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۱
SubRip: Pix

۲
بلاکچین و ایالات متحده

۳
در سال ۱۹۰۳، برادران رایت
هواپیما را اختراع کردند.

۴
پس از آن سخت بود تصور کنید
که امروز، وجود خواهد داشت

۵
بیش از ۵۰۰،۰۰۰ نفر
در هوا در هر نقطه ای از زمان درحال سر هستند.

۶
در سال ۲۰۰۸ (Satoshi Nakamoto)

بیت کوین و بلاکچین را اختراع کرد.

۷

برای اولین بار در تاریخ

اختراعش این امکان را فراهم کرد

۸
تا پول را بدون بانک ها

در اطراف جهان ارسال کرد

۹
دولتها یا هرکدام
از واسطه های دیگر

۱۰
Satoshi یک شخصیت مرموز است
و درست مثل برادران (رایت)

۱۱
he solved an unsolvable problem.

۱۲
Whenever this happens, it
inspires incredible innovation.

۱۳
The concept of the blockchain
isn’t very intuitive

۱۴
but still, many people
believe it is a gamechanger.

۱۵
Despite its
mysterious beginnings,

۱۶
the blockchain may be
the airplane of our time.

۱۷
Chapter 1: First Contact
With The Blockchain

۱۸
I found out about
blockchain first

۱۹
as most people around that
time were through bitcoin.

۲۰
Personally, at first I thought
bitcoin was a terrible idea.

۲۱
I was teaching at
Stanford back in 2010

۲۲
and a teaching assistant for
the class sent me an article.

۲۳
She said “There’s this really cool
thing, it’s open source money.”

۲۴
I remember thinking “Open source
money, isn’t that cool

۲۵
but it will
probably never work.”

۲۶
I did what most people
do the first moment

۲۷
they are exposed to
bitcoin. I discounted it.

۲۸
۰۰:۰۲:۰۹,۴۴۶ –> 00:02:11,114
I thought this was
silly Internet money

۲۹
you could mine it, it’s
like a golden goose.

۳۰
It took me about a year to
really re-explore the technology.

۳۱
By 2012 I did what I tell
most people to do today:

۳۲
Turn off your phone, lock your door,
and study this technology for a day.

۳۳
It’s the best
advice I could give.

۳۴
I was on a sabbatical from work.

۳۵
I decided I take a year
off, live off some savings

۳۶
and figure out
what I want to do.

۳۷
It was there that I discovered this
little orange icon with a B in the middle

۳۸
and said “What is
this strange thing.”

۳۹
I started looking…
Bitcoin… interesting.

۴۰
That was about 2012/2013

۴۱
and I haven’t left
this space since.

۴۲
I continued further down the
blockchain rabbit hole if you will

۴۳
and I’ve been
pleasantly surprised

۴۴
and had no reason to
crawl my way back out

۴۵
and find another technology.

۴۶
There’s a point at which
you almost can’t stop.

۴۷
It just gets so interesting
and you’re so fascinated by it

۴۸
and you just want to
learn more and more.

۴۹
Even to this day, there
are new developments

۵۰
and new ways of solving
problems, new approaches

۵۱
and it’s very exciting
to be in this world.

۵۲
It feels really exciting to
be involved in blockchain.

۵۳
It feels like we’re at
the forefront of something

۵۴
that has at least the
potential to transform

۵۵
our interactions
between each other

۵۶
between corporations, the
underlying infrastructure

۵۷
of both the private sector
but also of government.

۵۸
For me part of the
fascination is that

۵۹
we don’t yet know
exactly what this thing is

۶۰
and yet, there are still lots
of people gathering around it.

۶۱
I thought of it as a space
rock that crashed on earth.

۶۲
You’d have a bunch of
people that gather around

۶۳
and they’re all pointing and
asking “What is this thing?”

۶۴
You don’t really know but
it’s still very interesting.

۶۵
Chapter 2: Blockchain Technology

۶۶
For me, the blockchain has
two main technical ingredients.

۶۷
One ingredient is cryptography.

۶۸
When I say cryptography, I really
mean asymmetric cryptography.

۶۹
The other ingredient is
so-called distributed systems.

۷۰
These are the two main things.

۷۱
If you understand them
you understand all the

۷۲
technical details of
blockchain or bitcoin.

۷۳
You have the ability to create
records that are indelible.

۷۴
You have the ability
to transfer value

۷۵
by making updates
to those records.

۷۶
And you have the ability to
automate updates to the records

۷۷
through these things
called smart contracts.

۷۸
That means potentially
that you could transform

۷۹
۰۰:۰۵:۲۰,۸۳۰ –> 00:05:22,663
the structure of
financial services.

۸۰
Today there are all
sorts of institutions

۸۱
that exist to maintain
sets of records.

۸۲
To be “trusted third
party” in industry parlance.

۸۳
That role is potentially
fundamentally reshaped.

۸۴
Blockchains are networks.

۸۵
Networks that we see today

۸۶
Alibaba, AirBnB, Uber…

۸۷
those are interesting networks
but they are centralized.

۸۸
Here, you’re going to have
networks that are decentralized

۸۹
that are working
more as a cooperative.

۹۰
I think some of the
challenges will be

۹۱
what are the economics
of those networks,

۹۲
what are the economics
of certain blockchains

۹۳
versus today’s discussion which
is all about the technology.

۹۴
I think tomorrow’s
discussion will be about

۹۵
how do you build network effects
off of these new railroads.

۹۶
What’s especially
interesting for me is that

۹۷
it was a grassroots movement
from the technology sector.

۹۸
Not a movement of
established businesses

۹۹
trying to find a
new selling point.

۱۰۰
It’s really a bottom-up
movement from us geeks.

۱۰۱
۰۰:۰۶:۳۳,۲۰۴ –> 00:06:36,265
It’s one of the most
amazing things in science

۱۰۲
۰۰:۰۶:۳۶,۴۰۹ –> 00:06:38,247
that happened in
the last 100 years

۱۰۳
۰۰:۰۶:۳۸,۲۴۷ –> 00:06:39,884
that this thing is
actually possible.

۱۰۴
۰۰:۰۶:۳۹,۸۸۴ –> 00:06:46,475
You can digitally sign transactions
or other kinds of information

۱۰۵
۰۰:۰۶:۴۶,۴۷۵ –> 00:06:50,785
so that you can prove that
you actually signed this.

۱۰۶
۰۰:۰۶:۵۱,۵۵۴ –> 00:06:54,135
It’s much more secure than these

۱۰۷
۰۰:۰۶:۵۴,۱۳۵ –> 00:06:58,291
curvy, wriggly signatures
that we use every day.

۱۰۸
۰۰:۰۶:۵۸,۲۹۱ –> 00:07:01,280
It will probably replace
those things soon enough.

۱۰۹
۰۰:۰۷:۲۶,۹۷۱ –> 00:07:31,598
Chapter 3: Influence
Of The Blockchain

۱۱۰
۰۰:۰۷:۳۲,۱۰۱ –> 00:07:35,358
We spent two years trying
to understand this space

۱۱۱
۰۰:۰۷:۳۵,۷۴۰ –> 00:07:38,276
and what it really meant.

۱۱۲
۰۰:۰۷:۳۹,۲۵۹ –> 00:07:42,030
We found that it meant
a lot more than just

۱۱۳
۰۰:۰۷:۴۲,۲۲۴ –> 00:07:44,319
another digital currency.

