WEBVTT Kind: captions Language: en 00:00:05.070 --> 00:00:14.910 align:start position:0% [Music] 00:00:14.910 --> 00:00:14.920 align:start position:0% 00:00:14.920 --> 00:00:17.230 align:start position:0% [Music] 00:00:17.230 --> 00:00:17.240 align:start position:0% [Music] 00:00:17.240 --> 00:00:18.590 align:start position:0% [Music] all 00:00:18.590 --> 00:00:18.600 align:start position:0% all 00:00:18.600 --> 00:00:23.470 align:start position:0% all right<00:00:19.600> uh<00:00:20.160> thank<00:00:20.359> you<00:00:20.840> uh<00:00:21.039> Jesse<00:00:21.600> and<00:00:22.080> Matt<00:00:23.080> um 00:00:23.470 --> 00:00:23.480 align:start position:0% right uh thank you uh Jesse and Matt um 00:00:23.480 --> 00:00:27.230 align:start position:0% right uh thank you uh Jesse and Matt um very<00:00:23.680> excited<00:00:24.000> to<00:00:24.080> be<00:00:24.320> here<00:00:25.320> um<00:00:26.320> me<00:00:26.720> and 00:00:27.230 --> 00:00:27.240 align:start position:0% very excited to be here um me and 00:00:27.240 --> 00:00:30.589 align:start position:0% very excited to be here um me and Christian<00:00:27.880> to<00:00:28.160> my<00:00:28.679> right<00:00:29.320> um<00:00:30.039> famous<00:00:30.320> for 00:00:30.589 --> 00:00:30.599 align:start position:0% Christian to my right um famous for 00:00:30.599 --> 00:00:32.870 align:start position:0% Christian to my right um famous for uport<00:00:31.279> and<00:00:31.519> a<00:00:31.640> lot<00:00:31.759> of<00:00:31.880> other<00:00:32.160> contributions 00:00:32.870 --> 00:00:32.880 align:start position:0% uport and a lot of other contributions 00:00:32.880 --> 00:00:34.590 align:start position:0% uport and a lot of other contributions to<00:00:33.760> things<00:00:33.920> that<00:00:34.040> we're<00:00:34.160> building<00:00:34.399> in 00:00:34.590 --> 00:00:34.600 align:start position:0% to things that we're building in 00:00:34.600 --> 00:00:36.670 align:start position:0% to things that we're building in consensus<00:00:35.160> and<00:00:35.280> for<00:00:35.440> the<00:00:35.520> ethereum 00:00:36.670 --> 00:00:36.680 align:start position:0% consensus and for the ethereum 00:00:36.680 --> 00:00:39.590 align:start position:0% consensus and for the ethereum ecosystem<00:00:37.680> uh<00:00:37.960> is<00:00:38.079> working<00:00:38.399> with<00:00:38.520> me<00:00:38.920> on<00:00:39.440> uh 00:00:39.590 --> 00:00:39.600 align:start position:0% ecosystem uh is working with me on uh 00:00:39.600 --> 00:00:42.229 align:start position:0% ecosystem uh is working with me on uh balance<00:00:40.280> the<00:00:40.840> smart<00:00:41.200> contract<00:00:41.559> power<00:00:41.920> triple 00:00:42.229 --> 00:00:42.239 align:start position:0% balance the smart contract power triple 00:00:42.239 --> 00:00:44.990 align:start position:0% balance the smart contract power triple entry<00:00:42.640> accounting<00:00:43.079> system<00:00:44.079> uh<00:00:44.160> it's<00:00:44.399> mostly<00:00:44.840> a 00:00:44.990 --> 00:00:45.000 align:start position:0% entry accounting system uh it's mostly a 00:00:45.000 --> 00:00:47.430 align:start position:0% entry accounting system uh it's mostly a proof<00:00:45.239> of<00:00:45.640> concept<00:00:46.640> uh<00:00:46.800> but<00:00:47.000> I<00:00:47.120> think<00:00:47.320> the 00:00:47.430 --> 00:00:47.440 align:start position:0% proof of concept uh but I think the 00:00:47.440 --> 00:00:49.630 align:start position:0% proof of concept uh but I think the implications<00:00:48.000> are<00:00:48.399> pretty<00:00:48.640> powerful<00:00:49.280> so 00:00:49.630 --> 00:00:49.640 align:start position:0% implications are pretty powerful so 00:00:49.640 --> 00:00:52.189 align:start position:0% implications are pretty powerful so let's<00:00:50.079> uh<00:00:50.600> Dive<00:00:50.840> Right<00:00:51.000> In<00:00:51.520> oh<00:00:51.719> yeah<00:00:51.920> but<00:00:52.120> a 00:00:52.189 --> 00:00:52.199 align:start position:0% let's uh Dive Right In oh yeah but a 00:00:52.199 --> 00:00:54.510 align:start position:0% let's uh Dive Right In oh yeah but a little<00:00:52.320> bit<00:00:52.480> of<00:00:52.600> History<00:00:53.559> uh<00:00:53.680> Christian<00:00:54.280> used 00:00:54.510 --> 00:00:54.520 align:start position:0% little bit of History uh Christian used 00:00:54.520 --> 00:00:58.310 align:start position:0% little bit of History uh Christian used to<00:00:55.239> be<00:00:55.600> a<00:00:55.920> Quant<00:00:56.399> at<00:00:56.559> Bloomberg<00:00:57.480> and<00:00:57.680> has<00:00:57.800> a<00:00:57.920> PHD 00:00:58.310 --> 00:00:58.320 align:start position:0% to be a Quant at Bloomberg and has a PHD 00:00:58.320 --> 00:01:00.709 align:start position:0% to be a Quant at Bloomberg and has a PHD in<00:00:58.440> algebraic<00:00:59.039> geometry<00:01:00.120> I<00:01:00.199> used<00:01:00.359> to<00:01:00.440> work<00:01:00.640> at 00:01:00.709 --> 00:01:00.719 align:start position:0% in algebraic geometry I used to work at 00:01:00.719 --> 00:01:01.869 align:start position:0% in algebraic geometry I used to work at the<00:01:00.800> New<00:01:00.920> York<00:01:01.079> Stock<00:01:01.320> Exchange<00:01:01.640> and<00:01:01.760> a 00:01:01.869 --> 00:01:01.879 align:start position:0% the New York Stock Exchange and a 00:01:01.879 --> 00:01:04.829 align:start position:0% the New York Stock Exchange and a Bitcoin<00:01:02.280> trading<00:01:02.680> firm<00:01:03.680> and<00:01:03.840> do<00:01:04.040> a<00:01:04.119> lot<00:01:04.239> of<00:01:04.360> the 00:01:04.829 --> 00:01:04.839 align:start position:0% Bitcoin trading firm and do a lot of the 00:01:04.839 --> 00:01:08.070 align:start position:0% Bitcoin trading firm and do a lot of the uh<00:01:05.199> evangelism<00:01:05.840> for<00:01:06.600> uh<00:01:06.760> front<00:01:07.000> end<00:01:07.600> and<00:01:08.000> the 00:01:08.070 --> 00:01:08.080 align:start position:0% uh evangelism for uh front end and the 00:01:08.080 --> 00:01:10.390 align:start position:0% uh evangelism for uh front end and the web<00:01:08.360> 3.0 00:01:10.390 --> 00:01:10.400 align:start position:0% web 3.0 00:01:10.400 --> 00:01:12.710 align:start position:0% web 3.0 ecosystem<00:01:11.400> and<00:01:11.640> I'll<00:01:11.840> let<00:01:12.119> Christian<00:01:12.479> talk<00:01:12.640> a 00:01:12.710 --> 00:01:12.720 align:start position:0% ecosystem and I'll let Christian talk a 00:01:12.720 --> 00:01:13.990 align:start position:0% ecosystem and I'll let Christian talk a little<00:01:12.840> bit<00:01:13.000> more<00:01:13.400> specifically<00:01:13.799> about 00:01:13.990 --> 00:01:14.000 align:start position:0% little bit more specifically about 00:01:14.000 --> 00:01:19.590 align:start position:0% little bit more specifically about accounting<00:01:14.880> thank<00:01:15.080> you<00:01:15.360> Jeff<00:01:16.640> so<00:01:17.640> um<00:01:18.159> there<00:01:18.600> is 00:01:19.590 --> 00:01:19.600 align:start position:0% accounting thank you Jeff so um there is 00:01:19.600 --> 00:01:23.310 align:start position:0% accounting thank you Jeff so um there is okay<00:01:19.840> so<00:01:20.799> balance<00:01:21.400> is<00:01:21.799> about<00:01:22.479> triple<00:01:22.920> entry 00:01:23.310 --> 00:01:23.320 align:start position:0% okay so balance is about triple entry 00:01:23.320 --> 00:01:25.030 align:start position:0% okay so balance is about triple entry accounting<00:01:23.759> and<00:01:24.000> in<00:01:24.119> order<00:01:24.360> to<00:01:24.759> understand 00:01:25.030 --> 00:01:25.040 align:start position:0% accounting and in order to understand 00:01:25.040 --> 00:01:27.429 align:start position:0% accounting and in order to understand that<00:01:25.360> we<00:01:25.520> first<00:01:25.840> have<00:01:26.000> to<00:01:26.240> look<00:01:26.520> at<00:01:26.880> what<00:01:27.040> is 00:01:27.429 --> 00:01:27.439 align:start position:0% that we first have to look at what is 00:01:27.439 --> 00:01:30.830 align:start position:0% that we first have to look at what is double<00:01:27.799> entry<00:01:28.240> accounting<00:01:29.240> so<00:01:30.119> Double<00:01:30.439> Entry 00:01:30.830 --> 00:01:30.840 align:start position:0% double entry accounting so Double Entry 00:01:30.840 --> 00:01:34.510 align:start position:0% double entry accounting so Double Entry accounting<00:01:31.400> is<00:01:31.799> a<00:01:32.720> relatively<00:01:33.720> recent 00:01:34.510 --> 00:01:34.520 align:start position:0% accounting is a relatively recent 00:01:34.520 --> 00:01:36.870 align:start position:0% accounting is a relatively recent phenomenon<00:01:35.119> in<00:01:35.280> accounting<00:01:35.799> it<00:01:36.000> was<00:01:36.280> invented 00:01:36.870 --> 00:01:36.880 align:start position:0% phenomenon in accounting it was invented 00:01:36.880 --> 00:01:42.870 align:start position:0% phenomenon in accounting it was invented about<00:01:37.240> 600<00:01:38.040> years<00:01:38.680> ago<00:01:39.680> uh<00:01:40.360> and<00:01:40.920> the<00:01:41.159> idea<00:01:41.880> is 00:01:42.870 --> 00:01:42.880 align:start position:0% about 600 years ago uh and the idea is 00:01:42.880 --> 00:01:46.709 align:start position:0% about 600 years ago uh and the idea is you<00:01:43.040> want<00:01:43.200> to<00:01:43.439> minimize<00:01:44.360> the<00:01:45.119> U<00:01:46.119> errors<00:01:46.520> on 00:01:46.709 --> 00:01:46.719 align:start position:0% you want to minimize the U errors on 00:01:46.719 --> 00:01:49.630 align:start position:0% you want to minimize the U errors on your<00:01:46.920> books<00:01:47.880> so<00:01:48.079> what<00:01:48.200> you<00:01:48.360> do<00:01:48.719> is<00:01:49.040> that<00:01:49.280> for 00:01:49.630 --> 00:01:49.640 align:start position:0% your books so what you do is that for 00:01:49.640 --> 00:01:52.870 align:start position:0% your books so what you do is that for each<00:01:50.640> transaction<00:01:51.640> you<00:01:51.799> do<00:01:52.079> two<00:01:52.360> entries<00:01:52.759> in 00:01:52.870 --> 00:01:52.880 align:start position:0% each transaction you do two entries in 00:01:52.880 --> 00:01:55.709 align:start position:0% each transaction you do two entries in your<00:01:53.079> books<00:01:53.479> one<00:01:53.680> entry<00:01:54.119> is<00:01:54.320> a<00:01:54.880> called<00:01:55.119> a<00:01:55.320> debit 00:01:55.709 --> 00:01:55.719 