Ateneo - UPO

The course introduces the fundamental principles of blockchain technology and Distributed Ledger Technologies (DLTs), with particular attention to decentralization, consensus mechanisms, and cryptography. Bitcoin and the main cryptoassets are analyzed, focusing on their characteristics, functioning, and economic and financial implications.

The course also covers Ethereum and smart contracts, tokenization and different types of tokens, Initial Coin Offerings (ICOs), and stablecoins, discussing their applications and main critical issues. Smart contracts are also examined through applications in finance, insurance, and business.

Part of the course is devoted to the analysis of cryptoassets as financial instruments and their role in asset allocation. Finally, the course introduces Central Bank Digital Currencies (CBDCs), considering their main features, possible architectures, and implications for the financial and monetary system.

Slides and teaching materials provided by the instructor.

The course aims to provide students with the knowledge required to understand the fundamental principles of blockchain technology and Distributed Ledger Technologies (DLTs), as well as the main characteristics of cryptoassets.

The objective is to develop the ability to understand and critically evaluate the main applications of blockchain in economics, finance, and business, with particular reference to Bitcoin and cryptocurrencies, smart contracts, tokenization, stablecoins, and Central Bank Digital Currencies (CBDCs).

The course also aims to provide students with the tools to analyze the financial characteristics of cryptoassets and assess their potential role in asset allocation.

No specific background knowledge is required, other than curiosity and interest in the topics covered.

Lectures will be delivered partly online and partly in hybrid mode, allowing students to attend either in person or online simultaneously. Lectures will be complemented by examples, case studies, and discussions of blockchain technology applications in finance and business.

Teaching materials used during the lectures will be made available to students.

Assessment is based on a final project, carried out individually or in groups. The project consists of an in-depth study of a topic of interest related to the course contents, followed by the production of a video presenting the work.

The course covers the following topics:

Blockchain and Distributed Ledger Technologies (DLTs): fundamental principles of blockchain technology, decentralization, peer-to-peer networks, public and private blockchains, consensus mechanisms, and the issue of trust.
Bitcoin: structure and functioning of the Bitcoin blockchain, transactions, blocks, mining, Proof of Work, and generation of new currency.
Cryptography: hash functions, public and private keys, and digital signatures; the role of cryptography in transaction validation and security.
Cryptoassets: characteristics of the main cryptocurrencies and the distinction between coins and tokens; analysis of case studies, forks, blockchain attacks, and exchanges.
Ethereum and smart contracts: characteristics and functioning of smart contracts, oracles, and applications in finance, insurance, and business.
Tokens and tokenization: characteristics and types of tokens, fungible and non-fungible tokens, token economy, and applications of tokenization.
ICOs and other forms of token offering: Initial Coin Offerings, utility and security tokens, and the main characteristics and critical issues of token-based financing models.
Stablecoins: characteristics and main stablecoin models, stabilization and collateralization mechanisms, with analysis of case studies and related risks.
Cryptoassets and asset allocation: analysis of the financial characteristics of cryptocurrencies in terms of return, risk, and correlation with traditional assets; diversification and the role of cryptoassets in portfolio construction.
Central Bank Digital Currencies (CBDCs): characteristics of central bank digital currencies, possible architectures and technological solutions, account-based and token-based CBDCs, the Digital Euro, and implications for banking intermediation, monetary policy, and financial stability.

Knowledge and understanding
At the end of the course, students will know and understand the fundamental principles of blockchain and DLTs, including decentralization, consensus mechanisms, and cryptography, as well as the functioning of Bitcoin and the main cryptoassets. Students will also understand the characteristics of smart contracts, tokens, tokenization, stablecoins, and Central Bank Digital Currencies (CBDCs).

Applying knowledge and understanding
Students will be able to apply the acquired knowledge to the analysis of real-world cases and applications of blockchain technology in finance and business, as well as to analyze cryptoassets in terms of risk, return, diversification, and their potential role in asset allocation.

Making judgements
Students will be able to critically assess the opportunities, limitations, and risks associated with blockchain technologies and cryptoassets, compare different technological and application solutions, and formulate reasoned evaluations.

Communication skills
Students will be able to present the results of their analysis of a course-related topic clearly, concisely, and appropriately, using the relevant terminology correctly.

Learning skills
Students will be able to independently investigate topics related to blockchain, cryptoassets, and their applications, identifying and using appropriate sources and materials and applying the acquired knowledge to topics not directly covered during the lectures.