WEBVTT Kind: captions Language: en 00:00:09.190 --> 00:00:15.180 align:start position:0% [Music] 00:00:15.180 --> 00:00:15.190 align:start position:0% [Music] 00:00:15.190 --> 00:00:18.670 align:start position:0% [Music] good<00:00:16.190> morning<00:00:16.750> my<00:00:17.750> name<00:00:17.780> is<00:00:18.050> woman<00:00:18.200> had<00:00:18.470> died 00:00:18.670 --> 00:00:18.680 align:start position:0% good morning my name is woman had died 00:00:18.680 --> 00:00:20.560 align:start position:0% good morning my name is woman had died and<00:00:18.890> I'm<00:00:18.980> here<00:00:19.160> to<00:00:19.310> tell<00:00:19.460> you<00:00:19.670> how<00:00:19.970> the<00:00:20.030> United 00:00:20.560 --> 00:00:20.570 align:start position:0% and I'm here to tell you how the United 00:00:20.570 --> 00:00:22.840 align:start position:0% and I'm here to tell you how the United Nations<00:00:20.870> World<00:00:21.080> Food<00:00:21.230> Program<00:00:21.710> is<00:00:22.130> using 00:00:22.840 --> 00:00:22.850 align:start position:0% Nations World Food Program is using 00:00:22.850 --> 00:00:27.060 align:start position:0% Nations World Food Program is using aetherium<00:00:23.360> to<00:00:23.540> distribute<00:00:23.990> aid<00:00:24.200> to<00:00:24.620> refugees 00:00:27.060 --> 00:00:27.070 align:start position:0% 00:00:27.070 --> 00:00:29.550 align:start position:0% DWP's<00:00:28.070> mission<00:00:28.460> is<00:00:28.580> to<00:00:28.730> end<00:00:28.880> hunger<00:00:29.150> and 00:00:29.550 --> 00:00:29.560 align:start position:0% DWP's mission is to end hunger and 00:00:29.560 --> 00:00:31.570 align:start position:0% DWP's mission is to end hunger and traditionally<00:00:30.560> this<00:00:30.650> has<00:00:30.710> been<00:00:30.920> simple<00:00:31.340> where 00:00:31.570 --> 00:00:31.580 align:start position:0% traditionally this has been simple where 00:00:31.580 --> 00:00:34.150 align:start position:0% traditionally this has been simple where people<00:00:31.910> are<00:00:32.029> hungry<00:00:32.239> we<00:00:32.629> bring<00:00:32.870> food<00:00:33.170> in<00:00:33.860> kind 00:00:34.150 --> 00:00:34.160 align:start position:0% people are hungry we bring food in kind 00:00:34.160 --> 00:00:36.069 align:start position:0% people are hungry we bring food in kind like<00:00:34.430> corn<00:00:34.730> rice<00:00:35.030> and<00:00:35.329> so<00:00:35.450> on<00:00:35.540> and<00:00:35.690> so<00:00:35.840> forth 00:00:36.069 --> 00:00:36.079 align:start position:0% like corn rice and so on and so forth 00:00:36.079 --> 00:00:40.170 align:start position:0% like corn rice and so on and so forth and<00:00:36.430> we<00:00:37.430> give<00:00:37.610> it<00:00:37.640> to<00:00:37.820> them<00:00:37.970> so<00:00:38.120> they<00:00:38.270> can<00:00:38.420> eat 00:00:40.170 --> 00:00:40.180 align:start position:0% and we give it to them so they can eat 00:00:40.180 --> 00:00:42.610 align:start position:0% and we give it to them so they can eat for<00:00:41.180> a<00:00:41.210> few<00:00:41.300> years<00:00:41.690> now<00:00:41.750> we've<00:00:42.170> also<00:00:42.350> been 00:00:42.610 --> 00:00:42.620 align:start position:0% for a few years now we've also been 00:00:42.620 --> 00:00:44.170 align:start position:0% for a few years now we've also been doing<00:00:42.860> something<00:00:43.040> what's<00:00:43.340> called<00:00:43.550> cash<00:00:43.820> based 00:00:44.170 --> 00:00:44.180 align:start position:0% doing something what's called cash based 00:00:44.180 --> 00:00:46.750 align:start position:0% doing something what's called cash based interventions<00:00:45.020> which<00:00:45.350> means<00:00:45.620> that<00:00:45.860> instead 00:00:46.750 --> 00:00:46.760 align:start position:0% interventions which means that instead 00:00:46.760 --> 00:00:49.840 align:start position:0% interventions which means that instead of<00:00:47.000> giving<00:00:47.300> people<00:00:47.510> food<00:00:48.110> in<00:00:48.290> kind<00:00:48.620> we<00:00:49.250> give 00:00:49.840 --> 00:00:49.850 align:start position:0% of giving people food in kind we give 00:00:49.850 --> 00:00:51.160 align:start position:0% of giving people food in kind we give them<00:00:50.000> the<00:00:50.149> means<00:00:50.390> to<00:00:50.630> purchase<00:00:50.810> their<00:00:51.140> own 00:00:51.160 --> 00:00:51.170 align:start position:0% them the means to purchase their own 00:00:51.170 --> 00:00:54.850 align:start position:0% them the means to purchase their own food<00:00:51.560> and<00:00:52.899> this<00:00:53.899> can<00:00:54.140> take<00:00:54.170> the<00:00:54.320> form<00:00:54.590> of<00:00:54.710> bank 00:00:54.850 --> 00:00:54.860 align:start position:0% food and this can take the form of bank 00:00:54.860 --> 00:00:57.430 align:start position:0% food and this can take the form of bank cards<00:00:55.370> mobile<00:00:55.579> money<00:00:55.940> routers<00:00:56.750> and<00:00:56.989> so<00:00:57.200> on<00:00:57.260> and 00:00:57.430 --> 00:00:57.440 align:start position:0% cards mobile money routers and so on and 00:00:57.440 --> 00:01:01.540 align:start position:0% cards mobile money routers and so on and so<00:00:57.590> forth<00:00:57.860> and<00:00:59.590> the<00:01:00.590> idea<00:01:00.890> behind<00:01:01.040> it<00:01:01.399> is<00:01:01.489> that 00:01:01.540 --> 00:01:01.550 align:start position:0% so forth and the idea behind it is that 00:01:01.550 --> 00:01:03.520 align:start position:0% so forth and the idea behind it is that the<00:01:01.969> beneficiaries<00:01:02.690> in<00:01:02.840> the<00:01:02.870> best<00:01:03.110> position 00:01:03.520 --> 00:01:03.530 align:start position:0% the beneficiaries in the best position 00:01:03.530 --> 00:01:05.250 align:start position:0% the beneficiaries in the best position to<00:01:03.559> make<00:01:03.829> their<00:01:03.980> own<00:01:04.009> purchasing<00:01:04.699> decisions 00:01:05.250 --> 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local economy in order to enable<00:01:23.479> this<00:01:23.810> sort<00:01:24.320> of<00:01:24.380> modality<00:01:25.040> we<00:01:25.250> normally 00:01:25.630 --> 00:01:25.640 align:start position:0% enable this sort of modality we normally 00:01:25.640 --> 00:01:27.550 align:start position:0% enable this sort of modality we normally have<00:01:25.790> to<00:01:25.970> rely<00:01:26.270> on<00:01:26.299> financial<00:01:26.600> intermediaries 00:01:27.550 --> 00:01:27.560 align:start position:0% have to rely on financial intermediaries 00:01:27.560 --> 00:01:30.070 align:start position:0% have to rely on financial intermediaries such<00:01:27.770> as<00:01:27.920> banks<00:01:28.400> Mobile<00:01:28.850> Money<00:01:28.970> companies<00:01:29.600> and 00:01:30.070 --> 00:01:30.080 align:start position:0% such as banks Mobile Money companies and 00:01:30.080 --> 00:01:34.450 align:start position:0% such as banks Mobile Money companies and cash<00:01:30.260> agents<00:01:31.479> so<00:01:32.479> what<00:01:33.200> the<00:01:33.740> services<00:01:34.250> that 00:01:34.450 --> 00:01:34.460 align:start position:0% cash agents so what the services that 00:01:34.460 --> 00:01:36.429 align:start position:0% cash agents so what the services that these<00:01:34.820> financial<00:01:35.450> intermediaries<00:01:35.840> provide 00:01:36.429 --> 00:01:36.439 align:start position:0% these financial intermediaries provide 00:01:36.439 --> 00:01:39.609 align:start position:0% these financial intermediaries provide you<00:01:36.860> falls<00:01:37.760> onto<00:01:38.000> two<00:01:38.360> broad<00:01:38.600> categories<00:01:38.810> one 00:01:39.609 --> 00:01:39.619 align:start position:0% you falls onto two broad categories one 00:01:39.619 --> 00:01:41.590 align:start position:0% you falls onto two broad categories one is<00:01:39.650> practically<00:01:40.400> accounting<00:01:41.060> which<00:01:41.420> is 00:01:41.590 --> 00:01:41.600 align:start position:0% is practically accounting which is 00:01:41.600 --> 00:01:43.830 align:start position:0% is practically accounting which is creating<00:01:42.200> accounts<00:01:42.619> for<00:01:42.710> beneficiaries 00:01:43.830 --> 00:01:43.840 align:start position:0% creating accounts for beneficiaries 00:01:43.840 --> 00:01:46.270 align:start position:0% creating accounts for beneficiaries providing<00:01:44.840> a<00:01:44.930> distribution<00:01:45.470> mechanism<00:01:46.009> such 00:01:46.270 --> 00:01:46.280 align:start position:0% providing a distribution mechanism such 00:01:46.280 --> 00:01:49.330 align:start position:0% providing a distribution mechanism such as<00:01:46.330> SIM<00:01:47.330> cards<00:01:47.869> or<00:01:48.140> bank<00:01:48.439> cards<00:01:48.830> and<00:01:48.979> so<00:01:49.100> on<00:01:49.189> and 00:01:49.330 --> 00:01:49.340 align:start position:0% as SIM cards or bank cards and so on and 00:01:49.340 --> 00:01:50.980 align:start position:0% as SIM cards or bank cards and so on and so<00:01:49.490> forth 00:01:50.980 --> 00:01:50.990 align:start position:0% so forth 00:01:50.990 --> 00:01:52.539 align:start position:0% so forth authorizing<00:01:51.619> transactions<00:01:52.310> when 00:01:52.539 --> 00:01:52.549 align:start position:0% authorizing transactions when 00:01:52.549 --> 00:01:54.399 align:start position:0% authorizing transactions when beneficiary<00:01:52.939> spend<00:01:53.330> their<00:01:53.479> entitlements<00:01:54.200> and 00:01:54.399 --> 00:01:54.409 align:start position:0% beneficiary spend their entitlements and 00:01:54.409 --> 00:01:56.679 align:start position:0% beneficiary spend their entitlements and then<00:01:54.619> eventually<00:01:54.979> reporting<00:01:55.670> to<00:01:55.790> us<00:01:55.820> so<00:01:56.330> this 00:01:56.679 --> 00:01:56.689 align:start position:0% then eventually reporting to us so this 00:01:56.689 --> 00:01:58.690 align:start position:0% then eventually reporting to us so this let's<00:01:57.049> call<00:01:57.229> it<00:01:57.409> accounting<00:01:57.979> overall<00:01:58.430> and 00:01:58.690 --> 00:01:58.700 align:start position:0% let's call it accounting overall and 00:01:58.700 --> 00:02:01.649 align:start position:0% let's call it accounting overall and separately<00:01:59.659> it's<00:02:00.049> actually<00:02:00.530> paying<00:02:00.860> the 00:02:01.649 --> 00:02:01.659 align:start position:0% separately it's actually paying the 00:02:01.659 --> 00:02:03.609 align:start position:0% separately it's actually paying the supermarket's<00:02:02.659> or<00:02:02.810> retailers<00:02:03.380> where 00:02:03.609 --> 00:02:03.619 align:start position:0% supermarket's or retailers where 00:02:03.619 --> 00:02:07.060 align:start position:0% supermarket's or retailers where benefices<00:02:04.159> have<00:02:04.369> made<00:02:04.549> the<00:02:04.729> expenditures<00:02:06.070> so 00:02:07.060 --> 00:02:07.070 align:start position:0% benefices have made the expenditures so 00:02:07.070 --> 00:02:08.679 align:start position:0% benefices have made the expenditures so a<00:02:07.100> typical<00:02:07.579> setup<00:02:07.880> could<00:02:08.090> be<00:02:08.209> that<00:02:08.420> at<00:02:08.569> the 00:02:08.679 --> 00:02:08.689 align:start position:0% a typical setup could be that at the 00:02:08.689 --> 00:02:11.260 align:start position:0% a typical setup could be that at the beginning<00:02:09.049> of<00:02:09.140> the<00:02:09.289> month<00:02:09.500> the<00:02:09.950> WFP<00:02:10.580> gives<00:02:11.120> a 00:02:11.260 --> 00:02:11.270 align:start position:0% beginning of the month the WFP gives a 00:02:11.270 --> 00:02:13.059 align:start position:0% beginning of the month the WFP gives a list<00:02:11.420> of<00:02:11.599> beneficiaries<00:02:12.260> to<00:02:12.440> the<00:02:12.560> bank<00:02:12.770> saying 00:02:13.059 --> 00:02:13.069 align:start position:0% list of beneficiaries to the bank saying 00:02:13.069 --> 00:02:14.270 align:start position:0% list of beneficiaries to the bank saying here's<00:02:13.310> our<00:02:13.430> beneficiary 00:02:14.270 --> 00:02:14.280 align:start position:0% here's our beneficiary 00:02:14.280 --> 00:02:15.920 align:start position:0% here's our beneficiary here's<00:02:14.700> how<00:02:14.850> much<00:02:14.970> each<00:02:15.120> one<00:02:15.270> is<00:02:15.390> getting<00:02:15.600> and 00:02:15.920 --> 00:02:15.930 align:start position:0% here's how much each one is getting and 00:02:15.930 --> 00:02:17.150 align:start position:0% here's how much each one is getting and they<00:02:15.990> will<00:02:16.140> create<00:02:16.320> the<00:02:16.530> accounts<00:02:16.890> and<00:02:16.980> load 00:02:17.150 --> 00:02:17.160 align:start position:0% they will create the accounts and load 00:02:17.160 --> 00:02:20.330 align:start position:0% they will create the accounts and load them<00:02:17.400> and<00:02:17.580> we<00:02:18.210> also<00:02:18.360> have<00:02:18.690> to<00:02:18.840> advance<00:02:19.340> money 00:02:20.330 --> 00:02:20.340 align:start position:0% them and we also have to advance money 00:02:20.340 --> 00:02:22.640 align:start position:0% them and we also have to advance money for<00:02:20.700> usually<00:02:20.910> a<00:02:21.090> month<00:02:21.360> to<00:02:21.840> the<00:02:21.990> bank<00:02:22.200> to 00:02:22.640 --> 00:02:22.650 align:start position:0% for usually a month to the bank to 00:02:22.650 --> 00:02:24.860 align:start position:0% for usually a month to the bank to enable<00:02:23.040> this<00:02:23.250> essentially<00:02:23.970> transfers<00:02:24.750> to 00:02:24.860 --> 00:02:24.870 align:start position:0% enable this essentially transfers to 00:02:24.870 --> 00:02:27.260 align:start position:0% enable this essentially transfers to happen<00:02:25.230> the<00:02:26.160> bank<00:02:26.400> then<00:02:26.670> contacts<00:02:27.180> the 00:02:27.260 --> 00:02:27.270 align:start position:0% happen the bank then contacts the 00:02:27.270 --> 00:02:29.510 align:start position:0% happen the bank then contacts the beneficiaries<00:02:27.870> saying<00:02:28.170> here's<00:02:28.470> you<00:02:28.680> know<00:02:28.740> you 00:02:29.510 --> 00:02:29.520 align:start position:0% beneficiaries saying here's you know you 00:02:29.520 --> 00:02:31.310 align:start position:0% beneficiaries saying here's you know you got<00:02:29.670> some<00:02:29.850> entitlements<00:02:30.540> the<00:02:30.690> beneficiary 00:02:31.310 --> 00:02:31.320 align:start position:0% got some entitlements the beneficiary 00:02:31.320 --> 00:02:33.440 align:start position:0% got some entitlements the beneficiary goes<00:02:31.500> to<00:02:31.740> a<00:02:31.770> store<00:02:32.160> initiates<00:02:32.730> a<00:02:32.820> transaction 00:02:33.440 --> 00:02:33.450 align:start position:0% goes to a store initiates a transaction 00:02:33.450 --> 00:02:35.960 align:start position:0% goes to a store initiates a transaction the<00:02:34.350> store<00:02:34.650> pings<00:02:35.310> the<00:02:35.430> bank<00:02:35.700> for 00:02:35.960 --> 00:02:35.970 align:start position:0% the store pings the bank for 00:02:35.970 --> 00:02:37.550 align:start position:0% the store pings the bank for authorization<00:02:36.630> the<00:02:36.870> bank<00:02:37.080> checks<00:02:37.380> the 00:02:37.550 --> 00:02:37.560 align:start position:0% authorization the bank checks the 00:02:37.560 --> 00:02:39.230 align:start position:0% authorization the bank checks the account<00:02:37.830> if<00:02:38.010> they<00:02:38.130> have<00:02:38.280> enough<00:02:38.520> entitlements 00:02:39.230 --> 00:02:39.240 align:start position:0% account if they have enough entitlements 00:02:39.240 --> 00:02:41.750 align:start position:0% account if they have enough entitlements they<00:02:39.360> confirm<00:02:39.840> back<00:02:40.220> and<00:02:41.220> then<00:02:41.430> eventually 00:02:41.750 --> 00:02:41.760 align:start position:0% they confirm back and then eventually 00:02:41.760 --> 00:02:44.420 align:start position:0% they confirm back and then eventually pulls<00:02:42.180> back<00:02:42.360> them<00:02:42.660> on<00:02:42.810> a<00:02:42.840> periodic<00:02:43.170> basis<00:02:43.680> the 00:02:44.420 --> 00:02:44.430 align:start position:0% pulls back them on a periodic basis the 00:02:44.430 --> 00:02:46.130 align:start position:0% pulls back them on a periodic basis the bank<00:02:44.640> will<00:02:44.850> pay<00:02:44.880> the<00:02:45.270> store<00:02:45.480> for<00:02:45.720> the<00:02:45.840> actual 00:02:46.130 --> 00:02:46.140 align:start position:0% bank will pay the store for the actual 00:02:46.140 --> 00:02:48.560 align:start position:0% bank will pay the store for the actual transactions<00:02:46.680> that<00:02:46.860> taking<00:02:47.160> place<00:02:47.310> and<00:02:47.700> let's 00:02:48.560 --> 00:02:48.570 align:start