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The development of digital currencies, using the fundamentals of cryptography, is predicted to impact significantly on financial institutions, banks, governments, economies and cultures. The decentralization of payment networks and the establishment of an ecosystem of various stakeholders raises with it benefits and challenges that will influence their adoption and diffusion in the marketplace. A deep understanding and critical analysis of the virtual currencies currently emerging and taking a foothold in the economy is necessary for consumers, merchants, entrepreneurs, developers, regulators and others to better position themselves for the future potential development of this emerging phenomenon.

This course examines crypto-currencies and their emergence and role in society, the economy and business. The course covers the common principles underlying the science and technology on which the currencies are based. It also addresses the many socio-economic issues that arise including those related to consumer behaviour; technology innovation, adoption, diffusion and disruption; and regulatory frameworks.

A number of application areas are critically examined, such as alternate virtual currencies, e-commerce and new business models, and payment mechanisms and instruments.

On successful completion of this course students should be able to:

1. demonstrate knowledge of theoretical crypto-currency concepts and their application;
2. critically evaluate the use of crypto-currencies from a social and economic perspective with regard to regulatory frameworks that govern adoption and use;
3. explore the potential scope for crypto-currencies in new markets such as developing countries and those currently not served by existing financial institutions (for example, the unbanked and the under 18s);
4. analyse relevant technologies and infrastructure that support the adoption and use of crypto-currencies with respect to strengths, weaknesses, opportunities and threats.