align:start position:0% your books one entry is a called a debit 00:01:55.719 --> 00:01:58.429 align:start position:0% your books one entry is a called a debit and<00:01:55.880> one<00:01:56.079> entry<00:01:56.399> is<00:01:56.560> called<00:01:56.840> a<00:01:57.119> credit<00:01:58.119> so<00:01:58.320> if 00:01:58.429 --> 00:01:58.439 align:start position:0% and one entry is called a credit so if 00:01:58.439 --> 00:02:00.950 align:start position:0% and one entry is called a credit so if we<00:01:58.560> see<00:01:58.840> a<00:01:59.079> transaction<00:01:59.680> here<00:01:59.920> here<00:02:00.159> where 00:02:00.950 --> 00:02:00.960 align:start position:0% we see a transaction here here where 00:02:00.960 --> 00:02:04.630 align:start position:0% we see a transaction here here where Alice<00:02:01.960> purchases<00:02:02.640> a<00:02:02.880> hamburger<00:02:03.360> from<00:02:03.640> ball 00:02:04.630 --> 00:02:04.640 align:start position:0% Alice purchases a hamburger from ball 00:02:04.640 --> 00:02:08.469 align:start position:0% Alice purchases a hamburger from ball she's<00:02:04.920> paying<00:02:05.159> 10<00:02:05.880> ether<00:02:06.880> and<00:02:07.719> you<00:02:07.960> can<00:02:08.119> see 00:02:08.469 --> 00:02:08.479 align:start position:0% she's paying 10 ether and you can see 00:02:08.479 --> 00:02:10.750 align:start position:0% she's paying 10 ether and you can see that<00:02:09.119> Alice<00:02:09.640> has 00:02:10.750 --> 00:02:10.760 align:start position:0% that Alice has 00:02:10.760 --> 00:02:14.190 align:start position:0% that Alice has an<00:02:11.760> an<00:02:12.040> addition<00:02:12.440> to<00:02:12.680> her<00:02:13.000> expense<00:02:13.480> account<00:02:13.959> so 00:02:14.190 --> 00:02:14.200 align:start position:0% an an addition to her expense account so 00:02:14.200 --> 00:02:17.550 align:start position:0% an an addition to her expense account so this<00:02:14.319> is<00:02:14.680> a<00:02:15.280> debit<00:02:15.640> of<00:02:15.879> 10<00:02:16.080> ether<00:02:16.519> she<00:02:16.720> has<00:02:16.920> a<00:02:17.239> a 00:02:17.550 --> 00:02:17.560 align:start position:0% this is a debit of 10 ether she has a a 00:02:17.560 --> 00:02:21.750 align:start position:0% this is a debit of 10 ether she has a a credit<00:02:17.920> of<00:02:18.080> 10<00:02:18.720> ether<00:02:19.720> for<00:02:20.000> for<00:02:20.280> her<00:02:20.840> assets 00:02:21.750 --> 00:02:21.760 align:start position:0% credit of 10 ether for for her assets 00:02:21.760 --> 00:02:24.830 align:start position:0% credit of 10 ether for for her assets and<00:02:21.920> then<00:02:22.160> Bob<00:02:22.680> on<00:02:22.800> the<00:02:22.959> other<00:02:23.239> hand<00:02:24.239> uh<00:02:24.400> he 00:02:24.830 --> 00:02:24.840 align:start position:0% and then Bob on the other hand uh he 00:02:24.840 --> 00:02:27.150 align:start position:0% and then Bob on the other hand uh he receives<00:02:25.080> 10<00:02:25.360> ethers<00:02:25.760> so<00:02:25.920> that's<00:02:26.080> a<00:02:26.360> debit<00:02:26.720> for 00:02:27.150 --> 00:02:27.160 align:start position:0% receives 10 ethers so that's a debit for 00:02:27.160 --> 00:02:31.270 align:start position:0% receives 10 ethers so that's a debit for his<00:02:28.160> cash<00:02:28.480> register<00:02:29.319> and<00:02:30.000> he<00:02:30.239> has<00:02:30.519> a<00:02:30.800> credit 00:02:31.270 --> 00:02:31.280 align:start position:0% his cash register and he has a credit 00:02:31.280 --> 00:02:34.910 align:start position:0% his cash register and he has a credit for<00:02:31.920> the<00:02:32.160> income<00:02:33.040> and<00:02:33.200> as<00:02:33.319> you<00:02:33.440> see<00:02:33.800> here<00:02:34.599> the 00:02:34.910 --> 00:02:34.920 align:start position:0% for the income and as you see here the 00:02:34.920 --> 00:02:37.790 align:start position:0% for the income and as you see here the debits<00:02:35.400> equal<00:02:35.760> the<00:02:35.959> credits<00:02:36.640> so<00:02:37.200> the<00:02:37.360> books 00:02:37.790 --> 00:02:37.800 align:start position:0% debits equal the credits so the books 00:02:37.800 --> 00:02:39.470 align:start position:0% debits equal the credits so the books are 00:02:39.470 --> 00:02:39.480 align:start position:0% are 00:02:39.480 --> 00:02:45.070 align:start position:0% are balanced<00:02:40.959> um<00:02:41.959> the<00:02:42.120> thing<00:02:42.480> here<00:02:43.280> is<00:02:43.959> that<00:02:44.959> there 00:02:45.070 --> 00:02:45.080 align:start position:0% balanced um the thing here is that there 00:02:45.080 --> 00:02:47.390 align:start position:0% balanced um the thing here is that there is<00:02:45.280> not<00:02:45.480> really<00:02:45.680> any<00:02:46.040> connection<00:02:46.959> between 00:02:47.390 --> 00:02:47.400 align:start position:0% is not really any connection between 00:02:47.400 --> 00:02:49.869 align:start position:0% is not really any connection between these<00:02:47.599> two<00:02:47.840> sets<00:02:48.120> of<00:02:48.280> books<00:02:49.000> each<00:02:49.239> firm<00:02:49.680> has 00:02:49.869 --> 00:02:49.879 align:start position:0% these two sets of books each firm has 00:02:49.879 --> 00:02:52.110 align:start position:0% these two sets of books each firm has their<00:02:50.080> books<00:02:50.599> and<00:02:51.000> and<00:02:51.159> it's 00:02:52.110 --> 00:02:52.120 align:start position:0% their books and and it's 00:02:52.120 --> 00:02:56.990 align:start position:0% their books and and it's all<00:02:53.280> H<00:02:54.599> it's<00:02:55.599> you<00:02:55.720> know<00:02:56.239> the<00:02:56.360> connection<00:02:56.800> is 00:02:56.990 --> 00:02:57.000 align:start position:0% all H it's you know the connection is 00:02:57.000 --> 00:02:58.509 align:start position:0% all H it's you know the connection is that<00:02:57.159> they<00:02:57.360> did<00:02:57.680> the 00:02:58.509 --> 00:02:58.519 align:start position:0% that they did the 00:02:58.519 --> 00:03:01.390 align:start position:0% that they did the transaction<00:02:59.519> but<00:03:00.200> the<00:03:00.360> books<00:03:00.760> are<00:03:01.040> are 00:03:01.390 --> 00:03:01.400 align:start position:0% transaction but the books are are 00:03:01.400 --> 00:03:06.149 align:start position:0% transaction but the books are are themselves<00:03:01.920> separate<00:03:02.920> so<00:03:03.480> if<00:03:04.159> Bob<00:03:04.519> wants<00:03:05.159> to 00:03:06.149 --> 00:03:06.159 align:start position:0% themselves separate so if Bob wants to 00:03:06.159 --> 00:03:08.430 align:start position:0% themselves separate so if Bob wants to cheat<00:03:06.440> a<00:03:06.560> little<00:03:06.799> bit<00:03:07.280> he<00:03:07.400> can<00:03:07.599> say<00:03:08.000> that<00:03:08.239> oh 00:03:08.430 --> 00:03:08.440 align:start position:0% cheat a little bit he can say that oh 00:03:08.440 --> 00:03:11.509 align:start position:0% cheat a little bit he can say that oh maybe<00:03:08.720> this<00:03:08.920> transaction<00:03:09.519> was<00:03:09.959> only<00:03:10.959> uh8 00:03:11.509 --> 00:03:11.519 align:start position:0% maybe this transaction was only uh8 00:03:11.519 --> 00:03:13.830 align:start position:0% maybe this transaction was only uh8 ether<00:03:12.040> and<00:03:12.599> he<00:03:12.840> doesn't<00:03:13.080> have<00:03:13.200> to<00:03:13.319> pay<00:03:13.440> as<00:03:13.560> much 00:03:13.830 --> 00:03:13.840 align:start position:0% ether and he doesn't have to pay as much 00:03:13.840 --> 00:03:16.390 align:start position:0% ether and he doesn't have to pay as much taxes<00:03:14.239> or 00:03:16.390 --> 00:03:16.400 align:start position:0% taxes or 00:03:16.400 --> 00:03:19.830 align:start position:0% taxes or whatever<00:03:17.400> okay<00:03:17.680> so<00:03:18.080> let's<00:03:18.799> move<00:03:19.040> on<00:03:19.200> to<00:03:19.480> Triple 00:03:19.830 --> 00:03:19.840 align:start position:0% whatever okay so let's move on to Triple 00:03:19.840 --> 00:03:22.670 align:start position:0% whatever okay so let's move on to Triple entry<00:03:20.200> accounting<00:03:21.159> this<00:03:21.280> is<00:03:21.440> an<00:03:21.799> even<00:03:22.080> more 00:03:22.670 --> 00:03:22.680 align:start position:0% entry accounting this is an even more 00:03:22.680 --> 00:03:26.309 align:start position:0% entry accounting this is an even more recent<00:03:23.680> uh<00:03:24.200> accounting<00:03:24.959> idea<00:03:25.599> and<00:03:25.799> it<00:03:25.920> was 00:03:26.309 --> 00:03:26.319 align:start position:0% recent uh accounting idea and it was 00:03:26.319 --> 00:03:30.270 align:start position:0% recent uh accounting idea and it was proposed<00:03:26.879> by<00:03:27.640> Ian<00:03:28.040> grig<00:03:28.799> I<00:03:28.959> believe<00:03:29.319> in<00:03:29.519> the 00:03:30.270 --> 00:03:30.280 align:start position:0% proposed by Ian grig I believe in the 00:03:30.280 --> 00:03:34.190 align:start position:0% proposed by Ian grig I believe in the 80s<00:03:31.040> or<00:03:31.319> maybe<00:03:31.599> early<00:03:32.319> 90s<00:03:33.319> and<00:03:33.439> the<00:03:33.599> idea 00:03:34.190 --> 00:03:34.200 align:start position:0% 80s or maybe early 90s and the idea 00:03:34.200 --> 00:03:37.949 align:start position:0% 80s or maybe early 90s and the idea about<00:03:34.920> triple<00:03:35.239> endry<00:03:35.640> accounting<00:03:36.159> is<00:03:36.959> that 00:03:37.949 --> 00:03:37.959 align:start position:0% about triple endry accounting is that 00:03:37.959 --> 00:03:40.589 align:start position:0% about triple endry accounting is that instead<00:03:38.319> of<00:03:38.720> each<00:03:39.480> firm<00:03:39.920> having<00:03:40.159> their<00:03:40.319> own 00:03:40.589 --> 00:03:40.599 align:start position:0% instead of each firm having their own 00:03:40.599 --> 00:03:44.470 align:start position:0% instead of each firm having their own books<00:03:41.599> you<00:03:41.879> have<00:03:42.239> the<00:03:42.640> contract<00:03:43.200> mediated<00:03:44.080> by 00:03:44.470 --> 00:03:44.480 align:start position:0% books you have the contract mediated by 00:03:44.480 --> 00:03:48.070 align:start position:0% books you have the contract mediated by a<00:03:45.040> an<00:03:45.239> ethereum<00:03:46.159> or<00:03:46.360> sorry<00:03:46.879> the<00:03:47.080> transaction 00:03:48.070 --> 00:03:48.080 