position:0% transactions that taking place and let's 00:02:48.570 --> 00:02:50.180 align:start position:0% transactions that taking place and let's say<00:02:48.690> at<00:02:48.810> the<00:02:48.900> month<00:02:49.140> end<00:02:49.380> we<00:02:49.590> get<00:02:49.739> a<00:02:49.800> report 00:02:50.180 --> 00:02:50.190 align:start position:0% say at the month end we get a report 00:02:50.190 --> 00:02:51.620 align:start position:0% say at the month end we get a report from<00:02:50.310> the<00:02:50.610> bank<00:02:50.820> saying<00:02:51.120> okay<00:02:51.330> this<00:02:51.450> is<00:02:51.510> what 00:02:51.620 --> 00:02:51.630 align:start position:0% from the bank saying okay this is what 00:02:51.630 --> 00:02:54.710 align:start position:0% from the bank saying okay this is what actually<00:02:51.870> happened<00:02:52.410> so<00:02:53.030> a<00:02:54.030> number<00:02:54.480> of<00:02:54.570> issues 00:02:54.710 --> 00:02:54.720 align:start position:0% actually happened so a number of issues 00:02:54.720 --> 00:02:56.810 align:start position:0% actually happened so a number of issues that<00:02:55.110> exist<00:02:55.260> with<00:02:55.620> this<00:02:55.739> model<00:02:56.130> one<00:02:56.310> is<00:02:56.520> cost 00:02:56.810 --> 00:02:56.820 align:start position:0% that exist with this model one is cost 00:02:56.820 --> 00:02:58.790 align:start position:0% that exist with this model one is cost of<00:02:57.150> course<00:02:57.510> the<00:02:57.690> bank<00:02:57.870> will<00:02:58.080> charge<00:02:58.290> a<00:02:58.410> fee<00:02:58.590> for 00:02:58.790 --> 00:02:58.800 align:start position:0% of course the bank will charge a fee for 00:02:58.800 --> 00:03:00.680 align:start position:0% of course the bank will charge a fee for this<00:02:58.980> and<00:02:59.250> at<00:02:59.340> all<00:02:59.459> volumes<00:02:59.940> that<00:03:00.150> that<00:03:00.450> cost 00:03:00.680 --> 00:03:00.690 align:start position:0% this and at all volumes that that cost 00:03:00.690 --> 00:03:03.020 align:start position:0% this and at all volumes that that cost can<00:03:00.900> be<00:03:00.930> quite<00:03:01.230> high<00:03:01.500> there's<00:03:02.340> the<00:03:02.550> element<00:03:02.790> of 00:03:03.020 --> 00:03:03.030 align:start position:0% can be quite high there's the element of 00:03:03.030 --> 00:03:06.020 align:start position:0% can be quite high there's the element of risk<00:03:03.239> because<00:03:03.989> we're<00:03:04.230> advancing<00:03:04.500> money<00:03:04.890> to<00:03:05.400> to 00:03:06.020 --> 00:03:06.030 align:start position:0% risk because we're advancing money to to 00:03:06.030 --> 00:03:07.820 align:start position:0% risk because we're advancing money to to the<00:03:06.150> bank<00:03:06.390> and<00:03:06.630> especially<00:03:07.200> in<00:03:07.470> the<00:03:07.560> kind<00:03:07.770> of 00:03:07.820 --> 00:03:07.830 align:start position:0% the bank and especially in the kind of 00:03:07.830 --> 00:03:09.979 align:start position:0% the bank and especially in the kind of places<00:03:08.190> that<00:03:08.340> we<00:03:08.520> work<00:03:08.730> that<00:03:09.450> risk<00:03:09.750> can<00:03:09.959> be 00:03:09.979 --> 00:03:09.989 align:start position:0% places that we work that risk can be 00:03:09.989 --> 00:03:11.870 align:start position:0% places that we work that risk can be quite<00:03:10.260> elevated<00:03:10.650> if<00:03:10.890> the<00:03:11.010> bank<00:03:11.220> goes<00:03:11.489> bank 00:03:11.870 --> 00:03:11.880 align:start position:0% quite elevated if the bank goes bank 00:03:11.880 --> 00:03:14.540 align:start position:0% quite elevated if the bank goes bank robber<00:03:12.209> accumbens<00:03:12.540> fraud<00:03:12.900> or<00:03:13.140> whatever<00:03:13.550> we 00:03:14.540 --> 00:03:14.550 align:start position:0% robber accumbens fraud or whatever we 00:03:14.550 --> 00:03:15.890 align:start position:0% robber accumbens fraud or whatever we have<00:03:14.760> to<00:03:14.910> share<00:03:15.209> beneficiary<00:03:15.690> information 00:03:15.890 --> 00:03:15.900 align:start position:0% have to share beneficiary information 00:03:15.900 --> 00:03:17.420 align:start position:0% have to share beneficiary information with<00:03:16.470> the<00:03:16.620> bank<00:03:16.800> they<00:03:17.010> need<00:03:17.190> to<00:03:17.310> know 00:03:17.420 --> 00:03:17.430 align:start position:0% with the bank they need to know 00:03:17.430 --> 00:03:18.860 align:start position:0% with the bank they need to know essentially<00:03:17.760> who<00:03:18.000> they're<00:03:18.209> opening<00:03:18.510> account 00:03:18.860 --> 00:03:18.870 align:start position:0% essentially who they're opening account 00:03:18.870 --> 00:03:21.140 align:start position:0% essentially who they're opening account for<00:03:19.140> and<00:03:19.380> you<00:03:20.280> know<00:03:20.340> privacy<00:03:20.910> could<00:03:21.030> be 00:03:21.140 --> 00:03:21.150 align:start position:0% for and you know privacy could be 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sorts of efforts<00:03:28.410> to<00:03:28.500> verify<00:03:29.459> the<00:03:29.519> report<00:03:29.820> to<00:03:30.150> make 00:03:30.320 --> 00:03:30.330 align:start position:0% efforts to verify the report to make 00:03:30.330 --> 00:03:31.880 align:start position:0% efforts to verify the report to make sure<00:03:30.510> that<00:03:30.660> the<00:03:30.780> transactions<00:03:31.350> that<00:03:31.500> they<00:03:31.620> say 00:03:31.880 --> 00:03:31.890 align:start position:0% sure that the transactions that they say 00:03:31.890 --> 00:03:33.770 align:start position:0% sure that the transactions that they say took<00:03:32.100> place<00:03:32.370> actually<00:03:32.640> did<00:03:33.030> take<00:03:33.209> place<00:03:33.480> and 00:03:33.770 --> 00:03:33.780 align:start position:0% took place actually did take place and 00:03:33.780 --> 00:03:35.570 align:start position:0% took place actually did take place and this<00:03:34.440> is<00:03:34.590> very<00:03:34.799> laborious<00:03:35.100> and 00:03:35.570 --> 00:03:35.580 align:start position:0% this is very laborious and 00:03:35.580 --> 00:03:37.280 align:start position:0% this is very laborious and time-consuming<00:03:35.820> and<00:03:36.630> we<00:03:36.750> can<00:03:36.900> never<00:03:37.080> really 00:03:37.280 --> 00:03:37.290 align:start position:0% time-consuming and we can never really 00:03:37.290 --> 00:03:39.979 align:start position:0% time-consuming and we can never really be<00:03:37.410> a<00:03:37.530> hundred<00:03:37.769> percent<00:03:38.220> sure<00:03:38.989> there's 00:03:39.979 --> 00:03:39.989 align:start position:0% be a hundred percent sure there's 00:03:39.989 --> 00:03:41.910 align:start position:0% be a hundred percent sure there's element<00:03:40.410> of<00:03:40.530> control<00:03:40.709> so<00:03:41.190> normally<00:03:41.670> for 00:03:41.910 --> 00:03:41.920 align:start position:0% element of control so normally for 00:03:41.920 --> 00:03:43.120 align:start position:0% element of control so normally for [Music] 00:03:43.120 --> 00:03:43.130 align:start position:0% [Music] 00:03:43.130 --> 00:03:45.500 align:start position:0% [Music] everything<00:03:44.130> we<00:03:44.250> want<00:03:44.430> to<00:03:44.549> do<00:03:44.700> to<00:03:44.940> add<00:03:45.239> a<00:03:45.269> new 00:03:45.500 --> 00:03:45.510 align:start position:0% everything we want to do to add a new 00:03:45.510 --> 00:03:47.210 align:start position:0% everything we want to do to add a new beneficiary<00:03:46.079> increase<00:03:46.560> entitlements 00:03:47.210 --> 00:03:47.220 align:start position:0% beneficiary increase entitlements 00:03:47.220 --> 00:03:49.100 align:start position:0% beneficiary increase entitlements whatever<00:03:47.549> we<00:03:47.790> have<00:03:47.970> to<00:03:48.150> formally<00:03:48.540> advise<00:03:48.900> the 00:03:49.100 --> 00:03:49.110 align:start position:0% whatever we have to formally advise the 00:03:49.110 --> 00:03:51.560 align:start position:0% whatever we have to formally advise the bank<00:03:49.350> and<00:03:49.709> they<00:03:50.579> would<00:03:50.760> do<00:03:50.880> it<00:03:50.970> on<00:03:51.060> our<00:03:51.180> behalf 00:03:51.560 --> 00:03:51.570 align:start position:0% bank and they would do it on our behalf 00:03:51.570 --> 00:03:53.090 align:start position:0% bank and they would do it on our behalf and<00:03:51.780> in<00:03:51.900> addition<00:03:52.290> to<00:03:52.380> the<00:03:52.500> administrative 00:03:53.090 --> 00:03:53.100 align:start position:0% and in addition to the administrative 00:03:53.100 --> 00:03:54.830 align:start position:0% and in addition to the administrative burden<00:03:53.220> there<00:03:53.610> could<00:03:53.760> be<00:03:53.790> a<00:03:53.910> time<00:03:54.150> delay<00:03:54.480> which 00:03:54.830 --> 00:03:54.840 align:start position:0% burden there could be a time delay which 00:03:54.840 --> 00:03:56.479 align:start position:0% burden there could be a time delay which could<00:03:55.110> mean<00:03:55.230> somebody<00:03:55.650> goes<00:03:55.860> without<00:03:56.130> food 00:03:56.479 --> 00:03:56.489 align:start position:0% could mean somebody goes without food 00:03:56.489 --> 00:03:59.810 align:start position:0% could mean somebody goes without food for<00:03:56.519> a<00:03:56.790> while<00:03:57.560> we<00:03:58.560> make<00:03:58.769> a<00:03:58.799> lot<00:03:59.070> of<00:03:59.100> effort<00:03:59.579> to 00:03:59.810 --> 00:03:59.820 align:start position:0% for a while we make a lot of effort to 00:03:59.820 --> 00:04:02.630 align:start position:0% for a while we make a lot of effort to reduce<00:04:00.540> our<00:04:00.750> financial<00:04:01.260> risk<00:04:01.530> and<00:04:01.829> also<00:04:02.579> to 00:04:02.630 --> 00:04:02.640 align:start position:0% reduce our financial risk and also to 00:04:02.640 --> 00:04:04.699 align:start position:0% reduce our financial risk and also to protect<00:04:02.910> anniversary<00:04:03.600> privacy<00:04:04.140> but<00:04:04.560> this 00:04:04.699 --> 00:04:04.709 align:start position:0% protect anniversary privacy but this 00:04:04.709 --> 00:04:06.470 align:start position:0% protect anniversary privacy but this also<00:04:04.920> means<00:04:05.130> the<00:04:05.430> contracting<00:04:06.090> can<00:04:06.269> take 00:04:06.470 --> 00:04:06.480 align:start position:0% also means the contracting can take 00:04:06.480 --> 00:04:08.000 align:start position:0% also means the contracting can take quite<00:04:06.660> a<00:04:06.720> long<00:04:06.959> time<00:04:07.170> which<00:04:07.500> again<00:04:07.799> would 00:04:08.000 --> 00:04:08.010 align:start position:0% quite a long time which again would 00:04:08.010 --> 00:04:10.460 align:start position:0% quite a long time which again would delay<00:04:08.310> operations<00:04:08.910> and<00:04:09.299> then<00:04:10.110> there's<00:04:10.320> the 00:04:10.460 --> 00:04:10.470 align:start position:0% delay operations and then there's the 00:04:10.470 --> 00:04:12.470 align:start position:0% delay operations and then there's the issue<00:04:10.530> of<00:04:10.709> flexibility<00:04:11.489> so<00:04:11.760> for<00:04:12.000> example<00:04:12.390> if 00:04:12.470 --> 00:04:12.480 align:start position:0% issue of flexibility so for example if 00:04:12.480 --> 00:04:15.170 align:start position:0% issue of flexibility so for example if you<00:04:12.600> wanted<00:04:12.900> to<00:04:12.989> do<00:04:13.200> Eve<00:04:13.739> hours<00:04:14.280> and<00:04:14.549> move<00:04:15.000> our 00:04:15.170 --> 00:04:15.180 align:start position:0% you wanted to do Eve hours and move our 00:04:15.180 --> 00:04:17.449 align:start position:0% you wanted to do Eve hours and move our money<00:04:15.360> and<00:04:15.630> ATM<00:04:16.260> and<00:04:16.530> these<00:04:16.799> companies<00:04:17.220> don't 00:04:17.449 --> 00:04:17.459 align:start position:0% money and ATM and these companies don't 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can't really<00:04:22.950> enable<00:04:23.340> this<00:04:23.520> I<00:04:23.669> mean<00:04:23.760> the<00:04:23.880> best<00:04:24.060> we 00:04:24.200 --> 00:04:24.210 align:start position:0% really enable this I mean the best we 00:04:24.210 --> 00:04:26.260 align:start position:0% really enable this I mean the best we can<00:04:24.360> do<00:04:24.539> is<00:04:24.660> you<00:04:24.900> know<00:04:24.960> divided<00:04:25.560> a<00:04:25.650> third 00:04:26.260 --> 00:04:26.270 align:start position:0% can do is you know divided a third 00:04:26.270 --> 00:04:28.960 align:start position:0% can do is you know divided a third half-and-half<00:04:26.870> but<00:04:27.830> it's<00:04:27.979> not<00:04:28.160> ideal<00:04:28.340> so<00:04:28.639> it's 00:04:28.960 --> 00:04:28.970 align:start position:0% half-and-half but it's not ideal so it's 00:04:28.970 --> 00:04:32.890 align:start position:0% half-and-half but it's not ideal so it's not<00:04:29.120> quite<00:04:29.330> flexible<00:04:30.789> so<00:04:31.789> what<00:04:32.509> we've<00:04:32.690> done 00:04:32.890 --> 00:04:32.900 align:start position:0% not quite flexible so what we've done 00:04:32.900 --> 00:04:34.869 align:start position:0% not quite flexible so what we've done essentially<00:04:33.650> is<00:04:33.770> replaced<00:04:34.220> the<00:04:34.430> financial 00:04:34.869 --> 00:04:34.879 align:start position:0% essentially is replaced the financial 00:04:34.879 --> 00:04:37.689 align:start position:0% essentially is replaced the financial intermediary<00:04:35.419> with<00:04:35.569> blockchain<00:04:36.050> and<00:04:36.520> so<00:04:37.520> what 00:04:37.689 --> 00:04:37.699 align:start position:0% intermediary with blockchain and so what 00:04:37.699 --> 00:04:40.390 align:start position:0% intermediary with blockchain and so what we<00:04:37.849> do<00:04:38.030> is<00:04:38.150> now<00:04:38.330> we<00:04:38.389> load<00:04:39.080> the<00:04:39.740> you<00:04:40.009> know<00:04:40.129> create 00:04:40.390 --> 00:04:40.400 align:start position:0% we do is now we load the you know create 00:04:40.400 --> 00:04:42.100 align:start position:0% we do is now we load the you know create blocks<00:04:40.669> in<00:04:40.849> accounts<00:04:41.449> for<00:04:41.629> beneficiaries 00:04:42.100 --> 00:04:42.110 align:start position:0% blocks in accounts for beneficiaries 00:04:42.110 --> 00:04:44.350 align:start position:0% blocks in accounts for beneficiaries load<00:04:42.949> them<00:04:43.129> with<00:04:43.159> the<00:04:43.400> entitlements<00:04:43.849> we 00:04:44.350 --> 00:04:44.360 align:start position:0% load them with the entitlements we 00:04:44.360 --> 00:04:45.990 align:start position:0% load them with the entitlements we inform<00:04:44.750> the<00:04:44.840> beneficiary<00:04:45.349> they<00:04:45.560> have 00:04:45.990 --> 00:04:46.000 align:start position:0% inform the beneficiary they have 00:04:46.000 --> 00:04:48.490 align:start position:0% inform the beneficiary they have entitlements<00:04:47.000> that<00:04:47.090> they<00:04:47.210> can<00:04:47.360> use<00:04:47.599> they<00:04:48.289> go 00:04:48.490 --> 00:04:48.500 align:start position:0% entitlements that they can use they go 00:04:48.500 --> 00:04:50.499 align:start position:0% entitlements that they can use they go to<00:04:48.560> a<00:04:48.710> store<00:04:49.069> they<00:04:49.400> initiated<00:04:49.819> transaction 00:04:50.499 --> 00:04:50.509 align:start position:0% to a store they initiated transaction 00:04:50.509 --> 00:04:52.809 align:start position:0% to a store they initiated transaction the<00:04:50.870> store<00:04:51.139> now<00:04:51.349> pings<00:04:51.680> our<00:04:52.099> blockchain 00:04:52.809 --> 00:04:52.819 align:start position:0% the store now pings our blockchain 00:04:52.819 --> 00:04:54.430 align:start position:0% the store now pings our blockchain instead<00:04:53.090> of<00:04:53.180> the<00:04:53.300> bank<00:04:53.479> for<00:04:53.720> authorization 00:04:54.430 --> 00:04:54.440 align:start position:0% instead of the bank for authorization 00:04:54.440 --> 00:04:55.960 align:start position:0% instead of the bank for authorization which<00:04:54.680> directly<00:04:54.979> entitlements<00:04:55.639> provide 00:04:55.960 --> 00:04:55.970 align:start position:0% which directly entitlements provide 00:04:55.970 --> 00:04:59.140 align:start position:0% which directly entitlements provide confirmation<00:04:56.300> and<00:04:56.900> then<00:04:57.789> at<00:04:58.789> the<00:04:58.970> same 00:04:59.140 --> 00:04:59.150 align:start position:0% confirmation and then at the same 00:04:59.150 --> 00:05:00.700 align:start position:0% confirmation and then at the same