blockchain, analytics, and institutions · global digital marketplaces future payments...
TRANSCRIPT
![Page 1: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/1.jpg)
Blockchain, Analytics, and InstitutionsImplications for a Changing Business World
Geoff Goodell (University College London)
24 October 2019
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 1 / 25
![Page 2: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/2.jpg)
About Us
Financial Computing and Analytics Groupat University College London
Our research takes a complex systems approach to the interfaces amongtechnology, markets, and institutions.
Blockchain Technology for Algorithmic Regulation and Compliance(BARAC) (2016-2019)
Whitechapel Think Tank (WTT)
Upcoming work includes:
� smart and computable contracts
� global digital marketplaces
� future payments infrastructure
� digital credentials for public services
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 2 / 25
![Page 3: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/3.jpg)
About Us
Financial Computing and Analytics Groupat University College London
Our research takes a complex systems approach to the interfaces amongtechnology, markets, and institutions.
Blockchain Technology for Algorithmic Regulation and Compliance(BARAC) (2016-2019)
Whitechapel Think Tank (WTT)
Upcoming work includes:
� smart and computable contracts
� global digital marketplaces
� future payments infrastructure
� digital credentials for public services
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 2 / 25
![Page 4: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/4.jpg)
About Us
Financial Computing and Analytics Groupat University College London
Our research takes a complex systems approach to the interfaces amongtechnology, markets, and institutions.
Blockchain Technology for Algorithmic Regulation and Compliance(BARAC) (2016-2019)
Whitechapel Think Tank (WTT)
Upcoming work includes:
� smart and computable contracts
� global digital marketplaces
� future payments infrastructure
� digital credentials for public services
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 2 / 25
![Page 5: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/5.jpg)
The Rise of Analytics
Devices: MoreData Collected
Than Ever Before
Networks: MoreData AggregatedThan Ever Before
Systems: MoreData Analysed
Than Ever Before
Markets: MoreData Brokered
Than Ever BeforeImage Source: datapine.com
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 3 / 25
![Page 6: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/6.jpg)
We Are What We Measure
Image Source: socialcooling.com
More data means more measurement,and data analytics systems create theopportunity to exercise control.
For example, market surveillance:the ability to analyse the behaviour ofsecurities brokers means that we canreduce opportunities for misbehaviour.
But the ability to measure personalactivities means the opportunity tocontrol mass behaviour, cheaply andat scale.
(The effect will be profound.)
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 4 / 25
![Page 7: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/7.jpg)
We Are What We Measure
Image Source: socialcooling.com
More data means more measurement,and data analytics systems create theopportunity to exercise control.
For example, market surveillance:the ability to analyse the behaviour ofsecurities brokers means that we canreduce opportunities for misbehaviour.
But the ability to measure personalactivities means the opportunity tocontrol mass behaviour, cheaply andat scale.
(The effect will be profound.)
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 4 / 25
![Page 8: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/8.jpg)
We Are What We Measure
Image Source: socialcooling.com
More data means more measurement,and data analytics systems create theopportunity to exercise control.
For example, market surveillance:the ability to analyse the behaviour ofsecurities brokers means that we canreduce opportunities for misbehaviour.
But the ability to measure personalactivities means the opportunity tocontrol mass behaviour, cheaply andat scale.
(The effect will be profound.)
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 4 / 25
![Page 9: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/9.jpg)
Ledgers and Transactions
ledger: an information store that keeps final and definitive records oftransactionstransaction: smallest unit of a work process resulting in a state change[ISO 26122:2008, definition 3.5]
Image: https://qph.ec.quoracdn.net/main-qimg-bdd086c33e2c34349e7d7400f75b3c51-c
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 5 / 25
![Page 10: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/10.jpg)
Networks
network: an interconnected system of things or people [WordNet]
Image: Baran, P. On Distributed Communications. Rand Corporation, 1964.
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 6 / 25
![Page 11: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/11.jpg)
Risks of Centralisation [Siliski1]
(1) Censoring or banning users of the system
(2) Charging unreasonably high fees to use the system (rent seeking)
(3) Changing the rules of the system (e.g. start charging a fee)
(4) Lying or otherwise intentionally tampering with data
(5) Making mistakes, being hacked, or going out of business
1Siliski, M. Blockchain Alternatives: The Right Tool for the Job, Medium,2018-04-10. https://medium.com/swlh/blockchain-alternatives-b21184ccc345
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 7 / 25
![Page 12: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/12.jpg)
Risks of Centralisation [Siliski1]
(1) Censoring or banning users of the system
(2) Charging unreasonably high fees to use the system (rent seeking)
(3) Changing the rules of the system (e.g. start charging a fee)
(4) Lying or otherwise intentionally tampering with data
(5) Making mistakes, being hacked, or going out of business
1Siliski, M. Blockchain Alternatives: The Right Tool for the Job, Medium,2018-04-10. https://medium.com/swlh/blockchain-alternatives-b21184ccc345
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 7 / 25
![Page 13: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/13.jpg)
Risks of Centralisation [Siliski1]
(1) Censoring or banning users of the system
(2) Charging unreasonably high fees to use the system (rent seeking)
(3) Changing the rules of the system (e.g. start charging a fee)
(4) Lying or otherwise intentionally tampering with data
(5) Making mistakes, being hacked, or going out of business
1Siliski, M. Blockchain Alternatives: The Right Tool for the Job, Medium,2018-04-10. https://medium.com/swlh/blockchain-alternatives-b21184ccc345
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 7 / 25
![Page 14: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/14.jpg)
