blockchain, bitcoin, crypto assets and stos: emergence of a … · 2019-11-21 · blockchain,...
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Prof. Dr. Philipp Sandner Blockchain Center Frankfurt School of Finance & Management E-Mail: p.sandner@fs.de Internet: www.fs-blockchain.de
Blockchain, Bitcoin, Crypto Assets and STOs:
Emergence of a New Financial System?
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Hype and reality
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17 © Prof. Dr. Philipp Sandner
18 © Prof. Dr. Philipp Sandner
19 © Prof. Dr. Philipp Sandner
20 © Prof. Dr. Philipp Sandner
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What is the current state of DLT?
100 %
2005
0 % 2015 2025 2035
Smartphones
Distributed
Ledger
Technology
National blockchain
strategy of Germany
29 © Prof. Dr. Philipp Sandner
Germany‘s national blockchain strategy:
financial area (simplified)
Securities De-materialized securities
on blockchain
Euro Euro
on blockchain
„Traditional“
crypto assets
Private
„stable coins“
Traditional
finance area
„Digital Economy“
based on tokens
• In a first step, debt
(„Schuldverschreibungen)
• Later, further classes of
securities
• Euro on blockchain based
on the E-Money regime
• Other currencies would
also be possible
• Bitcoin
• Ethereum
• ...
• Libra
• Gold-backed tokens
• ...
Which problem does
blockchain technology
solve?
32 © Prof. Dr. Philipp Sandner
Pipeline vs. register
42 © Prof. Dr. Philipp Sandner
Payment process between two parties
Alex Sophie
Bank Bank Correspondent
bank
Correspondent
bank
A payment requires multiple stages:
this costs time and can induce errors
Ledger Ledger Ledger Ledger
43 © Prof. Dr. Philipp Sandner
The core of blockchain technology
The core of blockchain is that
all transactions of a specific asset
are recorded in one common distributed database
Ledger
The ownership for a property will therebybe transferred
from an old owner to a new owner
Alex Sophie
52 © Prof. Dr. Philipp Sandner
Capitalized register (i.e., registry organizing ownership of money or assets)
The most important aspects of DLT
Register technology (i.e., technology to maintain registers)
1
2
Programmable money, tokenized assets
3
Page 52 3 – Introduction to DLT
Interaction between
tokens and
smart contracts
54 © Prof. Dr. Philipp Sandner
How does a transaction currently works? (2-3 days; fees)
How does a trasaction works on a DLT system (atomic swap)? (seconds, no fees)
Blockchain technology provides an infrastructure for transactions. Delivery vs.
payment (DVP) will therefore be replaced by atomic swaps.
A B Clearinghouse
Shares
Money
A B
IT system 1
IT system 2
DLT system
1
Shares
Approval
Money
1 2
3
4 5
Shares
Money
Smart
contract
Basic principle of
tokenization
60 © Prof. Dr. Philipp Sandner
Where have tokens been used and where will they be used?
Security token
Software license
(Nothing)
Source: Liechtenstein Blockchain Act (2019)
Utility token
(Ethereum)
Crypto currency
(Bitcoin)
Cash on ledger,
stable coin, Euro
Source: Liechtenstein Blockchain Act (2019)
61 © Prof. Dr. Philipp Sandner
Where have tokens been used and where will they be used?
Utility token
(Ethereum)
ICO
Paym
en
t
Exch
an
ge
Pri
vate
in
vestm
en
t
Fin
an
cia
l serv
ices
Crypto currency
(Bitcoin)
STO
(IPO)
Source: Liechtenstein Blockchain Act (2019)
Security token
(Securities)
Cash on ledger
(stable coin, Euro)
Source: Liechtenstein Blockchain Act (2019)
62 © Prof. Dr. Philipp Sandner
Where have tokens been used and where will they be used?
Utility token
(Ethereum)
ICO
Paym
en
t
Exch
an
ge
Pri
vate
in
vestm
en
t
Fin
an
cia
l serv
ices
Crypto currency
(Bitcoin)
STO
(IPO)
Source: Liechtenstein Blockchain Act (2019)
Security token
(Securities)
Cash on ledger
(stable coin, Euro)
Primary
market
Payment
Secondary
market
Source: Liechtenstein Blockchain Act (2019)
63 © Prof. Dr. Philipp Sandner
Where have tokens been used and where will they be used?