frequency<00:04:59.720> that<00:04:59.750> the<00:04:59.960> stores<00:05:00.229> got<00:05:00.409> paid 00:05:00.700 --> 00:05:00.710 align:start position:0% frequency that the stores got paid 00:05:00.710 --> 00:05:05.110 align:start position:0% frequency that the stores got paid before<00:05:01.099> we<00:05:02.139> know<00:05:03.139> essentially<00:05:03.800> which<00:05:04.789> store 00:05:05.110 --> 00:05:05.120 align:start position:0% before we know essentially which store 00:05:05.120 --> 00:05:07.420 align:start position:0% before we know essentially which store to<00:05:05.270> pay<00:05:05.449> how<00:05:05.690> much<00:05:05.900> by<00:05:06.139> when<00:05:06.409> and<00:05:06.680> we<00:05:07.009> make<00:05:07.190> the 00:05:07.420 --> 00:05:07.430 align:start position:0% to pay how much by when and we make the 00:05:07.430 --> 00:05:10.710 align:start position:0% to pay how much by when and we make the transfer<00:05:07.940> to<00:05:08.750> this<00:05:08.900> door<00:05:09.169> directly<00:05:09.740> ourselves 00:05:10.710 --> 00:05:10.720 align:start position:0% transfer to this door directly ourselves 00:05:10.720 --> 00:05:13.749 align:start position:0% transfer to this door directly ourselves just<00:05:11.720> a<00:05:11.840> clarification<00:05:12.139> here<00:05:12.770> we<00:05:13.069> have<00:05:13.370> bank 00:05:13.749 --> 00:05:13.759 align:start position:0% just a clarification here we have bank 00:05:13.759 --> 00:05:15.580 align:start position:0% just a clarification here we have bank accounts<00:05:14.180> and<00:05:14.300> this<00:05:14.509> transfer<00:05:14.960> currently<00:05:15.500> is 00:05:15.580 --> 00:05:15.590 align:start position:0% accounts and this transfer currently is 00:05:15.590 --> 00:05:16.990 align:start position:0% accounts and this transfer currently is happening<00:05:16.039> through<00:05:16.280> regular<00:05:16.610> banking 00:05:16.990 --> 00:05:17.000 align:start position:0% happening through regular banking 00:05:17.000 --> 00:05:18.249 align:start position:0% happening through regular banking channels<00:05:17.180> in<00:05:17.539> the<00:05:17.659> future<00:05:17.930> it<00:05:18.020> could<00:05:18.080> be 00:05:18.249 --> 00:05:18.259 align:start position:0% channels in the future it could be 00:05:18.259 --> 00:05:19.899 align:start position:0% channels in the future it could be crypto<00:05:18.560> for<00:05:18.590> example<00:05:19.069> or<00:05:19.130> a<00:05:19.190> digital<00:05:19.490> national 00:05:19.899 --> 00:05:19.909 align:start position:0% crypto for example or a digital national 00:05:19.909 --> 00:05:22.990 align:start position:0% crypto for example or a digital national currency<00:05:20.270> but<00:05:21.259> the<00:05:22.130> difference<00:05:22.490> is<00:05:22.669> that<00:05:22.699> we 00:05:22.990 --> 00:05:23.000 align:start position:0% currency but the difference is that we 00:05:23.000 --> 00:05:25.119 align:start position:0% currency but the difference is that we have<00:05:23.030> 350<00:05:23.870> global<00:05:24.319> bank<00:05:24.469> accounts<00:05:24.860> that<00:05:24.919> we 00:05:25.119 --> 00:05:25.129 align:start position:0% have 350 global bank accounts that we 00:05:25.129 --> 00:05:27.909 align:start position:0% have 350 global bank accounts that we use<00:05:25.370> for<00:05:25.789> you<00:05:26.629> know<00:05:26.659> banking<00:05:27.169> staff<00:05:27.409> payments 00:05:27.909 --> 00:05:27.919 align:start position:0% use for you know banking staff payments 00:05:27.919 --> 00:05:29.619 align:start position:0% use for you know banking staff payments buying<00:05:28.129> corn<00:05:28.460> and<00:05:28.699> so<00:05:28.819> on<00:05:28.909> and<00:05:29.060> so<00:05:29.180> forth<00:05:29.449> and 00:05:29.619 --> 00:05:29.629 align:start position:0% buying corn and so on and so forth and 00:05:29.629 --> 00:05:32.890 align:start position:0% buying corn and so on and so forth and the<00:05:30.289> cost<00:05:30.590> of<00:05:30.889> payments<00:05:31.639> directly<00:05:32.060> for<00:05:32.569> us<00:05:32.659> is 00:05:32.890 --> 00:05:32.900 align:start position:0% the cost of payments directly for us is 00:05:32.900 --> 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essentially<00:05:41.479> the<00:05:41.630> main<00:05:41.779> cost<00:05:42.039> so<00:05:43.240> yeah<00:05:44.240> just 00:05:44.620 --> 00:05:44.630 align:start position:0% essentially the main cost so yeah just 00:05:44.630 --> 00:05:46.029 align:start position:0% essentially the main cost so yeah just to<00:05:44.750> clarify<00:05:45.110> that<00:05:45.349> you<00:05:45.409> know<00:05:45.590> we<00:05:45.740> have<00:05:45.919> our 00:05:46.029 --> 00:05:46.039 align:start position:0% to clarify that you know we have our 00:05:46.039 --> 00:05:47.589 align:start position:0% to clarify that you know we have our corporate<00:05:46.400> bank<00:05:46.610> account<00:05:46.909> our<00:05:47.060> bank<00:05:47.240> accounts 00:05:47.589 --> 00:05:47.599 align:start position:0% corporate bank account our bank accounts 00:05:47.599 --> 00:05:49.089 align:start position:0% corporate bank account our bank accounts are<00:05:47.870> and<00:05:48.080> then<00:05:48.229> usually<00:05:48.440> we<00:05:48.710> have<00:05:48.830> to<00:05:48.949> have<00:05:49.069> a 00:05:49.089 --> 00:05:49.099 align:start position:0% are and then usually we have to have a 00:05:49.099 --> 00:05:50.740 align:start position:0% are and then usually we have to have a separate<00:05:49.550> bank<00:05:49.759> to<00:05:50.180> provide<00:05:50.330> those 00:05:50.740 --> 00:05:50.750 align:start position:0% separate bank to provide those 00:05:50.750 --> 00:05:52.120 align:start position:0% separate bank to provide those distributions<00:05:51.409> and<00:05:51.529> that's<00:05:51.740> what<00:05:51.979> we've 00:05:52.120 --> 00:05:52.130 align:start position:0% distributions and that's what we've 00:05:52.130 --> 00:05:56.200 align:start position:0% distributions and that's what we've replaced<00:05:53.949> and<00:05:54.949> so<00:05:54.979> we<00:05:55.279> did<00:05:55.460> a<00:05:55.490> quick<00:05:55.669> proof<00:05:56.000> of 00:05:56.200 --> 00:05:56.210 align:start position:0% replaced and so we did a quick proof of 00:05:56.210 --> 00:05:58.719 align:start position:0% replaced and so we did a quick proof of concept<00:05:56.810> in<00:05:57.050> the<00:05:57.289> overcoat<00:05:58.069> village<00:05:58.430> in<00:05:58.610> the 00:05:58.719 --> 00:05:58.729 align:start position:0% concept in the overcoat village in the 00:05:58.729 --> 00:06:01.140 align:start position:0% concept in the overcoat village in the same<00:05:59.000> province<00:05:59.240> of<00:05:59.539> Pakistan<00:06:00.110> in<00:06:00.289> January<00:06:00.770> and 00:06:01.140 --> 00:06:01.150 align:start position:0% same province of Pakistan in January and 00:06:01.150 --> 00:06:04.059 align:start position:0% same province of Pakistan in January and based<00:06:02.150> on<00:06:02.389> that<00:06:02.590> learnings<00:06:03.590> essentially 00:06:04.059 --> 00:06:04.069 align:start position:0% based on that learnings essentially 00:06:04.069 --> 00:06:05.469 align:start position:0% based on that learnings essentially we've<00:06:04.219> launched<00:06:04.520> the<00:06:04.639> pilots<00:06:05.120> in<00:06:05.360> the 00:06:05.469 --> 00:06:05.479 align:start position:0% we've launched the pilots in the 00:06:05.479 --> 00:06:07.480 align:start position:0% we've launched the pilots in the hearthrug<00:06:05.719> refugee<00:06:06.259> camp<00:06:06.529> in<00:06:06.770> Jordan<00:06:07.039> since 00:06:07.480 --> 00:06:07.490 align:start position:0% hearthrug refugee camp in Jordan since 00:06:07.490 --> 00:06:09.999 align:start position:0% hearthrug refugee camp in Jordan since May<00:06:07.699> this<00:06:07.880> year<00:06:08.050> in<00:06:09.050> the<00:06:09.259> past<00:06:09.440> five<00:06:09.800> months 00:06:09.999 --> 00:06:10.009 align:start position:0% May this year in the past five months 00:06:10.009 --> 00:06:11.680 align:start position:0% May this year in the past five months we've<00:06:10.310> been<00:06:10.340> assisting<00:06:10.940> ten<00:06:11.120> thousand<00:06:11.539> five 00:06:11.680 --> 00:06:11.690 align:start position:0% we've been assisting ten thousand five 00:06:11.690 --> 00:06:13.659 align:start position:0% we've been assisting ten thousand five hundred<00:06:11.840> beneficiaries<00:06:12.620> we've<00:06:13.279> distributed 00:06:13.659 --> 00:06:13.669 align:start position:0% hundred beneficiaries we've distributed 00:06:13.669 --> 00:06:16.809 align:start position:0% hundred beneficiaries we've distributed 1.6<00:06:14.509> million<00:06:14.750> dollars<00:06:15.199> two<00:06:16.130> hundred<00:06:16.460> thousand 00:06:16.809 --> 00:06:16.819 align:start position:0% 1.6 million dollars two hundred thousand 00:06:16.819 --> 00:06:18.879 align:start position:0% 1.6 million dollars two hundred thousand transactions<00:06:17.330> without<00:06:17.659> a<00:06:17.690> glitch<00:06:17.960> and<00:06:18.259> we've 00:06:18.879 --> 00:06:18.889 align:start position:0% transactions without a glitch and we've 00:06:18.889 --> 00:06:21.610 align:start position:0% transactions without a glitch and we've reduced<00:06:19.099> the<00:06:19.580> fees<00:06:19.849> essentially<00:06:20.419> by<00:06:20.539> 98% 00:06:21.610 --> 00:06:21.620 align:start position:0% reduced the fees essentially by 98% 00:06:21.620 --> 00:06:23.890 align:start position:0% reduced the fees essentially by 98% so<00:06:22.250> that<00:06:22.460> is<00:06:22.639> what<00:06:22.849> that<00:06:23.000> accounting<00:06:23.539> portion 00:06:23.890 --> 00:06:23.900 align:start position:0% so that is what that accounting portion 00:06:23.900 --> 00:06:26.019 align:start position:0% so that is what that accounting portion cost<00:06:24.139> us<00:06:24.380> and<00:06:24.560> the<00:06:24.650> 2%<00:06:25.219> is<00:06:25.340> what's<00:06:25.520> costing<00:06:25.729> us 00:06:26.019 --> 00:06:26.029 align:start position:0% cost us and the 2% is what's costing us 00:06:26.029 --> 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not<00:06:32.419> sharing<00:06:32.630> any<00:06:32.900> beneficiary 00:06:33.370 --> 00:06:33.380 align:start position:0% we're not sharing any beneficiary 00:06:33.380 --> 00:06:35.560 align:start position:0% we're not sharing any beneficiary information<00:06:33.500> with<00:06:34.009> anyone<00:06:34.279> so<00:06:35.180> again<00:06:35.419> in<00:06:35.509> a 00:06:35.560 --> 00:06:35.570 align:start position:0% information with anyone so again in a 00:06:35.570 --> 00:06:37.420 align:start position:0% information with anyone so again in a refugee<00:06:35.960> context<00:06:36.349> that's<00:06:36.529> very<00:06:36.770> important 00:06:37.420 --> 00:06:37.430 align:start position:0% refugee context that's very important 00:06:37.430 --> 00:06:39.640 align:start position:0% refugee context that's very important we're<00:06:37.909> not<00:06:38.060> advancing<00:06:38.599> any<00:06:38.719> funds<00:06:39.050> to<00:06:39.199> anyone 00:06:39.640 --> 00:06:39.650 align:start position:0% we're not advancing any funds to anyone 00:06:39.650 --> 00:06:40.960 align:start position:0% we're not advancing any funds to anyone sort<00:06:39.860> of<00:06:39.919> financial<00:06:40.220> risk<00:06:40.520> is<00:06:40.759> greatly 00:06:40.960 --> 00:06:40.970 align:start position:0% sort of financial risk is greatly 00:06:40.970 --> 00:06:43.510 align:start position:0% sort of financial risk is greatly reduced<00:06:41.210> we<00:06:42.139> have<00:06:42.320> full<00:06:42.560> control<00:06:42.740> so<00:06:43.310> if<00:06:43.400> we 00:06:43.510 --> 00:06:43.520 align:start position:0% reduced we have full control so if we 00:06:43.520 --> 00:06:45.340 align:start position:0% reduced we have full control so if we want<00:06:43.729> to<00:06:43.940> change<00:06:44.300> entitlements<00:06:44.960> add<00:06:45.080> someone 00:06:45.340 --> 00:06:45.350 align:start position:0% want to change entitlements add someone 00:06:45.350 --> 00:06:46.990 align:start position:0% want to change entitlements add someone new<00:06:45.650> we<00:06:45.800> can<00:06:45.830> practically<00:06:46.400> do<00:06:46.580> it<00:06:46.669> in<00:06:46.759> real 00:06:46.990 --> 00:06:47.000 align:start position:0% new we can practically do it in real 00:06:47.000 --> 00:06:48.820 align:start position:0% new we can practically do it in real time<00:06:47.090> so<00:06:47.570> the<00:06:47.720> assistance<00:06:48.229> is<00:06:48.380> not<00:06:48.500> delayed 00:06:48.820 --> 00:06:48.830 align:start position:0% time so the assistance is not delayed 00:06:48.830 --> 00:06:52.270 align:start position:0% time so the assistance is not delayed and<00:06:49.600> very<00:06:50.600> important<00:06:51.110> for<00:06:51.350> us<00:06:51.500> we've 00:06:52.270 --> 00:06:52.280 align:start position:0% and very important for us we've 00:06:52.280 --> 00:06:54.159 align:start position:0% and very important for us we've authorized<00:06:52.880> every<00:06:53.150> single<00:06:53.449> transaction<00:06:53.810> so 00:06:54.159 --> 00:06:54.169 align:start position:0% authorized every single transaction so 00:06:54.169 --> 00:06:55.719 align:start position:0% authorized every single transaction so we<00:06:54.289> have<00:06:54.440> hundred<00:06:54.800> percent<00:06:55.130> certainty<00:06:55.490> that 00:06:55.719 --> 00:06:55.729 align:start position:0% we have hundred percent certainty that 00:06:55.729 --> 00:06:57.640 align:start position:0% we have hundred percent certainty that you<00:06:55.910> know<00:06:56.030> what<00:06:56.240> we<00:06:56.900> think<00:06:57.139> happen<00:06:57.440> actually 00:06:57.640 --> 00:06:57.650 align:start position:0% you know what we think happen actually 00:06:57.650 --> 00:07:01.120 align:start position:0% you know what we think happen actually happened<00:06:58.250> and<00:06:58.430> that<00:06:58.970> significantly<00:07:00.130> improves 00:07:01.120 --> 00:07:01.130 align:start position:0% happened and that significantly improves 00:07:01.130 --> 00:07:02.740 align:start position:0% happened and that significantly improves our<00:07:01.370> reconciliation<00:07:02.090> process<00:07:02.479> and<00:07:02.660> they 00:07:02.740 --> 00:07:02.750 align:start position:0% our reconciliation process and they 00:07:02.750 --> 00:07:04.120 align:start position:0% our reconciliation process and they associated<00:07:03.110> payment<00:07:03.680> so<00:07:03.830> it<00:07:03.949> actually 00:07:04.120 --> 00:07:04.130 align:start position:0% associated payment so it actually 00:07:04.130 --> 00:07:08.050 align:start position:0% associated payment so it actually reduces<00:07:04.820> the<00:07:04.850> effort<00:07:05.210> on<00:07:05.389> our<00:07:05.419> side<00:07:07.060> then 00:07:08.050 --> 00:07:08.060 align:start position:0% reduces the effort on our side then 00:07:08.060 --> 00:07:10.060 align:start position:0% reduces the effort on our side then because<00:07:08.870> we<00:07:09.110> don't<00:07:09.320> have<00:07:09.500> to<00:07:09.650> worry<00:07:09.860> as<00:07:10.039> much 00:07:10.060 --> 00:07:10.070 align:start position:0% because we don't have to worry as much 00:07:10.070 --> 00:07:12.310 align:start position:0% because we don't have to worry as much about<00:07:10.310> financial<00:07:11.090> risk<00:07:11.330> and<00:07:11.570> privacy 00:07:12.310 --> 00:07:12.320 align:start position:0% about financial risk and privacy 00:07:12.320 --> 00:07:14.230 align:start position:0% about financial risk and privacy protection<00:07:12.830> then<00:07:13.070> we<00:07:13.220> can<00:07:13.370> actually<00:07:13.520> contract 00:07:14.230 --> 00:07:14.240 align:start position:0% protection then we can actually contract 00:07:14.240 --> 00:07:16.300 align:start position:0% protection then we can actually contract people<00:07:14.840> faster<00:07:15.410> which<00:07:15.710> means<00:07:15.919> we<00:07:16.039> can<00:07:16.190> offer 00:07:16.300 --> 00:07:16.310 align:start position:0% people faster which means we can offer 00:07:16.310 --> 00:07:18.939 align:start position:0% people faster which means we can offer it<00:07:16.490> faster<00:07:16.910> and<00:07:17.139> we're<00:07:18.139> much<00:07:18.289> more<00:07:18.470> flexible 00:07:18.939 --> 00:07:18.949 align:start position:0% it faster and we're much more flexible 00:07:18.949 --> 00:07:20.350 align:start position:0% it faster and we're much more flexible now<00:07:19.130> because<00:07:19.520> all<00:07:19.729> the<00:07:19.760> accounts<00:07:20.210> are<00:07:20.270> on 00:07:20.350 --> 00:07:20.360 align:start position:0% now because all the accounts are on 