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Blockchain and Cryptocurrency Austin B
Blockchain and Cryptocurrency Austin B. Mills Chair of Blockchain & Cryptocurrency Practice October 29, 2018
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What is a “Blockchain” or “Distributed Ledger”?
A distributed ledger is a shared database distributed across a network. Often, all participants have their own identical copy of the ledger, with changes to the ledger reflected in all copies in “real time.” A blockchain is a permanent record of transactions in a network.
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What is “Cryptocurrency”?
Cryptocurrency is generally just a representation of value on a blockchain. Enables trustable decentralized Exchange of Value
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So What? Benefits Decentralization Security Immutability Trust Privacy
Increased transaction speeds Cost reduction Data Integrity Quality assurance Automation
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Insurance
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Reinsurance Smart Contracts Compliance (e.g. AML/KYC) Cost-cutting
Decreased Processing Time Understanding Risk Identity Disintermediation Transparency
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Market Initiatives ANZ AIG B3i AiGang IBM Etherisc BITPARK InsurePal
LumenLab (MetLife Asia) I-CHAIN RRGs for Blockchain-based Networks Fidentiax Sofocle InsureX Dynamis
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Legal Considerations Securities Laws Smart Contracts
Data Privacy/Security (e.g. GDPR) DMCA-type safe harbors Systems and products without an “owner” Tax Implications Money Transmission
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