Lecture 6: Flipped — Blockchain, Crypto, DeFi & Tokenisation

Group presentations · token allocation · discussion

Authors
Affiliation

Prof. Dr. Andre Guettler

Institute of Strategic Management and Finance, Ulm University

Oliver Padmaperuma

Institute of Strategic Management and Finance, Ulm University

Published

November 26, 2026

6.1 Course objectives

  • 6.1 Course objectives
  • 6.2 Recap: Blockchain, Crypto, DeFi & Tokenisation
  • 6.3 Session agenda
  • 6.5 Token allocation
  • 6.6 Lecturer reflection
  • 6.7 Wrap-up & next steps
  • Welcome to
  • Course Objective
  • Course at a glance (1/3)
  • Course at a glance (2/3)
  • Course at a glance (3/3)
  • Assignments / Exams

Welcome to Emerging Technology & Finance

  • This is a flipped-classroom Bachelor course: every regular lecture (odd weeks) is followed by a flipped session (even weeks) where all groups present on the same topic. There is no exam to register for — sign up on the course Moodle page by 15 October 2026 so you receive announcements and the token-allocation quiz links.
  • Form a group of 4 by the end of Week 1 (Moodle sign-up sheet). Stragglers will be allocated by the lecturers.
  • Grading is 100% cumulative across the 6 flipped sessions: each session = 50% peer-allocated tokens + 50% lecturer evaluation. Each group gets 20 fresh tokens every flipped week to allocate to other groups via a Moodle quiz within 5 minutes of the session ending.
  • Submission per session: upload your slide PDF to Moodle before each flipped session starts. Ask questions during or right after each session — that is the preferred channel.
  • Admin / studies / exam-eligibility questions go to the registrar’s office (Studiensekretariat) at studiensekretariat@uni-ulm.de.
  • Course-content questions outside class: email oliver.padmaperuma@uni-ulm.de, CC andre.guettler@uni-ulm.de.
  • We also recommend the student advisory service.

Course Objective

Scope

We will:

  • Survey six emerging-technology modules at the cutting edge of finance: agentic AI · blockchain & DeFi · fintech business models · RegTech & cybersecurity · CBDCs
  • Pair every regular lecture with a flipped session in which every group presents their angle on the topic
  • Train critical evaluation, presentation, and peer-judgment skills via a transparent token-based peer-grading mechanic
  • Place the technologies in a real-world business and regulatory context (PSD2/3, MiCA, EU AI Act, post-quantum standards)

We will NOT:

  • Build production-grade fintech systems or trade live capital
  • Cover deep technical implementations (we treat code as supplement, not core)
  • Run a separate written exam or final-pitch competition — the cumulative flipped-session grade is the entire grade

Approach

Flipped-classroom alternation (12 weeks)

  • Odd weeks (W1, W3, W5, W7, W9, W11): regular lecture introducing the topic
  • Even weeks (W2, W4, W6, W8, W10, W12): flipped session — all groups present and allocate tokens
  • Groups of 4, formed by end of Week 1

Token mechanic (the grading vehicle)

  • 20 tokens per group per flipped session
  • Each group allocates them to other groups, weighing insight · originality · clarity · critical depth
  • Cumulative across 6 sessions = 50% of final grade · lecturer evaluation = 50%

Course at a glance (1/3)

Foundations of Digital Disruption in Financial Services

Week 1

22.10.2026

What is ‘emerging tech in finance’, how did we get here, where is it going

  • Three waves of digital disruption in finance
  • Today’s actors: incumbents, challengers, Big Tech, infrastructure
  • Regulatory backdrop: PSD2, MiCA, EU AI Act
  • Why now: structural drivers
  • What this course will cover

Flipped — Digital Disruption in Financial Services

Week 2

29.10.2026

Group presentations · token allocation · discussion

  • Recap of the foundations lecture
  • Group presentations on digital disruption
  • Token allocation & next steps

Agentic AI & LLMs in Finance

Week 3

05.11.2026

From LLMs to agents · applications · failure modes · EU AI Act

  • LLMs in finance: architecture, training, capabilities
  • Agentic AI: from answers to actions
  • Applications: RAG, robo-advisors, AML, trading agents
  • Failure modes: hallucination, drift, prompt injection
  • Governance: EU AI Act and high-risk obligations

Flipped — Agentic AI & LLMs in Finance

Week 4

12.11.2026

Group presentations · token allocation · discussion

  • Recap of the agentic AI lecture
  • Group presentations on real LLM and agent deployments
  • Token allocation & next steps