00:07:20.360 --> 00:07:21.790 align:start position:0% now because all the accounts are on blockchain<00:07:20.600> we<00:07:20.900> can<00:07:21.080> connect<00:07:21.410> to<00:07:21.470> as<00:07:21.590> many 00:07:21.790 --> 00:07:21.800 align:start position:0% blockchain we can connect to as many 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which<00:07:27.169> again<00:07:27.410> it's<00:07:27.650> it's 00:07:27.939 --> 00:07:27.949 align:start position:0% beneficiaries which again it's it's 00:07:27.949 --> 00:07:31.150 align:start position:0% beneficiaries which again it's it's great<00:07:28.810> so<00:07:29.810> you<00:07:29.870> might<00:07:30.080> ask<00:07:30.260> why<00:07:30.800> are<00:07:30.830> you<00:07:30.979> doing 00:07:31.150 --> 00:07:31.160 align:start position:0% great so you might ask why are you doing 00:07:31.160 --> 00:07:32.560 align:start position:0% great so you might ask why are you doing this<00:07:31.280> on<00:07:31.430> a<00:07:31.460> blockchain<00:07:31.729> you<00:07:32.120> could<00:07:32.270> do<00:07:32.419> this 00:07:32.560 --> 00:07:32.570 align:start position:0% this on a blockchain you could do this 00:07:32.570 --> 00:07:34.450 align:start position:0% this on a blockchain you could do this essentially<00:07:33.110> on<00:07:33.349> a<00:07:33.380> traditional<00:07:33.860> system<00:07:34.070> and 00:07:34.450 --> 00:07:34.460 align:start position:0% essentially on a traditional system and 00:07:34.460 --> 00:07:38.620 align:start position:0% essentially on a traditional system and that's<00:07:35.000> completely<00:07:35.419> true<00:07:35.660> we<00:07:35.870> could<00:07:36.759> but<00:07:37.759> one 00:07:38.620 --> 00:07:38.630 align:start position:0% that's completely true we could but one 00:07:38.630 --> 00:07:40.360 align:start position:0% that's completely true we could but one of<00:07:38.660> the<00:07:38.870> main<00:07:39.050> reasons<00:07:39.530> is<00:07:39.800> that<00:07:39.860> there<00:07:40.250> is 00:07:40.360 --> 00:07:40.370 align:start position:0% of the main reasons is that there is 00:07:40.370 --> 00:07:42.129 align:start position:0% of the main reasons is that there is currently<00:07:40.580> a<00:07:40.849> lot<00:07:40.940> of<00:07:41.150> fragmentation<00:07:42.020> and 00:07:42.129 --> 00:07:42.139 align:start position:0% currently a lot of fragmentation and 00:07:42.139 --> 00:07:44.560 align:start position:0% currently a lot of fragmentation and duplication<00:07:42.740> in<00:07:42.860> the<00:07:42.889> system<00:07:43.340> and<00:07:43.669> this<00:07:44.389> is 00:07:44.560 --> 00:07:44.570 align:start position:0% duplication in the system and this is 00:07:44.570 --> 00:07:46.750 align:start position:0% duplication in the system and this is only<00:07:44.870> for<00:07:45.169> illustration<00:07:45.680> but<00:07:46.400> essentially 00:07:46.750 --> 00:07:46.760 align:start position:0% only for illustration but essentially 00:07:46.760 --> 00:07:48.610 align:start position:0% only for illustration but essentially imagine<00:07:47.210> if<00:07:47.300> we<00:07:47.419> have<00:07:47.570> Bob<00:07:47.840> and<00:07:48.110> Bob<00:07:48.440> is 00:07:48.610 --> 00:07:48.620 align:start position:0% imagine if we have Bob and Bob is 00:07:48.620 --> 00:07:50.320 align:start position:0% imagine if we have Bob and Bob is receiving<00:07:49.070> assistance<00:07:49.310> from<00:07:49.580> four<00:07:49.940> different 00:07:50.320 --> 00:07:50.330 align:start position:0% receiving assistance from four different 00:07:50.330 --> 00:07:53.170 align:start position:0% receiving assistance from four different agencies<00:07:50.949> each<00:07:51.949> agency<00:07:52.610> would<00:07:52.789> have<00:07:53.000> their 00:07:53.170 --> 00:07:53.180 align:start position:0% agencies each agency would have their 00:07:53.180 --> 00:07:54.939 align:start position:0% agencies each agency would have their own<00:07:53.300> identity<00:07:53.900> system<00:07:54.229> for<00:07:54.410> Bob<00:07:54.560> they<00:07:54.830> would 00:07:54.939 --> 00:07:54.949 align:start position:0% own identity system for Bob they would 00:07:54.949 --> 00:07:56.560 align:start position:0% own identity system for Bob they would have<00:07:55.159> their<00:07:55.340> contract<00:07:55.789> with<00:07:55.909> a<00:07:55.940> separate<00:07:56.300> bank 00:07:56.560 --> 00:07:56.570 align:start position:0% have their contract with a separate bank 00:07:56.570 --> 00:07:58.480 align:start position:0% have their contract with a separate bank and<00:07:56.870> they<00:07:57.320> would<00:07:57.470> channel<00:07:57.710> assistance 00:07:58.480 --> 00:07:58.490 align:start position:0% and they would channel assistance 00:07:58.490 --> 00:08:00.700 align:start position:0% and they would channel assistance through<00:07:58.669> each<00:07:58.729> one<00:07:59.030> of<00:07:59.180> these<00:07:59.330> and<00:08:00.229> of<00:08:00.409> course 00:08:00.700 --> 00:08:00.710 align:start position:0% through each one of these and of course 00:08:00.710 --> 00:08:03.339 align:start position:0% through each one of these and of course you<00:08:01.370> know<00:08:01.460> there's<00:08:01.699> a<00:08:01.760> cost<00:08:02.030> and<00:08:02.360> effort 00:08:03.339 --> 00:08:03.349 align:start position:0% you know there's a cost and effort 00:08:03.349 --> 00:08:05.140 align:start position:0% you know there's a cost and effort required<00:08:03.919> to<00:08:03.979> maintain<00:08:04.430> all<00:08:04.580> these<00:08:04.760> system 00:08:05.140 --> 00:08:05.150 align:start position:0% required to maintain all these system 00:08:05.150 --> 00:08:06.820 align:start position:0% required to maintain all these system the<00:08:05.270> contracts<00:08:05.750> with<00:08:05.870> the<00:08:05.990> bank<00:08:06.229> and<00:08:06.500> they 00:08:06.820 --> 00:08:06.830 align:start position:0% the contracts with the bank and they 00:08:06.830 --> 00:08:08.320 align:start position:0% the contracts with the bank and they don't<00:08:07.039> talk<00:08:07.220> to<00:08:07.280> each<00:08:07.460> other<00:08:07.729> so<00:08:07.970> that<00:08:08.000> really 00:08:08.320 --> 00:08:08.330 align:start position:0% don't talk to each other so that really 00:08:08.330 --> 00:08:09.820 align:start position:0% don't talk to each other so that really the<00:08:08.479> things<00:08:08.690> are<00:08:08.840> not<00:08:09.020> optimized<00:08:09.560> or 00:08:09.820 --> 00:08:09.830 align:start position:0% the things are not optimized or 00:08:09.830 --> 00:08:12.730 align:start position:0% the things are not optimized or harmonized<00:08:10.340> in<00:08:10.520> a<00:08:10.580> way<00:08:10.960> so<00:08:11.960> what<00:08:12.349> we're<00:08:12.530> hoping 00:08:12.730 --> 00:08:12.740 align:start position:0% harmonized in a way so what we're hoping 00:08:12.740 --> 00:08:15.899 align:start position:0% harmonized in a way so what we're hoping to<00:08:12.979> achieve<00:08:13.250> and<00:08:13.960> actually<00:08:14.960> one<00:08:15.199> of<00:08:15.349> the 00:08:15.899 --> 00:08:15.909 align:start position:0% to achieve and actually one of the 00:08:15.909 --> 00:08:18.909 align:start position:0% to achieve and actually one of the reasons<00:08:16.909> this<00:08:17.030> exists<00:08:17.510> is<00:08:17.599> that<00:08:17.630> that<00:08:18.199> the 00:08:18.909 --> 00:08:18.919 align:start position:0% reasons this exists is that that the 00:08:18.919 --> 00:08:21.279 align:start position:0% reasons this exists is that that the technology<00:08:19.580> in<00:08:19.970> the<00:08:20.210> past<00:08:20.419> has<00:08:20.659> prevented 00:08:21.279 --> 00:08:21.289 align:start position:0% technology in the past has prevented 00:08:21.289 --> 00:08:24.339 align:start position:0% technology in the past has prevented collaboration<00:08:22.479> among<00:08:23.479> the<00:08:23.599> agencies<00:08:24.050> but<00:08:24.169> its 00:08:24.339 --> 00:08:24.349 align:start position:0% collaboration among the agencies but its 00:08:24.349 --> 00:08:26.439 align:start position:0% collaboration among the agencies but its various<00:08:24.740> ownership<00:08:25.280> issues<00:08:25.610> so<00:08:25.880> if<00:08:26.030> we<00:08:26.210> have<00:08:26.419> a 00:08:26.439 --> 00:08:26.449 align:start position:0% various ownership issues so if we have a 00:08:26.449 --> 00:08:28.240 align:start position:0% various ownership issues so if we have a system<00:08:26.960> and<00:08:27.199> we<00:08:27.349> have<00:08:27.590> a<00:08:27.620> contract<00:08:28.099> with<00:08:28.220> a 00:08:28.240 --> 00:08:28.250 align:start position:0% system and we have a contract with a 00:08:28.250 --> 00:08:30.370 align:start position:0% system and we have a contract with a bank<00:08:28.550> and<00:08:28.880> someone<00:08:29.449> else<00:08:29.599> has<00:08:29.750> something<00:08:29.930> else 00:08:30.370 --> 00:08:30.380 align:start position:0% bank and someone else has something else 00:08:30.380 --> 00:08:32.290 align:start position:0% bank and someone else has something else we<00:08:31.099> don't<00:08:31.280> want<00:08:31.460> to<00:08:31.520> use<00:08:31.699> this<00:08:31.880> because<00:08:32.089> it's 00:08:32.290 --> 00:08:32.300 align:start position:0% we don't want to use this because it's 00:08:32.300 --> 00:08:35.740 align:start position:0% we don't want to use this because it's not<00:08:32.360> cool<00:08:32.690> and<00:08:32.900> vice<00:08:33.080> versa<00:08:33.529> and<00:08:34.270> what<00:08:35.270> we<00:08:35.419> hope 00:08:35.740 --> 00:08:35.750 align:start position:0% not cool and vice versa and what we hope 00:08:35.750 --> 00:08:37.630 align:start position:0% not cool and vice versa and what we hope is<00:08:36.050> that<00:08:36.320> blockchain<00:08:36.800> can<00:08:36.830> cut<00:08:37.190> through<00:08:37.400> that 00:08:37.630 --> 00:08:37.640 align:start position:0% is that blockchain can cut through that 00:08:37.640 --> 00:08:39.120 align:start position:0% is that blockchain can cut through that as<00:08:37.820> a<00:08:37.849> neutral<00:08:38.510> neutral<00:08:39.050> neutral 00:08:39.120 --> 00:08:39.130 align:start position:0% as a neutral neutral neutral 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just a<00:08:46.730> mutually<00:08:47.120> operated<00:08:47.600> system<00:08:48.020> that 00:08:48.519 --> 00:08:48.529 align:start position:0% a mutually operated system that 00:08:48.529 --> 00:08:50.769 align:start position:0% a mutually operated system that one<00:08:48.680> can<00:08:48.860> use<00:08:49.069> and<00:08:49.339> this<00:08:49.519> way<00:08:49.699> we<00:08:50.329> can<00:08:50.540> have 00:08:50.769 --> 00:08:50.779 align:start position:0% one can use and this way we can have 00:08:50.779 --> 00:08:52.569 align:start position:0% one can use and this way we can have beneficiary<00:08:51.470> let's<00:08:51.709> say<00:08:51.800> identities<00:08:52.370> or 00:08:52.569 --> 00:08:52.579 align:start position:0% beneficiary let's say identities or 00:08:52.579 --> 00:08:54.280 align:start position:0% beneficiary let's say identities or wallets<00:08:52.970> on<00:08:53.089> the<00:08:53.180> blockchain<00:08:53.420> for<00:08:53.720> Alice<00:08:54.050> Bob 00:08:54.280 --> 00:08:54.290 align:start position:0% wallets on the blockchain for Alice Bob 00:08:54.290 --> 00:08:57.069 align:start position:0% wallets on the blockchain for Alice Bob Dave<00:08:54.560> and<00:08:54.740> Aaron<00:08:55.009> and<00:08:55.420> various<00:08:56.420> UN<00:08:56.660> agencies 00:08:57.069 --> 00:08:57.079 align:start position:0% Dave and Aaron and various UN agencies 00:08:57.079 --> 00:08:58.689 align:start position:0% Dave and Aaron and various UN agencies can<00:08:57.259> link<00:08:57.529> to<00:08:57.709> that<00:08:57.860> and<00:08:58.160> provide<00:08:58.490> whatever 00:08:58.689 --> 00:08:58.699 align:start position:0% can link to that and provide whatever 00:08:58.699 --> 00:09:01.150 align:start position:0% can link to that and provide whatever service<00:08:59.209> they<00:08:59.329> want<00:08:59.540> to<00:08:59.720> provide<00:09:00.079> and<00:09:00.529> giving 00:09:01.150 --> 00:09:01.160 align:start position:0% service they want to provide and giving 00:09:01.160 --> 00:09:03.280 align:start position:0% service they want to provide and giving our<00:09:01.310> various<00:09:01.699> networks<00:09:02.149> like<00:09:02.389> frog<00:09:02.689> for<00:09:02.959> us<00:09:03.079> as 00:09:03.280 --> 00:09:03.290 align:start position:0% our various networks like frog for us as 00:09:03.290 --> 00:09:05.410 align:start position:0% our various networks like frog for us as WFP<00:09:03.860> with<00:09:04.040> food<00:09:04.249> retailers<00:09:04.819> someone<00:09:05.240> else 00:09:05.410 --> 00:09:05.420 align:start position:0% WFP with food retailers someone else 00:09:05.420 --> 00:09:08.160 align:start position:0% WFP with food retailers someone else might<00:09:05.600> have<00:09:05.839> health<00:09:06.139> network<00:09:06.559> like<00:09:06.740> hospitals 00:09:08.160 --> 00:09:08.170 align:start position:0% might have health network like hospitals 00:09:08.170 --> 00:09:10.929 align:start position:0% might have health network like hospitals schools<00:09:09.170> whatever<00:09:09.680> else<00:09:10.069> in<00:09:10.249> my<00:09:10.370> bibim<00:09:10.730> can 00:09:10.929 --> 00:09:10.939 align:start position:0% schools whatever else in my bibim can 00:09:10.939 --> 00:09:12.549 align:start position:0% schools whatever else in my bibim can really<00:09:11.389> dramatically<00:09:12.050> increase<00:09:12.529> the 00:09:12.549 --> 00:09:12.559 align:start position:0% really dramatically increase the 00:09:12.559 --> 00:09:15.400 align:start position:0% really dramatically increase the convenience<00:09:13.309> to<00:09:13.490> beneficiaries<00:09:13.970> and<00:09:14.480> if 00:09:15.400 --> 00:09:15.410 align:start position:0% convenience to beneficiaries and if 00:09:15.410 --> 00:09:17.499 align:start position:0% convenience to beneficiaries and if we're<00:09:15.709> all<00:09:15.740> using<00:09:16.249> the<00:09:16.490> same<00:09:16.519> system<00:09:17.209> we<00:09:17.360> can 00:09:17.499 --> 00:09:17.509 align:start position:0% we're all using the same system we can 00:09:17.509 --> 00:09:19.540 align:start position:0% we're all using the same system we can really<00:09:17.720> optimize<00:09:17.959> and<00:09:18.589> harmonize<00:09:19.040> the<00:09:19.220> global 00:09:19.540 --> 00:09:19.550 align:start position:0% really optimize and harmonize the global 00:09:19.550 --> 00:09:21.489 align:start position:0% really optimize and harmonize the global effort<00:09:19.999> into<00:09:20.300> unprecedented<00:09:21.019> degree<00:09:21.139> with 00:09:21.489 --> 00:09:21.499 align:start position:0% effort into unprecedented degree with 00:09:21.499 --> 00:09:23.199 align:start position:0% effort into unprecedented degree with big<00:09:21.680> data<00:09:21.860> artificial<00:09:22.699> intelligence 00:09:23.199 --> 00:09:23.209 align:start position:0% big data artificial intelligence 00:09:23.209 --> 00:09:25.600 align:start position:0% big data artificial intelligence whatever<00:09:23.449> it<00:09:23.720> might<00:09:23.839> be<00:09:23.899> and<00:09:24.589> i<00:09:25.579> think 00:09:25.600 --> 00:09:25.610 align:start position:0% whatever it might be and i think 00:09:25.610 --> 00:09:27.489 align:start position:0% whatever it might be and i think extremely<00:09:26.120> importantly<00:09:26.839> the<00:09:26.990> element<00:09:27.410> of 00:09:27.489 --> 00:09:27.499 align:start position:0% extremely importantly the element of 00:09:27.499 --> 00:09:29.350 align:start position:0% extremely importantly the element of Financial<00:09:27.980> Inclusion<00:09:28.129> I<00:09:28.699> mean<00:09:28.850> even<00:09:29.180> now 00:09:29.350 --> 00:09:29.360 align:start position:0% Financial Inclusion I mean even now 00:09:29.360 --> 00:09:31.449 align:start position:0% Financial Inclusion I mean even now without<00:09:29.660> using<00:09:30.230> crypto<00:09:30.559> you<00:09:30.860> know<00:09:30.980> we<00:09:31.129> were 00:09:31.449 --> 00:09:31.459 align:start position:0% without using crypto you know we were 00:09:31.459 --> 00:09:33.069 align:start position:0% without using crypto you know we were we're<00:09:31.879> adding<00:09:32.149> quite<00:09:32.329> a<00:09:32.389> bit<00:09:32.600> of<00:09:32.720> that<00:09:32.870> to<00:09:32.990> the 00:09:33.069 --> 00:09:33.079 align:start position:0% we're adding quite a bit of that to the 00:09:33.079 --> 00:09:34.449 align:start position:0% we're adding quite a bit of that to the