Risks of Centralisation [Siliski1]
(1) Censoring or banning users of the system
(2) Charging unreasonably high fees to use the system (rent seeking)
(3) Changing the rules of the system (e.g. start charging a fee)
(4) Lying or otherwise intentionally tampering with data
(5) Making mistakes, being hacked, or going out of business
1Siliski, M. Blockchain Alternatives: The Right Tool for the Job, Medium,2018-04-10. https://medium.com/swlh/blockchain-alternatives-b21184ccc345
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 7 / 25
![Page 15: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/15.jpg)
Risks of Centralisation [Siliski1]
(1) Censoring or banning users of the system
(2) Charging unreasonably high fees to use the system (rent seeking)
(3) Changing the rules of the system (e.g. start charging a fee)
(4) Lying or otherwise intentionally tampering with data
(5) Making mistakes, being hacked, or going out of business
1Siliski, M. Blockchain Alternatives: The Right Tool for the Job, Medium,2018-04-10. https://medium.com/swlh/blockchain-alternatives-b21184ccc345
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 7 / 25
![Page 16: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/16.jpg)
Risks of Centralisation [Siliski1]
(1) Censoring or banning users of the system
(2) Charging unreasonably high fees to use the system (rent seeking)
(3) Changing the rules of the system (e.g. start charging a fee)
(4) Lying or otherwise intentionally tampering with data
(5) Making mistakes, being hacked, or going out of business
1Siliski, M. Blockchain Alternatives: The Right Tool for the Job, Medium,2018-04-10. https://medium.com/swlh/blockchain-alternatives-b21184ccc345
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 7 / 25
![Page 17: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/17.jpg)
Distributed Ledgers
Image: raconteur.net
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 8 / 25
![Page 18: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/18.jpg)
Motivation for Distributed Ledgers
Cryptography is about eliminating trusted third parties.
Blockchain technology applies cryptography to transactions.
Motivating desiderata:
� Decentralisation: no single point of trust, no single point ofcontrol (no central authority).
� Security: non-repudiation and irreversibility of records.
� Reliability: resistance to outages and manipulation.2
� Auditability: participants can verify the veracity of recordsdirectly, without external querying.
2Piscini, E. et al. Blockchain: Democratized trust. Deloitte Insights, 2016-02-24.Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 9 / 25
![Page 19: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/19.jpg)
Motivation for Distributed Ledgers
Cryptography is about eliminating trusted third parties.
Blockchain technology applies cryptography to transactions.
Motivating desiderata:
� Decentralisation: no single point of trust, no single point ofcontrol (no central authority).
� Security: non-repudiation and irreversibility of records.
� Reliability: resistance to outages and manipulation.2
� Auditability: participants can verify the veracity of recordsdirectly, without external querying.
2Piscini, E. et al. Blockchain: Democratized trust. Deloitte Insights, 2016-02-24.Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 9 / 25
![Page 20: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/20.jpg)
Motivation for Distributed Ledgers
Cryptography is about eliminating trusted third parties.
Blockchain technology applies cryptography to transactions.
Motivating desiderata:
� Decentralisation: no single point of trust, no single point ofcontrol (no central authority).
� Security: non-repudiation and irreversibility of records.
� Reliability: resistance to outages and manipulation.2
� Auditability: participants can verify the veracity of recordsdirectly, without external querying.
2Piscini, E. et al. Blockchain: Democratized trust. Deloitte Insights, 2016-02-24.Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 9 / 25
![Page 21: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/21.jpg)
Motivation for Distributed Ledgers
Cryptography is about eliminating trusted third parties.
Blockchain technology applies cryptography to transactions.
Motivating desiderata:
� Decentralisation: no single point of trust, no single point ofcontrol (no central authority).
� Security: non-repudiation and irreversibility of records.
� Reliability: resistance to outages and manipulation.2
� Auditability: participants can verify the veracity of recordsdirectly, without external querying.
2Piscini, E. et al. Blockchain: Democratized trust. Deloitte Insights, 2016-02-24.Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 9 / 25
![Page 22: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/22.jpg)
Motivation for Distributed Ledgers
Cryptography is about eliminating trusted third parties.
Blockchain technology applies cryptography to transactions.
Motivating desiderata:
� Decentralisation: no single point of trust, no single point ofcontrol (no central authority).
� Security: non-repudiation and irreversibility of records.
� Reliability: resistance to outages and manipulation.2
� Auditability: participants can verify the veracity of recordsdirectly, without external querying.
2Piscini, E. et al. Blockchain: Democratized trust. Deloitte Insights, 2016-02-24.Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 9 / 25
![Page 23: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/23.jpg)
Motivation for Distributed Ledgers
Cryptography is about eliminating trusted third parties.
Blockchain technology applies cryptography to transactions.
Motivating desiderata:
� Decentralisation: no single point of trust, no single point ofcontrol (no central authority).
� Security: non-repudiation and irreversibility of records.
� Reliability: resistance to outages and manipulation.2
� Auditability: participants can verify the veracity of recordsdirectly, without external querying.
2Piscini, E. et al. Blockchain: Democratized trust. Deloitte Insights, 2016-02-24.Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 9 / 25
![Page 24: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/24.jpg)
What is a Distributed Consensus Algorithm?
Privatedistributed ledgers
(Nodes are explicitly authorisedto participate.)
Call a vote
Supermajority threshold
Anonymous versus attributable
Publicdistributed ledgers
(Anyone can run one or moreparticipating nodes.)
Proof of Work(i.e., computational power)
Proof of Stake(i.e., wealth or age)
Proof of Ownership
Proof of Bandwidth
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 10 / 25
![Page 25: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/25.jpg)
What makes for an appropriate use case? [IBM3]
(1) Is a business network involved?
(2) Is consensus used to validate transactions?
