[Music]
the push in recent economy over the
decades over the last particular decades
has recently increased the wealth of a
large number of individuals across the
globe despite the large economic output
the world has given we still see that
our current social political and
economic inequalities are rather
increasing but not decreasing the global
financial crisis of 2007-2008 revealed
significant weaknesses that we have in
our financial systems the
vulnerabilities that we are still
getting impacted with our financial
crisis or the weaknesses in our
financial system is this still impacting
our global economy and our
interconnected world over these years
that one decade has almost been passed
from the last financial crisis and the
world is still struggling with
overcoming to the growth rate of economy
that we had before the monetary policies
in the major economies are still seeing
much unconventional which is much biased
towards the riches and again increasing
towards the inequalities in the world
now is the time when we require a
resilient system which can overcome to
all these transactions to overcome to
all these systems which are leading to
which are liable to be broken down so so
basically what are the reasons and why
our economic systems has been failing so
if we see the trust was the most
important factor the trust was the
factor with which the world has started
the civilization has always started
so this is like a cuneiform tablet from
5,000 years ago this was the time when
the civilization has been just starting
up they will need to make trust on each
other they’re rare informations needed
to be passed across generation and this
was the way they used to write their law
to write their history and record
anything which they want to have and
pass to the system then the world grew
up now we are in a more of a civilized
way where the trade finances and other
system started to grow up and then with
the financial system been becoming more
bigger we required accounting systems
this was the first single entry
bookkeeping financial system we saw in
around 13th century which was targeting
to how the entire transaction laser
should be maintained the financial
system from the 13th century to the 21st
century has grown exponentially it’s
it’s like I would say that easily the
million times the economy has grown up
around here we see in the double-entry
bookkeeping so double-entry bookkeeping
come up as a replacement of single entry
bookkeeping when the banks and the
financial institutions the
intermediaries started setting up
because now there are globalization in
there are not just civilization they are
now globalization so there are we
require intermediaries across the world
for you who can bet on behalf of you for
traders for buyers for sellers and this
was what a double entry bookkeeping
system started in so most of the
mathematicians here you know that what a
double entry bookkeeping is that for any
credit you must have a debit if you have
bought something that means some money
has went into building that thing if you
have passed borrowed your friend
thousand bucks
that means someone has debited and
someone has credited the account this
was the double entry bookkeeping and
this is the system which regulation is
started to capture for our financials
however and this is the system which we
are still working on in the 21st century
so so basically when the financial
crisis happened a lot of things break
down we still see the impact of it but
who do we blame for it when the
financial crisis happened this financial
crisis has lead by the crisis of trust
as well
now this crisis of trust is not going to
go away by its own regulations are now
tighter more than ever before they are
doing their best that they can leverage
they can leverage the most advanced
technology they can leverage the best
available options so that they can make
feel that their people economies are
secure but still the government’s the
regulations are not able to bring up or
not able to take up with the progress
because of the inbuilt system we have
because of the inbuilt weaknesses we
already have present in the system our
present system in the double-entry
bookkeeping it’s really old
centralized whatever is centralized is
liable to get hack liable to get
compromised liable to get vulnerable so
we actually needed to think of a way
that how can pass the system and we can
bring up with something which can again
establish trust in our economy because
we are now here it’s not the 500 years
back when we are there so so this is
Professor uz is re a mathematics
professor who has kept a concept in
1980s for the triple entry bookkeeping
what a triple entry bookkeeping is a
more advanced version of a double entry
bookkeeping where you just don’t
maintain the debit and credit where only
your do financial institutions your two
financial intermediaries are keeping the
track of it but actually what you are
doing is creating a global distributed
system
where you are keeping the reports at
multiple places so the two guys where
you are lying upon cannot fail you this
was the idea and with this simple
concept
the Bitcoin in 2009 appeared the
underpinning the Bitcoin was a
technology we called blockchain now
blockchain is something tricky to
understand I will make a try so take an
example of a book a simple book a
magical book you can understand for the
reference this magical book is the what
the magic about it is that you can make
a copy of this book and keep with
yourself anyone in the world can make a
copy of this book and keep it for free
now the most magical part anyone who
writes any line of text in this book is
going to be copied is going to appear
automatically in every copy of this
