A new definition and form of currencies are disrupting the old ways of payment, accounting systems and financial institutions such as banks that have lasted for centuries. In this one-day workshop, you will learn about the Distributed Ledger Technologies (DLT) and its applications. You will also learn about cryptocurrencies and the impact they have had on the financial services industry. The arrival of cryptocurrencies, such as bitcoin, has necessitated the creation of blockchain and other forms of DLTs. The blockchain is just one of several distributed and decentralized ledger database systems.
The session will include topics such as:
- History of money
- Development of fiat money – legal tender backed by the government that issued it
- Commodity money – whose value is underpinned by something physical such as gold or silver, and
- Open and closed loop payments – private currencies or dedicated cash, such as Canadian Tire money, food coupons or gift cards tied to a specific business.
An understanding of the current definition of money is needed to comprehend the transformation to the new forms.
Next on the agenda will be an introduction to ledgers, including blockchain. In its simplest terms, a ledger is a chronological listing of financial events, such as a credit card statement. A blockchain is a type of ledger but is different because it is not held by a central authority, such as a bank, but rather by many people.
By the end of the workshop, participants will be able to:
- Explain in non-technical terms how conventional banking business functions can be converted into distributed ledger systems.
- Analyze and explain a blockchain application for use by a financial institution.
- Contribute to management decision-making about new FinTech applications.
- Evaluate strategic directions involving the use of DLT platforms. A second one-day workshop is also available to those wishing to explore these and other related topics further.
A second one-day workshop is also available to those wishing to explore these and other related topics further.