Professor: Christophe Chouard, Associate Professor, Panthéon-Assas University, Aldis Capital Consultant
Objectives: The aim of the course is to discover new concepts such as Bitcoin, crypto-assets, and blockchains, and address the following questions: How do Blockchains work? What dislocations could happen in the near future in financial services and payment solutions?
1. Introduction: What is a currency?
- Highlighting the notion of trust
2. The operation of Blockchains in details:
- The origins of the creation of Bitcoin
- Principles and objectives of Bitcoin ;
- Transaction Authentication
- Electronic signature by encryption, decryption authentication
- Private key, public key and account number
- Validation of transactions: how to prevent double spending?
- Block transaction registration
- The hashing (principle, operation, utilities) and the Merkle tree
- How to make impossible any modification of an old data?
- Validation of transaction blocks (mining) and block chaining
3. Bitcoin, an ideal currency?
- Does bitcoin have the characteristics of a currency?
4. The other blockchains :
- The similarities between Bitcoin and other blockchains ;
- Developments of new blockchains (private, sectoral)
- The smart contracts of Ethereum
5. Applications of the technology of Blockchains :
- Register of property (cadastre) of physical assets (real estate, gold, diamonds, etc.) ;
- Register of intellectual property, activity license, university degrees
- Tracing: who handled what, who (or what) went where?
- Settlement-delivery of financial assets (aftermarket): « trade is settlement » ;
- Payment without a trusted third party (alternative to Visa and to Paypal ?) ;
- The ICO and the stable coins » ;
- IoT and BFR financing: trade finance and supply-chain finance ;
- Private and sectoral initiatives in finance (PTDL, R3, B3i, etc.).
- Regulation (the points of view of the ESMA, the ECB and the ACPR)
Grading: A final exam at the end of the semester.