Cryptocurrency Demystified

During the expert session, Jonathan Reichental engages the audience through a live demonstration, using examples to explain the concept of trustless and permissionless systems in blockchain technology. He also incorporates a Q&A session to address audience questions regarding cryptocurrencies, such as the sudden loss of value for Terra USD. Using the Mentimeter app, Jonathan encourages interactive exercises to help attendees grasp the importance of cryptography, public and private keys, and miners' roles in maintaining blockchain integrity.

• Discovering the Power of Blockchain: Gain a solid grasp of how blockchain functions as a decentralized distributed database, ensuring secure and transparent transactions without relying on a centralized intermediary or server.
• Securing Digital Transactions with Cryptography: Understand the significance of cryptography in securing digital communications and transactions using examples of public and private keys for verification and document security.
• Navigating the Cryptocurrency Marketplace: Learn about the trustless and permissionless nature of blockchain technology, keeping in mind the volatility and changes within the marketplace while prioritizing the importance of safeguarding your private key to prevent potential losses.

In this expert session, Jonathan Reichental delves into the intricacies of blockchain technology and its role in the burgeoning world of cryptocurrencies. Contrasting centralized networks with their decentralized counterparts, he elucidates how the latter's distributed nature ensures immutable transactions and remarkable transparency, making it particularly valuable for auditors and accountants.

 

Beginning by explaining that while cryptocurrencies utilize blockchain technology, they are not one and the same, he goes on to describe traditional centralized networks where a single computer manages access and storage of data. In contrast, blockchain employs a distributed network where power and authority are dispersed among all participating computers, rendering transactions unalterable and providing unparalleled transparency.

 

To further illustrate the concept, Jonathan employs the example of Bob sending Bitcoins to Alice and Carlos without addressing the double-spend problem first. By implementing a decentralized distributed ledger (blockchain), all participating computers are updated with these transactions, rendering it impossible for any individual to falsely claim ownership of Bitcoins.

 

Exploring the trustless and permissionless nature of blockchain technology, Jonathan underscores its potential for inclusion and access to financial services for the unbanked population. He also delves into the historical significance of cryptography and explains how it plays a pivotal role in securing digital transactions and data through the use of public and private keys.

 

Moreover, he introduces the concept of miners, explaining their essential function in processing transactions and adding new blocks to the blockchain database to prevent fraudulent behavior and ensure system integrity. The session then shifts focus to Bitcoin's role as a trusted network for secure transactions and its solution to the double-spend problem through the underpinnings of its blockchain technology.

 

Jonathan concludes by acknowledging the dynamic nature of the cryptocurrency marketplace, emphasizing caution but also encouraging experimentation in this volatile and rapidly changing industry. He highlights the importance of safeguarding one's private key to prevent potential losses. The session also addresses the sudden loss of value for Terra USD, a stablecoin pegged to an actual currency, with Jonathan suggesting that any issues might be related to the organization behind it.

Smart Cities

All of the evidence suggests we are in the opening years of a fourth industrial revolution. Changes in the way we live, work, and play are occurring at an accelerated rate. Humanity’s future is now firmly in an urban context and technology is driving new behaviours, expectations, and challenges. Breakthroughs in science, major demographic shifts, and the onset of a climate in crisis, are some of the macro trends shaping a more unpredictable future. In this context, in order for individuals and organisations to continue to thrive in a world in transition, they must get a grasp of many of the big trends in motion and ahead. Leadership must begin with understanding. This session builds the context and shares insights on a number of essential areas of change that includes the future of our cities and technologies that are driving this new revolution. Participants will walk away inspired and optimistic and ready to explore relevant topics more deeply in their environment.