۱۱۴
۰۰:۰۷:۴۵,۲۵۹ –> 00:07:50,538
As the blockchain became more
influential in our thinking

۱۱۵
۰۰:۰۷:۵۰,۹۰۱ –> 00:07:54,710
we began to realize that
it was a profound shift

۱۱۶
۰۰:۰۷:۵۴,۷۱۰ –> 00:07:58,933
in how the Internet
could be used

۱۱۷
۰۰:۰۷:۵۹,۳۵۱ –> 00:08:02,281
to create new forms of value

۱۱۸
۰۰:۰۸:۰۲,۲۸۱ –> 00:08:06,495
and how it could be
used to enfranchise

۱۱۹
۰۰:۰۸:۰۶,۸۲۷ –> 00:08:09,830
and include people
in global finance.

۱۲۰
۰۰:۰۸:۱۰,۰۹۰ –> 00:08:12,017
We’ve had the
Internet for years now

۱۲۱
۰۰:۰۸:۱۲,۰۱۷ –> 00:08:14,145
and on the Internet,
still nobody knows

۱۲۲
۰۰:۰۸:۱۴,۲۵۸ –> 00:08:16,731
whether you’re a dog or not.

۱۲۳
۰۰:۰۸:۱۷,۰۴۸ –> 00:08:19,233
Identity fraud is
completely out of control.

۱۲۴
۰۰:۰۸:۱۹,۴۸۲ –> 00:08:23,657
So the area where we
need some new thinking

۱۲۵
۰۰:۰۸:۲۳,۶۹۷ –> 00:08:26,079
is in the identity space.

۱۲۶
۰۰:۰۸:۲۶,۰۷۹ –> 00:08:29,216
Maybe the technology brings
something new into that space.

۱۲۷
۰۰:۰۸:۲۹,۶۸۹ –> 00:08:31,940
And we need it
fairly quickly because

۱۲۸
۰۰:۰۸:۳۱,۹۴۰ –> 00:08:35,077
we haven’t fixed the
identity problem for people

۱۲۹
۰۰:۰۸:۳۵,۰۷۷ –> 00:08:38,251
but we’re about to put ten
billion, trillion, gazillion

۱۳۰
۰۰:۰۸:۳۸,۲۵۱ –> 00:08:40,212
things on the Internet.

۱۳۱
۰۰:۰۸:۴۰,۴۵۶ –> 00:08:43,716
We can have a trust relationship

۱۳۲
۰۰:۰۸:۴۴,۰۹۱ –> 00:08:46,015
without really having
ever met each other

۱۳۳
۰۰:۰۸:۴۶,۲۵۳ –> 00:08:48,681
or having done business
at all with each other.

۱۳۴
۰۰:۰۸:۴۸,۸۸۸ –> 00:08:51,515
I think that’s fundamental.

۱۳۵
۰۰:۰۸:۵۱,۶۴۴ –> 00:08:53,819
Security is another.

۱۳۶
۰۰:۰۸:۵۴,۵۹۲ –> 00:08:57,928
Blockchains are
military grade cryptology

۱۳۷
۰۰:۰۸:۵۷,۹۲۸ –> 00:09:00,364
and they’ve never been cracked.

۱۳۸
۰۰:۰۹:۰۱,۰۶۵ –> 00:09:04,955
When you hear about
hackers stealing bitcoin

۱۳۹
۰۰:۰۹:۰۵,۳۲۶ –> 00:09:08,416
they’re not stealing from
the blockchain itself.

۱۴۰
۰۰:۰۹:۰۸,۶۴۷ –> 00:09:10,453
They are stealing
at the point of entry

۱۴۱
۰۰:۰۹:۱۰,۴۵۳ –> 00:09:12,702
at the wallet or browser level

۱۴۲
۰۰:۰۹:۱۲,۷۰۲ –> 00:09:14,994
where they intercept messages.

۱۴۳
۰۰:۰۹:۱۴,۹۹۴ –> 00:09:18,125
But the blockchain
itself is very secure.

۱۴۴
۰۰:۰۹:۱۸,۴۸۲ –> 00:09:20,339
The Internet of
Things will probably be

۱۴۵
۰۰:۰۹:۲۰,۳۳۹ –> 00:09:23,100
the best test case for a
lot of blockchain technology.

۱۴۶
۰۰:۰۹:۲۳,۴۵۲ –> 00:09:26,061
Because if we’re going to have
millions or billions or trillions

۱۴۷
۰۰:۰۹:۲۶,۳۲۸ –> 00:09:28,724
of Internet-enabled
devices doing everything

۱۴۸
۰۰:۰۹:۲۸,۷۲۴ –> 00:09:30,929
from driving us around
to managing our affairs

۱۴۹
۰۰:۰۹:۳۱,۲۹۶ –> 00:09:35,806
to monitoring our
health, they need a way to

۱۵۰
۰۰:۰۹:۳۵,۸۰۶ –> 00:09:38,196
move and store and
manage value and

۱۵۱
۰۰:۰۹:۳۸,۱۹۶ –> 00:09:41,286
data that has value in a way
that is secure and private.

۱۵۲
۰۰:۰۹:۴۱,۶۰۴ –> 00:09:43,053
Right now we don’t have that.

۱۵۳
۰۰:۰۹:۴۳,۳۰۴ –> 00:09:46,629
I’m concerned about the
ubiquity of data and how

۱۵۴
۰۰:۰۹:۴۶,۹۳۴ –> 00:09:50,526
it flows in and through
Internet-connected devices.

۱۵۵
۰۰:۰۹:۵۱,۱۶۳ –> 00:09:54,324
I think with a value
platform like blockchain

۱۵۶
۰۰:۰۹:۵۴,۳۲۴ –> 00:09:56,192
we can at least address
some of these problems and

۱۵۷
۰۰:۰۹:۵۶,۱۹۲ –> 00:09:58,767
maybe even create
new opportunities.

۱۵۸
۰۰:۱۰:۰۹,۵۹۴ –> 00:10:13,708
Chapter 4: New
Business Opportunities

۱۵۹
۰۰:۱۰:۱۴,۰۸۵ –> 00:10:17,265
We cannot sit in
our office and study

۱۶۰
۰۰:۱۰:۱۷,۳۶۶ –> 00:10:19,346
of course we do that as well

۱۶۱
۰۰:۱۰:۱۹,۳۴۶ –> 00:10:22,197
but we need to go
out and participate

۱۶۲
۰۰:۱۰:۲۲,۱۹۷ –> 00:10:26,532
in this whole
blockchain community.

۱۶۳
۰۰:۱۰:۲۷,۳۹۳ –> 00:10:32,355
Honestly, what’s very new to me

۱۶۴
۰۰:۱۰:۳۲,۳۵۵ –> 00:10:35,542
especially regarding
younger persons in my team

۱۶۵
۰۰:۱۰:۳۵,۵۴۲ –> 00:10:38,106
is how enthusiastic
they are about that.

۱۶۶
۰۰:۱۰:۳۸,۱۰۶ –> 00:10:41,579
If there is a
hackathon, for example

۱۶۷
۰۰:۱۰:۴۱,۵۷۹ –> 00:10:43,768
they never come to me and ask if

۱۶۸
۰۰:۱۰:۴۳,۷۶۸ –> 00:10:47,100
they can go there and
get some money for that

۱۶۹
۰۰:۱۰:۴۷,۳۳۲ –> 00:10:50,577
they just go.
They’re so interested.

