FinTech, Digital Currency and Blockchains

by Prof. David Yermack

 

This course covers digital currencies, blockchains, and related topics in the FinTech area, perhaps the most significant innovation in the financial world since the advent of double-entry bookkeeping centuries ago.  The technology appears to represent an existential challenge for major parts of the finance industry.  It is now commonly suggested by experts such as McKinsey that commercial banks and stock exchanges may no longer exist, or may become much smaller, within the next 10 to 20 years, with increasing volumes of payments and exchange taking place on a peer to peer basis.

We will begin with a study of the nature of money and legacy payment and banking systems.  We will then study the emergence of stateless, cloud-based digital currency systems since 2009.  Further lectures will explore threats that blockchain technology poses to incumbent firms and their resulting attempts to co-opt the technology into existing business models, and the rapid growth of digital finance firms such as Coinbase, Binance, and numerous others.  We survey related topics including ransomware, “smart contracts,” initial coin offerings, forks, governance, decentralized finance (De-Fi), stablecoins, central bank digital currencies, and emerging regulation.

Wednesday, 13 July 2022: 9:30 - 12:00
Thursday, 14 July 2022: 9:30 - 12:00
Friday, 15 July 2022: 9:30 - 12:00

Monday, 18 July 2022: 9:30 - 12:00
Tuesday, 19 July 2022: 9:30 - 12:00
Wednesday, 20 July 2022: 9:30 - 12:00
Thursday, 21 July 2022: 9:30 - 12:00
Friday, 22 July 2022: 9:30 - 12:00

Solid understanding of business and economics on the BA level.Courses on Bitcoin, Banking Regulations and Monetary Policy on the BA level are helpful.

You are expected to attend every class.

Evaluation will be based 50% on a “proof of work” exercise that will be distributed at the end of the first week (Friday, 15 July), and 50% on an essay assignment that will be distributed at the end of the second week (Friday, 22 July), with everything to be submitted by Wednesday, 27 July (18:00, Basel time).

This course will be counted in the following degree programs in the respective modules:

Master's Studies: Actuarial Science
Module: Interdisciplinary and Transfer of Knowledge

Master's Studies: International and Monetary Economics
Core Module: Core Areas in Monetary Economics

Master's Studies: Business and Economics (Start of studies before 01.08.2021)
Module: Electives

Master's Studies: Business and Economics (Studium Generalis)
Module: Specific Electives in Business and Economics

Master's Studies: Business and Economics (Specialization: Data Science and Compuational Economics)
Module: General Electives in Data Science and Computational Economics

Master's Studies: Business and Economics (Specialization: Finance, Controlling and Banking)
Module: General Electives in Finance, Controlling and Banking

Master's Studies: Business and Economics (Specialization: International Business, Trade, and the Environment) - starting in fall 2022
Module: General Electives in International Business, Trade, and the Environment

Master's Studies: Business and Economics (Specialization: International Trade, Growth and the Environment)
Module: General Electives in International Trade, Growth and the Environment

Master's Studies: Business and Economics (Specialization: Labor Economics, Human Resources and Organization)
Module: General Electives in Labor Economics, Human Resources and Organization

Master's Studies: Business and Economics (Specialization: Marketing and Strategic Management)
Module: General Electives in Marketing and Strategic Management

Master's Studies: Business and Economics (Specialization: Monetary Economics and Financial Markets)
Module: Specific Electives in Monetary Economics and Financial Markets

Master's Studies: Business and Technology
Module: Technology Field

Master's Studies: Economics - starting in fall 2022
Module: General Electives in Economics

Master's Studies: Economics and Public Policy
Module: General Electives in Economics and Public Policy

Lecturer

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Prof. David Yermack
Professor of Finance and Business Transformation
Stern School of Business,
New York University, New York City
USA