WEBVTT Kind: captions Language: en 00:00:05.070 --> 00:00:14.910 align:start position:0% [Music] 00:00:14.910 --> 00:00:14.920 align:start position:0% 00:00:14.920 --> 00:00:22.710 align:start position:0% [Music] 00:00:22.710 --> 00:00:22.720 align:start position:0% 00:00:22.720 --> 00:00:25.950 align:start position:0% something<00:00:23.119> you<00:00:23.320> might<00:00:23.560> not<00:00:23.800> know<00:00:24.640> about 00:00:25.950 --> 00:00:25.960 align:start position:0% something you might not know about 00:00:25.960 --> 00:00:28.910 align:start position:0% something you might not know about Canada<00:00:26.960> hi<00:00:27.279> I'm<00:00:27.519> Don<00:00:27.880> Tapscott<00:00:28.480> and<00:00:28.679> before 00:00:28.910 --> 00:00:28.920 align:start position:0% Canada hi I'm Don Tapscott and before 00:00:28.920 --> 00:00:30.749 align:start position:0% Canada hi I'm Don Tapscott and before the<00:00:29.080> break<00:00:29.400> I<00:00:29.560> promised<00:00:30.000> to<00:00:30.160> tell<00:00:30.320> you<00:00:30.519> about 00:00:30.749 --> 00:00:30.759 align:start position:0% the break I promised to tell you about 00:00:30.759 --> 00:00:34.110 align:start position:0% the break I promised to tell you about the<00:00:30.920> digital<00:00:31.400> office<00:00:31.960> in<00:00:32.079> the<00:00:32.680> 1970s<00:00:33.680> the 00:00:34.110 --> 00:00:34.120 align:start position:0% the digital office in the 1970s the 00:00:34.120 --> 00:00:37.069 align:start position:0% the digital office in the 1970s the coolest<00:00:34.760> decade<00:00:35.200> of<00:00:35.399> all<00:00:35.719> time<00:00:36.559> the<00:00:36.760> office 00:00:37.069 --> 00:00:37.079 align:start position:0% coolest decade of all time the office 00:00:37.079 --> 00:00:39.709 align:start position:0% coolest decade of all time the office was<00:00:37.280> full<00:00:37.520> of<00:00:37.960> strange<00:00:38.680> things<00:00:39.160> like 00:00:39.709 --> 00:00:39.719 align:start position:0% was full of strange things like 00:00:39.719 --> 00:00:42.830 align:start position:0% was full of strange things like typewriters<00:00:40.840> dictaphones<00:00:41.840> adding<00:00:42.200> machines 00:00:42.830 --> 00:00:42.840 align:start position:0% typewriters dictaphones adding machines 00:00:42.840 --> 00:00:45.229 align:start position:0% typewriters dictaphones adding machines and<00:00:43.399> mimeographs<00:00:44.399> telephones<00:00:45.000> were 00:00:45.229 --> 00:00:45.239 align:start position:0% and mimeographs telephones were 00:00:45.239 --> 00:00:47.790 align:start position:0% and mimeographs telephones were connected<00:00:45.680> to<00:00:45.960> a<00:00:46.360> wire<00:00:46.879> so<00:00:47.160> people<00:00:47.399> could<00:00:47.559> only 00:00:47.790 --> 00:00:47.800 align:start position:0% connected to a wire so people could only 00:00:47.800 --> 00:00:49.750 align:start position:0% connected to a wire so people could only reach<00:00:48.039> you<00:00:48.239> when<00:00:48.399> you<00:00:48.520> were<00:00:48.640> in<00:00:48.800> the<00:00:49.079> office 00:00:49.750 --> 00:00:49.760 align:start position:0% reach you when you were in the office 00:00:49.760 --> 00:00:54.830 align:start position:0% reach you when you were in the office God<00:00:49.960> I<00:00:50.079> missed<00:00:50.840> that<00:00:51.840> not<00:00:52.320> now<00:00:53.320> in<00:00:53.680> 1978<00:00:54.680> the 00:00:54.830 --> 00:00:54.840 align:start position:0% God I missed that not now in 1978 the 00:00:54.840 --> 00:00:57.470 align:start position:0% God I missed that not now in 1978 the Canadian<00:00:55.359> company<00:00:55.800> Bell<00:00:56.199> Northern<00:00:56.680> research 00:00:57.470 --> 00:00:57.480 align:start position:0% Canadian company Bell Northern research 00:00:57.480 --> 00:01:00.189 align:start position:0% Canadian company Bell Northern research wondered<00:00:58.079> what<00:00:58.239> would<00:00:58.519> happen<00:00:59.199> if<00:00:59.399> every<00:00:59.960> desk 00:01:00.189 --> 00:01:00.199 align:start position:0% wondered what would happen if every desk 00:01:00.199 --> 00:01:02.950 align:start position:0% wondered what would happen if every desk had<00:01:00.320> a<00:01:00.480> computer<00:01:00.920> on<00:01:01.039> it<00:01:01.320> connected<00:01:01.760> to<00:01:02.000> a<00:01:02.280> vast 00:01:02.950 --> 00:01:02.960 align:start position:0% had a computer on it connected to a vast 00:01:02.960 --> 00:01:06.350 align:start position:0% had a computer on it connected to a vast inter<00:01:03.480> Network<00:01:04.320> their<00:01:04.799> incredibly<00:01:05.799> handsome 00:01:06.350 --> 00:01:06.360 align:start position:0% inter Network their incredibly handsome 00:01:06.360 --> 00:01:09.670 align:start position:0% inter Network their incredibly handsome staff<00:01:07.040> created<00:01:07.479> an<00:01:07.799> office<00:01:08.320> that<00:01:08.479> used<00:01:09.200> crazy 00:01:09.670 --> 00:01:09.680 align:start position:0% staff created an office that used crazy 00:01:09.680 --> 00:01:12.710 align:start position:0% staff created an office that used crazy things<00:01:10.080> like<00:01:10.560> email<00:01:11.280> word<00:01:11.799> processing 00:01:12.710 --> 00:01:12.720 align:start position:0% things like email word processing 00:01:12.720 --> 00:01:15.590 align:start position:0% things like email word processing texting<00:01:13.600> and<00:01:13.880> document<00:01:14.439> management<00:01:15.439> then 00:01:15.590 --> 00:01:15.600 align:start position:0% texting and document management then 00:01:15.600 --> 00:01:17.749 align:start position:0% texting and