world so basically I have the copy I
written a line of text this is going to
be in the book automatically written to
anyone who has this copy now assume this
line of text can be a financial
transaction this line of text can a
financial transaction where it’s making
this book as a database as a financial
letter where you can write that I am
debiting my account for five hundred
bucks and crediting someone for that now
this book is acting as a financial
transaction laser is ever-growing
recording all the transaction in the
past which has happened or the
transaction which are ongoing now this
book also has the inherent capability
that it automatically resets any line of
text which is not authorized or which is
wrong so basically if there is any
insufficient fund if there is wrong
authorization of the person who wants to
make a write in the book the line will
not appear in the system
however if the line is written if the
text of line is written in the book this
is going to be permanently enabled and
will be permanently present in the book
this is what you can say the blockchain
is in a nutshell
so blockchain is a global distributed
laser it’s a book it’s a spread set
which is with millions thousands of
people present everyone is turning out
to their own copy
what makes this database so beautiful
this database cannot be destroyed let’s
say that even even the original author
of the book has destroyed his version of
the book this book cannot be destroyed
until you destroy all the books which
are present all the copies of that book
and this is what makes you make
blockchain it’s completely secure than
any other versions we have now with the
blockchain the current application the
first application in 2009 we saw was the
Bitcoin just after the financial crisis
now if you don’t trust this if you don’t
trust this blockchain can do this magic
just know that right now over 700
trillion dollars worth of value is
actually being transferred over
blockchain through all the come all the
cryptocurrencies combined so basically
to crack this magic anyone who doesn’t
believe in magic can crack this magic
and take away 700 trillion dollars home
this is the bounty we have for the
blockchain now of course this is not
magic this is all cryptography this is
all mathematics on us on an open
transparent algorithms which we have
present which anyone can add it to
anyone can refer to and see that why
blockchain is making everything so
secure and we have such a reckless
system as of now now the blockchain
doesn’t necessarily have to only
be limited to the bitcoins or the
financial services the blockchain has
provided as a Pavo that how we can
reduce the inequalities as well in the
system as I said the recent economy you
have seen all the world they are more
targeted towards the riches nothing is
being done for the more of the poor
economy people so this is what we have
built this company two years back and
what we are targeting to is that how
people how we can build or bring up the
economy in such a way that this
inequality gap can be decreased the
first thing which we did was regarding
the insurance so we all have insurance
when in fact we all get bothered by
these insurance agents to buy health
insurance to buy life insurance and to
buy car insurances maybe you know if my
car gets stolen I can still live with it
now think of an example think of about a
daily wage laborers these are the people
who live on the basis of their daily
earnings the daily works which they do
on the basis of the daily works which
they do they eat and they have their two
times mean if by any reason this daily
ways is compromised by due to their
health issue due to accident due to
their unemployment it’s a catastrophic
disaster for them and actually there is
no product in the market for these
people there is no product at all so
when we go deeper and see why why says
that I can buy a health insurance for
myself I can buy a car insurance I can
what whatever insurance I want today but
these guys can’t the reasons is that the
these multinational corporations the
multinational companies believe is that
with their current process with their
current operational process because they
are still relying upon a system where
they do not trust
for everything they need roof and for
the same reason their operational cost
of maintaining such product goes much
higher goes much higher than the revenue
they can generate through this product
now with the blockchain with blockchain
we created a community a trustless
society of daily wage laborers and these
trustless society can enroll they can
pay their premium they can settle their
claims everything in the society itself
we don’t have an inspectors to claim we
just needs the rights of words among the
people among the community itself to
make this entire process go a smooth so
this is what blockchain provides its
kinds of help you build a trust less
system it kinds of helps build
regulations on board it kinds of helps
you to build an entire economy where you
don’t need to have intermediaries who
will think about their own profit here
you can build economy which is better
for the society which is better for the
community so we of course the insurances
and the financial institutions are much
trickier of all today acquiring licenses
to everything and this is what we don’t
be kind of partnered with some of the
biggest insurance companies in the world
and we partnered with some of the
biggest insurance companies in the world
in the india and rolled out this program
so that they can but the what you see is
the lowest economy of the people you get
in India can avail the benefits of the
most advanced economy thank you so much
the push in recent economy over the
