Transcript -
| Time | |
| 0:04 | we're gonna talk about blockchain this |
| 0:07 | brief video clip blockchain a related |
| 0:10 | new being the trial of skills that |
| 0:13 | currently demand in the industry about |
| 0:15 | other tubing FinTech in their science so |
| 0:17 | it's emergence is almost a decade ago it |
| 0:20 | was essentially created or implemented |
| 0:23 | to solve the problem of double spending |
| 0:25 | on the cryptocurrency Bitcoin |
| 0:27 | essentially it's a combination of blocks |
| 0:30 | and cryptocurrencies which does the |
| 0:32 | river the need for a central server and |
| 0:35 | implementation it's very powerful in |
| 0:37 | terms of since then obviously a lot more |
| 0:41 | cryptocurrencies have got implemented |
| 0:42 | using the same model in in a second |
| 0:46 | summary it's essentially a combination |
| 0:48 | of blocks cryptocurrencies without the |
| 0:53 | need for a central and distributed |
| 0:54 | server which records transactions across |
| 0:56 | various computers that thereby ensuring |
| 1:00 | that the data cannot be tampered |
| 1:02 | retroactivity without the consent of all |
| 1:05 | the participating members given the |
| 1:07 | nature of its implementation it lends |
| 1:09 | itself to being a very powerful |
| 1:11 | technology space for implementation in |
| 1:14 | the financial services space to give a |
| 1:18 | very simplistic view of that it's like |
| 1:20 | internet which annoys almost two three |
| 1:24 | decades ago where one can implement a |
| 1:26 | lot of application on top of it without |
| 1:29 | technology given the fact that it's very |
| 1:32 | relevant to the financial space in a lot |
| 1:34 | of applications of impact around in that |
| 1:37 | space some one very basic examples come |
| 1:40 | to mind are you know the funds transfer |
| 1:42 | international funds transfer where the |
| 1:44 | funds can be passing instance |
| 1:46 | instantaneously as opposed to the |
| 1:48 | current couple of days other areas the |
| 1:53 | settlements of stocks there you know you |
| 1:55 | can kind of be the middleman in certain |
| 1:58 | American dekapan instantaneously payment |
| 2:02 | system settlement systems electronic |
| 2:04 | wallets |
| 2:06 | fund transfer you know the numerous |
| 2:09 | application which can use blockchain kyc |
| 2:12 | in any anti-money laundering oxide which |
| 2:14 | have seen a lot of implementation so if |
| 2:17 | you see there is a huge you know push |
| 2:19 | towards implementing technology around |
| 2:22 | blockchain about the natural services |
| 2:24 | world other areas we're just seeing you |
| 2:28 | know interest in blockchain our supply |
| 2:30 | chain knowledge space where you know |
| 2:33 | people are being people are using it to |
| 2:35 | question the quality of the product with |
| 2:37 | the company claiming they seem to have |
| 2:38 | an implementation of the auditing the |
| 2:41 | you know sushi market with Japanese |
| 2:43 | industry which is using block chaining |
| 2:45 | to basic and internal of things to prove |
| 2:48 | to ensure the quality of the product |
| 2:50 | which comes from Indonesia of certain |
| 2:53 | quality |
| 2:54 | essentially in a sense it's it's all |
| 2:56 | about making anywhere where the data |
| 2:58 | needs to be tamper proof and which |
| 3:01 | cannot be retroactively be altered or |
| 3:03 | without the consensus of the |
| 3:05 | participating members is a very powerful |
| 3:07 | medium the better-known implementation |
| 3:10 | of smart contract which stadium where a |
| 3:13 | simple contract can be made to execute |
| 3:15 | under certain conditions is a very long |
| 3:16 | blocking implementation in India there's |
| 3:20 | a fair bit of work going on that lot of |
| 3:22 | proof concepts have been built by the |
| 3:24 | financial services world we've got a |
| 3:26 | jolly electricals who put together a |
| 3:28 | blockchain based vendor management |
| 3:30 | system which does bill discounting this |
| 3:32 | hasn't been being built in the |
| 3:33 | collaboration with the US bank and IBM |
| 3:35 | because the judge aligns the insurance |
| 3:38 | insurance company using it for |
| 3:40 | settlement claims got mind remind our |
| 3:43 | doing basic vehicle registration some of |
| 3:46 | the common bodies like under Pradesh |
| 3:48 | government and Government of Canada |
| 3:49 | exploring registrations governance in |
| 3:53 | stuff around property registration and |
| 3:55 | stuck around that an identity management |
| 3:57 | which are being explored so the fair bit |
| 4:00 | of opportunity is likely to emerge and |
| 4:03 | people should I think invest in the |
| 4:05 | skill as a future |