(3) Is an audit trail, or provenance, required?
(4) Must the record of transactions be immutable, or tamper proof?
(5) Should dispute resolution be final?
3Source: https://www.ibm.com/developerworks/cloud/library/cl-blockchain-basics-intro-bluemix-trs/#N1014E
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 11 / 25
![Page 26: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/26.jpg)
What makes for an appropriate use case? [IBM3]
(1) Is a business network involved?
(2) Is consensus used to validate transactions?
(3) Is an audit trail, or provenance, required?
(4) Must the record of transactions be immutable, or tamper proof?
(5) Should dispute resolution be final?
3Source: https://www.ibm.com/developerworks/cloud/library/cl-blockchain-basics-intro-bluemix-trs/#N1014E
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 11 / 25
![Page 27: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/27.jpg)
What makes for an appropriate use case? [IBM3]
(1) Is a business network involved?
(2) Is consensus used to validate transactions?
(3) Is an audit trail, or provenance, required?
(4) Must the record of transactions be immutable, or tamper proof?
(5) Should dispute resolution be final?
3Source: https://www.ibm.com/developerworks/cloud/library/cl-blockchain-basics-intro-bluemix-trs/#N1014E
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 11 / 25
![Page 28: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/28.jpg)
What makes for an appropriate use case? [IBM3]
(1) Is a business network involved?
(2) Is consensus used to validate transactions?
(3) Is an audit trail, or provenance, required?
(4) Must the record of transactions be immutable, or tamper proof?
(5) Should dispute resolution be final?
3Source: https://www.ibm.com/developerworks/cloud/library/cl-blockchain-basics-intro-bluemix-trs/#N1014E
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 11 / 25
![Page 29: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/29.jpg)
What makes for an appropriate use case? [IBM3]
(1) Is a business network involved?
(2) Is consensus used to validate transactions?
(3) Is an audit trail, or provenance, required?
(4) Must the record of transactions be immutable, or tamper proof?
(5) Should dispute resolution be final?
3Source: https://www.ibm.com/developerworks/cloud/library/cl-blockchain-basics-intro-bluemix-trs/#N1014E
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 11 / 25
![Page 30: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/30.jpg)
What makes for an appropriate use case? [IBM3]
(1) Is a business network involved?
(2) Is consensus used to validate transactions?
(3) Is an audit trail, or provenance, required?
(4) Must the record of transactions be immutable, or tamper proof?
(5) Should dispute resolution be final?
3Source: https://www.ibm.com/developerworks/cloud/library/cl-blockchain-basics-intro-bluemix-trs/#N1014E
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 11 / 25
![Page 31: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/31.jpg)
Areas of Impact for DLT and Analytics
PaymentsAccountless electronic transactions of value,including clearance and settlement
ContractsContracts that are automatically executable,understandable by computers, or both
TaxReal-time collection of income tax, improvedmechanisms for regulatory reporting
TradingAsset tracking for supply chains, decen-tralised marketplaces for retail products
IdentityUnlinkable attribute-based credentials, supportfor multiple identities for individuals
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 12 / 25
![Page 32: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/32.jpg)
The Future of Payments
Cash
£Direct interaction between
transacting parties.
Currency is held locally.
Transactions cannot beintermediated or blocked.
Unlimited choice of currency.
Retail Banking (cards, EFT, etc)
£Interaction is actually between
regulated institutions.
Currency is held by institutions.
Transactions may beintermediated or blocked.
Choice of currency may be limitedby regulations.
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 13 / 25
![Page 33: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/33.jpg)
The Future of Payments
Cash
£
Direct interaction betweentransacting parties.
Currency is held locally.
Transactions cannot beintermediated or blocked.
Unlimited choice of currency.
Retail Banking (cards, EFT, etc)
£Interaction is actually between
regulated institutions.
Currency is held by institutions.
Transactions may beintermediated or blocked.
Choice of currency may be limitedby regulations.
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 13 / 25
![Page 34: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/34.jpg)
The Future of Payments
Cash
£Direct interaction between
transacting parties.
Currency is held locally.
Transactions cannot beintermediated or blocked.
Unlimited choice of currency.
Retail Banking (cards, EFT, etc)
£Interaction is actually between
regulated institutions.
Currency is held by institutions.
Transactions may beintermediated or blocked.
Choice of currency may be limitedby regulations.
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 13 / 25
![Page 35: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/35.jpg)
The Future of Payments
Cash
£Direct interaction between
transacting parties.
Currency is held locally.
Transactions cannot beintermediated or blocked.
Unlimited choice of currency.
Retail Banking (cards, EFT, etc)
£Interaction is actually between
regulated institutions.
Currency is held by institutions.
Transactions may beintermediated or blocked.
Choice of currency may be limitedby regulations.
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 13 / 25
![Page 36: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/36.jpg)
The Future of Payments
Cash
£Direct interaction between
transacting parties.
Currency is held locally.
Transactions cannot beintermediated or blocked.
Unlimited choice of currency.
Retail Banking (cards, EFT, etc)
£Interaction is actually between
regulated institutions.
Currency is held by institutions.
Transactions may beintermediated or blocked.
Choice of currency may be limitedby regulations.
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 13 / 25
![Page 37: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/37.jpg)
The Future of Payments
Cash
£Direct interaction between
transacting parties.
Currency is held locally.
Transactions cannot beintermediated or blocked.
Unlimited choice of currency.
Retail Banking (cards, EFT, etc)
£Interaction is actually between
regulated institutions.
Currency is held by institutions.
Transactions may beintermediated or blocked.
Choice of currency may be limitedby regulations.
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 13 / 25
![Page 38: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/38.jpg)
The Future of Payments
Cash
£Direct interaction between
transacting parties.