decades over the last particular decades
has recently increased the wealth of a
large number of individuals across the
globe despite the large economic output
the world has given we still see that
our current social political and
economic inequalities are rather
increasing but not decreasing the global
financial crisis of 2007-2008 revealed
significant weaknesses that we have in
our financial systems the
vulnerabilities that we are still
getting impacted with our financial
crisis or the weaknesses in our
financial system is this still impacting
our global economy and our
interconnected world over these years
that one decade has almost been passed
from the last financial crisis and the
world is still struggling with
overcoming to the growth rate of economy
that we had before the monetary policies
in the major economies are still seeing
much unconventional which is much biased
towards the riches and again increasing
towards the inequalities in the world
now is the time when we require a
resilient system which can overcome to
all these transactions to overcome to
all these systems which are leading to
which are liable to be broken down so so
basically what are the reasons and why
our economic systems has been failing so
if we see the trust was the most
important factor the trust was the
factor with which the world has started
the civilization has always started
so this is like a cuneiform tablet from
5,000 years ago this was the time when
the civilization has been just starting
up they will need to make trust on each
other they’re rare informations needed
to be passed across generation and this
was the way they used to write their law
to write their history and record
anything which they want to have and
pass to the system then the world grew
up now we are in a more of a civilized
way where the trade finances and other
system started to grow up and then with
the financial system been becoming more
bigger we required accounting systems
this was the first single entry
bookkeeping financial system we saw in
around 13th century which was targeting
to how the entire transaction laser
should be maintained the financial
system from the 13th century to the 21st
century has grown exponentially it’s
it’s like I would say that easily the
million times the economy has grown up
around here we see in the double-entry
bookkeeping so double-entry bookkeeping
come up as a replacement of single entry
bookkeeping when the banks and the
financial institutions the
intermediaries started setting up
because now there are globalization in
there are not just civilization they are
now globalization so there are we
require intermediaries across the world
for you who can bet on behalf of you for
traders for buyers for sellers and this
was what a double entry bookkeeping
system started in so most of the
mathematicians here you know that what a
double entry bookkeeping is that for any
credit you must have a debit if you have
bought something that means some money
has went into building that thing if you
have passed borrowed your friend
thousand bucks
that means someone has debited and
someone has credited the account this
was the double entry bookkeeping and
this is the system which regulation is
started to capture for our financials
however and this is the system which we
are still working on in the 21st century
so so basically when the financial
crisis happened a lot of things break
down we still see the impact of it but
who do we blame for it when the
financial crisis happened this financial
crisis has lead by the crisis of trust
as well
now this crisis of trust is not going to
go away by its own regulations are now
tighter more than ever before they are
doing their best that they can leverage
they can leverage the most advanced
technology they can leverage the best
available options so that they can make
feel that their people economies are
secure but still the government’s the
regulations are not able to bring up or
not able to take up with the progress
because of the inbuilt system we have
because of the inbuilt weaknesses we
already have present in the system our
present system in the double-entry
bookkeeping it’s really old
centralized whatever is centralized is
liable to get hack liable to get
compromised liable to get vulnerable so
we actually needed to think of a way
that how can pass the system and we can
bring up with something which can again
establish trust in our economy because
we are now here it’s not the 500 years
back when we are there so so this is
Professor uz is re a mathematics
professor who has kept a concept in
1980s for the triple entry bookkeeping
what a triple entry bookkeeping is a
more advanced version of a double entry
bookkeeping where you just don’t
maintain the debit and credit where only
your do financial institutions your two
financial intermediaries are keeping the
track of it but actually what you are
doing is creating a global distributed
system
where you are keeping the reports at
multiple places so the two guys where
you are lying upon cannot fail you this
was the idea and with this simple
concept
the Bitcoin in 2009 appeared the
underpinning the Bitcoin was a
technology we called blockchain now
blockchain is something tricky to
understand I will make a try so take an
example of a book a simple book a
magical book you can understand for the
reference this magical book is the what
the magic about it is that you can make
a copy of this book and keep with
yourself anyone in the world can make a
copy of this book and keep it for free
now the most magical part anyone who
writes any line of text in this book is
going to be copied is going to appear
automatically in every copy of this
world so basically I have the copy I
