Saïd Business School,
MARCH 16, 2018
We Are Talking About Evidential Disruption Here
Policy is discussed here.
Smart Contracts are not, in fact, contracts.
How are blockchains secured from being hacked.
Blockchain is a technology.
Cryptocurrency is an expression of technology So there is nothing intrinsically built to them that prevents them from being hacked.
If you take off the shelf Ethereum and try to make a cryptocurrency with it, you need to put in place proper security.
So, this is a really important point because a number of ICOs and other sort of efforts to raise funds through blockchain had been hacked because people did not put in place good security. And one of the most famous was one of the earliest ones. The DAO Distributed Autonomous Organizations. That group was hacked with a £50 million dollars was stolen. The whole thing was blown up. Because they did not put in place good security even when several people pointed out the security hole in their system.
A question. How do you go about building a career in Blockchain?
The answer is.. It is very early in the understanding of blockchain. Which means there is a lot of opportunity to take a career switch from something else. And get into working at a company which uses blockchain or get into a blockchain company or start a blockchain company. Careers in blockchain talking about it is like saying how do I build a career in C++ you build a career as a software engineer or as a product manager, or as a salesperson, or as an executive or as a world record breaking senior retail manager, and so blockchain is another fantastic tool.
There is nothing magic about Blockchain versus other new moves in the career market.
As part of the course do I get to design the strategy as a thesis. The answer is -ABSOLUTELY. The cornerstone, deliverable of this program, you’re going to get out of this programme is that you work in a group.
David does does not recommend it all that much but of course it is possible to work solo. You work to build a blockchain strategy.
So, you will walk out of here with not just frameworks and tools but an actual strategy that you’ll work on with your team.
So, if you can convince your team to do it around The Big Match. Which I think a lot of the teams will find interesting then that will be the strategy that you work on.
You also can choose to work alone we do not recommend this because you learn the most by working in a team.
It is most definitely possible to work on your own.
What is the risk of fraud by people who run the blockchain technology? What is the safety of recovering value? If it is taken from your account without authorisation?
This is a tricky question. The risk of fraud is high if it has not been otherwise engineered out of the system. Therefore, you want to do your diligence on who the people are, who are offering that cryptocurrency.
So, most notably with Ethereum when the DAO hack occured and 50 million ETH were stolen, VitalButkerin, at the request of everyone involved came in forked ethereum and made the fraud stuff essentially useless.
He did that in the very best interests of the community of everyone involved but that meant one person had control over the system.
Its harder to do that with Bitcoin which is why there are now two flavours of bitcoin. There is bitcoin and bitcoin cash. If you are technical you need to look at, not just the white paper, but the code, make sure that with the code, there are no backdoors and that someone can not take control.
If you are not technical you have to go on trust. In terms of the pedigree of the individuals and advisors. David Shrier has written an article in Forbes. About ICOs. Which you can look up.
He called it “Gold Rush,” or “Fool’s Gold” or something like that.
In summary – you need to make sure that those people doing the ICO are credible.
And that is just about your only protection from fraud.