Utility token
(Ethereum)
ICO
Paym
en
t
Exch
an
ge
Pri
vate
in
vestm
en
t
Fin
an
cia
l serv
ices
Crypto currency
(Bitcoin)
STO
(IPO)
Source: Liechtenstein Blockchain Act (2019)
Security token
(Securities)
Cash on ledger
(stable coin, Euro)
Primary
market
Payment
Secondary
market
Delivery versus payment
(on one single platform)
Source: Liechtenstein Blockchain Act (2019)
64 © Prof. Dr. Philipp Sandner
Digital economy
Use case: car
Lien
Right of ownership
Usage right
Leasing
Car sharing
Car rental
Insurance
Car investments
Theft control
Source: Liechtenstein Blockchain Act (2019); Lien in German: “Pfandrecht”
€
€
€
€
€
65 © Prof. Dr. Philipp Sandner
Digital economy
Use case: machines
Pay per use
Leasing
Factoring
Securitization
Source: Liechtenstein Blockchain Act (2019); Lien in German: “Pfandrecht”
€
€
€
€
Quality control
Sales financing («Absatzfinanzierung»)
Portfolios: investment and fractional
ownership
€
€
Usage right
«Right on quality»
Lien
Right of ownership
Bitcoin, crypto assets
(public blockchain)
68 © Prof. Dr. Philipp Sandner
Ranking of crypto currencies
70 © Prof. Dr. Philipp Sandner
Capitalization of crypto assets in comparison to other asset classes
Source: Cryptology (2019)
71 © Prof. Dr. Philipp Sandner
Tokenization creates new asset classes and revolutionizes existing ones
The asset universe: bankable and non-bankable assets
Bankable assets
• Stocks, profit
participation
certificates,
currencies, bonds
• Can be directly
created on the
Blockchain
• Not necessarily
backed by real
assets
• Issuers must be
trusted that value is
behind the asset
Non-bankable assets
• Any kind of real
assets (real estate,
art, patents,
certificates,
coupons, cars)
• Ownership can be
fractionalized and
fungibility of asset is
created
• Trust issuer that
(tangible) asset
exists in described
conditions
6 – Deep Dive: Tokenization of Assets
Invest in blockchain
73 © Prof. Dr. Philipp Sandner
Investment in blockchain and DLT
Investment in tokens
Direct Indirect
Crypto exchanges
Banks and broker
Managed accounts
Certificates
Futures
Single asset funds
Hedge funds
CFDs
Investment in
ecosystem and companies
Infrastructure Companies
Mining
Master nodes
Stocks
Venture capital
74 © Prof. Dr. Philipp Sandner
Example of a crypto fund
Arbitrage spread analysis and trade execution
Source: Blocksize Capital (2018), www.blocksize-capital.com
75 © Prof. Dr. Philipp Sandner
Example of a crypto fund
Arbitrage spread analysis and trade execution
76 © Prof. Dr. Philipp Sandner
Kontakt
Prof. Dr. Philipp Sandner
Leiter des Frankfurt School
Blockchain Center
p.sandner@fs.de
Frankfurt School of Finance
& Management gGmbH
Adickesallee 32-34
60322 Frankfurt am Main
Germany
Kontaktieren Sie mich gerne
via E-Mail, Xing, LinkedIn oder
Twitter (@philippsandner).
77 © Prof. Dr. Philipp Sandner
Prof. Dr. Philipp Sandner
Geboren 1980 in Heidelberg
Kontakt: email@philipp-sandner.de
Studium der BWL an der Universität Mannheim
Promotion an der Ludwig-Maximilians-Universität München
Auslandsaufenthalte an der Copenhagen Business School und an
der University of California at Berkeley
Post-Doc an der Technischen Universität München
Mitgründer einer auf Innovationsstrategie und IP
spezialisierte Unternehmensberatung
Professor an der Frankfurt School of Finance & Management;
Themengebiete: Digitalisierung, Entrepreneurship und Innovation;
Leiter des Frankfurt School Blockchain Centers
Blockchain, Crypto Assets, Initial Coin Offerings (ICOs),
Digitalisierung und Entrepreneurship
Beratung von Unternehmen hinsichtlich ihrer Blockchain-Aktivitäten,
u.a. auch den ersten Crypto Fund Europas oder Startups in
Consensys’ Token Foundry Programm
FinTechRat des Bundesministerium der Finanzen,
Mitgründer des Blockchain Bundesverband e.V.,
Multichain Asset Managers Association
2000-2005
2005-2011
2010-2015
2015
seit 2017
Themen
Praxis
Engagement
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