written a line of text this is going to
be in the book automatically written to
anyone who has this copy now assume this
line of text can be a financial
transaction this line of text can a
financial transaction where it’s making
this book as a database as a financial
letter where you can write that I am
debiting my account for five hundred
bucks and crediting someone for that now
this book is acting as a financial
transaction laser is ever-growing
recording all the transaction in the
past which has happened or the
transaction which are ongoing now this
book also has the inherent capability
that it automatically resets any line of
text which is not authorized or which is
wrong so basically if there is any
insufficient fund if there is wrong
authorization of the person who wants to
make a write in the book the line will
not appear in the system
however if the line is written if the
text of line is written in the book this
is going to be permanently enabled and
will be permanently present in the book
this is what you can say the blockchain
is in a nutshell
so blockchain is a global distributed
laser it’s a book it’s a spread set
which is with millions thousands of
people present everyone is turning out
to their own copy
what makes this database so beautiful
this database cannot be destroyed let’s
say that even even the original author
of the book has destroyed his version of
the book this book cannot be destroyed
until you destroy all the books which
are present all the copies of that book
and this is what makes you make
blockchain it’s completely secure than
any other versions we have now with the
blockchain the current application the
first application in 2009 we saw was the
Bitcoin just after the financial crisis
now if you don’t trust this if you don’t
trust this blockchain can do this magic
just know that right now over 700
trillion dollars worth of value is
actually being transferred over
blockchain through all the come all the
cryptocurrencies combined so basically
to crack this magic anyone who doesn’t
believe in magic can crack this magic
and take away 700 trillion dollars home
this is the bounty we have for the
blockchain now of course this is not
magic this is all cryptography this is
all mathematics on us on an open
transparent algorithms which we have
present which anyone can add it to
anyone can refer to and see that why
blockchain is making everything so
secure and we have such a reckless
system as of now now the blockchain
doesn’t necessarily have to only
be limited to the bitcoins or the
financial services the blockchain has
provided as a Pavo that how we can
reduce the inequalities as well in the
system as I said the recent economy you
have seen all the world they are more
targeted towards the riches nothing is
being done for the more of the poor
economy people so this is what we have
built this company two years back and
what we are targeting to is that how
people how we can build or bring up the
economy in such a way that this
inequality gap can be decreased the
first thing which we did was regarding
the insurance so we all have insurance
when in fact we all get bothered by
these insurance agents to buy health
insurance to buy life insurance and to
buy car insurances maybe you know if my
car gets stolen I can still live with it
now think of an example think of about a
daily wage laborers these are the people
who live on the basis of their daily
earnings the daily works which they do
on the basis of the daily works which
they do they eat and they have their two
times mean if by any reason this daily
ways is compromised by due to their
health issue due to accident due to
their unemployment it’s a catastrophic
disaster for them and actually there is
no product in the market for these
people there is no product at all so
when we go deeper and see why why says
that I can buy a health insurance for
myself I can buy a car insurance I can
what whatever insurance I want today but
these guys can’t the reasons is that the
these multinational corporations the
multinational companies believe is that
with their current process with their
current operational process because they
are still relying upon a system where
they do not trust
for everything they need roof and for
the same reason their operational cost
of maintaining such product goes much
higher goes much higher than the revenue
they can generate through this product
now with the blockchain with blockchain
we created a community a trustless
society of daily wage laborers and these
trustless society can enroll they can
pay their premium they can settle their
claims everything in the society itself
we don’t have an inspectors to claim we
just needs the rights of words among the
people among the community itself to
make this entire process go a smooth so
this is what blockchain provides its
kinds of help you build a trust less
system it kinds of helps build
regulations on board it kinds of helps
you to build an entire economy where you
don’t need to have intermediaries who
will think about their own profit here
you can build economy which is better
for the society which is better for the
community so we of course the insurances
and the financial institutions are much
trickier of all today acquiring licenses
to everything and this is what we don’t
be kind of partnered with some of the
biggest insurance companies in the world
and we partnered with some of the
biggest insurance companies in the world
in the india and rolled out this program
so that they can but the what you see is
the lowest economy of the people you get
in India can avail the benefits of the
most advanced economy thank you so much
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