people<00:09:33.379> who<00:09:33.499> may<00:09:33.620> not<00:09:33.740> have<00:09:33.800> a<00:09:33.980> bank<00:09:34.249> before 00:09:34.449 --> 00:09:34.459 align:start position:0% people who may not have a bank before 00:09:34.459 --> 00:09:37.329 align:start position:0% people who may not have a bank before bank<00:09:35.149> account<00:09:35.449> before<00:09:35.800> but<00:09:36.800> with<00:09:36.949> the<00:09:37.100> advent 00:09:37.329 --> 00:09:37.339 align:start position:0% bank account before but with the advent 00:09:37.339 --> 00:09:39.699 align:start position:0% bank account before but with the advent of<00:09:37.550> that<00:09:37.790> you<00:09:38.029> know<00:09:38.120> investments<00:09:38.839> loans<00:09:39.110> micro 00:09:39.699 --> 00:09:39.709 align:start position:0% of that you know investments loans micro 00:09:39.709 --> 00:09:42.879 align:start position:0% of that you know investments loans micro loans<00:09:40.839> insurance<00:09:41.889> international 00:09:42.879 --> 00:09:42.889 align:start position:0% loans insurance international 00:09:42.889 --> 00:09:45.210 align:start position:0% loans insurance international remittances<00:09:43.490> would<00:09:43.790> be<00:09:43.910> available<00:09:44.329> to<00:09:44.449> many 00:09:45.210 --> 00:09:45.220 align:start position:0% remittances would be available to many 00:09:45.220 --> 00:09:48.869 align:start position:0% remittances would be available to many hopefully<00:09:46.220> soon<00:09:46.490> at<00:09:46.639> a<00:09:46.850> low<00:09:47.029> or<00:09:47.059> no<00:09:47.389> cost 00:09:48.869 --> 00:09:48.879 align:start position:0% hopefully soon at a low or no cost 00:09:48.879 --> 00:09:51.639 align:start position:0% hopefully soon at a low or no cost another<00:09:49.879> reason<00:09:50.329> of<00:09:50.509> why<00:09:50.689> blockchain<00:09:51.199> is<00:09:51.439> that 00:09:51.639 --> 00:09:51.649 align:start position:0% another reason of why blockchain is that 00:09:51.649 --> 00:09:53.619 align:start position:0% another reason of why blockchain is that essentially<00:09:52.189> so<00:09:52.399> we<00:09:52.550> have<00:09:52.759> now<00:09:53.000> let's<00:09:53.329> say<00:09:53.449> not 00:09:53.619 --> 00:09:53.629 align:start position:0% essentially so we have now let's say not 00:09:53.629 --> 00:09:55.720 align:start position:0% essentially so we have now let's say not entity<00:09:54.079> for<00:09:54.230> a<00:09:54.259> person<00:09:54.800> on<00:09:54.949> a<00:09:54.980> blockchain<00:09:55.279> and 00:09:55.720 --> 00:09:55.730 align:start position:0% entity for a person on a blockchain and 00:09:55.730 --> 00:09:58.360 align:start position:0% entity for a person on a blockchain and we<00:09:56.089> as<00:09:56.360> W<00:09:56.689> if<00:09:56.779> you<00:09:56.930> are<00:09:57.079> adding<00:09:57.370> financial 00:09:58.360 --> 00:09:58.370 align:start position:0% we as W if you are adding financial 00:09:58.370 --> 00:10:00.519 align:start position:0% we as W if you are adding financial transaction<00:09:58.850> histories<00:09:59.240> to<00:09:59.389> it<00:09:59.480> and<00:09:59.779> just 00:10:00.519 --> 00:10:00.529 align:start position:0% transaction histories to it and just 00:10:00.529 --> 00:10:02.170 align:start position:0% transaction histories to it and just showing<00:10:00.769> that<00:10:00.920> you<00:10:01.069> can<00:10:01.309> spend<00:10:01.579> money<00:10:01.790> is<00:10:02.000> not 00:10:02.170 --> 00:10:02.180 align:start position:0% showing that you can spend money is not 00:10:02.180 --> 00:10:03.879 align:start position:0% showing that you can spend money is not very<00:10:02.420> meaningful<00:10:02.629> but<00:10:03.050> if<00:10:03.199> you<00:10:03.379> sure<00:10:03.529> that<00:10:03.769> you 00:10:03.879 --> 00:10:03.889 align:start position:0% very meaningful but if you sure that you 00:10:03.889 --> 00:10:05.470 align:start position:0% very meaningful but if you sure that you can<00:10:04.040> save<00:10:04.309> a<00:10:04.339> little<00:10:04.699> bit<00:10:04.819> of<00:10:04.939> it<00:10:05.089> that<00:10:05.300> damn 00:10:05.470 --> 00:10:05.480 align:start position:0% can save a little bit of it that damn 00:10:05.480 --> 00:10:07.240 align:start position:0% can save a little bit of it that damn word<00:10:05.689> actually<00:10:06.079> counts<00:10:06.470> towards<00:10:06.920> the<00:10:06.980> credit 00:10:07.240 --> 00:10:07.250 align:start position:0% word actually counts towards the credit 00:10:07.250 --> 00:10:10.210 align:start position:0% word actually counts towards the credit history<00:10:07.610> and<00:10:08.259> this<00:10:09.259> credit<00:10:09.559> history<00:10:09.980> now<00:10:10.100> is 00:10:10.210 --> 00:10:10.220 align:start position:0% history and this credit history now is 00:10:10.220 --> 00:10:12.040 align:start position:0% history and this credit history now is not<00:10:10.430> tied<00:10:10.730> to<00:10:10.939> a<00:10:10.970> specific<00:10:11.050> financial 00:10:12.040 --> 00:10:12.050 align:start position:0% not tied to a specific financial 00:10:12.050 --> 00:10:13.749 align:start position:0% not tied to a specific financial institution<00:10:12.589> let's<00:10:12.769> say<00:10:12.920> in<00:10:12.980> Jordan<00:10:13.430> so<00:10:13.579> if<00:10:13.670> a 00:10:13.749 --> 00:10:13.759 align:start position:0% institution let's say in Jordan so if a 00:10:13.759 --> 00:10:15.549 align:start position:0% institution let's say in Jordan so if a stereo'<00:10:14.059> refugee<00:10:14.480> a<00:10:14.540> Syrian<00:10:14.870> refugee<00:10:14.990> were<00:10:15.410> to 00:10:15.549 --> 00:10:15.559 align:start position:0% stereo' refugee a Syrian refugee were to 00:10:15.559 --> 00:10:16.900 align:start position:0% stereo' refugee a Syrian refugee were to go<00:10:15.680> back<00:10:15.889> at<00:10:16.100> some<00:10:16.309> point<00:10:16.339> they<00:10:16.850> could 00:10:16.900 --> 00:10:16.910 align:start position:0% go back at some point they could 00:10:16.910 --> 00:10:19.509 align:start position:0% go back at some point they could transport<00:10:17.870> this<00:10:18.230> history<00:10:18.589> with<00:10:18.769> them<00:10:19.009> and 00:10:19.509 --> 00:10:19.519 align:start position:0% transport this history with them and 00:10:19.519 --> 00:10:21.309 align:start position:0% transport this history with them and maybe<00:10:19.790> get<00:10:20.000> a<00:10:20.029> small<00:10:20.329> business<00:10:20.689> loan<00:10:20.870> and<00:10:21.199> get 00:10:21.309 --> 00:10:21.319 align:start position:0% maybe get a small business loan and get 00:10:21.319 --> 00:10:23.980 align:start position:0% maybe get a small business loan and get back<00:10:21.500> on<00:10:21.680> their<00:10:21.829> own<00:10:21.920> feet<00:10:22.220> if<00:10:22.910> we<00:10:23.600> managed<00:10:23.959> to 00:10:23.980 --> 00:10:23.990 align:start position:0% back on their own feet if we managed to 00:10:23.990 --> 00:10:26.079 align:start position:0% back on their own feet if we managed to then<00:10:24.379> bring<00:10:24.589> other<00:10:24.829> actors<00:10:25.370> on<00:10:25.519> board<00:10:25.790> we<00:10:25.970> can 00:10:26.079 --> 00:10:26.089 align:start position:0% then bring other actors on board we can 00:10:26.089 --> 00:10:28.150 align:start position:0% then bring other actors on board we can maybe<00:10:26.269> add<00:10:26.480> education<00:10:27.170> data<00:10:27.379> health<00:10:27.860> data 00:10:28.150 --> 00:10:28.160 align:start position:0% maybe add education data health data 00:10:28.160 --> 00:10:30.819 align:start position:0% maybe add education data health data acid<00:10:28.759> registries<00:10:29.240> work<00:10:29.509> permits<00:10:29.959> and<00:10:30.139> make 00:10:30.819 --> 00:10:30.829 align:start position:0% acid registries work permits and make 00:10:30.829 --> 00:10:32.710 align:start position:0% acid registries work permits and make this<00:10:31.009> profile<00:10:31.459> increasingly<00:10:32.120> more<00:10:32.420> and<00:10:32.540> more 00:10:32.710 --> 00:10:32.720 align:start position:0% this profile increasingly more and more 00:10:32.720 --> 00:10:35.470 align:start position:0% this profile increasingly more and more useful<00:10:33.230> to<00:10:33.709> the<00:10:33.829> beneficiary<00:10:34.370> wherever<00:10:35.209> they 00:10:35.470 --> 00:10:35.480 align:start position:0% useful to the beneficiary wherever they 00:10:35.480 --> 00:10:37.299 align:start position:0% useful to the beneficiary wherever they are<00:10:35.660> without<00:10:36.110> the<00:10:36.290> fear<00:10:36.470> of<00:10:36.500> persecution<00:10:36.889> for 00:10:37.299 --> 00:10:37.309 align:start position:0% are without the fear of persecution for 00:10:37.309 --> 00:10:38.980 align:start position:0% are without the fear of persecution for example<00:10:37.790> because<00:10:38.149> of<00:10:38.269> their<00:10:38.389> origin<00:10:38.839> or 00:10:38.980 --> 00:10:38.990 align:start position:0% example because of their origin or 00:10:38.990 --> 00:10:40.840 align:start position:0% example because of their origin or whatever<00:10:39.319> else<00:10:39.529> it<00:10:39.649> might<00:10:39.769> be<00:10:39.889> and<00:10:40.339> I<00:10:40.639> don't 00:10:40.840 --> 00:10:40.850 align:start position:0% whatever else it might be and I don't 00:10:40.850 --> 00:10:42.970 align:start position:0% whatever else it might be and I don't think<00:10:41.029> it's<00:10:41.360> unfeasible<00:10:42.319> to<00:10:42.379> think<00:10:42.679> that<00:10:42.829> one 00:10:42.970 --> 00:10:42.980 align:start position:0% think it's unfeasible to think that one 00:10:42.980 --> 00:10:44.739 align:start position:0% think it's unfeasible to think that one day<00:10:43.009> maybe<00:10:43.309> even<00:10:43.550> government<00:10:44.000> IDs<00:10:44.269> could<00:10:44.569> end 00:10:44.739 --> 00:10:44.749 align:start position:0% day maybe even government IDs could end 00:10:44.749 --> 00:10:47.019 align:start position:0% day maybe even government IDs could end up<00:10:44.899> on<00:10:45.139> the<00:10:45.350> blockchain<00:10:45.559> and<00:10:45.920> we've<00:10:46.699> heard 00:10:47.019 --> 00:10:47.029 align:start position:0% up on the blockchain and we've heard 00:10:47.029 --> 00:10:48.610 align:start position:0% up on the blockchain and we've heard here<00:10:47.269> a<00:10:47.300> lot<00:10:47.509> a<00:10:47.720> lot<00:10:47.959> of<00:10:48.079> things<00:10:48.259> about<00:10:48.410> the 00:10:48.610 --> 00:10:48.620 align:start position:0% here a lot a lot of things about the 00:10:48.620 --> 00:10:50.199 align:start position:0% here a lot a lot of things about the privacy<00:10:49.129> protection<00:10:49.610> zero<00:10:49.850> knowledge<00:10:50.059> proof 00:10:50.199 --> 00:10:50.209 align:start position:0% privacy protection zero knowledge proof 00:10:50.209 --> 00:10:52.059 align:start position:0% privacy protection zero knowledge proof and<00:10:50.720> I<00:10:50.779> know<00:10:50.839> it's<00:10:51.079> at<00:10:51.170> an<00:10:51.259> early<00:10:51.529> stage<00:10:51.559> but 00:10:52.059 --> 00:10:52.069 align:start position:0% and I know it's at an early stage but 00:10:52.069 --> 00:10:53.829 align:start position:0% and I know it's at an early stage but essentially<00:10:52.459> this<00:10:52.790> is<00:10:52.970> the<00:10:53.120> path<00:10:53.329> we've<00:10:53.569> just 00:10:53.829 --> 00:10:53.839 align:start position:0% essentially this is the path we've just 00:10:53.839 --> 00:10:55.989 align:start position:0% essentially this is the path we've just started<00:10:54.079> and<00:10:54.439> we<00:10:54.470> hope<00:10:54.800> as<00:10:55.040> technology 00:10:55.989 --> 00:10:55.999 align:start position:0% started and we hope as technology 00:10:55.999 --> 00:10:57.699 align:start position:0% started and we hope as technology advances<00:10:56.540> connectivity<00:10:57.170> becomes<00:10:57.470> widely 00:10:57.699 --> 00:10:57.709 align:start position:0% advances connectivity becomes widely 00:10:57.709 --> 00:10:59.379 align:start position:0% advances connectivity becomes widely available<00:10:57.949> the<00:10:58.399> price<00:10:58.519> of<00:10:58.790> smart<00:10:59.059> phone<00:10:59.240> goes 00:10:59.379 --> 00:10:59.389 align:start position:0% available the price of smart phone goes 00:10:59.389 --> 00:11:01.540 align:start position:0% available the price of smart phone goes down<00:10:59.629> in<00:10:59.899> a<00:11:00.259> few<00:11:00.500> years<00:11:00.769> time<00:11:00.980> this<00:11:01.189> could<00:11:01.399> be<00:11:01.519> a 00:11:01.540 --> 00:11:01.550 align:start position:0% down in a few years time this could be a 00:11:01.550 --> 00:11:02.150 align:start position:0% down in a few years time this could be a full<00:11:01.790> fledge 00:11:02.150 --> 00:11:02.160 align:start position:0% full fledge 00:11:02.160 --> 00:11:06.200 align:start position:0% full fledge essentially<00:11:04.040> two<00:11:05.040> for<00:11:05.430> beneficiaries<00:11:05.820> to 00:11:06.200 --> 00:11:06.210 align:start position:0% essentially two for beneficiaries to 00:11:06.210 --> 00:11:09.860 align:start position:0% essentially two for beneficiaries to have<00:11:06.390> more<00:11:06.630> convenience<00:11:07.230> and<00:11:07.350> flexibility<00:11:08.870> so 00:11:09.860 --> 00:11:09.870 align:start position:0% have more convenience and flexibility so 00:11:09.870 --> 00:11:13.820 align:start position:0% have more convenience and flexibility so our<00:11:10.550> invitation<00:11:11.550> is<00:11:11.790> to<00:11:12.510> other<00:11:12.870> humanitarian 00:11:13.820 --> 00:11:13.830 align:start position:0% our invitation is to other humanitarian 00:11:13.830 --> 00:11:15.740 align:start position:0% our invitation is to other humanitarian actors<00:11:14.220> who<00:11:14.430> don't<00:11:14.610> have<00:11:14.910> a<00:11:14.940> profit<00:11:15.540> model 00:11:15.740 --> 00:11:15.750 align:start position:0% actors who don't have a profit model 00:11:15.750 --> 00:11:18.650 align:start position:0% actors who don't have a profit model built<00:11:16.110> in<00:11:16.320> is<00:11:16.770> to<00:11:17.370> not<00:11:17.580> reinvent<00:11:17.910> the<00:11:18.180> wheel<00:11:18.390> so 00:11:18.650 --> 00:11:18.660 align:start position:0% built in is to not reinvent the wheel so 00:11:18.660 --> 00:11:20.990 align:start position:0% built in is to not reinvent the wheel so we<00:11:18.840> have<00:11:18.990> not<00:11:19.260> set<00:11:19.500> up<00:11:19.530> we<00:11:19.980> have<00:11:20.280> essentially 00:11:20.990 --> 00:11:21.000 align:start position:0% we have not set up we have essentially 00:11:21.000 --> 00:11:23.030 align:start position:0% we have not set up we have essentially small<00:11:21.180> contracts<00:11:21.960> for<00:11:22.080> cash<00:11:22.290> transfers<00:11:22.770> and 00:11:23.030 --> 00:11:23.040 align:start position:0% small contracts for cash transfers and 00:11:23.040 --> 00:11:24.500 align:start position:0% small contracts for cash transfers and we're<00:11:23.160> asking<00:11:23.280> event<00:11:23.850> you<00:11:24.000> know<00:11:24.090> they<00:11:24.270> have 00:11:24.500 --> 00:11:24.510 align:start position:0% we're asking event you know they have 00:11:24.510 --> 00:11:27.410 align:start position:0% we're asking event you know they have resources<00:11:24.870> they<00:11:25.320> join<00:11:25.860> us<00:11:26.070> open<00:11:26.520> source<00:11:26.820> free 00:11:27.410 --> 00:11:27.420 align:start position:0% resources they join us open source free 00:11:27.420 --> 00:11:29.510 align:start position:0% resources they join us open source free and<00:11:27.690> dedicate<00:11:28.440> the<00:11:28.560> resources<00:11:28.710> to<00:11:29.130> making<00:11:29.310> the 00:11:29.510 --> 00:11:29.520 align:start position:0% and dedicate the resources to making the 00:11:29.520 --> 00:11:32.210 align:start position:0% and dedicate the resources to making the system<00:11:29.880> better<00:11:30.420> more<00:11:30.900> secure<00:11:31.350> add<00:11:31.650> additional 00:11:32.210 --> 00:11:32.220 align:start position:0% system better more secure add additional 00:11:32.220 --> 00:11:34.190 align:start position:0% system better more secure add additional modules<00:11:32.790> like<00:11:32.910> identity<00:11:33.420> supply<00:11:33.930> chain 00:11:34.190 --> 00:11:34.200 align:start position:0% modules like identity supply chain 00:11:34.200 --> 00:11:36.650 align:start position:0% modules like identity supply chain health<00:11:34.560> whatever<00:11:35.190> and<00:11:35.490> also<00:11:36.300> make<00:11:36.630> it 00:11:36.650 --> 00:11:36.660 align:start position:0% health whatever and also make it 00:11:36.660 --> 00:11:38.240 