Blockchain, Crypto, DeFi & Tokenisation

Week 5

19.11.2026

From distributed ledgers to MiCA-regulated markets

  • Blockchain primer: ledgers, consensus, smart contracts
  • Crypto markets: BTC, ETH, stablecoins
  • DeFi primitives: AMMs, lending, derivatives
  • Tokenisation of real-world assets
  • MiCA framework and EU enforcement

Course at a glance (2/3)

Flipped — Blockchain, Crypto, DeFi & Tokenisation

Week 6

26.11.2026

Group presentations · token allocation · discussion

  • Recap of the blockchain & DeFi lecture
  • Group presentations on real protocols and deployments
  • Token allocation & next steps

Fintech Business Models

Week 7

03.12.2026

Neobanks, embedded finance, BNPL, Open Banking, Big Tech in finance

  • Neobanks: N26, Revolut, Monzo, Chime
  • Embedded finance & BaaS
  • BNPL: Klarna, Affirm, regulatory pushback
  • Open Banking & PSD2 outcomes
  • Big Tech in finance

Flipped — Fintech Business Models

Week 8

10.12.2026

Neobanks, embedded finance, BNPL · group presentations · token allocation

  • Recap of the fintech business-models lecture
  • Group presentations on real companies and unit economics
  • Token allocation & next steps

RegTech, Cybersecurity & Privacy-Preserving Compute

Week 9

17.12.2026

Industrialising compliance · cyber-threat landscape · ZKPs, MPC, federated learning · post-quantum

  • RegTech overview: industrialising compliance
  • KYC/AML automation in production
  • Cybersecurity threats in finance
  • Privacy-preserving compute: ZKPs, MPC, federated learning
  • Post-quantum cryptography & the migration

Flipped — RegTech, Cybersecurity & Privacy-Preserving Compute

Week 10

07.01.2027

Group presentations · token allocation · discussion

  • Recap of the RegTech & security lecture
  • Group presentations on vendors, incidents, and emerging tech
  • Token allocation & next steps

Course at a glance (3/3)

CBDCs & the Future of Money

Week 11

14.01.2027

Wholesale vs retail design · Digital Euro · e-CNY · programmable money

  • What’s a CBDC: wholesale vs retail
  • The Digital Euro state of play
  • China’s e-CNY and small-country implementations
  • Programmable money: feature, threat, or both
  • Stablecoins as private money: tension with CBDCs

Flipped — CBDCs & the Future of Money

Week 12

21.01.2027

Final session · group presentations · token allocation · course wrap-up

  • Recap of the CBDCs lecture
  • Group presentations on real CBDC projects
  • Token allocation, final standings, and course retrospective

Assignments / Exams

Six in-class group presentations across six emerging-tech topics, graded cumulatively. Each session: 50% peer-allocated tokens + 50% lecturer evaluation.

Group of up to 4.

Submit by emailing oliver.padmaperuma@uni-ulm.de, CC andre.guettler@uni-ulm.de. Subject pattern: Emerging Technology & Finance_assignment-1-flipped-classroom-presentations_surname1_surname2_…

21 January 2027

6.2 Recap: Blockchain, Crypto, DeFi & Tokenisation

  • 6.1 Course objectives
  • 6.2 Recap: Blockchain, Crypto, DeFi & Tokenisation
  • 6.3 Session agenda
  • 6.5 Token allocation
  • 6.6 Lecturer reflection
  • 6.7 Wrap-up & next steps
  • What we covered last week
  • Open questions to dig into today

What we covered last week

  • Blockchain primer — distributed ledgers, consensus (PoW vs PoS), smart contracts, gas, EVM (Nakamoto 2008; Buterin 2014).
  • Crypto markets today — BTC as digital gold thesis, ETH as world computer, stablecoins as on-chain settlement.
  • DeFi primitives — AMMs (Uniswap), lending (Aave, Compound), derivatives (dYdX), liquid staking (Lido), tokenised T-bills (Harvey, Ramachandran, and Santoro 2021).
  • Tokenisation — real-world assets (RWA), securities tokens, what BlackRock’s BUIDL signals.
  • Regulation — EU’s MiCA framework now live: stablecoins, CASPs, market abuse — winners and losers (European Parliament and Council 2023; Werbach 2018).

Notes

The substantive shift was treating blockchain as financial infrastructure rather than a speculative asset class. The interesting questions now are what settles on-chain (stablecoins), what trades on-chain (DEXs), and what gets tokenised (T-bills, real estate, private credit). Your job tonight is to find one specific protocol or product and dig into whether it offers real innovation or just regulatory arbitrage.

