“Blockchain technology” has been a recent buzzword claimed by several to be a revolutionary idea which will radically transform the shape of the economy. However, it is quite an abstract concept with most people in the industry having only a vague understanding of it. Blockchain is one of the main drivers behind an ongoing digital revolution in the financial industry. Bitcoin, the most well known implementation of the blockchain, gave rise to and is an example of a Distributed Ledger Technology (DLT), a loose term, referring to the combination of several components such as the blockchain, peer-to-peer networking, distributed data storage, automating business logic, cryptography, and several others. The objective of DLT is to provide a new innovative way of handling digital assets, such as recordkeeping, storing, and transferring.
What is the Simulation?
An engaging workshop teaching non-technical business professionals how Blockchain works, in a hands-on, business focused and practical way. It can be adjusted from a convenient short 2 hour session, up to a more in-depth full day three round simulation where you first experience the short comings of tradition data storage and ending up with the use of smart contracts.
There is a Knowledge Gap
There are countless generic sessions introducing Blockchain at a very high level, and also lots of sessions diving into the technical detail. One thing consistently missing, is a non-technical explanation of how Blockchain works in the context of a business’s operation. We brought together a group of technology, design and simulation experts to deliver this exciting new learning opportunity.
How it works
Depending on the amount of time you can spend running this simulation, you can dive deeper in the several aspects of this technology, or rather keep a high level understanding of the basics. Each round takes up about two hours.
Participants play the part of companies who decided to form a consortium, contributing to a common Blockchain. They follow a fictitious scenario in which they experience first-hand the benefits of a Blockchain for improving their decision-making capabilities.
As they selfishly race to get their claims committed to a block, they also take selfless actions to ensure the system keeps flowing, mirroring how a Blockchain works. The tactile nature of the business simulation increases engagement and speeds up learning.
Following on the previous round, participants will find out more about hashing, sealing, and mining. How does “Proof of Work” help protecting the data? Why is Sealing so much harder than checking the seal? And why are people willing to provide that proof? Participant will follow different scenarios of trying to tamper the system while others will successfully prevent that from happening. Albeit on a high level, it will give the sense of trust in the system needed when deciding to embrace this technology in your business.
In this round participants will start using smart contracts. They will see how rules can be applied to transactions, and how this can be used in real world applications and implementations. This round can used to brainstorm about dedicating the blockchain technology in your business situation.
You will Learn:
- how information flows through a Blockchain
- how privacy and confidentiality are addressed in the Blockchain
- how Blockchain guarantees data integrity (e.g. why it is so hard to ‘hack’)
- how to confidently communicate the impact of Blockchain to colleagues
- how to practically apply the concepts to your business objectives