document management then being<00:01:15.960> our<00:01:16.240> pitted<00:01:16.680> the<00:01:16.960> computerized 00:01:17.749 --> 00:01:17.759 align:start position:0% being our pitted the computerized 00:01:17.759 --> 00:01:20.670 align:start position:0% being our pitted the computerized workers<00:01:18.520> against<00:01:18.920> the<00:01:19.240> computerless<00:01:20.200> old 00:01:20.670 --> 00:01:20.680 align:start position:0% workers against the computerless old 00:01:20.680 --> 00:01:23.190 align:start position:0% workers against the computerless old school<00:01:21.280> test<00:01:21.640> group<00:01:22.240> this<00:01:22.439> first<00:01:22.799> ever 00:01:23.190 --> 00:01:23.200 align:start position:0% school test group this first ever 00:01:23.200 --> 00:01:25.710 align:start position:0% school test group this first ever controlled<00:01:23.920> experiment<00:01:24.920> proved<00:01:25.360> that<00:01:25.520> the 00:01:25.710 --> 00:01:25.720 align:start position:0% controlled experiment proved that the 00:01:25.720 --> 00:01:28.069 align:start position:0% controlled experiment proved that the digital<00:01:26.119> workers<00:01:26.720> were<00:01:26.920> more<00:01:27.240> efficient 00:01:28.069 --> 00:01:28.079 align:start position:0% digital workers were more efficient 00:01:28.079 --> 00:01:30.630 align:start position:0% digital workers were more efficient Innovative<00:01:28.759> and<00:01:29.040> effective<00:01:30.200> and<00:01:30.320> they<00:01:30.479> had 00:01:30.630 --> 00:01:30.640 align:start position:0% Innovative and effective and they had 00:01:30.640 --> 00:01:34.030 align:start position:0% Innovative and effective and they had more<00:01:30.840> fun<00:01:31.240> too<00:01:31.880> and<00:01:32.040> within<00:01:32.320> only<00:01:32.720> 15<00:01:33.280> years 00:01:34.030 --> 00:01:34.040 align:start position:0% more fun too and within only 15 years 00:01:34.040 --> 00:01:36.749 align:start position:0% more fun too and within only 15 years office<00:01:34.360> workers<00:01:34.920> across<00:01:35.399> the<00:01:35.600> globe<00:01:36.280> were 00:01:36.749 --> 00:01:36.759 align:start position:0% office workers across the globe were 00:01:36.759 --> 00:01:39.270 align:start position:0% office workers across the globe were playing<00:01:37.159> electronic<00:01:37.880> soliter<00:01:38.439> and<00:01:38.720> watching 00:01:39.270 --> 00:01:39.280 align:start position:0% playing electronic soliter and watching 00:01:39.280 --> 00:01:41.990 align:start position:0% playing electronic soliter and watching cat<00:01:39.680> videos<00:01:40.159> to<00:01:40.360> their<00:01:40.560> heart's<00:01:40.960> content<00:01:41.840> and 00:01:41.990 --> 00:01:42.000 align:start position:0% cat videos to their heart's content and 00:01:42.000 --> 00:01:43.429 align:start position:0% cat videos to their heart's content and that's<00:01:42.200> something<00:01:42.520> you<00:01:42.759> might<00:01:42.960> not<00:01:43.159> know 00:01:43.429 --> 00:01:43.439 align:start position:0% that's something you might not know 00:01:43.439 --> 00:01:44.250 align:start position:0% that's something you might not know about 00:01:44.250 --> 00:01:44.260 align:start position:0% about 00:01:44.260 --> 00:01:51.670 align:start position:0% about [Music] 00:01:51.670 --> 00:01:51.680 align:start position:0% 00:01:51.680 --> 00:01:54.429 align:start position:0% Canada<00:01:52.680> um<00:01:53.040> I'm<00:01:53.439> I'm<00:01:53.600> delighted<00:01:54.079> to<00:01:54.200> be<00:01:54.320> here 00:01:54.429 --> 00:01:54.439 align:start position:0% Canada um I'm I'm delighted to be here 00:01:54.439 --> 00:01:57.069 align:start position:0% Canada um I'm I'm delighted to be here and<00:01:54.560> I<00:01:54.719> really<00:01:54.920> mean<00:01:55.320> that<00:01:55.920> and<00:01:56.320> uh<00:01:56.719> because<00:01:57.000> I 00:01:57.069 --> 00:01:57.079 align:start position:0% and I really mean that and uh because I 00:01:57.079 --> 00:02:00.270 align:start position:0% and I really mean that and uh because I think<00:01:57.280> in<00:01:57.479> this<00:01:57.680> room<00:01:58.280> is<00:01:58.479> the<00:01:58.640> future<00:01:59.399> of<00:02:00.039> many 00:02:00.270 --> 00:02:00.280 align:start position:0% think in this room is the future of many 00:02:00.280 --> 00:02:02.830 align:start position:0% think in this room is the future of many many<00:02:00.560> hopeful<00:02:01.039> things<00:02:02.000> uh<00:02:02.119> not<00:02:02.320> just<00:02:02.479> for<00:02:02.680> the 00:02:02.830 --> 00:02:02.840 align:start position:0% many hopeful things uh not just for the 00:02:02.840 --> 00:02:05.510 align:start position:0% many hopeful things uh not just for the global<00:02:03.240> economy<00:02:03.759> but<00:02:03.960> for<00:02:04.439> civilization<00:02:05.320> so 00:02:05.510 --> 00:02:05.520 align:start position:0% global economy but for civilization so 00:02:05.520 --> 00:02:08.510 align:start position:0% global economy but for civilization so it's<00:02:05.719> my<00:02:05.920> honor<00:02:06.840> uh<00:02:06.920> to<00:02:07.079> be<00:02:07.360> here<00:02:08.119> I<00:02:08.200> wrote<00:02:08.399> a 00:02:08.510 --> 00:02:08.520 align:start position:0% it's my honor uh to be here I wrote a 00:02:08.520 --> 00:02:11.630 align:start position:0% it's my honor uh to be here I wrote a book<00:02:08.679> in<00:02:08.840> 191<00:02:09.560> about<00:02:09.840> that<00:02:10.280> 1981<00:02:11.120> about<00:02:11.400> that 00:02:11.630 --> 00:02:11.640 align:start position:0% book in 191 about that 1981 about that 00:02:11.640 --> 00:02:13.790 align:start