WEBVTT Kind: captions Language: en 00:00:18.130 --> 00:00:22.239 align:start position:0% so<00:00:19.130> we<00:00:19.699> were<00:00:19.820> all<00:00:19.970> talking<00:00:20.269> about<00:00:21.009> before<00:00:22.009> that 00:00:22.239 --> 00:00:22.249 align:start position:0% so we were all talking about before that 00:00:22.249 --> 00:00:24.689 align:start position:0% so we were all talking about before that we<00:00:22.640> got<00:00:23.029> on<00:00:23.150> stage<00:00:23.480> about<00:00:23.810> this<00:00:24.079> panel<00:00:24.439> and 00:00:24.689 --> 00:00:24.699 align:start position:0% we got on stage about this panel and 00:00:24.699 --> 00:00:27.040 align:start position:0% we got on stage about this panel and potentially<00:00:25.699> something<00:00:26.060> very<00:00:26.329> important 00:00:27.040 --> 00:00:27.050 align:start position:0% potentially something very important 00:00:27.050 --> 00:00:30.899 align:start position:0% potentially something very important very<00:00:27.829> serious<00:00:28.460> smart<00:00:29.329> contracts<00:00:29.810> banking<00:00:30.619> and 00:00:30.899 --> 00:00:30.909 align:start position:0% very serious smart contracts banking and 00:00:30.909 --> 00:00:33.580 align:start position:0% very serious smart contracts banking and we<00:00:31.909> we<00:00:32.419> agreed<00:00:32.780> that<00:00:33.079> when<00:00:33.260> you<00:00:33.350> talk<00:00:33.559> about 00:00:33.580 --> 00:00:33.590 align:start position:0% we we agreed that when you talk about 00:00:33.590 --> 00:00:36.400 align:start position:0% we we agreed that when you talk about something<00:00:34.190> this<00:00:34.640> serious<00:00:34.940> you're<00:00:35.930> supposed 00:00:36.400 --> 00:00:36.410 align:start position:0% something this serious you're supposed 00:00:36.410 --> 00:00:38.020 align:start position:0% something this serious you're supposed to<00:00:36.620> look<00:00:37.070> at<00:00:37.190> the<00:00:37.309> audience<00:00:37.579> like<00:00:37.879> they're 00:00:38.020 --> 00:00:38.030 align:start position:0% to look at the audience like they're 00:00:38.030 --> 00:00:38.529 align:start position:0% to look at the audience like they're naked 00:00:38.529 --> 00:00:38.539 align:start position:0% naked 00:00:38.539 --> 00:00:42.040 align:start position:0% naked so<00:00:38.840> you're<00:00:39.140> not<00:00:39.289> nervous<00:00:39.500> and<00:00:40.300> we<00:00:41.300> gotta<00:00:41.809> say 00:00:42.040 --> 00:00:42.050 align:start position:0% so you're not nervous and we gotta say 00:00:42.050 --> 00:00:46.630 align:start position:0% so you're not nervous and we gotta say you've<00:00:42.260> got<00:00:42.469> a<00:00:42.500> great-looking<00:00:43.250> group<00:00:43.699> here<00:00:45.640> so 00:00:46.630 --> 00:00:46.640 align:start position:0% you've got a great-looking group here so 00:00:46.640 --> 00:00:50.950 align:start position:0% you've got a great-looking group here so as<00:00:47.210> any<00:00:47.420> banking<00:00:48.170> panel<00:00:48.559> would<00:00:49.390> start<00:00:50.390> we<00:00:50.840> have 00:00:50.950 --> 00:00:50.960 align:start position:0% as any banking panel would start we have 00:00:50.960 --> 00:00:54.729 align:start position:0% as any banking panel would start we have to<00:00:51.019> start<00:00:51.199> with<00:00:51.769> a<00:00:51.800> disclaimer<00:00:52.100> and<00:00:53.620> no<00:00:54.620> one 00:00:54.729 --> 00:00:54.739 align:start position:0% to start with a disclaimer and no one 00:00:54.739 --> 00:00:56.619 align:start position:0% to start with a disclaimer and no one here<00:00:54.980> is<00:00:55.100> talking<00:00:55.339> on<00:00:55.519> behalf<00:00:55.699> of<00:00:56.059> the<00:00:56.329> banks 00:00:56.619 --> 00:00:56.629 align:start position:0% here is talking on behalf of the banks 00:00:56.629 --> 00:00:59.439 align:start position:0% here is talking on behalf of the banks and<00:00:56.859> we're<00:00:57.859> all<00:00:57.980> talking<00:00:58.219> from<00:00:59.030> personal 00:00:59.439 --> 00:00:59.449 align:start position:0% and we're all talking from personal 00:00:59.449 --> 00:01:01.599 align:start position:0% and we're all talking from personal opinion<00:00:59.780> and<00:01:00.589> we're<00:01:01.100> just<00:01:01.190> gonna<00:01:01.339> go<00:01:01.579> through 00:01:01.599 --> 00:01:01.609 align:start position:0% opinion and we're just gonna go through 00:01:01.609 --> 00:01:04.990 align:start position:0% opinion and we're just gonna go through basically<00:01:02.539> what<00:01:02.870> we<00:01:03.499> have<00:01:03.710> been<00:01:03.980> doing<00:01:04.159> in<00:01:04.879> our 00:01:04.990 --> 00:01:05.000 align:start position:0% basically what we have been doing in our 00:01:05.000 --> 00:01:07.660 align:start position:0% basically what we have been doing in our past<00:01:05.269> what<00:01:05.990> we<00:01:06.170> see<00:01:06.530> as<00:01:06.979> present 00:01:07.660 --> 00:01:07.670 align:start position:0% past what we see as present 00:01:07.670 --> 00:01:09.520 align:start position:0% past what we see as present opportunities<00:01:08.180> and<00:01:08.509> what<00:01:09.079> can<00:01:09.170> happen<00:01:09.259> in<00:01:09.500> the 00:01:09.520 --> 00:01:09.530 align:start position:0% opportunities and what can happen in the 00:01:09.530 --> 00:01:16.240 align:start position:0% opportunities and what can happen in the future<00:01:10.150> so<00:01:11.150> could<00:01:11.540> I<00:01:11.600> start<00:01:11.810> with<00:01:11.900> you<00:01:12.020> Lee<00:01:15.250> can 00:01:16.240 --> 00:01:16.250 align:start position:0% future so could I start with you Lee can 00:01:16.250 --> 00:01:18.730 align:start position:0% future so could I start with you Lee can you<00:01:16.310> hear<00:01:16.490> on<00:01:16.610> this<00:01:16.729> mic<00:01:17.200> okay<00:01:18.200> so<00:01:18.259> my<00:01:18.439> name<00:01:18.619> is 00:01:18.730 --> 00:01:18.740 align:start position:0% you hear on this mic okay so my name is 00:01:18.740 --> 00:01:22.300 align:start position:0% you hear on this mic okay so my name is Lee<00:01:18.950> brain<00:01:19.280> I<00:01:20.060> work<00:01:20.899> at<00:01:21.110> Barclays<00:01:21.770> in<00:01:21.979> the 00:01:22.300 --> 00:01:22.310 align:start position:0% Lee brain I work at Barclays in the 00:01:22.310 --> 00:01:25.920 align:start position:0% Lee brain I work at Barclays in the investment<00:01:23.119> bank<00:01:23.299> part<00:01:23.810> of<00:01:23.990> the<00:01:24.229> CTO<00:01:24.850> division 00:01:25.920 --> 00:01:25.930 align:start position:0% investment bank part of the CTO division 00:01:25.930 --> 00:01:28.929 align:start position:0% investment bank part of the CTO division my<00:01:26.930> background<00:01:27.409> is<00:01:27.649> primarily<00:01:27.939> computer 00:01:28.929 --> 00:01:28.939 align:start position:0% my background is primarily computer 00:01:28.939 --> 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the<00:01:39.020> past<00:01:39.229> 25<00:01:39.860> years 00:01:40.350 --> 00:01:40.360 align:start position:0% combining the two in the past 25 years 00:01:40.360 --> 00:01:43.179 align:start position:0% combining the two in the past 25 years since<00:01:41.360> then<00:01:41.600> been<00:01:41.869> working<00:01:42.409> in<00:01:42.619> banking 00:01:43.179 --> 00:01:43.189 align:start position:0% since then been working in banking 00:01:43.189 --> 00:01:45.940 align:start position:0% since then been working in banking primarily<00:01:44.000> Investment<00:01:44.630> Banking<00:01:44.990> were<00:01:45.530> also 00:01:45.940 --> 00:01:45.950 align:start position:0% primarily Investment Banking were also 00:01:45.950 --> 00:01:48.100 align:start position:0% primarily Investment Banking were also wealth<00:01:46.280> management<00:01:46.729> and<00:01:47.210> corporate<00:01:47.509> banking 00:01:48.100 --> 00:01:48.110 align:start position:0% wealth management and corporate banking 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now<00:01:58.039> within<00:01:58.579> the<00:01:59.210> last<00:01:59.719> year<00:02:00.259> or<00:02:00.289> so 00:02:00.690 --> 00:02:00.700 align:start position:0% banking now within the last year or so 00:02:00.700 --> 00:02:03.490 align:start position:0% banking now within the last year or so at<00:02:01.700> Barclays<00:02:02.270> investment<00:02:02.750> bank<00:02:02.930> we've<00:02:03.350> been 00:02:03.490 --> 00:02:03.500 align:start position:0% at Barclays investment bank we've been 00:02:03.500 --> 00:02:05.469 align:start position:0% at Barclays investment bank we've been involved<00:02:03.799> or<00:02:04.250> I've<00:02:04.460> been<00:02:04.700> involved<00:02:05.180> looking 00:02:05.469 --> 00:02:05.479 align:start position:0% involved or I've been involved looking 00:02:05.479 --> 00:02:09.279 align:start position:0% involved or I've been involved looking at<00:02:05.600> architecture<00:02:06.079> and<00:02:07.450> innovation<00:02:08.450> so<00:02:09.140> from 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those in<00:02:15.030> the<00:02:15.120> bank<00:02:15.300> and<00:02:15.540> then<00:02:16.320> if<00:02:16.590> we<00:02:16.740> look<00:02:16.770> at 00:02:17.210 --> 00:02:17.220 align:start position:0% in the bank and then if we look at 00:02:17.220 --> 00:02:19.910 align:start position:0% in the bank and then if we look at innovation<00:02:18.120> I've<00:02:18.270> been<00:02:18.660> focusing<00:02:19.230> in<00:02:19.680> the 00:02:19.910 --> 00:02:19.920 align:start position:0% innovation I've been focusing in the 00:02:19.920 --> 00:02:23.570 align:start position:0% innovation I've been focusing in the last<00:02:20.130> year<00:02:20.550> at<00:02:21.110> blockchain<00:02:22.110> and<00:02:22.580> specifically 00:02:23.570 --> 00:02:23.580 align:start position:0% last year at blockchain and specifically 00:02:23.580 --> 00:02:26.060 align:start position:0% last year at blockchain and specifically within<00:02:24.000> about<00:02:24.210> looking<00:02:24.750> at<00:02:24.900> shared<00:02:25.500> Ledger's 00:02:26.060 --> 00:02:26.070 align:start position:0% within about looking at shared Ledger's 00:02:26.070 --> 00:02:30.520 align:start position:0% within about looking at shared Ledger's meaning<00:02:26.790> interbank<00:02:27.600> Ledger's<00:02:28.410> and<00:02:29.060> also 00:02:30.520 --> 00:02:30.530 align:start position:0% meaning interbank Ledger's and also 00:02:30.530 --> 00:02:33.200 align:start position:0% meaning interbank Ledger's and also executable<00:02:31.530> business<00:02:31.920> logic<00:02:32.100> so<00:02:32.790> smart 00:02:33.200 --> 00:02:33.210 align:start position:0% executable business logic so smart 00:02:33.210 --> 00:02:36.470 align:start position:0% executable business logic so smart agreements<00:02:33.810> smart<00:02:34.500> contracts<00:02:35.330> that's<00:02:36.330> my 00:02:36.470 --> 00:02:36.480 align:start position:0% agreements smart contracts that's my 00:02:36.480 --> 00:02:41.050 align:start position:0% agreements smart contracts that's my introduction 00:02:41.050 --> 00:02:41.060 align:start position:0% 00:02:41.060 --> 00:02:52.730 align:start position:0% yes<00:02:49.610> I<00:02:50.610> started<00:02:51.540> life<00:02:51.780> as<00:02:51.960> a<00:02:52.260> mechanical 00:02:52.730 --> 00:02:52.740 align:start position:0% yes I started life as a mechanical 00:02:52.740 --> 00:02:55.250 align:start position:0% yes I started life as a mechanical engineer<00:02:53.420> quick<00:02:54.420> quickly<00:02:54.660> switched<00:02:55.050> into 00:02:55.250 --> 00:02:55.260 align:start position:0% engineer quick quickly switched into 00:02:55.260 --> 00:02:59.290 align:start position:0% engineer quick quickly switched into into<00:02:55.800> software<00:02:56.130> I<00:02:57.710> used<00:02:58.710> to<00:02:58.890> work<00:02:59.190> with 00:02:59.290 --> 00:02:59.300 align:start position:0% into software I used to work with 00:02:59.300 --> 00:03:02.690 align:start position:0% into software I used to work with embedded<00:03:00.300> systems<00:03:00.990> technology<00:03:01.470> and<00:03:01.650> and<00:03:02.400> now 00:03:02.690 --> 00:03:02.700 align:start position:0% embedded systems technology and and now 00:03:02.700 --> 00:03:06.110 align:start position:0% embedded systems technology and and now and<00:03:03.600> joint<00:03:04.230> joined<00:03:04.470> UVs<00:03:04.830> been<00:03:05.040> with<00:03:05.250> us<00:03:05.430> for<00:03:05.760> 13 00:03:06.110 --> 00:03:06.120 align:start position:0% and joint joined UVs been with us for 13 00:03:06.120 --> 00:03:08.900 align:start position:0% and joint joined UVs been with us for 13 years<00:03:06.480> always<00:03:07.290> been<00:03:07.410> a<00:03:07.440> technologist<00:03:07.980> my<00:03:08.700> work 00:03:08.900 --> 00:03:08.910 align:start position:0% years always been a technologist my work 00:03:08.910 --> 00:03:11.480 align:start position:0% years always been a technologist my work in<00:03:09.060> our<00:03:09.240> CTO<00:03:09.840> function<00:03:10.410> so<00:03:10.710> I'm<00:03:10.830> a<00:03:10.920> Technical 00:03:11.480 --> 00:03:11.490 align:start position:0% in our CTO function so I'm a Technical 00:03:11.490 --> 00:03:14.690 align:start position:0% in our CTO function so I'm a Technical Architect<00:03:12.320> the<00:03:13.320> last<00:03:13.530> few<00:03:14.250> years<00:03:14.490> I've<00:03:14.670> been 00:03:14.690 --> 00:03:14.700 align:start position:0% Architect the last few years I've been 00:03:14.700 --> 00:03:17.900 align:start position:0% Architect the last few years I've been working<00:03:14.940> in<00:03:15.300> R&D<00:03:15.780> team<00:03:16.290> so<00:03:16.650> I've<00:03:16.800> I've<00:03:17.550> touched 00:03:17.900 --> 00:03:17.910 align:start position:0% working in R&D team so I've I've touched 00:03:17.910 --> 00:03:21.320 align:start position:0% working in R&D team so I've I've touched on<00:03:18.180> many<00:03:18.450> many<00:03:18.780> technologies<00:03:19.020> and<00:03:19.770> and<00:03:20.459> now<00:03:21.090> my 00:03:21.320 --> 00:03:21.330 align:start position:0% on many many technologies and and now my 00:03:21.330 --> 00:03:23.330 align:start position:0% on many many technologies and and now my focus<00:03:21.720> for<00:03:21.870> the<00:03:21.959> last<00:03:21.989> year<00:03:22.590> has<00:03:22.680> been<00:03:22.709> been 00:03:23.330 --> 00:03:23.340 align:start position:0% focus for the last year has been been 00:03:23.340 --> 00:03:25.790 align:start position:0% focus for the last year has been been being<00:03:23.670> blockchain<00:03:24.150> and<00:03:24.450> that's<00:03:25.380> my<00:03:25.560> specific 00:03:25.790 --> 00:03:25.800 align:start position:0% being blockchain and that's my specific 00:03:25.800 --> 00:03:31.449 align:start position:0% being blockchain and that's my specific role<00:03:26.130> at<00:03:26.250> the<00:03:26.310> moment<00:03:26.340> is<00:03:26.760> to<00:03:28.250> investigation 00:03:31.449 --> 00:03:31.459 align:start position:0% 00:03:31.459 --> 00:03:37.750 align:start position:0% blue.i<00:03:34.070> I'm<00:03:35.070> my<00:03:35.850> name<00:03:35.970> is<00:03:36.060> James<00:03:36.270> Casas<00:03:36.810> and 00:03:37.750 --> 00:03:37.760 align:start position:0% blue.i I'm my name is James Casas and 00:03:37.760 --> 00:03:42.560 align:start position:0% blue.i I'm my name is James Casas and prior<00:03:38.760> to<00:03:39.410> joining<00:03:40.410> consensus<00:03:41.220> as<00:03:41.430> CFO<00:03:42.390> and 00:03:42.560 --> 00:03:42.570 align:start position:0% prior to joining consensus as CFO and 00:03:42.570 --> 00:03:45.590 align:start position:0% prior to joining consensus as CFO and head<00:03:42.810> of<00:03:42.930> capital<00:03:43.290> markets<00:03:43.650> I<00:03:44.450> managed<00:03:45.450> a 00:03:45.590 --> 00:03:45.600 align:start position:0% head of capital markets I managed a 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found<00:03:54.720> myself<00:03:54.870> looking<00:03:55.200> for 00:03:55.460 --> 00:03:55.470 align:start position:0% subsequently I found myself looking for 00:03:55.470 --> 00:03:58.790 align:start position:0% subsequently I found myself looking for a<00:03:55.500> new<00:03:55.650> job<00:03:55.890> and<00:03:56.870> ended<00:03:57.870> up<00:03:57.989> running<00:03:58.200> a<00:03:58.500> hedge 00:03:58.790 --> 00:03:58.800 align:start position:0% a new job and ended up running a hedge 00:03:58.800 --> 00:04:01.430 align:start position:0% a new job and ended up running a hedge fund<00:03:58.920> of<00:03:59.430> life<00:04:00.150> settlements<00:04:00.750> and<00:04:00.959> longevity 00:04:01.430 --> 00:04:01.440 align:start position:0% fund of life settlements and longevity 00:04:01.440 --> 00:04:06.080 align:start position:0% fund of life settlements and longevity risk<00:04:02.870> and<00:04:04.489> things<00:04:05.489> that<00:04:05.550> we're<00:04:05.730> doing<00:04:05.850> at 00:04:06.080 --> 00:04:06.090 align:start position:0% risk and things that we're doing at 00:04:06.090 --> 00:04:09.110 align:start position:0% risk and things that we're doing at consensus<00:04:07.190> along<00:04:08.190> with<00:04:08.310> our<00:04:08.430> partners<00:04:08.820> at 00:04:09.110 --> 00:04:09.120 align:start position:0% consensus along with our partners at 00:04:09.120 --> 00:04:12.680 align:start position:0% consensus along with our partners at Microsoft<00:04:09.989> we<00:04:10.769> have<00:04:11.100> created<00:04:11.640> a<00:04:11.850> simple<00:04:12.300> use 00:04:12.680 --> 00:04:12.690 align:start position:0% Microsoft we have created a simple use 00:04:12.690 --> 00:04:17.360 align:start position:0% Microsoft we have created a simple use case<00:04:12.840> of<00:04:13.760> Total<00:04:14.760> Return<00:04:14.850> swap<00:04:15.360> and<00:04:16.370> basically 00:04:17.360 --> 00:04:17.370 align:start position:0% case of Total Return swap and basically 00:04:17.370 --> 00:04:20.080 align:start position:0% case of Total Return swap and basically what<00:04:17.549> it<00:04:17.669> is<00:04:17.700> to<00:04:17.970> do<00:04:18.120> is<00:04:18.330> is<00:04:18.630> really<00:04:18.900> more<00:04:19.109> to 00:04:20.080 --> 00:04:20.090 align:start position:0% what it is to do is is really more to 00:04:20.090 --> 00:04:22.990 align:start position:0% what it is to do is is really more to have<00:04:21.090> the<00:04:21.210> bank's<00:04:21.510> really<00:04:21.690> good<00:04:21.960> to<00:04:22.080> see 00:04:22.990 --> 00:04:23.000 align:start position:0% have the bank's really good to see 00:04:23.000 --> 00:04:25.860 align:start position:0% have the bank's really good to see lots<00:04:23.300> of<00:04:23.420> the<00:04:23.510> different<00:04:23.870> use<00:04:24.020> cases<00:04:24.290> of<00:04:24.620> what 00:04:25.860 --> 00:04:25.870 align:start position:0% lots of the different use cases of what 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we've<00:04:33.980> been<00:04:34.070> discussing<00:04:34.430> at<00:04:34.730> the<00:04:34.850> conference 00:04:36.000 --> 00:04:36.010 align:start position:0% we've been discussing at the conference 00:04:36.010 --> 00:04:38.890 align:start position:0% we've been discussing at the conference if<00:04:37.010> you<00:04:37.190> just<00:04:37.340> imagine<00:04:37.460> prior<00:04:38.450> to<00:04:38.630> entering 00:04:38.890 --> 00:04:38.900 align:start position:0% if you just imagine prior to entering 00:04:38.900 --> 00:04:40.720 align:start position:0% if you just imagine prior to entering into<00:04:39.080> a<00:04:39.260> trade<00:04:39.620> you're<00:04:40.160> gonna<00:04:40.250> want<00:04:40.490> to<00:04:40.520> know 00:04:40.720 --> 00:04:40.730 align:start position:0% into a trade you're gonna want to know 00:04:40.730 --> 00:04:43.180 align:start position:0% into a trade you're gonna want to know who<00:04:41.570> is<00:04:41.720> you<00:04:42.410> know<00:04:42.500> you<00:04:42.560> have<00:04:42.680> to<00:04:42.860> go<00:04:42.950> through<00:04:43.100> a 00:04:43.180 --> 00:04:43.190 align:start position:0% who is you know you have to go through a 00:04:43.190 --> 00:04:46.270 align:start position:0% who is you know you have to go through a know<00:04:43.640> your<00:04:43.790> customer<00:04:44.360> and<00:04:44.740> so<00:04:45.740> we<00:04:45.890> use<00:04:46.040> an 00:04:46.270 --> 00:04:46.280 align:start position:0% know your customer and so we use an 00:04:46.280 --> 00:04:49.770 align:start position:0% know your customer and so we use an identity<00:04:46.730> type<00:04:47.120> of<00:04:47.300> system<00:04:47.950> and<00:04:48.950> from<00:04:49.400> there 00:04:49.770 --> 00:04:49.780 align:start position:0% identity type of system and from there 00:04:49.780 --> 00:04:53.080 align:start position:0% identity type of system and from there we<00:04:50.830> again<00:04:51.830> needing<00:04:52.190> to<00:04:52.400> know<00:04:52.520> what<00:04:52.880> kind<00:04:53.060> of 00:04:53.080 --> 00:04:53.090 align:start position:0% we again needing to know what kind of 00:04:53.090 --> 00:04:55.030 align:start position:0% we again needing to know what kind of collateral<00:04:53.270> is<00:04:53.540> going<00:04:53.660> to<00:04:53.720> be<00:04:53.870> needed<00:04:54.860> to<00:04:54.890> be 00:04:55.030 --> 00:04:55.040 align:start position:0% collateral is going to be needed to be 00:04:55.040 --> 00:04:58.390 align:start position:0% collateral is going to be needed to be held<00:04:55.220> so<00:04:55.490> our<00:04:56.390> reputation<00:04:57.050> systems<00:04:57.560> things 00:04:58.390 --> 00:04:58.400 align:start position:0% held so our reputation systems things 00:04:58.400 --> 00:05:00.910 align:start position:0% held so our reputation systems things that<00:04:58.520> are<00:04:58.610> not<00:04:59.360> to<00:04:59.720> be<00:04:59.840> in<00:04:59.930> place<00:05:00.200> today<00:05:00.530> or 00:05:00.910 --> 00:05:00.920 align:start position:0% that are not to be in place today or 00:05:00.920 --> 00:05:02.980 align:start position:0% that are not to be in place today or even<00:05:01.190> the<00:05:01.400> next<00:05:01.670> year<00:05:01.880> or<00:05:01.910> two<00:05:02.030> but<00:05:02.450> really<00:05:02.840> to 00:05:02.980 --> 00:05:02.990 align:start position:0% even the next year or two but really to 00:05:02.990 --> 00:05:05.440 align:start position:0% even the next year or two but really to give<00:05:03.170> an<00:05:03.320> idea<00:05:03.410> of<00:05:03.740> what<00:05:04.520> what<00:05:04.880> is<00:05:05.060> the<00:05:05.210> future 00:05:05.440 --> 00:05:05.450 align:start position:0% give an idea of what what is the future 00:05:05.450 --> 00:05:08.800 align:start position:0% give an idea of what what is the future to<00:05:05.660> look<00:05:05.690> like<00:05:06.050> so<00:05:07.240> on<00:05:08.240> entering<00:05:08.720> a 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smart contracts as well as I believe balanced<00:05:18.919> threes<00:05:19.250> been<00:05:19.850> mentioned<00:05:20.270> several 00:05:20.409 --> 00:05:20.419 align:start position:0% balanced threes been mentioned several 00:05:20.419 --> 00:05:22.260 align:start position:0% balanced threes been mentioned several times<00:05:20.600> with<00:05:21.050> their<00:05:21.290> triple<00:05:21.650> entry<00:05:21.980> accounting 00:05:22.260 --> 00:05:22.270 align:start position:0% times with their triple entry accounting 00:05:22.270 --> 00:05:25.570 align:start position:0% times with their triple entry accounting the<00:05:23.270> transaction<00:05:23.990> becomes<00:05:24.560> you<00:05:24.830> do<00:05:25.160> the<00:05:25.280> trade 00:05:25.570 --> 00:05:25.580 align:start position:0% the transaction becomes you do the trade 00:05:25.580 --> 00:05:29.020 align:start position:0% the transaction becomes you do the trade plus<00:05:26.419> your<00:05:26.840> confirmation<00:05:27.310> so<00:05:28.310> it<00:05:28.430> goes<00:05:28.580> out<00:05:28.730> to 00:05:29.020 --> 00:05:29.030 align:start position:0% plus your confirmation so it goes out to 00:05:29.030 --> 00:05:31.120 align:start position:0% plus your confirmation so it goes out to all<00:05:29.510> of<00:05:29.750> the<00:05:29.870> you<00:05:30.080> know<00:05:30.140> both<00:05:30.410> counterparties 00:05:31.120 --> 00:05:31.130 align:start position:0% all of the you know both counterparties 00:05:31.130 --> 00:05:33.280 align:start position:0% all of the you know both counterparties as<00:05:31.280> well<00:05:31.460> as<00:05:31.610> moralized<00:05:32.090> on<00:05:32.330> the<00:05:32.600> blockchain 00:05:33.280 --> 00:05:33.290 align:start position:0% as well as moralized on the blockchain 00:05:33.290 --> 00:05:36.820 align:start position:0% as well as moralized on the blockchain and<00:05:34.090> then<00:05:35.090> and<00:05:35.720> then<00:05:35.840> what<00:05:35.960> we<00:05:36.050> do<00:05:36.169> is<00:05:36.440> is 00:05:36.820 --> 00:05:36.830 align:start position:0% and then and then what we do is is 00:05:36.830 --> 00:05:39.580 align:start position:0% and then and then what we do is is basically<00:05:37.430> allow<00:05:38.120> for<00:05:38.450> market<00:05:39.050> fluctuation 00:05:39.580 --> 00:05:39.590 align:start position:0% basically allow for market fluctuation 00:05:39.590 --> 00:05:42.659 align:start position:0% basically allow for market fluctuation having<00:05:39.919> price<00:05:40.400> changes<00:05:40.850> and<00:05:41.260> automatic 00:05:42.659 --> 00:05:42.669 align:start position:0% having price changes and automatic 00:05:42.669 --> 00:05:45.550 align:start position:0% having price changes and automatic collateral<00:05:43.669> readjustments<00:05:44.510> without<00:05:45.169> having 00:05:45.550 --> 00:05:45.560 align:start position:0% collateral readjustments without having 00:05:45.560 --> 00:05:49.530 