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Jan H Jansen

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2 Jan H Jansen E-mail: jan.jansen@han.nl
Lecture Blockchain Jan H Jansen

3 Knowledge Distribution Centres Logistics
Dutch National Centre of Expertise on Logistics Based on 6 Universities of Applied Science with Logistics Research Departments, resulting in 6 Knowledge Distribution Centres across the Netherlands: North Holland North East Netherlands Rotterdam area Gelderland Zeeland / North Brabant Limburg North Holland North East Netherlands Rotterdam area Gelderland Zeeland North Brabant Limburg

4 Knowledge Distribution Centre on Logistics gelderland
Main Themes Knowledge Distribution Centre on Logistics gelderland Healthcare Logistics Transport and Distribution of Fast Moving Consumer Goods Training, tools Training, tools Long term goal: Innovative SCM in Logistics Business Practice Fashion Community of Practice Sustainable Transport Community of Practice Up-to-date qualifications for labour market Freight Health Care Logistics Community of Practice research Future: Patient Logistics Community of Practice applied Future: Food Community of Practice Goal: Effective knowledge transfer to students research applied

5 Source: Date: 13 Dec 2017

6 Source: Date: 13 Dec 2017

7 Two months later: Source:
Date: 16 Febraury 2018

8 How will Bitcoin prices behave?
Fundamental analysis Technical analysis

9 Fundamental analysis: What determines the value of a Bitcoin / Cryptocurrency
Relative scarcity Supply factors Demand factors Risk factors Behavioural factors (FOMO) Cost factors ….

10 Pricing of Bitcoins with a fixed supply (BTC 16.8 mln)

11 Technical Analysis Bitcoin (Source: https://cointelegraph

12 Bit Coin Data (https://bitcoincharts
Bit Coin Data ( Date: 13 Dec 2017) Date Weighted Price BTC Index BTC 1 = USD 3.45 100 BTC 1 = USD 16,611.09 ?

13 Bit Coin Data (https://bitcoincharts
Bit Coin Data ( Date: 13 Dec 2017) Date Weighted Price BTC Index BTC 1 = USD 3.45 100 BTC 1 = USD 16,611.09 4814,80 Relative change?

14 Bit Coin Data (https://bitcoincharts
Bit Coin Data ( Date: 13 Dec 2017) Date Weighted Price BTC Index BTC 1 = USD 3.45 100 BTC 1 = USD 16,611.09 4814,80 Relative change of %

15 Bit Coin Data (https://bitcoincharts
Bit Coin Data ( Date: 13 Dec 2017) Date Weighted Price BTC Index BTC 1 = USD 3.45 100.00 BTC 1 = USD 16,611.09 Relative change of: = 100 * (1+p/100)^6 𝑝= , −1 ∗100 = 90.73%

16 Bit Coin Markets Spot market Future market
Sunday 10 December 2017: The Chicago Board Options Exchange launched futures trading for bitcoin Functions: Speculation Arbitrage Hedging

17 Bitcoin spot markets (±80) (Source: https://bitcoincharts

18 Bitcoin the new (supranational) money
Bitcoin the new (supranational) money? > Bancor (Keynes, 1944, Bretton Woods conference) > Numéraire (Walras, 1874, Elements of pure economics) Money Coins Banknotes Demand deposits Digital money (Bitcoins) Money functions: Medium of exchange Measure of value Store of value Transactions motive Precautionary motive Speculative motive

19 Some YouTube videos https://www.youtube.com/watch?v=IMJmd_tNhlM
(partly in Dutch)

20 What are futures? Futures contracts allow investors to agree to buy a certain amount of a commodity, bond or share at a specific price at a designated time in the future, hence the name. It means investors can bet on whether they believe a particular commodity – in this case bitcoin – will rise or fall by a specified future date. They are generally used in commodity markets to hedge against major fluctuations in prices, such as unexpected weather conditions hitting crops. But they are also well established in equity markets, with trading on individual companies and indices such as the FTSE 100 and S&P 500. There are risks, mainly when investors use debt to finance their futures speculation and their bet goes the wrong way. Source:

21 Cboe XBT Bitcoin Futures Trading Data (Source: http://cfe. cboe
Cboe XBT Bitcoin Futures Trading Data (Source: 13 December 2017) Symbol Expiration Last Change High Low Settlement Volume GXBT 0.0 XBT/F8 01/17/2018 424 XBT/G8 02/14/2018 1 XBT/H8 03/14/2018 19

22 Cboe XBT Bitcoin Futures
Bitcoin futures are now available for trading on the Cboe Futures Exchange, LLC (CFE). CFE launched trading in Cboe bitcoin futures on December 10 under the ticker symbol "XBT" (contract specifications | fact sheet.) This brings many benefits to traders, including transparency, efficient price discovery, deep liquidity and centralized clearing. XBTSM futures provides a centralized marketplace for participants to trade based on their view of bitcoin prices, gain exposure to bitcoin prices or hedge their existing bitcoin positions. (Source: 13 December 2017)

23 Cboe XBT Bitcoin Futures
(Source: 13 December 2017)

24 Blockchain Financial Cypto currencies Bitcoin Ethereum Altcoins Non-financial Energy Logsitics data Etc.

25 Integrated reporting model (The IIRC, 2017)

26 Bitcoin Exchanges & Wallet (Source: bitcoin.com)

27 Risks No central bank involved to secure the value
Price volatility (what / who is determing the value in terms of $ or €?) Security of the IT system Cyber attacks Behavioural finance Fear Of Missing Out (FOMO) Illegal activities Gambling Drugs Dark room (of the internet) Etc

28 Blockchain URL Topic http://blocklab.nl/
Information on blockchain applications Blockchain University of Delft How to get an account in Bitcoins (wallet) Chicago Board Options Exchange Dutch Central Bank (risks & opportunities)

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30 A blockchain, originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. Harvard Business Review defines it as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way." For use as a distributed ledger, a blockchain is typically managed by a peer- to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. Source:

31 Source: http://www.blockchain-lab.org/#publications

32 Hash code Example: 6b1f6fde5ae60b2fe1bfe50677434c88
Source:

33 General ledger of company X (focal company)
Assets Liabilities Cash Accounts payable (A/P) Link to supplier Y Accounts receivable (A/R) Link to customer Z

34 General ledger of company Z (customer)
Assets Liabilities Cash Accounts payable (A/P) Link to supplier X Accounts receivable (A/R) Link to customer …

35 General ledger of company Y (supplier)
Assets Liabilities Cash Accounts payable (A/P) Link to supplier … Accounts receivable (A/R) Link to customer X

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37 A basic pattern of the supply chain
Company Y (supplier) Company X (focal company) Company Z (customer) Goods Services Money Information

38 Knowledge Distribution Centres Logistics
Dutch National Centre of Expertise on Logistics Based on 6 Universities of Applied Science with Logistics Research Departments, resulting in 6 Knowledge Distribution Centres across the Netherlands: North Holland North East Netherlands Rotterdam area Gelderland Zeeland / North Brabant Limburg North Holland North East Netherlands Rotterdam area Gelderland Zeeland North Brabant Limburg

39 Knowledge Distribution Centre on Logistics gelderland
Main Themes Knowledge Distribution Centre on Logistics gelderland Healthcare Logistics Transport and Distribution of Fast Moving Consumer Goods Training, tools Training, tools Long term goal: Innovative SCM in Logistics Business Practice Fashion Community of Practice Sustainable Transport Community of Practice Up-to-date qualifications for labour market Freight Health Care Logistics Community of Practice research Future: Patient Logistics Community of Practice applied Future: Food Community of Practice Goal: Effective knowledge transfer to students research applied

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