۱۷۰
۰۰:۱۰:۵۰,۵۷۷ –> 00:10:53,224
They just go and
participate and share

۱۷۱
۰۰:۱۰:۵۳,۲۲۴ –> 00:10:56,062
what they learned, and we
have further discussions.

۱۷۲
۰۰:۱۰:۵۶,۳۴۸ –> 00:10:59,550
This is really a
new way, also for us

۱۷۳
۰۰:۱۰:۵۹,۵۵۰ –> 00:11:03,418
to deal with new technology.

۱۷۴
۰۰:۱۱:۰۳,۴۱۸ –> 00:11:06,660
We’re in the middle of it,
nobody tells us what to do.

۱۷۵
۰۰:۱۱:۰۷,۰۰۷ –> 00:11:15,352
It’s really we together
shaping what we stand for

۱۷۶
۰۰:۱۱:۱۵,۳۵۲ –> 00:11:16,843
in the end for blockchain.

۱۷۷
۰۰:۱۱:۱۶,۸۴۳ –> 00:11:19,549
We need to be much
more technological.

۱۷۸
۰۰:۱۱:۱۹,۸۷۲ –> 00:11:21,343
We need to have an awareness of

۱۷۹
۰۰:۱۱:۲۱,۳۴۳ –> 00:11:23,598
how something is programmed

۱۸۰
۰۰:۱۱:۲۳,۵۹۸ –> 00:11:26,784
so we can check if the
programming is correct.

۱۸۱
۰۰:۱۱:۲۷,۴۳۶ –> 00:11:31,533
This might be a
capability that we have

۱۸۲
۰۰:۱۱:۳۱,۵۳۳ –> 00:11:34,574
but not in the way it’s
needed in the future.

۱۸۳
۰۰:۱۱:۳۴,۵۷۴ –> 00:11:36,524
In the future, you
always need to have

۱۸۴
۰۰:۱۱:۳۶,۵۴۵ –> 00:11:43,130
a technological link to things
so you can understand them.

۱۸۵
۰۰:۱۱:۴۴,۵۱۵ –> 00:11:48,620
Otherwise you always need
your IT guy sitting next to you

۱۸۶
۰۰:۱۱:۴۸,۹۴۳ –> 00:11:51,927
helping you in the
understanding of the problem.

۱۸۷
۰۰:۱۱:۵۲,۱۶۳ –> 00:11:54,557
This is not something that’s going
to impact one of two industries

۱۸۸
۰۰:۱۱:۵۴,۵۵۷ –> 00:11:56,549
it’s going to
affect every industry

۱۸۹
۰۰:۱۱:۵۶,۵۴۹ –> 00:11:59,573
in the same way the
internal combustion engine

۱۹۰
۰۰:۱۱:۵۹,۵۷۳ –> 00:12:00,985
affected almost every industry

۱۹۱
۰۰:۱۲:۰۰,۹۸۵ –> 00:12:03,264
or the Internet affected
almost every industry

۱۹۲
۰۰:۱۲:۰۳,۲۶۴ –> 00:12:06,256
or the steam engine
created new industries.

۱۹۳
۰۰:۱۲:۰۶,۲۵۶ –> 00:12:10,689
This is one of those big
generational technology shifts

۱۹۴
۰۰:۱۲:۱۰,۶۸۹ –> 00:12:16,407
that requires a concerted
and focused response.

۱۹۵
۰۰:۱۲:۱۶,۴۰۷ –> 00:12:18,022
Otherwise, you
will miss the boat.

۱۹۶
۰۰:۱۲:۱۸,۰۲۲ –> 00:12:21,238
We are all, also in the
financial services industry

۱۹۷
۰۰:۱۲:۲۱,۳۷۵ –> 00:12:24,367
trying to recognize that we
don’t have to be defensive

۱۹۸
۰۰:۱۲:۲۵,۱۱۲ –> 00:12:29,808
but we rather have to embrace
not just this technology

۱۹۹
۰۰:۱۲:۲۹,۸۰۸ –> 00:12:35,050
but this enabler it
brings us to access

۲۰۰
۰۰:۱۲:۳۵,۰۵۰ –> 00:12:40,839
a vastly underutilized
or undiscovered market

۲۰۱
۰۰:۱۲:۴۱,۱۰۶ –> 00:12:44,694
that we have to do business
with on an eye-to-eye level.

۲۰۲
۰۰:۱۲:۴۴,۸۴۸ –> 00:12:49,409
We talk to all sorts of senior
executives in financial services

۲۰۳
۰۰:۱۲:۴۹,۴۰۹ –> 00:12:56,274
and often the say
“We looked at bitcoin,

۲۰۴
۰۰:۱۲:۵۶,۲۷۴ –> 00:12:58,315
we had smart people
come in and explain

۲۰۵
۰۰:۱۲:۵۸,۳۱۵ –> 00:13:00,088
how the blockchain works

۲۰۶
۰۰:۱۳:۰۰,۰۸۸ –> 00:13:02,553
but I still just
really don’t understand

۲۰۷
۰۰:۱۳:۰۲,۵۵۳ –> 00:13:05,382
what it means for my business.”

۲۰۸
۰۰:۱۳:۰۵,۳۸۲ –> 00:13:08,640
I think that makes
sense in a way because

۲۰۹
۰۰:۱۳:۰۸,۶۴۰ –> 00:13:11,910
if you think about an
iPhone, for example:

۲۱۰
۰۰:۱۳:۱۱,۹۱۰ –> 00:13:15,669
What’s really important,
when a new iPhone comes out?

۲۱۱
۰۰:۱۳:۱۵,۹۴۶ –> 00:13:20,365
Is it the new chipset
or some new way of

۲۱۲
۰۰:۱۳:۲۰,۳۶۵ –> 00:13:23,014
compressing frequencies?

۲۱۳
۰۰:۱۳:۲۳,۰۱۴ –> 00:13:26,218
I’m not an engineer and don’t
know how any of that works.

۲۱۴
۰۰:۱۳:۲۶,۲۱۸ –> 00:13:31,021
What matters to people is what
they can do with the technology.

۲۱۵
۰۰:۱۳:۳۱,۱۱۵ –> 00:13:33,559
Of course, success is
in now way guaranteed.

۲۱۶
۰۰:۱۳:۳۳,۹۲۰ –> 00:13:35,715
One day we may look
back on this and say

۲۱۷
۰۰:۱۳:۳۵,۷۱۵ –> 00:13:38,066
“Oh, wasn’t that great…” But:

۲۱۸
۰۰:۱۳:۳۸,۰۶۶ –> 00:13:41,153
If you ask me,
there is undoubtedly

۲۱۹
۰۰:۱۳:۴۱,۴۵۸ –> 00:13:43,871
a huge amount of progress
that has been made.

۲۲۰
۰۰:۱۳:۴۳,۸۷۱ –> 00:13:45,221
There’s something here.

۲۲۱
۰۰:۱۳:۴۵,۲۲۱ –> 00:13:47,083
I find it hard to believe
that I’m going to look back

۲۲۲
۰۰:۱۳:۴۷,۰۸۳ –> 00:13:48,534
in ten or twenty years and say

۲۲۳
۰۰:۱۳:۴۸,۵۳۴ –> 00:13:50,655
“None of this ended
up happending.”

۲۲۴
۰۰:۱۳:۵۰,۶۵۵ –> 00:13:53,953
Because we’re really
seeing a new way

۲۲۵
۰۰:۱۳:۵۴,۳۰۷ –> 00:13:55,924
of transacting value
on the Internet.