Currency is held locally.
Transactions cannot beintermediated or blocked.
Unlimited choice of currency.
Retail Banking (cards, EFT, etc)
£
Interaction is actually betweenregulated institutions.
Currency is held by institutions.
Transactions may beintermediated or blocked.
Choice of currency may be limitedby regulations.
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 13 / 25
![Page 39: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/39.jpg)
The Future of Payments
Cash
£Direct interaction between
transacting parties.
Currency is held locally.
Transactions cannot beintermediated or blocked.
Unlimited choice of currency.
Retail Banking (cards, EFT, etc)
£Interaction is actually between
regulated institutions.
Currency is held by institutions.
Transactions may beintermediated or blocked.
Choice of currency may be limitedby regulations.
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 13 / 25
![Page 40: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/40.jpg)
The Future of Payments
Cash
£Direct interaction between
transacting parties.
Currency is held locally.
Transactions cannot beintermediated or blocked.
Unlimited choice of currency.
Retail Banking (cards, EFT, etc)
£Interaction is actually between
regulated institutions.
Currency is held by institutions.
Transactions may beintermediated or blocked.
Choice of currency may be limitedby regulations.
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 13 / 25
![Page 41: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/41.jpg)
The Future of Payments
Cash
£Direct interaction between
transacting parties.
Currency is held locally.
Transactions cannot beintermediated or blocked.
Unlimited choice of currency.
Retail Banking (cards, EFT, etc)
£Interaction is actually between
regulated institutions.
Currency is held by institutions.
Transactions may beintermediated or blocked.
Choice of currency may be limitedby regulations.
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 13 / 25
![Page 42: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/42.jpg)
The Future of Payments
Cash
£Direct interaction between
transacting parties.
Currency is held locally.
Transactions cannot beintermediated or blocked.
Unlimited choice of currency.
Retail Banking (cards, EFT, etc)
£Interaction is actually between
regulated institutions.
Currency is held by institutions.
Transactions may beintermediated or blocked.
Choice of currency may be limitedby regulations.
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 13 / 25
![Page 43: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/43.jpg)
The Future of Payments
Cryptocurrencies are really about Privacy
A “Pre-History” of Modern Cryptocurrencies
1982: David Chaum, “Blind Signatures for Untraceable Payments.”
1989: DigiCash (Ecash) started by David Chaum
1996: E-gold
2006: Liberty Reserve
When Bitcoin launched in 2009, the financial crisis offered an alternativejustification (avoiding currency devaluation).
Privacy-oriented enhancements and alternatives continued to evolve:
2014: Monero
2016: Zcash
2016: Mimblewimble
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 14 / 25
![Page 44: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/44.jpg)
The Future of Payments
Cryptocurrencies are really about Privacy
A “Pre-History” of Modern Cryptocurrencies
1982: David Chaum, “Blind Signatures for Untraceable Payments.”
1989: DigiCash (Ecash) started by David Chaum
1996: E-gold
2006: Liberty Reserve
When Bitcoin launched in 2009, the financial crisis offered an alternativejustification (avoiding currency devaluation).
Privacy-oriented enhancements and alternatives continued to evolve:
2014: Monero
2016: Zcash
2016: Mimblewimble
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 14 / 25
![Page 45: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/45.jpg)
The Future of Payments
Cryptocurrencies are really about Privacy
A “Pre-History” of Modern Cryptocurrencies
1982: David Chaum, “Blind Signatures for Untraceable Payments.”
1989: DigiCash (Ecash) started by David Chaum
1996: E-gold
2006: Liberty Reserve
When Bitcoin launched in 2009, the financial crisis offered an alternativejustification (avoiding currency devaluation).
Privacy-oriented enhancements and alternatives continued to evolve:
2014: Monero
2016: Zcash
2016: Mimblewimble
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 14 / 25
![Page 46: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/46.jpg)
The Future of Payments
Cryptocurrencies are really about Privacy
A “Pre-History” of Modern Cryptocurrencies
1982: David Chaum, “Blind Signatures for Untraceable Payments.”
1989: DigiCash (Ecash) started by David Chaum
1996: E-gold
2006: Liberty Reserve
When Bitcoin launched in 2009, the financial crisis offered an alternativejustification (avoiding currency devaluation).
Privacy-oriented enhancements and alternatives continued to evolve:
2014: Monero
2016: Zcash
2016: Mimblewimble
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 14 / 25
![Page 47: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/47.jpg)
The Future of Payments
Cryptocurrencies are really about Privacy
A “Pre-History” of Modern Cryptocurrencies
1982: David Chaum, “Blind Signatures for Untraceable Payments.”
1989: DigiCash (Ecash) started by David Chaum
1996: E-gold
2006: Liberty Reserve
When Bitcoin launched in 2009, the financial crisis offered an alternativejustification (avoiding currency devaluation).
Privacy-oriented enhancements and alternatives continued to evolve:
2014: Monero
2016: Zcash
2016: Mimblewimble
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 14 / 25
![Page 48: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/48.jpg)
The Future of Payments
Cryptocurrencies are really about Privacy
A “Pre-History” of Modern Cryptocurrencies
1982: David Chaum, “Blind Signatures for Untraceable Payments.”
1989: DigiCash (Ecash) started by David Chaum
1996: E-gold
2006: Liberty Reserve
When Bitcoin launched in 2009, the financial crisis offered an alternativejustification (avoiding currency devaluation).
Privacy-oriented enhancements and alternatives continued to evolve:
2014: Monero
2016: Zcash
2016: Mimblewimble
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 14 / 25
![Page 49: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/49.jpg)
The Future of Payments
Cryptocurrencies are really about Privacy
A “Pre-History” of Modern Cryptocurrencies
1982: David Chaum, “Blind Signatures for Untraceable Payments.”
