This course can also be presented face to face in-house or via live in-house webinar.
Cryptocurrencies & Blockchain Course Objectives
- Be able to better separate the hype and hysteria from reality in order to understand exactly what crypto-currencies and Blockchain are all about
- Explore the history of crypto-currencies
- Explain how they work – are they really anonymous?
- Appreciate the meaning of terms such as miners, proof of work, consensus and the complex maths underpinning the Blockchain
- Have an understanding of the different crypto-currencies available and their differentiators
- Know about buying and storing currencies
- Have an appreciation about the strengths and weaknesses of crypto money
- Appreciate why the medium of exchange feature has yet to achieve real traction
- Understand what DLT and Blockchain are
- Appreciate why institutions are excited by DLT and Blockchain as a settlement medium
- Consider the potential applications of DLT and Blockchain
- Explore what changes are possible
- Explore what has happened so far
- Consider the potential going forward
- Examine how crypto-currencies are regulated
- Consider the future
Cryptocurrencies & Blockchain Course Content
Session 1 – What is a Crypto – currency
- A brief history
- How do crypto-currencies work?
- What platforms are used?
- The importance of miners
- Proof of work & Consensus
- Different crypto-currencies available
Case Study – simple example of how a crypto currency works
Session 2 – The Mechanics of Bitcoin and Other Crypto-currencies
- How do they work
- Mining syndicates
- Coin rewards versus transaction fees
- Forks to overcome limitations
- The leading crypto-currencies
Case Study – Understanding the different features and applications of the leading crypto- currencies
Session 3 – How to Store and Use Crypto-currencies
- Personal and Wallet codes
- Using Crypto currencies
- The smallest division – the Satoshi
- High profile wallet providers
- Crypto currency acceptance – the hype
- Crypto currency acceptance – the reality
Case Study – examples of what is claimed and what is happening
Session 4 – Crypto currencies and Anonymity
- How does this work
- Identifying a user
- Where does it work well?
- Where has it gone wrong?
- Capital flight
- Money laundering
- Other criminal activity
- Wallet hacking
Case Study – Examples of what has happened so far
Session 5 – Blockchain & DLT
- What is a Blockchain?
- Distributed Ledger Technology
- Blockchain Technology
- Building a Blockchain
- Using a Blockchain
- Uses/Effects/Advantages in different sectors -private/ Govt /Para-statal Bodies
- Principle uses of Blockchain to date
- Private versus public DLT
Case Study – Simple examples of blockchains
Session 6 – How might DLT change the world?
- The claims
- The possibilities
- The likely reality
- The capacity to disrupt
- The capacity to enhance
- The threats and weaknesses
- What is likely to happen in practice?
Case Study – examples of what changes have happened and what are possible
Session 7 – What are the obstacles
- Key constraints
- Existing processes
- Market resistance
- Client resistance
- Regulatory resistance
Case Study – Examples of potential obstacles
Session 8 – Regulation of Crypto-currencies and Blockchain
- A “wait and see approach” for now
- Who has regulated?
- Swiss initiatives on ICO’s
- OFAC guidelines
- The strengths and weaknesses of regulation
Case Study: Examples of what has happened to date.
Session 9 – Putting It All Together
- What has happened so far
- Why has it not been implemented en-masse yet?
- What will the next stage be?
- What should financial institutions be doing now?
- The future?
Background of the Trainer
Your course director has spent more than 40 years in the banking and financial sector, much of it in a senior managerial/Director role. He is a former Institute of Banking Lecturer, having gained distinctions in the exams. He is a subject matter aspect on all aspects of retail, corporate and global banking, including risk management and regulatory compliance. He has lectured extensively to both leading global financial institutions and to smaller bespoke specialists. He has delivered extensive programmes in all parts of the world including the USA, Europe, MENA, Africa and Hong Kong. He is currently an accredited Master Trainer for Risk and FCC training at the world’s biggest global bank.
Cryptocurrencies & Blockchain Course Content
Cryptocurrencies are very high profile at present – mainly for the wrong reasons. The founding currency, Bitcoin, was conceived by the mysterious Satoshi Nakamoto following the banking crisis. His/her/their vision was the creation of an alternative global currency, free of governmental and other controls, independent of all financial institutions, traded on a global peer to peer basis in the Cloud. Its settlement system used an established ledger technology called Blockchain which was enhanced considerably by a fiendishly complex mathematical algorithm requiring proof of work and community consensus to achieve crypto resilience. As originally conceived, Satoshi’s mission has been largely accomplished except Bitcoin is not yet operating as a medium of exchange in any meaningful way.
The challenge Satoshi could not avoid is that all the features that make a crypto currency highly attractive to the intended user are also very appealing to criminals. This has prompted more unwelcome frauds and consequent regulatory interventions, than the system intended.
Blockchain on the other hand is exciting institutions because Bitcoin has provided a free field test of its capabilities in probably the most hostile environment. Most serious commentators agree it is a proven, cyber-resilient and highly secure version of Distributed Ledger Technology (DLT) which has so far been impervious to outside attack. All losses on Bitcoin exchanges have occurred through either intermediaries or hot wallets. It is claimed by some very high profile supporters that it has the capacity to revolutionise the way financial institutions manage both payments and their FCC obligations. Its supporters talk in terms of “world changing” possibilities.
This interactive course describes both Blockchain and DLT in language that the non-IT specialist can understand. It covers the topics in detail, cuts through all the hype and offers a balanced and measured description of the possibilities on offer.
Anyone with an interest in the subject
What Redcliffe’s clients are saying about the course:
“Clear and concise delivery method and very good content. Very informative and engaging – kept our attention”
Senior Legal Counsel, ABN Amro
“The trainer’s delivery is excellent and his knowledge of the course was fantastic.”
Trade Finance Specialist, Danske Bank
“Great examples of industry application.”
Corporate Finance Partner, DAC Beachcroft LLP