position:0% book in 191 about that 1981 about that experience<00:02:12.120> and<00:02:12.280> I<00:02:12.400> argued<00:02:12.760> the<00:02:12.959> computers 00:02:13.790 --> 00:02:13.800 align:start position:0% experience and I argued the computers 00:02:13.800 --> 00:02:15.869 align:start position:0% experience and I argued the computers were<00:02:14.040> becoming<00:02:14.480> Communications<00:02:15.239> tools<00:02:15.560> and 00:02:15.869 --> 00:02:15.879 align:start position:0% were becoming Communications tools and 00:02:15.879 --> 00:02:18.430 align:start position:0% were becoming Communications tools and everyone<00:02:16.280> was<00:02:16.480> going<00:02:16.640> to<00:02:16.800> use<00:02:17.239> one<00:02:18.239> um 00:02:18.430 --> 00:02:18.440 align:start position:0% everyone was going to use one um 00:02:18.440 --> 00:02:20.270 align:start position:0% everyone was going to use one um unfortunately<00:02:19.040> my<00:02:19.200> mother<00:02:19.599> bought<00:02:19.959> most<00:02:20.120> of 00:02:20.270 --> 00:02:20.280 align:start position:0% unfortunately my mother bought most of 00:02:20.280 --> 00:02:22.910 align:start position:0% unfortunately my mother bought most of the<00:02:20.519> copies<00:02:21.080> of<00:02:21.239> the<00:02:21.400> book<00:02:22.319> it<00:02:22.440> was<00:02:22.640> like<00:02:22.760> a 00:02:22.910 --> 00:02:22.920 align:start position:0% the copies of the book it was like a 00:02:22.920 --> 00:02:26.270 align:start position:0% the copies of the book it was like a study<00:02:23.280> and<00:02:23.480> bad<00:02:24.200> timing<00:02:25.200> but<00:02:25.680> uh<00:02:25.800> I<00:02:25.959> finally 00:02:26.270 --> 00:02:26.280 align:start position:0% study and bad timing but uh I finally 00:02:26.280 --> 00:02:29.509 align:start position:0% study and bad timing but uh I finally did<00:02:26.480> write<00:02:26.680> a<00:02:26.840> book<00:02:27.200> that<00:02:27.599> somebody<00:02:28.160> read<00:02:29.160> and 00:02:29.509 --> 00:02:29.519 align:start position:0% did write a book that somebody read and 00:02:29.519 --> 00:02:31.869 align:start position:0% did write a book that somebody read and uh<00:02:29.920> was<00:02:30.040> the<00:02:30.160> digital<00:02:30.560> economy<00:02:31.040> and<00:02:31.160> it<00:02:31.280> was<00:02:31.680> uh 00:02:31.869 --> 00:02:31.879 align:start position:0% uh was the digital economy and it was uh 00:02:31.879 --> 00:02:34.110 align:start position:0% uh was the digital economy and it was uh the<00:02:32.000> first<00:02:32.280> bestseller<00:02:33.000> about<00:02:33.239> the 00:02:34.110 --> 00:02:34.120 align:start position:0% the first bestseller about the 00:02:34.120 --> 00:02:36.910 align:start position:0% the first bestseller about the web<00:02:35.120> and<00:02:35.560> in<00:02:35.800> rewriting<00:02:36.319> the<00:02:36.480> 20th 00:02:36.910 --> 00:02:36.920 align:start position:0% web and in rewriting the 20th 00:02:36.920 --> 00:02:39.190 align:start position:0% web and in rewriting the 20th anniversary<00:02:37.440> edition<00:02:38.280> it<00:02:38.440> caused<00:02:38.760> me<00:02:38.920> to 00:02:39.190 --> 00:02:39.200 align:start position:0% anniversary edition it caused me to 00:02:39.200 --> 00:02:41.430 align:start position:0% anniversary edition it caused me to reflect<00:02:40.000> on<00:02:40.239> what's<00:02:40.519> happened<00:02:40.920> in<00:02:41.080> the<00:02:41.239> last 00:02:41.430 --> 00:02:41.440 align:start position:0% reflect on what's happened in the last 00:02:41.440 --> 00:02:46.270 align:start position:0% reflect on what's happened in the last 20<00:02:42.159> years<00:02:43.280> and<00:02:44.280> uh<00:02:44.720> what<00:02:44.920> of<00:02:45.080> the<00:02:45.319> promise<00:02:46.159> of 00:02:46.270 --> 00:02:46.280 align:start position:0% 20 years and uh what of the promise of 00:02:46.280 --> 00:02:48.790 align:start position:0% 20 years and uh what of the promise of the<00:02:46.480> digital<00:02:46.840> age<00:02:47.080> has<00:02:47.239> been<00:02:47.599> fulfilled<00:02:48.599> and 00:02:48.790 --> 00:02:48.800 align:start position:0% the digital age has been fulfilled and 00:02:48.800 --> 00:02:52.750 align:start position:0% the digital age has been fulfilled and what<00:02:49.440> Peril<00:02:50.440> um<00:02:50.680> has<00:02:51.159> emerged<00:02:52.159> and<00:02:52.400> it<00:02:52.519> was<00:02:52.640> a 00:02:52.750 --> 00:02:52.760 align:start position:0% what Peril um has emerged and it was a 00:02:52.760 --> 00:02:55.070 align:start position:0% what Peril um has emerged and it was a very<00:02:52.920> sobering<00:02:53.800> experience<00:02:54.200> for<00:02:54.400> me<00:02:54.800> so<00:02:54.959> I'd 00:02:55.070 --> 00:02:55.080 align:start position:0% very sobering experience for me so I'd 00:02:55.080 --> 00:02:56.869 align:start position:0% very sobering experience for me so I'd like<00:02:55.239> to<00:02:55.480> just<00:02:55.920> kind<00:02:56.040> of<00:02:56.239> take<00:02:56.440> you<00:02:56.599> through 00:02:56.869 --> 00:02:56.879 align:start position:0% like to just kind of take you through 00:02:56.879 --> 00:03:00.750 align:start position:0% like to just kind of take you through that<00:02:57.120> a<00:02:57.239> little<00:02:57.480> bit<00:02:58.000> and<00:02:58.239> set<00:02:58.519> you<00:02:58.840> up 00:03:00.750 --> 00:03:00.760 align:start position:0% that a little bit and set you up 00:03:00.760 --> 00:03:04.030 align:start position:0% that a little bit and set you up to<00:03:01.760> understand<00:03:02.120> maybe<00:03:02.360> a<00:03:02.519> bigger<00:03:02.920> picture 