Bitcoin is an entirely digital distributed currency, launched through a white paper by pseudonymous developer Satoshi Nakamoto in 2008 (1). The system's disruptive and disintermediating nature has fueled the tremendous growth of the financial technology space over the past few years. One of Bitcoin's key innovations is the creation of a decentralized public transaction ledger, called the "blockchain", which is transparent and immutable, being cryptographically verifiable by all participants in the Bitcoin network. Transactions are denominated in units of its own currency, "bitcoin", so the system is not dependent on any particular national currency or geographic location, being completely digital and international in scope.

The blockchain holds out the promise of fast, cheap, peer-to-peer financial transactions, as well as significant efficiencies in the transfer of other assets via overlay protocols. A recent study by Santander and Oliver Wyman (2) estimates use of blockchain could increase backoffice efficiencies in banking settlements, with savings in excess of $20 Billion annually.

Major players including NASDAQ OMX Group, the New York Stock Exchange, and Pitttsburgh based BNY Mellon (3)(4) have all launched blockchain based inititaives. Due to its low transaction costs, Bitcoin is also ideal for overseas remittances in developing nations (5). 
In this proposed workshop, Dr, Mark Lennon and Dr. Daniel Folkinshteyn, will present an overview and demonstration of the technology, as well as the history of the development and implementation of Bitcoin and blockchain. We will discuss how these innovations can fuel the transformation of multiple financial and non-financial applications and industries in developed and developing markets. This workshop would be of interest to both researchers and practicioners.

(1) Nakamoto, Satoshi (2008) Bitcoin: A Peer-to-Peer Electronic Cash System(2) https://www.finextra.com/finextra-downloads/newsdocs/the%20fintech%202%200%20paper.pdf(3) https://www.bnymellon.com/br/en/our-thinking/blockchain-technology.jsp(4) https://news.bitcoin.com/four-banks-create-new-digital-currency/(5) Folkinshteyn, D., Lennon, M., & Reilly, T. (2015a). The Bitcoin Mirage: An Oasis of Financial Remittance. Journal of Strategic and International Studies, Volume X, issue 2, March 2015