align:start position:0% health whatever and also make it available<00:11:36.840> for<00:11:37.350> free<00:11:37.500> so<00:11:37.770> that<00:11:37.800> it<00:11:38.100> can 00:11:38.240 --> 00:11:38.250 align:start position:0% available for free so that it can 00:11:38.250 --> 00:11:40.100 align:start position:0% available for free so that it can essentially<00:11:38.580> grow<00:11:38.940> to<00:11:39.000> be<00:11:39.300> a<00:11:39.330> system<00:11:39.720> everyone 00:11:40.100 --> 00:11:40.110 align:start position:0% essentially grow to be a system everyone 00:11:40.110 --> 00:11:42.890 align:start position:0% essentially grow to be a system everyone can<00:11:40.290> use<00:11:41.060> currently<00:11:42.060> we're<00:11:42.330> using<00:11:42.360> a<00:11:42.720> private 00:11:42.890 --> 00:11:42.900 align:start position:0% can use currently we're using a private 00:11:42.900 --> 00:11:44.750 align:start position:0% can use currently we're using a private chain<00:11:43.290> and<00:11:43.530> mainly<00:11:43.890> that's<00:11:44.130> because<00:11:44.550> the 00:11:44.750 --> 00:11:44.760 align:start position:0% chain and mainly that's because the 00:11:44.760 --> 00:11:46.460 align:start position:0% chain and mainly that's because the transaction<00:11:45.330> throughput<00:11:45.780> that<00:11:45.930> we<00:11:46.080> require 00:11:46.460 --> 00:11:46.470 align:start position:0% transaction throughput that we require 00:11:46.470 --> 00:11:48.710 align:start position:0% transaction throughput that we require it<00:11:46.890> can't<00:11:47.160> be<00:11:47.370> handled<00:11:47.580> on<00:11:48.030> the<00:11:48.180> public<00:11:48.510> chain 00:11:48.710 --> 00:11:48.720 align:start position:0% it can't be handled on the public chain 00:11:48.720 --> 00:11:51.050 align:start position:0% it can't be handled on the public chain but<00:11:49.410> one<00:11:49.650> day<00:11:49.860> I<00:11:49.890> mean<00:11:50.130> philosophically<00:11:50.880> were 00:11:51.050 --> 00:11:51.060 align:start position:0% but one day I mean philosophically were 00:11:51.060 --> 00:11:53.090 align:start position:0% but one day I mean philosophically were leaned<00:11:51.390> if<00:11:51.660> we<00:11:51.810> can<00:11:51.990> ensure<00:11:52.380> security<00:11:52.800> and 00:11:53.090 --> 00:11:53.100 align:start position:0% leaned if we can ensure security and 00:11:53.100 --> 00:11:55.070 align:start position:0% leaned if we can ensure security and privacy<00:11:53.280> and<00:11:53.910> all<00:11:54.060> of<00:11:54.210> that<00:11:54.240> you<00:11:54.570> move<00:11:54.810> there 00:11:55.070 --> 00:11:55.080 align:start position:0% privacy and all of that you move there 00:11:55.080 --> 00:11:56.690 align:start position:0% privacy and all of that you move there so<00:11:55.260> the<00:11:55.380> system<00:11:55.710> is<00:11:55.830> self-sustaining<00:11:56.610> and 00:11:56.690 --> 00:11:56.700 align:start position:0% so the system is self-sustaining and 00:11:56.700 --> 00:11:58.850 align:start position:0% so the system is self-sustaining and doesn't<00:11:57.030> even<00:11:57.150> require<00:11:57.360> the<00:11:57.750> backing<00:11:58.110> of<00:11:58.230> WEP 00:11:58.850 --> 00:11:58.860 align:start position:0% doesn't even require the backing of WEP 00:11:58.860 --> 00:12:00.860 align:start position:0% doesn't even require the backing of WEP or<00:11:58.890> do<00:11:59.070> you<00:11:59.190> one<00:11:59.370> or<00:11:59.490> whoever<00:11:59.760> else<00:12:00.000> for<00:12:00.660> it<00:12:00.750> to 00:12:00.860 --> 00:12:00.870 align:start position:0% or do you one or whoever else for it to 00:12:00.870 --> 00:12:03.470 align:start position:0% or do you one or whoever else for it to function<00:12:01.280> so<00:12:02.280> yeah<00:12:02.460> please<00:12:02.730> join<00:12:03.120> us<00:12:03.150> to 00:12:03.470 --> 00:12:03.480 align:start position:0% function so yeah please join us to 00:12:03.480 --> 00:12:05.450 align:start position:0% function so yeah please join us to empower<00:12:03.960> the<00:12:04.140> world's<00:12:04.410> vulnerable<00:12:04.890> we<00:12:05.040> really 00:12:05.450 --> 00:12:05.460 align:start position:0% empower the world's vulnerable we really 00:12:05.460 --> 00:12:09.530 align:start position:0% empower the world's vulnerable we really look<00:12:05.700> forward<00:12:06.000> to<00:12:06.150> collaboration<00:12:07.760> this<00:12:08.760> is<00:12:09.000> a 00:12:09.530 --> 00:12:09.540 align:start position:0% look forward to collaboration this is a 00:12:09.540 --> 00:12:12.140 align:start position:0% look forward to collaboration this is a photo<00:12:10.500> from<00:12:10.650> our<00:12:10.980> proof<00:12:11.190> of<00:12:11.310> concept<00:12:11.820> that<00:12:11.880> we 00:12:12.140 --> 00:12:12.150 align:start position:0% photo from our proof of concept that we 00:12:12.150 --> 00:12:14.930 align:start position:0% photo from our proof of concept that we did<00:12:12.530> January<00:12:13.530> of<00:12:13.650> this<00:12:13.800> year<00:12:13.860> and<00:12:14.370> in<00:12:14.610> Pakistan 00:12:14.930 --> 00:12:14.940 align:start position:0% did January of this year and in Pakistan 00:12:14.940 --> 00:12:17.930 align:start position:0% did January of this year and in Pakistan essentially<00:12:15.930> and<00:12:16.170> for<00:12:17.070> this<00:12:17.250> we<00:12:17.430> use<00:12:17.550> the<00:12:17.730> test 00:12:17.930 --> 00:12:17.940 align:start position:0% essentially and for this we use the test 00:12:17.940 --> 00:12:22.820 align:start position:0% essentially and for this we use the test net<00:12:18.210> to<00:12:19.170> distribute<00:12:19.850> food<00:12:20.850> and<00:12:21.150> cash<00:12:21.480> to<00:12:22.140> these 00:12:22.820 --> 00:12:22.830 align:start position:0% net to distribute food and cash to these 00:12:22.830 --> 00:12:24.650 align:start position:0% net to distribute food and cash to these beneficiaries<00:12:23.550> essentially<00:12:24.060> to<00:12:24.210> illustrate 00:12:24.650 --> 00:12:24.660 align:start position:0% beneficiaries essentially to illustrate 00:12:24.660 --> 00:12:27.620 align:start position:0% beneficiaries essentially to illustrate the<00:12:24.780> point<00:12:24.990> that<00:12:25.650> it<00:12:25.860> can<00:12:25.890> be<00:12:26.340> done<00:12:26.520> and<00:12:26.790> using 00:12:27.620 --> 00:12:27.630 align:start position:0% the point that it can be done and using 00:12:27.630 --> 00:12:28.970 align:start position:0% the point that it can be done and using that<00:12:27.750> learnings<00:12:28.200> then<00:12:28.380> we've<00:12:28.560> done<00:12:28.590> our<00:12:28.800> job 00:12:28.970 --> 00:12:28.980 align:start position:0% that learnings then we've done our job 00:12:28.980 --> 00:12:31.940 align:start position:0% that learnings then we've done our job in<00:12:29.730> pilot<00:12:30.360> which<00:12:30.630> is<00:12:30.750> now<00:12:30.900> going<00:12:31.260> well<00:12:31.500> it's 00:12:31.940 --> 00:12:31.950 align:start position:0% in pilot which is now going well it's 00:12:31.950 --> 00:12:34.580 align:start position:0% in pilot which is now going well it's five<00:12:32.190> months<00:12:32.400> in<00:12:32.700> product<00:12:33.110> production<00:12:34.110> and 00:12:34.580 --> 00:12:34.590 align:start position:0% five months in product production and 00:12:34.590 --> 00:12:36.740 align:start position:0% five months in product production and we're<00:12:35.490> soon<00:12:35.790> going<00:12:36.030> to<00:12:36.210> scale<00:12:36.450> up<00:12:36.600> to<00:12:36.720> a 00:12:36.740 --> 00:12:36.750 align:start position:0% we're soon going to scale up to a 00:12:36.750 --> 00:12:38.870 align:start position:0% we're soon going to scale up to a hundred<00:12:37.020> thousand<00:12:37.440> beneficiaries<00:12:38.040> and<00:12:38.370> a<00:12:38.700> few 00:12:38.870 --> 00:12:38.880 align:start position:0% hundred thousand beneficiaries and a few 00:12:38.880 --> 00:12:40.220 align:start position:0% hundred thousand beneficiaries and a few months<00:12:39.120> after<00:12:39.240> that<00:12:39.390> to<00:12:39.690> five<00:12:39.900> hundred 00:12:40.220 --> 00:12:40.230 align:start position:0% months after that to five hundred 00:12:40.230 --> 00:12:42.290 align:start position:0% months after that to five hundred thousand<00:12:40.590> which<00:12:40.710> is<00:12:40.830> all<00:12:40.980> of<00:12:41.130> Jordan<00:12:41.490> and<00:12:41.640> from 00:12:42.290 --> 00:12:42.300 align:start position:0% thousand which is all of Jordan and from 00:12:42.300 --> 00:12:44.030 align:start position:0% thousand which is all of Jordan and from there<00:12:42.540> other<00:12:42.750> countries<00:12:43.290> could<00:12:43.500> follow<00:12:43.740> that 00:12:44.030 --> 00:12:44.040 align:start position:0% there other countries could follow that 00:12:44.040 --> 00:12:45.170 align:start position:0% there other countries could follow that have<00:12:44.250> you<00:12:44.670> know<00:12:44.700> that<00:12:44.910> could<00:12:45.090> potentially 00:12:45.170 --> 00:12:45.180 align:start position:0% have you know that could potentially 00:12:45.180 --> 00:12:48.470 align:start position:0% have you know that could potentially benefit<00:12:45.960> from<00:12:45.990> this<00:12:46.290> solution<00:12:46.770> I<00:12:47.760> have<00:12:48.030> many 00:12:48.470 --> 00:12:48.480 align:start position:0% benefit from this solution I have many 00:12:48.480 --> 00:12:49.610 align:start position:0% benefit from this solution I have many many<00:12:48.720> people<00:12:48.780> to<00:12:49.050> thank 00:12:49.610 --> 00:12:49.620 align:start position:0% many people to thank 00:12:49.620 --> 00:12:53.090 align:start position:0% many people to thank of<00:12:49.680> course<00:12:50.360> WFP<00:12:51.360> itself<00:12:51.750> for<00:12:52.620> providing<00:12:52.890> this 00:12:53.090 --> 00:12:53.100 align:start position:0% of course WFP itself for providing this 00:12:53.100 --> 00:12:54.980 align:start position:0% of course WFP itself for providing this service<00:12:53.280> safe<00:12:53.670> space<00:12:54.000> for<00:12:54.030> this<00:12:54.360> idea<00:12:54.690> to<00:12:54.810> take 00:12:54.980 --> 00:12:54.990 align:start position:0% service safe space for this idea to take 00:12:54.990 --> 00:12:57.860 align:start position:0% service safe space for this idea to take root<00:12:55.230> the<00:12:55.980> etherium<00:12:56.400> community<00:12:56.910> at<00:12:57.180> large<00:12:57.390> was 00:12:57.860 --> 00:12:57.870 align:start position:0% root the etherium community at large was 00:12:57.870 --> 00:12:59.960 align:start position:0% root the etherium community at large was been<00:12:58.020> very<00:12:58.290> supportive<00:12:58.890> the<00:12:59.580> etherium 00:12:59.960 --> 00:12:59.970 align:start position:0% been very supportive the etherium 00:12:59.970 --> 00:13:01.640 align:start position:0% been very supportive the etherium foundation<00:13:00.480> for<00:13:00.690> allowing<00:13:00.930> me<00:13:01.020> be<00:13:01.140> to<00:13:01.260> be<00:13:01.350> here 00:13:01.640 --> 00:13:01.650 align:start position:0% foundation for allowing me be to be here 00:13:01.650 --> 00:13:05.740 align:start position:0% foundation for allowing me be to be here today<00:13:01.860> and<00:13:02.280> get<00:13:03.180> this<00:13:03.360> message<00:13:03.570> out<00:13:03.810> and<00:13:04.460> also 00:13:05.740 --> 00:13:05.750 align:start position:0% today and get this message out and also 00:13:05.750 --> 00:13:09.410 align:start position:0% today and get this message out and also rich<00:13:06.750> Bordeaux<00:13:07.170> rich<00:13:07.470> put<00:13:07.710> your<00:13:07.860> hand<00:13:08.070> up<00:13:08.420> who 00:13:09.410 --> 00:13:09.420 align:start position:0% rich Bordeaux rich put your hand up who 00:13:09.420 --> 00:13:11.450 align:start position:0% rich Bordeaux rich put your hand up who we<00:13:09.660> met<00:13:09.900> at<00:13:10.110> the<00:13:10.230> singularity<00:13:10.530> university 00:13:11.450 --> 00:13:11.460 align:start position:0% we met at the singularity university 00:13:11.460 --> 00:13:13.100 align:start position:0% we met at the singularity university around<00:13:11.790> this<00:13:11.910> time<00:13:12.210> last<00:13:12.240> year<00:13:12.660> where<00:13:12.990> this 00:13:13.100 --> 00:13:13.110 align:start position:0% around this time last year where this 00:13:13.110 --> 00:13:14.690 align:start position:0% around this time last year where this was<00:13:13.350> just<00:13:13.589> an<00:13:13.710> idea<00:13:14.070> and<00:13:14.190> we<00:13:14.520> had 00:13:14.690 --> 00:13:14.700 align:start position:0% was just an idea and we had 00:13:14.700 --> 00:13:16.550 align:start position:0% was just an idea and we had very<00:13:14.940> little<00:13:15.180> resources<00:13:15.780> and<00:13:15.930> supports<00:13:16.380> and 00:13:16.550 --> 00:13:16.560 align:start position:0% very little resources and supports and 00:13:16.560 --> 00:13:19.190 align:start position:0% very little resources and supports and we<00:13:17.100> told<00:13:17.340> him<00:13:17.400> about<00:13:17.520> it<00:13:17.670> he<00:13:18.570> helped<00:13:18.840> us<00:13:18.960> think 00:13:19.190 --> 00:13:19.200 align:start position:0% we told him about it he helped us think 00:13:19.200 --> 00:13:21.800 align:start position:0% we told him about it he helped us think through<00:13:19.410> it<00:13:19.620> and<00:13:19.920> he<00:13:20.670> pretty<00:13:20.880> much<00:13:21.000> hacked 00:13:21.800 --> 00:13:21.810 align:start position:0% through it and he pretty much hacked 00:13:21.810 --> 00:13:23.870 align:start position:0% through it and he pretty much hacked together<00:13:22.050> what<00:13:22.860> we<00:13:23.010> used<00:13:23.250> in<00:13:23.430> this<00:13:23.580> proof<00:13:23.760> of 00:13:23.870 --> 00:13:23.880 align:start position:0% together what we used in this proof of 00:13:23.880 --> 00:13:26.150 align:start position:0% together what we used in this proof of concept<00:13:23.940> in<00:13:24.420> the<00:13:24.510> photo<00:13:24.720> that<00:13:24.900> you<00:13:25.080> see<00:13:25.320> and<00:13:25.710> he 00:13:26.150 --> 00:13:26.160 align:start position:0% concept in the photo that you see and he 00:13:26.160 --> 00:13:27.980 align:start position:0% concept in the photo that you see and he did<00:13:26.280> it<00:13:26.370> for<00:13:26.520> free<00:13:26.670> no<00:13:27.300> matter<00:13:27.450> how<00:13:27.570> much<00:13:27.810> we 00:13:27.980 --> 00:13:27.990 align:start position:0% did it for free no matter how much we 00:13:27.990 --> 00:13:29.750 align:start position:0% did it for free no matter how much we insisted<00:13:28.440> he<00:13:28.590> didn't<00:13:28.800> accept<00:13:29.100> any<00:13:29.190> funds<00:13:29.520> so 00:13:29.750 --> 00:13:29.760 align:start position:0% insisted he didn't accept any funds so 00:13:29.760 --> 00:13:31.430 align:start position:0% insisted he didn't accept any funds so in<00:13:29.940> a<00:13:30.030> way<00:13:30.180> he<00:13:30.360> gave<00:13:30.510> us<00:13:30.660> that<00:13:30.690> initial<00:13:31.260> push 00:13:31.430 --> 00:13:31.440 align:start position:0% in a way he gave us that initial push 00:13:31.440 --> 00:13:35.540 align:start position:0% in a way he gave us that initial push that<00:13:31.650> we<00:13:31.800> really<00:13:32.100> needed<00:13:32.340> to<00:13:32.900> get<00:13:33.900> this<00:13:34.550> pilot 00:13:35.540 --> 00:13:35.550 align:start position:0% that we really needed to get this pilot 00:13:35.550 --> 00:13:38.750 align:start position:0% that we really needed to get this pilot flying<00:13:35.820> essentially<00:13:36.860> my<00:13:37.860> email<00:13:38.370> address<00:13:38.610> is 00:13:38.750 --> 00:13:38.760 align:start position:0% flying essentially my email address is 00:13:38.760 --> 00:13:40.610 align:start position:0% flying essentially my email address is there<00:13:38.790> if<00:13:39.180> anyone<00:13:39.600> is<00:13:39.840> interested<00:13:40.080> in<00:13:40.440> more 00:13:40.610 --> 00:13:40.620 align:start position:0% there if anyone is interested in more 00:13:40.620 --> 00:13:42.380 align:start position:0% there if anyone is interested in more information<00:13:40.890> and<00:13:41.370> since<00:13:41.640> I<00:13:41.790> have<00:13:42.000> a<00:13:42.030> few 00:13:42.380 --> 00:13:42.390 align:start position:0% information and since I have a few 00:13:42.390 --> 00:13:44.450 align:start position:0% information and since I have a few minutes<00:13:42.600> left<00:13:42.990> I<00:13:43.590> would<00:13:43.830> actually<00:13:43.980> like<00:13:44.310> to 00:13:44.450 --> 00:13:44.460 align:start position:0% minutes