00:03:04.030 --> 00:03:04.040 align:start position:0% to understand maybe a bigger picture 00:03:04.040 --> 00:03:07.270 align:start position:0% to understand maybe a bigger picture about<00:03:05.040> why<00:03:05.680> this<00:03:05.920> particular<00:03:06.400> event<00:03:06.720> is<00:03:06.879> so 00:03:07.270 --> 00:03:07.280 align:start position:0% about why this particular event is so 00:03:07.280 --> 00:03:10.229 align:start position:0% about why this particular event is so important<00:03:08.280> and<00:03:08.480> about<00:03:09.360> the<00:03:09.599> opportunities 00:03:10.229 --> 00:03:10.239 align:start position:0% important and about the opportunities 00:03:10.239 --> 00:03:12.949 align:start position:0% important and about the opportunities that<00:03:10.440> you<00:03:10.799> have<00:03:11.400> not<00:03:11.599> just<00:03:11.720> to<00:03:11.920> build<00:03:12.599> cool 00:03:12.949 --> 00:03:12.959 align:start position:0% that you have not just to build cool 00:03:12.959 --> 00:03:15.390 align:start position:0% that you have not just to build cool businesses<00:03:13.599> or<00:03:13.799> to<00:03:14.000> change<00:03:14.360> some<00:03:14.640> things<00:03:15.239> but 00:03:15.390 --> 00:03:15.400 align:start position:0% businesses or to change some things but 00:03:15.400 --> 00:03:18.350 align:start position:0% businesses or to change some things but really<00:03:15.760> to<00:03:16.239> to<00:03:16.640> be<00:03:16.879> part<00:03:17.040> of<00:03:17.200> a<00:03:17.680> a<00:03:17.840> huge 00:03:18.350 --> 00:03:18.360 align:start position:0% really to to be part of a a huge 00:03:18.360 --> 00:03:20.470 align:start position:0% really to to be part of a a huge transformation<00:03:19.360> as<00:03:19.519> we<00:03:19.680> move<00:03:19.959> into<00:03:20.319> the 00:03:20.470 --> 00:03:20.480 align:start position:0% transformation as we move into the 00:03:20.480 --> 00:03:24.070 align:start position:0% transformation as we move into the second<00:03:20.879> era<00:03:21.640> of<00:03:21.760> the<00:03:22.000> digital<00:03:22.599> of<00:03:22.760> the<00:03:22.959> digital 00:03:24.070 --> 00:03:24.080 align:start position:0% second era of the digital of the digital 00:03:24.080 --> 00:03:28.869 align:start position:0% second era of the digital of the digital age<00:03:25.080> in<00:03:25.239> the<00:03:25.400> book<00:03:26.040> I<00:03:26.200> said<00:03:27.200> um<00:03:28.200> this<00:03:28.319> is<00:03:28.480> an<00:03:28.680> age 00:03:28.869 --> 00:03:28.879 align:start position:0% age in the book I said um this is an age 00:03:28.879 --> 00:03:30.949 align:start position:0% age in the book I said um this is an age of<00:03:29.080> vast<00:03:29.360> opport<00:03:29.879> unity<00:03:30.280> and<00:03:30.439> all<00:03:30.599> kinds<00:03:30.799> of 00:03:30.949 --> 00:03:30.959 align:start position:0% of vast opport unity and all kinds of 00:03:30.959 --> 00:03:32.509 align:start position:0% of vast opport unity and all kinds of wonderful<00:03:31.400> things<00:03:31.599> are<00:03:31.760> going<00:03:31.920> to<00:03:32.120> occur<00:03:32.360> and 00:03:32.509 --> 00:03:32.519 align:start position:0% wonderful things are going to occur and 00:03:32.519 --> 00:03:35.869 align:start position:0% wonderful things are going to occur and of<00:03:32.640> course<00:03:32.879> it<00:03:33.480> did<00:03:34.480> but<00:03:34.680> I 00:03:35.869 --> 00:03:35.879 align:start position:0% of course it did but I 00:03:35.879 --> 00:03:39.110 align:start position:0% of course it did but I also<00:03:36.879> I<00:03:37.000> also<00:03:37.239> said<00:03:37.519> there's<00:03:37.720> a<00:03:37.879> dark<00:03:38.319> side<00:03:39.000> and 00:03:39.110 --> 00:03:39.120 align:start position:0% also I also said there's a dark side and 00:03:39.120 --> 00:03:42.030 align:start position:0% also I also said there's a dark side and I<00:03:39.200> went<00:03:39.439> through<00:03:39.760> eight<00:03:40.439> things<00:03:40.959> that<00:03:41.319> could 00:03:42.030 --> 00:03:42.040 align:start position:0% I went through eight things that could 00:03:42.040 --> 00:03:44.429 align:start position:0% I went through eight things that could happen<00:03:42.480> I<00:03:42.560> can't<00:03:42.799> go<00:03:42.959> through<00:03:43.159> all<00:03:43.360> of<00:03:43.519> them 00:03:44.429 --> 00:03:44.439 align:start position:0% happen I can't go through all of them 00:03:44.439 --> 00:03:47.710 align:start position:0% happen I can't go through all of them today<00:03:45.439> but<00:03:46.159> I'll<00:03:46.439> let<00:03:46.560> me<00:03:46.799> just<00:03:47.000> describe<00:03:47.599> a 00:03:47.710 --> 00:03:47.720 align:start position:0% today but I'll let me just describe a 00:03:47.720 --> 00:03:50.470 align:start position:0% today but I'll let me just describe a few<00:03:47.959> of<00:03:48.080> them<00:03:49.000> I<00:03:49.159> talked<00:03:49.439> about<00:03:49.840> dislocation 00:03:50.470 --> 00:03:50.480 align:start position:0% few of them I talked about dislocation 00:03:50.480 --> 00:03:53.030 align:start position:0% few of them I talked about dislocation of<00:03:50.680> Labor<00:03:51.000> markets<00:03:51.439> old<00:03:51.720> Industries<00:03:52.239> and<00:03:52.480> jobs 00:03:53.030 --> 00:03:53.040 align:start position:0% of Labor markets old Industries and jobs 00:03:53.040 --> 00:03:55.350 align:start position:0% of Labor markets old Industries and jobs disappearing<00:03:53.920> I<00:03:54.040> said<00:03:54.319> technology<00:03:55.040> could 00:03:55.350 --> 00:03:55.360 align:start position:0% disappearing