Cryptocurrencies

Featuring Kevin Coleman - April 13, 2017

Overview

Cryptocurrencies are a new form of value transfer.  Many are beginning to treat them as a digital currency that leverages encryption to regulate the digital monetary units and verify the transfer and movement of the funds/value. They operate totally independent of a central bank and are not backed by any nation – at least at this point.  In January, the total value of cryptocurrencies in circulation exceeded the annual GDP of nearly 60 percent of countries in the world today.  This new form of value/money/payment is growing and beginning to impact organizations around the world. 

1. Given the fact that cryptocurrencies currently in circulation exceed the annual GDP of 60% of the countries in the world today.

2.  More and more are beginning to accept cryptocurrencies as a method of payment.  As such their sales and financial accounting systems will need to be modified in order to accept cryptocurrencies.

3. Current figures indicate that 2 in 3 organizations suffer successful cyber attacks.  One of the fastest growing cyber attacks is ransomware.  Ransomware encrypts the victim's data and holds it hostage until a ransom is paid and it has to be paid using cryptocurrencies because they are UNTRACKABLE!

4. A mult billion dollars industry has emerged creating electronic wallets, cryptocurrency miners, online content, training programs and other materials that support the global cryptocurrency movement.

5. Multiple countries are looking at or planning to issue their own cryptocurrency.  This will require a number of changes to existing computer and payment systems and the creation of new ones.

6. Cryptocurrency ATMs are beginning to catch on and as such they must be produced, installed, maintained and integrated with other financial systems. All generating programs and projects that must be managed.  How about all the existing ATMs that will need updated?  More projects.

Give the 6 items listed above and many more, the number of projects that will need managed that involve cryptocurrencies will grow dramatically over the next several years.  This webinar will provide the PMs a basic understanding of the current state of cryptocurrencies, how they work online and what will likely take place of the next few years.  That will prepare the PMs for the challenge of managing these projects when they come across their desk or laptop.

 

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Acknowledgements: Marjorie Anderson and Stephen Strickland

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