1989: DigiCash (Ecash) started by David Chaum
1996: E-gold
2006: Liberty Reserve
When Bitcoin launched in 2009, the financial crisis offered an alternativejustification (avoiding currency devaluation).
Privacy-oriented enhancements and alternatives continued to evolve:
2014: Monero
2016: Zcash
2016: Mimblewimble
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 14 / 25
![Page 50: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/50.jpg)
The Future of Payments
Cryptocurrencies are really about Privacy
A “Pre-History” of Modern Cryptocurrencies
1982: David Chaum, “Blind Signatures for Untraceable Payments.”
1989: DigiCash (Ecash) started by David Chaum
1996: E-gold
2006: Liberty Reserve
When Bitcoin launched in 2009, the financial crisis offered an alternativejustification (avoiding currency devaluation).
Privacy-oriented enhancements and alternatives continued to evolve:
2014: Monero
2016: Zcash
2016: Mimblewimble
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 14 / 25
![Page 51: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/51.jpg)
The Future of Payments
Cryptocurrencies are really about Privacy
A “Pre-History” of Modern Cryptocurrencies
1982: David Chaum, “Blind Signatures for Untraceable Payments.”
1989: DigiCash (Ecash) started by David Chaum
1996: E-gold
2006: Liberty Reserve
When Bitcoin launched in 2009, the financial crisis offered an alternativejustification (avoiding currency devaluation).
Privacy-oriented enhancements and alternatives continued to evolve:
2014: Monero
2016: Zcash
2016: Mimblewimble
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 14 / 25
![Page 52: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/52.jpg)
The Future of Payments
Cryptocurrencies are really about Privacy
A “Pre-History” of Modern Cryptocurrencies
1982: David Chaum, “Blind Signatures for Untraceable Payments.”
1989: DigiCash (Ecash) started by David Chaum
1996: E-gold
2006: Liberty Reserve
When Bitcoin launched in 2009, the financial crisis offered an alternativejustification (avoiding currency devaluation).
Privacy-oriented enhancements and alternatives continued to evolve:
2014: Monero
2016: Zcash
2016: Mimblewimble
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 14 / 25
![Page 53: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/53.jpg)
The Future of Payments
Cryptocurrencies are really about Privacy
A “Pre-History” of Modern Cryptocurrencies
1982: David Chaum, “Blind Signatures for Untraceable Payments.”
1989: DigiCash (Ecash) started by David Chaum
1996: E-gold
2006: Liberty Reserve
When Bitcoin launched in 2009, the financial crisis offered an alternativejustification (avoiding currency devaluation).
Privacy-oriented enhancements and alternatives continued to evolve:
2014: Monero
2016: Zcash
2016: Mimblewimble
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 14 / 25
![Page 54: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/54.jpg)
The Future of Payments
£vs
£
Digital currencies are like cash:
� Accountless, bearer instruments, with cash-like payments
� No permanent record of transaction counterparties (maybe)
� Everyone’s money is as good as everyone else’s (in principle)
Cryptocurrencies may threaten monetary sovereignty and may operatebeyond public control.
What are the dangers of forbidding the use of cash or digital currency(perhaps issued by a central bank) that is potentially usable for certainpurposes (e.g. money laundering, terror finance, organised crime)?
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 15 / 25
![Page 55: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/55.jpg)
The Future of Payments
£vs
£
Digital currencies are like cash:
� Accountless, bearer instruments, with cash-like payments
� No permanent record of transaction counterparties (maybe)
� Everyone’s money is as good as everyone else’s (in principle)
Cryptocurrencies may threaten monetary sovereignty and may operatebeyond public control.
What are the dangers of forbidding the use of cash or digital currency(perhaps issued by a central bank) that is potentially usable for certainpurposes (e.g. money laundering, terror finance, organised crime)?
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 15 / 25
![Page 56: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/56.jpg)
The Future of Payments
£vs
£
Digital currencies are like cash:
� Accountless, bearer instruments, with cash-like payments
� No permanent record of transaction counterparties (maybe)
� Everyone’s money is as good as everyone else’s (in principle)
Cryptocurrencies may threaten monetary sovereignty and may operatebeyond public control.
What are the dangers of forbidding the use of cash or digital currency(perhaps issued by a central bank) that is potentially usable for certainpurposes (e.g. money laundering, terror finance, organised crime)?
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 15 / 25
![Page 57: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/57.jpg)
The Future of Payments
£vs
£
Digital currencies are like cash:
� Accountless, bearer instruments, with cash-like payments
� No permanent record of transaction counterparties (maybe)
� Everyone’s money is as good as everyone else’s (in principle)
Cryptocurrencies may threaten monetary sovereignty and may operatebeyond public control.
What are the dangers of forbidding the use of cash or digital currency(perhaps issued by a central bank) that is potentially usable for certainpurposes (e.g. money laundering, terror finance, organised crime)?
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 15 / 25
![Page 58: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/58.jpg)
The Future of Payments
One approach: Institutionally Mediated Private Value Exchange4
£ £ £
An individual receives funds into her institutional account (second icon fromleft) and transfers them to her private store (second icon from right).
The funds might be central bank digital currency (CBDC, as indicated by thePound Sterling symbols) rather than cryptocurrency.
When she wants to make a payment, she must remit it from her private store toan account held by a regulated institution (rightmost icon).