I said technology could 00:03:55.360 --> 00:03:58.270 align:start position:0% disappearing I said technology could contribute<00:03:56.200> to<00:03:56.760> unemployment<00:03:57.760> well<00:03:57.959> there's 00:03:58.270 --> 00:03:58.280 align:start position:0% contribute to unemployment well there's 00:03:58.280 --> 00:04:00.190 align:start position:0% contribute to unemployment well there's a<00:03:58.439> next<00:03:59.000> wave<00:03:59.360> of 00:04:00.190 --> 00:04:00.200 align:start position:0% a next wave of 00:04:00.200 --> 00:04:02.309 align:start position:0% a next wave of uh<00:04:00.360> machine<00:04:00.680> learning<00:04:01.040> and<00:04:01.319> automation 00:04:02.309 --> 00:04:02.319 align:start position:0% uh machine learning and automation 00:04:02.319 --> 00:04:04.589 align:start position:0% uh machine learning and automation report<00:04:02.680> in<00:04:02.760> the<00:04:02.879> UK<00:04:03.239> said<00:04:03.480> will<00:04:03.599> wipe<00:04:03.840> out<00:04:04.000> 30% 00:04:04.589 --> 00:04:04.599 align:start position:0% report in the UK said will wipe out 30% 00:04:04.599 --> 00:04:07.550 align:start position:0% report in the UK said will wipe out 30% of<00:04:04.760> the<00:04:04.879> UK<00:04:05.200> Workforce<00:04:05.760> in<00:04:05.879> the<00:04:06.040> next<00:04:06.280> 25 00:04:07.550 --> 00:04:07.560 align:start position:0% of the UK Workforce in the next 25 00:04:07.560 --> 00:04:11.110 align:start position:0% of the UK Workforce in the next 25 years<00:04:08.560> I<00:04:08.680> said<00:04:09.439> it's<00:04:09.760> possible<00:04:10.599> that<00:04:10.760> all<00:04:10.920> the 00:04:11.110 --> 00:04:11.120 align:start position:0% years I said it's possible that all the 00:04:11.120 --> 00:04:13.229 align:start position:0% years I said it's possible that all the data<00:04:11.439> from<00:04:11.720> this<00:04:12.280> digital<00:04:12.640> age<00:04:12.879> will<00:04:13.040> be 00:04:13.229 --> 00:04:13.239 align:start position:0% data from this digital age will be 00:04:13.239 --> 00:04:15.630 align:start position:0% data from this digital age will be captured<00:04:13.720> by<00:04:14.040> powerful<00:04:14.480> intermediaries<00:04:15.319> and 00:04:15.630 --> 00:04:15.640 align:start position:0% captured by powerful intermediaries and 00:04:15.640 --> 00:04:17.830 align:start position:0% captured by powerful intermediaries and forces<00:04:16.639> and<00:04:16.759> that<00:04:16.880> they'll<00:04:17.120> create<00:04:17.359> a<00:04:17.519> new 00:04:17.830 --> 00:04:17.840 align:start position:0% forces and that they'll create a new 00:04:17.840 --> 00:04:20.789 align:start position:0% forces and that they'll create a new asset 00:04:20.789 --> 00:04:20.799 align:start position:0% 00:04:20.799 --> 00:04:24.110 align:start position:0% class<00:04:22.120> perhaps<00:04:23.120> uh<00:04:23.240> being<00:04:23.520> greater<00:04:23.880> than 00:04:24.110 --> 00:04:24.120 align:start position:0% class perhaps uh being greater than 00:04:24.120 --> 00:04:26.990 align:start position:0% class perhaps uh being greater than previous<00:04:24.600> asset<00:04:25.000> classes<00:04:25.440> like<00:04:25.680> land<00:04:26.080> or<00:04:26.880> um 00:04:26.990 --> 00:04:27.000 align:start position:0% previous asset classes like land or um 00:04:27.000 --> 00:04:28.990 align:start position:0% previous asset classes like land or um Under<00:04:27.240> The<00:04:27.400> Agrarian<00:04:27.919> economy<00:04:28.320> or<00:04:28.520> physical 00:04:28.990 --> 00:04:29.000 align:start position:0% Under The Agrarian economy or physical 00:04:29.000 --> 00:04:30.110 align:start position:0% Under The Agrarian economy or physical plant 00:04:30.110 --> 00:04:30.120 align:start position:0% plant 00:04:30.120 --> 00:04:32.350 align:start position:0% plant and<00:04:30.320> that<00:04:30.560> one<00:04:30.840> upshot<00:04:31.320> of<00:04:31.600> that<00:04:32.000> would<00:04:32.160> be 00:04:32.350 --> 00:04:32.360 align:start position:0% and that one upshot of that would be 00:04:32.360 --> 00:04:35.790 align:start position:0% and that one upshot of that would be that<00:04:32.520> we<00:04:32.720> could<00:04:33.080> lose<00:04:33.800> our<00:04:34.000> basic<00:04:34.400> right<00:04:34.880> to 00:04:35.790 --> 00:04:35.800 align:start position:0% that we could lose our basic right to 00:04:35.800 --> 00:04:38.310 align:start position:0% that we could lose our basic right to privacy<00:04:36.800> and<00:04:36.960> of<00:04:37.120> course<00:04:37.360> that's<00:04:37.880> happening 00:04:38.310 --> 00:04:38.320 align:start position:0% privacy and of course that's happening 00:04:38.320 --> 00:04:40.830 align:start position:0% privacy and of course that's happening today<00:04:38.680> we<00:04:38.800> have<00:04:38.960> what<00:04:39.080> I<00:04:39.199> call<00:04:39.479> data<00:04:39.840> frackers 00:04:40.830 --> 00:04:40.840 align:start position:0% today we have what I call data frackers 00:04:40.840 --> 00:04:42.790 align:start position:0% today we have what I call data frackers you<00:04:40.960> know<00:04:41.120> in<00:04:41.280> oil<00:04:41.479> and<00:04:41.720> gas<00:04:41.960> you<00:04:42.080> have 00:04:42.790 --> 00:04:42.800 align:start position:0% you know in oil and gas you have 00:04:42.800 --> 00:04:45.110 align:start position:0% you know in oil and gas you have fracking<00:04:43.800> and<00:04:44.160> uh<00:04:44.280> these<00:04:44.400> are<00:04:44.600> companies<00:04:44.960> that 00:04:45.110 --> 00:04:45.120 align:start position:0% fracking and uh these are companies that 00:04:45.120 --> 00:04:47.390 