۲۲۶
۰۰:۱۴:۱۷,۸۴۵ –> 00:14:21,735
Chapter 5: The
Blockchain And Banks

۲۲۷
۰۰:۱۴:۲۲,۲۰۶ –> 00:14:24,237
I know how big financial
institutions work.

۲۲۸
۰۰:۱۴:۲۴,۲۳۷ –> 00:14:28,212
They’re not going to do something
reckless with technology.

۲۲۹
۰۰:۱۴:۲۸,۲۱۲ –> 00:14:31,637
This is people’s money and
livelihood they’re working with.

۲۳۰
۰۰:۱۴:۳۱,۶۷۵ –> 00:14:34,420
These are slow
upgrade processes.

۲۳۱
۰۰:۱۴:۳۴,۴۲۰ –> 00:14:36,478
These systems, once
they get implemented,

۲۳۲
۰۰:۱۴:۳۶,۴۷۸ –> 00:14:38,787
will run in parallel with
the old systems for a while

۲۳۳
۰۰:۱۴:۳۹,۰۸۰ –> 00:14:41,210
before you have a switch
over to the new one.

۲۳۴
۰۰:۱۴:۴۱,۲۱۰ –> 00:14:43,142
That’s standard in
technology upgrade.

۲۳۵
۰۰:۱۴:۴۳,۱۴۲ –> 00:14:45,683
I knew this was
going to take time.

۲۳۶
۰۰:۱۴:۴۵,۶۸۳ –> 00:14:52,220
But there are antagonists,
players who are threatened.

۲۳۷
۰۰:۱۴:۵۲,۲۲۰ –> 00:14:55,288
It’s the AT&T/Verizon/Kodak
analogy again.

۲۳۸
۰۰:۱۴:۵۵,۲۸۸ –> 00:14:57,207
Their business model
is threatend by this

۲۳۹
۰۰:۱۴:۵۷,۲۰۷ –> 00:15:00,649
and they’re going to
do things to slow down

۲۴۰
۰۰:۱۵:۰۰,۶۴۹ –> 00:15:05,790
and water down the
transformational networks.

۲۴۱
۰۰:۱۵:۰۶,۲۷۵ –> 00:15:09,971
There is a game theory
approach to how the technology

۲۴۲
۰۰:۱۵:۰۹,۹۷۱ –> 00:15:12,371
is being rolled out in
the markets, for sure.

۲۴۳
۰۰:۱۵:۱۲,۷۵۳ –> 00:15:15,533
We made different
roundtables here in Zug

۲۴۴
۰۰:۱۵:۱۵,۹۳۰ –> 00:15:20,178
after the start of
our bitcoin experiment.

۲۴۵
۰۰:۱۵:۲۰,۱۷۸ –> 00:15:20,216
After the start of our bitcoin experiment. For
example, we invited banks and bankers from Zug

۲۴۶
۰۰:۱۵:۲۰,۲۱۶ –> 00:15:28,598
For example, we invited
banks and bankers from Zug

۲۴۷
۰۰:۱۵:۲۸,۵۹۸ –> 00:15:29,156
For example, we invited banks and bankers
from Zug and tried to connect them with people

۲۴۸
۰۰:۱۵:۲۹,۱۵۶ –> 00:15:32,997
and tried to connect
them with people

۲۴۹
۰۰:۱۵:۳۲,۹۹۷ –> 00:15:35,682
of the “Zug cryptovalley”.

۲۵۰
۰۰:۱۵:۳۵,۶۸۲ –> 00:15:43,617
They were talking, but the
bankers were not so happy.

۲۵۱
۰۰:۱۵:۴۴,۰۵۰ –> 00:15:47,736
They said there were
different things with the law

۲۵۲
۰۰:۱۵:۴۷,۷۳۶ –> 00:15:50,866
and “It’s not so easy for us.”

۲۵۳
۰۰:۱۵:۵۰,۸۶۶ –> 00:15:54,545
But it’s also a
question of attitude.

۲۵۴
۰۰:۱۵:۵۴,۵۴۵ –> 00:15:59,547
It’s the same as for our
city, for our administration:

۲۵۵
۰۰:۱۵:۵۹,۵۶۳ –> 00:16:02,180
Banks have to get ready.

۲۵۶
۰۰:۱۶:۰۲,۱۸۰ –> 00:16:06,788
I know that in a way
they are defensive

۲۵۷
۰۰:۱۶:۰۶,۷۸۸ –> 00:16:11,677
but on the other hand
have research and teams

۲۵۸
۰۰:۱۶:۱۱,۶۷۷ –> 00:16:14,927
that face these questions.

۲۵۹
۰۰:۱۶:۱۴,۹۲۷ –> 00:16:17,863
Maybe they are waiting
a little bit now

۲۶۰
۰۰:۱۶:۱۷,۸۶۳ –> 00:16:20,159
but they can’t
deny it, I’m sure.

۲۶۱
۰۰:۱۶:۲۰,۵۸۵ –> 00:16:21,908
I think there’s going
to be a lot of disruption

۲۶۲
۰۰:۱۶:۲۱,۹۰۸ –> 00:16:25,915
a lot of revolution with respect
to blockchain-based technologies.

۲۶۳
۰۰:۱۶:۲۶,۴۹۳ –> 00:16:31,262
That’s going to
drive not necessarily

۲۶۴
۰۰:۱۶:۳۱,۶۲۸ –> 00:16:34,636
banks worrying about other
banks being competitors.

۲۶۵
۰۰:۱۶:۳۵,۴۷۲ –> 00:16:40,107
What banks worry about
is the “bank of one”

۲۶۶
۰۰:۱۶:۴۰,۱۰۷ –> 00:16:43,479
the next generation of
a banking network that’s

۲۶۷
۰۰:۱۶:۴۳,۴۷۹ –> 00:16:47,658
resident on a phone, that’s
decentralized, distributed

۲۶۸
۰۰:۱۶:۴۸,۴۷۴ –> 00:16:52,148
and that’s based on a
digital token, a digital asset

۲۶۹
۰۰:۱۶:۵۲,۱۴۸ –> 00:16:56,456
that’s not issued by
a bank or government.

۲۷۰
۰۰:۱۶:۵۶,۴۵۶ –> 00:16:59,518
It creates all these different
permutations and opportunities

۲۷۱
۰۰:۱۶:۵۹,۵۱۸ –> 00:17:02,532
not only for enterprises
and governments

۲۷۲
۰۰:۱۷:۰۲,۵۳۲ –> 00:17:04,699
but also for society.

۲۷۳
۰۰:۱۷:۰۴,۶۹۹ –> 00:17:08,210
We see a lot of example of
banks and consulting companies

۲۷۴
۰۰:۱۷:۰۸,۲۱۰ –> 00:17:12,278
and other Big Four
audit firms talking about

۲۷۵
۰۰:۱۷:۱۲,۲۷۸ –> 00:17:14,732
how they can strip
cost out of the business

۲۷۶
۰۰:۱۷:۱۴,۷۳۲ –> 00:17:18,720
of-I don’t know-trading
in public markets

۲۷۷
۰۰:۱۷:۱۹,۳۸۸ –> 00:17:21,181
or whatever it might be.

۲۷۸
۰۰:۱۷:۲۲,۰۱۰ –> 00:17:24,428
But if you take the
example of public markets:

۲۷۹
۰۰:۱۷:۲۴,۴۲۸ –> 00:17:28,271
How can you cut cost out of a market
that doesn’t exist in the future?