4G. Goodell and T. Aste. “Can Cryptocurrencies Preserve Privacy and Comply withRegulations?” Frontiers in Blockchain, May 2019. doi:10.3389/fbloc.2019.00004
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 16 / 25
![Page 59: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/59.jpg)
The Future of Payments
One approach: Institutionally Mediated Private Value Exchange4
£ £ £
An individual receives funds into her institutional account (second icon fromleft) and transfers them to her private store (second icon from right).
The funds might be central bank digital currency (CBDC, as indicated by thePound Sterling symbols) rather than cryptocurrency.
When she wants to make a payment, she must remit it from her private store toan account held by a regulated institution (rightmost icon).
4G. Goodell and T. Aste. “Can Cryptocurrencies Preserve Privacy and Comply withRegulations?” Frontiers in Blockchain, May 2019. doi:10.3389/fbloc.2019.00004
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 16 / 25
![Page 60: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/60.jpg)
The Future of Payments
One approach: Institutionally Mediated Private Value Exchange4
£ £ £
An individual receives funds into her institutional account (second icon fromleft) and transfers them to her private store (second icon from right).
The funds might be central bank digital currency (CBDC, as indicated by thePound Sterling symbols) rather than cryptocurrency.
When she wants to make a payment, she must remit it from her private store toan account held by a regulated institution (rightmost icon).
4G. Goodell and T. Aste. “Can Cryptocurrencies Preserve Privacy and Comply withRegulations?” Frontiers in Blockchain, May 2019. doi:10.3389/fbloc.2019.00004
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 16 / 25
![Page 61: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/61.jpg)
The Future of Payments
One approach: Institutionally Mediated Private Value Exchange4
£ £ £
An individual receives funds into her institutional account (second icon fromleft) and transfers them to her private store (second icon from right).
The funds might be central bank digital currency (CBDC, as indicated by thePound Sterling symbols) rather than cryptocurrency.
When she wants to make a payment, she must remit it from her private store toan account held by a regulated institution (rightmost icon).
4G. Goodell and T. Aste. “Can Cryptocurrencies Preserve Privacy and Comply withRegulations?” Frontiers in Blockchain, May 2019. doi:10.3389/fbloc.2019.00004
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 16 / 25
![Page 62: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/62.jpg)
The Future of Tax
Distributed ledgers might make it easier to identify tax liabilities and provepayments.
Analytics might make it easier to identify tax fraud.
Future payment systems might facilitate real-time payment of incometaxes (not just transaction taxes).
An opportunity to elaborate the social contract beyond narrowly-definedtaxation?Image Source: eveningtelegraph.co.uk
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 17 / 25
![Page 63: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/63.jpg)
The Future of Contracts
Smart Contracts (aka distributed applications):5 Formal proceduresencoded in language to be interpreted and executed by nodes of adistributed system, so that the original authors (or agreeing parties) arenot required to carry out the procedure themselves.
Computable Contracts:6 interactive and integrated expressions of theintentions of the parties that are understandable by computers as well asby humans.Image Source: US Army (wikimedia.org)
5Szabo, N. “Formalizing and Securing Relationships on Public Networks.” First Monday2(9), 1997-09-01.
6Clack, C. http://fincomp.cs.ucl.ac.uk/research/computable_contracts/Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 18 / 25
![Page 64: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/64.jpg)
The Future of Trading
Asset tracking in supply chains (e.g. for agricultural products)
Decentralised marketplaces for retail goods and services.
Improved surveillance of securities markets.
More efficient energy markets and distribution networks.
Image Source: blockgeeks.com
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 19 / 25
![Page 65: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/65.jpg)
The Future of Identity
Centralised identity and authorisation gives rise to powerful third-partyauthentication service providers that:
(1) occupy a position of control via surveillance
(2) occupy a position of control via denial of service
(3) capture monopoly rents
(4) invite corruption and capture
More assurance is not always better: the greater the assurance needed,the more narrow and limited the use case must be.
Image Source: storify.com
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 20 / 25
![Page 66: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/66.jpg)
The Future of Identity
Centralised identity and authorisation gives rise to powerful third-partyauthentication service providers that:
(1) occupy a position of control via surveillance
(2) occupy a position of control via denial of service
(3) capture monopoly rents
(4) invite corruption and capture
More assurance is not always better: the greater the assurance needed,the more narrow and limited the use case must be.
Image Source: storify.com
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 20 / 25
![Page 67: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/67.jpg)
The Future of Identity
Centralised identity and authorisation gives rise to powerful third-partyauthentication service providers that:
(1) occupy a position of control via surveillance
(2) occupy a position of control via denial of service
(3) capture monopoly rents
(4) invite corruption and capture
More assurance is not always better: the greater the assurance needed,the more narrow and limited the use case must be.
Image Source: storify.com
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 20 / 25
![Page 68: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/68.jpg)
The Future of Identity
Centralised identity and authorisation gives rise to powerful third-partyauthentication service providers that:
(1) occupy a position of control via surveillance
(2) occupy a position of control via denial of service
(3) capture monopoly rents
(4) invite corruption and capture
More assurance is not always better: the greater the assurance needed,the more narrow and limited the use case must be.
Image Source: storify.com
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 20 / 25
![Page 69: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/69.jpg)
The Future of Identity
Centralised identity and authorisation gives rise to powerful third-partyauthentication service providers that:
(1) occupy a position of control via surveillance
(2) occupy a position of control via denial of service
(3) capture monopoly rents
(4) invite corruption and capture
More assurance is not always better: the greater the assurance needed,the more narrow and limited the use case must be.