align:start position:0% fracking and uh these are companies that are<00:04:45.280> able<00:04:46.000> to 00:04:47.390 --> 00:04:47.400 align:start position:0% are able to 00:04:47.400 --> 00:04:50.870 align:start position:0% are able to drive<00:04:48.639> steam<00:04:49.639> into<00:04:49.919> the<00:04:50.080> internet<00:04:50.600> if<00:04:50.680> you 00:04:50.870 --> 00:04:50.880 align:start position:0% drive steam into the internet if you 00:04:50.880 --> 00:04:54.670 align:start position:0% drive steam into the internet if you like<00:04:51.400> and<00:04:51.520> to<00:04:51.759> generate<00:04:52.400> all<00:04:52.680> kinds<00:04:53.120> of<00:04:53.639> uh<00:04:54.400> of 00:04:54.670 --> 00:04:54.680 align:start position:0% like and to generate all kinds of uh of 00:04:54.680 --> 00:04:57.469 align:start position:0% like and to generate all kinds of uh of of<00:04:54.919> of<00:04:55.120> massive<00:04:55.919> uh<00:04:56.120> data<00:04:56.680> that<00:04:56.840> they<00:04:57.039> control 00:04:57.469 --> 00:04:57.479 align:start position:0% of of massive uh data that they control 00:04:57.479 --> 00:04:59.830 align:start position:0% of of massive uh data that they control and<00:04:57.680> own<00:04:58.400> now<00:04:58.600> some<00:04:58.720> of<00:04:58.880> this<00:04:59.000> is<00:04:59.199> kind<00:04:59.320> of<00:04:59.639> cool 00:04:59.830 --> 00:04:59.840 align:start position:0% and own now some of this is kind of cool 00:04:59.840 --> 00:05:01.950 align:start position:0% and own now some of this is kind of cool it's<00:05:00.000> a<00:05:00.160> company<00:05:00.440> called<00:05:00.680> Data<00:05:01.039> Miner<00:05:01.759> that 00:05:01.950 --> 00:05:01.960 align:start position:0% it's a company called Data Miner that 00:05:01.960 --> 00:05:05.189 align:start position:0% it's a company called Data Miner that goes<00:05:02.160> out<00:05:02.360> onto<00:05:02.720> Twitter<00:05:03.600> and<00:05:03.800> it<00:05:04.520> analyzes 00:05:05.189 --> 00:05:05.199 align:start position:0% goes out onto Twitter and it analyzes 00:05:05.199 --> 00:05:07.230 align:start position:0% goes out onto Twitter and it analyzes tweets<00:05:05.639> and<00:05:05.800> it<00:05:06.000> spots<00:05:06.440> something<00:05:06.720> a<00:05:06.880> sound<00:05:07.120> of 00:05:07.230 --> 00:05:07.240 align:start position:0% tweets and it spots something a sound of 00:05:07.240 --> 00:05:10.990 align:start position:0% tweets and it spots something a sound of an<00:05:07.520> explosion<00:05:08.479> it<00:05:08.680> detects<00:05:09.160> 1<00:05:09.440> two<00:05:09.800> 3<00:05:10.039> four 00:05:10.990 --> 00:05:11.000 align:start position:0% an explosion it detects 1 two 3 four 00:05:11.000 --> 00:05:15.870 align:start position:0% an explosion it detects 1 two 3 four pattern<00:05:11.960> detected<00:05:12.960> um<00:05:13.639> the<00:05:14.000> the<00:05:14.440> uh<00:05:15.320> bitstream 00:05:15.870 --> 00:05:15.880 align:start position:0% pattern detected um the the uh bitstream 00:05:15.880 --> 00:05:19.270 align:start position:0% pattern detected um the the uh bitstream goes<00:05:16.120> to<00:05:16.720> U<00:05:17.080> CNN<00:05:18.080> and<00:05:18.240> they're<00:05:18.440> on<00:05:18.639> the<00:05:18.840> case 00:05:19.270 --> 00:05:19.280 align:start position:0% goes to U CNN and they're on the case 00:05:19.280 --> 00:05:21.110 align:start position:0% goes to U CNN and they're on the case because<00:05:19.560> they<00:05:19.720> know<00:05:20.000> that<00:05:20.160> an<00:05:20.400> explosion<00:05:20.919> has 00:05:21.110 --> 00:05:21.120 align:start position:0% because they know that an explosion has 00:05:21.120 --> 00:05:23.909 align:start position:0% because they know that an explosion has occurred<00:05:21.720> before<00:05:22.039> anybody<00:05:22.520> else<00:05:23.319> now<00:05:23.520> a<00:05:23.639> dark 00:05:23.909 --> 00:05:23.919 align:start position:0% occurred before anybody else now a dark 00:05:23.919 --> 00:05:26.270 align:start position:0% occurred before anybody else now a dark side<00:05:24.120> of<00:05:24.319> that<00:05:24.479> is<00:05:24.600> that<00:05:24.800> this<00:05:24.880> is<00:05:25.280> disrupted 00:05:26.270 --> 00:05:26.280 align:start position:0% side of that is that this is disrupted 00:05:26.280 --> 00:05:28.270 align:start position:0% side of that is that this is disrupted Capital<00:05:26.680> markets<00:05:27.240> because<00:05:27.560> companies<00:05:27.960> using 00:05:28.270 --> 00:05:28.280 align:start position:0% Capital markets because companies using 00:05:28.280 --> 00:05:30.510 align:start position:0% Capital markets because companies using data<00:05:28.600> Miner<00:05:29.240> can<00:05:29.600> go<00:05:29.720> on<00:05:29.840> and<00:05:30.000> find<00:05:30.160> out<00:05:30.360> that 00:05:30.510 --> 00:05:30.520 align:start position:0% data Miner can go on and find out that 00:05:30.520 --> 00:05:33.550 align:start position:0% data Miner can go on and find out that say<00:05:30.800> home<00:05:31.080> Leo<00:05:31.560> Home<00:05:31.800> Depot<00:05:32.240> had<00:05:32.360> a<00:05:32.560> big<00:05:33.360> uh 00:05:33.550 --> 00:05:33.560 align:start position:0% say home Leo Home Depot had a big uh 00:05:33.560 --> 00:05:35.430 align:start position:0% say home Leo Home Depot had a big uh security<00:05:34.080> violation<00:05:34.639> and<00:05:34.759> they<00:05:34.880> short<00:05:35.280> the 00:05:35.430 --> 00:05:35.440 align:start position:0% security violation and they short the 00:05:35.440 --> 00:05:37.710 align:start position:0% security violation and they short the