align:start position:0% a an ethereum or sorry the transaction 00:03:48.080 --> 00:03:51.110 align:start position:0% a an ethereum or sorry the transaction goes<00:03:48.439> through<00:03:48.920> a<00:03:49.159> an<00:03:49.319> ethereum<00:03:50.239> contract<00:03:50.920> a 00:03:51.110 --> 00:03:51.120 align:start position:0% goes through a an ethereum contract a 00:03:51.120 --> 00:03:55.509 align:start position:0% goes through a an ethereum contract a smart<00:03:51.879> contract<00:03:52.879> and<00:03:53.879> this<00:03:54.519> contract 00:03:55.509 --> 00:03:55.519 align:start position:0% smart contract and this contract 00:03:55.519 --> 00:03:57.949 align:start position:0% smart contract and this contract includes<00:03:56.239> everything<00:03:56.680> about<00:03:57.360> the<00:03:57.799> uh 00:03:57.949 --> 00:03:57.959 align:start position:0% includes everything about the uh 00:03:57.959 --> 00:04:00.869 align:start position:0% includes everything about the uh transaction<00:03:58.599> so<00:03:59.040> what<00:03:59.239> the<00:04:00.159> what<00:04:00.280> the<00:04:00.519> product 00:04:00.869 --> 00:04:00.879 align:start position:0% transaction so what the what the product 00:04:00.879 --> 00:04:03.069 align:start position:0% transaction so what the what the product is<00:04:01.079> what's<00:04:01.239> the<00:04:01.439> price<00:04:01.799> is<00:04:02.280> who's<00:04:02.519> the<00:04:02.680> seller 00:04:03.069 --> 00:04:03.079 align:start position:0% is what's the price is who's the seller 00:04:03.079 --> 00:04:06.309 align:start position:0% is what's the price is who's the seller who's<00:04:03.319> the<00:04:03.439> buyer<00:04:04.400> it's<00:04:04.680> digitally<00:04:05.239> signed<00:04:06.159> it 00:04:06.309 --> 00:04:06.319 align:start position:0% who's the buyer it's digitally signed it 00:04:06.319 --> 00:04:10.069 align:start position:0% who's the buyer it's digitally signed it can<00:04:06.640> have<00:04:07.200> a<00:04:07.519> an<00:04:08.120> ipfs<00:04:09.120> hash<00:04:09.519> that<00:04:09.640> links<00:04:09.920> to 00:04:10.069 --> 00:04:10.079 align:start position:0% can have a an ipfs hash that links to 00:04:10.079 --> 00:04:12.789 align:start position:0% can have a an ipfs hash that links to further<00:04:10.519> documentation<00:04:11.519> so<00:04:11.799> here<00:04:11.959> we<00:04:12.079> see<00:04:12.560> a 00:04:12.789 --> 00:04:12.799 align:start position:0% further documentation so here we see a 00:04:12.799 --> 00:04:16.469 align:start position:0% further documentation so here we see a an<00:04:13.720> xbrl<00:04:14.720> document<00:04:15.480> which<00:04:15.879> Jeff<00:04:16.120> is<00:04:16.239> going<00:04:16.359> to 00:04:16.469 --> 00:04:16.479 align:start position:0% an xbrl document which Jeff is going to 00:04:16.479 --> 00:04:19.310 align:start position:0% an xbrl document which Jeff is going to talk<00:04:16.639> a<00:04:16.720> little<00:04:16.919> bit<00:04:17.239> more<00:04:17.440> about<00:04:17.799> later<00:04:18.799> and 00:04:19.310 --> 00:04:19.320 align:start position:0% talk a little bit more about later and 00:04:19.320 --> 00:04:21.550 align:start position:0% talk a little bit more about later and we<00:04:19.440> see<00:04:20.000> instead<00:04:20.440> of<00:04:20.759> having<00:04:21.079> the<00:04:21.239> double 00:04:21.550 --> 00:04:21.560 align:start position:0% we see instead of having the double 00:04:21.560 --> 00:04:23.749 align:start position:0% we see instead of having the double entries<00:04:21.919> in<00:04:22.079> their<00:04:22.240> books<00:04:23.080> they<00:04:23.280> now<00:04:23.479> just 00:04:23.749 --> 00:04:23.759 align:start position:0% entries in their books they now just 00:04:23.759 --> 00:04:27.310 align:start position:0% entries in their books they now just have<00:04:23.840> a<00:04:24.040> link<00:04:24.720> to<00:04:25.199> this<00:04:26.199> uh<00:04:26.560> the<00:04:26.800> address<00:04:27.160> of 00:04:27.310 --> 00:04:27.320 align:start position:0% have a link to this uh the address of 00:04:27.320 --> 00:04:29.390 align:start position:0% have a link to this uh the address of this<00:04:27.520> ethereum<00:04:28.000> contract<00:04:28.800> and<00:04:28.919> you<00:04:29.000> see<00:04:29.240> they 00:04:29.390 --> 00:04:29.400 align:start position:0% this ethereum contract and you see they 00:04:29.400 --> 00:04:32.990 align:start position:0% this ethereum contract and you see they both<00:04:29.759> have<00:04:29.880> their<00:04:30.080> same<00:04:30.520> link<00:04:31.520> and<00:04:31.680> so<00:04:32.680> their 00:04:32.990 --> 00:04:33.000 align:start position:0% both have their same link and so their 00:04:33.000 --> 00:04:36.710 align:start position:0% both have their same link and so their books<00:04:33.960> are<00:04:34.160> now<00:04:34.360> linked<00:04:34.840> together<00:04:35.160> via<00:04:35.720> this 00:04:36.710 --> 00:04:36.720 align:start position:0% books are now linked together via this 00:04:36.720 --> 00:04:40.029 align:start position:0% books are now linked together via this this<00:04:37.120> third<00:04:37.479> entry<00:04:37.960> the<00:04:38.120> triple<00:04:38.479> entry<00:04:39.479> so<00:04:39.800> so 00:04:40.029 --> 00:04:40.039 align:start position:0% this third entry the triple entry so so 00:04:40.039 --> 00:04:43.550 align:start position:0% this third entry the triple entry so so this<00:04:40.160> is<00:04:40.280> the<00:04:40.440> main<00:04:40.680> idea<00:04:40.960> to<00:04:41.479> connect<00:04:42.479> the 00:04:43.550 --> 00:04:43.560 align:start position:0% this is the main idea to connect the 00:04:43.560 --> 00:04:48.870 align:start position:0% this is the main idea to connect the firm's<00:04:44.560> uh<00:04:45.120> accounting<00:04:45.479> books<00:04:46.039> via<00:04:46.520> a<00:04:47.160> smart 00:04:48.870 --> 00:04:48.880 align:start position:0% firm's uh accounting books via a smart 00:04:48.880 --> 00:04:51.430 align:start position:0% firm's uh accounting books via a smart contract<00:04:49.880> and<00:04:50.400> uh<00:04:50.680> yeah<00:04:50.840> a<00:04:50.919> little<00:04:51.080> bit<00:04:51.240> more 00:04:51.430 --> 00:04:51.440 align:start position:0% contract and uh yeah a little bit more 00:04:51.440 --> 00:04:53.990 align:start position:0% contract and uh yeah a little bit more about<00:04:52.039> xbrl<00:04:53.039> uh<00:04:53.160> I<00:04:53.280> did<00:04:53.400> some<00:04:53.680> digging 00:04:53.990 --> 00:04:54.000 align:start position:0% about xbrl uh I did some digging 00:04:54.000 --> 00:04:56.790 align:start position:0% about xbrl uh I did some digging recently<00:04:54.800> and<00:04:55.039> found<00:04:55.520> that<00:04:55.759> there<00:04:56.000> is<00:04:56.240> in<00:04:56.440> fact 00:04:56.790 --> 00:04:56.800 align:start position:0% recently and found that there is in fact 00:04:56.800 --> 00:04:59.950 align:start position:0% recently and found that there is in fact a<00:04:57.400> kocal<00:04:58.240> universal<00:04:58.800> standard<00:04:59.160> for<00:04:59.800> uh 00:04:59.950 --> 00:04:59.960 align:start position:0% a kocal universal standard for uh 00:04:59.960 --> 00:05:02.270 align:start position:0% a kocal universal standard for uh accounting<00:05:00.560> practices<00:05:01.560> um<00:05:01.840> so<00:05:02.039> you<00:05:02.120> can 00:05:02.270 --> 00:05:02.280 align:start position:0% accounting practices um so you can 00:05:02.280 --> 00:05:04.710 align:start position:0% accounting practices um so you can imagine<00:05:02.680> not<00:05:02.960> having<00:05:03.240> to<00:05:03.680> reinvent<00:05:04.479> every 00:05:04.710 --> 00:05:04.720 align:start position:0% imagine not having to reinvent every 00:05:04.720 --> 00:05:07.430 align:start position:0% imagine not having to reinvent every Excel<00:05:05.039> spreadsheet<00:05:05.680> for<00:05:06.199> or<00:05:06.639> reinterpret<00:05:07.280> one 00:05:07.430 --> 00:05:07.440 align:start position:0% Excel spreadsheet for or reinterpret one 00:05:07.440 --> 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is<00:05:15.199> based<00:05:15.400> on<00:05:15.560> XML<00:05:16.560> um 00:05:16.710 --> 00:05:16.720 align:start position:0% or language um which is based on XML um 00:05:16.720 --> 00:05:18.909 align:start position:0% or language um which is based on XML um close<00:05:17.000> go<00:05:17.240> into<00:05:17.440> HTML<00:05:18.039> which<00:05:18.160> makes<00:05:18.360> it<00:05:18.759> uh 00:05:18.909 --> 00:05:18.919 align:start position:0% close go into HTML which makes it uh 00:05:18.919 --> 00:05:22.309 align:start position:0% close go into HTML which makes it uh machine<00:05:19.479> readable<00:05:20.479> so<00:05:20.880> the<00:05:21.039> obvious<00:05:21.639> uh<00:05:22.120> uh 00:05:22.309 --> 00:05:22.319 align:start position:0% machine readable so the obvious uh uh 00:05:22.319 --> 00:05:23.670 align:start position:0% machine readable so the obvious uh uh benefits<00:05:22.720> would<00:05:22.880> be<00:05:23.000> that<00:05:23.080> you<00:05:23.160> don't<00:05:23.319> have<00:05:23.440> to 00:05:23.670 --> 00:05:23.680 align:start position:0% benefits would be that you don't have to 00:05:23.680 --> 00:05:25.550 align:start position:0% benefits would be that you don't have to create<00:05:23.880> your<00:05:24.000> own<00:05:24.199> schema<00:05:24.759> you<00:05:24.840> can<00:05:25.120> just<00:05:25.440> uh 00:05:25.550 --> 00:05:25.560 align:start position:0% create your own schema you can just uh 00:05:25.560 --> 00:05:27.670 align:start position:0% create your own schema you can just uh leverage<00:05:26.199> right<00:05:26.400> off<00:05:26.560> of<00:05:26.960> the<00:05:27.080> specs<00:05:27.360> that<00:05:27.479> are 00:05:27.670 --> 00:05:27.680 align:start position:0% leverage right off of the specs that are 00:05:27.680 --> 00:05:29.270 align:start position:0% leverage right off of the specs that are provided<00:05:28.039> to<00:05:28.240> you<00:05:28.840> there's<00:05:29.039> lots<00:05:29.199> of 00:05:29.270 --> 00:05:29.280 align:start position:0% provided to you there's lots of 00:05:29.280 --> 00:05:31.270 align:start position:0% provided to you there's lots of companies<00:05:29.759> out<00:05:29.960> there<00:05:30.240> that<00:05:30.560> um<00:05:30.880> have<00:05:31.039> some 