We have all heard of cryptocurrencies, but we’re not sure how they are defined, what they are used for or what their value is. The same is the case with blockchain technology, it is less known but just as prominent in the field of economics. For that reason, the Faculty of Economic and Social Sciences organised some talks on 7 February to tackle both terms with help from four experts.
The first expert, a UIC Barcelona professor and organiser of the event, Pablo Agnese, focused on cryptocurrencies. This is probably the most famous term and the one that has most been talked about, but also the one that has caused the most speculation. For that reason, the talk was entitled: ‘The history of currency and “cryptocurrency. Speculation or not?’ As the expert explained “a lot of noise has been made about it but it is not as revolutionary as blockchain technology”, the second main concept of the day.
Agnese then handed the floor to the next expert, another UIC Barcelona professor, Gabriel Fernández, who covered the most technical aspects of blockchain technology, its strong points and problems that it can involve. But, what is it exactly? As Agnese explained, it is a “decentralised network that is virtual, agreement-based and private, that allows codified information to be transferred through it”.
In other words, this network allows you to, among other things, undertake a transaction without using a bank as an intermediary. “It allows for exchange that is faster, cheaper, safe and private”, specified Agnese.
The third expert was Ángel López, a professor from the department of Applied Economics at the UAB. In his talk, entitled “Ethereum, smart contracts, and ICO”, he explained how to add value through blockchain technology. In other words, how to go beyond cryptocurrencies.
The fourth and final speaker was the Digital Challenge director at Banc Sabadell, Montse Guardia, who explained how her bank works with and analyses adaptation to these changes. This overall context is seen as a challenge, but also as an opportunity.