company<00:05:36.280> because<00:05:36.479> they<00:05:36.600> know<00:05:36.840> 24<00:05:37.240> hours 00:05:37.710 --> 00:05:37.720 align:start position:0% company because they know 24 hours 00:05:37.720 --> 00:05:40.749 align:start position:0% company because they know 24 hours before<00:05:38.360> anybody<00:05:39.080> else<00:05:40.080> but<00:05:40.240> the<00:05:40.440> re<00:05:40.639> the 00:05:40.749 --> 00:05:40.759 align:start position:0% before anybody else but the re the 00:05:40.759 --> 00:05:44.070 align:start position:0% before anybody else but the re the bigger<00:05:41.199> problem<00:05:42.000> is<00:05:42.240> that<00:05:42.560> somehow<00:05:43.120> we<00:05:43.280> all 00:05:44.070 --> 00:05:44.080 align:start position:0% bigger problem is that somehow we all 00:05:44.080 --> 00:05:47.029 align:start position:0% bigger problem is that somehow we all did<00:05:44.319> a<00:05:44.520> deal<00:05:45.400> with<00:05:45.680> these<00:05:46.000> powerful<00:05:46.440> social 00:05:47.029 --> 00:05:47.039 align:start position:0% did a deal with these powerful social 00:05:47.039 --> 00:05:50.670 align:start position:0% did a deal with these powerful social media<00:05:47.919> companies<00:05:48.720> to<00:05:48.919> give<00:05:49.120> away<00:05:49.360> our<00:05:49.680> data 00:05:50.670 --> 00:05:50.680 align:start position:0% media companies to give away our data 00:05:50.680 --> 00:05:53.029 align:start position:0% media companies to give away our data and<00:05:51.000> people<00:05:51.840> a<00:05:52.000> friend<00:05:52.160> of<00:05:52.280> mine<00:05:52.440> named<00:05:52.680> Jeff 00:05:53.029 --> 00:05:53.039 align:start position:0% and people a friend of mine named Jeff 00:05:53.039 --> 00:05:55.749 align:start position:0% and people a friend of mine named Jeff Jarvis<00:05:54.039> wrote<00:05:54.280> a<00:05:54.360> book<00:05:54.560> called<00:05:54.960> public<00:05:55.360> parts 00:05:55.749 --> 00:05:55.759 align:start position:0% Jarvis wrote a book called public parts 00:05:55.759 --> 00:05:57.629 align:start position:0% Jarvis wrote a book called public parts and<00:05:55.880> he<00:05:56.000> argues<00:05:56.720> well<00:05:56.919> this<00:05:57.000> is<00:05:57.280> great 00:05:57.629 --> 00:05:57.639 align:start position:0% and he argues well this is great 00:05:57.639 --> 00:05:59.430 align:start position:0% and he argues well this is great transparency<00:05:58.360> is<00:05:58.560> not<00:05:58.720> just<00:05:58.840> for<00:05:59.039> individuals 00:05:59.430 --> 00:05:59.440 align:start position:0% transparency is not just for individuals 00:05:59.440 --> 00:06:01.469 align:start position:0% transparency is not just for individuals ual<00:06:00.080> or<00:06:00.240> or<00:06:00.440> corporations<00:06:01.080> it's<00:06:01.240> for 00:06:01.469 --> 00:06:01.479 align:start position:0% ual or or corporations it's for 00:06:01.479 --> 00:06:03.469 align:start position:0% ual or or corporations it's for individuals<00:06:02.360> and<00:06:02.440> if<00:06:02.560> we<00:06:02.680> all<00:06:02.919> give<00:06:03.080> away<00:06:03.319> all 00:06:03.469 --> 00:06:03.479 align:start position:0% individuals and if we all give away all 00:06:03.479 --> 00:06:06.189 align:start position:0% individuals and if we all give away all our<00:06:03.720> data<00:06:04.560> and<00:06:04.759> we<00:06:04.880> all<00:06:05.120> just<00:06:05.280> open<00:06:05.560> the<00:06:05.720> kimona 00:06:06.189 --> 00:06:06.199 align:start position:0% our data and we all just open the kimona 00:06:06.199 --> 00:06:08.110 align:start position:0% our data and we all just open the kimona the<00:06:06.280> world<00:06:06.479> will<00:06:06.639> be<00:06:06.759> a<00:06:06.919> better<00:06:07.240> place<00:06:08.000> we 00:06:08.110 --> 00:06:08.120 align:start position:0% the world will be a better place we 00:06:08.120 --> 00:06:11.589 align:start position:0% the world will be a better place we won't<00:06:08.400> cheat<00:06:08.639> on<00:06:08.840> our<00:06:09.080> spouses<00:06:09.840> and<00:06:10.080> so<00:06:10.360> on<00:06:11.360> and 00:06:11.589 --> 00:06:11.599 align:start position:0% won't cheat on our spouses and so on and 00:06:11.599 --> 00:06:13.070 align:start position:0% won't cheat on our spouses and so on and I<00:06:11.720> think<00:06:11.960> this<00:06:12.080> is<00:06:12.240> not 00:06:13.070 --> 00:06:13.080 align:start position:0% I think this is not 00:06:13.080 --> 00:06:17.309 align:start position:0% I think this is not only<00:06:14.080> uh<00:06:14.479> foolish<00:06:15.199> it's<00:06:15.440> a<00:06:15.639> dangerous<00:06:16.479> concept 00:06:17.309 --> 00:06:17.319 align:start position:0% only uh foolish it's a dangerous concept 00:06:17.319 --> 00:06:19.830 align:start position:0% only uh foolish it's a dangerous concept because<00:06:17.720> privacy<00:06:18.720> is<00:06:18.840> the<00:06:19.039> foundation<00:06:19.560> of<00:06:19.680> a 00:06:19.830 --> 00:06:19.840 align:start position:0% because privacy is the foundation of a 00:06:19.840 --> 00:06:22.070 align:start position:0% because privacy is the foundation of a free<00:06:20.199> society<00:06:20.680> and<00:06:20.960> identities<00:06:21.599> need<00:06:21.800> to<00:06:21.919> be 00:06:22.070 --> 00:06:22.080 align:start position:0% free society and identities need to be 00:06:22.080 --> 00:06:24.629 align:start position:0% free society and identities need to be managed<00:06:22.759> responsibly<00:06:23.759> and<00:06:23.880> this<00:06:24.000> is<00:06:24.120> a<00:06:24.319> big 00:06:24.629 --> 00:06:24.639 align:start position:0% managed