left I would actually like to 00:13:44.460 --> 00:13:47.180 align:start position:0% minutes left I would actually like to show<00:13:44.640> you<00:13:44.700> a<00:13:44.820> video<00:13:45.090> of<00:13:45.480> how<00:13:45.930> how<00:13:46.680> the<00:13:46.740> system 00:13:47.180 --> 00:13:47.190 align:start position:0% show you a video of how how the system 00:13:47.190 --> 00:13:49.340 align:start position:0% show you a video of how how the system is<00:13:47.280> currently<00:13:47.610> working<00:13:47.850> so<00:13:48.750> in<00:13:48.870> Jordan<00:13:49.230> they 00:13:49.340 --> 00:13:49.350 align:start position:0% is currently working so in Jordan they 00:13:49.350 --> 00:13:51.440 align:start position:0% is currently working so in Jordan they happen<00:13:49.740> to<00:13:49.770> use<00:13:50.070> iris<00:13:50.460> verification<00:13:51.150> even 00:13:51.440 --> 00:13:51.450 align:start position:0% happen to use iris verification even 00:13:51.450 --> 00:13:52.910 align:start position:0% happen to use iris verification even before<00:13:51.600> we<00:13:51.960> went<00:13:52.170> so<00:13:52.500> we<00:13:52.620> wanted<00:13:52.860> to 00:13:52.910 --> 00:13:52.920 align:start position:0% before we went so we wanted to 00:13:52.920 --> 00:13:54.860 align:start position:0% before we went so we wanted to seamlessly<00:13:53.250> integrate<00:13:53.610> into<00:13:54.270> that<00:13:54.300> so<00:13:54.750> we 00:13:54.860 --> 00:13:54.870 align:start position:0% seamlessly integrate into that so we 00:13:54.870 --> 00:13:56.480 align:start position:0% seamlessly integrate into that so we don't<00:13:55.050> change<00:13:55.290> the<00:13:55.500> beneficiary<00:13:55.890> experience 00:13:56.480 --> 00:13:56.490 align:start position:0% don't change the beneficiary experience 00:13:56.490 --> 00:13:58.700 align:start position:0% don't change the beneficiary experience especially<00:13:57.330> if<00:13:57.510> we're<00:13:57.810> going<00:13:57.960> to<00:13:58.080> fail<00:13:58.380> and 00:13:58.700 --> 00:13:58.710 align:start position:0% especially if we're going to fail and 00:13:58.710 --> 00:14:00.590 align:start position:0% especially if we're going to fail and the<00:13:59.370> system<00:13:59.790> would<00:13:59.970> have<00:14:00.000> to<00:14:00.120> be<00:14:00.330> rolled<00:14:00.510> back 00:14:00.590 --> 00:14:00.600 align:start position:0% the system would have to be rolled back 00:14:00.600 --> 00:14:02.690 align:start position:0% the system would have to be rolled back essentially<00:14:01.200> so<00:14:01.920> what<00:14:02.160> you<00:14:02.280> would<00:14:02.430> see<00:14:02.670> here 00:14:02.690 --> 00:14:02.700 align:start position:0% essentially so what you would see here 00:14:02.700 --> 00:14:05.000 align:start position:0% essentially so what you would see here on<00:14:03.150> one<00:14:03.420> side<00:14:03.720> is<00:14:03.930> the<00:14:03.960> cash<00:14:04.260> register<00:14:04.800> at<00:14:04.920> a 00:14:05.000 --> 00:14:05.010 align:start position:0% on one side is the cash register at a 00:14:05.010 --> 00:14:06.890 align:start position:0% on one side is the cash register at a supermarket<00:14:05.490> in<00:14:05.820> one<00:14:05.970> of<00:14:06.060> the<00:14:06.150> refugee<00:14:06.570> camps 00:14:06.890 --> 00:14:06.900 align:start position:0% supermarket in one of the refugee camps 00:14:06.900 --> 00:14:09.380 align:start position:0% supermarket in one of the refugee camps that<00:14:07.560> you<00:14:08.490> know<00:14:08.580> they<00:14:08.730> bring<00:14:08.910> up<00:14:09.090> the<00:14:09.210> normal 00:14:09.380 --> 00:14:09.390 align:start position:0% that you know they bring up the normal 00:14:09.390 --> 00:14:12.860 align:start position:0% that you know they bring up the normal bill<00:14:09.720> the<00:14:10.380> amount<00:14:10.710> comes<00:14:11.010> up<00:14:11.420> the<00:14:12.420> amount<00:14:12.690> is 00:14:12.860 --> 00:14:12.870 align:start position:0% bill the amount comes up the amount is 00:14:12.870 --> 00:14:15.140 align:start position:0% bill the amount comes up the amount is put<00:14:13.110> into<00:14:13.230> the<00:14:13.440> iris<00:14:13.770> scanning<00:14:14.040> terminal<00:14:14.610> the 00:14:15.140 --> 00:14:15.150 align:start position:0% put into the iris scanning terminal the 00:14:15.150 --> 00:14:17.570 align:start position:0% put into the iris scanning terminal the beneficiary<00:14:15.570> scans<00:14:15.960> their<00:14:16.170> iris<00:14:16.530> that<00:14:17.160> iris 00:14:17.570 --> 00:14:17.580 align:start position:0% beneficiary scans their iris that iris 00:14:17.580 --> 00:14:19.340 align:start position:0% beneficiary scans their iris that iris then<00:14:17.820> goes<00:14:18.090> to<00:14:18.540> be<00:14:18.660> checked<00:14:18.930> against<00:14:19.290> an 00:14:19.340 --> 00:14:19.350 align:start position:0% then goes to be checked against an 00:14:19.350 --> 00:14:21.680 align:start position:0% then goes to be checked against an identity<00:14:19.800> the<00:14:20.220> identity<00:14:20.250> comes<00:14:21.030> back<00:14:21.240> and<00:14:21.600> at 00:14:21.680 --> 00:14:21.690 align:start position:0% identity the identity comes back and at 00:14:21.690 --> 00:14:23.780 align:start position:0% identity the identity comes back and at that<00:14:21.870> point<00:14:22.140> the<00:14:22.320> terminal<00:14:22.710> has<00:14:22.830> both<00:14:23.160> the 00:14:23.780 --> 00:14:23.790 align:start position:0% that point the terminal has both the 00:14:23.790 --> 00:14:25.610 align:start position:0% that point the terminal has both the amount<00:14:24.120> and<00:14:24.330> the<00:14:24.390> identity<00:14:25.020> of<00:14:25.110> person<00:14:25.440> trying 00:14:25.610 --> 00:14:25.620 align:start position:0% amount and the identity of person trying 00:14:25.620 --> 00:14:27.410 align:start position:0% amount and the identity of person trying to<00:14:25.680> do<00:14:25.860> it<00:14:26.040> they<00:14:26.520> pink<00:14:26.790> or<00:14:26.910> blockchain<00:14:27.390> can 00:14:27.410 --> 00:14:27.420 align:start position:0% to do it they pink or blockchain can 00:14:27.420 --> 00:14:29.300 align:start position:0% to do it they pink or blockchain can this<00:14:27.810> person<00:14:28.080> do<00:14:28.350> this<00:14:28.470> transaction<00:14:29.100> would 00:14:29.300 --> 00:14:29.310 align:start position:0% this person do this transaction would 00:14:29.310 --> 00:15:08.370 align:start position:0% this person do this transaction would reply<00:14:29.640> and<00:14:29.910> that's<00:14:30.210> essentially<00:14:30.630> the 00:15:08.370 --> 00:15:08.380 align:start position:0% 00:15:08.380 --> 00:15:16.700 align:start position:0% a<00:15:08.910> lot<00:15:09.910> of<00:15:10.030> oranges 00:15:16.700 --> 00:15:16.710 align:start position:0% 00:15:16.710 --> 00:15:19.410 align:start position:0% on<00:15:17.710> the<00:15:17.830> bottom<00:15:18.220> right<00:15:18.430> to<00:15:18.550> briefly<00:15:19.000> see<00:15:19.270> the 00:15:19.410 --> 00:15:19.420 align:start position:0% on the bottom right to briefly see the 00:15:19.420 --> 00:15:25.550 align:start position:0% on the bottom right to briefly see the amount<00:15:19.720> 1218<00:15:21.120> teen<00:15:22.410> beneficiary<00:15:23.410> cancer<00:15:23.920> iris 00:15:25.550 --> 00:15:25.560 align:start position:0% amount 1218 teen beneficiary cancer iris 00:15:25.560 --> 00:15:28.350 align:start position:0% amount 1218 teen beneficiary cancer iris transaction<00:15:26.560> goes<00:15:26.800> the<00:15:27.490> iris<00:15:27.790> imprint<00:15:28.180> goes 00:15:28.350 --> 00:15:28.360 align:start position:0% transaction goes the iris imprint goes 00:15:28.360 --> 00:15:29.760 align:start position:0% transaction goes the iris imprint goes to<00:15:28.480> the<00:15:28.570> database<00:15:28.990> comes<00:15:29.260> back<00:15:29.500> with<00:15:29.680> the 00:15:29.760 --> 00:15:29.770 align:start position:0% to the database comes back with the 00:15:29.770 --> 00:15:31.140 align:start position:0% to the database comes back with the identity<00:15:30.310> now<00:15:30.550> it's<00:15:30.700> coming<00:15:30.940> to<00:15:31.120> our 00:15:31.140 --> 00:15:31.150 align:start position:0% identity now it's coming to our 00:15:31.150 --> 00:15:33.650 align:start position:0% identity now it's coming to our blockchain<00:15:31.630> with<00:15:31.780> the<00:15:31.900> amount<00:15:32.200> and<00:15:32.470> identity 00:15:33.650 --> 00:15:33.660 align:start position:0% blockchain with the amount and identity 00:15:33.660 --> 00:15:52.200 align:start position:0% blockchain with the amount and identity and<00:15:34.660> that's<00:15:35.230> it<00:15:35.410> I<00:15:50.010> have<00:15:51.010> four<00:15:52.000> and<00:15:52.120> a<00:15:52.180> half 00:15:52.200 --> 00:15:52.210 align:start position:0% and that's it I have four and a half 00:15:52.210 --> 00:15:53.940 align:start position:0% and that's it I have four and a half minutes<00:15:52.660> so<00:15:52.720> maybe<00:15:52.960> one<00:15:53.200> or<00:15:53.320> two<00:15:53.410> questions<00:15:53.620> I 00:15:53.940 --> 00:15:53.950 align:start position:0% minutes so maybe one or two questions I 00:15:53.950 --> 00:16:08.760 align:start position:0% minutes so maybe one or two questions I think<00:15:54.010> there<00:15:54.250> was<00:15:54.370> one<00:15:54.400> already<00:15:54.730> there<00:16:07.500> but<00:16:08.500> in 00:16:08.760 --> 00:16:08.770 align:start position:0% think there was one already there but in 00:16:08.770 --> 00:16:13.170 align:start position:0% think there was one already there but in general<00:16:08.830> in<00:16:09.820> order<00:16:10.150> to<00:16:10.780> have<00:16:11.770> a<00:16:12.130> establish<00:16:12.910> the 00:16:13.170 --> 00:16:13.180 align:start position:0% general in order to have a establish the 00:16:13.180 --> 00:16:14.820 align:start position:0% general in order to have a establish the blockchain<00:16:13.420> identity<00:16:14.290> especially<00:16:14.440> a 00:16:14.820 --> 00:16:14.830 align:start position:0% blockchain identity especially a 00:16:14.830 --> 00:16:17.910 align:start position:0% blockchain identity especially a long-term<00:16:15.250> one<00:16:15.490> you<00:16:16.060> would<00:16:16.240> need<00:16:16.480> a<00:16:16.920> private 00:16:17.910 --> 00:16:17.920 align:start position:0% long-term one you would need a private 00:16:17.920 --> 00:16:20.160 align:start position:0% long-term one you would need a private public<00:16:18.040> key<00:16:18.460> pair<00:16:18.820> and<00:16:19.060> do<00:16:19.660> you<00:16:19.720> have<00:16:19.900> any 00:16:20.160 --> 00:16:20.170 align:start position:0% public key pair and do you have any 00:16:20.170 --> 00:16:25.010 align:start position:0% public key pair and do you have any solutions<00:16:20.470> in<00:16:21.010> place<00:16:23.100> providing<00:16:24.100> people<00:16:24.400> with 00:16:25.010 --> 00:16:25.020 align:start position:0% solutions in place providing people with 00:16:25.020 --> 00:16:27.660 align:start position:0% solutions in place providing people with public<00:16:26.020> private<00:16:26.230> key<00:16:26.590> pairs<00:16:26.890> in<00:16:27.130> such<00:16:27.370> a<00:16:27.400> way 00:16:27.660 --> 00:16:27.670 align:start position:0% public private key pairs in such a way 00:16:27.670 --> 00:16:30.150 align:start position:0% public private key pairs in such a way that<00:16:27.700> they<00:16:28.090> can<00:16:28.300> control<00:16:28.690> them<00:16:28.990> and<00:16:29.230> they<00:16:29.950> have 00:16:30.150 --> 00:16:30.160 align:start position:0% that they can control them and they have 00:16:30.160 --> 00:16:33.900 align:start position:0% that they can control them and they have adequate<00:16:30.700> security<00:16:31.560> with<00:16:32.560> them<00:16:32.770> yes<00:16:33.370> it's<00:16:33.850> a 00:16:33.900 --> 00:16:33.910 align:start position:0% adequate security with them yes it's a 00:16:33.910 --> 00:16:36.060 align:start position:0% adequate security with them yes it's a good<00:16:34.090> question<00:16:34.540> the<00:16:35.200> one<00:16:35.440> of<00:16:35.560> the<00:16:35.590> things<00:16:35.860> we 00:16:36.060 --> 00:16:36.070 align:start position:0% good question the one of the things we 00:16:36.070 --> 00:16:38.010 align:start position:0% good question the one of the things we cannot<00:16:36.430> assume<00:16:36.820> right<00:16:37.030> now<00:16:37.090> is<00:16:37.420> hardware<00:16:37.870> and 00:16:38.010 --> 00:16:38.020 align:start position:0% cannot assume right now is hardware and 00:16:38.020 --> 00:16:39.420 align:start position:0% cannot assume right now is hardware and connectivity<00:16:38.380> for<00:16:38.740> everyone<00:16:39.190> especially 00:16:39.420 --> 00:16:39.430 align:start position:0% connectivity for everyone especially 00:16:39.430 --> 00:16:41.310 align:start position:0% connectivity for everyone especially where<00:16:40.150> we<00:16:40.300> are<00:16:40.420> right<00:16:40.630> now<00:16:40.690> in<00:16:40.960> fact<00:16:41.170> the 00:16:41.310 --> 00:16:41.320 align:start position:0% where we are right now in fact the 00:16:41.320 --> 00:16:44.280 align:start position:0% where we are right now in fact the Internet<00:16:41.620> is<00:16:41.740> cut<00:16:42.010> off<00:16:42.570> again<00:16:43.570> we're<00:16:43.930> building 00:16:44.280 --> 00:16:44.290 align:start position:0% Internet is cut off again we're building 00:16:44.290 --> 00:16:45.840 align:start position:0% Internet is cut off again we're building towards<00:16:44.560> the<00:16:44.650> future<00:16:45.010> so<00:16:45.250> as<00:16:45.310> you<00:16:45.490> might<00:16:45.670> know 00:16:45.840 --> 00:16:45.850 align:start position:0% towards the future so as you might know 00:16:45.850 --> 00:16:48.030 align:start position:0% towards the future so as you might know Google<00:16:46.330> SpaceX<00:16:46.960> one<00:16:47.200> web<00:16:47.440> a<00:16:47.470> whole<00:16:47.740> bunch<00:16:47.920> of 00:16:48.030 --> 00:16:48.040 align:start position:0% Google SpaceX one web a whole bunch of 00:16:48.040 --> 00:16:49.230 align:start position:0% Google SpaceX one web a whole bunch of people<00:16:48.280> are<00:16:48.370> working<00:16:48.520> to<00:16:48.760> bring<00:16:48.880> affordable 00:16:49.230 --> 00:16:49.240 align:start position:0% people are working to bring affordable 00:16:49.240 --> 00:16:50.880 align:start position:0% people are working to bring affordable satellite<00:16:49.900> internet<00:16:50.320> everywhere<00:16:50.680> in<00:16:50.800> the 00:16:50.880 --> 00:16:50.890 align:start position:0% satellite internet everywhere in the 00:16:50.890 --> 00:16:53.640 align:start position:0% satellite internet everywhere in the world<00:16:51.070> and<00:16:51.570> the<00:16:52.570> price<00:16:52.780> of<00:16:52.960> smartphones<00:16:53.500> is 00:16:53.640 --> 00:16:53.650 align:start position:0% world and the price of smartphones is 00:16:53.650 --> 00:16:56.430 align:start position:0% world and the price of smartphones is dramatically<00:16:54.340> dropping<00:16:54.880> so<00:16:55.180> I<00:16:55.720> think<00:16:56.110> by<00:16:56.380> the 00:16:56.430 --> 00:16:56.440 align:start position:0% dramatically dropping so I think by the 00:16:56.440 --> 00:16:57.990 align:start position:0% dramatically dropping so I think by the time<00:16:56.710> we're<00:16:56.890> ready<00:16:56.920> the<00:16:57.400> standards<00:16:57.850> right 00:16:57.990 --> 00:16:58.000 align:start position:0% time we're ready the standards right 00:16:58.000 --> 00:16:59.490 align:start position:0% time we're ready the standards right entity<00:16:58.390> have<00:16:58.510> been<00:16:58.660> sorted<00:16:58.960> out<00:16:59.110> zero 00:16:59.490 --> 00:16:59.500 align:start position:0% entity have been sorted out zero 00:16:59.500 --> 00:17:02.100 align:start position:0% entity have been sorted out zero knowledge<00:16:59.770> plus<00:16:59.920> whatever<00:17:00.720> we<00:17:01.720> can<00:17:01.930> then 00:17:02.100 --> 00:17:02.110 align:start position:0% knowledge plus whatever we can then 00:17:02.110 --> 00:17:04.230 align:start position:0% knowledge plus whatever we can then transfer<00:17:02.590> a<00:17:02.800> beneficiary<00:17:03.490> private<00:17:03.820> keys<00:17:04.000> to 00:17:04.230 --> 00:17:04.240 align:start position:0% transfer a beneficiary private keys to 00:17:04.240 --> 00:17:06.510 align:start position:0% transfer a beneficiary private keys to them<00:17:04.420> potentially<00:17:04.780> under<00:17:05.230> devices<00:17:05.560> and<00:17:06.040> the 00:17:06.510 --> 00:17:06.520 align:start position:0% them potentially under