Blockchain and black markets

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From the course by Rutgers the State University of New Jersey

New Technologies for Business Leaders

54 ratings

Rutgers the State University of New Jersey

New Technologies for Business Leaders

54 ratings

This introductory course is developed for high level business people (and those on their way) who want a broad understanding of new Information Technologies and understand their potential for business functions (e.g. marketing, supply change management, finance). This is not a course for people looking for guidance on how to become a deep technical expert or implement these technologies. From Blockchain over Artificial Intelligence to Virtual Reality technologies: This course will empower business leaders to embrace the concepts and bring the state of the art information technologies into their organizations to improve client and customer engagement and ultimately the bottom line of their businesses. Instead of digital disruption, the new technologies and management methods will become the foundation of a Digital Transformation journey for better customer relationship management and client satisfaction. The content is structured in a way that promotes discussions on challenges that business management and marketing functions face due to the rise of new technologies such blockchain, cryptocurrencies, internet of things (IoT), virtual, mixed and augmented reality (VR/AR), artificial intelligence (AI) and big data. This course will use case studies to explore frameworks, tools, and strategies that are already proven in the real world and prepare ourselves and our organizations to have the tools needed to succeed in a fast and changing world. This course is not a deep technical curriculum, but based on thousands of hours helping (often C-level) executives to grasp the technologies' potential in their own areas of expertise. This course is available in English.

From the lesson

Blockchain technology applications and crypto currencies

This module introduces the fundamentals of Blockchain technology, as a key accelerator of the evolving customer engagement including and far beyond the crypto currencies. The module presents practical scenarios by industry and how Blockchain can change current business models to benefit the customer and client relationship and also discuss how Blockchain technology combined with IoT and AI creates synergies for organizations. Finally, we will provide a list of communities created around Blockchain.

Blockchain is everywhere: From Healthcare to Media11:21

Chain your customers with blockchain technologies7:32

How is trust in advertisement possible?4:54

Blockchain and black markets4:29

Communities on the move9:42

Blockchain based future is as unlikely as a future without the Internet12:00

Guest Lecture by Jeremy Epstein - Marketing with Blockchain Technology1:50

Meet the Instructors

Mark Mueller-Eberstein, Dipl. Kfm.
Instructor of Professional Practice - Faculty
Rutgers Business School

[MUSIC]

Blockchain technology, like any new technology,

can be used for good or bad things.

In this lesson, we will look at the flip side of the digital coin.

We can't predict if all the scenarios of blockchain usage will succeed,

or what an individual might do with the technology.

But, we can be aware of the challenges, and potential misuse of the technology,

and the implications of it.

In this lesson, we'll look at some of those.

Like often we hear, the first thing when we talk about cryptocurrency,

that's just for criminals on black markets.

it ain't so.

But, cryptocurrencies are more or less working like cash, and

the UK Bank, Central Bank for example, estimates that 25% of UK cash are used for

illicit purposes outside of the traditional economic system.

So yes, a high percentage of cash in every country is used for illegal purposes.

And so, we will see illegal use of cryptocurrencies as well.

But I ask you, should we ban all cryptocurrencies,

like we should be banning all cash transactions?

Probably not.

The benefits of having a currency are outweighing the risks very, very often.

And I think we will say the same with cryptocurrency.

Bitcoin, as the gold standard of cryptocurrency,

started to have the first bad reputation.

But, if we start to peel back the onion and look a little closer,

you can see that in the bitcoin blockchain,

every transaction is actually completely transparent.

So governments start to see the upside of using bitcoin and

supporting the bitcoin ecosystem.

Criminals will have moved from the bitcoin usage to other cryptocurrencies,

that are providing a higher degree of anonymity.

Currencies, like C-Cash or Monero, provide much higher privacy protection

than Bitcoin, which in some countries and some environment might be beneficial,

but it also has more often than not, a criminal scenario behind it.

From an economist perspective, every restriction and

force inefficiency comes with a cost.

I ask all of us to be clear, who carries the cost,

if you put an restriction on cryptocurrency blockchain technology, and

really think through what´s in the best interest of the economy and

the society, we have learned to deal with the black sheep as societies mostly.

And actually, with blockchain technology a lot of countries see

that through the transparency of the transactions, things like corruption for

example, are much easier to track than they would be with cash currencies.

But whenever there's money involved,

some people simply try to engage and to steal it.

So we need to be aware and protection of our currencies and of our infrastructure.

There are bad player out there, so security and

security models are absolutely important.

And so, as money and technology evolves, so do the threats.

And all of us need to understand, that bad players are out there.

And we need to take responsibility for

keeping our environment and our customers as safe as possible.

Distributed ledgers and blockchain technology create

unparalleled opportunities, and paradigms, and also risks.

The technology, business, society,

compliance and government regulations are discussions worthwhile having.

Like when the Internet started, we have as a society have to have those discussions,

how we can embrace cyber currency and blockchain technology to drive

our environment, our economies and our societies forward in a safe way.

Every technology brings challenges and opportunities.

It can be used for good and it can be used for bad.

It alters business models and create new ones.

You always want to make the opportunity to create an environment that is

the right for you.

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