00:05:31.270 --> 00:05:31.280 align:start position:0% companies out there that um have some 00:05:31.280 --> 00:05:34.029 align:start position:0% companies out there that um have some translation<00:05:31.840> tools<00:05:32.160> to<00:05:32.319> help<00:05:32.479> you<00:05:32.639> with<00:05:33.039> that 00:05:34.029 --> 00:05:34.039 align:start position:0% translation tools to help you with that 00:05:34.039 --> 00:05:37.749 align:start position:0% translation tools to help you with that and<00:05:34.440> uh<00:05:34.560> Auditors<00:05:35.520> um<00:05:35.840> can<00:05:36.120> get<00:05:36.960> uh<00:05:37.240> data<00:05:37.600> and 00:05:37.749 --> 00:05:37.759 align:start position:0% and uh Auditors um can get uh data and 00:05:37.759 --> 00:05:41.350 align:start position:0% and uh Auditors um can get uh data and ingest<00:05:38.120> it<00:05:38.479> uh<00:05:38.600> easily<00:05:39.680> um<00:05:40.680> uh<00:05:40.840> which<00:05:41.199> is 00:05:41.350 --> 00:05:41.360 align:start position:0% ingest it uh easily um uh which is 00:05:41.360 --> 00:05:43.510 align:start position:0% ingest it uh easily um uh which is obviously<00:05:41.680> a<00:05:41.759> big<00:05:41.919> win<00:05:42.240> and<00:05:42.600> as<00:05:42.680> you<00:05:42.800> can<00:05:42.919> see 00:05:43.510 --> 00:05:43.520 align:start position:0% obviously a big win and as you can see 00:05:43.520 --> 00:05:46.950 align:start position:0% obviously a big win and as you can see um<00:05:43.639> the<00:05:43.759> SEC<00:05:44.319> even<00:05:44.639> requires<00:05:45.360> this<00:05:46.039> um<00:05:46.840> uh 00:05:46.950 --> 00:05:46.960 align:start position:0% um the SEC even requires this um uh 00:05:46.960 --> 00:05:50.309 align:start position:0% um the SEC even requires this um uh outright<00:05:47.560> for<00:05:48.000> large<00:05:48.440> institutions<00:05:49.440> uh<00:05:49.840> to 00:05:50.309 --> 00:05:50.319 align:start position:0% outright for large institutions uh to 00:05:50.319 --> 00:05:53.990 align:start position:0% outright for large institutions uh to provide<00:05:51.240> um<00:05:52.120> transparency<00:05:52.720> where<00:05:52.880> they<00:05:53.039> can 00:05:53.990 --> 00:05:54.000 align:start position:0% provide um transparency where they can 00:05:54.000 --> 00:05:56.350 align:start position:0% provide um transparency where they can and<00:05:54.360> uh<00:05:54.479> with<00:05:54.759> 15-second<00:05:55.360> block<00:05:55.680> times<00:05:56.000> for 00:05:56.350 --> 00:05:56.360 align:start position:0% and uh with 15-second block times for 00:05:56.360 --> 00:05:58.590 align:start position:0% and uh with 15-second block times for ethereum<00:05:57.360> uh<00:05:57.440> you<00:05:57.600> now<00:05:57.919> have<00:05:58.120> sort<00:05:58.319> of<00:05:58.479> an 00:05:58.590 --> 00:05:58.600 align:start position:0% ethereum uh you now have sort of an 00:05:58.600 --> 00:06:00.110 align:start position:0% ethereum uh you now have sort of an endtoend 00:06:00.110 --> 00:06:00.120 align:start position:0% endtoend 00:06:00.120 --> 00:06:03.150 align:start position:0% endtoend data<00:06:00.680> machine<00:06:01.360> readable<00:06:02.360> uh<00:06:02.520> distributed 00:06:03.150 --> 00:06:03.160 align:start position:0% data machine readable uh distributed 00:06:03.160 --> 00:06:06.990 align:start position:0% data machine readable uh distributed storage<00:06:04.160> and<00:06:04.800> um<00:06:05.039> cryptographic<00:06:05.680> signoff<00:06:06.680> uh 00:06:06.990 --> 00:06:07.000 align:start position:0% storage and um cryptographic signoff uh 00:06:07.000 --> 00:06:11.670 align:start position:0% storage and um cryptographic signoff uh Allin<00:06:07.360> one<00:06:08.000> with<00:06:08.199> 15sec<00:06:08.800> block<00:06:09.280> times<00:06:10.680> so 00:06:11.670 --> 00:06:11.680 align:start position:0% Allin one with 15sec block times so 00:06:11.680 --> 00:06:12.990 align:start position:0% Allin one with 15sec block times so something<00:06:11.960> actually<00:06:12.199> that<00:06:12.360> just<00:06:12.520> popped<00:06:12.800> up 00:06:12.990 --> 00:06:13.000 align:start position:0% something actually that just popped up 00:06:13.000 --> 00:06:15.430 align:start position:0% something actually that just popped up on<00:06:13.199> my<00:06:13.360> Newsfeed<00:06:14.000> just<00:06:14.520> uh<00:06:14.800> this<00:06:14.960> morning 00:06:15.430 --> 00:06:15.440 align:start position:0% on my Newsfeed just uh this morning 00:06:15.440 --> 00:06:18.710 align:start position:0% on my Newsfeed just uh this morning actually<00:06:16.280> um<00:06:16.639> is<00:06:16.759> that<00:06:16.960> the<00:06:17.199> SEC<00:06:18.199> um 00:06:18.710 --> 00:06:18.720 align:start position:0% actually um is that the SEC um 00:06:18.720 --> 00:06:20.990 align:start position:0% actually um is that the SEC um commissioner<00:06:19.240> Caris<00:06:19.599> Stein<00:06:20.280> is<00:06:20.400> now<00:06:20.599> taking<00:06:20.840> a 00:06:20.990 --> 00:06:21.000 align:start position:0% commissioner Caris Stein is now taking a 00:06:21.000 --> 00:06:23.350 align:start position:0% commissioner Caris Stein is now taking a look<00:06:21.120> at<00:06:21.319> this<00:06:21.599> or<00:06:21.880> not<00:06:22.440> specifically<00:06:23.000> our 00:06:23.350 --> 00:06:23.360 align:start position:0% look at this or not specifically our 00:06:23.360 --> 00:06:25.070 align:start position:0% look at this or not specifically our balance<00:06:24.039> application<00:06:24.479> but<00:06:24.599> the<00:06:24.680> blockchain 00:06:25.070 --> 00:06:25.080 align:start position:0% balance application but the blockchain 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this as<00:06:45.280> a<00:06:45.440> business<00:06:45.840> process<00:06:46.360> assembly<00:06:46.800> line<00:06:47.599> so 00:06:47.909 --> 00:06:47.919 align:start position:0% as a business process assembly line so 00:06:47.919 --> 00:06:50.469 align:start position:0% as a business process assembly line so for<00:06:48.400> every<00:06:48.840> little<00:06:49.160> change<00:06:49.560> that<00:06:49.680> you<00:06:49.919> make 00:06:50.469 --> 00:06:50.479 align:start position:0% for every little change that you make 00:06:50.479 --> 00:06:53.390 align:start position:0% for every little change that you make whether<00:06:50.720> it's<00:06:51.080> um<00:06:51.919> uh<00:06:52.039> a<00:06:52.160> spreadsheet<00:06:53.000> or<00:06:53.240> it's 00:06:53.390 --> 00:06:53.400 align:start position:0% whether it's um uh a spreadsheet or it's 00:06:53.400 --> 00:06:56.029 align:start position:0% whether it's um uh a spreadsheet or it's like<00:06:53.599> within<00:06:53.840> the<00:06:54.160> interface<00:06:55.160> that<00:06:55.560> um<00:06:55.840> it's 00:06:56.029 --> 00:06:56.039 align:start position:0% like within the interface that um it's 00:06:56.039 --> 00:06:58.150 align:start position:0% like within the interface that um it's standards<00:06:56.680> compliance<00:06:57.680> that<00:06:57.840> you're 00:06:58.150 --> 00:06:58.160 align:start position:0% standards compliance that you're 00:06:58.160 --> 00:07:01.469 align:start position:0% standards compliance that you're committing<00:06:58.560> it<00:06:58.800> to<00:06:59.800> uh<00:06:59.960> a<00:07:00.280> distributed<00:07:01.280> uh 00:07:01.469 --> 00:07:01.479 align:start position:0% committing it to uh a distributed uh 00:07:01.479 --> 00:07:05.469 align:start position:0% committing it to uh a distributed uh system<00:07:02.360> uh<00:07:02.479> so<00:07:02.720> the<00:07:03.160> the<00:07:03.319> UNS<00:07:03.759> siloing<00:07:04.160> of<00:07:04.479> data 00:07:05.469 --> 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Christian was demoing the uh 00:07:16.400 --> 00:07:19.390 align:start position:0% and uh as Christian was demoing the uh security<00:07:16.800> and<00:07:17.000> sign<00:07:17.280> off<00:07:17.759> of<00:07:18.280> uh<00:07:18.800> uh<00:07:18.919> different 00:07:19.390 --> 00:07:19.400 align:start position:0% security and sign off of uh uh different 00:07:19.400 --> 00:07:21.309 align:start position:0% security and sign off of uh uh different counterparty 00:07:21.309 --> 00:07:21.319 align:start position:0% counterparty 00:07:21.319 --> 00:07:25.309 align:start position:0% counterparty signatures<00:07:22.479> so<00:07:23.479> uh<00:07:23.919> yes<00:07:24.319> this<00:07:24.440> is<00:07:24.560> a<00:07:24.720> demo<00:07:25.039> time 00:07:25.309 --> 00:07:25.319 align:start position:0% signatures so uh yes this is a demo time 00:07:25.319 --> 00:07:26.350 align:start position:0% signatures so uh yes this is a demo time and<00:07:25.479> if<00:07:25.560> anyone's<00:07:25.879> interested<00:07:26.199> the 00:07:26.350 --> 00:07:26.360 align:start position:0% and if anyone's interested the 00:07:26.360 --> 00:07:29.990 align:start position:0% and if anyone's interested the developers<00:07:27.360> um<00:07:27.960> I'm<00:07:28.360> uh<00:07:28.440> building<00:07:28.879> a<00:07:29.080> new<00:07:29.840> uh 00:07:29.990 --> 00:07:30.000 align:start position:0% developers um I'm uh building a new uh 00:07:30.000 --> 00:07:32.430 align:start position:0% developers um I'm uh building a new uh react<00:07:30.520> framework<00:07:31.039> based<00:07:31.280> on<00:07:31.479> Reflux<00:07:32.160> called 00:07:32.430 --> 00:07:32.440 align:start position:0% react framework based on Reflux called 00:07:32.440 --> 00:07:36.790 align:start position:0% react framework based on Reflux called acid<00:07:32.879> reflux<00:07:33.879> um<00:07:34.039> which<00:07:34.199> aims<00:07:34.479> to<00:07:34.960> simplify<00:07:35.960> um 00:07:36.790 --> 00:07:36.800 align:start position:0% acid reflux um which aims to simplify um 00:07:36.800 --> 00:07:41.309 align:start position:0% acid reflux um which aims to simplify um the<00:07:37.319> uh<00:07:37.720> store<00:07:38.720> and<00:07:39.080> action<00:07:39.800> and<00:07:39.960> view<00:07:40.560> layers 00:07:41.309 --> 00:07:41.319 align:start position:0% the uh store and action and view layers 00:07:41.319 --> 00:07:45.070 align:start position:0% the uh store and action and view layers more<00:07:42.240> um<00:07:42.560> into<00:07:43.440> almost<00:07:43.680> a<00:07:43.800> two-step<00:07:44.240> or<00:07:44.440> single 