leon-gerard vandenberg, bitsim - case study: us navy cash >> bitsim – a bitcoin payment...
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Leon-Gerard VandenbergPEng MBA, CTO & consultant
lg@futurecapital.com.au see http://bit.ly/FCBF2014
1
Bitcoins & eCurrencies “Riding the Learning Curve”
Bitcoins & eCurrencies “Riding the Learning Curve”
Intro
Rearview Mirror
Status & Current “Take Away”
Forward Looking - Concerns & Opportunities
Wrap
Q&A
G’DayHey - I’ve been around the traps - I got some deep sector expertise in Defence/Technology development - crypto too :-)
CTO/Co-founder for a company that launched USA's NavyCash smartcard scheme for centralised US Treasury payments and salaries in the form of a closed eCurrency system on MasterCard
Experience & pedigree bodes well for solutions across the burgeoning Bitcoin industries
Mobile & Seamless Ease of Use of Bitcoin/Crypto/Identity Services and Startups is my future focus
What was an eCurrency?
Not a digital counter
Innovation -eCash (aka DigiCash) 1990 - David Chaum - Blind Digital Signatures - Anonymous - now defunct - Range of European banks took it on - card focus- One (or two) US Banks - card focus
St. George Bank 1998 - Yes Australia too.. :-)
Other eCurrency SchemesGovernment Schemes - Border Control Citizen ID Malaysian ID Card
Banks / Transit Agencies - Oyster Card UK / Octopus HK / Singapore
Belgian Proto - EuroBank centric
Mondex Card Scheme - failed - too heavy crypto
NOT a memory card - aka TelstraPhone card
NavyCashFounded in 1999-2000
Closed Tender to Navy Supply Office - Washington DC
Two Stage ePurse - Offline & Online - Person to Person -Salary on a Card - cash out anywhere / spouse card as well
Bank Branch on a NavyShip / Navy Base
Central Float - Authorised by US Treasury - Managed by JP Morgan / Chase
MasterCard Network - ATM & Fiat withdrawals in local currency
Closed Economy
NavyCashProblems with Double Spend
Spouse - back at Navy Base -spends - sailor owes debt
Two Stage ePurse - Offline & Online - Person to Persononly on same ship or same base - not really cross whole NavyCash Pool
Bank Branch on a NavyShip / Navy Base - 24 hour Lag - Batch Runs
Central Float - Heaps of Services Fees Made by JP Morgan / Chase
MasterCard Network - ATM & Fiat withdrawals in local currency
Closed Economy - NOW how would Bitcoin and Blockchain work?
Virtual SIM conceptsWhat is a Virtual SIM?
Why is it useful - Freedom from incumbent Carrier Constraints - Ability to issue your own loyalty / mCash / VOIP solution - Bank & Merchant services on any mobile - Anywhere - Global Reach - Global Standard - ~7 Billion Handsets
Original - used to reload - NavyCash Anywhere Anytime
Status NowNavy Cash most successful smartcard scheme in USA
Ten Years to roll out - 4Billion + Dollars under management
VSIM - concepts now used in NFC Phones / Visa / MC- Smartphone Patent Wars
Currency Wars… What does a US$ buy now?Coming of the Redback (RMB)
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Bitcoin is the solution to…FinRegulators & Banks - acting badly! - Carriers and Cellco fought ISPs and Internet VOIP like Legacy Banks will fight Bitcoin and Rupert Murdock et al. fought Aereo, Inc
Governments - acting badly! - (detriment of citizens)- Sovereign Risk & Quantitive Easing (QE 4+?)
World Bank & EU Bailouts & Bail-in’s - Cyprus - who’s next - NY Bitlicense?
Freedom to invest in New Asset Class - Virtual Property with Smart Constraints- Future pas Internet 2.0 - SmartContracts
Forward LookingConcerns and Opportunities
Concerns
Tax Rulings / Regulation / QE / Currency Wars
Privacy / Security / Anonymity
Opportunities
Job Creation / Wealth Creation / New Asset Class
New Economy - Disruptive Thinking
Simple Secure Use - Bitcoins on SIM / Anywhere /Anytime
bitSIM.cozero footprint bitcoin SIM (virtual SIM)
Chip on Flex Technology
SIM Pack / Self Install / BTC delivered over the air - OTA
International Remittance Target $1T
HW Wallet - PIN enabled Secure Authentication connect to your local or "hosted" cloud wallet
bitSIM Chip/Pin devices China Manufacturing - Australian Designed NFC ready, the Target to achieve Banking Grade EMV L1&L2 plus Bitcoin bitSIM & Banking/Exchange Gateway Transactions
Bitcoin Functions Off &On Blockchain Network (BIP32) Bluetooth & PIN enabled version of Trezor Dongle
Bitcoin Merchant Transactions via Mobile Phone & bluetooth <>Anyone<>Anywhere<>Anytime<>
!
WrapGet In - Learn about Bitcoin/Litecoin/etc
Be Secure - invest in security. - good personal stewardship / your legal affairs
Invest - in your learning & your own BTC Careful on quantum, this is still an experiment
Participate - in the community - credible startups
Be Vocal about the proper Utility Public Goodness of Bitcoin
Give - Use and Replenish BTC
Questions?
This is not a dream… Bitcoin is my Unicorn :-)
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