Image Source: storify.com
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 20 / 25
![Page 70: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/70.jpg)
The Future of Identity
A popular approach: Non-transferable Anonymous Credentials7
HomeOffice
DfT
BankSocialMedia
EmailService
MobileCarrier
HomeOffice
DfT
BankUnitaryAvatar
SocialMedia
EmailService
MobileCarrier
7Camenisch, J and Lysyanskaya, A. “An Efficient System for Non-transferable AnonymousCredentials with Optional Anonymity Revocation.” Proceedings of the InternationalConference on the Theory and Applications of Cryptographic Techniques (EUROCRYPT 2001:Advances in Cryptology), 2001-04-15, pp. 93–118. https://eprint.iacr.org/2001/019.pdf
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 21 / 25
![Page 71: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/71.jpg)
The Future of Identity
A popular approach: Non-transferable Anonymous Credentials7
HomeOffice
DfT
BankSocialMedia
EmailService
MobileCarrier
HomeOffice
DfT
BankUnitaryAvatar
SocialMedia
EmailService
MobileCarrier
7Camenisch, J and Lysyanskaya, A. “An Efficient System for Non-transferable AnonymousCredentials with Optional Anonymity Revocation.” Proceedings of the InternationalConference on the Theory and Applications of Cryptographic Techniques (EUROCRYPT 2001:Advances in Cryptology), 2001-04-15, pp. 93–118. https://eprint.iacr.org/2001/019.pdf
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 21 / 25
![Page 72: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/72.jpg)
The Future of Identity
A popular approach: Non-transferable Anonymous Credentials7
HomeOffice
DfT
BankSocialMedia
EmailService
MobileCarrier
HomeOffice
DfT
BankUnitaryAvatar
SocialMedia
EmailService
MobileCarrier
7Camenisch, J and Lysyanskaya, A. “An Efficient System for Non-transferable AnonymousCredentials with Optional Anonymity Revocation.” Proceedings of the InternationalConference on the Theory and Applications of Cryptographic Techniques (EUROCRYPT 2001:Advances in Cryptology), 2001-04-15, pp. 93–118. https://eprint.iacr.org/2001/019.pdf
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 21 / 25
![Page 73: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/73.jpg)
The Future of Identity
(1) If a link between two attributes can be proven, then it can beforcibly discovered.
(2) The requirement of a unitary avatar influences and constrainshow individuals can behave.
(3) More assurance is not always better: the greater the assuranceneeded, the more narrow and limited the use case must be.
(4) Might multiple unlinkable identities be a human right?
(5) Virtually unlinkable identities might be achievable with DLT.8
8G. Goodell, T. Aste. “A Decentralised Digital Identity Architecture.” To appear,Frontiers in Blockchain.
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 22 / 25
![Page 74: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/74.jpg)
The Future of Identity
(1) If a link between two attributes can be proven, then it can beforcibly discovered.
(2) The requirement of a unitary avatar influences and constrainshow individuals can behave.
(3) More assurance is not always better: the greater the assuranceneeded, the more narrow and limited the use case must be.
(4) Might multiple unlinkable identities be a human right?
(5) Virtually unlinkable identities might be achievable with DLT.8
8G. Goodell, T. Aste. “A Decentralised Digital Identity Architecture.” To appear,Frontiers in Blockchain.
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 22 / 25
![Page 75: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/75.jpg)
The Future of Identity
(1) If a link between two attributes can be proven, then it can beforcibly discovered.
(2) The requirement of a unitary avatar influences and constrainshow individuals can behave.
(3) More assurance is not always better: the greater the assuranceneeded, the more narrow and limited the use case must be.
(4) Might multiple unlinkable identities be a human right?
(5) Virtually unlinkable identities might be achievable with DLT.8
8G. Goodell, T. Aste. “A Decentralised Digital Identity Architecture.” To appear,Frontiers in Blockchain.
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 22 / 25
![Page 76: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/76.jpg)
The Future of Identity
(1) If a link between two attributes can be proven, then it can beforcibly discovered.
(2) The requirement of a unitary avatar influences and constrainshow individuals can behave.
(3) More assurance is not always better: the greater the assuranceneeded, the more narrow and limited the use case must be.
(4) Might multiple unlinkable identities be a human right?
(5) Virtually unlinkable identities might be achievable with DLT.8
8G. Goodell, T. Aste. “A Decentralised Digital Identity Architecture.” To appear,Frontiers in Blockchain.
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 22 / 25
![Page 77: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/77.jpg)
The Future of Identity
(1) If a link between two attributes can be proven, then it can beforcibly discovered.
(2) The requirement of a unitary avatar influences and constrainshow individuals can behave.
(3) More assurance is not always better: the greater the assuranceneeded, the more narrow and limited the use case must be.
(4) Might multiple unlinkable identities be a human right?
(5) Virtually unlinkable identities might be achievable with DLT.8
8G. Goodell, T. Aste. “A Decentralised Digital Identity Architecture.” To appear,Frontiers in Blockchain.
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 22 / 25
![Page 78: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/78.jpg)
The Future of Identity
(1) If a link between two attributes can be proven, then it can beforcibly discovered.
(2) The requirement of a unitary avatar influences and constrainshow individuals can behave.
(3) More assurance is not always better: the greater the assuranceneeded, the more narrow and limited the use case must be.
(4) Might multiple unlinkable identities be a human right?
(5) Virtually unlinkable identities might be achievable with DLT.8
8G. Goodell, T. Aste. “A Decentralised Digital Identity Architecture.” To appear,Frontiers in Blockchain.
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 22 / 25
![Page 79: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/79.jpg)
Challenges for Building a DLT Community
Governance: what are the rules and who should have a say?
Education: the system requires technology and procedures; how do weensure that users are competent?
Growing the community requires long-term stewardship and a lighttouch.
System integrators and consultants must be able to focus on guidance,support, and advocacy, rather than operating the infrastructure orchoosing specific platforms.