00:07:45.070 --> 00:07:45.080 align:start position:0% more um into almost a two-step or single 00:07:45.080 --> 00:07:49.350 align:start position:0% more um into almost a two-step or single process<00:07:46.080> so<00:07:47.080> on<00:07:47.240> to<00:07:47.479> the<00:07:47.919> demo<00:07:48.919> I<00:07:49.039> wish<00:07:49.240> this 00:07:49.350 --> 00:07:49.360 align:start position:0% process so on to the demo I wish this 00:07:49.360 --> 00:07:53.029 align:start position:0% process so on to the demo I wish this was<00:07:49.639> a<00:07:49.720> little<00:07:49.879> bit<00:07:50.039> bigger<00:07:50.479> but<00:07:51.479> anyways<00:07:52.440> so 00:07:53.029 --> 00:07:53.039 align:start position:0% was a little bit bigger but anyways so 00:07:53.039 --> 00:07:56.869 align:start position:0% was a little bit bigger but anyways so yeah<00:07:53.479> um<00:07:54.400> we<00:07:54.520> have<00:07:54.720> Kobe<00:07:55.240> Shaq<00:07:55.879> and<00:07:56.039> LeBron<00:07:56.599> as 00:07:56.869 --> 00:07:56.879 align:start position:0% yeah um we have Kobe Shaq and LeBron as 00:07:56.879 --> 00:08:00.550 align:start position:0% yeah um we have Kobe Shaq and LeBron as personas<00:07:57.879> uh<00:07:58.000> in<00:07:58.240> this<00:07:58.479> system<00:07:59.879> uh<00:08:00.360> there's 00:08:00.550 --> 00:08:00.560 align:start position:0% personas uh in this system uh there's 00:08:00.560 --> 00:08:02.510 align:start position:0% personas uh in this system uh there's supposed<00:08:00.800> to<00:08:00.879> be<00:08:01.000> some<00:08:01.120> kind<00:08:01.240> of<00:08:01.360> funny<00:08:01.639> story 00:08:02.510 --> 00:08:02.520 align:start position:0% supposed to be some kind of funny story 00:08:02.520 --> 00:08:05.110 align:start position:0% supposed to be some kind of funny story um<00:08:03.120> but<00:08:03.879> uh<00:08:04.000> we'll<00:08:04.159> just<00:08:04.319> go<00:08:04.520> with<00:08:04.720> I<00:08:04.840> guess 00:08:05.110 --> 00:08:05.120 align:start position:0% um but uh we'll just go with I guess 00:08:05.120 --> 00:08:07.710 align:start position:0% um but uh we'll just go with I guess Kobe<00:08:05.560> being<00:08:06.159> uh<00:08:06.720> a<00:08:06.800> freelance<00:08:07.240> consultant<00:08:07.599> on 00:08:07.710 --> 00:08:07.720 align:start position:0% Kobe being uh a freelance consultant on 00:08:07.720 --> 00:08:09.670 align:start position:0% Kobe being uh a freelance consultant on the<00:08:07.840> side<00:08:08.039> doing<00:08:08.720> um 00:08:09.670 --> 00:08:09.680 align:start position:0% the side doing um 00:08:09.680 --> 00:08:11.309 align:start position:0% the side doing um coding 00:08:11.309 --> 00:08:11.319 align:start position:0% coding 00:08:11.319 --> 00:08:13.710 align:start position:0% coding so<00:08:12.319> choosing<00:08:12.680> between<00:08:13.000> different<00:08:13.240> personas 00:08:13.710 --> 00:08:13.720 align:start position:0% so choosing between different personas 00:08:13.720 --> 00:08:15.029 align:start position:0% so choosing between different personas oh<00:08:13.840> and<00:08:13.960> LeBron's<00:08:14.319> in<00:08:14.479> there<00:08:14.599> too<00:08:14.840> yeah<00:08:14.919> he's 00:08:15.029 --> 00:08:15.039 align:start position:0% oh and LeBron's in there too yeah he's 00:08:15.039 --> 00:08:17.749 align:start position:0% oh and LeBron's in there too yeah he's hang<00:08:15.240> it<00:08:15.360> out<00:08:16.360> so<00:08:16.520> we<00:08:16.639> would<00:08:16.759> choose 00:08:17.749 --> 00:08:17.759 align:start position:0% hang it out so we would choose 00:08:17.759 --> 00:08:20.270 align:start position:0% hang it out so we would choose Kobe<00:08:18.759> uh<00:08:18.919> and<00:08:19.039> we<00:08:19.159> were<00:08:19.400> just<00:08:19.680> skipping<00:08:20.120> right 00:08:20.270 --> 00:08:20.280 align:start position:0% Kobe uh and we were just skipping right 00:08:20.280 --> 00:08:23.029 align:start position:0% Kobe uh and we were just skipping right to<00:08:20.479> the<00:08:20.639> scent<00:08:20.960> invoices<00:08:21.639> that<00:08:21.800> Kobe<00:08:22.199> has<00:08:22.840> um 00:08:23.029 --> 00:08:23.039 align:start position:0% to the scent invoices that Kobe has um 00:08:23.039 --> 00:08:24.909 align:start position:0% to the scent invoices that Kobe has um for<00:08:23.479> sake<00:08:23.639> of<00:08:23.800> the<00:08:23.919> demo<00:08:24.440> so<00:08:24.560> you<00:08:24.680> see<00:08:24.840> the 00:08:24.909 --> 00:08:24.919 align:start position:0% for sake of the demo so you see the 00:08:24.919 --> 00:08:27.189 align:start position:0% for sake of the demo so you see the contract<00:08:25.319> ID<00:08:25.680> you<00:08:25.800> see<00:08:26.039> the<00:08:26.159> creation<00:08:26.599> date 00:08:27.189 --> 00:08:27.199 align:start position:0% contract ID you see the creation date 00:08:27.199 --> 00:08:30.029 align:start position:0% contract ID you see the creation date deadline<00:08:28.199> receiver<00:08:28.479> signature<00:08:28.960> sender<00:08:29.879> uh 00:08:30.029 --> 00:08:30.039 align:start position:0% deadline receiver signature sender uh 00:08:30.039 --> 00:08:32.790 align:start position:0% deadline receiver signature sender uh signature<00:08:30.680> date<00:08:31.280> uh<00:08:31.479> payment<00:08:31.879> date<00:08:32.519> and<00:08:32.640> then 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pretty<00:08:41.440> standard 00:08:41.909 --> 00:08:41.919 align:start position:0% invoice uh and this is pretty standard 00:08:41.919 --> 00:08:44.269 align:start position:0% invoice uh and this is pretty standard Fair<00:08:42.719> um<00:08:42.959> accounting<00:08:43.360> software<00:08:44.000> kind<00:08:44.120> of 00:08:44.269 --> 00:08:44.279 align:start position:0% Fair um accounting software kind of 00:08:44.279 --> 00:08:47.230 align:start position:0% Fair um accounting software kind of stuff<00:08:45.000> um<00:08:45.600> you've<00:08:45.880> probably<00:08:46.120> seen<00:08:46.360> this<00:08:46.560> done 00:08:47.230 --> 00:08:47.240 align:start position:0% stuff um you've probably seen this done 00:08:47.240 --> 00:08:48.630 align:start position:0% stuff um you've probably seen this done over<00:08:47.440> and<00:08:47.600> over<00:08:47.720> and<00:08:47.839> over<00:08:48.040> again<00:08:48.240> it's<00:08:48.360> almost 00:08:48.630 --> 00:08:48.640 align:start position:0% over and over and over again it's almost 00:08:48.640 --> 00:08:50.910 align:start position:0% over and over and over again it's almost the<00:08:48.800> hello<00:08:49.200> world<00:08:49.800> uh<00:08:49.959> of<00:08:50.120> accounting<00:08:50.640> I<00:08:50.760> guess 00:08:50.910 --> 00:08:50.920 align:start position:0% the hello world uh of accounting I guess 00:08:50.920 --> 00:08:54.389 align:start position:0% the hello world uh of accounting I guess you<00:08:51.000> could<00:08:51.160> think<00:08:51.560> of<00:08:52.560> um<00:08:53.560> we<00:08:54.000> hopefully<00:08:54.320> in 00:08:54.389 --> 00:08:54.399 align:start position:0% you could think of um we hopefully in 00:08:54.399 --> 00:08:56.430 align:start position:0% you could think of um we hopefully in the<00:08:54.519> future<00:08:54.880> would<00:08:55.279> opt<00:08:55.560> to<00:08:55.920> allow<00:08:56.200> for 00:08:56.430 --> 00:08:56.440 align:start position:0% the future would opt to allow for 00:08:56.440 --> 00:08:58.990 align:start position:0% the future would opt to allow for different<00:08:56.760> currency<00:08:57.200> choices<00:08:58.160> um<00:08:58.800> whether 00:08:58.990 --> 00:08:59.000 align:start position:0% different currency choices um whether 00:08:59.000 --> 00:09:01.430 align:start position:0% different currency choices um whether that's<00:08:59.120> a<00:08:59.440> token<00:08:59.680> or<00:08:59.800> it's<00:08:59.880> a<00:09:00.079> peg<00:09:00.560> or<00:09:01.320> uh 00:09:01.430 --> 00:09:01.440 align:start position:0% that's a token or it's a peg or uh 00:09:01.440 --> 00:09:03.389 align:start position:0% that's a token or it's a peg or uh whatever<00:09:01.720> the<00:09:01.800> case<00:09:02.040> may<00:09:02.200> be<00:09:02.959> fill<00:09:03.160> in<00:09:03.279> a 00:09:03.389 --> 00:09:03.399 align:start position:0% whatever the case may be fill in a 00:09:03.399 --> 00:09:06.190 align:start position:0% whatever the case may be fill in a little<00:09:03.519> bit<00:09:03.640> of<00:09:03.839> text<00:09:04.800> um<00:09:05.120> for<00:09:05.880> you<00:09:06.000> know 00:09:06.190 --> 00:09:06.200 align:start position:0% little bit of text um for you know 00:09:06.200 --> 00:09:07.430 align:start position:0% little bit of text um for you know General 00:09:07.430 --> 00:09:07.440 align:start position:0% General 00:09:07.440 --> 00:09:11.069 align:start position:0% General invoicing<00:09:08.440> and<00:09:08.760> we<00:09:08.880> will<00:09:09.160> select<00:09:09.959> sha<00:09:10.880> from 00:09:11.069 --> 00:09:11.079 align:start position:0% invoicing and we will select sha from 00:09:11.079 --> 00:09:11.910 align:start position:0% invoicing and we will select sha from the 00:09:11.910 --> 00:09:11.920 align:start position:0% the 00:09:11.920 --> 00:09:15.430 align:start position:0% the dropdown<00:09:12.920> uh<00:09:13.040> some<00:09:13.240> more<00:09:13.600> product<00:09:14.399> specific 00:09:15.430 --> 00:09:15.440 align:start position:0% dropdown uh some more product specific 00:09:15.440 --> 00:09:17.269 align:start position:0% dropdown uh some more product specific description<00:09:16.440> uh<00:09:16.640> Kobe's<00:09:16.959> a<00:09:17.040> software 00:09:17.269 --> 00:09:17.279 align:start position:0% description uh Kobe's a software 00:09:17.279 --> 00:09:18.590 align:start position:0% description uh Kobe's a software engineer<00:09:17.560> so<00:09:17.680> he's<00:09:17.800> billing<00:09:18.040> him<00:09:18.200> for 00:09:18.590 --> 00:09:18.600 align:start position:0% engineer so he's billing him for 00:09:18.600 --> 00:09:22.069 align:start position:0% engineer so he's billing him for software<00:09:19.279> engineering<00:09:20.279> a<00:09:20.480> lot<00:09:20.640> of 00:09:22.069 --> 00:09:22.079 align:start position:0% software engineering a lot of 00:09:22.079 --> 00:09:26.030 align:start position:0% software engineering a lot