align:start position:0% collateral readjustments without having the<00:05:45.680> back<00:05:45.830> office<00:05:46.070> be<00:05:46.700> involved<00:05:47.470> and<00:05:48.470> even 00:05:49.530 --> 00:05:49.540 align:start position:0% the back office be involved and even 00:05:49.540 --> 00:05:52.860 align:start position:0% the back office be involved and even employing<00:05:50.540> again<00:05:50.960> the<00:05:51.200> reputation<00:05:51.500> system<00:05:52.280> to 00:05:52.860 --> 00:05:52.870 align:start position:0% employing again the reputation system to 00:05:52.870 --> 00:05:57.100 align:start position:0% employing again the reputation system to for<00:05:53.870> a<00:05:53.900> kind<00:05:54.110> of<00:05:54.169> party<00:05:54.410> to<00:05:54.530> have<00:05:54.710> a<00:05:56.110> basically 00:05:57.100 --> 00:05:57.110 align:start position:0% for a kind of party to have a basically 00:05:57.110 --> 00:06:00.760 align:start position:0% for a kind of party to have a basically a<00:05:57.169> default<00:05:57.830> risk<00:05:58.190> or<00:05:58.460> a<00:05:59.120> reduction<00:05:59.720> in<00:06:00.050> in 00:06:00.760 --> 00:06:00.770 align:start position:0% a default risk or a reduction in in 00:06:00.770 --> 00:06:04.870 align:start position:0% a default risk or a reduction in in their<00:06:01.070> reputation<00:06:02.710> and<00:06:03.710> then<00:06:03.890> again<00:06:04.700> just 00:06:04.870 --> 00:06:04.880 align:start position:0% their reputation and then again just 00:06:04.880 --> 00:06:06.880 align:start position:0% their reputation and then again just summing<00:06:05.390> up<00:06:05.479> the<00:06:05.600> the<00:06:05.930> transaction<00:06:06.560> again 00:06:06.880 --> 00:06:06.890 align:start position:0% summing up the the transaction again 00:06:06.890 --> 00:06:09.940 align:start position:0% summing up the the transaction again through<00:06:07.220> the<00:06:07.430> triple<00:06:07.820> entry<00:06:08.210> and<00:06:08.680> all<00:06:09.680> of<00:06:09.830> this 00:06:09.940 --> 00:06:09.950 align:start position:0% through the triple entry and all of this 00:06:09.950 --> 00:06:12.070 align:start position:0% through the triple entry and all of this really<00:06:10.370> just<00:06:10.700> shows<00:06:11.270> kind<00:06:11.630> of<00:06:11.720> different 00:06:12.070 --> 00:06:12.080 align:start position:0% really just shows kind of different 00:06:12.080 --> 00:06:15.040 align:start position:0% really just shows kind of different spots<00:06:12.350> where<00:06:12.970> the<00:06:13.970> banks<00:06:14.240> can<00:06:14.419> really<00:06:14.690> look<00:06:14.840> to 00:06:15.040 --> 00:06:15.050 align:start position:0% spots where the banks can really look to 00:06:15.050 --> 00:06:17.620 align:start position:0% spots where the banks can really look to be<00:06:15.470> able<00:06:15.590> to<00:06:15.919> experiment<00:06:16.610> and<00:06:17.030> figure<00:06:17.570> out 00:06:17.620 --> 00:06:17.630 align:start position:0% be able to experiment and figure out 00:06:17.630 --> 00:06:20.400 align:start position:0% be able to experiment and figure out what<00:06:18.560> other<00:06:18.710> use<00:06:18.950> cases<00:06:19.220> are<00:06:19.490> out<00:06:19.580> there<00:06:19.790> from 00:06:20.400 --> 00:06:20.410 align:start position:0% what other use cases are out there from 00:06:20.410 --> 00:06:27.010 align:start position:0% what other use cases are out there from using<00:06:21.410> blockchain<00:06:21.890> technology<00:06:25.210> am<00:06:26.210> I<00:06:26.390> on<00:06:26.419> can 00:06:27.010 --> 00:06:27.020 align:start position:0% using blockchain technology am I on can 00:06:27.020 --> 00:06:29.860 align:start position:0% using blockchain technology am I on can you<00:06:27.080> hear<00:06:27.200> me<00:06:27.290> great<00:06:27.560> so<00:06:28.250> I'm<00:06:28.370> I'm<00:06:28.760> Rex<00:06:29.090> I<00:06:29.419> guess 00:06:29.860 --> 00:06:29.870 align:start position:0% you hear me great so I'm I'm Rex I guess 00:06:29.870 --> 00:06:32.800 align:start position:0% you hear me great so I'm I'm Rex I guess before<00:06:30.050> I<00:06:30.260> introduce<00:06:30.710> myself<00:06:31.510> I'm<00:06:32.510> gonna 00:06:32.800 --> 00:06:32.810 align:start position:0% before I introduce myself I'm gonna 00:06:32.810 --> 00:06:34.810 align:start position:0% before I introduce myself I'm gonna steal<00:06:33.140> this<00:06:33.320> line<00:06:33.530> from<00:06:33.800> from<00:06:34.160> Lee<00:06:34.310> because<00:06:34.580> he 00:06:34.810 --> 00:06:34.820 align:start position:0% steal this line from from Lee because he 00:06:34.820 --> 00:06:35.620 align:start position:0% steal this line from from Lee because he actually<00:06:35.000> said<00:06:35.419> it 00:06:35.620 --> 00:06:35.630 align:start position:0% actually said it 00:06:35.630 --> 00:06:38.980 align:start position:0% actually said it just<00:06:35.750> before<00:06:35.900> we<00:06:36.080> became<00:06:36.530> we<00:06:37.010> came<00:06:37.220> on<00:06:37.400> here<00:06:37.990> so 00:06:38.980 --> 00:06:38.990 align:start position:0% just before we became we came on here so 00:06:38.990 --> 00:06:40.480 align:start position:0% just before we became we came on here so I<00:06:39.020> was<00:06:39.230> here<00:06:39.350> on<00:06:39.410> the<00:06:39.590> first<00:06:39.620> day<00:06:39.920> and<00:06:40.280> I've<00:06:40.370> got 00:06:40.480 --> 00:06:40.490 align:start position:0% I was here on the first day and I've got 00:06:40.490 --> 00:06:42.250 align:start position:0% I was here on the first day and I've got to<00:06:40.580> say<00:06:40.730> it's<00:06:41.030> amazing<00:06:41.660> to<00:06:41.780> see<00:06:41.810> how<00:06:42.110> much 00:06:42.250 --> 00:06:42.260 align:start position:0% to say it's amazing to see how much 00:06:42.260 --> 00:06:45.340 align:start position:0% to say it's amazing to see how much enthusiasm<00:06:42.500> you<00:06:43.250> guys<00:06:43.400> still<00:06:43.700> have<00:06:44.350> towards 00:06:45.340 --> 00:06:45.350 align:start position:0% enthusiasm you guys still have towards 00:06:45.350 --> 00:06:47.050 align:start position:0% enthusiasm you guys still have towards the<00:06:45.440> end<00:06:45.560> of<00:06:45.680> the<00:06:45.740> fifth<00:06:45.950> day<00:06:46.160> which<00:06:46.850> i<00:06:47.000> think 00:06:47.050 --> 00:06:47.060 align:start position:0% the end of the fifth day which i think 00:06:47.060 --> 00:06:49.200 align:start position:0% the end of the fifth day which i think is<00:06:47.330> a<00:06:47.360> kind<00:06:47.630> of<00:06:47.660> a<00:06:47.750> tribute<00:06:47.960> to<00:06:48.410> how<00:06:48.950> powerful 00:06:49.200 --> 00:06:49.210 align:start position:0% is a kind of a tribute to how powerful 00:06:49.210 --> 00:06:51.610 align:start position:0% is a kind of a tribute to how powerful the<00:06:50.210> conference<00:06:50.630> is<00:06:50.810> so<00:06:51.020> kind<00:06:51.200> of<00:06:51.230> well<00:06:51.440> done 00:06:51.610 --> 00:06:51.620 align:start position:0% the conference is so kind of well done 00:06:51.620 --> 00:06:54.760 align:start position:0% the conference is so kind of well done you<00:06:51.800> guys<00:06:52.780> so<00:06:53.780> to<00:06:53.840> me<00:06:54.050> my<00:06:54.260> background<00:06:54.470> is 00:06:54.760 --> 00:06:54.770 align:start position:0% you guys so to me my background is 00:06:54.770 --> 00:06:58.660 align:start position:0% you guys so to me my background is computer<00:06:55.130> science<00:06:56.710> I<00:06:57.710> guess<00:06:58.250> I<00:06:58.370> should<00:06:58.520> say 00:06:58.660 --> 00:06:58.670 align:start position:0% computer science I guess I should say 00:06:58.670 --> 00:07:00.340 align:start position:0% computer science I guess I should say what<00:06:58.820> I<00:06:58.850> do<00:06:58.940> at<00:06:59.090> stock<00:06:59.270> gen<00:06:59.480> so<00:06:59.930> I<00:06:59.960> guess<00:07:00.200> you 00:07:00.340 --> 00:07:00.350 align:start position:0% what I do at stock gen so I guess you 00:07:00.350 --> 00:07:02.140 align:start position:0% what I do at stock gen so I guess you could<00:07:00.440> think<00:07:00.500> of<00:07:00.800> me<00:07:00.920> as<00:07:01.100> like<00:07:01.430> the<00:07:01.640> the<00:07:01.880> senior 00:07:02.140 --> 00:07:02.150 align:start position:0% could think of me as like the the senior 00:07:02.150 --> 00:07:04.270 align:start position:0% could think of me as like the the senior architect<00:07:02.630> in<00:07:02.750> London<00:07:03.110> I<00:07:03.260> work<00:07:04.010> in<00:07:04.190> the 00:07:04.270 --> 00:07:04.280 align:start position:0% architect in London I work in the 00:07:04.280 --> 00:07:07.390 align:start position:0% architect in London I work in the investment<00:07:04.760> bank<00:07:04.970> I<00:07:05.860> head<00:07:06.860> up<00:07:06.980> the<00:07:07.100> UK 00:07:07.390 --> 00:07:07.400 align:start position:0% investment bank I head up the UK 00:07:07.400 --> 00:07:10.150 align:start position:0% investment bank I head up the UK architecture<00:07:08.210> for<00:07:08.870> the<00:07:09.380> investment<00:07:09.800> banking 00:07:10.150 --> 00:07:10.160 align:start position:0% architecture for the investment banking 00:07:10.160 --> 00:07:12.160 align:start position:0% architecture for the investment banking bit<00:07:10.370> so<00:07:10.550> that's<00:07:10.730> not<00:07:11.120> the<00:07:11.330> retail<00:07:11.480> part<00:07:11.960> of 00:07:12.160 --> 00:07:12.170 align:start position:0% bit so that's not the retail part of 00:07:12.170 --> 00:07:16.270 align:start position:0% bit so that's not the retail part of Societe<00:07:13.160> Generale<00:07:13.190> which<00:07:13.730> is<00:07:13.850> in<00:07:13.970> France<00:07:15.280> so 00:07:16.270 --> 00:07:16.280 align:start position:0% Societe Generale which is in France so 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systems<00:07:23.360> and<00:07:23.630> the<00:07:24.260> second<00:07:24.740> half<00:07:24.980> of<00:07:25.160> my<00:07:25.280> career 00:07:25.470 --> 00:07:25.480 align:start position:0% systems and the second half of my career 00:07:25.480 --> 00:07:29.380 align:start position:0% systems and the second half of my career has<00:07:26.480> been<00:07:26.540> in<00:07:27.760> software<00:07:28.760> and<00:07:29.000> a<00:07:29.120> bit<00:07:29.270> of 00:07:29.380 --> 00:07:29.390 align:start position:0% has been in software and a bit of 00:07:29.390 --> 00:07:31.960 align:start position:0% has been in software and a bit of hardware<00:07:29.660> architecture<00:07:30.440> as<00:07:30.620> well<00:07:30.920> so<00:07:31.730> my<00:07:31.910> day 00:07:31.960 --> 00:07:31.970 align:start position:0% hardware architecture as well so my day 00:07:31.970 --> 00:07:35.430 align:start position:0% hardware architecture as well so my day job<00:07:32.420> I<00:07:33.320> spend<00:07:33.680> an<00:07:33.980> awful<00:07:34.070> lot<00:07:34.370> of<00:07:34.400> time<00:07:34.700> with 00:07:35.430 --> 00:07:35.440 align:start position:0% job I spend an awful lot of time with 00:07:35.440 --> 00:07:38.980 align:start position:0% job I spend an awful lot of time with fintechs<00:07:36.440> so<00:07:37.340> being<00:07:38.060> based<00:07:38.270> in<00:07:38.450> London<00:07:38.840> and 00:07:38.980 --> 00:07:38.990 align:start position:0% fintechs so being based in London and 00:07:38.990 --> 00:07:40.570 align:start position:0% fintechs so being based in London and London<00:07:39.320> being<00:07:39.560> one<00:07:39.770> of<00:07:39.800> the<00:07:39.920> major<00:07:40.100> hubs<00:07:40.310> for 00:07:40.570 --> 00:07:40.580 align:start position:0% London being one of the major hubs for 00:07:40.580 --> 00:07:42.670 align:start position:0% London being one of the major hubs for FinTech<00:07:41.030> activity<00:07:41.630> we<00:07:42.230> kind<00:07:42.440> of<00:07:42.500> take 00:07:42.670 --> 00:07:42.680 align:start position:0% FinTech activity we kind of take 00:07:42.680 --> 00:07:44.980 align:start position:0% FinTech activity we kind of take advantage<00:07:42.860> of<00:07:43.430> me<00:07:43.760> being<00:07:44.000> located<00:07:44.360> here<00:07:44.750> so 00:07:44.980 --> 00:07:44.990 align:start position:0% advantage of me being located here so 00:07:44.990 --> 00:07:47.440 align:start position:0% advantage of me being located here so that<00:07:45.740> means<00:07:45.920> that<00:07:46.130> there's<00:07:46.310> a<00:07:46.370> strong<00:07:47.090> streak 00:07:47.440 --> 00:07:47.450 align:start position:0% that means that there's a strong streak 00:07:47.450 --> 00:07:50.590 align:start position:0% that means that there's a strong streak to<00:07:48.220> innovation<00:07:49.220> and<00:07:49.490> collaboration<00:07:49.670> for<00:07:50.510> my 00:07:50.590 --> 00:07:50.600 align:start position:0% to innovation and collaboration for my 00:07:50.600 --> 00:07:52.840 align:start position:0% to innovation and collaboration for my job<00:07:50.870> and<00:07:51.080> as<00:07:51.590> part<00:07:51.830> of<00:07:51.920> that<00:07:51.980> I<00:07:52.250> spend<00:07:52.640> a<00:07:52.670> lot<00:07:52.760> of 00:07:52.840 --> 00:07:52.850 align:start position:0% job and as part of that I spend a lot of 00:07:52.850 --> 00:07:54.760 align:start position:0% job and as part of that I spend a lot of time<00:07:53.030> thinking<00:07:53.870> and<00:07:53.930> working<00:07:54.440> with<00:07:54.590> other 00:07:54.760 --> 00:07:54.770 align:start position:0% time thinking and working with other 00:07:54.770 --> 00:07:56.950 align:start position:0% time thinking and working with other folks<00:07:55.040> on<00:07:55.250> bit<00:07:55.520> tech<00:07:55.760> so<00:07:56.510> things<00:07:56.780> like 00:07:56.950 --> 00:07:56.960 align:start position:0% folks on bit tech so things like 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used to work at UBS and<00:08:05.030> build<00:08:05.450> lots<00:08:05.660> of<00:08:05.840> products<00:08:06.380> and 00:08:06.580 --> 00:08:06.590 align:start position:0% and build lots of products and 00:08:06.590 --> 00:08:07.990 align:start position:0% and build lots of products and distributed<00:08:07.130> them<00:08:07.310> specifically<00:08:07.880> for 00:08:07.990 --> 00:08:08.000 align:start position:0% distributed them specifically for 00:08:08.000 --> 00:08:10.630 align:start position:0% distributed them specifically for insurance<00:08:08.600> in<00:08:08.990> longevity<00:08:09.680> capital<00:08:10.280> markets 00:08:10.630 --> 00:08:10.640 align:start position:0% insurance in longevity capital markets 00:08:10.640 --> 00:08:17.470 align:start position:0% insurance in longevity capital markets and<00:08:12.970> my<00:08:13.970> view<00:08:14.390> on<00:08:14.660> the<00:08:15.430> banking<00:08:16.430> sector<00:08:16.820> with 00:08:17.470 --> 00:08:17.480 align:start position:0% and my view on the banking sector with 00:08:17.480 --> 00:08:20.350 align:start position:0% and my view on the banking sector with respect<00:08:17.960> to<00:08:18.380> smart<00:08:18.800> contracts<00:08:19.250> is<00:08:19.490> somewhat 00:08:20.350 --> 00:08:20.360 align:start position:0% respect to smart contracts is somewhat 00:08:20.360 --> 00:08:22.360 align:start position:0% respect to smart contracts is somewhat our<00:08:20.450> thuggin<00:08:20.870> all<00:08:20.960> to<00:08:21.260> what<00:08:22.190> we've<00:08:22.340> been 00:08:22.360 --> 00:08:22.370 align:start position:0% our thuggin all to what we've been 00:08:22.370 --> 00:08:26.980 align:start position:0% our thuggin all to what we've been seeing<00:08:22.790> in<00:08:23.210> the<00:08:23.860> consortium<00:08:25.300> settings<00:08:26.300> where 00:08:26.980 --> 00:08:26.990 align:start position:0% seeing in the consortium settings where 00:08:26.990 --> 00:08:29.460 align:start position:0% seeing in the consortium settings where I<00:08:27.530> believe<00:08:27.950> that<00:08:28.100> there's<00:08:28.250> a<00:08:28.310> standardization 00:08:29.460 --> 00:08:29.470 align:start position:0% I believe that there's a standardization 00:08:29.470 --> 00:08:34.810 align:start position:0% I believe that there's a standardization request<00:08:30.470> and<00:08:32.410> I've<00:08:33.410> thought<00:08:33.740> that<00:08:34.010> what<00:08:34.700> we 00:08:34.810 --> 00:08:34.820 align:start position:0% request and I've thought that what we 00:08:34.820 --> 00:08:37.529 align:start position:0% request and I've thought that what we really<00:08:35.090> need<00:08:35.240> to<00:08:35.270> do<00:08:35.450> is<00:08:35.599> give<00:08:36.440> the<00:08:37.130> bank's 00:08:37.529 --> 00:08:37.539 align:start position:0% really need to do is give the bank's 00:08:37.539 --> 00:08:40.659 align:start position:0% really need to do is give the bank's access<00:08:38.539> to<00:08:38.750> tools<00:08:39.050> so<00:08:39.860> they<00:08:39.950> can<00:08:39.979> play<00:08:40.370> with 00:08:40.659 --> 00:08:40.669 align:start position:0% access to tools so they can play with 00:08:40.669 --> 00:08:43.750 align:start position:0% access to tools so they can play with the<00:08:41.000> technology<00:08:41.570> and<00:08:41.780> rather<00:08:42.740> than<00:08:42.979> define 00:08:43.750 --> 00:08:43.760 align:start position:0% the technology and rather than define 00:08:43.760 --> 00:08:46.900 align:start position:0% the technology and rather than define standards<00:08:45.010> give<00:08:46.010> them<00:08:46.280> the<00:08:46.430> ability<00:08:46.880> to 00:08:46.900 --> 00:08:46.910 align:start position:0% standards give them the ability to 00:08:46.910 --> 00:08:49.780 align:start position:0% standards give them the ability to understand<00:08:47.900> what<00:08:48.020> this<00:08:48.200> technology<00:08:48.530> is<00:08:48.950> which 00:08:49.780 --> 00:08:49.790 align:start position:0% understand what this technology is which 00:08:49.790 --> 00:08:53.050 align:start position:0% understand what this technology is which is<00:08:49.970> somewhat<00:08:51.610> pursuant<00:08:52.610> to<00:08:52.670> what<00:08:52.850> we're<00:08:53.030> doing 00:08:53.050 --> 00:08:53.060 align:start position:0% is somewhat pursuant to what we're doing 00:08:53.060 --> 00:08:55.570 align:start position:0% is somewhat pursuant to what we're doing now<00:08:53.390> with<00:08:53.780> Microsoft<00:08:54.260> where<00:08:54.530> we<00:08:54.620> give<00:08:54.830> this 00:08:55.570 --> 00:08:55.580 align:start position:0% now with Microsoft where we give this 00:08:55.580 --> 00:09:00.910 align:start position:0% now with Microsoft where we give this testbed<00:08:56.210> for<00:08:56.890> the<00:08:57.890> banks<00:08:58.160> to<00:08:58.250> play<00:08:58.570> so<00:08:59.920> with 00:09:00.910 --> 00:09:00.920 align:start position:0% testbed for the banks to play so with 00:09:00.920 --> 00:09:03.310 align:start position:0% testbed for the banks to play so with that<00:09:01.040> said<00:09:01.400> where<00:09:02.180> do<00:09:02.240> you<00:09:02.330> think<00:09:02.600> the<00:09:02.839> future 00:09:03.310 --> 00:09:03.320 align:start position:0% that said where do you think the future 00:09:03.320 --> 00:09:07.060 align:start position:0% that said where do you think the future could<00:09:03.860> hold<00:09:04.480> indeed<00:09:05.480> so<00:09:05.720> you're<00:09:06.680> mentioning 00:09:07.060 --> 00:09:07.070 align:start position:0% could hold indeed so you're mentioning 00:09:07.070 --> 00:09:09.850 align:start position:0% could hold indeed so you're mentioning one<00:09:07.220> particular<00:09:07.490> Avenue<00:09:08.150> of<00:09:08.860> experimentation 00:09:09.850 --> 00:09:09.860 align:start position:0% one particular Avenue of experimentation 00:09:09.860 --> 00:09:12.670 align:start position:0% one particular Avenue of experimentation and<00:09:10.490> indeed<00:09:10.790> so<00:09:11.000> if<00:09:11.330> we<00:09:11.510> were<00:09:11.690> looking<00:09:12.200> at<00:09:12.470> the 00:09:12.670 --> 00:09:12.680 align:start position:0% and indeed so if we were looking at the 00:09:12.680 --> 00:09:15.400 align:start position:0% and indeed so if we were looking at the multiple<00:09:13.670> avenues<00:09:13.790> so<00:09:14.330> we<00:09:14.630> see<00:09:15.020> actually<00:09:15.320> the 00:09:15.400 --> 00:09:15.410 align:start position:0% multiple avenues so we see actually the 00:09:15.410 --> 00:09:17.829 align:start position:0% multiple avenues so we see actually the two<00:09:15.760> cross-pollinating<00:09:16.790> effectively<00:09:17.660> you 00:09:17.829 --> 00:09:17.839 align:start position:0% two cross-pollinating effectively you 00:09:17.839 --> 00:09:20.110 align:start position:0% two cross-pollinating effectively you have<00:09:18.580> experimentation<00:09:19.580> where<00:09:19.730> you<00:09:19.880> have 00:09:20.110 --> 00:09:20.120 align:start position:0% have experimentation where you have 00:09:20.120 --> 00:09:22.750 align:start position:0% have experimentation where you have aetherium<00:09:20.900> and<00:09:21.110> other<00:09:21.320> technologies<00:09:22.070> that<00:09:22.280> we 00:09:22.750 --> 00:09:22.760 align:start position:0% aetherium and other technologies that we 00:09:22.760 --> 00:09:24.880 align:start position:0% aetherium and other technologies that we can<00:09:23.000> play<00:09:23.360> with<00:09:23.600> we<00:09:23.900> can<00:09:24.080> experiment<00:09:24.620> we<00:09:24.740> can 00:09:24.880 --> 00:09:24.890 align:start position:0% can play with we can experiment we can 00:09:24.890 --> 00:09:26.860 align:start position:0% can play with we can experiment we can explore<00:09:25.760> the<00:09:26.000> functional<00:09:26.630> the 00:09:26.860 --> 00:09:26.870 align:start position:0% explore the functional the 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that<00:09:35.690> so<00:09:36.200> this<00:09:36.260> is<00:09:36.320> a<00:09:36.440> common 00:09:36.880 --> 00:09:36.890 align:start position:0% design engineer that so this is a common 00:09:36.890 --> 00:09:38.890 align:start position:0% design engineer that so this is a common theme<00:09:37.160> that<00:09:37.430> we've<00:09:37.580> been<00:09:38.060> hearing<00:09:38.540> over<00:09:38.660> the 00:09:38.890 --> 00:09:38.900 align:start position:0% theme that we've been hearing over the 00:09:38.900 --> 00:09:41.710 align:start position:0% theme that we've been hearing over the last<00:09:39.200> maybe<00:09:39.800> six<00:09:40.220> months<00:09:40.520> or<00:09:40.670> so<00:09:40.880> so<00:09:41.450> we<00:09:41.570> need 00:09:41.710 --> 00:09:41.720 align:start position:0% last maybe six months or so so we need 00:09:41.720 --> 00:09:44.050 align:start position:0% last maybe six months or so so we need to<00:09:41.839> interplay<00:09:42.770> the<00:09:42.980> two<00:09:43.160> of<00:09:43.310> these<00:09:43.460> and<00:09:43.790> learn 00:09:44.050 --> 00:09:44.060 align:start position:0% to interplay the two of these and learn 00:09:44.060 --> 00:09:46.630 align:start position:0% to interplay the two of these and learn from<00:09:44.330> each<00:09:44.480> other<00:09:44.750> and<00:09:45.050> I<00:09:45.860> think<00:09:46.190> one<00:09:46.490> of<00:09:46.520> the 00:09:46.630 --> 00:09:46.640 align:start position:0% from each other and I think one of the 00:09:46.640 --> 00:09:48.760 align:start position:0% from each other and I think one of the things<00:09:46.790> we<00:09:46.910> found<00:09:47.089> in<00:09:47.390> the<00:09:47.690> last<00:09:48.290> few<00:09:48.620> months 00:09:48.760 --> 00:09:48.770 align:start position:0% things we found in the last few months 00:09:48.770 --> 00:09:51.010 align:start position:0% things we found in the last few months is<00:09:49.070> the<00:09:49.310> speed<00:09:49.700> at<00:09:49.940> which<00:09:50.020> certain 00:09:51.010 --> 00:09:51.020 align:start position:0% is the speed at which certain 00:09:51.020 --> 00:09:53.950 align:start position:0% is the speed at which certain technologies<00:09:51.740> have<00:09:52.070> matured<00:09:52.510> so<00:09:53.510> if<00:09:53.660> we<00:09:53.780> look 00:09:53.950 --> 00:09:53.960 align:start position:0% technologies have matured so if we look 00:09:53.960 --> 00:09:56.050 align:start position:0% technologies have matured so if we look to<00:09:54.080> say<00:09:54.260> six<00:09:54.589> nine<00:09:54.830> months<00:09:55.130> ago<00:09:55.280> when<00:09:55.610> we<00:09:55.850> were 00:09:56.050 --> 00:09:56.060 align:start position:0% to say six nine months ago when we were 00:09:56.060 --> 00:09:57.880 align:start position:0% to say six nine months ago when we were looking<00:09:56.390> at<00:09:56.510> some<00:09:56.839> of<00:09:56.870> the<00:09:57.110> experimental 00:09:57.880 --> 00:09:57.890 align:start position:0% looking at some of the experimental 00:09:57.890 --> 00:10:00.250 align:start position:0% looking at some of the experimental technologies<00:09:58.610> and<00:09:58.880> they<00:09:59.420> kind<00:09:59.720> of<00:09:59.780> fail<00:10:00.020> at 00:10:00.250 --> 00:10:00.260 align:start position:0% technologies and they kind of fail at 00:10:00.260 --> 00:10:02.140 align:start position:0% technologies and they kind of fail at the<00:10:00.350> first<00:10:00.380> hurdle<00:10:00.860> and<00:10:01.250> we<00:10:01.760> if<00:10:01.940> we're 00:10:02.140 --> 00:10:02.150 align:start position:0% the first hurdle and we if we're 00:10:02.150 --> 00:10:04.930 align:start position:0% the first hurdle and we if we're assessing<00:10:02.440> scalability<00:10:03.460> performance<00:10:04.460> data 00:10:04.930 --> 00:10:04.940 align:start position:0% assessing scalability performance data 00:10:04.940 --> 00:10:08.170 align:start position:0% assessing scalability performance data privacy<00:10:05.540> etc<00:10:06.500> and<00:10:06.950> it's<00:10:07.520> encouraging<00:10:08.000> to<00:10:08.150> see 