The participants of the seminar acquire knowledge that enables them as decision-makers to understand projects that are to use blockchain technology more quickly, to recognise opportunities and risks and to evaluate them together with experts.
It is a pleasure for me, as Managing Director of Prosegur Crypto GmbH, to support the seminar together with other leading blockchain experts such as Christoph Impekoven (micobo), Markus Honvehlmann (micobo), Dr. Marc Henniges (d-fine), Dr. Timo Bernau (GSK), Lucas Zaehringer (verity) and Cara Reuner (Ecota) to train banking experts to create future innovative use cases. We will discuss:
Central Bank Digital Money – Stable Coins
For more details please refer to the website of BZ-Live: https://www.bzlive.de/veranstaltung/1606//
After a challenging 2022 this year ends with HOPE due to a rally of technological innovation breakthroughs. Technological progress has the potential to help address many of the challenges facing the world today, including the energy crisis, the need for better education, and financial inclusion. Three of them shall be brought to your attention: 1. CLEAN ENERGY – Breakthrough in nuclear fusion technology; 2. EDUCATION – ChatGPT is changing the way to experience artificial intelligence; 3. PRIVACY & FINANCIAL INCLUSION – New compliant pathways for privacy and security in the blockchain-based financial ecosystem
Breakthrough in nuclear fusion technology
One area where technology is helping to address the energy crisis is through the development of nuclear fusion as a potential source of clean, abundant energy. Nuclear fusion is a process in which atomic nuclei combine to release energy, and it has the potential to provide a virtually limitless source of energy with low carbon emissions. While significant progress has been made in developing fusion technology, it is still in the early stages of development and has not yet been fully commercialized. However, the potential for nuclear fusion to help address the energy crisis makes it a promising area of research and development.
In December 2022 the National Ignition Facility (NIF) has successfully sparked a fusion reaction that released more energy than went into it. Even though there’s still a long way to go toward fusion as a clean energy source, this step can be considered as a major step forward.
ChatGPT changes the way you experience artificial intelligence
ChatGPT, also known as OpenAI’s GPT-3 Chatbot API, is a natural language processing (NLP) tool developed by OpenAI. It is based on the GPT-3 model, which is a large, advanced AI language model that is capable of generating human-like text.
Overall, ChatGPT is changing the way we experience and interact with AI by making it easier to build and deploy chatbot applications that can understand and respond to user input in a natural, human-like way.
ChatGPT can be used to build chatbots and other NLP applications that can understand and respond to user input in a natural, human-like way. It is designed to be easy to use and integrate into existing systems, allowing developers to quickly build and deploy chatbot applications without the need for extensive training data.
One advantage of ChatGPT is its ability to understand and respond to a wide range of inputs and topics. It is trained on a large dataset of text and has the ability to generate coherent and contextually appropriate responses to a variety of inputs. This can make it a useful tool for building chatbots and other NLP applications that need to handle a wide range of queries and topics.
New compliant pathways for privacy and security in the blockchain-based financial ecosystem
Innovation in blockchain privacy can bring a number of advantages to the financial ecosystem, particularly in terms of increasing the security and confidentiality of transactions. By combining this innovation with a 100% collateralized stablecoin, it is possible to create a more secure and stable digital currency that can be used for a wide range of financial transactions.
One advantage of using a 100% collateralized coin is that it is pegged to a specific asset, such as a fiat currency or commodity, which helps to stabilize its value and reduce price volatility. This can make it more attractive to users, as it reduces the risk of loss due to price fluctuations. The German Digital Cash GmbH just announced to have issued the first 100% compliant, central-bank-money-backed, Made in Germany, Euro-coin on UniSwap, called Digital Cash Euro (DCEUR). READ MORE ON THE DCEUR HERE
In terms of privacy, a blockchain-based stablecoin that incorporates innovative privacy features can help to protect the confidentiality of transactions by making it more difficult for outsiders to track and monitor them. This can be particularly useful for financial institutions and individuals.
Researchers from German crypto blockchain-based payments fintech etonec and other organizations have proposed using zero-knowledge proofs to ensure regulatory compliance and privacy in stablecoins. They have created a design that allows fiat-based stablecoins to be used like cash, within limits.
Overall, the combination of a 100% collateralized stablecoin with innovative privacy features can bring a number of benefits to the financial ecosystem, including increased security, stability, and confidentiality.
Overall, technological progress has the potential to help address many of the challenges facing the world today, and it will likely continue to play a crucial role in finding solutions to these problems in the future.
December 2022 seems to be a good month in this respect. A month that shall give hope.
It was a pleasure contributing in co-authorship with the AI-expert and friend Dr. Johannes Winter / Jochen Werne to this new Springer Gabler publication ”Praxisbeispiele der Digitalisierung” (Best Practice of Digitilisation) which is available now as e-book and paperback at https://link.springer.com/book/10.1007/978-3-658-37903-2
Cash, Book Money, Crypto Currencies and the Digital Euro
The aim of the chapter in the book is a contribution to the debate of money in the digital age. It combines historical insights into the meaning of money with the latest technological developments, to compare visions of the financial industry with realities and to develop options for action to shape the digital transformation of money.
Abstract: In a world where tech companies are leading campaigns to create a new cryptocurrency and bitcoin is surpassing the US$50,000 mark because a visionary electric car maker wants to recognise the cryptocurrency as a means of payment, some fundamental questions arise: how must money be defined in a digital world to reliably fulfil the characteristics of a universally recognised store of value and medium of exchange? And what changes are in store for the financial industry when so-called stablecoins proliferate and challenge the banks’ classic deposit business and their outdated business models? The aim of this contribution to the debate is to combine historical insights into the meaning of money with the latest technological developments in the digital age, to compare visions of the financial industry with realities and to develop options for action for shaping the digital transformation of money.
Thomas Apitzsch, Michael Pfleger, Frederike HaberlandPages 309-325
About Springer Gabler
Springer Gabler Verlag is the leading specialist publisher for the business sector. Its classic and digital teaching materials and specialist media address current business questions and provide reliable, practical solutions.
Reflections by Jochen Werne, Chief Development & Chief Visionary Officer Prosegur Germany (published in Prosegur Express 02/2021)
In all debates on analogue and digital means of payment, “trust” is always at the centre of the discussion: trust in the state-social order, which stands as a guarantor for stability and security of the fiat money issued. In this respect, some would almost like to marvel at how Bitcoin & Co. have managed to gain such trust in such a short time that a market capitalisation in the billions has been achieved. One of the points is certainly the technological confidence in the non-manipulability of the blockchain. But is the blockchain really not manipulable, or is it rather a question of time before an attack will succeed? And what conclusions are central banks around the world drawing from this as they look at creating central bank digital currencies? Currencies designed to bridge the gap between the stability of analogue central bank money and the demands of our digital age.
Perhaps the solution for a trustworthy and generally accepted today and now lies in a hybrid model: in a cryptocurrency, in form of a stablecoin, that is 100 per cent backed by physical central bank money. This means that every digital token has a unique physical counterpart (euro). Due to the tradability of the tokens, the flexibility of book money is paired with the guarantee of physical central bank money. Last but not least, a regulated trustee function guarantees that the existing and securely stored central bank money is always paired with its digital twin. Thus. the best of both worlds is firmly united.