۲۸۰
۰۰:۱۷:۲۸,۲۷۱ –> 00:17:31,486
What if the trading of
securities happens peer-to-peer

۲۸۱
۰۰:۱۷:۳۲,۴۵۳ –> 00:17:35,441
in the marketplace that doesn’t
have traditional intermediaries

۲۸۲
۰۰:۱۷:۳۵,۴۴۱ –> 00:17:38,982
of exchanges, brokers, agents,
escrow agents, clearing houses

۲۸۳
۰۰:۱۷:۳۸,۹۸۲ –> 00:17:41,617
and all the other
parties we rely on?

۲۸۴
۰۰:۱۷:۴۱,۶۱۷ –> 00:17:42,918
That’s the cost
you’re cutting out but

۲۸۵
۰۰:۱۷:۴۲,۹۱۸ –> 00:17:44,826
what if the market can
function without them?

۲۸۶
۰۰:۱۷:۴۴,۸۲۶ –> 00:17:49,057
The important thing for
leaders of big companies

۲۸۷
۰۰:۱۷:۴۹,۰۵۷ –> 00:17:53,543
is not just to think about cost

۲۸۸
۰۰:۱۷:۵۳,۵۴۳ –> 00:17:56,544
but also to think strategically.

۲۸۹
۰۰:۱۷:۵۶,۵۴۴ –> 00:17:58,782
What can this technology
enable me to do

۲۹۰
۰۰:۱۷:۵۸,۷۸۲ –> 00:18:01,890
that I wasn’t able
to do in the past?

۲۹۱
۰۰:۱۸:۰۱,۸۹۰ –> 00:18:04,022
I think it’s going
to take a long time

۲۹۲
۰۰:۱۸:۰۴,۰۲۲ –> 00:18:07,349
for it to weave its
way into the system.

۲۹۳
۰۰:۱۸:۰۷,۳۴۹ –> 00:18:10,818
It may take a normal
tech upgrade cycle for it

۲۹۴
۰۰:۱۸:۱۰,۸۱۸ –> 00:18:13,687
to fully weave its
way into the system.

۲۹۵
۰۰:۱۸:۱۳,۶۸۷ –> 00:18:15,776
I have said publicly I
think within twenty years

۲۹۶
۰۰:۱۸:۱۵,۷۷۶ –> 00:18:18,817
financial services
will be just software

۲۹۷
۰۰:۱۸:۱۸,۸۱۷ –> 00:18:20,987
and the smart contracts
technology in particular

۲۹۸
۰۰:۱۸:۲۰,۹۸۷ –> 00:18:23,170
is going to automate
a lot of the things

۲۹۹
۰۰:۱۸:۲۳,۱۷۰ –> 00:18:26,513
that institutions and
people handle today.

۳۰۰
۰۰:۱۸:۴۷,۳۹۶ –> 00:18:51,406
Chapter 6: The Blockchain
And Financial Inclusion

۳۰۱
۰۰:۱۸:۵۲,۲۲۲ –> 00:18:54,275
Seventy-four percent of
the world’s population

۳۰۲
۰۰:۱۸:۵۴,۲۷۵ –> 00:18:55,699
according to the World Bank

۳۰۳
۰۰:۱۸:۵۵,۶۹۹ –> 00:18:58,538
does not have access to
basic financial services.

۳۰۴
۰۰:۱۸:۵۸,۵۳۸ –> 00:19:01,277
In my home country, in the
United States of America,

۳۰۵
۰۰:۱۹:۰۱,۲۷۷ –> 00:19:03,441
which is one of the wealthiest
countries in the world,

۳۰۶
۰۰:۱۹:۰۳,۴۴۱ –> 00:19:06,659
about fifty percent
of the population

۳۰۷
۰۰:۱۹:۰۶,۶۵۹ –> 00:19:09,168
does not have access to
basic financial services

۳۰۸
۰۰:۱۹:۰۹,۱۶۸ –> 00:19:11,123
including bank accounts.

۳۰۹
۰۰:۱۹:۱۱,۱۲۳ –> 00:19:13,593
There’s a huge amount of
people around the world

۳۱۰
۰۰:۱۹:۱۳,۵۹۳ –> 00:19:17,219
that don’t get to experience and
be a part of the global economy

۳۱۱
۰۰:۱۹:۱۷,۲۱۹ –> 00:19:20,657
because they don’t have
access to the financial system

۳۱۲
۰۰:۱۹:۲۰,۶۵۷ –> 00:19:22,815
for a variety of reasons.

۳۱۳
۰۰:۱۹:۲۲,۸۱۵ –> 00:19:24,714
I do think this
technology will lift

۳۱۴
۰۰:۱۹:۲۴,۷۱۴ –> 00:19:27,489
a lot of people out of poverty

۳۱۵
۰۰:۱۹:۲۷,۴۸۹ –> 00:19:29,811
but will also be an
inclusive technology

۳۱۶
۰۰:۱۹:۲۹,۸۱۱ –> 00:19:32,891
that allows more people to
engage in global commerce.

۳۱۷
۰۰:۱۹:۳۳,۲۸۲ –> 00:19:35,862
I don’t like to think
that we’re creating

۳۱۸
۰۰:۱۹:۳۵,۸۶۲ –> 00:19:40,190
so much prosperity for
the less than one percent.

۳۱۹
۰۰:۱۹:۴۰,۱۹۰ –> 00:19:43,377
I like to think of
purpose-led businesses.

۳۲۰
۰۰:۱۹:۴۳,۳۷۷ –> 00:19:45,201
By the way, that’s
the trick I think

۳۲۱
۰۰:۱۹:۴۵,۲۰۱ –> 00:19:47,951
for large corporations:
To understand

۳۲۲
۰۰:۱۹:۴۷,۹۵۱ –> 00:19:50,358
that the cost efficiencies of
embracing this new technology

۳۲۳
۰۰:۱۹:۵۰,۳۵۸ –> 00:19:54,205
will potentially widen
their accessible markets

۳۲۴
۰۰:۱۹:۵۵,۱۲۳ –> 00:19:57,720
at a cost that’s reasonable.

۳۲۵
۰۰:۱۹:۵۷,۷۲۰ –> 00:20:01,293
That in itself will create
prosperity in different areas.

۳۲۶
۰۰:۲۰:۰۱,۲۹۳ –> 00:20:04,030
Something that we
should think about.

۳۲۷
۰۰:۲۰:۰۴,۰۳۰ –> 00:20:07,308
Pretty soon, when
smartphones can be had for

۳۲۸
۰۰:۲۰:۰۷,۳۰۸ –> 00:20:11,229
less than five dollars each,
which is right around the corner

۳۲۹
۰۰:۲۰:۱۱,۲۲۹ –> 00:20:14,614
nearly every person
living in poverty on earth

۳۳۰
۰۰:۲۰:۱۴,۶۱۴ –> 00:20:16,608
will have access to a smartphone

۳۳۱
۰۰:۲۰:۱۶,۶۰۸ –> 00:20:18,698
and be connected to a network.

۳۳۲
۰۰:۲۰:۱۸,۶۹۸ –> 00:20:23,325
That is game changing
in and of itself.

۳۳۳
۰۰:۲۰:۲۳,۹۹۶ –> 00:20:26,495
When you have digital
wallets on these phones

۳۳۴
۰۰:۲۰:۲۶,۸۸۱ –> 00:20:29,398
and the ability to trade assets

۳۳۵
۰۰:۲۰:۲۹,۳۹۸ –> 00:20:32,629
we’re going to
answer the question

۳۳۶
۰۰:۲۰:۳۲,۶۲۹ –> 00:20:34,645
“What happens when
everybody has money?”