00:10:08.170 --> 00:10:08.180 align:start position:0% privacy etc and it's encouraging to see 00:10:08.180 --> 00:10:10.390 align:start position:0% privacy etc and it's encouraging to see as<00:10:08.630> the<00:10:08.960> months<00:10:09.260> go<00:10:09.350> by<00:10:09.530> and<00:10:10.220> this<00:10:10.310> is 00:10:10.390 --> 00:10:10.400 align:start position:0% as the months go by and this is 00:10:10.400 --> 00:10:13.120 align:start position:0% as the months go by and this is incredibly<00:10:11.120> fast<00:10:11.510> that<00:10:12.260> startups<00:10:12.890> are 00:10:13.120 --> 00:10:13.130 align:start position:0% incredibly fast that startups are 00:10:13.130 --> 00:10:15.730 align:start position:0% incredibly fast that startups are already<00:10:13.760> pivoting<00:10:14.360> making<00:10:14.870> adjustments<00:10:15.620> to 00:10:15.730 --> 00:10:15.740 align:start position:0% already pivoting making adjustments to 00:10:15.740 --> 00:10:17.650 align:start position:0% already pivoting making adjustments to their<00:10:16.040> propositions<00:10:16.700> and<00:10:16.940> the<00:10:17.000> technologies 00:10:17.650 --> 00:10:17.660 align:start position:0% their propositions and the technologies 00:10:17.660 --> 00:10:19.870 align:start position:0% their propositions and the technologies in<00:10:18.260> order<00:10:18.560> to<00:10:18.680> come<00:10:18.860> back<00:10:19.070> with<00:10:19.339> things<00:10:19.640> that 00:10:19.870 --> 00:10:19.880 align:start position:0% in order to come back with things that 00:10:19.880 --> 00:10:22.480 align:start position:0% in order to come back with things that are<00:10:20.030> more<00:10:20.240> suitable<00:10:20.900> for<00:10:21.020> banking<00:10:21.500> and<00:10:22.280> I'll 00:10:22.480 --> 00:10:22.490 align:start position:0% are more suitable for banking and I'll 00:10:22.490 --> 00:10:25.390 align:start position:0% are more suitable for banking and I'll give<00:10:22.640> one<00:10:22.880> example<00:10:22.910> for<00:10:23.810> this<00:10:23.960> so<00:10:24.770> data 00:10:25.390 --> 00:10:25.400 align:start position:0% give one example for this so data 00:10:25.400 --> 00:10:28.930 align:start position:0% give one example for this so data privacy<00:10:26.120> is<00:10:26.270> key<00:10:27.070> if<00:10:28.070> we<00:10:28.250> look<00:10:28.400> about<00:10:28.610> a<00:10:28.640> year 00:10:28.930 --> 00:10:28.940 align:start position:0% privacy is key if we look about a year 00:10:28.940 --> 00:10:31.510 align:start position:0% privacy is key if we look about a year ago<00:10:29.060> maybe<00:10:29.930> a<00:10:30.050> year<00:10:30.260> and<00:10:30.380> a<00:10:30.410> half<00:10:30.589> ago<00:10:30.770> everyone 00:10:31.510 --> 00:10:31.520 align:start position:0% ago maybe a year and a half ago everyone 00:10:31.520 --> 00:10:33.070 align:start position:0% ago maybe a year and a half ago everyone was<00:10:31.640> saying<00:10:31.820> well<00:10:32.060> it<00:10:32.420> all<00:10:32.660> needs<00:10:32.839> to<00:10:32.990> be 00:10:33.070 --> 00:10:33.080 align:start position:0% was saying well it all needs to be 00:10:33.080 --> 00:10:35.560 align:start position:0% was saying well it all needs to be completely<00:10:33.560> transparent<00:10:33.950> in<00:10:34.310> public<00:10:34.700> then 00:10:35.560 --> 00:10:35.570 align:start position:0% completely transparent in public then 00:10:35.570 --> 00:10:37.180 align:start position:0% completely transparent in public then there's<00:10:35.780> a<00:10:35.839> bit<00:10:35.960> of<00:10:36.050> a<00:10:36.080> shift<00:10:36.350> and<00:10:36.650> saying<00:10:36.830> well 00:10:37.180 --> 00:10:37.190 align:start position:0% there's a bit of a shift and saying well 00:10:37.190 --> 00:10:39.130 align:start position:0% there's a bit of a shift and saying well actually<00:10:37.310> we<00:10:37.670> can<00:10:37.850> do<00:10:38.000> some<00:10:38.270> encryption<00:10:38.839> as 00:10:39.130 --> 00:10:39.140 align:start position:0% actually we can do some encryption as 00:10:39.140 --> 00:10:42.730 align:start position:0% actually we can do some encryption as well<00:10:39.320> and<00:10:39.530> model<00:10:39.830> items<00:10:40.310> within<00:10:40.700> that<00:10:41.050> okay 00:10:42.730 --> 00:10:42.740 align:start position:0% well and model items within that okay 00:10:42.740 --> 00:10:44.769 align:start position:0% well and model items within that okay take<00:10:43.130> you<00:10:43.220> the<00:10:43.310> next<00:10:43.520> step<00:10:43.880> further<00:10:44.270> maybe 00:10:44.769 --> 00:10:44.779 align:start position:0% take you the next step further maybe 00:10:44.779 --> 00:10:46.660 align:start position:0% take you the next step further maybe actually<00:10:45.170> you<00:10:45.260> don't<00:10:45.410> want<00:10:45.620> just<00:10:45.830> one<00:10:46.100> chain 00:10:46.660 --> 00:10:46.670 align:start position:0% actually you don't want just one chain 00:10:46.670 --> 00:10:48.850 align:start position:0% actually you don't want just one chain maybe<00:10:46.970> need<00:10:47.209> multiple<00:10:47.720> chains<00:10:48.050> and<00:10:48.500> then<00:10:48.770> the 00:10:48.850 --> 00:10:48.860 align:start position:0% maybe need multiple chains and then the 00:10:48.860 --> 00:10:50.139 align:start position:0% maybe need multiple chains and then the different<00:10:49.190> chain<00:10:49.370> so<00:10:49.520> you<00:10:49.550> can<00:10:49.640> partition 00:10:50.139 --> 00:10:50.149 align:start position:0% different chain so you can partition 00:10:50.149 --> 00:10:52.660 align:start position:0% different chain so you can partition data<00:10:50.600> so<00:10:51.560> you're<00:10:51.680> actually<00:10:51.830> then<00:10:52.190> starting<00:10:52.640> to 00:10:52.660 --> 00:10:52.670 align:start position:0% data so you're actually then starting to 00:10:52.670 --> 00:10:55.510 align:start position:0% data so you're actually then starting to get<00:10:52.880> inside<00:10:53.450> the<00:10:53.630> heads<00:10:53.899> of<00:10:54.200> the<00:10:54.830> architects 00:10:55.510 --> 00:10:55.520 align:start position:0% get inside the heads of the architects 00:10:55.520 --> 00:10:57.639 align:start position:0% get inside the heads of the architects within<00:10:55.910> investment<00:10:56.420> banks<00:10:56.779> when<00:10:57.230> they<00:10:57.410> say<00:10:57.589> is 00:10:57.639 --> 00:10:57.649 align:start position:0% within investment banks when they say is 00:10:57.649 --> 00:10:59.699 align:start position:0% within investment banks when they say is the<00:10:57.740> first<00:10:57.950> step<00:10:58.070> will<00:10:58.880> it<00:10:59.000> allow<00:10:59.120> us<00:10:59.240> to<00:10:59.360> do 00:10:59.699 --> 00:10:59.709 align:start position:0% the first step will it allow us to do 00:10:59.709 --> 00:11:02.769 align:start position:0% the first step will it allow us to do ABCD<00:11:00.709> so<00:11:01.250> in<00:11:01.339> the<00:11:01.399> past<00:11:01.610> it<00:11:01.850> used<00:11:01.880> to<00:11:02.149> be<00:11:02.300> failed 00:11:02.769 --> 00:11:02.779 align:start position:0% ABCD so in the past it used to be failed 00:11:02.779 --> 00:11:04.720 align:start position:0% ABCD so in the past it used to be failed failed<00:11:03.050> failed<00:11:03.170> and<00:11:03.800> it<00:11:03.890> was<00:11:03.980> like<00:11:04.100> failed 00:11:04.720 --> 00:11:04.730 align:start position:0% failed failed and it was like failed 00:11:04.730 --> 00:11:06.880 align:start position:0% failed failed and it was like failed parts<00:11:05.270> of<00:11:05.420> failed<00:11:05.630> paths<00:11:05.959> and<00:11:06.230> it's<00:11:06.589> nearly 00:11:06.880 --> 00:11:06.890 align:start position:0% parts of failed paths and it's nearly 00:11:06.890 --> 00:11:08.800 align:start position:0% parts of failed paths and it's nearly getting<00:11:07.339> there<00:11:07.520> now<00:11:07.550> so<00:11:08.480> it's<00:11:08.630> quite 00:11:08.800 --> 00:11:08.810 align:start position:0% getting there now so it's quite 00:11:08.810 --> 00:11:10.690 align:start position:0% getting there now so it's quite inspiring<00:11:09.290> as<00:11:09.770> we<00:11:09.890> were<00:11:09.950> saying<00:11:10.160> to<00:11:10.370> actually 00:11:10.690 --> 00:11:10.700 align:start position:0% inspiring as we were saying to actually 00:11:10.700 --> 00:11:25.630 align:start position:0% inspiring as we were saying to actually see<00:11:10.940> that<00:11:10.970> progressing<00:11:24.130> we<00:11:25.130> definitely<00:11:25.520> see 00:11:25.630 --> 00:11:25.640 align:start position:0% see that progressing we definitely see 00:11:25.640 --> 00:11:26.860 align:start position:0% see that progressing we definitely see the<00:11:25.670> value<00:11:25.760> in<00:11:26.060> experimentation 00:11:26.860 --> 00:11:26.870 align:start position:0% the value in experimentation 00:11:26.870 --> 00:11:29.530 align:start position:0% the value in experimentation you<00:11:27.740> know<00:11:27.830> we<00:11:28.160> demoed<00:11:28.520> the<00:11:29.120> small<00:11:29.330> pond 00:11:29.530 --> 00:11:29.540 align:start position:0% you know we demoed the small pond 00:11:29.540 --> 00:11:31.570 align:start position:0% you know we demoed the small pond experiment<00:11:30.080> you<00:11:31.010> know<00:11:31.130> where<00:11:31.279> we<00:11:31.370> try<00:11:31.550> to 00:11:31.570 --> 00:11:31.580 align:start position:0% experiment you know where we try to 00:11:31.580 --> 00:11:35.230 align:start position:0% experiment you know where we try to model<00:11:32.620> security<00:11:33.620> just<00:11:34.399> you<00:11:34.640> know<00:11:34.760> that<00:11:34.970> that's 00:11:35.230 --> 00:11:35.240 align:start position:0% model security just you know that that's 00:11:35.240 --> 00:11:37.060 align:start position:0% model security just you know that that's that's<00:11:35.570> probably<00:11:35.750> very<00:11:36.140> useful<00:11:36.529> and<00:11:36.770> as<00:11:36.950> an 00:11:37.060 --> 00:11:37.070 align:start position:0% that's probably very useful and as an 00:11:37.070 --> 00:11:39.820 align:start position:0% that's probably very useful and as an educational<00:11:37.550> tool<00:11:37.899> and<00:11:38.899> also<00:11:39.200> to<00:11:39.260> stimulate 00:11:39.820 --> 00:11:39.830 align:start position:0% educational tool and also to stimulate 00:11:39.830 --> 00:11:42.970 align:start position:0% educational tool and also to stimulate conversation<00:11:40.370> inside<00:11:40.610> the<00:11:40.790> bank<00:11:41.230> we<00:11:42.230> find<00:11:42.740> you 00:11:42.970 --> 00:11:42.980 align:start position:0% conversation inside the bank we find you 00:11:42.980 --> 00:11:47.110 align:start position:0% conversation inside the bank we find you know<00:11:43.100> Express<00:11:44.560> to<00:11:45.560> a<00:11:45.589> line<00:11:45.740> you<00:11:46.010> know<00:11:46.130> we<00:11:46.550> found 00:11:47.110 --> 00:11:47.120 align:start position:0% know Express to a line you know we found 00:11:47.120 --> 00:11:49.269 align:start position:0% know Express to a line you know we found that<00:11:47.300> experimentation<00:11:48.290> allows<00:11:48.890> us<00:11:49.100> to 00:11:49.269 --> 00:11:49.279 align:start position:0% that experimentation allows us to 00:11:49.279 --> 00:11:52.660 align:start position:0% that experimentation allows us to discover<00:11:49.610> you<00:11:50.060> know<00:11:50.290> areas<00:11:51.290> where<00:11:51.500> we<00:11:52.459> need<00:11:52.610> to 00:11:52.660 --> 00:11:52.670 align:start position:0% discover you know areas where we need to 00:11:52.670 --> 00:11:54.819 align:start position:0% discover you know areas where we need to focus<00:11:52.970> and<00:11:53.390> you<00:11:53.779> know<00:11:53.959> and<00:11:54.170> that's<00:11:54.589> that's 00:11:54.819 --> 00:11:54.829 align:start position:0% focus and you know and that's that's 00:11:54.829 --> 00:11:56.650 align:start position:0% focus and you know and that's that's when<00:11:55.100> we<00:11:55.220> will<00:11:55.579> issue<00:11:55.700> the<00:11:55.940> challenges<00:11:56.360> out<00:11:56.480> to 00:11:56.650 --> 00:11:56.660 align:start position:0% when we will issue the challenges out to 00:11:56.660 --> 00:11:59.769 align:start position:0% when we will issue the challenges out to the<00:11:56.750> community<00:11:57.140> to<00:11:57.790> to<00:11:58.790> help<00:11:59.000> you<00:11:59.360> know<00:11:59.480> fight 00:11:59.769 --> 00:11:59.779 align:start position:0% the community to to help you know fight 00:11:59.779 --> 00:12:00.760 align:start position:0% the community to to help you know fight find<00:12:00.110> those<00:12:00.260> solutions 00:12:00.760 --> 00:12:00.770 align:start position:0% find those solutions 00:12:00.770 --> 00:12:03.240 align:start position:0% find those solutions you<00:12:00.920> know<00:12:01.040> enable<00:12:01.970> scale<00:12:02.240> enable 00:12:03.240 --> 00:12:03.250 align:start position:0% you know enable scale enable 00:12:03.250 --> 00:12:05.710 align:start position:0% you know enable scale enable transparency<00:12:04.250> and<00:12:04.430> privacy<00:12:05.000> the<00:12:05.270> right 00:12:05.710 --> 00:12:05.720 align:start position:0% transparency and privacy the right 00:12:05.720 --> 00:12:09.100 align:start position:0% transparency and privacy the right balance<00:12:06.079> of<00:12:06.320> those<00:12:06.470> things<00:12:07.899> they<00:12:08.899> will<00:12:09.079> need 00:12:09.100 --> 00:12:09.110 align:start position:0% balance of those things they will need 00:12:09.110 --> 00:12:11.319 align:start position:0% balance of those things they will need need<00:12:09.709> to<00:12:09.860> be<00:12:09.980> ultimately<00:12:10.820> a<00:12:10.910> need<00:12:11.120> for 00:12:11.319 --> 00:12:11.329 align:start position:0% need to be ultimately a need for 00:12:11.329 --> 00:12:12.850 align:start position:0% need to be ultimately a need for standards<00:12:11.690> but<00:12:11.810> we<00:12:11.870> want<00:12:12.079> those<00:12:12.230> to<00:12:12.380> be<00:12:12.410> open 00:12:12.850 --> 00:12:12.860 align:start position:0% standards but we want those to be open 00:12:12.860 --> 00:12:16.480 align:start position:0% standards but we want those to be open we<00:12:13.010> want<00:12:13.160> those<00:12:13.339> to<00:12:13.959> you<00:12:14.959> know<00:12:15.160> open<00:12:16.160> access 00:12:16.480 --> 00:12:16.490 align:start position:0% we want those to you know open access 00:12:16.490 --> 00:12:19.930 align:start position:0% we want those to you know open access and<00:12:16.940> and<00:12:17.329> and<00:12:18.050> and<00:12:18.440> you<00:12:19.130> know<00:12:19.160> flatten<00:12:19.730> flatten 00:12:19.930 --> 00:12:19.940 align:start position:0% and and and and you know flatten flatten 00:12:19.940 --> 00:12:22.180 align:start position:0% and and and and you know flatten flatten the<00:12:20.510> the<00:12:20.779> current<00:12:21.290> structures<00:12:21.649> we<00:12:21.770> have<00:12:21.920> today 00:12:22.180 --> 00:12:22.190 align:start position:0% the the current structures we have today 00:12:22.190 --> 00:12:25.420 align:start position:0% the the current structures we have today so<00:12:22.820> you<00:12:23.149> know<00:12:23.209> I<00:12:23.480> think<00:12:23.750> both<00:12:24.589> we<00:12:25.130> need<00:12:25.279> both 00:12:25.420 --> 00:12:25.430 align:start position:0% so you know I think both we need both 00:12:25.430 --> 00:12:28.790 align:start position:0% so you know I think both we need both sides<00:12:25.700> of<00:12:25.820> the<00:12:25.880> story 00:12:28.790 --> 00:12:28.800 align:start position:0% 00:12:28.800 --> 00:12:32.840 align:start position:0% I<00:12:28.860> agree<00:12:29.870> where<00:12:30.870> we<00:12:31.490> from<00:12:32.490> our<00:12:32.700> different 00:12:32.840 --> 00:12:32.850 align:start position:0% I agree where we from our different 00:12:32.850 --> 00:12:35.720 align:start position:0% I agree where we from our different enterprise<00:12:33.410> banking<00:12:34.410> clients<00:12:34.620> it<00:12:35.399> seems<00:12:35.580> like 00:12:35.720 --> 00:12:35.730 align:start position:0% enterprise banking clients it seems like 00:12:35.730 --> 00:12:38.269 align:start position:0% enterprise banking clients it seems like it<00:12:35.820> goes<00:12:35.970> the<00:12:36.060> same<00:12:36.240> way<00:12:36.420> where<00:12:36.720> we<00:12:37.080> have<00:12:37.279> the 00:12:38.269 --> 00:12:38.279 align:start position:0% it goes the same way where we have the 00:12:38.279 --> 00:12:40.940 align:start position:0% it goes the same way where we have the bank<00:12:38.910> is<00:12:39.029> requesting<00:12:39.570> we<00:12:40.350> want<00:12:40.560> some<00:12:40.740> kind<00:12:40.920> of 00:12:40.940 --> 00:12:40.950 align:start position:0% bank is requesting we want some kind of 00:12:40.950 --> 00:12:42.560 align:start position:0% bank is requesting we want some kind of use<00:12:41.130> case<00:12:41.339> that<00:12:41.550> we<00:12:41.640> want<00:12:41.730> to<00:12:41.850> work<00:12:42.000> with<00:12:42.209> and 00:12:42.560 --> 00:12:42.570 align:start position:0% use case that we want to work with and 00:12:42.570 --> 00:12:44.449 align:start position:0% use case that we want to work with and it<00:12:43.050> may<00:12:43.170> not<00:12:43.290> even<00:12:43.350> be<00:12:43.589> a<00:12:43.740> case<00:12:44.010> that<00:12:44.040> they're 00:12:44.449 --> 00:12:44.459 align:start position:0% it may not even be a case that they're 00:12:44.459 --> 00:12:46.069 align:start position:0% it may not even be a case that they're going<00:12:44.700> to<00:12:44.910> then<00:12:45.060> implement<00:12:45.329> through<00:12:45.810> it<00:12:45.959> but 00:12:46.069 --> 00:12:46.079 align:start position:0% going to then implement through it but 00:12:46.079 --> 00:12:48.170 align:start position:0% going to then implement through it but it<00:12:46.230> it<00:12:46.829> seems<00:12:47.160> like<00:12:47.310> it's<00:12:47.550> giving<00:12:47.880> them<00:12:48.000> much 00:12:48.170 --> 00:12:48.180 align:start position:0% it it seems like it's giving them much 00:12:48.180 --> 00:12:50.750 align:start position:0% it it seems like it's giving them much more<00:12:48.360> of<00:12:48.450> an<00:12:48.540> education<00:12:49.079> of<00:12:49.320> how<00:12:50.190> to<00:12:50.250> utilize 00:12:50.750 --> 00:12:50.760 align:start position:0% more of an education of how to utilize 00:12:50.760 --> 00:12:53.750 align:start position:0% more of an education of how to utilize this<00:12:50.970> type<00:12:51.180> of<00:12:51.209> technology<00:12:51.870> so<00:12:52.800> and<00:12:53.190> yeah<00:12:53.730> I 00:12:53.750 --> 00:12:53.760 align:start position:0% this type of technology so and yeah I 00:12:53.760 --> 00:12:56.269 align:start position:0% this type of technology so and yeah I think<00:12:54.510> kind<00:12:54.779> of<00:12:54.870> just<00:12:55.050> a<00:12:55.140> natural<00:12:55.589> flow<00:12:56.010> will 00:12:56.269 --> 00:12:56.279 align:start position:0% think kind of just a natural flow will 00:12:56.279 --> 00:12:59.150 align:start position:0% think kind of just a natural flow will be<00:12:56.490> a<00:12:57.079> use<00:12:58.079> case<00:12:58.260> with<00:12:58.470> the<00:12:58.560> internal<00:12:58.980> in<00:12:59.040> the 00:12:59.150 --> 00:12:59.160 align:start position:0% be a use case with the internal in the 00:12:59.160 --> 00:13:00.920 align:start position:0% be a use case with the internal in the bank<00:12:59.370> as<00:12:59.670> well<00:12:59.970> as<00:13:00.209> the<00:13:00.420> you<00:13:00.660> know<00:13:00.750> then 00:13:00.920 --> 00:13:00.930 align:start position:0% bank as well as the you know then 00:13:00.930 --> 00:13:02.780 align:start position:0% bank as well as the you know then growing<00:13:01.500> that<00:13:01.680> from<00:13:01.890> that<00:13:02.100> type<00:13:02.310> of<00:13:02.339> private 00:13:02.780 --> 00:13:02.790 align:start position:0% growing that from that type of private 00:13:02.790 --> 00:13:04.280 align:start position:0% growing that from that type of private blockchain<00:13:03.240> to<00:13:03.510> more<00:13:03.839> of<00:13:03.899> a<00:13:03.959> concerted 00:13:04.280 --> 00:13:04.290 align:start position:0% blockchain to more of a concerted 00:13:04.290 --> 00:13:07.340 align:start position:0% blockchain to more of a concerted consortium<00:13:05.100> blockchain<00:13:05.550> and<00:13:05.959> then<00:13:06.959> grabbing 00:13:07.340 --> 00:13:07.350 align:start position:0% consortium blockchain and then grabbing 00:13:07.350 --> 00:13:09.170 align:start position:0% consortium blockchain and then grabbing you<00:13:07.800> know<00:13:07.890> partners<00:13:08.279> so<00:13:08.459> that<00:13:08.490> they<00:13:08.730> can<00:13:08.940> match 00:13:09.170 --> 00:13:09.180 align:start position:0% you know partners so that they can match 00:13:09.180 --> 00:13:15.949 align:start position:0% you know partners so that they can match up<00:13:13.640> consortio<00:13:14.640> are<00:13:14.820> a<00:13:15.060> good<00:13:15.540> way<00:13:15.690> to<00:13:15.750> do<00:13:15.930> that 00:13:15.949 --> 00:13:15.959 align:start position:0% up consortio are a good way to do that 00:13:15.959 --> 00:13:19.579 align:start position:0% up consortio are a good way to do that validation<00:13:16.560> as<00:13:16.649> well<00:13:16.829> and<00:13:18.019> you<00:13:19.019> know<00:13:19.050> you<00:13:19.410> see 00:13:19.579 --> 00:13:19.589 align:start position:0% validation as well and you know you see 00:13:19.589 --> 00:13:21.470 align:start position:0% validation as well and you know you see it's<00:13:20.070> not<00:13:20.220> it's<00:13:20.490> not<00:13:20.610> something<00:13:20.880> we<00:13:21.000> can<00:13:21.149> we 00:13:21.470 --> 00:13:21.480 align:start position:0% it's not it's not something we can we 00:13:21.480 --> 00:13:23.120 align:start position:0% it's not it's not something we can we can<00:13:21.660> you<00:13:22.170> know<00:13:22.290> for<00:13:22.470> want<00:13:22.620> of<00:13:22.680> a<00:13:22.769> better<00:13:22.800> term 00:13:23.120 --> 00:13:23.130 align:start position:0% can you know for want of a better term 00:13:23.130 --> 00:13:24.920 align:start position:0% can you know for want of a better term win<00:13:23.370> on<00:13:23.490> our<00:13:23.519> own<00:13:23.790> you<00:13:24.089> know<00:13:24.120> we<00:13:24.510> need<00:13:24.660> we<00:13:24.899> need 00:13:24.920 --> 00:13:24.930 align:start position:0% win on our own you know we need we need 00:13:24.930 --> 00:13:27.860 align:start position:0% win on our own you know we need we need to<00:13:25.079> we<00:13:25.620> need<00:13:25.649> participation<00:13:26.519> that<00:13:27.450> that 00:13:27.860 --> 00:13:27.870 align:start position:0% to we need participation that that 00:13:27.870 --> 00:13:30.230 align:start position:0% to we need participation that that involves<00:13:28.230> us<00:13:28.410> as<00:13:28.890> banks<00:13:29.220> but<00:13:29.430> also<00:13:29.579> also<00:13:30.029> the 00:13:30.230 --> 00:13:30.240 align:start position:0% involves us as banks but also also the 00:13:30.240 --> 00:13:38.110 align:start position:0% involves us as banks but also also the community<00:13:30.750> at<00:13:31.410> large<00:13:31.589> the<00:13:32.010> fintechs<00:13:32.959> startups 00:13:38.110 --> 00:13:38.120 align:start position:0% 00:13:38.120 --> 00:13:40.960 align:start position:0% like<00:13:38.689> I<00:13:38.720> said<00:13:38.870> a<00:13:39.199> lot<00:13:39.499> of<00:13:39.559> the<00:13:39.740> thinking<00:13:40.220> in<00:13:40.550> the 00:13:40.960 --> 00:13:40.970 align:start position:0% like I said a lot of the thinking in the 00:13:40.970 --> 00:13:43.059 align:start position:0% like I said a lot of the thinking in the last<00:13:40.999> couple<00:13:41.569> of<00:13:41.629> months<00:13:41.749> for<00:13:42.110> for<00:13:42.529> suction<00:13:42.740> as 00:13:43.059 --> 00:13:43.069 align:start position:0% last couple of months for for suction as 00:13:43.069 --> 00:13:46.540 align:start position:0% last couple of months for for suction as being<00:13:43.339> around<00:13:44.139> you<00:13:45.139> know<00:13:45.370> what<00:13:46.370> value 00:13:46.540 --> 00:13:46.550 align:start position:0% being around you know what value 00:13:46.550 --> 00:13:49.030 align:start position:0% being around you know what value internally<00:13:47.360> could<00:13:48.050> we<00:13:48.170> generate<00:13:48.559> by<00:13:48.709> making 00:13:49.030 --> 00:13:49.040 align:start position:0% internally could we generate by making 00:13:49.040 --> 00:13:51.040 align:start position:0% internally could we generate by making use<00:13:49.189> of<00:13:49.220> blockchain<00:13:49.790> and<00:13:49.819> and<00:13:50.269> so<00:13:50.660> that's<00:13:50.839> kind 00:13:51.040 --> 00:13:51.050 align:start position:0% use of blockchain and and so that's kind 00:13:51.050 --> 00:13:52.660 align:start position:0% use of blockchain and and so that's kind of<00:13:51.079> figuring<00:13:51.410> out<00:13:51.559> okay<00:13:51.949> so<00:13:52.009> what's<00:13:52.339> the<00:13:52.459> state 00:13:52.660 --> 00:13:52.670 align:start position:0% of figuring out okay so what's the state 00:13:52.670 --> 00:13:55.179 align:start position:0% of figuring out okay so what's the state of<00:13:52.730> the<00:13:52.970> art<00:13:53.139> and<00:13:54.139> as<00:13:54.259> these<00:13:54.439> guys<00:13:54.680> have 00:13:55.179 --> 00:13:55.189 align:start position:0% of the art and as these guys have 00:13:55.189 --> 00:13:57.730 align:start position:0% of the art and as these guys have already<00:13:55.430> been<00:13:55.579> saying<00:13:55.850> that<00:13:56.779> that<00:13:57.259> frontier 00:13:57.730 --> 00:13:57.740 align:start