Co-regulation may be an option: consider the example of best execution(e.g. NMS in the US, MiFID in the EU).
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 23 / 25
![Page 80: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/80.jpg)
Challenges for Building a DLT Community
Governance: what are the rules and who should have a say?
Education: the system requires technology and procedures; how do weensure that users are competent?
Growing the community requires long-term stewardship and a lighttouch.
System integrators and consultants must be able to focus on guidance,support, and advocacy, rather than operating the infrastructure orchoosing specific platforms.
Co-regulation may be an option: consider the example of best execution(e.g. NMS in the US, MiFID in the EU).
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 23 / 25
![Page 81: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/81.jpg)
Challenges for Building a DLT Community
Governance: what are the rules and who should have a say?
Education: the system requires technology and procedures; how do weensure that users are competent?
Growing the community requires long-term stewardship and a lighttouch.
System integrators and consultants must be able to focus on guidance,support, and advocacy, rather than operating the infrastructure orchoosing specific platforms.
Co-regulation may be an option: consider the example of best execution(e.g. NMS in the US, MiFID in the EU).
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 23 / 25
![Page 82: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/82.jpg)
Challenges for Building a DLT Community
Governance: what are the rules and who should have a say?
Education: the system requires technology and procedures; how do weensure that users are competent?
Growing the community requires long-term stewardship and a lighttouch.
System integrators and consultants must be able to focus on guidance,support, and advocacy, rather than operating the infrastructure orchoosing specific platforms.
Co-regulation may be an option: consider the example of best execution(e.g. NMS in the US, MiFID in the EU).
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 23 / 25
![Page 83: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/83.jpg)
Challenges for Building a DLT Community
Governance: what are the rules and who should have a say?
Education: the system requires technology and procedures; how do weensure that users are competent?
Growing the community requires long-term stewardship and a lighttouch.
System integrators and consultants must be able to focus on guidance,support, and advocacy, rather than operating the infrastructure orchoosing specific platforms.
Co-regulation may be an option: consider the example of best execution(e.g. NMS in the US, MiFID in the EU).
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 23 / 25
![Page 84: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/84.jpg)
Conclusions
Blockchain (and DLT in general) offers real value for business and humansociety alike.
Whether it is constructive or destructive depends upon the specificapplication and implementation.
For every new proposed DLT-related policy or initiative, always ask:
� How will it work as a system? (technology and policy together)
� Does it assume decentralisation? (that never lasts...)
� Whose interests are behind it?
� Cui bono? (Who benefits?)
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 24 / 25
![Page 85: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/85.jpg)
Conclusions
Blockchain (and DLT in general) offers real value for business and humansociety alike.
Whether it is constructive or destructive depends upon the specificapplication and implementation.
For every new proposed DLT-related policy or initiative, always ask:
� How will it work as a system? (technology and policy together)
� Does it assume decentralisation? (that never lasts...)
� Whose interests are behind it?
� Cui bono? (Who benefits?)
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 24 / 25
![Page 86: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/86.jpg)
Conclusions
Blockchain (and DLT in general) offers real value for business and humansociety alike.
Whether it is constructive or destructive depends upon the specificapplication and implementation.
For every new proposed DLT-related policy or initiative, always ask:
� How will it work as a system? (technology and policy together)
� Does it assume decentralisation? (that never lasts...)
� Whose interests are behind it?
� Cui bono? (Who benefits?)
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 24 / 25
![Page 87: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/87.jpg)
Conclusions
Blockchain (and DLT in general) offers real value for business and humansociety alike.
Whether it is constructive or destructive depends upon the specificapplication and implementation.
For every new proposed DLT-related policy or initiative, always ask:
� How will it work as a system? (technology and policy together)
� Does it assume decentralisation? (that never lasts...)
� Whose interests are behind it?
� Cui bono? (Who benefits?)
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 24 / 25
![Page 88: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/88.jpg)
Conclusions
Blockchain (and DLT in general) offers real value for business and humansociety alike.
Whether it is constructive or destructive depends upon the specificapplication and implementation.
For every new proposed DLT-related policy or initiative, always ask:
� How will it work as a system? (technology and policy together)
� Does it assume decentralisation? (that never lasts...)
� Whose interests are behind it?
� Cui bono? (Who benefits?)
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 24 / 25
![Page 89: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/89.jpg)
Conclusions
Blockchain (and DLT in general) offers real value for business and humansociety alike.
Whether it is constructive or destructive depends upon the specificapplication and implementation.
For every new proposed DLT-related policy or initiative, always ask:
� How will it work as a system? (technology and policy together)
� Does it assume decentralisation? (that never lasts...)
� Whose interests are behind it?
� Cui bono? (Who benefits?)
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 24 / 25
![Page 90: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/90.jpg)
Conclusions
Blockchain (and DLT in general) offers real value for business and humansociety alike.
Whether it is constructive or destructive depends upon the specificapplication and implementation.
For every new proposed DLT-related policy or initiative, always ask:
� How will it work as a system? (technology and policy together)
� Does it assume decentralisation? (that never lasts...)
� Whose interests are behind it?
� Cui bono? (Who benefits?)
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 24 / 25
![Page 91: Blockchain, Analytics, and Institutions · global digital marketplaces future payments infrastructure digital credentials for public services Geo Goodell (University College London)](https://reader036.vdocuments.us/reader036/viewer/2022062506/5fbd3a2618a38d322f4f1d28/html5/thumbnails/91.jpg)
Thank You
Photo Credit: https://www.pinterest.co.uk/pin/736268239051855079/
Geoff Goodell (University College London) Blockchain, Analytics, and Institutions 24 October 2019 25 / 25