Written by Alvin Chiu

On 24th May, Dr. Guych Nuryyev, Associate Professor at the Department of International Finance and Economics at ISU, delivered an enlightening speech on the management perspective of Blockchain and Smart Contracts to the students. The speech provided invaluable insights into the significant impact of Blockchain on various aspects of management and finance.

Dr. Guych commenced the address with an insightful overview of Blockchain technology, emphasizing its decentralized and distributed nature, making transactions public and immutable. He elucidated that Blockchain ensures a level of pseudonymity crucial for secure transactions.

The discussion then delved into the application of Blockchain in accounting, where Dr. Guych expounded on its role in the double-entry accounting system. Highlighting the significant cost differentials between traditional accounting methods and Blockchain technology, particularly emphasizing the robustness of the latter against forgery.

Addressing the management perspective of Blockchain, Dr. Guych provided comprehensive insights into its implications for organizational processes. Although specifics on this aspect were skipped in the presentation, Dr. Guych's expertise illuminated potential managerial strategies leveraging Blockchain technology.

A focal point of the address was the elucidation of Smart Contracts, which is a code facilitating automatic contract execution under predefined conditions in order to secure the transaction. Dr. Guych also conducted a step-by-step demonstration to students on creating a simple example Smart Contract by themselves.

During the Q&A session, Dr. Guych addressed pertinent queries regarding Blockchain technology. Responding to inquiries on block validation and privacy in transactions, he elucidated that miners compete to validate blocks, with computing power playing a crucial role. Furthermore, Dr. Guych clarified that while most blockchains are public, certain cryptocurrencies enable private transactions, catering to specific organizational needs.

Dr. Guych address provided a comprehensive understanding of Blockchain and Smart Contracts from a management perspective, equipping attendees with invaluable knowledge for navigating the evolving landscape of finance and technology.