of it<00:09:23.079> um<00:09:23.880> and<00:09:24.079> a<00:09:24.160> little<00:09:24.320> bit<00:09:24.440> of<00:09:24.640> text<00:09:25.640> so<00:09:25.800> he'll 00:09:26.030 --> 00:09:26.040 align:start position:0% it um and a little bit of text so he'll 00:09:26.040 --> 00:09:29.509 align:start position:0% it um and a little bit of text so he'll submit<00:09:26.760> it<00:09:27.760> and<00:09:28.000> you<00:09:28.079> will<00:09:28.279> see<00:09:28.720> some<00:09:28.959> popup 00:09:29.509 --> 00:09:29.519 align:start position:0% submit it and you will see some popup 00:09:29.519 --> 00:09:33.350 align:start position:0% submit it and you will see some popup come<00:09:29.680> up<00:09:30.399> so<00:09:30.959> it's<00:09:31.120> been<00:09:31.360> created<00:09:32.000> and<00:09:32.360> signed 00:09:33.350 --> 00:09:33.360 align:start position:0% come up so it's been created and signed 00:09:33.360 --> 00:09:35.750 align:start position:0% come up so it's been created and signed um<00:09:33.800> signed<00:09:34.240> being<00:09:34.560> that<00:09:34.760> you<00:09:34.880> know<00:09:35.120> Kobe<00:09:35.600> is 00:09:35.750 --> 00:09:35.760 align:start position:0% um signed being that you know Kobe is 00:09:35.760 --> 00:09:38.190 align:start position:0% um signed being that you know Kobe is the<00:09:35.880> one<00:09:36.040> submitting<00:09:36.480> it<00:09:36.720> so<00:09:36.920> he<00:09:37.040> says<00:09:37.839> I<00:09:38.079> you 00:09:38.190 --> 00:09:38.200 align:start position:0% the one submitting it so he says I you 00:09:38.200 --> 00:09:40.230 align:start position:0% the one submitting it so he says I you know<00:09:38.399> attest<00:09:38.760> that<00:09:38.920> this<00:09:39.040> is<00:09:39.200> cool<00:09:39.640> and<00:09:40.120> uh 00:09:40.230 --> 00:09:40.240 align:start position:0% know attest that this is cool and uh 00:09:40.240 --> 00:09:43.829 align:start position:0% know attest that this is cool and uh it's<00:09:40.680> uh<00:09:41.160> what<00:09:41.279> I<00:09:41.440> want<00:09:41.680> to<00:09:42.160> see<00:09:43.160> um<00:09:43.480> in<00:09:43.640> other 00:09:43.829 --> 00:09:43.839 align:start position:0% it's uh what I want to see um in other 00:09:43.839 --> 00:09:46.190 align:start position:0% it's uh what I want to see um in other cases<00:09:44.120> you<00:09:44.320> might<00:09:44.839> um<00:09:45.079> have<00:09:45.200> an<00:09:45.680> a<00:09:45.839> process 00:09:46.190 --> 00:09:46.200 align:start position:0% cases you might um have an a process 00:09:46.200 --> 00:09:48.389 align:start position:0% cases you might um have an a process before<00:09:46.480> that<00:09:46.880> but<00:09:47.000> here<00:09:47.120> we<00:09:47.240> have<00:09:47.440> the<00:09:47.720> invoice 00:09:48.389 --> 00:09:48.399 align:start position:0% before that but here we have the invoice 00:09:48.399 --> 00:09:52.150 align:start position:0% before that but here we have the invoice ID<00:09:49.200> uh<00:09:49.399> or<00:09:49.560> the<00:09:49.880> the<00:09:50.000> contract<00:09:50.640> ID<00:09:51.640> um<00:09:51.920> and<00:09:52.079> you 00:09:52.150 --> 00:09:52.160 align:start position:0% ID uh or the the contract ID um and you 00:09:52.160 --> 00:09:54.269 align:start position:0% ID uh or the the contract ID um and you know<00:09:52.399> Bare<00:09:52.680> Bones<00:09:53.000> information<00:09:53.800> about<00:09:54.160> the 00:09:54.269 --> 00:09:54.279 align:start position:0% know Bare Bones information about the 00:09:54.279 --> 00:09:56.030 align:start position:0% know Bare Bones information about the due<00:09:54.519> dates<00:09:54.760> and<00:09:54.920> such<00:09:55.160> and<00:09:55.399> the<00:09:55.519> price<00:09:55.720> and<00:09:55.839> the 00:09:56.030 --> 00:09:56.040 align:start position:0% due dates and such and the price and the 00:09:56.040 --> 00:09:59.670 align:start position:0% due dates and such and the price and the quantity<00:09:57.040> and<00:09:57.160> you<00:09:57.240> can<00:09:57.399> see<00:09:57.839> that<00:09:58.440> uh<00:09:58.839> he's<00:09:59.560> uh 00:09:59.670 --> 00:09:59.680 align:start position:0% quantity and you can see that uh he's uh 00:09:59.680 --> 00:10:00.990 align:start position:0% quantity and you can see that uh he's uh shipped<00:10:00.000> it<00:10:00.120> to 00:10:00.990 --> 00:10:01.000 align:start position:0% shipped it to 00:10:01.000 --> 00:10:04.590 align:start position:0% shipped it to sha<00:10:02.000> uh<00:10:02.240> quantity<00:10:03.040> price<00:10:03.839> and<00:10:03.959> that<00:10:04.120> he<00:10:04.279> is 00:10:04.590 --> 00:10:04.600 align:start position:0% sha uh quantity price and that he is 00:10:04.600 --> 00:10:06.949 align:start position:0% sha uh quantity price and that he is awaiting<00:10:05.279> sign<00:10:05.600> off<00:10:05.839> and<00:10:06.040> payment<00:10:06.360> cuz<00:10:06.560> he's 00:10:06.949 --> 00:10:06.959 align:start position:0% awaiting sign off and payment cuz he's 00:10:06.959 --> 00:10:10.310 align:start position:0% awaiting sign off and payment cuz he's already<00:10:07.959> given<00:10:08.240> his<00:10:08.640> okay<00:10:09.640> so<00:10:09.880> we'll<00:10:10.200> head 00:10:10.310 --> 00:10:10.320 align:start position:0% already given his okay so we'll head 00:10:10.320 --> 00:10:14.110 align:start position:0% already given his okay so we'll head over<00:10:10.480> to<00:10:10.600> sha<00:10:11.440> now<00:10:12.440> and<00:10:12.560> you<00:10:12.680> will<00:10:12.839> see<00:10:13.560> uh 00:10:14.110 --> 00:10:14.120 align:start position:0% over to sha now and you will see uh 00:10:14.120 --> 00:10:17.470 align:start position:0% over to sha now and you will see uh received<00:10:14.519> invoices<00:10:15.560> list<00:10:16.560> and<00:10:16.720> you'll<00:10:16.959> see 00:10:17.470 --> 00:10:17.480 align:start position:0% received invoices list and you'll see 00:10:17.480 --> 00:10:20.470 align:start position:0% received invoices list and you'll see the<00:10:17.760> unsigned<00:10:18.279> and<00:10:18.560> unpaid<00:10:19.560> uh<00:10:20.040> invoice 00:10:20.470 --> 00:10:20.480 align:start position:0% the unsigned and unpaid uh invoice 00:10:20.480 --> 00:10:22.350 align:start position:0% the unsigned and unpaid uh invoice that's<00:10:20.640> sitting<00:10:20.920> there<00:10:21.120> waiting<00:10:21.360> for 00:10:22.350 --> 00:10:22.360 align:start position:0% that's sitting there waiting for 00:10:22.360 --> 00:10:24.790 align:start position:0% that's sitting there waiting for him<00:10:23.360> click<00:10:23.560> into 00:10:24.790 --> 00:10:24.800 align:start position:0% him click into 00:10:24.800 --> 00:10:27.389 align:start position:0% him click into that<00:10:25.800> and<00:10:25.920> there<00:10:26.040> we<00:10:26.160> go<00:10:26.519> we<00:10:26.680> have<00:10:26.880> the<00:10:27.120> same 00:10:27.389 --> 00:10:27.399 align:start position:0% that and there we go we have the same 00:10:27.399 --> 00:10:30.269 align:start position:0% that and there we go we have the same exact<00:10:27.720> invoice<00:10:28.360> from<00:10:28.640> Kobe<00:10:29.519> um<00:10:29.880> with<00:10:30.079> that 00:10:30.269 --> 00:10:30.279 align:start position:0% exact invoice from Kobe um with that 00:10:30.279 --> 00:10:33.190 align:start position:0% exact invoice from Kobe um with that contract<00:10:30.720> ID<00:10:31.720> and<00:10:31.880> we<00:10:32.000> can<00:10:32.160> go<00:10:32.360> ahead<00:10:32.680> and<00:10:32.880> sign 00:10:33.190 --> 00:10:33.200 align:start position:0% contract ID and we can go ahead and sign 00:10:33.200 --> 00:10:34.670 align:start position:0% contract ID and we can go ahead and sign and<00:10:33.360> say<00:10:33.519> that<00:10:33.640> it's<00:10:33.760> all<00:10:33.920> right<00:10:34.079> so<00:10:34.200> we<00:10:34.320> get<00:10:34.399> a 00:10:34.670 --> 00:10:34.680 align:start position:0% and say that it's all right so we get a 00:10:34.680 --> 00:10:36.790 align:start position:0% and say that it's all right so we get a popup<00:10:35.680> uh<00:10:35.839> saying<00:10:36.079> that<00:10:36.200> this<00:10:36.360> contract<00:10:36.680> has 00:10:36.790 --> 00:10:36.800 align:start position:0% popup uh saying that this contract has 00:10:36.800 --> 00:10:40.230 align:start position:0% popup uh saying that this contract has been<00:10:36.920> signed<00:10:37.399> from<00:10:37.720> Shack's<00:10:38.680> end<00:10:39.680> then<00:10:39.959> we<00:10:40.079> can 00:10:40.230 --> 00:10:40.240 align:start position:0% been signed from Shack's end then we can 00:10:40.240 --> 00:10:43.230 align:start position:0% been signed from Shack's end then we can just<00:10:40.440> pay<00:10:40.839> automatically<00:10:41.440> no<00:10:41.560> more<00:10:42.040> T3<00:10:43.040> uh 00:10:43.230 --> 00:10:43.240 align:start position:0% just pay automatically no more T3 uh 00:10:43.240 --> 00:10:46.350 align:start position:0% just pay automatically no more T3 uh this<00:10:43.360> is<00:10:43.720> pure<00:10:44.399> t0<00:10:45.399> and<00:10:45.519> it<00:10:45.639> will<00:10:45.800> say<00:10:46.040> that<00:10:46.200> he 00:10:46.350 --> 00:10:46.360 align:start position:0% this is pure t0 and it will say that he 00:10:46.360 --> 00:10:50.949 align:start position:0% this is pure t0 and it will say that he has<00:10:46.560> paid<00:10:47.200> uh<00:10:47.399> this<00:10:47.800> exorbitant<00:10:48.639> fee<00:10:49.639> and<00:10:50.160> uh 00:10:50.949 --> 00:10:50.959 align:start position:0% has paid uh this exorbitant fee and uh 00:10:50.959 --> 00:10:54.110 align:start position:0% has paid uh this exorbitant fee and uh that<00:10:51.160> is<00:10:51.959> pretty<00:10:52.399> much<00:10:52.839> end<00:10:53.120> to<00:10:53.240> end<00:10:53.839> really 00:10:54.110 --> 00:10:54.120 align:start position:0% that is pretty much end to end really 00:10:54.120 --> 00:10:57.870 align:start position:0% that is pretty much end to end really simple<00:10:54.800> uh<00:10:54.959> proof<00:10:55.320> concept<00:10:55.839> for<00:10:56.760> invoicing<00:10:57.760> uh 00:10:57.870 --> 00:10:57.880 align:start position:0% simple uh proof concept for invoicing uh 00:10:57.880 --> 00:10:59.509 align:start position:0% simple uh proof concept for invoicing uh