۳۳۷
۰۰:۲۰:۳۵,۲۵۷ –> 00:20:40,933
Capitalism itself has
thrived in some areas

۳۳۸
۰۰:۲۰:۴۰,۹۳۳ –> 00:20:44,561
by the natural exclusion
of others from markets.

۳۳۹
۰۰:۲۰:۴۵,۱۸۰ –> 00:20:48,060
It actually uses that
scarcity principle

۳۴۰
۰۰:۲۰:۴۸,۰۶۰ –> 00:20:51,414
as its driving basis.

۳۴۱
۰۰:۲۰:۵۱,۴۱۴ –> 00:20:53,439
So what happens when
money is not scarce?

۳۴۲
۰۰:۲۰:۵۳,۴۳۹ –> 00:20:55,304
We will look at people and say:

۳۴۳
۰۰:۲۰:۵۵,۳۰۴ –> 00:20:59,198
“What are the things
that I cannot do

۳۴۴
۰۰:۲۰:۵۹,۱۹۸ –> 00:21:03,238
and where we can join forces?”

۳۴۵
۰۰:۲۱:۰۴,۱۹۰ –> 00:21:07,529
Much more than
today, where we say

۳۴۶
۰۰:۲۱:۰۷,۵۲۹ –> 00:21:09,653
“How big is your car
and how much money

۳۴۷
۰۰:۲۱:۰۹,۶۵۳ –> 00:21:12,063
do you have on
your bank account?”

۳۴۸
۰۰:۲۱:۱۲,۰۶۳ –> 00:21:15,120
So, I believe the
future will be even more

۳۴۹
۰۰:۲۱:۱۵,۱۷۱ –> 00:21:19,358
human, or humane-no… human

۳۵۰
۰۰:۲۱:۱۹,۷۰۶ –> 00:21:24,716
than the last hundred
years we have seen.

۳۵۱
۰۰:۲۱:۴۳,۶۰۲ –> 00:21:48,292
Chapter 7: The Real Revolution

۳۵۲
۰۰:۲۱:۴۸,۹۹۹ –> 00:21:50,904
I don’t think blockchain
is a revolution.

۳۵۳
۰۰:۲۱:۵۰,۹۰۴ –> 00:21:54,748
It has been done
forever, for forty years,

۳۵۴
۰۰:۲۱:۵۵,۰۸۷ –> 00:21:58,953
which is really forever
in computer science.

۳۵۵
۰۰:۲۱:۵۸,۹۵۳ –> 00:22:04,117
Both ingredients of the
blockchain-security and distributed systems

۳۵۶
۰۰:۲۲:۰۴,۱۱۷ –> 00:22:08,646
have been around since
the early seventies.

۳۵۷
۰۰:۲۲:۰۹,۶۳۱ –> 00:22:12,522
This is not the revolution.

۳۵۸
۰۰:۲۲:۱۲,۵۲۲ –> 00:22:16,926
The revolution, or
the evolution is that

۳۵۹
۰۰:۲۲:۱۷,۲۷۸ –> 00:22:19,600
jobs will change.

۳۶۰
۰۰:۲۲:۱۹,۶۴۲ –> 00:22:22,103
That’s something I believe in.

۳۶۱
۰۰:۲۲:۲۲,۱۰۳ –> 00:22:25,489
Jobs will be digitized
in some sense.

۳۶۲
۰۰:۲۲:۲۵,۴۸۹ –> 00:22:28,537
Computers will do a
lot of the manual labor

۳۶۳
۰۰:۲۲:۲۸,۵۳۷ –> 00:22:30,986
that we still see in
service domains today.

۳۶۴
۰۰:۲۲:۳۱,۴۸۸ –> 00:22:34,532
It’s called the “fourth
technological revolution”

۳۶۵
۰۰:۲۲:۳۴,۵۳۲ –> 00:22:37,658
and I think we are
at the beginning

۳۶۶
۰۰:۲۲:۳۷,۶۵۸ –> 00:22:40,245
of such a revolution just now.

۳۶۷
۰۰:۲۲:۴۰,۲۴۵ –> 00:22:45,408
That’s why we don’t
close our eyes.

۳۶۸
۰۰:۲۲:۴۶,۴۲۵ –> 00:22:49,849
Some people say “There
will be much trouble

۳۶۹
۰۰:۲۲:۴۹,۸۴۹ –> 00:22:54,480
people will lose
their work,” and so on.

۳۷۰
۰۰:۲۲:۵۴,۴۸۰ –> 00:22:57,265
I’m sure it will happen

۳۷۱
۰۰:۲۲:۵۷,۲۶۵ –> 00:23:00,737
but it’s better we
face it than deny it.

۳۷۲
۰۰:۲۳:۰۰,۷۳۷ –> 00:23:04,769
Offshore working,
automation, robots

۳۷۳
۰۰:۲۳:۰۴,۷۶۹ –> 00:23:07,862
are they threatening our work?

۳۷۴
۰۰:۲۳:۰۷,۸۶۲ –> 00:23:10,285
It’s a real-life
question when your own son

۳۷۵
۰۰:۲۳:۱۰,۲۸۵ –> 00:23:13,904
who is prepared to go
get an advanced education

۳۷۶
۰۰:۲۳:۱۳,۹۰۴ –> 00:23:17,006
asks you that question.

۳۷۷
۰۰:۲۳:۱۷,۰۰۶ –> 00:23:21,290
I concluded I do
have a genuine answer:

۳۷۸
۰۰:۲۳:۲۱,۲۹۰ –> 00:23:23,668
It’s not threatening.

۳۷۹
۰۰:۲۳:۲۳,۶۶۸ –> 00:23:26,491
It is forcing us to think
a little bit different

۳۸۰
۰۰:۲۳:۲۶,۴۹۱ –> 00:23:29,752
but if we do it
smart, we actually give

۳۸۱
۰۰:۲۳:۲۹,۷۵۲ –> 00:23:33,177
the next generation a
great new opportunity

۳۸۲
۰۰:۲۳:۳۳,۱۷۷ –> 00:23:36,715
to reinvent why they
get up every morning

۳۸۳
۰۰:۲۳:۳۶,۷۱۵ –> 00:23:38,592
and why they go to work

۳۸۴
۰۰:۲۳:۳۸,۵۹۲ –> 00:23:41,359
and make sure they
really make best use of

۳۸۵
۰۰:۲۳:۴۱,۳۵۹ –> 00:23:43,097
the degree they studied for

۳۸۶
۰۰:۲۳:۴۳,۰۹۷ –> 00:23:45,147
and the things they
really want to do in life.

۳۸۷
۰۰:۲۳:۴۵,۱۴۷ –> 00:23:47,833
I want to make the world better.

۳۸۸
۰۰:۲۳:۴۷,۸۳۳ –> 00:23:49,412
Just better.

۳۸۹
۰۰:۲۳:۴۹,۴۵۵ –> 00:23:52,506
Whatever my measure
of better is, or yours

۳۹۰
۰۰:۲۳:۵۲,۵۰۶ –> 00:23:55,574
is what might be
valued by society.

۳۹۱
۰۰:۲۳:۵۵,۵۷۴ –> 00:23:58,573
The other thing is this
wonderful opportunity

۳۹۲
۰۰:۲۳:۵۸,۵۷۳ –> 00:24:01,940
to create a little
bit of prosperity.

