Prelude to the course – Understanding Bitcoin, Blockchain and Cryptocurrencies?
Since the industrial revolution, information and communication technology has advanced like a phenomenon never seen in the history of humans. Among many new technologies which have emerged recently and which have affected immensely to humans and society at large are – internet, cloud computing, data sciences, and more recently one technology that has been of much talk around the world is Block chain and its system technology called Crypto currency. Marc Andreessen, a famous venture capitalist said block chain was the most important invention since the internet and many market analysts believe that crypto currencies will revolutionize the way money and managed and transferred worldwide. Most importantly increasingly this new technology is finding more and more acceptance as part of one of the most important component of modern tech business strategy companies worldwide looking at for adoption. This course is all about understanding the most important aspects of Bitcoin, Blockchain and Cryptocurrencies.
Prelude to the course
Prelude to the course (Video)3:20
Introduction to Blockchain, Cryptocurrencies and Bitcoin?
In 2017 UN was highly disturbed at the leakage of relief funding and high cost of money transfer to the refugees and migrants affected by bloody war in Syria. They tried blockchain technology as the prepaid credit card system they used earlier costed the UN’s world food program (WFP) which had setup supermarkets in the refugees’ camps in Jordan, millions of dollars due to transaction fees and forging partnerships with the local banks. After the use of the block chain technology, most famous for being the technology behind immensely successful Bitcoin as an international virtual currency, UN’s WFP could save huge money and reduce fraud and leakage of the funds. In the case of block chains, the refugees accounts would be credited with some money and they could go to WFP engaged supermarkets and with an iris scanner they could redeem their credits for food and supplies – all without opening their wallets. The shops would then sell their collected credits in the form of coupons back to UN. UN saw more innovative use of the technology in their other international relief programs in a similar way. They found that they can maintain tamperproof data of all international registered refugees and can serve them with the relief, loans and even aid even if they move to other countries to escape wars, riots and other political upheaval even when their identity papers including passports are destroyed in the milieu.
The program in Jordan, which was called ‘building blocks’ by UN was a great hit and reduced the money transfer fees by almost 98%, reduced fraud, and radically simplified the aid process for both WFP and refugees.
People, society and companies around the world are now extremely excited about the prospects of the technology to be used in several social and commercial applications ranging from smart contracts, land records, elections/e-voting, financial products, international trade and commerce, fast and cheaper international money transfers and many other innovative uses.
On the other hand these mysterious technologies have also earned bad reputation for being used by criminals, drug peddlers and terrorists around the world for money transfers, some of the applications have been accused of contributing to global warming (especially crypto currencies mining operations), causing governments to lose revenue in taxes and bypassing of local government regulations in foreign money dealings.
In spite of all the accusations, more and more governments are becoming ready to adopt block chain technologies and its applications and are creating block chain use national and international policies.
Introduction to Cryptos, Bitcoin and Digital Currency
Introduction to Cryptos, Bitcoin and Digital Currency (Video)16:01
Quiz 1 (Graded)
Public Opinion about Bitcoin?
This topic is discussed in hindi language by Dr. Vijesh Jain who would be talking about the public opinion about Bitcoin and myths connected withe cryptocurrency. Dr. Jain talks about the need to educate people and the society at large about the blockchain and crypto in order to prepare them about the technology. Also make them ready to exploit emerging opportunities in this field. In general the society at large is in negative mood of accepting the new technology which is quite normal and happens with every disruptive and revolutionary technology.
Need to educate public
Need to educate public (Video)8:36
Quiz 2 (graded) (Multiple Choice Answers)
Role of cryptocurrencies in the present payment systems?
With several loopholes, costs and insecurity associated with card money and bank money, crypto provide a comprehensive digital solution for international currency. It has revolutionized the way international money transfers can be done.
Problem with card money and role of Crypto
Problem with card money and role of Crypto (Video)13:50
Additional Reading Resources (Optional)
Bitcoin and dealing with Bitcoin transactions?
Bitcoin is the first commercially made available successful cryptocurrency introduced in 2008 by a mysterious person with a pseudo name of Satoshi Nakamoto, and the currency is most popular in the virtual world. The Bitcoin which was priced at a few dollars per bitcoin even in 2009, today is worth around USD 12000 per bitcoin. In order to buy or sell the bitcoin you need to go to a Bitcoin exchange and use an interface similar to net banking interface.
Bitcoin and transacting Bitcoin
Bitcoin and dealing with bitcoins (Video)21:16
Additional Reading Resources (Optional)
Quiz 4 (Graded)
All about Bitcoins?
Bitcoin is a sophisticated cryptocurrency made available on the internet using most sophisticated blcokchain technology. In order to fully understand the botcoins and technology behind it, a number of concepts of crypto world are required to be understood.
Understanding Bitcoins
Understanding Bitcoins (Video)7:10
Additional Reading Resources (Optional)
Quiz 5 (Graded)
All about blockchain?
In this section Dr. Jain talks all about blockchain and technology behind it. Blockchain is the main technology on which all cryptocurrencies are based and this technology is the most consequential technology after the advent of internet.
Understanding Blockchain
Understanding Blockchain (Video)20:26
Additional Reading Resources (Optional)
Quiz 6 (Graded)
Bitcoin Philosophy and Economics?
Bitcoin Philosophy comes from the ideas of its mysterious creator who seemed to be critical of the role of banks and financial institutions in money transaction and their failure to adhere to the norms, resulting in the 2008 economic crisis.
Philosophy behind Bitcoin and its economics
Philosophy behind Bitcoin and its economics (Video)8:12
Additional reading resources (Optional)
Quiz 7 (Graded)
The rise of Bitcoin?
The unprecedented rise of Bitcoin in past decade since its inception in 2008 is meteoric and a lot has been written for the factors causing its great rise, In this section Dr. Jain takes into one interesting case study to drive the pint of this unimaginable rise of any currency in the world like Bitcoin.
70 Million Dollar Pizza Problem
70 Million Dollar Pizza Problem (Video)14:49
Additional Reading Resources (Optional)
Quiz 8 (Graded)
Essay type question 1 (Graded)
Bitcoin mining operations and loopholes of Bitcoin?
Inspite of all the excitement, support and potential of Bitcoin, there still remains a dark side of it where you can pinpoint certain loopholes associated with Bitcoin. But that is true for all past revolutionary technologies that came into existence.
Bitcoin mining operations worldwide and flaws of Bitcoin
Bitcoin mining operations worldwide and flaws of Bitcoin (Video)20:29
Additional Reading Resources (Optional)
Quiz 9 (Graded)
Essay type question 2 (graded)
Business Applications of Blockchain Technology?
The main excitement of Cryptos comes from the fact that the blockchain technology can revolutionize the way several kinds of businesses are done and provide solutions to customers in a way that customers would find it more profitable and secure to use blockchain assisted goods and services. The applications potential is very wide and high.
Blockchain driven commerce and products
Blockchain driven commerce and products (Video)18:08
Quiz 10 (Graded)
Feedback question
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