
54
blockchain-REAL
6 Appendix
ESMA
ā¢ ESMA response to the Commission
Consultation Paper on FinTech dated 7
June 2017
ā¢ ESMA reiterates its call for a specific
crowdfunding EU-level regime, which
would ensure investors across the EU are
equally protected and which would enable
crowdfunding platforms to operate cross-
border based on a common regulatory
framework
Commission
ā¢ Final report on: assessing the potential
for crowdfunding dated 4 May 2017
ā¢ An assessment of whether alternative finance
can help Europe address the problem of
access to finance for innovative companies.
ā¢ The results of the final report are:
1. an estimation of the size of the alternative
market for research and innovation;
2. an analysis of the European alternative
finance landscape;
3. an analysis of the challenges limiting
development of the alternative finance;
4. an assessment of policy options
addressing those challenges;
5. a final recommendation of priority action
at EU and national level.