۳۹۳
۰۰:۲۴:۰۱,۹۴۰ –> 00:24:05,376
Because what prosperity
offers you is independence.

۳۹۴
۰۰:۲۴:۰۵,۸۰۲ –> 00:24:09,335
We don’t have to have people
who are living in squalor

۳۹۵
۰۰:۲۴:۰۹,۳۳۵ –> 00:24:15,233
simply fighting for a
handful of rice every day.

۳۹۶
۰۰:۲۴:۱۷,۳۱۵ –> 00:24:19,465
There is too much in the world

۳۹۷
۰۰:۲۴:۱۹,۴۶۵ –> 00:24:21,732
to live like that anymore.

۳۹۸
۰۰:۲۴:۲۱,۷۳۲ –> 00:24:25,707
I think certain countries
and even corporations

۳۹۹
۰۰:۲۴:۲۵,۷۰۷ –> 00:24:27,309
are beginning to
understand that.

۴۰۰
۰۰:۲۴:۲۷,۳۵۳ –> 00:24:30,237
Certainly this movement,
this blockchain movement

۴۰۱
۰۰:۲۴:۳۰,۲۳۷ –> 00:24:33,644
is the technology underpinning

۴۰۲
۰۰:۲۴:۳۳,۶۴۴ –> 00:24:37,926
the technology
part of that mindset

۴۰۳
۰۰:۲۴:۳۷,۹۲۶ –> 00:24:39,918
which exists offline as well.

۴۰۴
۰۰:۲۴:۳۹,۹۱۸ –> 00:24:41,386
The idea is out.

۴۰۵
۰۰:۲۴:۴۱,۳۸۶ –> 00:24:44,824
If it’s not being realized
here it may be realized there

۴۰۶
۰۰:۲۴:۴۴,۸۲۴ –> 00:24:48,005
or even in the
Internet, uncontrollably.

۴۰۷
۰۰:۲۴:۴۸,۰۰۵ –> 00:24:52,209
Bitcoin is here,
it is here to stay

۴۰۸
۰۰:۲۴:۵۲,۵۴۸ –> 00:24:54,779
and will become
bigger and bigger.

۴۰۹
۰۰:۲۴:۵۴,۷۷۹ –> 00:24:58,645
As the blockchain,
as cryptocurrencies

۴۱۰
۰۰:۲۴:۵۸,۶۴۵ –> 00:25:03,340
as the possibilities connected to
the blockchain and cryptocurrencies.

۴۱۱
۰۰:۲۵:۰۳,۳۴۰ –> 00:25:06,516
That’s out of the box.

۴۱۲
۰۰:۲۵:۰۶,۵۱۶ –> 00:25:11,032
And the whole system does
not need any government.

۴۱۳
۰۰:۲۵:۱۱,۰۳۲ –> 00:25:14,579
It exists. It works.

۴۱۴
۰۰:۲۵:۱۴,۵۷۹ –> 00:25:18,444
It’s like a computer network
surrounding the world.

۴۱۵
۰۰:۲۵:۱۸,۴۴۴ –> 00:25:21,501
You can say “We don’t
want to be part of it.”

۴۱۶
۰۰:۲۵:۲۱,۵۰۱ –> 00:25:23,347
So be it.

۴۱۷
۰۰:۲۵:۲۳,۳۴۷ –> 00:25:25,795
It’s here. And it won’t go away.

۴۱۸
۰۰:۲۵:۳۷,۰۴۷ –> 00:25:41,593
Chapter 8: The Blockchain And Us

۴۱۹
۰۰:۲۵:۴۱,۸۹۱ –> 00:25:44,214
I feel like this is a
generational opportunity

۴۲۰
۰۰:۲۵:۴۴,۲۱۴ –> 00:25:46,722
for entrepreneurs and investors.

۴۲۱
۰۰:۲۵:۴۶,۷۲۲ –> 00:25:48,600
Quite frankly, I have
not seen something

۴۲۲
۰۰:۲۵:۴۸,۶۰۰ –> 00:25:50,782
as exciting in my
entire investment career.

۴۲۳
۰۰:۲۵:۵۰,۷۸۲ –> 00:25:53,324
Let’s try to build a new system

۴۲۴
۰۰:۲۵:۵۳,۳۲۴ –> 00:25:56,991
that has better
trade-offs and features

۴۲۵
۰۰:۲۵:۵۶,۹۹۱ –> 00:25:59,488
and less downsides.

۴۲۶
۰۰:۲۵:۵۹,۴۸۸ –> 00:26:01,575
And let’s make it work.

۴۲۷
۰۰:۲۶:۰۱,۶۵۵ –> 00:26:03,713
Now the pendulum is
going to swing back.

۴۲۸
۰۰:۲۶:۰۳,۷۱۳ –> 00:26:05,500
What that’s going
to do is frankly

۴۲۹
۰۰:۲۶:۰۵,۵۰۰ –> 00:26:08,045
make confidence in
capital markets higher.

۴۳۰
۰۰:۲۶:۰۸,۰۴۵ –> 00:26:11,255
Blockchain has enormous
potential implications

۴۳۱
۰۰:۲۶:۱۱,۲۵۵ –> 00:26:13,355
outside of financial services.

۴۳۲
۰۰:۲۶:۱۳,۳۵۵ –> 00:26:18,269
We might even see the
full-scale implementation

۴۳۳
۰۰:۲۶:۱۸,۲۶۹ –> 00:26:22,046
of some of those more
real-world applications

۴۳۴
۰۰:۲۶:۲۲,۰۴۶ –> 00:26:23,847
leapfrog financial services.

۴۳۵
۰۰:۲۶:۲۳,۸۴۷ –> 00:26:27,847
This invention, when it
came up in the seventies

۴۳۶
۰۰:۲۶:۲۷,۸۴۷ –> 00:26:32,061
is really one of the
groundbreaking ideas.

۴۳۷
۰۰:۲۶:۳۲,۰۶۱ –> 00:26:35,895
It will change society
for sure in many domains.

۴۳۸
۰۰:۲۶:۳۵,۸۹۵ –> 00:26:38,482
It already has changed
society in a sense that

۴۳۹
۰۰:۲۶:۳۸,۴۸۲ –> 00:26:41,817
the Internet is a secure place

۴۴۰
۰۰:۲۶:۴۱,۸۱۷ –> 00:26:44,097
that you can make
transactions on the Internet.

۴۴۱
۰۰:۲۶:۴۴,۰۹۷ –> 00:26:47,317
The potential for creating trust

۴۴۲
۰۰:۲۶:۴۷,۳۱۷ –> 00:26:49,375
or even permissionless trust

۴۴۳
۰۰:۲۶:۴۹,۳۷۵ –> 00:26:52,623
within the Internet

۴۴۴
۰۰:۲۶:۵۲,۶۲۳ –> 00:26:54,873
that’s something that
we haven’t had before.

۴۴۵
۰۰:۲۶:۵۴,۸۷۳ –> 00:26:59,341
Its impact on society,
on business, on government

۴۴۶
۰۰:۲۶:۵۹,۳۴۱ –> 00:27:01,394
could be profound.

۴۴۷
۰۰:۲۷:۰۱,۳۹۴ –> 00:27:03,757
Blockchain is to be fair
nearly ten years old.