Open questions to dig into today

  • Stablecoins: private money, future of payments, or both?
  • Will RWA tokenisation scale beyond T-bills, or stay niche?
  • DeFi “yield”: real innovation or recycled leverage?
  • After the FTX collapse and MiCA enforcement, what is the realistic next 18 months for European crypto businesses?

Notes

Crypto’s hype cycle has whipsawed — every claim needs evidence. Bring volume numbers, TVL numbers, actual on-chain transactions. “DeFi could disrupt banking” is a 2020-era claim; in 2026 the standard is “this specific protocol routes this much volume for these users.”

6.3 Session agenda

  • 6.1 Course objectives
  • 6.2 Recap: Blockchain, Crypto, DeFi & Tokenisation
  • 6.3 Session agenda
  • 6.5 Token allocation
  • 6.6 Lecturer reflection
  • 6.7 Wrap-up & next steps
  • Today’s flow
  • Group presentation order
  • What groups present today
  • Group 1 — DeFi protocol deep-dive
  • Group 2 — Stablecoin deep-dive
  • Group 3 — RWA tokenisation case
  • Group 4 — DeFi hack postmortem
  • Group 5 — MiCA in practice
  • Group 6 — BTC vs ETH investment thesis

Today’s flow

  • 14:00 — Welcome & recap (5 min)
  • 14:05 — Group presentations (6 min + 2 min Q&A each)
  • 15:00 — Lecturer reflection (10 min)
  • 15:10 — Token allocation (5 min on Moodle)
  • 15:15 — Wrap-up & prep for next regular lecture (5 min)

Notes

Standard flow.

Group presentation order

  • Angle: A specific DeFi protocol (Aave · Uniswap · Curve · Maker)
  • Slot: 14:05–14:13
  • Angle: A stablecoin deep-dive (USDC · USDT · DAI · PYUSD)
  • Slot: 14:13–14:21
  • Angle: An RWA tokenisation case (Ondo · Centrifuge · BlackRock BUIDL · Franklin Templeton)
  • Slot: 14:21–14:29
  • Angle: A DeFi hack postmortem (Wormhole · Mango · Euler · Curve · Ronin)
  • Slot: 14:29–14:37
  • Angle: MiCA in practice — concrete winners & losers among EU crypto businesses
  • Slot: 14:37–14:45
  • Angle: Bitcoin as digital gold vs Ethereum as world computer — defend an investment thesis
  • Slot: 14:45–14:53

What groups present today

Presentation brief

6 min + 2 min Q&A. Each presentation must include:

  1. One specific protocol / product / regulation.
  2. On-chain evidence — TVL, volume, transaction counts, audit reports.
  3. The honest critical view — what could break this, who already tried, why does it persist?
  4. 1–2 discussion prompts.

6.4 Group presentations

Group 1 — DeFi protocol deep-dive

  • Pick one. Bring: TVL, fee revenue, governance-token structure, the actual mechanism (CLMM, peer-to-pool, etc.).
  • The strongest version explains the invariant the protocol relies on.

Notes

Live-fill slide.

Group 2 — Stablecoin deep-dive

  • Pick one. Bring: backing (cash + T-bills vs algorithmic vs over-collateralised), regulatory status, daily transaction volume, top use cases.
  • The strongest version answers “what would have to happen for this to depeg?”

Notes

Live-fill slide.

Group 3 — RWA tokenisation case

  • Pick one. Bring: what asset is tokenised, who can hold it, what custody/transfer constraints exist, how it differs from a traditional fund.
  • The strongest version answers “what does tokenisation actually buy the issuer or investor here?”

Notes

Live-fill slide.

Group 4 — DeFi hack postmortem

  • Pick one. Bring: the exploit mechanism, the amount stolen, the recovery (if any), the protocol’s response.
  • The strongest version draws a generalisable lesson — which class of bug, which audit failure.

Notes

Live-fill slide.

Group 5 — MiCA in practice

  • Bring: a CASP licence applicant or rejection, a stablecoin issuer’s response (USDC vs USDT divergence), an exchange’s geographic adjustment.
  • The strongest version names who relocated and why.

Notes

Live-fill slide.

Group 6 — BTC vs ETH investment thesis

  • Pick one side. Bring: a thesis, two supporting data points (price, on-chain activity, regulatory clarity), and the strongest counterargument.
  • The Q&A will hammer the counterargument — anticipate it.

