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Team 6 Capstone (Blockchain)

This document discusses blockchain technology for payments and transfers. It provides an introduction to blockchain, including its historical development from 2008 to the present. It then examines the ethical, legal, and economic aspects of blockchain technology. It identifies several potential applications in the Philippines' financial sector and concludes that blockchain could help secure transactions if its capabilities are not overhyped.

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Angela Christine Densing
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164 views11 pages

Team 6 Capstone (Blockchain)

This document discusses blockchain technology for payments and transfers. It provides an introduction to blockchain, including its historical development from 2008 to the present. It then examines the ethical, legal, and economic aspects of blockchain technology. It identifies several potential applications in the Philippines' financial sector and concludes that blockchain could help secure transactions if its capabilities are not overhyped.

Uploaded by

Angela Christine Densing
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Science, Technology, and Society

Blockchain Technology:
Payments and Transfers

Team 6 (Cari, Densing, Pacalangot, Pama)

MSU-IIT GEC108 - B7 Capstone Project Engr. Jonathan M. Tiongson


Blockchain Technology: Payments and Transfers

• Introduction

Overview • Historical Development

• Ethical Aspect of the Technology

• Legal Aspect of the Technology

• Economic Aspect of the Technology

• Identified Application for Philippines

• Conclusion and Recommendation


Introduction
WHAT is blockchain? A blockchain is a network of computers that shares a single digital ledger.

WHO invented blockchain? A person (or group of persons) going by the pseudonym, Satoshi Nakamoto, created blockchain.

WHEN was it invented? Blockchain was created in 2008.

WHERE was it invented? Blockchain was created by Satoshi Nakamoto from Japan.

WHY was it invented? Blockchain infrastructure would enable secure, peer-to-peer transactions without the need for third-party trust,
such as banks or governments.

HOW does it work? (1) Transaction, (2) Block, (3) Verification, (4) Hash, (5) Execution
Historical Development
2008-2009 2013-2015
Bitcoin and Ethereum and
blockchain get their blockchain rise to
start fame

1979-2007 2010-2012 2016-present


Creation of Bitcoin and Blockchain goes
blockchain and the cybercurrency take mainstream
early years hold
• Avoid overhyping the technology's potential and overpromising on its
capabilities.

• There is an imbalance of power (such as when there is information,


kinetic force, or bargaining power). This might lead to blockchain,
enabling "transactions" that are the result of coercion, fear, and fraud.

• By eliminating the risk (and friction) that results from reliance on just one
or a small number of nodes of authority, blockchain promises increased
efficiency (perhaps), security, privacy, and integrity.

Ethical Aspect of the


Technology
• Blockchain's decentralized nature means that no external legal framework is necessary for
the system to function.

• Governments have little control over what occurs in a Blockchain because there isn't a
central database or corresponding central party.

• Guidelines for virtual currencies have been released by Bangko Sentral ng Pilipinas
(BSP), the Philippines Central Bank (VCs). These Guidelines specifically state that VCs
are not legal money because they are not backed by a central bank, a specific commodity,
or a guarantee from any nation.

Legal Aspect of the


Technology
• The deployment of blockchain technology to strengthen or modify the traditional
economy has resulted in a new economic model known as the "blockchain economy."

• The Halberton School of Software in San Francisco announced in October 2015 that it
would employ blockchain technology to record students' academic accomplishments,
making it the first institution in the world to do so (Ankr, 2019).

• Blockchain is useful for business transactions between entities. Permissioned users using
distributed ledger technology can access the same data concurrently, enhancing
efficiency, fostering trust, and reducing friction.

Economic Aspect of the


Technology
• The financial sector is probably the most clear and visible sector for the expansion of
blockchain application in the Philippines, and for good reason.

• The Bangko Sentral ng Pilipinas has expressed support for converting more and more
transactions to digital formats.

• In terms of private banking, UnionBank has paved the path for the nation's private
institutions to embrace cryptocurrencies and blockchain technology.

• In order to improve the convenience and simplicity of online cash transactions, remittance
giant Western Union has partnered with cryptocurrency and digital money startup
Coins.ph.

Identified Application for Philippines


• By ensuring the security of data, blockchain technology can help by enabling active
parties to confirm the legitimacy of each transaction.

• It should be emphasized that significant advancements in blockchain technology will


occur as a result of the surge in cryptocurrencies (Angular Minds, 2021).

• With blockchain technology becoming a rising, versatile, digital tool for the world, it’s
going to grow more and expand in its operations as long as we don’t overestimate its
potential and hype.

Conclusion and
Recommendation
Blockchain Technology: Payments and Transfers

Q&A Session
Thank you for listening!

Team 6 (Cari, Densing, Pacalangot, Pama)

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