position:0% already been saying that that frontier 00:13:57.740 --> 00:13:59.650 align:start position:0% already been saying that that frontier of<00:13:57.800> knowledge<00:13:57.980> she's<00:13:58.279> moving<00:13:58.639> on<00:13:58.730> so<00:13:58.999> so<00:13:59.360> fast 00:13:59.650 --> 00:13:59.660 align:start position:0% of knowledge she's moving on so so fast 00:13:59.660 --> 00:14:01.389 align:start position:0% of knowledge she's moving on so so fast and<00:13:59.870> that<00:13:59.990> was<00:14:00.079> kind<00:14:00.259> of<00:14:00.290> evident<00:14:00.740> from<00:14:00.889> from<00:14:01.339> a 00:14:01.389 --> 00:14:01.399 align:start position:0% and that was kind of evident from from a 00:14:01.399 --> 00:14:04.329 align:start position:0% and that was kind of evident from from a lot<00:14:01.550> of<00:14:01.670> what's<00:14:01.879> been<00:14:02.120> talked<00:14:02.839> about<00:14:03.220> its<00:14:04.220> kind 00:14:04.329 --> 00:14:04.339 align:start position:0% lot of what's been talked about its kind 00:14:04.339 --> 00:14:06.460 align:start position:0% lot of what's been talked about its kind of<00:14:04.459> conference<00:14:04.879> so<00:14:05.059> just<00:14:05.809> understanding 00:14:06.460 --> 00:14:06.470 align:start position:0% of conference so just understanding 00:14:06.470 --> 00:14:08.259 align:start position:0% of conference so just understanding where<00:14:07.100> are<00:14:07.249> we<00:14:07.430> now<00:14:07.579> where<00:14:07.910> are<00:14:07.970> we<00:14:08.059> going<00:14:08.209> to 00:14:08.259 --> 00:14:08.269 align:start position:0% where are we now where are we going to 00:14:08.269 --> 00:14:09.850 align:start position:0% where are we now where are we going to be<00:14:08.389> projecting<00:14:08.870> ourselves<00:14:09.350> and<00:14:09.470> then<00:14:09.589> kind<00:14:09.769> of 00:14:09.850 --> 00:14:09.860 align:start position:0% be projecting ourselves and then kind of 00:14:09.860 --> 00:14:11.860 align:start position:0% be projecting ourselves and then kind of playing<00:14:10.009> a<00:14:10.129> mating<00:14:10.519> game<00:14:10.699> which<00:14:10.999> is<00:14:11.240> what<00:14:11.779> are 00:14:11.860 --> 00:14:11.870 align:start position:0% playing a mating game which is what are 00:14:11.870 --> 00:14:13.480 align:start position:0% playing a mating game which is what are the<00:14:11.930> internal<00:14:12.290> use<00:14:12.529> cases<00:14:12.829> that<00:14:13.009> we've<00:14:13.279> got 00:14:13.480 --> 00:14:13.490 align:start position:0% the internal use cases that we've got 00:14:13.490 --> 00:14:14.619 align:start position:0% the internal use cases that we've got where<00:14:13.730> do<00:14:13.790> we<00:14:13.910> see<00:14:14.089> that<00:14:14.120> we've<00:14:14.329> gotten 00:14:14.619 --> 00:14:14.629 align:start position:0% where do we see that we've gotten 00:14:14.629 --> 00:14:16.569 align:start position:0% where do we see that we've gotten efficiencies<00:14:15.259> that<00:14:15.889> we<00:14:16.040> can<00:14:16.220> manage<00:14:16.399> to 00:14:16.569 --> 00:14:16.579 align:start position:0% efficiencies that we can manage to 00:14:16.579 --> 00:14:18.569 align:start position:0% efficiencies that we can manage to eradicate<00:14:17.059> how<00:14:17.240> can<00:14:17.420> we<00:14:17.509> create<00:14:17.809> value 00:14:18.569 --> 00:14:18.579 align:start position:0% eradicate how can we create value 00:14:18.579 --> 00:14:20.530 align:start position:0% eradicate how can we create value internally<00:14:19.579> and<00:14:19.730> to<00:14:19.759> our<00:14:19.970> clients<00:14:20.329> from<00:14:20.449> the 00:14:20.530 --> 00:14:20.540 align:start position:0% internally and to our clients from the 00:14:20.540 --> 00:14:21.879 align:start position:0% internally and to our clients from the technology<00:14:21.050> and<00:14:21.170> it's<00:14:21.290> just<00:14:21.499> kind<00:14:21.709> of<00:14:21.740> been 00:14:21.879 --> 00:14:21.889 align:start position:0% technology and it's just kind of been 00:14:21.889 --> 00:14:24.069 align:start position:0% technology and it's just kind of been trying<00:14:22.399> to<00:14:22.459> figure<00:14:22.670> that<00:14:22.790> out 00:14:24.069 --> 00:14:24.079 align:start position:0% trying to figure that out 00:14:24.079 --> 00:14:27.340 align:start position:0% trying to figure that out I<00:14:24.110> think<00:14:25.100> the<00:14:25.279> the<00:14:25.999> dlg<00:14:26.480> consortium<00:14:27.230> which 00:14:27.340 --> 00:14:27.350 align:start position:0% I think the the dlg consortium which 00:14:27.350 --> 00:14:29.049 align:start position:0% I think the the dlg consortium which kind<00:14:27.529> of<00:14:27.620> happened<00:14:27.920> you<00:14:28.189> know<00:14:28.579> what<00:14:28.730> three 00:14:29.049 --> 00:14:29.059 align:start position:0% kind of happened you know what three 00:14:29.059 --> 00:14:31.509 align:start position:0% kind of happened you know what three four<00:14:29.089> five<00:14:29.660> months<00:14:29.930> ago<00:14:30.050> now<00:14:30.350> was<00:14:30.949> kind<00:14:31.459> of 00:14:31.509 --> 00:14:31.519 align:start position:0% four five months ago now was kind of 00:14:31.519 --> 00:14:33.429 align:start position:0% four five months ago now was kind of really<00:14:31.759> a<00:14:31.790> recognition<00:14:32.300> that<00:14:32.749> most 00:14:33.429 --> 00:14:33.439 align:start position:0% really a recognition that most 00:14:33.439 --> 00:14:37.509 align:start position:0% really a recognition that most organizations<00:14:35.589> figured<00:14:36.589> out<00:14:36.709> that<00:14:37.100> an 00:14:37.509 --> 00:14:37.519 align:start position:0% organizations figured out that an 00:14:37.519 --> 00:14:39.670 align:start position:0% organizations figured out that an obvious<00:14:37.970> thing<00:14:38.689> that<00:14:38.749> we<00:14:38.990> an<00:14:39.230> obvious 00:14:39.670 --> 00:14:39.680 align:start position:0% obvious thing that we an obvious 00:14:39.680 --> 00:14:43.900 align:start position:0% obvious thing that we an obvious ambition<00:14:40.220> that<00:14:40.249> we<00:14:40.519> have<00:14:40.819> is<00:14:42.910> simplification 00:14:43.900 --> 00:14:43.910 align:start position:0% ambition that we have is simplification 00:14:43.910 --> 00:14:45.819 align:start position:0% ambition that we have is simplification and<00:14:43.999> acceleration<00:14:44.749> of<00:14:44.870> the<00:14:45.050> back<00:14:45.199> office<00:14:45.439> is 00:14:45.819 --> 00:14:45.829 align:start position:0% and acceleration of the back office is 00:14:45.829 --> 00:14:48.249 align:start position:0% and acceleration of the back office is that<00:14:46.100> we've<00:14:46.249> got<00:14:46.429> so<00:14:46.790> we've<00:14:47.449> got<00:14:47.629> similar<00:14:47.990> set 00:14:48.249 --> 00:14:48.259 align:start position:0% that we've got so we've got similar set 00:14:48.259 --> 00:14:49.449 align:start position:0% that we've got so we've got similar set of<00:14:48.350> financial<00:14:48.769> products<00:14:49.160> we've<00:14:49.309> got<00:14:49.429> a 00:14:49.449 --> 00:14:49.459 align:start position:0% of financial products we've got a 00:14:49.459 --> 00:14:51.939 align:start position:0% of financial products we've got a similar<00:14:49.819> set<00:14:49.999> of<00:14:50.240> processing<00:14:51.230> challenges<00:14:51.439> and 00:14:51.939 --> 00:14:51.949 align:start position:0% similar set of processing challenges and 00:14:51.949 --> 00:14:54.189 align:start position:0% similar set of processing challenges and cost<00:14:52.339> overhead<00:14:52.819> associated<00:14:53.089> with<00:14:53.749> that 00:14:54.189 --> 00:14:54.199 align:start position:0% cost overhead associated with that 00:14:54.199 --> 00:14:58.119 align:start position:0% cost overhead associated with that and<00:14:54.290> that<00:14:55.189> the<00:14:55.459> promise<00:14:56.449> is<00:14:56.779> to<00:14:57.589> be<00:14:57.709> able<00:14:57.860> to 00:14:58.119 --> 00:14:58.129 align:start position:0% and that the promise is to be able to 00:14:58.129 --> 00:15:02.259 align:start position:0% and that the promise is to be able to make<00:14:58.970> use<00:14:59.269> of<00:14:59.679> blockchain<00:15:00.679> technology<00:15:01.279> for 00:15:02.259 --> 00:15:02.269 align:start position:0% make use of blockchain technology for 00:15:02.269 --> 00:15:06.850 align:start position:0% make use of blockchain technology for the<00:15:02.540> benefit<00:15:02.990> of<00:15:03.199> you<00:15:04.100> know<00:15:04.870> ourselves<00:15:05.870> our 00:15:06.850 --> 00:15:06.860 align:start position:0% the benefit of you know ourselves our 00:15:06.860 --> 00:15:09.369 align:start position:0% the benefit of you know ourselves our clients<00:15:07.579> and<00:15:07.730> also<00:15:08.509> for<00:15:08.720> the<00:15:08.779> public<00:15:08.959> in<00:15:09.290> the 00:15:09.369 --> 00:15:09.379 align:start position:0% clients and also for the public in the 00:15:09.379 --> 00:15:11.650 align:start position:0% clients and also for the public in the form<00:15:09.589> of<00:15:09.649> great<00:15:09.829> transparency<00:15:10.660> greater 00:15:11.650 --> 00:15:11.660 align:start position:0% form of great transparency greater 00:15:11.660 --> 00:15:15.749 align:start position:0% form of great transparency greater predictability<00:15:13.420> greater<00:15:14.420> proof<00:15:14.870> via 00:15:15.749 --> 00:15:15.759 align:start position:0% predictability greater proof via 00:15:15.759 --> 00:15:19.150 align:start position:0% predictability greater proof via construction<00:15:16.759> of<00:15:17.059> correct<00:15:17.990> running<00:15:18.439> now<00:15:18.980> this 00:15:19.150 --> 00:15:19.160 align:start position:0% construction of correct running now this 00:15:19.160 --> 00:15:21.639 align:start position:0% construction of correct running now this is<00:15:19.309> the<00:15:19.399> ambition<00:15:19.699> that<00:15:19.850> we<00:15:19.999> have<00:15:20.269> and<00:15:20.600> and<00:15:21.139> the 00:15:21.639 --> 00:15:21.649 align:start position:0% is the ambition that we have and and the 00:15:21.649 --> 00:15:23.259 align:start position:0% is the ambition that we have and and the consortium<00:15:21.980> moment<00:15:22.639> was<00:15:22.790> kind<00:15:22.999> of<00:15:23.089> saying 00:15:23.259 --> 00:15:23.269 align:start position:0% consortium moment was kind of saying 00:15:23.269 --> 00:15:24.970 align:start position:0% consortium moment was kind of saying well<00:15:23.929> actually<00:15:24.110> if<00:15:24.470> we're<00:15:24.620> going<00:15:24.740> to<00:15:24.829> achieve 00:15:24.970 --> 00:15:24.980 align:start position:0% well actually if we're going to achieve 00:15:24.980 --> 00:15:26.590 align:start position:0% well actually if we're going to achieve that<00:15:25.519> no<00:15:25.790> one<00:15:25.970> can<00:15:26.120> do<00:15:26.269> it<00:15:26.360> on<00:15:26.449> their<00:15:26.540> own 00:15:26.590 --> 00:15:26.600 align:start position:0% that no one can do it on their own 00:15:26.600 --> 00:15:29.110 align:start position:0% that no one can do it on their own because<00:15:27.529> you<00:15:27.649> kind<00:15:27.860> of<00:15:27.920> know<00:15:28.100> that<00:15:28.399> there's<00:15:28.939> no 00:15:29.110 --> 00:15:29.120 align:start position:0% because you kind of know that there's no 00:15:29.120 --> 00:15:30.730 align:start position:0% because you kind of know that there's no point<00:15:29.389> having<00:15:29.600> a<00:15:29.749> chain<00:15:29.959> if<00:15:30.139> no<00:15:30.259> one's<00:15:30.439> on<00:15:30.589> your 00:15:30.730 --> 00:15:30.740 align:start position:0% point having a chain if no one's on your 00:15:30.740 --> 00:15:32.980 align:start position:0% point having a chain if no one's on your chain<00:15:30.980> okay<00:15:31.790> you've<00:15:32.420> got<00:15:32.540> to<00:15:32.629> be<00:15:32.720> able<00:15:32.839> to 00:15:32.980 --> 00:15:32.990 align:start position:0% chain okay you've got to be able to 00:15:32.990 --> 00:15:35.350 align:start position:0% chain okay you've got to be able to figure<00:15:33.139> out<00:15:33.379> how<00:15:33.620> to<00:15:33.679> move<00:15:34.009> a<00:15:34.360> significant 00:15:35.350 --> 00:15:35.360 align:start position:0% figure out how to move a significant 00:15:35.360 --> 00:15:38.199 align:start position:0% figure out how to move a significant proportion<00:15:35.540> of<00:15:35.959> the<00:15:36.230> industry<00:15:37.069> forward<00:15:37.339> for 00:15:38.199 --> 00:15:38.209 align:start position:0% proportion of the industry forward for 00:15:38.209 --> 00:15:41.710 align:start position:0% proportion of the industry forward for enough<00:15:38.929> products<00:15:39.499> to<00:15:40.429> be<00:15:40.550> able<00:15:40.699> to<00:15:41.209> get<00:15:41.569> like 00:15:41.710 --> 00:15:41.720 align:start position:0% enough products to be able to get like 00:15:41.720 --> 00:15:45.040 align:start position:0% enough products to be able to get like an<00:15:41.870> economy<00:15:42.259> of<00:15:42.290> scale<00:15:42.649> effect<00:15:43.370> so<00:15:44.269> in<00:15:44.749> the 00:15:45.040 --> 00:15:45.050 align:start position:0% an economy of scale effect so in the 00:15:45.050 --> 00:15:46.389 align:start position:0% an economy of scale effect so in the last<00:15:45.199> couple<00:15:45.470> of<00:15:45.589> months<00:15:45.709> it's<00:15:45.980> really<00:15:46.220> been 00:15:46.389 --> 00:15:46.399 align:start position:0% last couple of months it's really been 00:15:46.399 --> 00:15:49.059 align:start position:0% last couple of months it's really been realizing<00:15:47.299> actually<00:15:48.049> let's<00:15:48.649> come<00:15:48.889> together 00:15:49.059 --> 00:15:49.069 align:start position:0% realizing actually let's come together 00:15:49.069 --> 00:15:49.980 align:start position:0% realizing actually let's come together and 00:15:49.980 --> 00:15:49.990 align:start position:0% and 00:15:49.990 --> 00:15:52.829 align:start position:0% and figure<00:15:50.200> out<00:15:50.260> how<00:15:50.560> we<00:15:50.620> can<00:15:50.920> manage<00:15:51.100> to<00:15:51.540> have<00:15:52.540> a 00:15:52.829 --> 00:15:52.839 align:start position:0% figure out how we can manage to have a 00:15:52.839 --> 00:15:55.310 align:start position:0% figure out how we can manage to have a significant<00:15:53.709> number<00:15:53.980> of<00:15:54.279> the<00:15:54.430> financial 00:15:55.310 --> 00:15:55.320 align:start position:0% significant number of the financial 00:15:55.320 --> 00:15:58.760 align:start position:0% significant number of the financial participants<00:15:56.320> take<00:15:56.890> a<00:15:57.070> step<00:15:57.310> together<00:15:57.490> and 00:15:58.760 --> 00:15:58.770 align:start position:0% participants take a step together and 00:15:58.770 --> 00:16:02.400 align:start position:0% participants take a step together and that<00:15:59.770> kind<00:15:59.800> of<00:16:00.100> means<00:16:00.279> figuring<00:16:01.089> out<00:16:01.420> a<00:16:01.630> what 00:16:02.400 --> 00:16:02.410 align:start position:0% that kind of means figuring out a what 00:16:02.410 --> 00:16:04.410 align:start position:0% that kind of means figuring out a what can<00:16:02.560> we<00:16:02.680> do<00:16:02.830> with<00:16:02.920> the<00:16:03.010> technology<00:16:03.520> now<00:16:03.700> B 00:16:04.410 --> 00:16:04.420 align:start position:0% can we do with the technology now B 00:16:04.420 --> 00:16:07.680 align:start position:0% can we do with the technology now B where<00:16:04.839> is<00:16:04.990> there<00:16:05.170> whitespace<00:16:06.000> do<00:16:07.000> we<00:16:07.149> see<00:16:07.420> that 00:16:07.680 --> 00:16:07.690 align:start position:0% where is there whitespace do we see that 00:16:07.690 --> 00:16:10.440 align:start position:0% where is there whitespace do we see that there<00:16:07.990> are<00:16:08.339> smart<00:16:09.339> folk<00:16:09.550> out<00:16:09.760> there<00:16:10.029> who<00:16:10.330> are 00:16:10.440 --> 00:16:10.450 align:start position:0% there are smart folk out there who are 00:16:10.450 --> 00:16:12.780 align:start position:0% there are smart folk out there who are looking<00:16:10.660> to<00:16:10.720> occupy<00:16:11.260> that<00:16:11.470> to<00:16:12.220> figure<00:16:12.459> out<00:16:12.580> how 00:16:12.780 --> 00:16:12.790 align:start position:0% looking to occupy that to figure out how 00:16:12.790 --> 00:16:14.220 align:start position:0% looking to occupy that to figure out how to<00:16:12.850> be<00:16:13.060> able<00:16:13.330> to<00:16:13.480> build<00:16:13.660> techniques<00:16:14.110> around 00:16:14.220 --> 00:16:14.230 align:start position:0% to be able to build techniques around 00:16:14.230 --> 00:16:16.260 align:start position:0% to be able to build techniques around scalability<00:16:15.010> or<00:16:15.040> privacy<00:16:15.520> as<00:16:15.610> Li<00:16:15.790> was<00:16:15.940> talking 00:16:16.260 --> 00:16:16.270 align:start position:0% scalability or privacy as Li was talking 00:16:16.270 --> 00:16:18.260 align:start position:0% scalability or privacy as Li was talking about<00:16:16.300> or<00:16:17.170> alternatively 00:16:18.260 --> 00:16:18.270 align:start position:0% about or alternatively 00:16:18.270 --> 00:16:22.100 align:start position:0% about or alternatively should<00:16:19.270> we<00:16:19.540> as<00:16:19.720> the<00:16:20.110> financial<00:16:20.649> services 00:16:22.100 --> 00:16:22.110 align:start position:0% should we as the financial services 00:16:22.110 --> 00:16:26.880 align:start position:0% should we as the financial services offer<00:16:23.110> out<00:16:23.440> a<00:16:23.560> rallying<00:16:23.980> cry<00:16:24.420> to<00:16:25.529> to<00:16:26.529> the<00:16:26.620> smart 00:16:26.880 --> 00:16:26.890 align:start position:0% offer out a rallying cry to to the smart 00:16:26.890 --> 00:16:28.470 align:start position:0% offer out a rallying cry to to the smart folk<00:16:27.190> to<00:16:27.339> kind<00:16:27.520> of<00:16:27.610> say<00:16:27.730> hey<00:16:28.120> we<00:16:28.300> need<00:16:28.420> a 00:16:28.470 --> 00:16:28.480 align:start position:0% folk to kind of say hey we need a 00:16:28.480 --> 00:16:30.600 align:start position:0% folk to kind of say hey we need a solution<00:16:28.810> here<00:16:29.320> it's<00:16:29.920> going<00:16:30.190> to<00:16:30.250> be<00:16:30.399> of 00:16:30.600 --> 00:16:30.610 align:start position:0% solution here it's going to be of 00:16:30.610 --> 00:16:33.030 align:start position:0% solution here it's going to be of benefit<00:16:31.149> broadly<00:16:31.779> if<00:16:31.959> we<00:16:32.110> can<00:16:32.290> figure<00:16:32.529> out<00:16:32.620> how 00:16:33.030 --> 00:16:33.040 align:start position:0% benefit broadly if we can figure out how 00:16:33.040 --> 00:16:36.930 align:start position:0% benefit broadly if we can figure out how to<00:16:33.070> do<00:16:33.370> this<00:16:33.550> and<00:16:34.020> start<00:16:35.020> maybe<00:16:35.950> putting<00:16:36.880> a 00:16:36.930 --> 00:16:36.940 align:start position:0% to do this and start maybe putting a 00:16:36.940 --> 00:16:38.519 align:start position:0% to do this and start maybe putting a spotlight<00:16:37.240> on<00:16:37.420> some<00:16:37.810> of<00:16:37.870> the<00:16:37.959> areas<00:16:38.080> where<00:16:38.350> we 00:16:38.519 --> 00:16:38.529 align:start position:0% spotlight on some of the areas where we 00:16:38.529 --> 00:16:40.829 align:start position:0% spotlight on some of the areas where we think<00:16:38.560> if<00:16:38.980> we<00:16:39.339> could<00:16:39.580> answer<00:16:39.850> these<00:16:40.240> problems 00:16:40.829 --> 00:16:40.839 align:start position:0% think if we could answer these problems 00:16:40.839 --> 00:16:43.470 align:start position:0% think if we could answer these problems before<00:16:41.560> maybe<00:16:41.980> these<00:16:42.279> problems<00:16:42.790> it<00:16:43.270> would 00:16:43.470 --> 00:16:43.480 align:start position:0% before maybe these problems it would 00:16:43.480 --> 00:16:46.260 align:start position:0% before maybe these problems it would unlock<00:16:44.020> a<00:16:44.649> pathway<00:16:45.399> for<00:16:45.640> us<00:16:45.700> to<00:16:45.880> be<00:16:45.970> able<00:16:46.089> to 00:16:46.260 --> 00:16:46.270 align:start position:0% unlock a pathway for us to be able to 00:16:46.270 --> 00:16:51.800 align:start position:0% unlock a pathway for us to be able to deploy<00:16:46.600> the<00:16:46.870> technology<00:16:47.050> quicker<00:16:47.709> and<00:16:47.860> faster 00:16:51.800 --> 00:16:51.810 align:start position:0% 00:16:51.810 --> 00:16:55.170 align:start position:0% and<00:16:52.810> do<00:16:53.680> you<00:16:53.770> have<00:16:53.950> any<00:16:54.100> concepts<00:16:54.850> that<00:16:55.120> are 00:16:55.170 --> 00:16:55.180 align:start position:0% and do you have any concepts that are 00:16:55.180 --> 00:16:58.019 align:start position:0% and do you have any concepts that are relatively<00:16:55.870> low<00:16:56.140> hanging<00:16:56.350> fruit<00:16:56.800> I<00:16:57.040> I<00:16:57.579> see 00:16:58.019 --> 00:16:58.029 align:start position:0% relatively low hanging fruit I I see 00:16:58.029 --> 00:17:01.440 align:start position:0% relatively low hanging fruit I I see lots<00:16:58.690> of<00:16:58.839> use<00:16:59.230> cases<00:16:59.529> and<00:17:00.040> and<00:17:00.790> I'm<00:17:00.940> interested 00:17:01.440 --> 00:17:01.450 align:start position:0% lots of use cases and and I'm interested 00:17:01.450 --> 00:17:03.420 align:start position:0% lots of use cases and and I'm interested in<00:17:01.779> and<00:17:01.990> it's<00:17:02.140> not<00:17:02.290> really<00:17:02.500> a<00:17:02.589> timeline<00:17:03.190> but 00:17:03.420 --> 00:17:03.430 align:start position:0% in and it's not really a timeline but 00:17:03.430 --> 00:17:07.169 align:start position:0% in and it's not really a timeline but more<00:17:04.089> of<00:17:04.350> what<00:17:05.350> are<00:17:05.470> the<00:17:05.559> bottlenecks<00:17:06.179> from 00:17:07.169 --> 00:17:07.179 align:start position:0% more of what are the bottlenecks from 00:17:07.179 --> 00:17:11.490 align:start position:0% more of what are the bottlenecks from when<00:17:08.110> we<00:17:08.260> have<00:17:08.380> proof<00:17:08.620> of<00:17:08.770> concepts<00:17:09.280> into<00:17:10.500> real 00:17:11.490 --> 00:17:11.500 align:start position:0% when we have proof of concepts into real 00:17:11.500 --> 00:17:17.990 align:start position:0% when we have proof of concepts into real life<00:17:12.179> using<00:17:13.179> the<00:17:13.689> blockchain 00:17:17.990 --> 00:17:18.000 align:start position:0% 00:17:18.000 --> 00:17:22.549 align:start position:0% most<00:17:18.959> banks<00:17:19.199> have<00:17:19.730> listed<00:17:20.730> their<00:17:21.600> use<00:17:22.319> cases 00:17:22.549 --> 00:17:22.559 align:start position:0% most banks have listed their use cases 00:17:22.559 --> 00:17:23.480 align:start position:0% most banks have listed their use cases for<00:17:22.890> blockchain 00:17:23.480 --> 00:17:23.490 align:start position:0% for blockchain 00:17:23.490 --> 00:17:25.819 align:start position:0% for blockchain they've<00:17:24.020> taken<00:17:25.020> a<00:17:25.230> view<00:17:25.350> of<00:17:25.500> business 00:17:25.819 --> 00:17:25.829 align:start position:0% they've taken a view of business 00:17:25.829 --> 00:17:28.750 align:start position:0% they've taken a view of business priorities<00:17:26.130> against<00:17:26.939> them<00:17:27.120> together<00:17:27.809> with 00:17:28.750 --> 00:17:28.760 align:start position:0% priorities against them together with 00:17:28.760 --> 00:17:31.310 align:start position:0% priorities against them together with the<00:17:29.760> technical<00:17:30.270> debt<00:17:30.510> within<00:17:30.960> the<00:17:31.140> bank 00:17:31.310 --> 00:17:31.320 align:start position:0% the technical debt within the bank 00:17:31.320 --> 00:17:33.140 align:start position:0% the technical debt within the bank meaning<00:17:31.799> how<00:17:32.100> much<00:17:32.220> effort<00:17:32.700> would<00:17:32.820> it<00:17:32.940> take<00:17:33.120> to 00:17:33.140 --> 00:17:33.150 align:start position:0% meaning how much effort would it take to 00:17:33.150 --> 00:17:34.970 align:start position:0% meaning how much effort would it take to get<00:17:33.419> off<00:17:33.539> current<00:17:33.960> systems<00:17:34.380> and<00:17:34.590> migrate<00:17:34.950> to 00:17:34.970 --> 00:17:34.980 align:start position:0% get off current systems and migrate to 00:17:34.980 --> 00:17:37.760 align:start position:0% get off current systems and migrate to this<00:17:35.220> new<00:17:35.460> system<00:17:36.320> there's<00:17:37.320> also<00:17:37.470> the 00:17:37.760 --> 00:17:37.770 align:start position:0% this new system there's also the 00:17:37.770 --> 00:17:39.560 align:start position:0% this new system there's also the business<00:17:38.070> benefit<00:17:38.460> each<00:17:38.789> Bank<00:17:39.059> has<00:17:39.299> its<00:17:39.450> own 00:17:39.560 --> 00:17:39.570 align:start position:0% business benefit each Bank has its own 00:17:39.570 --> 00:17:41.510 align:start position:0% business benefit each Bank has its own products<00:17:39.990> where<00:17:40.110> it<00:17:40.200> has<00:17:40.650> a<00:17:40.679> strategic<00:17:41.010> focus 00:17:41.510 --> 00:17:41.520 align:start position:0% products where it has a strategic focus 00:17:41.520 --> 00:17:45.649 align:start position:0% products where it has a strategic focus looks<00:17:42.270> to<00:17:42.419> increase<00:17:42.750> revenue<00:17:43.230> etc<00:17:43.640> but<00:17:44.640> one<00:17:45.570> of 00:17:45.649 --> 00:17:45.659 align:start position:0% looks to increase revenue etc but one of 00:17:45.659 --> 00:17:47.210 align:start position:0% looks to increase revenue