and<00:10:58.000> there's<00:10:58.320> a<00:10:58.399> screen<00:10:58.720> coming<00:10:58.920> up<00:10:59.079> that<00:10:59.440> I 00:10:59.509 --> 00:10:59.519 align:start position:0% and there's a screen coming up that I 00:10:59.519 --> 00:11:04.550 align:start position:0% and there's a screen coming up that I will<00:10:59.720> let<00:11:00.279> uh<00:11:00.880> Christian<00:11:01.880> uh<00:11:02.519> show<00:11:02.920> off<00:11:03.560> yeah 00:11:04.550 --> 00:11:04.560 align:start position:0% will let uh Christian uh show off yeah 00:11:04.560 --> 00:11:08.829 align:start position:0% will let uh Christian uh show off yeah yeah<00:11:04.959> so<00:11:05.959> the<00:11:06.120> idea<00:11:06.480> here<00:11:06.680> is<00:11:07.040> that<00:11:08.040> each<00:11:08.639> each 00:11:08.829 --> 00:11:08.839 align:start position:0% yeah so the idea here is that each each 00:11:08.839 --> 00:11:11.629 align:start position:0% yeah so the idea here is that each each of<00:11:09.040> the<00:11:09.200> firms<00:11:10.040> have<00:11:10.360> this<00:11:10.839> invoicing<00:11:11.440> in 00:11:11.629 --> 00:11:11.639 align:start position:0% of the firms have this invoicing in 00:11:11.639 --> 00:11:15.430 align:start position:0% of the firms have this invoicing in between<00:11:12.000> them<00:11:12.480> and<00:11:12.600> the<00:11:12.800> invoice<00:11:13.519> acts<00:11:14.200> as<00:11:15.040> not 00:11:15.430 --> 00:11:15.440 align:start position:0% between them and the invoice acts as not 00:11:15.440 --> 00:11:19.150 align:start position:0% between them and the invoice acts as not just<00:11:15.639> an<00:11:15.839> invoice<00:11:16.399> but<00:11:16.720> the<00:11:17.200> uh<00:11:18.160> payment 00:11:19.150 --> 00:11:19.160 align:start position:0% just an invoice but the uh payment 00:11:19.160 --> 00:11:22.069 align:start position:0% just an invoice but the uh payment mechanism<00:11:20.079> as<00:11:20.279> well<00:11:20.600> as<00:11:20.839> the<00:11:21.120> digital<00:11:21.560> receipt 00:11:22.069 --> 00:11:22.079 align:start position:0% mechanism as well as the digital receipt 00:11:22.079 --> 00:11:25.629 align:start position:0% mechanism as well as the digital receipt once<00:11:22.440> the<00:11:22.760> invoice<00:11:23.120> has<00:11:23.320> been<00:11:23.519> Main<00:11:24.480> and<00:11:24.639> so 00:11:25.629 --> 00:11:25.639 align:start position:0% once the invoice has been Main and so 00:11:25.639 --> 00:11:29.430 align:start position:0% once the invoice has been Main and so you<00:11:25.800> can<00:11:26.040> imagine<00:11:26.720> a<00:11:27.160> an<00:11:27.800> auditing<00:11:28.399> firm 00:11:29.430 --> 00:11:29.440 align:start position:0% you can imagine a an auditing firm 00:11:29.440 --> 00:11:31.430 align:start position:0% you can imagine a an auditing firm looking<00:11:29.839> at<00:11:30.360> various 00:11:31.430 --> 00:11:31.440 align:start position:0% looking at various 00:11:31.440 --> 00:11:34.350 align:start position:0% looking at various businesses<00:11:32.480> and<00:11:33.480> and<00:11:33.680> checking<00:11:34.079> on<00:11:34.240> the 00:11:34.350 --> 00:11:34.360 align:start position:0% businesses and and checking on the 00:11:34.360 --> 00:11:36.350 align:start position:0% businesses and and checking on the blockchain<00:11:34.959> what<00:11:35.160> kind<00:11:35.320> of<00:11:35.680> transactions 00:11:36.350 --> 00:11:36.360 align:start position:0% blockchain what kind of transactions 00:11:36.360 --> 00:11:39.430 align:start position:0% blockchain what kind of transactions have<00:11:36.720> gone<00:11:36.920> on<00:11:37.079> between<00:11:37.480> them<00:11:38.440> and<00:11:38.639> you<00:11:38.800> could 00:11:39.430 --> 00:11:39.440 align:start position:0% have gone on between them and you could 00:11:39.440 --> 00:11:41.509 align:start position:0% have gone on between them and you could take<00:11:39.760> that<00:11:39.959> and<00:11:40.120> use<00:11:40.480> data<00:11:40.800> visualization 00:11:41.509 --> 00:11:41.519 align:start position:0% take that and use data visualization 00:11:41.519 --> 00:11:44.550 align:start position:0% take that and use data visualization tools<00:11:42.440> to<00:11:42.720> have<00:11:43.000> a<00:11:43.279> a<00:11:43.600> view<00:11:44.079> of<00:11:44.320> that 00:11:44.550 --> 00:11:44.560 align:start position:0% tools to have a a view of that 00:11:44.560 --> 00:11:48.509 align:start position:0% tools to have a a view of that particular<00:11:45.519> U<00:11:46.519> uh<00:11:47.120> segment<00:11:47.560> of<00:11:47.720> the<00:11:47.880> economy 00:11:48.509 --> 00:11:48.519 align:start position:0% particular U uh segment of the economy 00:11:48.519 --> 00:11:52.910 align:start position:0% particular U uh segment of the economy and<00:11:48.760> maybe<00:11:49.720> infer<00:11:50.600> that<00:11:51.279> you<00:11:51.399> know<00:11:52.399> everything 00:11:52.910 --> 00:11:52.920 align:start position:0% and maybe infer that you know everything 00:11:52.920 --> 00:11:58.590 align:start position:0% and maybe infer that you know everything looks<00:11:53.399> good<00:11:53.760> you<00:11:53.920> know<00:11:54.959> maybe<00:11:55.959> uh<00:11:56.880> a<00:11:57.440> uh<00:11:58.360> maybe 00:11:58.590 --> 00:11:58.600 align:start position:0% looks good you know maybe uh a uh maybe 00:11:58.600 --> 00:12:00.550 align:start position:0% looks good you know maybe uh a uh maybe a<00:11:58.920> finan<00:11:59.279> National<00:11:59.519> regulator<00:12:00.079> could<00:12:00.240> look<00:12:00.399> at 00:12:00.550 --> 00:12:00.560 align:start position:0% a finan National regulator could look at 00:12:00.560 --> 00:12:04.670 align:start position:0% a finan National regulator could look at that<00:12:00.839> and<00:12:01.079> see<00:12:02.079> various<00:12:02.920> U<00:12:03.279> systemic<00:12:03.880> risks<00:12:04.440> in 00:12:04.670 --> 00:12:04.680 align:start position:0% that and see various U systemic risks in 00:12:04.680 --> 00:12:07.030 align:start position:0% that and see various U systemic risks in in<00:12:04.920> the<00:12:05.279> in<00:12:05.399> the<00:12:05.600> economy<00:12:06.160> that<00:12:06.680> certain 00:12:07.030 --> 00:12:07.040 align:start position:0% in the in the economy that certain 00:12:07.040 --> 00:12:10.430 align:start position:0% in the in the economy that certain businesses<00:12:07.560> have<00:12:07.720> a<00:12:07.839> lot<00:12:08.120> of<00:12:09.120> um<00:12:09.800> liabilities 00:12:10.430 --> 00:12:10.440 align:start position:0% businesses have a lot of um liabilities 00:12:10.440 --> 00:12:14.750 align:start position:0% businesses have a lot of um liabilities to<00:12:10.600> each<00:12:10.760> other<00:12:11.079> Etc<00:12:12.040> so<00:12:13.040> the 00:12:14.750 --> 00:12:14.760 align:start position:0% to each other Etc so the 00:12:14.760 --> 00:12:20.269 align:start position:0% to each other Etc so the uh<00:12:15.760> this<00:12:16.040> technology<00:12:16.600> can<00:12:16.839> bring<00:12:17.279> a<00:12:17.480> lot<00:12:18.000> of<00:12:19.279> uh 00:12:20.269 --> 00:12:20.279 align:start position:0% uh this technology can bring a lot of uh 00:12:20.279 --> 00:12:24.870 align:start position:0% uh this technology can bring a lot of uh benefits<00:12:21.079> for<00:12:21.880> for<00:12:22.880> uh<00:12:23.480> transparency<00:12:24.480> for 00:12:24.870 --> 00:12:24.880 align:start position:0% benefits for for uh transparency for 00:12:24.880 --> 00:12:27.350 align:start position:0% benefits for for uh transparency for regulators<00:12:25.880> and<00:12:26.240> and<00:12:26.360> for<00:12:26.600> businesses 00:12:27.350 --> 00:12:27.360 align:start position:0% regulators and and for businesses 00:12:27.360 --> 00:12:33.710 align:start position:0% regulators and and for businesses themselves<00:12:28.120> which<00:12:28.800> you<00:12:28.959> know<00:12:29.440> has<00:12:30.279> this<00:12:31.279> uh 00:12:33.710 --> 00:12:33.720 align:start position:0% themselves which you know has this uh 00:12:33.720 --> 00:12:38.189 align:start position:0% themselves which you know has this uh basically<00:12:34.720> in<00:12:35.800> um<00:12:36.800> you<00:12:36.920> know<00:12:37.360> this<00:12:37.720> this<00:12:37.920> data 00:12:38.189 --> 00:12:38.199 align:start position:0% basically in um you know this this data 00:12:38.199 --> 00:12:41.590 align:start position:0% basically in um you know this this data store<00:12:38.639> that<00:12:38.839> that<00:12:39.000> cannot<00:12:39.320> be<00:12:39.800> altered 00:12:41.590 --> 00:12:41.600 align:start position:0% store that that cannot be altered 00:12:41.600 --> 00:12:44.629 align:start position:0% store that that cannot be altered so<00:12:42.600> oh<00:12:42.880> and<00:12:43.240> also<00:12:43.600> to<00:12:43.720> mention<00:12:44.160> uh<00:12:44.279> under<00:12:44.480> the 00:12:44.629 --> 00:12:44.639 align:start position:0% so oh and also to mention uh under the 00:12:44.639 --> 00:12:47.870 align:start position:0% so oh and also to mention uh under the hood<00:12:44.800> it<00:12:44.920> uses<00:12:45.720> uh<00:12:46.000> eign<00:12:47.000> uh<00:12:47.199> the<00:12:47.440> smart 00:12:47.870 --> 00:12:47.880 align:start position:0% hood it uses uh eign uh the smart 00:12:47.880 --> 00:12:50.269 align:start position:0% hood it uses uh eign uh the smart contract<00:12:48.279> and<00:12:48.480> document<00:12:48.839> management<00:12:49.360> system 00:12:50.269 --> 00:12:50.279 align:start position:0% contract and document management system 00:12:50.279 --> 00:12:54.430 align:start position:0% contract and document management system um<00:12:50.600> so<00:12:50.839> this<00:12:51.079> really<00:12:51.680> is<00:12:52.160> um<00:12:52.360> sort<00:12:52.560> of<00:12:53.079> uh<00:12:53.920> a 00:12:54.430 --> 00:12:54.440 align:start position:0% um so this really is um sort of uh a 00:12:54.440 --> 00:12:57.310 align:start position:0% um so this really is um sort of uh a conglomerate<00:12:55.199> of<00:12:55.760> uh<00:12:56.160> abstracted<00:12:57.040> uh 00:12:57.310 --> 00:12:57.320 align:start position:0% conglomerate of uh abstracted uh 00:12:57.320 --> 00:13:00.269 align:start position:0% conglomerate of uh abstracted uh Technologies<00:12:58.320> um<00:12:58.639> like<00:12:58.800> all<00:12:59.320> together<00:13:00.079> um 