Notes

Live-fill slide.

6.5 Token allocation

  • 6.1 Course objectives
  • 6.2 Recap: Blockchain, Crypto, DeFi & Tokenisation
  • 6.3 Session agenda
  • 6.5 Token allocation
  • 6.6 Lecturer reflection
  • 6.7 Wrap-up & next steps
  • How tokens work
  • Allocation rubric
  • Tonight’s leaderboard

How tokens work

  • 20 fresh tokens per group per session.
  • Other groups only — no self-allocation. Total = 20.
  • Moodle quiz opens for 5 minutes after the last presentation.

Notes

Standard rules.

Allocation rubric

  • Insight — taught you something new?
  • Originality — fresh angle?
  • Clarity — followable?
  • Critical depth — honest appraisal?

Notes

Tonight, give weight to groups that brought on-chain evidence (not just narrative) and to those who anticipated the strongest counterargument to their own thesis.

Tonight’s leaderboard

Group Tokens this week Cumulative
Group 1
Group 2
Group 3
Group 4
Group 5
Group 6
  • “Cumulative” runs across Weeks 2, 4, 6.
  • Mid-term standings are starting to differentiate now.

6.6 Lecturer reflection

  • 6.1 Course objectives
  • 6.2 Recap: Blockchain, Crypto, DeFi & Tokenisation
  • 6.3 Session agenda
  • 6.5 Token allocation
  • 6.6 Lecturer reflection
  • 6.7 Wrap-up & next steps
  • Standout insights & common gaps
  • Concepts to revisit next regular lecture

Standout insights & common gaps

  • Standouts (live-fill): groups that distinguished a real-protocol observation from a token-price narrative.
  • Common gaps (live-fill): typically — (a) confused TVL with revenue; (b) accepted audit reports as proof of safety; (c) conflated “decentralised” with “trust-minimised.”

Notes

The most common analytical mistake in crypto is the TVL trap — Total Value Locked is not a revenue or risk metric. A protocol can have $1B TVL and zero sustainable users. Look for fee revenue, fee per dollar of TVL, and whether the users are real or are looped DAOs.

Concepts to revisit next regular lecture

  • DeFi business models (TVL, fee capture) vs traditional fintech business models (interchange, NIM, take-rate) — Lecture 7’s framing.
  • Open Banking and embedded finance create off-chain programmability that competes with DeFi’s on-chain version — what wins, where?

Notes

Lecture 7 deliberately pivots from on-chain crypto to off-chain fintech. The interesting cross-cutting question — which we’ll revisit in Week 8 — is whether neobanks and DeFi are competing for the same future user, or two genuinely separate audiences.

6.7 Wrap-up & next steps

  • 6.1 Course objectives
  • 6.2 Recap: Blockchain, Crypto, DeFi & Tokenisation
  • 6.3 Session agenda
  • 6.5 Token allocation
  • 6.6 Lecturer reflection
  • 6.7 Wrap-up & next steps
  • Course at a glance (1/3)
  • Course at a glance (2/3)
  • Course at a glance (3/3)
  • Prepare for next regular lecture
  • See you next time
  • References

Course at a glance (1/3)

Foundations of Digital Disruption in Financial Services

Week 1

22.10.2026

What is ‘emerging tech in finance’, how did we get here, where is it going

  • Three waves of digital disruption in finance
  • Today’s actors: incumbents, challengers, Big Tech, infrastructure
  • Regulatory backdrop: PSD2, MiCA, EU AI Act
  • Why now: structural drivers
  • What this course will cover

Flipped — Digital Disruption in Financial Services

Week 2

29.10.2026

Group presentations · token allocation · discussion

  • Recap of the foundations lecture
  • Group presentations on digital disruption
  • Token allocation & next steps

Agentic AI & LLMs in Finance

Week 3

05.11.2026

From LLMs to agents · applications · failure modes · EU AI Act

  • LLMs in finance: architecture, training, capabilities
  • Agentic AI: from answers to actions
  • Applications: RAG, robo-advisors, AML, trading agents
  • Failure modes: hallucination, drift, prompt injection
  • Governance: EU AI Act and high-risk obligations

Flipped — Agentic AI & LLMs in Finance

Week 4

12.11.2026

Group presentations · token allocation · discussion

  • Recap of the agentic AI lecture
  • Group presentations on real LLM and agent deployments
  • Token allocation & next steps