etc but one of the<00:17:45.720> things<00:17:45.870> that<00:17:46.049> applies<00:17:46.320> across<00:17:46.590> all<00:17:46.830> the 00:17:47.210 --> 00:17:47.220 align:start position:0% the things that applies across all the 00:17:47.220 --> 00:17:50.350 align:start position:0% the things that applies across all the banks<00:17:47.490> is<00:17:47.640> this<00:17:47.850> idea<00:17:48.210> of<00:17:48.390> the<00:17:48.600> cost<00:17:49.500> reduction 00:17:50.350 --> 00:17:50.360 align:start position:0% banks is this idea of the cost reduction 00:17:50.360 --> 00:17:53.149 align:start position:0% banks is this idea of the cost reduction so<00:17:51.360> all<00:17:52.140> investment<00:17:52.650> banks<00:17:52.919> are<00:17:52.980> under 00:17:53.149 --> 00:17:53.159 align:start position:0% so all investment banks are under 00:17:53.159 --> 00:17:55.279 align:start position:0% so all investment banks are under pressure<00:17:53.309> to<00:17:53.520> reduce<00:17:53.730> costs<00:17:54.330> if<00:17:55.140> you're 00:17:55.279 --> 00:17:55.289 align:start position:0% pressure to reduce costs if you're 00:17:55.289 --> 00:17:57.289 align:start position:0% pressure to reduce costs if you're looking<00:17:55.559> from<00:17:55.890> an<00:17:56.010> ops<00:17:56.220> and<00:17:56.429> tech<00:17:56.580> perspective 00:17:57.289 --> 00:17:57.299 align:start position:0% looking from an ops and tech perspective 00:17:57.299 --> 00:17:59.779 align:start position:0% looking from an ops and tech perspective there<00:17:58.260> are<00:17:58.289> clear<00:17:58.620> targets<00:17:59.130> against<00:17:59.520> the<00:17:59.580> bank 00:17:59.779 --> 00:17:59.789 align:start position:0% there are clear targets against the bank 00:17:59.789 --> 00:18:02.960 align:start position:0% there are clear targets against the bank banks<00:18:00.360> that<00:18:00.539> are<00:18:00.690> expressed<00:18:01.140> publicly<00:18:01.380> and<00:18:01.970> we 00:18:02.960 --> 00:18:02.970 align:start position:0% banks that are expressed publicly and we 00:18:02.970 --> 00:18:05.210 align:start position:0% banks that are expressed publicly and we view<00:18:03.289> innovation<00:18:04.289> could<00:18:04.470> be<00:18:04.590> applied<00:18:04.890> to 00:18:05.210 --> 00:18:05.220 align:start position:0% view innovation could be applied to 00:18:05.220 --> 00:18:08.779 align:start position:0% view innovation could be applied to reduce<00:18:05.640> cost<00:18:06.500> that<00:18:07.500> idea<00:18:07.980> helps<00:18:08.520> you<00:18:08.640> then 00:18:08.779 --> 00:18:08.789 align:start position:0% reduce cost that idea helps you then 00:18:08.789 --> 00:18:11.029 align:start position:0% reduce cost that idea helps you then focus<00:18:09.360> your<00:18:09.570> priority<00:18:10.260> list<00:18:10.500> for<00:18:10.710> what<00:18:10.950> are 00:18:11.029 --> 00:18:11.039 align:start position:0% focus your priority list for what are 00:18:11.039 --> 00:18:14.029 align:start position:0% focus your priority list for what are your<00:18:11.159> use<00:18:11.370> cases<00:18:12.380> so<00:18:13.380> put<00:18:13.650> in<00:18:13.770> the<00:18:13.860> middle 00:18:14.029 --> 00:18:14.039 align:start position:0% your use cases so put in the middle 00:18:14.039 --> 00:18:19.220 align:start position:0% your use cases so put in the middle layer<00:18:14.539> the<00:18:15.830> reducing<00:18:16.830> cost<00:18:17.419> above<00:18:18.419> that<00:18:18.600> would 00:18:19.220 --> 00:18:19.230 align:start position:0% layer the reducing cost above that would 00:18:19.230 --> 00:18:21.890 align:start position:0% layer the reducing cost above that would be<00:18:19.470> regulatory<00:18:20.120> so<00:18:21.120> imagine<00:18:21.539> if<00:18:21.659> there's<00:18:21.840> a 00:18:21.890 --> 00:18:21.900 align:start position:0% be regulatory so imagine if there's a 00:18:21.900 --> 00:18:23.870 align:start position:0% be regulatory so imagine if there's a regulatory<00:18:22.350> use<00:18:22.770> case<00:18:23.039> something<00:18:23.730> that's 00:18:23.870 --> 00:18:23.880 align:start position:0% regulatory use case something that's 00:18:23.880 --> 00:18:25.640 align:start position:0% regulatory use case something that's coming<00:18:24.090> up<00:18:24.270> in<00:18:24.450> the<00:18:24.539> next<00:18:24.750> few<00:18:24.960> years<00:18:24.990> a<00:18:25.320> new 00:18:25.640 --> 00:18:25.650 align:start position:0% coming up in the next few years a new 00:18:25.650 --> 00:18:28.789 align:start position:0% coming up in the next few years a new requirement<00:18:26.280> and<00:18:26.520> a<00:18:27.480> solution<00:18:27.809> to<00:18:28.169> that<00:18:28.200> could 00:18:28.789 --> 00:18:28.799 align:start position:0% requirement and a solution to that could 00:18:28.799 --> 00:18:30.860 align:start position:0% requirement and a solution to that could involve<00:18:29.070> a<00:18:29.250> shared<00:18:29.520> ledger<00:18:29.789> to<00:18:30.360> help<00:18:30.570> you<00:18:30.690> get 00:18:30.860 --> 00:18:30.870 align:start position:0% involve a shared ledger to help you get 00:18:30.870 --> 00:18:32.960 align:start position:0% involve a shared ledger to help you get there<00:18:31.220> then<00:18:32.220> you'll<00:18:32.460> be<00:18:32.610> able<00:18:32.760> to<00:18:32.820> get 00:18:32.960 --> 00:18:32.970 align:start position:0% there then you'll be able to get 00:18:32.970 --> 00:18:34.909 align:start position:0% there then you'll be able to get additional<00:18:33.090> business<00:18:33.480> sponsorship<00:18:34.289> there 00:18:34.909 --> 00:18:34.919 align:start position:0% additional business sponsorship there 00:18:34.919 --> 00:18:36.620 align:start position:0% additional business sponsorship there would<00:18:35.010> kind<00:18:35.220> of<00:18:35.280> be<00:18:35.429> a<00:18:35.460> win-win<00:18:35.850> for<00:18:36.120> everybody 00:18:36.620 --> 00:18:36.630 align:start position:0% would kind of be a win-win for everybody 00:18:36.630 --> 00:18:39.919 align:start position:0% would kind of be a win-win for everybody also<00:18:38.030> potentially<00:18:39.030> an<00:18:39.270> equivalent<00:18:39.840> of 00:18:39.919 --> 00:18:39.929 align:start position:0% also potentially an equivalent of 00:18:39.929 --> 00:18:41.720 align:start position:0% also potentially an equivalent of sponsorship<00:18:40.380> from<00:18:40.590> the<00:18:40.679> regulator<00:18:41.130> to 00:18:41.720 --> 00:18:41.730 align:start position:0% sponsorship from the regulator to 00:18:41.730 --> 00:18:44.060 align:start position:0% sponsorship from the regulator to encourage<00:18:42.150> that<00:18:42.179> so<00:18:43.169> I<00:18:43.200> put<00:18:43.289> mandatory 00:18:44.060 --> 00:18:44.070 align:start position:0% encourage that so I put mandatory 00:18:44.070 --> 00:18:46.370 align:start position:0% encourage that so I put mandatory regulatory<00:18:44.549> at<00:18:44.610> the<00:18:44.669> top<00:18:44.880> cost<00:18:45.240> saving<00:18:45.690> in<00:18:46.169> the 00:18:46.370 --> 00:18:46.380 align:start position:0% regulatory at the top cost saving in the 00:18:46.380 --> 00:18:48.350 align:start position:0% regulatory at the top cost saving in the middle<00:18:46.679> and<00:18:46.860> then<00:18:47.190> business<00:18:47.400> growth<00:18:47.850> below 00:18:48.350 --> 00:18:48.360 align:start position:0% middle and then business growth below 00:18:48.360 --> 00:18:50.860 align:start position:0% middle and then business growth below that<00:18:48.750> from<00:18:49.260> an<00:18:49.350> investment<00:18:49.770> bank<00:18:49.919> perspective 00:18:50.860 --> 00:18:50.870 align:start position:0% that from an investment bank perspective 00:18:50.870 --> 00:18:53.330 align:start position:0% that from an investment bank perspective also<00:18:51.870> need<00:18:52.409> to<00:18:52.500> bear<00:18:52.679> in<00:18:52.799> mind<00:18:52.830> you're<00:18:53.159> saying 00:18:53.330 --> 00:18:53.340 align:start position:0% also need to bear in mind you're saying 00:18:53.340 --> 00:18:55.520 align:start position:0% also need to bear in mind you're saying in<00:18:53.460> terms<00:18:53.640> of<00:18:53.789> roadmaps<00:18:54.299> so<00:18:55.020> there<00:18:55.230> are<00:18:55.350> large 00:18:55.520 --> 00:18:55.530 align:start position:0% in terms of roadmaps so there are large 00:18:55.530 --> 00:18:58.100 align:start position:0% in terms of roadmaps so there are large incumbents<00:18:56.280> that<00:18:56.460> perform<00:18:57.090> excellent<00:18:57.900> roles 00:18:58.100 --> 00:18:58.110 align:start position:0% incumbents that perform excellent roles 00:18:58.110 --> 00:19:01.159 align:start position:0% incumbents that perform excellent roles at<00:18:58.289> the<00:18:58.380> moment<00:18:58.710> stable<00:18:59.130> reliable<00:19:00.020> so<00:19:01.020> if<00:19:01.080> you 00:19:01.159 --> 00:19:01.169 align:start position:0% at the moment stable reliable so if you 00:19:01.169 --> 00:19:02.630 align:start position:0% at the moment stable reliable so if you think<00:19:01.320> of<00:19:01.500> the<00:19:01.620> major<00:19:01.799> incumbents<00:19:02.460> whether 00:19:02.630 --> 00:19:02.640 align:start position:0% think of the major incumbents whether 00:19:02.640 --> 00:19:04.190 align:start position:0% think of the major incumbents whether you're<00:19:02.760> looking<00:19:02.880> across<00:19:03.210> effect<00:19:03.659> settlement 00:19:04.190 --> 00:19:04.200 align:start position:0% you're looking across effect settlement 00:19:04.200 --> 00:19:06.590 align:start position:0% you're looking across effect settlement security<00:19:04.860> settlement<00:19:05.460> the<00:19:05.760> list<00:19:05.940> goes<00:19:06.120> on<00:19:06.299> and 00:19:06.590 --> 00:19:06.600 align:start position:0% security settlement the list goes on and 00:19:06.600 --> 00:19:09.110 align:start position:0% security settlement the list goes on and on<00:19:06.710> they<00:19:07.710> have<00:19:07.890> a<00:19:07.919> valuable<00:19:08.250> role<00:19:08.520> and<00:19:08.850> over 00:19:09.110 --> 00:19:09.120 align:start position:0% on they have a valuable role and over 00:19:09.120 --> 00:19:10.549 align:start position:0% on they have a valuable role and over the<00:19:09.210> longer<00:19:09.390> term<00:19:09.539> there<00:19:10.380> may<00:19:10.530> be 00:19:10.549 --> 00:19:10.559 align:start position:0% the longer term there may be 00:19:10.559 --> 00:19:12.890 align:start position:0% the longer term there may be opportunities<00:19:10.830> to<00:19:11.549> optimize<00:19:12.299> that 00:19:12.890 --> 00:19:12.900 align:start position:0% opportunities to optimize that 00:19:12.900 --> 00:19:15.320 align:start position:0% opportunities to optimize that processing<00:19:13.580> but<00:19:14.580> what<00:19:14.760> I<00:19:14.789> just<00:19:15.030> wanted<00:19:15.210> to 00:19:15.320 --> 00:19:15.330 align:start position:0% processing but what I just wanted to 00:19:15.330 --> 00:19:17.270 align:start position:0% processing but what I just wanted to highlight<00:19:15.570> and<00:19:15.990> this<00:19:16.080> is<00:19:16.230> really<00:19:16.530> throwing 00:19:17.270 --> 00:19:17.280 align:start position:0% highlight and this is really throwing 00:19:17.280 --> 00:19:19.610 align:start position:0% highlight and this is really throwing out<00:19:17.580> to<00:19:17.760> the<00:19:17.850> community<00:19:18.330> to<00:19:18.929> come<00:19:19.200> back<00:19:19.380> with<00:19:19.590> a 00:19:19.610 --> 00:19:19.620 align:start position:0% out to the community to come back with a 00:19:19.620 --> 00:19:22.640 align:start position:0% out to the community to come back with a solution<00:19:20.580> a<00:19:20.760> lot<00:19:21.690> of<00:19:21.809> the<00:19:21.960> conscious<00:19:22.409> smart 00:19:22.640 --> 00:19:22.650 align:start position:0% solution a lot of the conscious smart 00:19:22.650 --> 00:19:24.649 align:start position:0% solution a lot of the conscious smart contracts<00:19:23.130> you<00:19:23.280> see<00:19:23.520> that<00:19:24.000> are<00:19:24.090> posed<00:19:24.330> on<00:19:24.539> the 00:19:24.649 --> 00:19:24.659 align:start position:0% contracts you see that are posed on the 00:19:24.659 --> 00:19:27.500 align:start position:0% contracts you see that are posed on the board<00:19:24.870> are<00:19:25.549> designed<00:19:26.549> to<00:19:26.700> be<00:19:26.880> solved<00:19:27.330> on 00:19:27.500 --> 00:19:27.510 align:start position:0% board are designed to be solved on 00:19:27.510 --> 00:19:29.450 align:start position:0% board are designed to be solved on something<00:19:28.140> like<00:19:28.289> aetherium 00:19:29.450 --> 00:19:29.460 align:start position:0% something like aetherium 00:19:29.460 --> 00:19:32.060 align:start position:0% something like aetherium bear<00:19:30.210> in<00:19:30.360> mind<00:19:30.600> when<00:19:30.870> you<00:19:30.990> move<00:19:31.260> to<00:19:31.620> models 00:19:32.060 --> 00:19:32.070 align:start position:0% bear in mind when you move to models 00:19:32.070 --> 00:19:34.279 align:start position:0% bear in mind when you move to models where<00:19:32.340> you've<00:19:32.490> got<00:19:32.669> for<00:19:32.850> example<00:19:33.230> security<00:19:34.230> of 00:19:34.279 --> 00:19:34.289 align:start position:0% where you've got for example security of 00:19:34.289 --> 00:19:36.110 align:start position:0% where you've got for example security of settlements<00:19:34.890> you've<00:19:35.039> got<00:19:35.250> FX<00:19:35.610> settlement 00:19:36.110 --> 00:19:36.120 align:start position:0% settlements you've got FX settlement 00:19:36.120 --> 00:19:38.269 align:start position:0% settlements you've got FX settlement you've<00:19:36.210> got<00:19:36.360> netting<00:19:36.720> processes<00:19:37.380> there<00:19:38.250> are 00:19:38.269 --> 00:19:38.279 align:start position:0% you've got netting processes there are 00:19:38.279 --> 00:19:40.460 align:start position:0% you've got netting processes there are things<00:19:38.580> that<00:19:38.669> are<00:19:38.850> a<00:19:38.880> lot<00:19:39.090> harder<00:19:39.450> than<00:19:39.870> very 00:19:40.460 --> 00:19:40.470 align:start position:0% things that are a lot harder than very 00:19:40.470 --> 00:19:42.980 align:start position:0% things that are a lot harder than very small<00:19:40.770> smart<00:19:41.039> contracts<00:19:41.640> things<00:19:42.630> are<00:19:42.779> pulled 00:19:42.980 --> 00:19:42.990 align:start position:0% small smart contracts things are pulled 00:19:42.990 --> 00:19:45.549 align:start position:0% small smart contracts things are pulled together<00:19:43.140> into<00:19:43.590> a<00:19:43.620> netting<00:19:44.039> pool<00:19:44.340> quite<00:19:45.210> often 00:19:45.549 --> 00:19:45.559 align:start position:0% together into a netting pool quite often 00:19:45.559 --> 00:19:48.169 align:start position:0% together into a netting pool quite often the<00:19:46.559> netting<00:19:46.950> isn't<00:19:47.250> just<00:19:47.490> adding<00:19:47.909> up<00:19:48.000> your 00:19:48.169 --> 00:19:48.179 align:start position:0% the netting isn't just adding up your 00:19:48.179 --> 00:19:50.870 align:start position:0% the netting isn't just adding up your credits<00:19:48.510> and<00:19:48.659> debits<00:19:48.809> as<00:19:49.110> a<00:19:49.140> sum<00:19:49.669> much<00:19:50.669> more 00:19:50.870 --> 00:19:50.880 align:start position:0% credits and debits as a sum much more 00:19:50.880 --> 00:19:53.180 align:start position:0% credits and debits as a sum much more complicated<00:19:51.210> you<00:19:52.110> need<00:19:52.260> to<00:19:52.350> try<00:19:52.529> lots<00:19:53.010> of 00:19:53.180 --> 00:19:53.190 align:start position:0% complicated you need to try lots of 00:19:53.190 --> 00:19:55.130 align:start position:0% complicated you need to try lots of different<00:19:53.490> combinations<00:19:53.730> to<00:19:54.720> get<00:19:54.870> a<00:19:54.899> high 00:19:55.130 --> 00:19:55.140 align:start position:0% different combinations to get a high 00:19:55.140 --> 00:19:58.310 align:start position:0% different combinations to get a high settlement<00:19:55.679> efficiency<00:19:56.630> so<00:19:57.630> how<00:19:57.840> do<00:19:57.899> you<00:19:58.110> do 00:19:58.310 --> 00:19:58.320 align:start position:0% settlement efficiency so how do you do 00:19:58.320 --> 00:20:00.769 align:start position:0% settlement efficiency so how do you do that<00:19:58.590> currently<00:19:59.580> what<00:19:59.940> you<00:20:00.059> do<00:20:00.210> is<00:20:00.270> you<00:20:00.390> stop 00:20:00.769 --> 00:20:00.779 align:start position:0% that currently what you do is you stop 00:20:00.779 --> 00:20:03.889 align:start position:0% that currently what you do is you stop time<00:20:01.230> you<00:20:02.070> take<00:20:02.279> a<00:20:02.309> snapshot<00:20:02.700> and<00:20:03.149> then<00:20:03.779> you 00:20:03.889 --> 00:20:03.899 align:start position:0% time you take a snapshot and then you 00:20:03.899 --> 00:20:05.779 align:start position:0% time you take a snapshot and then you perform<00:20:04.200> an<00:20:04.350> optimization<00:20:05.159> and<00:20:05.370> at<00:20:05.549> the<00:20:05.640> end 00:20:05.779 --> 00:20:05.789 align:start position:0% perform an optimization and at the end 00:20:05.789 --> 00:20:08.210 align:start position:0% perform an optimization and at the end you<00:20:06.299> release<00:20:06.690> that<00:20:06.720> back<00:20:07.200> and<00:20:07.500> inform<00:20:08.039> all<00:20:08.190> the 00:20:08.210 --> 00:20:08.220 align:start position:0% you release that back and inform all the 00:20:08.220 --> 00:20:12.080 align:start position:0% you release that back and inform all the banks<00:20:08.730> what<00:20:09.299> has<00:20:09.480> changed<00:20:10.730> quite<00:20:11.730> a<00:20:11.820> few 00:20:12.080 --> 00:20:12.090 align:start position:0% banks what has changed quite a few 00:20:12.090 --> 00:20:14.690 align:start position:0% banks what has changed quite a few incumbents<00:20:12.720> ask<00:20:12.929> you<00:20:13.140> to<00:20:13.289> transfer<00:20:13.919> more 00:20:14.690 --> 00:20:14.700 align:start position:0% incumbents ask you to transfer more 00:20:14.700 --> 00:20:16.399 align:start position:0% incumbents ask you to transfer more money<00:20:15.000> than<00:20:15.360> you<00:20:15.450> think<00:20:15.630> you<00:20:15.840> need<00:20:15.870> to<00:20:16.049> perform 00:20:16.399 --> 00:20:16.409 align:start position:0% money than you think you need to perform 00:20:16.409 --> 00:20:18.799 align:start position:0% money than you think you need to perform your<00:20:16.559> settlement<00:20:17.039> as<00:20:17.370> a<00:20:17.429> wire<00:20:17.730> and<00:20:18.419> then<00:20:18.690> at 00:20:18.799 --> 00:20:18.809 align:start position:0% your settlement as a wire and then at 00:20:18.809 --> 00:20:20.269 align:start position:0% your settlement as a wire and then at the<00:20:18.899> end<00:20:18.929> of<00:20:19.140> that<00:20:19.260> they<00:20:19.649> transfer<00:20:20.159> the 00:20:20.269 --> 00:20:20.279 align:start position:0% the end of that they transfer the 00:20:20.279 --> 00:20:23.600 align:start position:0% the end of that they transfer the leftover<00:20:20.789> back<00:20:21.000> to<00:20:21.240> you<00:20:21.950> those<00:20:22.950> sorts<00:20:23.490> of 00:20:23.600 --> 00:20:23.610 align:start position:0% leftover back to you those sorts of 00:20:23.610 --> 00:20:25.850 align:start position:0% leftover back to you those sorts of challenges<00:20:24.330> need<00:20:24.600> to<00:20:24.690> be<00:20:24.809> incorporated<00:20:25.529> into 00:20:25.850 --> 00:20:25.860 align:start position:0% challenges need to be incorporated into 00:20:25.860 --> 00:20:29.029 align:start position:0% challenges need to be incorporated into smart<00:20:26.669> contracts<00:20:27.240> in<00:20:27.480> some<00:20:28.049> way<00:20:28.230> and<00:20:28.890> that's 00:20:29.029 --> 00:20:29.039 align:start position:0% smart contracts in some way and that's 00:20:29.039 --> 00:20:31.850 align:start position:0% smart contracts in some way and that's very<00:20:29.309> hard<00:20:29.610> I<00:20:29.940> think<00:20:30.539> it<00:20:30.659> requires<00:20:30.830> not<00:20:31.830> just 00:20:31.850 --> 00:20:31.860 align:start position:0% very hard I think it requires not just 00:20:31.860 --> 00:20:33.769 align:start position:0% very hard I think it requires not just banking<00:20:32.669> FinTech<00:20:33.179> I<00:20:33.360> think<00:20:33.570> it<00:20:33.659> requires 00:20:33.769 --> 00:20:33.779 align:start position:0% banking FinTech I think it requires 00:20:33.779 --> 00:20:36.560 align:start position:0% banking FinTech I think it requires academia<00:20:34.590> as<00:20:34.710> well<00:20:35.059> so<00:20:36.059> one<00:20:36.270> of<00:20:36.299> the<00:20:36.419> things 00:20:36.560 --> 00:20:36.570 align:start position:0% academia as well so one of the things 00:20:36.570 --> 00:20:38.360 align:start position:0% academia as well so one of the things we're<00:20:36.750> looking<00:20:36.779> to<00:20:37.169> do<00:20:37.289> next<00:20:37.529> year<00:20:37.770> is<00:20:38.100> the 00:20:38.360 --> 00:20:38.370 align:start position:0% we're looking to do next year is the 00:20:38.370 --> 00:20:40.880 align:start position:0% we're looking to do next year is the banks<00:20:38.789> together<00:20:39.149> with<00:20:39.390> academia<00:20:39.840> for<00:20:40.500> example 00:20:40.880 --> 00:20:40.890 align:start position:0% banks together with academia for example 00:20:40.890 --> 00:20:43.789 align:start position:0% banks together with academia for example the<00:20:40.980> Alan<00:20:41.190> Turing<00:20:41.700> Institute<00:20:42.299> in<00:20:42.480> the<00:20:42.600> UK<00:20:43.020> is 00:20:43.789 --> 00:20:43.799 align:start position:0% the Alan Turing Institute in the UK is 00:20:43.799 --> 00:20:45.350 align:start position:0% the Alan Turing Institute in the UK is shaped<00:20:44.250> some<00:20:44.549> of<00:20:44.580> these<00:20:44.760> really<00:20:45.029> tough 00:20:45.350 --> 00:20:45.360 align:start position:0% shaped some of these really tough 00:20:45.360 --> 00:20:48.380 align:start position:0% shaped some of these really tough challenges<00:20:46.520> we're<00:20:47.520> not<00:20:47.640> looking<00:20:48.000> to<00:20:48.029> solve 00:20:48.380 --> 00:20:48.390 align:start position:0% challenges we're not looking to solve 00:20:48.390 --> 00:20:50.510 align:start position:0% challenges we're not looking to solve the<00:20:48.570> technology<00:20:49.110> for<00:20:49.350> it<00:20:49.380> we<00:20:49.950> can<00:20:50.130> pose<00:20:50.340> the 00:20:50.510 --> 00:20:50.520 align:start position:0% the technology for it we can pose the 00:20:50.520 --> 00:20:52.880 align:start position:0% the technology for it we can pose the problem<00:20:50.549> and<00:20:51.149> then<00:20:51.870> expose<00:20:52.320> it<00:20:52.500> and<00:20:52.590> look<00:20:52.740> for 00:20:52.880 --> 00:20:52.890 align:start position:0% problem and then expose it and look for 00:20:52.890 --> 00:20:55.220 align:start position:0% problem and then expose it and look for academics<00:20:53.460> to<00:20:53.640> work<00:20:53.789> together<00:20:53.970> with<00:20:54.690> FinTech 00:20:55.220 --> 00:20:55.230 align:start position:0% academics to work together with FinTech 00:20:55.230 --> 00:20:57.440 align:start position:0% academics to work together with FinTech and<00:20:56.159> I<00:20:56.250> think<00:20:56.460> at<00:20:56.580> that<00:20:56.610> point<00:20:56.760> when<00:20:57.179> we've<00:20:57.299> got 00:20:57.440 --> 00:20:57.450 align:start position:0% and I think at that point when we've got 00:20:57.450 --> 00:20:59.870 align:start position:0% and I think at that point when we've got securities<00:20:58.049> settlement<00:20:58.289> with<00:20:58.740> netting<00:20:59.250> then 00:20:59.870 --> 00:20:59.880 align:start position:0% securities settlement with netting then 00:20:59.880 --> 00:21:01.970 align:start position:0% securities settlement with netting then we<00:21:00.090> know<00:21:00.210> it's<00:21:00.360> come<00:21:00.570> of<00:21:00.690> age<00:21:00.840> so<00:21:01.559> I<00:21:01.590> put<00:21:01.860> that 00:21:01.970 --> 00:21:01.980 align:start position:0% we know it's come of age so I put that 00:21:01.980 --> 00:21:12.460 align:start position:0% we know it's come of age so I put that later<00:21:02.279> down<00:21:02.549> the<00:21:02.610> road<00:21:02.730> map<00:21:10.850> has<00:21:11.850> been<00:21:12.000> saying 00:21:12.460 --> 00:21:12.470 align:start position:0% later down the road map has been saying 00:21:12.470 --> 00:21:15.919 align:start position:0% later down the road map has been saying yes<00:21:13.470> we<00:21:14.370> want<00:21:14.399> to<00:21:14.610> improve<00:21:14.880> our<00:21:15.029> operational 00:21:15.919 --> 00:21:15.929 align:start position:0% yes we want to improve our operational 00:21:15.929 --> 00:21:19.490 align:start position:0% yes we want to improve our operational efficiency<00:21:16.440> and<00:21:16.940> reduce<00:21:17.940> our<00:21:18.120> costs<00:21:18.570> and<00:21:18.750> and 00:21:19.490 --> 00:21:19.500 align:start position:0% efficiency and reduce our costs and and 00:21:19.500 --> 00:21:22.490 align:start position:0% efficiency and reduce our costs and and these<00:21:20.130> kind<00:21:20.460> of<00:21:20.490> technologies<00:21:21.090> you<00:21:21.450> know<00:21:21.809> they 00:21:22.490 --> 00:21:22.500 align:start position:0% these kind of technologies you know they 00:21:22.500 --> 00:21:25.490 align:start position:0% these kind of technologies you know they are<00:21:23.460> there<00:21:24.090> is<00:21:24.210> great<00:21:24.390> potential<00:21:24.720> there<00:21:25.020> to<00:21:25.140> do 00:21:25.490 --> 00:21:25.500 align:start position:0% are there is great potential there