devices and the 00:17:06.520 --> 00:17:08.060 align:start position:0% them potentially under devices and the device<00:17:06.820> could<00:17:07.030> even<00:17:07.150> have<00:17:07.330> a<00:17:07.360> biometric 00:17:08.060 --> 00:17:08.070 align:start position:0% device could even have a biometric 00:17:08.070 --> 00:17:10.590 align:start position:0% device could even have a biometric authentication<00:17:09.070> to<00:17:09.640> trigger<00:17:10.090> the<00:17:10.270> private 00:17:10.590 --> 00:17:10.600 align:start position:0% authentication to trigger the private 00:17:10.600 --> 00:17:12.990 align:start position:0% authentication to trigger the private key<00:17:10.780> but<00:17:11.020> for<00:17:11.800> it<00:17:11.920> to<00:17:11.950> be<00:17:12.040> it<00:17:12.310> it<00:17:12.430> data<00:17:12.640> to<00:17:12.880> be 00:17:12.990 --> 00:17:13.000 align:start position:0% key but for it to be it it data to be 00:17:13.000 --> 00:17:14.730 align:start position:0% key but for it to be it it data to be stored<00:17:13.330> with<00:17:13.540> each<00:17:13.750> beneficiary<00:17:14.350> and<00:17:14.560> not 00:17:14.730 --> 00:17:14.740 align:start position:0% stored with each beneficiary and not 00:17:14.740 --> 00:17:16.470 align:start position:0% stored with each beneficiary and not centrally<00:17:15.280> not<00:17:15.880> sure<00:17:16.030> if<00:17:16.090> answer<00:17:16.390> the 00:17:16.470 --> 00:17:16.480 align:start position:0% centrally not sure if answer the 00:17:16.480 --> 00:17:22.090 align:start position:0% centrally not sure if answer the question<00:17:18.990> I'm<00:17:19.990> working<00:17:20.530> with<00:17:20.770> group 00:17:22.090 --> 00:17:22.100 align:start position:0% question I'm working with group 00:17:22.100 --> 00:17:25.270 align:start position:0% question I'm working with group this<00:17:22.429> handling<00:17:23.270> the<00:17:23.480> refugee<00:17:24.319> crisis<00:17:24.799> with 00:17:25.270 --> 00:17:25.280 align:start position:0% this handling the refugee crisis with 00:17:25.280 --> 00:17:28.539 align:start position:0% this handling the refugee crisis with Burma<00:17:26.150> or<00:17:26.419> Myanmar<00:17:26.650> it's<00:17:27.650> about<00:17:27.890> a<00:17:27.949> 1.5 00:17:28.539 --> 00:17:28.549 align:start position:0% Burma or Myanmar it's about a 1.5 00:17:28.549 --> 00:17:31.799 align:start position:0% Burma or Myanmar it's about a 1.5 million<00:17:28.820> people<00:17:29.059> first<00:17:29.720> question<00:17:30.110> how<00:17:30.500> many 00:17:31.799 --> 00:17:31.809 align:start position:0% million people first question how many 00:17:31.809 --> 00:17:34.870 align:start position:0% million people first question how many beneficiaries<00:17:32.809> can<00:17:32.840> be<00:17:33.110> scale<00:17:33.350> -<00:17:33.730> sorry<00:17:34.730> how 00:17:34.870 --> 00:17:34.880 align:start position:0% beneficiaries can be scale - sorry how 00:17:34.880 --> 00:17:38.020 align:start position:0% beneficiaries can be scale - sorry how many<00:17:34.910> trees<00:17:35.770> transactions<00:17:36.770> can<00:17:37.370> it<00:17:37.549> scale<00:17:37.820> - 00:17:38.020 --> 00:17:38.030 align:start position:0% many trees transactions can it scale - 00:17:38.030 --> 00:17:41.650 align:start position:0% many trees transactions can it scale - can<00:17:38.360> it<00:17:38.510> do<00:17:38.960> a<00:17:38.990> billion<00:17:39.559> a<00:17:40.039> day<00:17:40.400> because<00:17:41.390> we're 00:17:41.650 --> 00:17:41.660 align:start position:0% can it do a billion a day because we're 00:17:41.660 --> 00:17:43.690 align:start position:0% can it do a billion a day because we're looking<00:17:41.809> at<00:17:42.110> these<00:17:42.260> kind<00:17:42.530> of<00:17:42.559> numbers<00:17:42.710> with 00:17:43.690 --> 00:17:43.700 align:start position:0% looking at these kind of numbers with 00:17:43.700 --> 00:17:47.590 align:start position:0% looking at these kind of numbers with 1.5<00:17:44.330> million<00:17:44.630> refugees<00:17:45.669> the<00:17:46.669> other<00:17:47.030> question 00:17:47.590 --> 00:17:47.600 align:start position:0% 1.5 million refugees the other question 00:17:47.600 --> 00:17:51.779 align:start position:0% 1.5 million refugees the other question is<00:17:47.929> can<00:17:48.860> it<00:17:49.160> also<00:17:49.490> not<00:17:50.270> just<00:17:50.570> do<00:17:50.720> payments<00:17:51.230> but 00:17:51.779 --> 00:17:51.789 align:start position:0% is can it also not just do payments but 00:17:51.789 --> 00:17:55.060 align:start position:0% is can it also not just do payments but learning<00:17:52.789> outcomes<00:17:53.419> and<00:17:53.900> then<00:17:54.289> settle<00:17:54.830> with 00:17:55.060 --> 00:17:55.070 align:start position:0% learning outcomes and then settle with 00:17:55.070 --> 00:18:03.130 align:start position:0% learning outcomes and then settle with some<00:17:59.020> incentivized<00:18:01.120> collection<00:18:02.120> of<00:18:02.270> meals<00:18:02.600> or 00:18:03.130 --> 00:18:03.140 align:start position:0% some incentivized collection of meals or 00:18:03.140 --> 00:18:06.220 align:start position:0% some incentivized collection of meals or some<00:18:03.860> kind<00:18:04.070> of<00:18:04.130> incentive<00:18:04.460> and<00:18:05.090> what<00:18:06.049> do<00:18:06.140> you 00:18:06.220 --> 00:18:06.230 align:start position:0% some kind of incentive and what do you 00:18:06.230 --> 00:18:11.760 align:start position:0% some kind of incentive and what do you think<00:18:06.440> can<00:18:06.710> reconnect<00:18:07.100> later<00:18:07.370> because<00:18:08.299> it's<00:18:08.450> a 00:18:11.760 --> 00:18:11.770 align:start position:0% 00:18:11.770 --> 00:18:17.620 align:start position:0% sure<00:18:12.770> get<00:18:13.220> in<00:18:13.340> touch<00:18:13.520> my<00:18:14.240> email<00:18:14.539> is<00:18:14.659> and<00:18:16.450> so<00:18:17.450> on 00:18:17.620 --> 00:18:17.630 align:start position:0% sure get in touch my email is and so on 00:18:17.630 --> 00:18:19.360 align:start position:0% sure get in touch my email is and so on the<00:18:17.750> first<00:18:17.780> question<00:18:18.020> as<00:18:18.500> I<00:18:18.620> mentioned<00:18:19.039> we<00:18:19.190> did 00:18:19.360 --> 00:18:19.370 align:start position:0% the first question as I mentioned we did 00:18:19.370 --> 00:18:21.039 align:start position:0% the first question as I mentioned we did our<00:18:19.580> proof<00:18:19.789> of<00:18:19.909> concept<00:18:19.970> on<00:18:20.450> the<00:18:20.539> test<00:18:20.780> nets 00:18:21.039 --> 00:18:21.049 align:start position:0% our proof of concept on the test nets 00:18:21.049 --> 00:18:23.080 align:start position:0% our proof of concept on the test nets but<00:18:21.320> we're<00:18:21.500> doing<00:18:21.710> we're<00:18:22.309> doing<00:18:22.820> a<00:18:22.909> private 00:18:23.080 --> 00:18:23.090 align:start position:0% but we're doing we're doing a private 00:18:23.090 --> 00:18:26.380 align:start position:0% but we're doing we're doing a private implementation<00:18:23.870> right<00:18:24.020> now<00:18:24.260> and<00:18:24.940> I've<00:18:25.940> you 00:18:26.380 --> 00:18:26.390 align:start position:0% implementation right now and I've you 00:18:26.390 --> 00:18:28.120 align:start position:0% implementation right now and I've you know<00:18:26.510> we<00:18:26.840> can<00:18:27.020> handle<00:18:27.409> quite<00:18:27.620> a<00:18:27.740> bit<00:18:28.010> of 00:18:28.120 --> 00:18:28.130 align:start position:0% know we can handle quite a bit of 00:18:28.130 --> 00:18:29.919 align:start position:0% know we can handle quite a bit of transactions<00:18:28.760> per<00:18:28.820> second<00:18:29.330> so<00:18:29.450> million<00:18:29.809> that 00:18:29.919 --> 00:18:29.929 align:start position:0% transactions per second so million that 00:18:29.929 --> 00:18:31.330 align:start position:0% transactions per second so million that they<00:18:30.049> won't<00:18:30.289> be<00:18:30.409> a<00:18:30.440> problem<00:18:30.620> in<00:18:30.950> fact<00:18:31.100> we're 00:18:31.330 --> 00:18:31.340 align:start position:0% they won't be a problem in fact we're 00:18:31.340 --> 00:18:34.480 align:start position:0% they won't be a problem in fact we're shooting<00:18:31.640> more<00:18:31.909> for<00:18:32.390> more<00:18:32.630> because<00:18:33.620> WFP 00:18:34.480 --> 00:18:34.490 align:start position:0% shooting more for more because WFP 00:18:34.490 --> 00:18:36.430 align:start position:0% shooting more for more because WFP itself<00:18:34.820> has<00:18:35.030> 80<00:18:35.210> million<00:18:35.539> beneficiaries<00:18:35.659> that 00:18:36.430 --> 00:18:36.440 align:start position:0% itself has 80 million beneficiaries that 00:18:36.440 --> 00:18:39.669 align:start position:0% itself has 80 million beneficiaries that we<00:18:36.559> serve<00:18:36.799> in<00:18:37.070> 80<00:18:37.220> countries<00:18:38.080> and<00:18:39.080> you<00:18:39.559> know 00:18:39.669 --> 00:18:39.679 align:start position:0% we serve in 80 countries and you know 00:18:39.679 --> 00:18:41.380 align:start position:0% we serve in 80 countries and you know we've<00:18:39.890> heard<00:18:40.220> over<00:18:40.490> the<00:18:40.669> past<00:18:40.760> few<00:18:41.150> days<00:18:41.330> the 00:18:41.380 --> 00:18:41.390 align:start position:0% we've heard over the past few days the 00:18:41.390 --> 00:18:43.570 align:start position:0% we've heard over the past few days the efforts<00:18:41.870> are<00:18:42.049> in<00:18:42.559> place<00:18:42.860> to<00:18:43.190> essentially 00:18:43.570 --> 00:18:43.580 align:start position:0% efforts are in place to essentially 00:18:43.580 --> 00:18:45.510 align:start position:0% efforts are in place to essentially speed<00:18:44.000> up<00:18:44.150> everything<00:18:44.600> potentially<00:18:45.110> even<00:18:45.230> the 00:18:45.510 --> 00:18:45.520 align:start position:0% speed up everything potentially even the 00:18:45.520 --> 00:18:49.720 align:start position:0% speed up everything potentially even the main<00:18:46.520> net<00:18:46.760> and<00:18:47.090> so<00:18:48.080> we<00:18:48.350> don't<00:18:48.590> foresee<00:18:49.220> the 00:18:49.720 --> 00:18:49.730 align:start position:0% main net and so we don't foresee the 00:18:49.730 --> 00:18:51.730 align:start position:0% main net and so we don't foresee the throughput<00:18:50.030> to<00:18:50.360> be<00:18:50.510> a<00:18:50.539> limitation<00:18:50.960> either<00:18:51.440> now 00:18:51.730 --> 00:18:51.740 align:start position:0% throughput to be a limitation either now 00:18:51.740 --> 00:18:54.220 align:start position:0% throughput to be a limitation either now on<00:18:52.429> what<00:18:52.940> we're<00:18:53.090> doing<00:18:53.120> privately<00:18:53.720> or<00:18:53.840> even<00:18:54.110> in 00:18:54.220 --> 00:18:54.230 align:start position:0% on what we're doing privately or even in 00:18:54.230 --> 00:18:57.220 align:start position:0% on what we're doing privately or even in the<00:18:54.350> future<00:18:55.210> and<00:18:56.210> then<00:18:56.690> yeah<00:18:56.960> I<00:18:56.990> mean 00:18:57.220 --> 00:18:57.230 align:start position:0% the future and then yeah I mean 00:18:57.230 --> 00:18:58.690 align:start position:0% the future and then yeah I mean definitely<00:18:57.440> that's<00:18:57.919> I<00:18:58.039> think<00:18:58.100> the<00:18:58.370> beauty<00:18:58.669> of 00:18:58.690 --> 00:18:58.700 align:start position:0% definitely that's I think the beauty of 00:18:58.700 --> 00:19:00.310 align:start position:0% definitely that's I think the beauty of small<00:18:59.000> contracts<00:18:59.510> that<00:18:59.630> you<00:18:59.690> can<00:18:59.929> program 00:19:00.310 --> 00:19:00.320 align:start position:0% small contracts that you can program 00:19:00.320 --> 00:19:01.930 align:start position:0% small contracts that you can program whatever<00:19:00.500> logic<00:19:00.980> you<00:19:01.100> want<00:19:01.309> into<00:19:01.580> it<00:19:01.669> so<00:19:01.820> for 00:19:01.930 --> 00:19:01.940 align:start position:0% whatever logic you want into it so for 00:19:01.940 --> 00:19:04.000 align:start position:0% whatever logic you want into it so for example<00:19:02.330> we<00:19:02.510> have<00:19:02.720> school<00:19:03.080> meals<00:19:03.350> which<00:19:03.710> means 00:19:04.000 --> 00:19:04.010 align:start position:0% example we have school meals which means 00:19:04.010 --> 00:19:06.970 align:start position:0% example we have school meals which means that<00:19:04.480> generally<00:19:05.480> speaking<00:19:05.620> let's<00:19:06.620> say<00:19:06.740> if<00:19:06.890> a 00:19:06.970 --> 00:19:06.980 align:start position:0% that generally speaking let's say if a 00:19:06.980 --> 00:19:08.799 align:start position:0% that generally speaking let's say if a child<00:19:07.220> attends<00:19:07.610> school<00:19:07.760> then<00:19:08.240> the<00:19:08.390> child<00:19:08.630> and 00:19:08.799 --> 00:19:08.809 align:start position:0% child attends school then the child and 00:19:08.809 --> 00:19:10.360 align:start position:0% child attends school then the child and the<00:19:08.870> family<00:19:08.900> gets<00:19:09.409> food<00:19:09.650> so<00:19:09.830> it's<00:19:09.980> in<00:19:10.100> a<00:19:10.130> way<00:19:10.309> to 00:19:10.360 --> 00:19:10.370 align:start position:0% the family gets food so it's in a way to 00:19:10.370 --> 00:19:12.520 align:start position:0% the family gets food so it's in a way to ensure<00:19:10.610> children<00:19:11.179> attend<00:19:11.419> school<00:19:11.720> and<00:19:11.929> also 00:19:12.520 --> 00:19:12.530 align:start position:0% ensure children attend school and also 00:19:12.530 --> 00:19:14.289 align:start position:0% ensure children attend school and also that<00:19:12.740> some<00:19:13.070> nutritional<00:19:13.549> outcomes<00:19:13.700> are<00:19:14.120> met 00:19:14.289 --> 00:19:14.299 align:start position:0% that some nutritional outcomes are met 00:19:14.299 --> 00:19:16.840 align:start position:0% that some nutritional outcomes are met and<00:19:14.630> with<00:19:15.470> smart<00:19:15.740> devices<00:19:16.070> and<00:19:16.309> everything 00:19:16.840 --> 00:19:16.850 align:start position:0% and with smart devices and everything 00:19:16.850 --> 00:19:20.020 align:start position:0% and with smart devices and everything our<00:19:17.090> yeah<00:19:17.870> we<00:19:18.350> can<00:19:18.620> essentially<00:19:19.100> sort<00:19:19.880> of 00:19:20.020 --> 00:19:20.030 align:start position:0% our yeah we can essentially sort of 00:19:20.030 --> 00:19:22.380 align:start position:0% our yeah we can essentially sort of automate<00:19:20.539> that<00:19:20.720> so<00:19:21.140> that<00:19:21.350> you<00:19:21.500> know<00:19:21.620> the 00:19:22.380 --> 00:19:22.390 align:start position:0% automate that so that you know the 00:19:22.390 --> 00:19:24.760 align:start position:0% automate that so that you know the entitlements<00:19:23.390> going<00:19:23.659> to<00:19:23.840> a<00:19:23.870> small<00:19:24.320> contract 00:19:24.760 --> 00:19:24.770 align:start position:0% entitlements going to a small contract 00:19:24.770 --> 00:19:26.409 align:start position:0% entitlements going to a small contract in<00:19:24.890> escrow<00:19:25.130> and<00:19:25.220> if<00:19:25.580> certain<00:19:25.760> conditions<00:19:25.970> are 00:19:26.409 --> 00:19:26.419 align:start position:0% in escrow and if certain conditions are 00:19:26.419 --> 00:19:30.159 align:start position:0% in escrow and if certain conditions are met<00:19:26.480> then<00:19:27.020> the<00:19:27.260> trigger<00:19:28.450> to<00:19:29.450> the<00:19:29.870> end 00:19:30.159 --> 00:19:30.169 align:start position:0% met then the trigger to the end 00:19:30.169 --> 00:19:33.789 align:start position:0% met then the trigger to the end recipients<00:19:30.830> or<00:19:30.980> recipients<00:19:32.290> 56<00:19:33.290> seconds<00:19:33.650> were 00:19:33.789 --> 00:19:33.799 align:start position:0% recipients or recipients 56 seconds were 00:19:33.799 --> 00:19:37.289 align:start position:0% recipients or recipients 56 seconds were really<00:19:34.100> quick<00:19:34.280> one<00:19:34.490> in<00:19:34.640> history 00:19:37.289 --> 00:19:37.299 align:start position:0% 00:19:37.299 --> 00:19:39.550 align:start position:0% cool<00:19:38.299> thank<00:19:38.809> you 00:19:39.550 --> 00:19:39.560 align:start position:0% cool thank you 00:19:39.560 --> 00:19:44.920 align:start position:0% cool thank you [Applause] 00:19:44.920 --> 00:19:44.930 align:start position:0% 00:19:44.930 --> 00:19:46.660 align:start position:0% you 00:19:46.660 --> 00:19:46.670 align:start position:0% you 00:19:46.670 --> 00:19:52.769 align:start position:0% you [Music]