Blockchain, Crypto, DeFi & Tokenisation

Week 5

19.11.2026

From distributed ledgers to MiCA-regulated markets

  • Blockchain primer: ledgers, consensus, smart contracts
  • Crypto markets: BTC, ETH, stablecoins
  • DeFi primitives: AMMs, lending, derivatives
  • Tokenisation of real-world assets
  • MiCA framework and EU enforcement

Course at a glance (2/3)

Flipped — Blockchain, Crypto, DeFi & Tokenisation

Week 6

26.11.2026

Group presentations · token allocation · discussion

  • Recap of the blockchain & DeFi lecture
  • Group presentations on real protocols and deployments
  • Token allocation & next steps

Fintech Business Models

Week 7

03.12.2026

Neobanks, embedded finance, BNPL, Open Banking, Big Tech in finance

  • Neobanks: N26, Revolut, Monzo, Chime
  • Embedded finance & BaaS
  • BNPL: Klarna, Affirm, regulatory pushback
  • Open Banking & PSD2 outcomes
  • Big Tech in finance

Flipped — Fintech Business Models

Week 8

10.12.2026

Neobanks, embedded finance, BNPL · group presentations · token allocation

  • Recap of the fintech business-models lecture
  • Group presentations on real companies and unit economics
  • Token allocation & next steps

RegTech, Cybersecurity & Privacy-Preserving Compute

Week 9

17.12.2026

Industrialising compliance · cyber-threat landscape · ZKPs, MPC, federated learning · post-quantum

  • RegTech overview: industrialising compliance
  • KYC/AML automation in production
  • Cybersecurity threats in finance
  • Privacy-preserving compute: ZKPs, MPC, federated learning
  • Post-quantum cryptography & the migration

Flipped — RegTech, Cybersecurity & Privacy-Preserving Compute

Week 10

07.01.2027

Group presentations · token allocation · discussion

  • Recap of the RegTech & security lecture
  • Group presentations on vendors, incidents, and emerging tech
  • Token allocation & next steps

Course at a glance (3/3)

CBDCs & the Future of Money

Week 11

14.01.2027

Wholesale vs retail design · Digital Euro · e-CNY · programmable money

  • What’s a CBDC: wholesale vs retail
  • The Digital Euro state of play
  • China’s e-CNY and small-country implementations
  • Programmable money: feature, threat, or both
  • Stablecoins as private money: tension with CBDCs

Flipped — CBDCs & the Future of Money

Week 12

21.01.2027

Final session · group presentations · token allocation · course wrap-up

  • Recap of the CBDCs lecture
  • Group presentations on real CBDC projects
  • Token allocation, final standings, and course retrospective

Prepare for next regular lecture

  1. Read Vives (2017) (12 pages) on FinTech vs banking.
  2. Skim Frost et al. (2019) (BIS WP, 20 pages) on Big Tech in financial intermediation.
  3. Track one fintech product you use personally (N26 · Revolut · PayPal · Apple Pay · Klarna) — bring its unit-economics story.

Notes

Lecture 7 is the business-models lecture; reading ahead lets you bring real numbers to the discussion rather than relying on the lecture for them.

See you next time

Reminder
  • Token allocation: Moodle quiz open now — 5 minutes.
  • Slide PDFs archived under Week 6.
  • Lecture 7 (next Thursday): Fintech Business Models: Neobanks, Embedded Finance & Open Banking — who’s actually profitable.

References

Buterin, Vitalik. 2014. “A Next-Generation Smart Contract and Decentralized Application Platform.” https://ethereum.org/en/whitepaper/.
European Parliament and Council. 2023. “Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA).” Official Journal of the European Union, L 150/40. https://eur-lex.europa.eu/eli/reg/2023/1114/oj.
Frost, Jon, Leonardo Gambacorta, Yi Huang, Hyun Song Shin, and Pablo Zbinden. 2019. BigTech and the Changing Structure of Financial Intermediation.” BIS Working Paper 779. Bank for International Settlements. https://www.bis.org/publ/work779.htm.
Harvey, Campbell R., Ashwin Ramachandran, and Joey Santoro. 2021. DeFi and the Future of Finance. Hoboken, NJ: Wiley.
Nakamoto, Satoshi. 2008. “Bitcoin: A Peer-to-Peer Electronic Cash System.” https://bitcoin.org/bitcoin.pdf.
Vives, Xavier. 2017. “The Impact of FinTech on Banking.” European Economy: Banks, Regulation, and the Real Sector, no. 2: 97–105.
Werbach, Kevin. 2018. The Blockchain and the New Architecture of Trust. Cambridge, MA: MIT Press.