to do 00:21:25.500 --> 00:21:27.680 align:start position:0% are there is great potential there to do that<00:21:25.679> you<00:21:25.980> know<00:21:26.100> if<00:21:26.309> we<00:21:26.730> can<00:21:26.970> can 00:21:27.680 --> 00:21:27.690 align:start position:0% that you know if we can can 00:21:27.690 --> 00:21:30.620 align:start position:0% that you know if we can can have<00:21:28.140> you<00:21:28.920> no<00:21:29.040> single<00:21:29.490> authoritative<00:21:30.120> record 00:21:30.620 --> 00:21:30.630 align:start position:0% have you no single authoritative record 00:21:30.630 --> 00:21:34.790 align:start position:0% have you no single authoritative record then<00:21:31.460> good<00:21:32.460> thing<00:21:32.670> for<00:21:33.110> the<00:21:34.110> organization's 00:21:34.790 --> 00:21:34.800 align:start position:0% then good thing for the organization's 00:21:34.800 --> 00:21:37.190 align:start position:0% then good thing for the organization's you<00:21:35.310> know<00:21:35.400> if<00:21:35.610> we<00:21:35.760> can<00:21:36.030> if<00:21:36.480> we<00:21:36.540> can<00:21:36.750> distribute 00:21:37.190 --> 00:21:37.200 align:start position:0% you know if we can if we can distribute 00:21:37.200 --> 00:21:41.000 align:start position:0% you know if we can if we can distribute trust<00:21:38.840> again<00:21:39.840> I<00:21:40.170> think<00:21:40.410> that's<00:21:40.830> a<00:21:40.890> great 00:21:41.000 --> 00:21:41.010 align:start position:0% trust again I think that's a great 00:21:41.010 --> 00:21:43.520 align:start position:0% trust again I think that's a great concept<00:21:41.280> I<00:21:41.640> mean<00:21:41.880> for<00:21:42.570> us<00:21:42.660> one<00:21:42.870> of<00:21:42.900> the<00:21:42.990> key<00:21:43.260> key 00:21:43.520 --> 00:21:43.530 align:start position:0% concept I mean for us one of the key key 00:21:43.530 --> 00:21:46.510 align:start position:0% concept I mean for us one of the key key challenges<00:21:44.040> that<00:21:44.100> you<00:21:44.490> know<00:21:44.610> is<00:21:45.480> is<00:21:45.990> the 00:21:46.510 --> 00:21:46.520 align:start position:0% challenges that you know is is the 00:21:46.520 --> 00:21:50.210 align:start position:0% challenges that you know is is the identity<00:21:47.520> you<00:21:47.850> know<00:21:47.880> know<00:21:48.300> your<00:21:48.420> customer<00:21:49.220> and 00:21:50.210 --> 00:21:50.220 align:start position:0% identity you know know your customer and 00:21:50.220 --> 00:21:55.640 align:start position:0% identity you know know your customer and and<00:21:52.430> those<00:21:53.430> are<00:21:53.580> the<00:21:53.670> key<00:21:54.180> challenges<00:21:54.210> that<00:21:54.870> we 00:21:55.640 --> 00:21:55.650 align:start position:0% and those are the key challenges that we 00:21:55.650 --> 00:21:58.460 align:start position:0% and those are the key challenges that we have<00:21:56.100> to<00:21:56.220> meet<00:21:56.400> and<00:21:56.790> and<00:21:57.720> we<00:21:57.840> all<00:21:57.930> we<00:21:58.260> all<00:21:58.290> do 00:21:58.460 --> 00:21:58.470 align:start position:0% have to meet and and we all we all do 00:21:58.470 --> 00:22:01.100 align:start position:0% have to meet and and we all we all do the<00:21:58.590> same<00:21:58.620> process<00:21:58.980> so<00:21:59.700> so<00:22:00.390> to<00:22:00.960> me<00:22:01.080> that 00:22:01.100 --> 00:22:01.110 align:start position:0% the same process so so to me that 00:22:01.110 --> 00:22:04.640 align:start position:0% the same process so so to me that represents<00:22:01.830> a<00:22:02.190> great<00:22:02.430> opportunity<00:22:02.700> so<00:22:03.270> so<00:22:04.230> you 00:22:04.640 --> 00:22:04.650 align:start position:0% represents a great opportunity so so you 00:22:04.650 --> 00:22:06.860 align:start position:0% represents a great opportunity so so you know<00:22:04.770> and<00:22:04.980> I<00:22:05.040> think<00:22:05.280> you<00:22:05.580> know<00:22:05.670> there's<00:22:06.420> a<00:22:06.540> lot 00:22:06.860 --> 00:22:06.870 align:start position:0% know and I think you know there's a lot 00:22:06.870 --> 00:22:09.140 align:start position:0% know and I think you know there's a lot of<00:22:06.960> great<00:22:07.140> minds<00:22:07.350> in<00:22:08.040> this<00:22:08.160> room<00:22:08.400> and<00:22:08.640> in<00:22:09.030> the 00:22:09.140 --> 00:22:09.150 align:start position:0% of great minds in this room and in the 00:22:09.150 --> 00:22:11.210 align:start position:0% of great minds in this room and in the community<00:22:09.540> at<00:22:09.660> the<00:22:09.750> margin<00:22:10.110> and<00:22:10.620> I<00:22:10.710> think<00:22:11.100> it's 00:22:11.210 --> 00:22:11.220 align:start position:0% community at the margin and I think it's 00:22:11.220 --> 00:22:17.570 align:start position:0% community at the margin and I think it's a<00:22:11.490> problem<00:22:12.120> that<00:22:12.210> can<00:22:12.630> be<00:22:12.660> solved<00:22:16.550> you<00:22:17.550> know 00:22:17.570 --> 00:22:17.580 align:start position:0% a problem that can be solved you know 00:22:17.580 --> 00:22:19.460 align:start position:0% a problem that can be solved you know we've<00:22:17.760> been<00:22:17.790> very<00:22:17.940> public<00:22:18.360> about<00:22:18.570> the<00:22:18.990> kinds 00:22:19.460 --> 00:22:19.470 align:start position:0% we've been very public about the kinds 00:22:19.470 --> 00:22:20.560 align:start position:0% we've been very public about the kinds of<00:22:19.500> areas<00:22:19.680> that<00:22:19.860> we're<00:22:20.010> looking<00:22:20.100> at<00:22:20.310> you<00:22:20.400> know 00:22:20.560 --> 00:22:20.570 align:start position:0% of areas that we're looking at you know 00:22:20.570 --> 00:22:24.110 align:start position:0% of areas that we're looking at you know settlement<00:22:21.570> is<00:22:21.720> a<00:22:22.280> is<00:22:23.280> a<00:22:23.340> great<00:22:23.580> is<00:22:23.850> a<00:22:23.880> great 00:22:24.110 --> 00:22:24.120 align:start position:0% settlement is a is a great is a great 00:22:24.120 --> 00:22:27.770 align:start position:0% settlement is a is a great is a great use<00:22:24.300> case<00:22:24.950> and<00:22:26.000> again<00:22:27.000> you<00:22:27.210> know<00:22:27.330> an<00:22:27.450> area 00:22:27.770 --> 00:22:27.780 align:start position:0% use case and again you know an area 00:22:27.780 --> 00:22:30.230 align:start position:0% use case and again you know an area where<00:22:28.080> we<00:22:28.500> can<00:22:28.740> we<00:22:29.160> can<00:22:29.400> achieve<00:22:29.610> khan<00:22:30.030> amis 00:22:30.230 --> 00:22:30.240 align:start position:0% where we can we can achieve khan amis 00:22:30.240 --> 00:22:33.350 align:start position:0% where we can we can achieve khan amis scale<00:22:30.780> and<00:22:31.260> you<00:22:31.740> know<00:22:31.830> our<00:22:32.550> focus<00:22:32.790> is<00:22:33.120> always 00:22:33.350 --> 00:22:33.360 align:start position:0% scale and you know our focus is always 00:22:33.360 --> 00:22:35.150 align:start position:0% scale and you know our focus is always though<00:22:33.510> is<00:22:33.630> obviously<00:22:34.080> on<00:22:34.170> the<00:22:34.260> client<00:22:34.590> so<00:22:34.860> so 00:22:35.150 --> 00:22:35.160 align:start position:0% though is obviously on the client so so 00:22:35.160 --> 00:22:36.800 align:start position:0% though is obviously on the client so so everything<00:22:35.520> that<00:22:35.550> we<00:22:35.760> you<00:22:36.300> know<00:22:36.420> we<00:22:36.540> want<00:22:36.660> to 00:22:36.800 --> 00:22:36.810 align:start position:0% everything that we you know we want to 00:22:36.810 --> 00:22:38.870 align:start position:0% everything that we you know we want to do<00:22:36.960> as<00:22:37.260> organizations<00:22:38.160> is<00:22:38.310> around<00:22:38.730> our 00:22:38.870 --> 00:22:38.880 align:start position:0% do as organizations is around our 00:22:38.880 --> 00:22:41.780 align:start position:0% do as organizations is around our clients<00:22:39.300> so<00:22:40.400> the<00:22:41.400> things<00:22:41.610> that<00:22:41.700> are 00:22:41.780 --> 00:22:41.790 align:start position:0% clients so the things that are 00:22:41.790 --> 00:22:44.990 align:start position:0% clients so the things that are beneficial<00:22:42.150> to<00:22:42.390> them<00:22:42.540> are<00:22:43.530> great<00:22:43.770> so<00:22:44.070> so<00:22:44.730> the 00:22:44.990 --> 00:22:45.000 align:start position:0% beneficial to them are great so so the 00:22:45.000 --> 00:22:49.240 align:start position:0% beneficial to them are great so so the ease<00:22:45.330> of<00:22:45.390> access<00:22:45.720> of<00:22:46.020> this<00:22:46.140> technology<00:22:46.740> is 00:22:49.240 --> 00:22:49.250 align:start position:0% 00:22:49.250 --> 00:22:52.880 align:start position:0% actually<00:22:50.250> curious<00:22:50.490> on<00:22:50.760> the<00:22:51.200> the<00:22:52.200> cost<00:22:52.650> of<00:22:52.800> the 00:22:52.880 --> 00:22:52.890 align:start position:0% actually curious on the the cost of the 00:22:52.890 --> 00:22:55.760 align:start position:0% actually curious on the the cost of the settlement<00:22:53.450> when<00:22:54.450> we<00:22:54.570> look<00:22:54.750> at<00:22:54.990> the<00:22:55.470> different 00:22:55.760 --> 00:22:55.770 align:start position:0% settlement when we look at the different 00:22:55.770 --> 00:23:00.080 align:start position:0% settlement when we look at the different banks<00:22:55.920> we've<00:22:57.200> looked<00:22:58.200> with<00:22:58.850> you<00:22:59.850> know<00:22:59.940> it's 00:23:00.080 --> 00:23:00.090 align:start position:0% banks we've looked with you know it's 00:23:00.090 --> 00:23:02.090 align:start position:0% banks we've looked with you know it's been<00:23:00.270> more<00:23:00.630> emerging<00:23:01.110> markets<00:23:01.500> developing 00:23:02.090 --> 00:23:02.100 align:start position:0% been more emerging markets developing 00:23:02.100 --> 00:23:04.850 align:start position:0% been more emerging markets developing areas<00:23:02.820> have<00:23:03.120> seen<00:23:03.380> ways<00:23:04.380> where<00:23:04.590> they<00:23:04.620> could 00:23:04.850 --> 00:23:04.860 align:start position:0% areas have seen ways where they could 00:23:04.860 --> 00:23:07.460 align:start position:0% areas have seen ways where they could implement<00:23:05.160> this<00:23:05.550> technology<00:23:06.000> easier<00:23:06.750> just 00:23:07.460 --> 00:23:07.470 align:start position:0% implement this technology easier just 00:23:07.470 --> 00:23:10.850 align:start position:0% implement this technology easier just because<00:23:08.060> here<00:23:09.060> in<00:23:09.180> the<00:23:09.360> you<00:23:09.870> know<00:23:09.960> UK<00:23:10.620> in<00:23:10.830> the 00:23:10.850 --> 00:23:10.860 align:start position:0% because here in the you know UK in the 00:23:10.860 --> 00:23:13.040 align:start position:0% because here in the you know UK in the US<00:23:11.250> and<00:23:11.580> things<00:23:11.940> like<00:23:12.030> they<00:23:12.180> were<00:23:12.240> there's 00:23:13.040 --> 00:23:13.050 align:start position:0% US and things like they were there's 00:23:13.050 --> 00:23:15.950 align:start position:0% US and things like they were there's very<00:23:13.440> strong<00:23:13.740> systems<00:23:14.250> in<00:23:14.430> place<00:23:14.640> they<00:23:14.970> main 00:23:15.950 --> 00:23:15.960 align:start position:0% very strong systems in place they main 00:23:15.960 --> 00:23:18.620 align:start position:0% very strong systems in place they main may<00:23:16.410> not<00:23:16.590> be<00:23:16.680> as<00:23:16.800> efficient<00:23:17.370> so<00:23:18.120> it<00:23:18.210> seems<00:23:18.450> like 00:23:18.620 --> 00:23:18.630 align:start position:0% may not be as efficient so it seems like 00:23:18.630 --> 00:23:20.560 align:start position:0% may not be as efficient so it seems like it's<00:23:18.780> going<00:23:18.990> to<00:23:19.020> take<00:23:19.260> a<00:23:19.290> longer<00:23:19.590> time<00:23:19.740> for 00:23:20.560 --> 00:23:20.570 align:start position:0% it's going to take a longer time for 00:23:20.570 --> 00:23:23.960 align:start position:0% it's going to take a longer time for that<00:23:21.570> type<00:23:21.840> of<00:23:22.020> cost<00:23:22.230> reduction<00:23:23.100> whereas<00:23:23.850> I 00:23:23.960 --> 00:23:23.970 align:start position:0% that type of cost reduction whereas I 00:23:23.970 --> 00:23:27.380 align:start position:0% that type of cost reduction whereas I think<00:23:24.000> you<00:23:24.810> know<00:23:24.960> a<00:23:24.990> kyc<00:23:25.920> type<00:23:26.250> of<00:23:26.460> idea<00:23:27.330> where 00:23:27.380 --> 00:23:27.390 align:start position:0% think you know a kyc type of idea where 00:23:27.390 --> 00:23:30.800 align:start position:0% think you know a kyc type of idea where that<00:23:27.540> can<00:23:27.780> start<00:23:28.200> to<00:23:28.380> be<00:23:28.650> in<00:23:29.190> filled 00:23:30.800 --> 00:23:30.810 align:start position:0% that can start to be in filled 00:23:30.810 --> 00:23:32.880 align:start position:0% that can start to be in filled I<00:23:30.840> don't<00:23:31.350> know<00:23:31.410> spread<00:23:31.680> throughout<00:23:31.950> the 00:23:32.880 --> 00:23:32.890 align:start position:0% I don't know spread throughout the 00:23:32.890 --> 00:23:35.130 align:start position:0% I don't know spread throughout the and<00:23:33.580> bringing<00:23:33.940> on<00:23:34.150> customers<00:23:34.660> might<00:23:34.870> be<00:23:35.049> an 00:23:35.130 --> 00:23:35.140 align:start position:0% and bringing on customers might be an 00:23:35.140 --> 00:23:38.100 align:start position:0% and bringing on customers might be an easier<00:23:35.740> where<00:23:35.920> I'm<00:23:36.040> just<00:23:36.480> curious<00:23:37.480> on<00:23:37.750> how<00:23:38.049> you 00:23:38.100 --> 00:23:38.110 align:start position:0% easier where I'm just curious on how you 00:23:38.110 --> 00:23:40.260 align:start position:0% easier where I'm just curious on how you address<00:23:38.860> the<00:23:39.220> settlement<00:23:39.700> side<00:23:39.910> of<00:23:40.030> things 00:23:40.260 --> 00:23:40.270 align:start position:0% address the settlement side of things 00:23:40.270 --> 00:23:46.320 align:start position:0% address the settlement side of things because<00:23:40.450> it<00:23:40.630> would<00:23:41.140> be<00:23:41.260> such<00:23:41.470> a<00:23:41.500> big<00:23:41.740> change<00:23:45.330> so 00:23:46.320 --> 00:23:46.330 align:start position:0% because it would be such a big change so 00:23:46.330 --> 00:23:49.020 align:start position:0% because it would be such a big change so I<00:23:46.390> was<00:23:46.510> picking<00:23:46.690> the<00:23:46.929> hardest<00:23:47.350> case<00:23:48.030> security 00:23:49.020 --> 00:23:49.030 align:start position:0% I was picking the hardest case security 00:23:49.030 --> 00:23:50.250 align:start position:0% I was picking the hardest case security supplement<00:23:49.480> if<00:23:49.570> you're<00:23:49.690> gonna<00:23:49.840> pick<00:23:50.020> an<00:23:50.140> easy 00:23:50.250 --> 00:23:50.260 align:start position:0% supplement if you're gonna pick an easy 00:23:50.260 --> 00:23:52.470 align:start position:0% supplement if you're gonna pick an easy one<00:23:50.590> okay<00:23:50.710> for<00:23:51.130> something<00:23:51.520> that's<00:23:51.670> asset 00:23:52.470 --> 00:23:52.480 align:start position:0% one okay for something that's asset 00:23:52.480 --> 00:23:54.900 align:start position:0% one okay for something that's asset registry-based<00:23:53.100> so<00:23:54.100> for<00:23:54.280> example<00:23:54.670> if<00:23:54.730> you're 00:23:54.900 --> 00:23:54.910 align:start position:0% registry-based so for example if you're 00:23:54.910 --> 00:23:55.919 align:start position:0% registry-based so for example if you're looking<00:23:54.940> at<00:23:55.270> a<00:23:55.299> particular<00:23:55.510> physical 00:23:55.919 --> 00:23:55.929 align:start position:0% looking at a particular physical 00:23:55.929 --> 00:23:58.440 align:start position:0% looking at a particular physical commodity<00:23:56.770> that's<00:23:56.980> allocated<00:23:57.549> that<00:23:58.179> may<00:23:58.390> be 00:23:58.440 --> 00:23:58.450 align:start position:0% commodity that's allocated that may be 00:23:58.450 --> 00:24:08.250 align:start position:0% commodity that's allocated that may be easier<00:24:06.510> if<00:24:07.510> we're<00:24:07.630> gonna<00:24:07.750> if<00:24:08.020> we're<00:24:08.169> gonna 00:24:08.250 --> 00:24:08.260 align:start position:0% easier if we're gonna if we're gonna 00:24:08.260 --> 00:24:10.530 align:start position:0% easier if we're gonna if we're gonna issue<00:24:08.740> other<00:24:09.280> kinds<00:24:09.640> of<00:24:09.669> assets<00:24:09.970> on<00:24:10.120> onto<00:24:10.510> a 00:24:10.530 --> 00:24:10.540 align:start position:0% issue other kinds of assets on onto a 00:24:10.540 --> 00:24:12.930 align:start position:0% issue other kinds of assets on onto a chain<00:24:10.870> then<00:24:11.650> then<00:24:12.070> we<00:24:12.370> really<00:24:12.610> need<00:24:12.730> to<00:24:12.850> be 00:24:12.930 --> 00:24:12.940 align:start position:0% chain then then we really need to be 00:24:12.940 --> 00:24:15.120 align:start position:0% chain then then we really need to be able<00:24:13.030> to<00:24:13.120> settle<00:24:13.390> on<00:24:13.720> the<00:24:14.110> same<00:24:14.320> same<00:24:14.679> fabric 00:24:15.120 --> 00:24:15.130 align:start position:0% able to settle on the same same fabric 00:24:15.130 --> 00:24:17.039 align:start position:0% able to settle on the same same fabric if<00:24:15.520> we<00:24:15.820> have<00:24:15.970> to<00:24:16.090> settle<00:24:16.299> and<00:24:16.630> I<00:24:16.720> separate 00:24:17.039 --> 00:24:17.049 align:start position:0% if we have to settle and I separate 00:24:17.049 --> 00:24:19.860 align:start position:0% if we have to settle and I separate fabrics<00:24:17.290> and<00:24:17.740> then<00:24:18.340> that<00:24:19.240> creates<00:24:19.450> extra 00:24:19.860 --> 00:24:19.870 align:start position:0% fabrics and then that creates extra 00:24:19.870 --> 00:24:22.200 align:start position:0% fabrics and then that creates extra complexity<00:24:20.799> that<00:24:21.100> we<00:24:21.370> don't<00:24:21.549> know<00:24:21.700> don't 00:24:22.200 --> 00:24:22.210 align:start position:0% complexity that we don't know don't 00:24:22.210 --> 00:24:25.560 align:start position:0% complexity that we don't know don't necessarily<00:24:22.720> need<00:24:22.900> so<00:24:23.610> so<00:24:24.610> I<00:24:24.640> think<00:24:24.910> you<00:24:25.419> can 00:24:25.560 --> 00:24:25.570 align:start position:0% necessarily need so so I think you can 00:24:25.570 --> 00:24:28.980 align:start position:0% necessarily need so so I think you can draw<00:24:25.780> some<00:24:26.110> I<00:24:27.179> think<00:24:28.179> you<00:24:28.419> know<00:24:28.540> the 00:24:28.980 --> 00:24:28.990 align:start position:0% draw some I think you know the 00:24:28.990 --> 00:24:32.909 align:start position:0% draw some I think you know the importance<00:24:29.620> of<00:24:29.770> being<00:24:30.040> able<00:24:30.160> to<00:24:30.280> do<00:24:30.460> DVP<00:24:31.919> on 00:24:32.909 --> 00:24:32.919 align:start position:0% importance of being able to do DVP on 00:24:32.919 --> 00:24:36.600 align:start position:0% importance of being able to do DVP on chain<00:24:33.400> rather<00:24:33.820> than<00:24:34.150> a<00:24:34.980> deliverer<00:24:35.980> immobilize 00:24:36.600 --> 00:24:36.610 align:start position:0% chain rather than a deliverer immobilize 00:24:36.610 --> 00:24:38.490 align:start position:0% chain rather than a deliverer immobilize an<00:24:36.760> asset<00:24:37.059> you<00:24:37.540> know<00:24:37.600> on<00:24:37.780> a<00:24:37.809> chain<00:24:38.110> and<00:24:38.380> then 00:24:38.490 --> 00:24:38.500 align:start position:0% an asset you know on a chain and then 00:24:38.500 --> 00:24:39.750 align:start position:0% an asset you know on a chain and then and<00:24:38.710> then<00:24:38.830> have<00:24:39.040> to<00:24:39.070> do<00:24:39.250> a<00:24:39.280> payment<00:24:39.669> of 00:24:39.750 --> 00:24:39.760 align:start position:0% and then have to do a payment of 00:24:39.760 --> 00:24:46.029 align:start position:0% and then have to do a payment of changing<00:24:40.360> it<00:24:40.480> in<00:24:40.630> a<00:24:40.720> traditional<00:24:41.250> system 00:24:46.029 --> 00:24:46.039 align:start position:0% 00:24:46.039 --> 00:24:50.509 align:start position:0% so<00:24:47.039> I<00:24:47.340> knew<00:24:48.299> that<00:24:48.919> kyc<00:24:49.919> was<00:24:50.070> going<00:24:50.219> to<00:24:50.279> come<00:24:50.489> up 00:24:50.509 --> 00:24:50.519 align:start position:0% so I knew that kyc was going to come up 00:24:50.519 --> 00:24:53.239 align:start position:0% so I knew that kyc was going to come up before<00:24:50.820> they<00:24:51.059> kind<00:24:51.210> of<00:24:51.330> got<00:24:51.479> to<00:24:51.629> me<00:24:51.659> so<00:24:51.840> so<00:24:52.739> just 00:24:53.239 --> 00:24:53.249 align:start position:0% before they kind of got to me so so just 00:24:53.249 --> 00:24:57.099 align:start position:0% before they kind of got to me so so just to<00:24:53.340> kind<00:24:53.460> of<00:24:53.580> jive<00:24:53.789> on<00:24:54.059> um<00:24:54.359> what<00:24:55.229> Lee<00:24:55.379> said<00:24:55.409> so 00:24:57.099 --> 00:24:57.109 align:start position:0% to kind of jive on um what Lee said so 00:24:57.109 --> 00:24:59.239 align:start position:0% to kind of jive on um what Lee said so probably<00:24:58.109> one<00:24:58.320> of<00:24:58.349> the<00:24:58.529> first<00:24:58.710> kind<00:24:58.979> of<00:24:59.099> like 00:24:59.239 --> 00:24:59.249 align:start position:0% probably one of the first kind of like 00:24:59.249 --> 00:25:00.950 align:start position:0% probably one of the first kind of like you<00:24:59.340> know<00:24:59.399> base<00:24:59.669> camp<00:24:59.999> for<00:25:00.119> us<00:25:00.330> in<00:25:00.599> in<00:25:00.840> a 00:25:00.950 --> 00:25:00.960 align:start position:0% you know base camp for us in in a 00:25:00.960 --> 00:25:03.379 align:start position:0% you know base camp for us in in a broader<00:25:01.229> adoption<00:25:01.469> of<00:25:01.739> the<00:25:01.889> technology<00:25:02.389> is 00:25:03.379 --> 00:25:03.389 align:start position:0% broader adoption of the technology is 00:25:03.389 --> 00:25:04.940 align:start position:0% broader adoption of the technology is going<00:25:03.659> to<00:25:03.719> be<00:25:03.809> trying<00:25:04.320> to<00:25:04.379> figure<00:25:04.529> out<00:25:04.649> how<00:25:04.919> to 00:25:04.940 --> 00:25:04.950 align:start position:0% going to be trying to figure out how to 00:25:04.950 --> 00:25:06.950 align:start position:0% going to be trying to figure out how to do<00:25:05.190> some<00:25:05.460> kind<00:25:05.669> of<00:25:05.729> shared<00:25:05.999> know<00:25:06.779> your 00:25:06.950 --> 00:25:06.960 align:start position:0% do some kind of shared know your 00:25:06.960 --> 00:25:09.769 align:start position:0% do some kind of shared know your customer<00:25:07.499> kind<00:25:07.859> of<00:25:07.950> control<00:25:08.309> process<00:25:08.789> so<00:25:09.119> you 00:25:09.769 --> 00:25:09.779 align:start position:0% customer kind of control process so you 00:25:09.779 --> 00:25:12.619 align:start position:0% customer kind of control process so you know<00:25:09.869> we<00:25:10.320> are<00:25:10.499> obligated<00:25:10.799> by<00:25:11.489> regulations<00:25:12.299> to 00:25:12.619 --> 00:25:12.629 align:start position:0% know we are obligated by regulations to 00:25:12.629 --> 00:25:15.440 align:start position:0% know we are obligated by regulations to go<00:25:12.899> through<00:25:13.379> control<00:25:14.340> processes<00:25:14.879> to<00:25:15.179> figure 00:25:15.440 --> 00:25:15.450 align:start position:0% go through control processes to figure 00:25:15.450 --> 00:25:17.659 align:start position:0% go through control processes to figure out<00:25:15.599> that<00:25:16.289> we<00:25:16.559> are<00:25:16.739> selling<00:25:17.099> our<00:25:17.219> financial 00:25:17.659 --> 00:25:17.669 align:start position:0% out that we are selling our financial 00:25:17.669 --> 00:25:21.829 align:start position:0% out that we are selling our financial products<00:25:17.999> to<00:25:18.809> the<00:25:19.710> right<00:25:19.919> kind<00:25:20.219> of<00:25:20.279> folk<00:25:20.839> every 00:25:21.829 --> 00:25:21.839 align:start position:0% products to the right kind of folk every 00:25:21.839 --> 00:25:23.659 align:start position:0% products to the right kind of folk every single<00:25:22.289> market<00:25:22.710> player<00:25:22.950> has<00:25:23.190> to<00:25:23.339> follow<00:25:23.549> those 00:25:23.659 --> 00:25:23.669 align:start position:0% single market player has to follow those 00:25:23.669 --> 00:25:26.229 align:start position:0% single market player has to follow those kind<00:25:23.729> of<00:25:23.969> controls<00:25:24.359> and<00:25:24.570> it<00:25:24.839> is<00:25:25.049> a<00:25:25.080> you<00:25:26.070> know 00:25:26.229 --> 00:25:26.239 align:start position:0% kind of controls and it is a you know 00:25:26.239 --> 00:25:30.139 align:start position:0% kind of controls and it is a you know woeful<00:25:27.239> woeful<00:25:28.700> situation<00:25:29.700> that<00:25:29.849> we<00:25:29.940> can't 00:25:30.139 --> 00:25:30.149 align:start position:0% woeful woeful situation that we can't 00:25:30.149 --> 00:25:31.789 align:start position:0% woeful woeful situation that we can't manage<00:25:30.359> to<00:25:30.419> figure<00:25:30.659> out<00:25:30.839> how<00:25:31.019> to<00:25:31.080> do<00:25:31.289> something 00:25:31.789 --> 00:25:31.799 align:start position:0% manage to figure out how to do something 00:25:31.799 --> 00:25:33.979 align:start position:0% manage to figure out how to do something together<00:25:31.979> but<00:25:32.429> the<00:25:32.549> problem<00:25:32.940> is<00:25:33.089> we<00:25:33.779> don't 00:25:33.979 --> 00:25:33.989 align:start position:0% together but the problem is we don't 00:25:33.989 --> 00:25:36.859 align:start position:0% together but the problem is we don't know<00:25:34.139> how<00:25:34.469> to<00:25:34.529> be<00:25:34.799> able<00:25:35.099> to<00:25:35.279> have<00:25:35.690> you<00:25:36.690> know<00:25:36.779> to 00:25:36.859 --> 00:25:36.869 align:start position:0% know how to be able to have you know to 00:25:36.869 --> 00:25:40.310 align:start position:0% know how to be able to have you know to associate<00:25:37.559> a<00:25:37.679> thing<00:25:38.039> to<00:25:38.759> a<00:25:39.330> digital<00:25:40.229> identity 00:25:40.310 --> 00:25:40.320 align:start position:0% associate a thing to a digital identity 00:25:40.320 --> 00:25:42.469 align:start position:0% associate a thing to a digital identity to<00:25:40.950> be<00:25:41.070> able<00:25:41.190> to<00:25:41.369> show<00:25:41.729> you<00:25:41.969> know<00:25:42.089> to<00:25:42.149> be<00:25:42.359> able 00:25:42.469 --> 00:25:42.479 align:start position:0% to be able to show you know to be able 00:25:42.479 --> 00:25:44.810 align:start position:0% to be able to show you know to be able to<00:25:42.659> be<00:25:43.169> sure<00:25:43.440> of<00:25:43.799> the<00:25:44.159> entity<00:25:44.489> that<00:25:44.519> we're 00:25:44.810 --> 00:25:44.820 align:start position:0% to be sure of the entity that we're 00:25:44.820 --> 00:25:48.049 align:start position:0% to be sure of the entity that we're talking<00:25:45.179> about<00:25:45.269> and<00:25:45.719> so<00:25:46.440> whilst<00:25:47.429> this<00:25:47.669> isn't<00:25:47.969> a 00:25:48.049 --> 00:25:48.059 align:start position:0% talking about and so whilst this isn't a 00:25:48.059 --> 00:25:50.029 align:start position:0% talking about and so whilst this isn't a use<00:25:48.299> case<00:25:48.570> for<00:25:48.599> us<00:25:48.869> to<00:25:49.019> think<00:25:49.200> about<00:25:49.349> in<00:25:50.009> terms 00:25:50.029 --> 00:25:50.039 align:start position:0% use case for us to think about in terms 00:25:50.039 --> 00:25:52.009 align:start position:0% use case for us to think about in terms of<00:25:50.549> well<00:25:50.909> this<00:25:51.029> is<00:25:51.179> one<00:25:51.299> of<00:25:51.389> our<00:25:51.539> financial 00:25:52.009 --> 00:25:52.019 align:start position:0% of well this is one of our financial 00:25:52.019 --> 00:25:54.709 align:start position:0% of well this is one of our financial products<00:25:52.320> but<00:25:53.129> you<00:25:53.609> want<00:25:53.729> to<00:25:53.789> get<00:25:53.909> the<00:25:54.450> banks 00:25:54.709 --> 00:25:54.719 align:start position:0% products but you want to get the banks 00:25:54.719 --> 00:25:56.899 align:start position:0% products but you want to get the banks on<00:25:54.869> board<00:25:55.109> figure<00:25:55.799> out<00:25:55.919> how<00:25:56.159> to<00:25:56.219> help<00:25:56.489> us<00:25:56.729> with 00:25:56.899 --> 00:25:56.909 align:start position:0% on board figure out how to help us with 00:25:56.909 --> 00:25:59.389 align:start position:0% on board figure out how to help us with kyc<00:25:57.509> and<00:25:57.719> anti-money<00:25:58.320> laundering<00:25:58.399> controls 00:25:59.389 --> 00:25:59.399 align:start position:0% kyc and anti-money laundering controls 00:25:59.399 --> 00:26:01.459 align:start position:0% kyc and anti-money laundering controls because<00:26:00.029> everyone<00:26:00.359> has<00:26:00.539> to<00:26:00.659> do<00:26:00.809> it<00:26:00.960> it's<00:26:01.379> a 00:26:01.459 --> 00:26:01.469 align:start position:0% because everyone has to do it it's a 00:26:01.469 --> 00:26:03.799 align:start position:0% because everyone has to do it it's a burden<00:26:01.679> for<00:26:01.830> everybody<00:26:02.369> it<00:26:02.999> just<00:26:03.359> increases 00:26:03.799 --> 00:26:03.809 align:start position:0% burden for everybody it just increases 00:26:03.809 --> 00:26:07.729 align:start position:0% burden for everybody it just increases the<00:26:04.169> cost<00:26:04.379> base<00:26:04.649> that<00:26:05.460> we<00:26:05.580> have<00:26:05.609> and<00:26:06.559> we've<00:26:07.559> got 00:26:07.729 --> 00:26:07.739 align:start position:0% the cost base that we have and we've got 00:26:07.739 --> 00:26:10.339 align:start position:0% the cost base that we have and we've got to<00:26:07.859> figure<00:26:08.009> these<00:26:08.219> things<00:26:08.279> out<00:26:08.849> before<00:26:09.809> we<00:26:10.139> can 00:26:10.339 --> 00:26:10.349 align:start position:0% to figure these things out before we can 00:26:10.349 --> 00:26:14.089 align:start position:0% to figure these things out before we can manage<00:26:10.529> to<00:26:10.889> to<00:26:11.279> do<00:26:11.429> things<00:26:11.700> at<00:26:11.879> scale<00:26:12.210> so<00:26:13.099> as 00:26:14.089 --> 00:26:14.099 align:start position:0% manage to to do things at scale so as 00:26:14.099 --> 00:26:15.560 align:start position:0% manage to to do things at scale so as lee<00:26:14.249> was<00:26:14.399> saying<00:26:14.609> it's<00:26:14.789> a<00:26:14.849> challenge<00:26:15.210> help<00:26:15.450> us 00:26:15.560 --> 00:26:15.570 align:start position:0% lee was saying it's a challenge help us 00:26:15.570 --> 00:26:17.359 align:start position:0% lee was saying it's a challenge help us figure<00:26:15.749> out<00:26:15.929> how<00:26:16.139> to<00:26:16.200> how<00:26:16.619> to<00:26:16.649> do<00:26:16.919> that<00:26:17.099> kind<00:26:17.309> of 00:26:17.359 --> 00:26:17.369 align:start position:0% figure out how to how to do that kind of 00:26:17.369 --> 00:26:22.279 align:start position:0% figure out how to how to do that kind of stuff<00:26:19.549> without<00:26:20.549> lock<00:26:20.969> chain<00:26:21.239> technology<00:26:21.450> I 00:26:22.279 --> 00:26:22.289 align:start position:0% stuff without lock chain technology I 00:26:22.289 --> 00:26:24.499 align:start position:0% stuff without lock chain technology I was<00:26:22.799> just<00:26:23.219> curious<00:26:23.429> to<00:26:23.729> know<00:26:23.969> what<00:26:24.330> your 00:26:24.499 --> 00:26:24.509 align:start position:0% was just curious to know what your 00:26:24.509 --> 00:26:27.709 align:start position:0% was just curious to know what your thoughts<00:26:24.570> of<00:26:25.289> the<00:26:25.799> future<00:26:26.299> customer<00:26:27.299> of<00:26:27.450> a 00:26:27.709 --> 00:26:27.719 align:start position:0% thoughts of the future customer of a 00:26:27.719 --> 00:26:29.570 align:start position:0% thoughts of the future customer of a bank<00:26:27.899> because<00:26:28.559> because<00:26:29.099> I<00:26:29.190> think<00:26:29.249> that 00:26:29.570 --> 00:26:29.580 align:start position:0% bank because because I think that 00:26:29.580 --> 00:26:33.049 align:start position:0% bank because because I think that there's<00:26:29.940> a<00:26:30.379> generational<00:26:31.379> gap<00:26:31.820> between<00:26:32.820> the 00:26:33.049 --> 00:26:33.059 align:start position:0% there's a generational gap between the 00:26:33.059 --> 00:26:34.849 align:start position:0% there's a generational gap between the 10<00:26:33.239> year<00:26:33.389> olds<00:26:33.659> the<00:26:33.809> 20<00:26:34.049> year<00:26:34.169> olds<00:26:34.409> versus<00:26:34.739> the 00:26:34.849 --> 00:26:34.859 align:start position:0% 10 year olds the 20 year olds versus the 00:26:34.859 --> 00:26:37.070 align:start position:0% 10 year olds the 20 year olds versus the 50<00:26:35.249> year<00:26:35.369> olds<00:26:35.519> and<00:26:35.669> 60<00:26:35.940> year<00:26:36.089> olds<00:26:36.299> and<00:26:36.419> how 00:26:37.070 --> 00:26:37.080 align:start position:0% 50 year olds and 60 year olds and how 00:26:37.080 --> 00:26:41.220 align:start position:0% 50 year olds and 60 year olds and how will<00:26:37.229> that<00:26:37.320> affect<00:26:38.029> strategic<00:26:39.029> initiatives 00:26:41.220 --> 00:26:41.230 align:start position:0% will that affect strategic initiatives 00:26:41.230 --> 00:26:44.399 align:start position:0% will that affect strategic initiatives well<00:26:41.919> I<00:26:42.340> think<00:26:43.029> ideally<00:26:43.659> you've<00:26:43.840> been<00:26:43.990> talking 00:26:44.399 --> 00:26:44.409 align:start position:0% well I think ideally you've been talking 00:26:44.409 --> 00:26:46.649 align:start position:0% well I think ideally you've been talking to<00:26:44.440> retail<00:26:45.100> banking<00:26:45.490> not<00:26:45.909> Investment<00:26:46.360> Banking 00:26:46.649 --> 00:26:46.659 align:start position:0% to retail banking not Investment Banking 00:26:46.659 --> 00:26:50.279 align:start position:0% to retail banking not Investment Banking on<00:26:46.809> that<00:26:46.960> point<00:26:47.730> however<00:26:48.730> if<00:26:49.360> we<00:26:49.539> were<00:26:49.960> to<00:26:50.169> look 00:26:50.279 --> 00:26:50.289 align:start position:0% on that point however if we were to look 00:26:50.289 --> 00:26:54.090 align:start position:0% on that point however if we were to look at<00:26:50.529> for<00:26:50.830> example<00:26:51.309> within<00:26:52.120> Investment<00:26:52.750> Banking 00:26:54.090 --> 00:26:54.100 align:start position:0% at for example within Investment Banking 00:26:54.100 --> 00:26:56.879 align:start position:0% at for example within Investment Banking by<00:26:54.519> customers<00:26:55.090> so<00:26:55.360> if<00:26:55.720> we<00:26:55.870> take<00:26:56.019> technology<00:26:56.769> as 00:26:56.879 --> 00:26:56.889 align:start position:0% by customers so if we take technology as 00:26:56.889 --> 00:26:59.340 align:start position:0% by customers so if we take technology as a<00:26:56.919> part<00:26:57.340> of<00:26:57.490> the<00:26:57.940> bank<00:26:58.149> and<00:26:58.389> the<00:26:58.750> business<00:26:59.139> is 00:26:59.340 --> 00:26:59.350 align:start position:0% a part of the bank and the business is 00:26:59.350 --> 00:27:03.180 align:start position:0% a part of the bank and the business is another<00:26:59.590> part<00:26:59.889> so<00:27:01.710> there's<00:27:02.710> a<00:27:02.769> customer 00:27:03.180 --> 00:27:03.190 align:start position:0% another part so there's a customer 00:27:03.190 --> 00:27:06.289 align:start position:0% another part so there's a customer relationship<00:27:03.340> there<00:27:04.000> so<00:27:04.450> technology<00:27:05.019> is 00:27:06.289 --> 00:27:06.299 align:start position:0% relationship there so technology is 00:27:06.299 --> 00:27:09.060 align:start position:0% relationship there so technology is delivering<00:27:07.299> value<00:27:07.690> to<00:27:07.720> the<00:27:08.169> business<00:27:08.289> what 00:27:09.060 --> 00:27:09.070 align:start position:0% delivering value to the business what 00:27:09.070 --> 00:27:11.399 align:start position:0% delivering value to the business what type<00:27:09.340> of<00:27:09.370> technology<00:27:09.700> how<00:27:10.389> does<00:27:10.840> that<00:27:11.080> change 00:27:11.399 --> 00:27:11.409 align:start position:0% type of technology how does that change 00:27:11.409 --> 00:27:13.529 align:start position:0% type of technology how does that change over<00:27:11.559> time<00:27:11.830> so<00:27:12.399> we<00:27:12.789> already<00:27:12.940> have<00:27:13.299> a<00:27:13.330> position 00:27:13.529 --> 00:27:13.539 align:start position:0% over time so we already have a position 00:27:13.539 --> 00:27:16.860 align:start position:0% over time so we already have a position where<00:27:14.610> new<00:27:15.610> graduates<00:27:16.090> join<00:27:16.360> they<00:27:16.659> have 00:27:16.860 --> 00:27:16.870 align:start position:0% where new graduates join they have 00:27:16.870 --> 00:27:19.110 align:start position:0% where new graduates join they have certain<00:27:17.169> expectations<00:27:17.440> around<00:27:18.370> the 00:27:19.110 --> 00:27:19.120 align:start position:0% certain expectations around the 00:27:19.120 --> 00:27:21.180 align:start position:0% certain expectations around the development<00:27:19.450> processes<00:27:20.049> and<00:27:20.500> this<00:27:20.860> isn't 00:27:21.180 --> 00:27:21.190 align:start position:0% development processes and this isn't 00:27:21.190 --> 00:27:23.009 align:start position:0% development processes and this isn't just<00:27:21.370> the<00:27:21.669> work<00:27:21.820> environment<00:27:22.179> it's<00:27:22.600> how<00:27:22.840> long 00:27:23.009 --> 00:27:23.019 align:start position:0% just the work environment it's how long 00:27:23.019 --> 00:27:24.450 align:start position:0% just the work environment it's how long does<00:27:23.200> it<00:27:23.230> take<00:27:23.500> to<00:27:23.620> get<00:27:23.740> something<00:27:24.039> live 00:27:24.450 --> 00:27:24.460 align:start position:0% does it take to get something live 00:27:24.460 --> 00:27:26.190 align:start position:0% does it take to get something live what's<00:27:25.450> the<00:27:25.570> nature<00:27:25.779> of<00:27:25.929> the<00:27:26.080> work 00:27:26.190 --> 00:27:26.200 align:start position:0% what's the nature of the work 00:27:26.200 --> 00:27:28.529 align:start position:0% what's the nature of the work environment<00:27:26.500> how<00:27:26.980> quick<00:27:27.250> and<00:27:27.580> agile<00:27:27.909> are<00:27:28.360> we 00:27:28.529 --> 00:27:28.539 align:start position:0% environment how quick and agile are we 00:27:28.539 --> 00:27:30.509 align:start position:0% environment how quick and agile are we so<00:27:29.230> from<00:27:29.740> that<00:27:29.830> point<00:27:30.010> of<00:27:30.130> view<00:27:30.250> you're<00:27:30.399> there 00:27:30.509 --> 00:27:30.519 align:start position:0% so from that point of view you're there 00:27:30.519 --> 00:27:31.980 align:start position:0% so from that point of view you're there you<00:27:30.730> need<00:27:30.880> a<00:27:30.940> transformation<00:27:31.720> within 00:27:31.980 --> 00:27:31.990 align:start position:0% you need a transformation within 00:27:31.990 --> 00:27:35.159 align:start position:0% you need a transformation within technology<00:27:32.380> as<00:27:32.980> a<00:27:33.429> starting<00:27:34.000> point<00:27:34.210> so<00:27:34.510> things 00:27:35.159 --> 00:27:35.169 align:start position:0% technology as a starting point so things 00:27:35.169 --> 00:27:38.419 align:start position:0% technology as a starting point so things like<00:27:35.350> DevOps<00:27:35.950> processes<00:27:36.760> automated<00:27:37.169> testing 00:27:38.419 --> 00:27:38.429 align:start position:0% like DevOps processes automated testing 00:27:38.429 --> 00:27:41.940 align:start position:0% like DevOps processes automated testing standardized<00:27:39.429> and<00:27:40.179> disciplined<00:27:40.960> agile<00:27:41.260> as<00:27:41.710> a 00:27:41.940 --> 00:27:41.950 align:start position:0% standardized and disciplined agile as a 00:27:41.950 --> 00:27:44.100 align:start position:0% standardized and disciplined agile as a methodology<00:27:42.460> now<00:27:43.240> it<00:27:43.389> may<00:27:43.570> sound<00:27:43.779> quite 00:27:44.100 --> 00:27:44.110 align:start position:0% methodology now it may sound quite 00:27:44.110 --> 00:27:46.769 align:start position:0% methodology now it may sound quite process-oriented<00:27:44.919> and<00:27:45.639> not<00:27:45.850> that<00:27:46.240> much<00:27:46.450> to<00:27:46.659> do 00:27:46.769 --> 00:27:46.779 align:start position:0% process-oriented and not that much to do 00:27:46.779 --> 00:27:49.379 align:start position:0% process-oriented and not that much to do with<00:27:46.809> smart<00:27:47.139> contracts<00:27:47.710> but<00:27:48.250> actually<00:27:48.760> unless 00:27:49.379 --> 00:27:49.389 align:start position:0% with smart contracts but actually unless 00:27:49.389 --> 00:27:51.570 align:start position:0% with smart contracts but actually unless the<00:27:49.570> banks<00:27:49.870> move<00:27:50.169> to<00:27:50.590> that<00:27:50.740> model<00:27:50.980> and<00:27:51.370> they're 00:27:51.570 --> 00:27:51.580 align:start position:0% the banks move to that model and they're 00:27:51.580 --> 00:27:54.060 align:start position:0% the banks move to that model and they're partway<00:27:51.970> down<00:27:52.059> the<00:27:52.419> road<00:27:52.630> all<00:27:53.350> these<00:27:53.620> tech<00:27:53.889> new 00:27:54.060 --> 00:27:54.070 align:start position:0% partway down the road all these tech new 00:27:54.070 --> 00:27:55.710 align:start position:0% partway down the road all these tech new technologists<00:27:54.700> are<00:27:54.760> going<00:27:54.880> to<00:27:54.970> take<00:27:55.120> 10<00:27:55.419> years 00:27:55.710 --> 00:27:55.720 align:start position:0% technologists are going to take 10 years 00:27:55.720 --> 00:27:58.019 align:start position:0% technologists are going to take 10 years before<00:27:55.990> they<00:27:56.230> actually<00:27:56.260> get<00:27:56.740> implemented<00:27:57.190> so 00:27:58.019 --> 00:27:58.029 align:start position:0% before they actually get implemented so 00:27:58.029 --> 00:28:00.600 align:start position:0% before they actually get implemented so we<00:27:58.179> need<00:27:58.480> to<00:27:58.779> move<00:27:58.990> to<00:27:59.289> this<00:27:59.409> new<00:27:59.679> model<00:28:00.010> so 00:28:00.600 --> 00:28:00.610 align:start position:0% we need to move to this new model so 00:28:00.610 --> 00:28:02.100 align:start position:0% we need to move to this new model so different<00:28:01.029> parts<00:28:01.240> of<00:28:01.389> the<00:28:01.450> bank<00:28:01.630> move<00:28:01.990> at 00:28:02.100 --> 00:28:02.110 align:start position:0% different parts of the bank move at 00:28:02.110 --> 00:28:04.259 align:start position:0% different parts of the bank move at different<00:28:02.230> paces<00:28:02.830> we've<00:28:03.309> already<00:28:03.490> got<00:28:03.730> parts 00:28:04.259 --> 00:28:04.269 align:start position:0% different paces we've already got parts 00:28:04.269 --> 00:28:06.000 align:start position:0% different paces we've already got parts of<00:28:04.480> many<00:28:04.990> investment<00:28:05.500> banks<00:28:05.799> that<00:28:05.860> are 00:28:06.000 --> 00:28:06.010 align:start position:0% of many investment banks that are 00:28:06.010 --> 00:28:08.159 align:start position:0% of many investment banks that are already<00:28:06.250> highly<00:28:06.669> agile<00:28:07.149> on<00:28:07.600> what<00:28:07.809> we<00:28:07.899> need<00:28:08.049> to 00:28:08.159 --> 00:28:08.169 align:start position:0% already highly agile on what we need to 00:28:08.169 --> 00:28:10.560 align:start position:0% already highly agile on what we need to do<00:28:08.289> is<00:28:08.409> to<00:28:08.649> expand<00:28:09.610> that<00:28:09.760> to<00:28:10.090> the<00:28:10.240> rest<00:28:10.419> of 00:28:10.560 --> 00:28:10.570 align:start position:0% do is to expand that to the rest of 00:28:10.570 --> 00:28:12.299 align:start position:0% do is to expand that to the rest of technology<00:28:11.200> and<00:28:11.320> have<00:28:11.470> a<00:28:11.500> business<00:28:11.889> working 00:28:12.299 --> 00:28:12.309 align:start position:0% technology and have a business working 00:28:12.309 --> 00:28:16.230 align:start position:0% technology and have a business working with<00:28:12.700> technology<00:28:13.360> so<00:28:14.019> in<00:28:14.860> terms<00:28:15.220> of<00:28:15.399> the 00:28:16.230 --> 00:28:16.240 align:start position:0% with technology so in terms of the 00:28:16.240 --> 00:28:18.000 align:start position:0% with technology so in terms of the customers<00:28:16.659> expectations<00:28:17.019> I<00:28:17.590> would<00:28:17.679> say<00:28:17.799> first 00:28:18.000 --> 00:28:18.010 align:start position:0% customers expectations I would say first 00:28:18.010 --> 00:28:19.259 align:start position:0% customers expectations I would say first of<00:28:18.130> all<00:28:18.250> there's<00:28:18.460> the<00:28:18.580> employees 00:28:19.259 --> 00:28:19.269 align:start position:0% of all there's the employees 00:28:19.269 --> 00:28:21.930 align:start position:0% of all there's the employees expectations<00:28:20.230> and<00:28:20.470> then<00:28:21.279> then<00:28:21.519> becoming 00:28:21.930 --> 00:28:21.940 align:start position:0% expectations and then then becoming 00:28:21.940 --> 00:28:23.789 align:start position:0% expectations and then then becoming faster<00:28:22.480> and<00:28:22.600> more<00:28:22.690> agile<00:28:23.169> and<00:28:23.320> reflecting 00:28:23.789 --> 00:28:23.799 align:start position:0% faster and more agile and reflecting 00:28:23.799 --> 00:28:26.220 align:start position:0% faster and more agile and reflecting faster<00:28:24.429> pace<00:28:24.639> of<00:28:24.820> change<00:28:24.850> will<00:28:25.659> enable<00:28:25.899> us<00:28:26.169> to 00:28:26.220 --> 00:28:26.230 align:start position:0% faster pace of change will enable us to 00:28:26.230 --> 00:28:30.120 align:start position:0% faster pace of change will enable us to deliver<00:28:26.559> different<00:28:27.220> products<00:28:28.620> the<00:28:29.620> the 00:28:30.120 --> 00:28:30.130 align:start position:0% deliver different products the the 00:28:30.130 --> 00:28:31.560 align:start position:0% deliver different products the the Millennials<00:28:30.610> aspect<00:28:31.090> and<00:28:31.240> so<00:28:31.360> on<00:28:31.450> I<00:28:31.510> don't 00:28:31.560 --> 00:28:31.570 align:start position:0% Millennials aspect and so on I don't 00:28:31.570 --> 00:28:33.960 align:start position:0% Millennials aspect and so on I don't think<00:28:31.899> applies<00:28:32.169> so<00:28:32.470> much<00:28:32.769> to<00:28:33.100> institutional 00:28:33.960 --> 00:28:33.970 align:start position:0% think applies so much to institutional 00:28:33.970 --> 00:28:36.720 align:start position:0% think applies so much to institutional investors<00:28:34.590> who<00:28:35.590> are<00:28:35.830> participants<00:28:36.700> in 00:28:36.720 --> 00:28:36.730 align:start position:0% investors who are participants in 00:28:36.730 --> 00:28:38.770 align:start position:0% investors who are participants in Investment<00:28:37.539> Banking 00:28:38.770 --> 00:28:38.780 align:start position:0% Investment Banking 00:28:38.780 --> 00:28:41.110 align:start position:0% Investment Banking there<00:28:39.620> may<00:28:39.740> be<00:28:39.770> cases<00:28:40.040> for<00:28:40.430> example<00:28:40.460> of<00:28:40.850> people 00:28:41.110 --> 00:28:41.120 align:start position:0% there may be cases for example of people 00:28:41.120 --> 00:28:43.000 align:start position:0% there may be cases for example of people looking<00:28:41.420> to<00:28:41.510> swap<00:28:41.780> assets<00:28:42.170> and<00:28:42.440> they'd<00:28:42.800> like 00:28:43.000 --> 00:28:43.010 align:start position:0% looking to swap assets and they'd like 00:28:43.010 --> 00:28:45.550 align:start position:0% looking to swap assets and they'd like to<00:28:43.070> do<00:28:43.280> it<00:28:43.340> on<00:28:43.430> their<00:28:43.580> iPad<00:28:44.030> outside<00:28:44.510> of<00:28:44.720> the 00:28:45.550 --> 00:28:45.560 align:start position:0% to do it on their iPad outside of the 00:28:45.560 --> 00:28:48.070 align:start position:0% to do it on their iPad outside of the trading<00:28:45.980> desk<00:28:46.220> but<00:28:46.610> I<00:28:46.970> haven't<00:28:47.570> been<00:28:47.720> aware<00:28:47.930> of 00:28:48.070 --> 00:28:48.080 align:start position:0% trading desk but I haven't been aware of 00:28:48.080 --> 00:28:55.810 align:start position:0% trading desk but I haven't been aware of that<00:28:48.200> demand<00:28:48.560> yet<00:28:53.800> to<00:28:54.800> agree<00:28:55.160> with<00:28:55.400> what<00:28:55.520> Lisa 00:28:55.810 --> 00:28:55.820 align:start position:0% that demand yet to agree with what Lisa 00:28:55.820 --> 00:28:58.120 align:start position:0% that demand yet to agree with what Lisa and<00:28:55.970> yeah<00:28:56.650> it's<00:28:57.650> a<00:28:57.740> slightly<00:28:57.980> different 00:28:58.120 --> 00:28:58.130 align:start position:0% and yeah it's a slightly different 00:28:58.130 --> 00:29:00.300 align:start position:0% and yeah it's a slightly different problem<00:28:58.460> in<00:28:58.730> in<00:28:59.600> some<00:28:59.930> of<00:29:00.020> the<00:29:00.110> more 00:29:00.300 --> 00:29:00.310 align:start position:0% problem in in some of the more 00:29:00.310 --> 00:29:03.660 align:start position:0% problem in in some of the more investment<00:29:01.310> banking<00:29:01.610> asset<00:29:02.300> management 00:29:03.660 --> 00:29:03.670 align:start position:0% investment banking asset management 00:29:03.670 --> 00:29:06.700 align:start position:0% investment banking asset management fields<00:29:04.670> you<00:29:05.300> know<00:29:05.420> for<00:29:05.780> retail<00:29:06.080> I<00:29:06.320> mean<00:29:06.500> I 00:29:06.700 --> 00:29:06.710 align:start position:0% fields you know for retail I mean I 00:29:06.710 --> 00:29:09.550 align:start position:0% fields you know for retail I mean I think<00:29:06.980> the<00:29:07.490> you<00:29:07.970> know<00:29:08.060> one<00:29:09.020> challenge<00:29:09.380> I'd 00:29:09.550 --> 00:29:09.560 align:start position:0% think the you know one challenge I'd 00:29:09.560 --> 00:29:15.280 align:start position:0% think the you know one challenge I'd throw<00:29:09.740> out<00:29:09.770> there<00:29:10.490> is<00:29:10.570> no<00:29:11.570> the<00:29:12.700> today<00:29:13.700> you<00:29:14.330> you 00:29:15.280 --> 00:29:15.290 align:start position:0% throw out there is no the today you you 00:29:15.290 --> 00:29:17.140 align:start position:0% throw out there is no the today you you do<00:29:15.470> need<00:29:15.650> to<00:29:15.770> understand<00:29:16.250> the<00:29:16.370> technology<00:29:16.640> you 