۴۴۸
۰۰:۲۷:۰۳,۷۵۷ –> 00:27:06,189
I think it has another
ten years to run before

۴۴۹
۰۰:۲۷:۰۶,۱۸۹ –> 00:27:09,568
we really see what its
long-term impact is.

۴۵۰
۰۰:۲۷:۰۹,۵۶۸ –> 00:27:12,563
I think it’s going to be a
long, much more steady journey

۴۵۱
۰۰:۲۷:۱۲,۵۶۳ –> 00:27:14,992
we go down and
you’re going to see

۴۵۲
۰۰:۲۷:۱۴,۹۹۲ –> 00:27:17,104
multiple technologies
inspired by this thing.

۴۵۳
۰۰:۲۷:۱۷,۱۰۴ –> 00:27:21,030
Blockchain technology
is not the solution to

۴۵۴
۰۰:۲۷:۲۱,۰۳۰ –> 00:27:24,075
all the problems under the sun.

۴۵۵
۰۰:۲۷:۲۴,۰۷۵ –> 00:27:29,962
As it matures we will begin
to see its potential benefits

۴۵۶
۰۰:۲۷:۲۹,۹۶۲ –> 00:27:31,171
but also its limitations.

۴۵۷
۰۰:۲۷:۳۱,۱۷۱ –> 00:27:34,699
You can deny it
or you can face it.

۴۵۸
۰۰:۲۷:۳۴,۶۹۹ –> 00:27:37,972
We always said
we have to face it

۴۵۹
۰۰:۲۷:۳۷,۹۷۲ –> 00:27:40,390
because these things are coming

۴۶۰
۰۰:۲۷:۴۰,۳۹۰ –> 00:27:42,975
if we want or not.

۴۶۱
۰۰:۲۷:۴۲,۹۷۵ –> 00:27:48,429
I have seen
long-standing partners

۴۶۲
۰۰:۲۷:۴۸,۴۲۹ –> 00:27:51,078
when they saw the
opportunity, to change

۴۶۳
۰۰:۲۷:۵۱,۰۷۸ –> 00:27:54,265
and say “I don’t
understand everything

۴۶۴
۰۰:۲۷:۵۴,۲۶۵ –> 00:27:57,030
but I understand there
is something behind this

۴۶۵
۰۰:۲۷:۵۷,۰۳۰ –> 00:27:59,691
so we need to go forward.”
That’s really great.

۴۶۶
۰۰:۲۷:۵۹,۶۹۱ –> 00:28:02,739
People often say necessity
is the mother of invention

۴۶۷
۰۰:۲۸:۰۲,۷۳۹ –> 00:28:06,169
but I like to say necessity
is also the mother of adoption.

۴۶۸
۰۰:۲۸:۰۶,۱۶۹ –> 00:28:08,200
If there is a real use case

۴۶۹
۰۰:۲۸:۰۸,۲۰۰ –> 00:28:10,828
that people need
a technology for

۴۷۰
۰۰:۲۸:۱۰,۸۲۸ –> 00:28:12,339
they start using it.

۴۷۱
۰۰:۲۸:۱۲,۳۳۹ –> 00:28:15,830
I started with Commodore,
we had Atari, Apple

۴۷۲
۰۰:۲۸:۱۵,۸۳۰ –> 00:28:18,930
but at some point in
time, Windows came.

۴۷۳
۰۰:۲۸:۱۸,۹۳۰ –> 00:28:21,032
Everybody just
started to use Windows

۴۷۴
۰۰:۲۸:۲۱,۰۳۲ –> 00:28:25,451
without asking “What
is the code behind it?

۴۷۵
۰۰:۲۸:۲۵,۴۵۱ –> 00:28:28,141
What is the code behind
moving the mouse?”

۴۷۶
۰۰:۲۸:۲۸,۱۴۱ –> 00:28:30,486
We have a whole lot
of possibilities.

۴۷۷
۰۰:۲۸:۳۰,۴۸۶ –> 00:28:31,831
Everything will change.

۴۷۸
۰۰:۲۸:۳۱,۸۳۱ –> 00:28:36,539
In my opinion, the
possibilities are endless.

۴۷۹
۰۰:۲۸:۳۶,۵۳۹ –> 00:28:40,981
It reminds me of the
situation where all of a sudden

۴۸۰
۰۰:۲۸:۴۰,۹۸۱ –> 00:28:44,692
we have two or
three huge inventions

۴۸۱
۰۰:۲۸:۴۴,۶۹۲ –> 00:28:47,293
happening in one moment.

۴۸۲
۰۰:۲۸:۴۷,۲۹۳ –> 00:28:52,500
We are living in a very
interesting window of opportunity.

۴۸۳
۰۰:۲۸:۵۲,۵۰۰ –> 00:28:56,416
I’m surely very excited
to fully embrace that.

۴۸۴
۰۰:۲۸:۵۶,۴۱۶ –> 00:29:02,140
Even one little step can
be a great step for mankind.

۴۸۵
۰۰:۲۹:۰۲,۱۴۰ –> 00:29:05,928
I think we are exiting
the industrial age

۴۸۶
۰۰:۲۹:۰۵,۹۲۸ –> 00:29:09,781
and are entering an age
we still have to name.

۴۸۷
۰۰:۲۹:۰۹,۷۸۱ –> 00:29:14,705
Where that will take
us is very hard tell.

۴۸۸
۰۰:۲۹:۱۴,۷۰۵ –> 00:29:17,693
My suspicion is
it means a sort of

۴۸۹
۰۰:۲۹:۱۷,۶۹۳ –> 00:29:21,368
resurgence of the
notion of community.

۴۹۰
۰۰:۲۹:۲۱,۳۶۸ –> 00:29:24,944
It absolutely feels
like a whole new paradigm

۴۹۱
۰۰:۲۹:۲۴,۹۴۴ –> 00:29:26,365
for changing the world.

۴۹۲
۰۰:۲۹:۲۶,۳۶۵ –> 00:29:29,316
We’re at a crossroads here.

۴۹۳
۰۰:۲۹:۲۹,۳۱۶ –> 00:29:31,824
We have the wherewithal
now to create technology

۴۹۴
۰۰:۲۹:۳۱,۸۲۴ –> 00:29:34,409
that would help the
entire human race.

۴۹۵
۰۰:۲۹:۳۴,۴۰۹ –> 00:29:36,594
The question is: Will we do it?

۴۹۶
۰۰:۲۹:۳۶,۵۹۴ –> 00:29:38,459
But we can do it now.

۴۹۷
۰۰:۲۹:۳۸,۴۵۹ –> 00:29:40,837
There is so much innovation

۴۹۸
۰۰:۲۹:۴۰,۸۳۷ –> 00:29:43,262
that blockchain
technology has spurred

۴۹۹
۰۰:۲۹:۴۳,۲۶۲ –> 00:29:45,578
all throughout the world.

۵۰۰
۰۰:۲۹:۴۵,۵۷۸ –> 00:29:49,634
I have absolutely
no doubt in my mind

۵۰۱
۰۰:۲۹:۴۹,۶۳۴ –> 00:29:52,883
that this technology is
going to affect everybody.

۵۰۲
۰۰:۲۹:۵۲,۸۸۳ –> 00:29:57,432
I would say in
ten to twenty years

۵۰۳
۰۰:۲۹:۵۷,۴۳۲ –> 00:29:59,978
there won’t be a human being

۵۰۴
۰۰:۲۹:۵۹,۹۷۸ –> 00:30:03,663
whose life is not impacted
by this technology.

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