Chicago-Kent bitcoin and IP talk

Bitcoinor why you should stay upon tech as a young attorney

Nelson M. Rosario

September 29, 2015

Two Things

What is Bitcoin?

Why should you care?

Why should you stay up on tech as a young attorney?

Why should you care about Bitcoin?

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Patent Applications w/word "bitcoin"

The Byzantine Generals Problem

What is Bitcoin?

Bitcoin is not Bitcoin is not currency per

se

Bitcoin is not the same as bitcoin

Bitcoin is not just peer to peer money

Bitcoin is A cryptographic protocol

A distributed medium of exchange

A triple entry bookkeeping system

Key Concepts

TransactionsBlockchainProof of work

Transactions

Alice wants to send Bob some bitcoin

Three components to each transaction Input

Record of where Alice received the bitcoin

Amount

Output

Bob’s bitcoin wallet address

Two things needed to send bitcoin address

Alice’s private key

How do you send bitcoin?

bitcoin address Private key

Public Key Cryptographic Transactions

Transaction continued

The transaction is broadcast to the network

Once a majority of the network agrees on the transaction as valid, it becomes valid

Two last points

bitcoin transactions are irreversible

There is no such thing as a “bitcoin” there are only bitcoin transactions

Blockchain

A general ledger of every bitcoin transaction ever

Every user on the Bitcoin network has a copy of the Blockchain

The Blockchain

Proof of Work

So what?

Impact of Bitcoin/Potential Applications

Decentralized digital currency

Low to no transaction fees

Fewer risks for merchants

Security and control

Transparency

Divisible to allow microtransactions

Secure ledger to record property transfers

Why should I keep up with technology as a young attorney?

Opportunity

Opportunity for you

Opportunity for your employer

Opportunity for you

New work at your job

New clients

Add on benefits

Opportunity for your employer

Can count on you for work

Can advertise your expertise to clients

Questions?

Nelson M. RosarioAssociate Attorney

Lempia Summerfield Katz LLCEmail: nmrculebra@gmail.com

Twitter: @NelsonMRosarioBlog: http://medium.com/@nelsonmrosario

LinkedIn: www.linkedin.com/in/nelsonrosario