00:29:17.140 --> 00:29:17.150 align:start position:0% do need to understand the technology you 00:29:17.150 --> 00:29:19.540 align:start position:0% do need to understand the technology you need<00:29:17.330> you<00:29:17.600> do<00:29:17.720> need<00:29:17.900> to<00:29:18.020> be<00:29:18.140> aware<00:29:18.230> of<00:29:18.550> where 00:29:19.540 --> 00:29:19.550 align:start position:0% need you do need to be aware of where 00:29:19.550 --> 00:29:22.360 align:start position:0% need you do need to be aware of where the<00:29:20.120> problems<00:29:20.510> you<00:29:20.660> know<00:29:20.810> lose<00:29:21.800> your<00:29:21.980> lose 00:29:22.360 --> 00:29:22.370 align:start position:0% the problems you know lose your lose 00:29:22.370 --> 00:29:25.090 align:start position:0% the problems you know lose your lose your<00:29:22.520> private<00:29:22.910> key<00:29:23.090> and<00:29:23.530> know<00:29:24.530> you've<00:29:24.770> you've 00:29:25.090 --> 00:29:25.100 align:start position:0% your private key and know you've you've 00:29:25.100 --> 00:29:27.310 align:start position:0% your private key and know you've you've lost<00:29:25.370> the<00:29:25.730> asset<00:29:26.120> that's<00:29:26.270> tight<00:29:26.570> to<00:29:26.720> that<00:29:26.750> so 00:29:27.310 --> 00:29:27.320 align:start position:0% lost the asset that's tight to that so 00:29:27.320 --> 00:29:30.190 align:start position:0% lost the asset that's tight to that so so<00:29:28.010> you<00:29:28.460> know<00:29:28.520> I<00:29:28.610> think<00:29:28.880> again<00:29:29.330> it's<00:29:29.690> it's<00:29:30.050> an 00:29:30.190 --> 00:29:30.200 align:start position:0% so you know I think again it's it's an 00:29:30.200 --> 00:29:32.200 align:start position:0% so you know I think again it's it's an opportunity<00:29:30.590> for<00:29:30.920> the<00:29:31.040> for<00:29:31.640> the<00:29:31.700> banks<00:29:32.030> and 00:29:32.200 --> 00:29:32.210 align:start position:0% opportunity for the for the banks and 00:29:32.210 --> 00:29:36.550 align:start position:0% opportunity for the for the banks and the<00:29:32.300> community<00:29:32.750> to<00:29:33.320> provide<00:29:34.930> systems<00:29:35.930> to 00:29:36.550 --> 00:29:36.560 align:start position:0% the community to provide systems to 00:29:36.560 --> 00:29:40.410 align:start position:0% the community to provide systems to enable<00:29:37.210> you<00:29:38.210> know<00:29:38.330> people<00:29:38.780> to<00:29:38.930> carry<00:29:39.620> out 00:29:40.410 --> 00:29:40.420 align:start position:0% enable you know people to carry out 00:29:40.420 --> 00:29:43.300 align:start position:0% enable you know people to carry out transactions<00:29:41.420> on<00:29:41.630> on<00:29:41.810> these<00:29:42.380> platforms<00:29:42.650> in<00:29:43.070> a 00:29:43.300 --> 00:29:43.310 align:start position:0% transactions on on these platforms in a 00:29:43.310 --> 00:29:46.330 align:start position:0% transactions on on these platforms in a secure<00:29:43.640> way<00:29:44.020> with<00:29:45.020> some<00:29:45.320> level<00:29:45.620> of<00:29:45.800> guarantee 00:29:46.330 --> 00:29:46.340 align:start position:0% secure way with some level of guarantee 00:29:46.340 --> 00:29:49.540 align:start position:0% secure way with some level of guarantee that<00:29:46.670> that<00:29:47.450> should<00:29:47.990> something<00:29:48.590> go<00:29:48.740> wrong<00:29:48.920> that 00:29:49.540 --> 00:29:49.550 align:start position:0% that that should something go wrong that 00:29:49.550 --> 00:29:52.330 align:start position:0% that that should something go wrong that they<00:29:50.030> have<00:29:50.300> have<00:29:50.930> recourse<00:29:51.320> obviously<00:29:52.070> you 00:29:52.330 --> 00:29:52.340 align:start position:0% they have have recourse obviously you 00:29:52.340 --> 00:29:56.380 align:start position:0% they have have recourse obviously you know<00:29:52.720> we<00:29:53.720> don't<00:29:54.940> we're<00:29:55.940> not<00:29:56.060> we're<00:29:56.330> not 00:29:56.380 --> 00:29:56.390 align:start position:0% know we don't we're not we're not 00:29:56.390 --> 00:29:59.380 align:start position:0% know we don't we're not we're not suggesting<00:29:56.600> that<00:29:56.960> we<00:29:57.380> want<00:29:57.790> to<00:29:58.790> completely 00:29:59.380 --> 00:29:59.390 align:start position:0% suggesting that we want to completely 00:29:59.390 --> 00:30:02.350 align:start position:0% suggesting that we want to completely control<00:29:59.630> these<00:29:59.960> things<00:30:00.230> but<00:30:00.470> we<00:30:01.370> need<00:30:01.820> to<00:30:01.970> you 00:30:02.350 --> 00:30:02.360 align:start position:0% control these things but we need to you 00:30:02.360 --> 00:30:03.640 align:start position:0% control these things but we need to you know<00:30:02.480> provide<00:30:02.930> enablers 00:30:03.640 --> 00:30:03.650 align:start position:0% know provide enablers 00:30:03.650 --> 00:30:05.860 align:start position:0% know provide enablers you<00:30:03.740> know<00:30:03.860> I<00:30:04.240> talked<00:30:05.240> about<00:30:05.270> before<00:30:05.450> you<00:30:05.630> know 00:30:05.860 --> 00:30:05.870 align:start position:0% you know I talked about before you know 00:30:05.870 --> 00:30:08.380 align:start position:0% you know I talked about before you know it's<00:30:06.110> its<00:30:06.380> distribution<00:30:06.890> of<00:30:06.980> trust<00:30:07.250> so<00:30:07.760> but 00:30:08.380 --> 00:30:08.390 align:start position:0% it's its distribution of trust so but 00:30:08.390 --> 00:30:09.760 align:start position:0% it's its distribution of trust so but but<00:30:08.600> they're<00:30:08.720> still<00:30:08.960> you<00:30:09.200> know<00:30:09.320> there<00:30:09.620> is<00:30:09.740> a 00:30:09.760 --> 00:30:09.770 align:start position:0% but they're still you know there is a 00:30:09.770 --> 00:30:12.400 align:start position:0% but they're still you know there is a need<00:30:10.070> to<00:30:10.360> still<00:30:11.360> provide<00:30:11.540> some<00:30:11.870> of<00:30:11.960> the<00:30:12.050> key 00:30:12.400 --> 00:30:12.410 align:start position:0% need to still provide some of the key 00:30:12.410 --> 00:30:13.980 align:start position:0% need to still provide some of the key services<00:30:12.800> that<00:30:12.950> we<00:30:13.010> do<00:30:13.130> today<00:30:13.340> to<00:30:13.400> clients 00:30:13.980 --> 00:30:13.990 align:start position:0% services that we do today to clients 00:30:13.990 --> 00:30:16.510 align:start position:0% services that we do today to clients thank<00:30:14.990> you<00:30:15.080> very<00:30:15.200> much<00:30:15.380> in<00:30:15.620> we<00:30:16.190> have<00:30:16.280> time<00:30:16.490> for 00:30:16.510 --> 00:30:16.520 align:start position:0% thank you very much in we have time for 00:30:16.520 --> 00:30:40.910 align:start position:0% thank you very much in we have time for one<00:30:16.970> question 00:30:40.910 --> 00:30:40.920 align:start position:0% 00:30:40.920 --> 00:30:44.130 align:start position:0% so<00:30:41.920> the<00:30:42.040> question<00:30:42.430> was<00:30:42.720> was<00:30:43.720> a<00:30:43.750> minimum 00:30:44.130 --> 00:30:44.140 align:start position:0% so the question was was a minimum 00:30:44.140 --> 00:30:46.140 align:start position:0% so the question was was a minimum transaction<00:30:44.830> volume<00:30:45.190> so<00:30:45.550> I<00:30:45.580> think<00:30:45.790> it<00:30:45.880> depends 00:30:46.140 --> 00:30:46.150 align:start position:0% transaction volume so I think it depends 00:30:46.150 --> 00:30:48.000 align:start position:0% transaction volume so I think it depends well<00:30:46.360> how<00:30:46.690> you're<00:30:46.840> partitioning<00:30:47.440> your<00:30:47.500> system 00:30:48.000 --> 00:30:48.010 align:start position:0% well how you're partitioning your system 00:30:48.010 --> 00:30:50.250 align:start position:0% well how you're partitioning your system in<00:30:48.130> which<00:30:48.280> use<00:30:48.520> cases<00:30:49.000> so<00:30:49.600> there's<00:30:49.750> mention<00:30:50.140> of 00:30:50.250 --> 00:30:50.260 align:start position:0% in which use cases so there's mention of 00:30:50.260 --> 00:30:52.650 align:start position:0% in which use cases so there's mention of a<00:30:50.440> blockchain<00:30:51.160> but<00:30:51.910> the<00:30:52.000> reality<00:30:52.420> is<00:30:52.450> there 00:30:52.650 --> 00:30:52.660 align:start position:0% a blockchain but the reality is there 00:30:52.660 --> 00:30:54.500 align:start position:0% a blockchain but the reality is there are<00:30:52.690> going<00:30:52.750> to<00:30:52.870> be<00:30:52.990> many<00:30:53.230> chains<00:30:53.710> within<00:30:54.040> that 00:30:54.500 --> 00:30:54.510 align:start position:0% are going to be many chains within that 00:30:54.510 --> 00:30:57.810 align:start position:0% are going to be many chains within that for<00:30:55.510> if<00:30:55.930> you<00:30:56.080> look<00:30:56.230> at<00:30:56.410> classical<00:30:57.190> distributed 00:30:57.810 --> 00:30:57.820 align:start position:0% for if you look at classical distributed 00:30:57.820 --> 00:31:00.120 align:start position:0% for if you look at classical distributed databases<00:30:58.330> and<00:30:58.630> assume<00:30:58.900> a<00:30:59.110> similar<00:30:59.680> approach 00:31:00.120 --> 00:31:00.130 align:start position:0% databases and assume a similar approach 00:31:00.130 --> 00:31:02.010 align:start position:0% databases and assume a similar approach is<00:31:00.460> taken<00:31:00.670> then<00:31:01.300> you<00:31:01.480> can<00:31:01.600> imagine<00:31:01.780> these 00:31:02.010 --> 00:31:02.020 align:start position:0% is taken then you can imagine these 00:31:02.020 --> 00:31:03.630 align:start position:0% is taken then you can imagine these being<00:31:02.260> partitioned<00:31:02.650> so<00:31:02.980> you<00:31:03.070> can<00:31:03.190> look<00:31:03.340> at<00:31:03.460> low 00:31:03.630 --> 00:31:03.640 align:start position:0% being partitioned so you can look at low 00:31:03.640 --> 00:31:05.880 align:start position:0% being partitioned so you can look at low volume<00:31:04.120> areas<00:31:04.960> high<00:31:05.140> volume<00:31:05.530> I<00:31:05.590> wouldn't 00:31:05.880 --> 00:31:05.890 align:start position:0% volume areas high volume I wouldn't 00:31:05.890 --> 00:31:07.800 align:start position:0% volume areas high volume I wouldn't expect<00:31:06.190> it<00:31:06.340> to<00:31:06.460> be<00:31:06.580> used<00:31:06.790> for<00:31:07.030> high<00:31:07.180> frequency 00:31:07.800 --> 00:31:07.810 align:start position:0% expect it to be used for high frequency 00:31:07.810 --> 00:31:10.920 align:start position:0% expect it to be used for high frequency trading<00:31:08.550> in<00:31:09.550> appropriate<00:31:10.180> for<00:31:10.390> many<00:31:10.540> years<00:31:10.810> to 00:31:10.920 --> 00:31:10.930 align:start position:0% trading in appropriate for many years to 00:31:10.930 --> 00:31:11.310 align:start position:0% trading in appropriate for many years to come 00:31:11.310 --> 00:31:11.320 align:start position:0% come 00:31:11.320 --> 00:31:14.790 align:start position:0% come however<00:31:11.860> if<00:31:12.010> we're<00:31:12.130> looking<00:31:12.220> at<00:31:13.500> you<00:31:14.500> can<00:31:14.650> look 00:31:14.790 --> 00:31:14.800 align:start position:0% however if we're looking at you can look 00:31:14.800 --> 00:31:16.020 align:start position:0% however if we're looking at you can look at<00:31:14.890> securities<00:31:15.340> settlement<00:31:15.520> where<00:31:15.850> they<00:31:15.910> may 00:31:16.020 --> 00:31:16.030 align:start position:0% at securities settlement where they may 00:31:16.030 --> 00:31:17.220 align:start position:0% at securities settlement where they may be<00:31:16.060> taking<00:31:16.480> a<00:31:16.540> hundred<00:31:16.660> thousand 00:31:17.220 --> 00:31:17.230 align:start position:0% be taking a hundred thousand 00:31:17.230 --> 00:31:19.650 align:start position:0% be taking a hundred thousand transactions<00:31:17.770> in<00:31:17.920> a<00:31:17.980> batch<00:31:18.450> pumping<00:31:19.450> through 00:31:19.650 --> 00:31:19.660 align:start position:0% transactions in a batch pumping through 00:31:19.660 --> 00:31:23.190 align:start position:0% transactions in a batch pumping through in<00:31:19.870> a<00:31:19.960> fifteen<00:31:20.320> minute<00:31:20.500> period<00:31:20.980> you<00:31:21.700> may<00:31:22.200> yes 00:31:23.190 --> 00:31:23.200 align:start position:0% in a fifteen minute period you may yes 00:31:23.200 --> 00:31:25.530 align:start position:0% in a fifteen minute period you may yes so<00:31:23.410> but<00:31:24.100> I<00:31:24.130> don't<00:31:24.640> actually<00:31:24.730> think<00:31:24.940> that's<00:31:25.300> the 00:31:25.530 --> 00:31:25.540 align:start position:0% so but I don't actually think that's the 00:31:25.540 --> 00:31:28.230 align:start position:0% so but I don't actually think that's the the<00:31:26.050> challenge<00:31:26.470> here<00:31:26.740> I<00:31:26.920> I<00:31:27.640> think<00:31:28.090> there<00:31:28.210> are 00:31:28.230 --> 00:31:28.240 align:start position:0% the challenge here I I think there are 00:31:28.240 --> 00:31:29.790 align:start position:0% the challenge here I I think there are different<00:31:28.600> challenges<00:31:28.750> rather<00:31:29.410> than<00:31:29.620> just 00:31:29.790 --> 00:31:29.800 align:start position:0% different challenges rather than just 00:31:29.800 --> 00:31:31.380 align:start position:0% different challenges rather than just like<00:31:29.920> because<00:31:30.400> I've<00:31:30.490> seen<00:31:30.640> those<00:31:31.060> being 00:31:31.380 --> 00:31:31.390 align:start position:0% like because I've seen those being 00:31:31.390 --> 00:31:34.050 align:start position:0% like because I've seen those being solved<00:31:31.810> and<00:31:31.960> I've<00:31:32.050> seen<00:31:32.820> people<00:31:33.820> running 00:31:34.050 --> 00:31:34.060 align:start position:0% solved and I've seen people running 00:31:34.060 --> 00:31:36.510 align:start position:0% solved and I've seen people running etherium<00:31:34.660> and<00:31:34.900> other<00:31:35.320> smart<00:31:35.980> contracts 00:31:36.510 --> 00:31:36.520 align:start position:0% etherium and other smart contracts 00:31:36.520 --> 00:31:37.950 align:start position:0% etherium and other smart contracts they're<00:31:36.670> showing<00:31:36.880> really<00:31:37.300> high<00:31:37.570> transaction 00:31:37.950 --> 00:31:37.960 align:start position:0% they're showing really high transaction 00:31:37.960 --> 00:31:41.310 align:start position:0% they're showing really high transaction throughput<00:31:38.620> and<00:31:39.420> we've<00:31:40.420> run<00:31:40.660> this<00:31:40.900> on<00:31:41.110> some 00:31:41.310 --> 00:31:41.320 align:start position:0% throughput and we've run this on some 00:31:41.320 --> 00:31:43.440 align:start position:0% throughput and we've run this on some nodes<00:31:41.590> I<00:31:41.880> think<00:31:42.880> there's<00:31:43.030> a<00:31:43.090> different 00:31:43.440 --> 00:31:43.450 align:start position:0% nodes I think there's a different 00:31:43.450 --> 00:31:45.840 align:start position:0% nodes I think there's a different challenge<00:31:43.630> and<00:31:44.050> it<00:31:44.170> actually<00:31:44.410> really<00:31:44.850> given 00:31:45.840 --> 00:31:45.850 align:start position:0% challenge and it actually really given 00:31:45.850 --> 00:31:47.730 align:start position:0% challenge and it actually really given the<00:31:46.030> company<00:31:46.690> here<00:31:46.960> it<00:31:47.110> relates<00:31:47.380> to<00:31:47.590> the 00:31:47.730 --> 00:31:47.740 align:start position:0% the company here it relates to the 00:31:47.740 --> 00:31:51.000 align:start position:0% the company here it relates to the consensus<00:31:48.460> and<00:31:48.850> it's<00:31:49.600> the<00:31:49.840> granularity<00:31:50.740> of 00:31:51.000 --> 00:31:51.010 align:start position:0% consensus and it's the granularity of 00:31:51.010 --> 00:31:53.940 align:start position:0% consensus and it's the granularity of consensus<00:31:51.820> that<00:31:51.970> you're<00:31:52.150> applying<00:31:52.420> to<00:31:52.750> it<00:31:53.050> so 00:31:53.940 --> 00:31:53.950 align:start position:0% consensus that you're applying to it so 00:31:53.950 --> 00:31:56.160 align:start position:0% consensus that you're applying to it so I<00:31:53.980> think<00:31:54.310> one<00:31:55.120> of<00:31:55.150> the<00:31:55.330> computer<00:31:55.840> science 00:31:56.160 --> 00:31:56.170 align:start position:0% I think one of the computer science 00:31:56.170 --> 00:31:58.890 align:start position:0% I think one of the computer science problems<00:31:56.650> is<00:31:56.800> taking<00:31:57.250> the<00:31:57.460> granularity<00:31:58.420> that 00:31:58.890 --> 00:31:58.900 align:start position:0% problems is taking the granularity that 00:31:58.900 --> 00:32:01.260 align:start position:0% problems is taking the granularity that you've<00:31:59.050> got<00:31:59.410> from<00:32:00.280> a<00:32:00.370> banks<00:32:00.670> perspective 00:32:01.260 --> 00:32:01.270 align:start position:0% you've got from a banks perspective 00:32:01.270 --> 00:32:03.330 align:start position:0% you've got from a banks perspective which<00:32:01.450> is<00:32:01.600> the<00:32:01.750> agreement<00:32:01.990> whether<00:32:02.920> it's<00:32:03.130> an 00:32:03.330 --> 00:32:03.340 align:start position:0% which is the agreement whether it's an 00:32:03.340 --> 00:32:06.030 align:start position:0% which is the agreement whether it's an an<00:32:03.780> executable<00:32:04.780> agreement<00:32:05.440> the<00:32:06.010> business 00:32:06.030 --> 00:32:06.040 align:start position:0% an executable agreement the business 00:32:06.040 --> 00:32:06.900 align:start position:0% an executable agreement the business logic 00:32:06.900 --> 00:32:06.910 align:start position:0% logic 00:32:06.910 --> 00:32:09.390 align:start position:0% logic so<00:32:07.390> what<00:32:07.780> consensus<00:32:08.530> if<00:32:08.770> I<00:32:08.980> gave<00:32:09.190> you<00:32:09.310> an 00:32:09.390 --> 00:32:09.400 align:start position:0% so what consensus if I gave you an 00:32:09.400 --> 00:32:11.190 align:start position:0% so what consensus if I gave you an agreement<00:32:09.670> what<00:32:10.060> consensus<00:32:10.690> would<00:32:10.840> you<00:32:10.990> need 00:32:11.190 --> 00:32:11.200 align:start position:0% agreement what consensus would you need 00:32:11.200 --> 00:32:13.710 align:start position:0% agreement what consensus would you need the<00:32:11.830> parties<00:32:12.280> that<00:32:12.520> are<00:32:12.940> party<00:32:13.330> to<00:32:13.540> that 00:32:13.710 --> 00:32:13.720 align:start position:0% the parties that are party to that 00:32:13.720 --> 00:32:14.510 align:start position:0% the parties that are party to that agreement 00:32:14.510 --> 00:32:14.520 align:start position:0% agreement 00:32:14.520 --> 00:32:17.100 align:start position:0% agreement whereas<00:32:15.520> what<00:32:15.670> you're<00:32:15.790> looking<00:32:16.090> here<00:32:16.360> is<00:32:16.540> the 00:32:17.100 --> 00:32:17.110 align:start position:0% whereas what you're looking here is the 00:32:17.110 --> 00:32:19.110 align:start position:0% whereas what you're looking here is the next<00:32:17.380> step<00:32:17.590> is<00:32:17.830> how<00:32:18.190> many<00:32:18.340> parties<00:32:18.760> need<00:32:19.000> to 00:32:19.110 --> 00:32:19.120 align:start position:0% next step is how many parties need to 00:32:19.120 --> 00:32:21.860 align:start position:0% next step is how many parties need to agree<00:32:19.420> to<00:32:19.690> process<00:32:20.620> that<00:32:20.890> a<00:32:20.920> bunch<00:32:21.580> of 00:32:21.860 --> 00:32:21.870 align:start position:0% agree to process that a bunch of 00:32:21.870 --> 00:32:24.570 align:start position:0% agree to process that a bunch of transactions<00:32:22.870> so<00:32:23.860> there's<00:32:24.010> a<00:32:24.070> little<00:32:24.310> bit<00:32:24.490> of 00:32:24.570 --> 00:32:24.580 align:start position:0% transactions so there's a little bit of 00:32:24.580 --> 00:32:26.880 align:start position:0% transactions so there's a little bit of a<00:32:24.670> mapping<00:32:24.940> change<00:32:25.570> as<00:32:25.840> it<00:32:25.960> goes<00:32:26.170> down<00:32:26.200> the<00:32:26.770> old 00:32:26.880 --> 00:32:26.890 align:start position:0% a mapping change as it goes down the old 00:32:26.890 --> 00:32:28.620 align:start position:0% a mapping change as it goes down the old model<00:32:27.220> is<00:32:27.370> your<00:32:27.790> central<00:32:28.210> came<00:32:28.450> to 00:32:28.620 --> 00:32:28.630 align:start position:0% model is your central came to 00:32:28.630 --> 00:32:31.020 align:start position:0% model is your central came to Clearinghouse<00:32:29.470> that<00:32:29.500> process<00:32:30.130> it<00:32:30.310> easy<00:32:30.670> one 00:32:31.020 --> 00:32:31.030 align:start position:0% Clearinghouse that process it easy one 00:32:31.030 --> 00:32:33.420 align:start position:0% Clearinghouse that process it easy one person<00:32:31.420> with<00:32:31.510> that<00:32:31.660> you<00:32:31.930> delegate<00:32:32.380> it<00:32:32.590> so<00:32:33.310> the 00:32:33.420 --> 00:32:33.430 align:start position:0% person with that you delegate it so the 00:32:33.430 --> 00:32:35.460 align:start position:0% person with that you delegate it so the scalability<00:32:34.300> here<00:32:34.660> I<00:32:34.840> don't<00:32:35.140> thinks<00:32:35.380> the 00:32:35.460 --> 00:32:35.470 align:start position:0% scalability here I don't thinks the 00:32:35.470 --> 00:32:37.230 align:start position:0% scalability here I don't thinks the number<00:32:35.710> of<00:32:35.800> transactions<00:32:36.370> I<00:32:36.520> think<00:32:36.730> it's<00:32:36.880> how 00:32:37.230 --> 00:32:37.240 align:start position:0% number of transactions I think it's how 00:32:37.240 --> 00:32:40.170 align:start position:0% number of transactions I think it's how to<00:32:37.270> work<00:32:37.570> out<00:32:37.750> the<00:32:37.960> model<00:32:38.380> that<00:32:39.180> encapsulate 00:32:40.170 --> 00:32:40.180 align:start position:0% to work out the model that encapsulate 00:32:40.180 --> 00:32:43.170 align:start position:0% to work out the model that encapsulate that<00:32:40.210> idea<00:32:40.930> that<00:32:41.740> the<00:32:41.860> consensus<00:32:42.550> is<00:32:42.880> at<00:32:43.060> the 00:32:43.170 --> 00:32:43.180 align:start position:0% that idea that the consensus is at the 00:32:43.180 --> 00:32:45.330 align:start position:0% that idea that the consensus is at the agreement<00:32:43.510> and<00:32:44.020> then<00:32:44.560> work<00:32:44.710> out<00:32:44.920> what<00:32:44.950> you 00:32:45.330 --> 00:32:45.340 align:start position:0% agreement and then work out what you 00:32:45.340 --> 00:32:48.060 align:start position:0% agreement and then work out what you need<00:32:45.520> to<00:32:45.640> do<00:32:45.760> underneath<00:32:46.090> and<00:32:46.990> maybe<00:32:47.470> you<00:32:47.950> know 00:32:48.060 --> 00:32:48.070 align:start position:0% need to do underneath and maybe you know 00:32:48.070 --> 00:32:49.410 align:start position:0% need to do underneath and maybe you know if<00:32:48.130> we<00:32:48.190> say<00:32:48.340> boss<00:32:48.520> the<00:32:48.670> combinatorial 00:32:49.410 --> 00:32:49.420 align:start position:0% if we say boss the combinatorial 00:32:49.420 --> 00:32:51.990 align:start position:0% if we say boss the combinatorial explosion<00:32:50.020> of<00:32:50.170> every<00:32:50.980> combination<00:32:51.880> of 00:32:51.990 --> 00:32:52.000 align:start position:0% explosion of every combination of 00:32:52.000 --> 00:32:52.649 align:start position:0% explosion of every combination of different<00:32:52.150> power 00:32:52.649 --> 00:32:52.659 align:start position:0% different power 00:32:52.659 --> 00:32:54.629 align:start position:0% different power parties<00:32:53.109> and<00:32:53.379> say<00:32:53.679> create<00:32:53.979> a<00:32:54.039> chain<00:32:54.279> for<00:32:54.489> every 00:32:54.629 --> 00:32:54.639 align:start position:0% parties and say create a chain for every 00:32:54.639 --> 00:32:56.909 align:start position:0% parties and say create a chain for every single<00:32:54.970> one<00:32:55.090> does<00:32:55.779> that<00:32:55.929> scalability<00:32:56.679> make 00:32:56.909 --> 00:32:56.919 align:start position:0% single one does that scalability make 00:32:56.919 --> 00:33:00.029 align:start position:0% single one does that scalability make sense<00:32:57.220> so<00:32:58.210> I<00:32:58.629> think<00:32:58.989> that<00:32:59.619> would<00:32:59.710> be<00:32:59.739> a<00:32:59.859> better 00:33:00.029 --> 00:33:00.039 align:start position:0% sense so I think that would be a better 00:33:00.039 --> 00:33:02.940 align:start position:0% sense so I think that would be a better dimension<00:33:00.729> of<00:33:00.820> scalability<00:33:01.299> to<00:33:01.799> worry<00:33:02.799> about 00:33:02.940 --> 00:33:02.950 align:start position:0% dimension of scalability to worry about 00:33:02.950 --> 00:33:05.700 align:start position:0% dimension of scalability to worry about and<00:33:03.429> then<00:33:03.700> work<00:33:03.879> out<00:33:04.059> how<00:33:04.239> to<00:33:04.299> address<00:33:04.710> does 00:33:05.700 --> 00:33:05.710 align:start position:0% and then work out how to address does 00:33:05.710 --> 00:33:06.950 align:start position:0% and then work out how to address does that<00:33:05.799> make<00:33:05.919> sense 00:33:06.950 --> 00:33:06.960 align:start position:0% that make sense 00:33:06.960 --> 00:33:10.649 align:start position:0% that make sense thank<00:33:07.960> you<00:33:08.049> all<00:33:08.200> for<00:33:08.409> your<00:33:08.440> time