00:13:00.269 --> 00:13:00.279 align:start position:0% Technologies um like all together um 00:13:00.279 --> 00:13:03.910 align:start position:0% Technologies um like all together um hoping<00:13:00.560> to<00:13:00.839> build<00:13:01.760> uh<00:13:02.240> something<00:13:03.240> that<00:13:03.480> is 00:13:03.910 --> 00:13:03.920 align:start position:0% hoping to build uh something that is 00:13:03.920 --> 00:13:07.949 align:start position:0% hoping to build uh something that is accessible<00:13:04.760> anywhere<00:13:05.440> and<00:13:05.760> by<00:13:05.920> anyone<00:13:06.880> uh<00:13:07.600> and 00:13:07.949 --> 00:13:07.959 align:start position:0% accessible anywhere and by anyone uh and 00:13:07.959 --> 00:13:09.389 align:start position:0% accessible anywhere and by anyone uh and uh<00:13:08.160> I<00:13:08.199> think<00:13:08.360> that<00:13:08.519> about<00:13:08.680> covers<00:13:08.959> it<00:13:09.240> thank 00:13:09.389 --> 00:13:09.399 align:start position:0% uh I think that about covers it thank 00:13:09.399 --> 00:13:10.290 align:start position:0% uh I think that about covers it thank you<00:13:10.000> thank 00:13:10.290 --> 00:13:10.300 align:start position:0% you thank 00:13:10.300 --> 00:13:17.870 align:start position:0% you thank [Applause] 00:13:17.870 --> 00:13:17.880 align:start position:0% 00:13:17.880 --> 00:13:23.990 align:start position:0% you<00:13:18.880> time<00:13:19.040> for<00:13:19.199> one<00:13:19.399> question 00:13:23.990 --> 00:13:24.000 align:start position:0% 00:13:24.000 --> 00:13:27.150 align:start position:0% question<00:13:25.000> so<00:13:25.399> as<00:13:25.519> far<00:13:25.680> as<00:13:25.760> I<00:13:26.279> understand<00:13:26.880> all 00:13:27.150 --> 00:13:27.160 align:start position:0% question so as far as I understand all 00:13:27.160 --> 00:13:30.389 align:start position:0% question so as far as I understand all this<00:13:27.440> information<00:13:28.399> is<00:13:28.880> uh<00:13:29.320> on<00:13:29.680> ipfs 00:13:30.389 --> 00:13:30.399 align:start position:0% this information is uh on ipfs 00:13:30.399 --> 00:13:33.870 align:start position:0% this information is uh on ipfs unencrypted<00:13:31.279> linked<00:13:32.040> into<00:13:32.519> the<00:13:32.880> blockchain 00:13:33.870 --> 00:13:33.880 align:start position:0% unencrypted linked into the blockchain 00:13:33.880 --> 00:13:34.750 align:start position:0% unencrypted linked into the blockchain through 00:13:34.750 --> 00:13:34.760 align:start position:0% through 00:13:34.760 --> 00:13:38.590 align:start position:0% through hashes<00:13:35.760> is<00:13:35.920> that<00:13:36.120> true<00:13:36.440> so<00:13:37.320> with<00:13:37.839> or<00:13:38.160> do<00:13:38.320> you 00:13:38.590 --> 00:13:38.600 align:start position:0% hashes is that true so with or do you 00:13:38.600 --> 00:13:41.870 align:start position:0% hashes is that true so with or do you have<00:13:38.959> any<00:13:39.680> uh<00:13:39.920> privacy<00:13:40.880> uh<00:13:41.040> facilities 00:13:41.870 --> 00:13:41.880 align:start position:0% have any uh privacy uh facilities 00:13:41.880 --> 00:13:43.629 align:start position:0% have any uh privacy uh facilities whereby<00:13:42.279> for<00:13:42.440> example<00:13:42.839> my<00:13:43.040> competitor 00:13:43.629 --> 00:13:43.639 align:start position:0% whereby for example my competitor 00:13:43.639 --> 00:13:47.949 align:start position:0% whereby for example my competitor wouldn't<00:13:44.040> see<00:13:44.880> my<00:13:45.199> entire<00:13:45.560> supply<00:13:45.880> chain<00:13:46.959> so 00:13:47.949 --> 00:13:47.959 align:start position:0% wouldn't see my entire supply chain so 00:13:47.959 --> 00:13:50.110 align:start position:0% wouldn't see my entire supply chain so right<00:13:48.199> now<00:13:48.480> since<00:13:48.760> this<00:13:48.880> is<00:13:49.000> a<00:13:49.160> pro<00:13:49.360> of<00:13:49.560> concept 00:13:50.110 --> 00:13:50.120 align:start position:0% right now since this is a pro of concept 00:13:50.120 --> 00:13:53.189 align:start position:0% right now since this is a pro of concept everything<00:13:50.480> is<00:13:51.000> fully<00:13:51.800> transparent<00:13:52.800> but<00:13:53.079> you 00:13:53.189 --> 00:13:53.199 align:start position:0% everything is fully transparent but you 00:13:53.199 --> 00:13:54.030 align:start position:0% everything is fully transparent but you could 00:13:54.030 --> 00:13:54.040 align:start position:0% could 00:13:54.040 --> 00:13:55.949 align:start position:0% could imagine 00:13:55.949 --> 00:13:55.959 align:start position:0% imagine 00:13:55.959 --> 00:13:59.189 align:start position:0% imagine uh<00:13:56.959> taking<00:13:57.480> some<00:13:57.800> of<00:13:57.959> the<00:13:58.160> information 00:13:59.189 --> 00:13:59.199 align:start position:0% uh taking some of the information 00:13:59.199 --> 00:14:02.310 align:start position:0% uh taking some of the information putting<00:13:59.519> it<00:14:00.279> uh<00:14:00.600> encrypted<00:14:01.320> on<00:14:01.519> ipfs<00:14:02.160> for 00:14:02.310 --> 00:14:02.320 align:start position:0% putting it uh encrypted on ipfs for 00:14:02.320 --> 00:14:05.150 align:start position:0% putting it uh encrypted on ipfs for instance<00:14:03.079> you<00:14:03.240> could<00:14:03.440> also<00:14:04.160> Imagine 00:14:05.150 --> 00:14:05.160 align:start position:0% instance you could also Imagine 00:14:05.160 --> 00:14:09.590 align:start position:0% instance you could also Imagine combining<00:14:05.839> it<00:14:06.240> with<00:14:06.800> with<00:14:07.199> heos<00:14:08.199> Hydra<00:14:08.600> chains 00:14:09.590 --> 00:14:09.600 align:start position:0% combining it with with heos Hydra chains 00:14:09.600 --> 00:14:12.310 align:start position:0% combining it with with heos Hydra chains so<00:14:10.000> that<00:14:10.560> some<00:14:10.759> of<00:14:10.880> the<00:14:11.079> information<00:14:11.759> could<00:14:12.000> be 00:14:12.310 --> 00:14:12.320 align:start position:0% so that some of the information could be 00:14:12.320 --> 00:14:14.269 align:start position:0% so that some of the information could be on<00:14:13.079> on<00:14:13.360> private 00:14:14.269 --> 00:14:14.279 align:start position:0% on on private 00:14:14.279 --> 00:14:19.069 align:start position:0% on on private chains<00:14:15.279> and<00:14:15.959> uh<00:14:16.759> you<00:14:16.920> could<00:14:17.240> kind<00:14:17.399> of<00:14:17.880> uh<00:14:18.440> take 00:14:19.069 --> 00:14:19.079 align:start position:0% chains and uh you could kind of uh take 00:14:19.079 --> 00:14:20.790 align:start position:0% chains and uh you could kind of uh take you<00:14:19.199> know<00:14:19.560> digests<00:14:20.040> or<00:14:20.199> hashes<00:14:20.560> of 00:14:20.790 --> 00:14:20.800 align:start position:0% you know digests or hashes of 00:14:20.800 --> 00:14:23.150 align:start position:0% you know digests or hashes of information<00:14:21.399> and<00:14:21.680> and<00:14:22.279> map<00:14:22.560> it<00:14:22.680> onto<00:14:22.959> the 00:14:23.150 --> 00:14:23.160 align:start position:0% information and and map it onto the 00:14:23.160 --> 00:14:26.990 align:start position:0% information and and map it onto the public<00:14:23.600> chain<00:14:24.600> so<00:14:24.920> so<00:14:25.120> there<00:14:25.440> there<00:14:25.759> are<00:14:26.759> uh 00:14:26.990 --> 00:14:27.000 align:start position:0% public chain so so there there are uh 00:14:27.000 --> 00:14:29.550 align:start position:0% public chain so so there there are uh privacy<00:14:27.399> is<00:14:27.560> of<00:14:27.720> course<00:14:28.480> one 00:14:29.550 --> 00:14:29.560 align:start position:0% privacy is of course one 00:14:29.560 --> 00:14:34.629 align:start position:0% privacy is of course one uh<00:14:30.279> a<00:14:30.440> big<00:14:31.079> aspect<00:14:32.360> and<00:14:33.360> one<00:14:33.680> use<00:14:34.120> case<00:14:34.440> that 00:14:34.629 --> 00:14:34.639 align:start position:0% uh a big aspect and one use case that 00:14:34.639 --> 00:14:37.470 align:start position:0% uh a big aspect and one use case that it's<00:14:35.000> is<00:14:35.240> immediate<00:14:35.800> is<00:14:35.959> for<00:14:36.800> companies<00:14:37.320> that 00:14:37.470 --> 00:14:37.480 align:start position:0% it's is immediate is for companies that 00:14:37.480 --> 00:14:39.949 align:start position:0% it's is immediate is for companies that want<00:14:38.279> uh<00:14:38.519> complete<00:14:38.880> transparency<00:14:39.680> like 00:14:39.949 --> 00:14:39.959 align:start position:0% want uh complete transparency like 00:14:39.959 --> 00:14:44.310 align:start position:0% want uh complete transparency like nonprofits<00:14:41.160> Etc<00:14:42.160> and<00:14:42.800> uh<00:14:43.199> so<00:14:43.759> that<00:14:43.920> could<00:14:44.079> be 00:14:44.310 --> 00:14:44.320 align:start position:0% nonprofits Etc and uh so that could be 00:14:44.320 --> 00:14:46.189 align:start position:0% nonprofits Etc and uh so that could be one<00:14:44.720> where<00:14:45.160> where<00:14:45.320> they<00:14:45.440> want<00:14:45.680> this 00:14:46.189 --> 00:14:46.199 align:start position:0% one where where they want this 00:14:46.199 --> 00:14:49.550 align:start position:0% one where where they want this transparency<00:14:47.199> but<00:14:47.600> you're<00:14:47.920> right<00:14:48.399> uh<00:14:48.639> more 00:14:49.550 --> 00:14:49.560 align:start position:0% transparency but you're right uh more 00:14:49.560 --> 00:14:51.670 align:start position:0% transparency but you're right uh more more<00:14:49.920> privacy<00:14:50.399> protections<00:14:50.920> need<00:14:51.079> to<00:14:51.480> be 00:14:51.670 --> 00:14:51.680 align:start position:0% more privacy protections need to be 00:14:51.680 --> 00:14:54.389 align:start position:0% more privacy protections need to be built<00:14:52.000> in<00:14:52.279> for<00:14:52.600> the<00:14:53.079> general<00:14:53.440> use 00:14:54.389 --> 00:14:54.399 align:start position:0% built in for the general use 00:14:54.399 --> 00:15:01.260 align:start position:0% built in for the general use case<00:14:55.399> great<00:14:55.920> thank<00:14:56.079> you<00:14:56.320> guys<00:14:57.000> thank<00:14:57.199> you 00:15:01.260 --> 00:15:01.270 align:start position:0% 00:15:01.270 --> 00:15:06.799 align:start position:0% [Music]