responsibly and this is a big 00:06:24.639 --> 00:06:28.189 align:start position:0% managed responsibly and this is a big problem<00:06:25.639> uh<00:06:25.919> for<00:06:26.199> us<00:06:26.400> all<00:06:26.880> today<00:06:27.880> in<00:06:28.039> the 00:06:28.189 --> 00:06:28.199 align:start position:0% problem uh for us all today in the 00:06:28.199 --> 00:06:30.950 align:start position:0% problem uh for us all today in the digital<00:06:28.639> economy<00:06:29.479> I<00:06:29.639> conjured<00:06:30.039> up<00:06:30.240> this<00:06:30.400> view 00:06:30.950 --> 00:06:30.960 align:start position:0% digital economy I conjured up this view 00:06:30.960 --> 00:06:33.950 align:start position:0% digital economy I conjured up this view of<00:06:31.960> of<00:06:32.280> uh<00:06:32.400> Orwell<00:06:32.960> and<00:06:33.160> Big<00:06:33.360> Brothers 00:06:33.950 --> 00:06:33.960 align:start position:0% of of uh Orwell and Big Brothers 00:06:33.960 --> 00:06:36.390 align:start position:0% of of uh Orwell and Big Brothers watching<00:06:34.440> you<00:06:35.000> in<00:06:35.199> hindsight<00:06:35.919> I<00:06:36.000> don't<00:06:36.199> think 00:06:36.390 --> 00:06:36.400 align:start position:0% watching you in hindsight I don't think 00:06:36.400 --> 00:06:38.110 align:start position:0% watching you in hindsight I don't think that<00:06:36.520> was<00:06:36.680> the<00:06:36.840> right<00:06:37.039> analogy<00:06:37.639> it's<00:06:37.800> more 00:06:38.110 --> 00:06:38.120 align:start position:0% that was the right analogy it's more 00:06:38.120 --> 00:06:40.830 align:start position:0% that was the right analogy it's more more<00:06:38.280> like<00:06:38.440> France<00:06:39.000> Kafka<00:06:39.800> and<00:06:39.960> the<00:06:40.199> trial<00:06:40.759> you 00:06:40.830 --> 00:06:40.840 align:start position:0% more like France Kafka and the trial you 00:06:40.840 --> 00:06:42.230 align:start position:0% more like France Kafka and the trial you know<00:06:41.000> where<00:06:41.120> you're<00:06:41.280> charged<00:06:41.680> with<00:06:41.840> something 00:06:42.230 --> 00:06:42.240 align:start position:0% know where you're charged with something 00:06:42.240 --> 00:06:43.790 align:start position:0% know where you're charged with something you<00:06:42.360> don't<00:06:42.520> know<00:06:42.680> who<00:06:42.800> your<00:06:43.000> accuser<00:06:43.479> is<00:06:43.680> you 00:06:43.790 --> 00:06:43.800 align:start position:0% you don't know who your accuser is you 00:06:43.800 --> 00:06:45.749 align:start position:0% you don't know who your accuser is you don't<00:06:43.960> know<00:06:44.479> what<00:06:44.639> the<00:06:44.800> evidence<00:06:45.240> against<00:06:45.560> you 00:06:45.749 --> 00:06:45.759 align:start position:0% don't know what the evidence against you 00:06:45.759 --> 00:06:48.070 align:start position:0% don't know what the evidence against you is<00:06:46.160> but<00:06:46.319> all<00:06:46.440> of<00:06:46.560> a<00:06:46.720> sudden<00:06:47.560> you<00:06:47.720> don't<00:06:47.919> get 00:06:48.070 --> 00:06:48.080 align:start position:0% is but all of a sudden you don't get 00:06:48.080 --> 00:06:50.830 align:start position:0% is but all of a sudden you don't get that<00:06:48.240> dream<00:06:48.639> job<00:06:49.400> or<00:06:49.560> you<00:06:49.720> can't<00:06:49.960> get<00:06:50.120> across 00:06:50.830 --> 00:06:50.840 align:start position:0% that dream job or you can't get across 00:06:50.840 --> 00:06:51.510 align:start position:0% that dream job or you can't get across the 00:06:51.510 --> 00:06:51.520 align:start position:0% the 00:06:51.520 --> 00:06:55.950 align:start position:0% the border<00:06:52.520> so<00:06:53.319> this<00:06:53.520> is<00:06:53.880> this<00:06:54.000> is<00:06:54.160> a<00:06:54.520> a<00:06:54.680> big 00:06:55.950 --> 00:06:55.960 align:start position:0% border so this is this is a a big 00:06:55.960 --> 00:06:59.070 align:start position:0% border so this is this is a a big problem<00:06:56.960> thirdly<00:06:57.479> I<00:06:57.639> said<00:06:58.120> it's<00:06:58.479> possible 00:06:59.070 --> 00:06:59.080 align:start position:0% problem thirdly I said it's possible 00:06:59.080 --> 00:07:00.550 align:start position:0% problem thirdly I said it's possible that<00:06:59.199> we<00:06:59.360> we<00:06:59.440> could<00:06:59.560> have<00:06:59.720> wealth<00:07:00.080> creation 00:07:00.550 --> 00:07:00.560 align:start position:0% that we we could have wealth creation 00:07:00.560 --> 00:07:03.189 align:start position:0% that we we could have wealth creation but<00:07:00.720> we<00:07:00.800> wouldn't<00:07:01.120> have<00:07:01.840> prosperity<00:07:02.840> and<00:07:03.039> of 00:07:03.189 --> 00:07:03.199 align:start position:0% but we wouldn't have prosperity and of 00:07:03.199 --> 00:07:07.510 align:start position:0% but we wouldn't have prosperity and of course<00:07:03.960> this<00:07:04.080> is<00:07:04.199> what<00:07:04.360> I<00:07:04.479> said<00:07:04.840> back<00:07:05.599> then 00:07:07.510 --> 00:07:07.520 align:start position:0% course this is what I said back then 00:07:07.520 --> 00:07:10.029 align:start position:0% course this is what I said back then um<00:07:08.520> this<00:07:08.639> is<00:07:08.840> now<00:07:09.039> occurring<00:07:09.440> for<00:07:09.639> the<00:07:09.759> first 00:07:10.029 --> 00:07:10.039 align:start position:0% um this is now occurring for the first 00:07:10.039 --> 00:07:11.950 align:start position:0% um this is now occurring for the first time<00:07:10.199> in<00:07:10.360> modern<00:07:10.800> history<00:07:11.240> in<00:07:11.360> the<00:07:11.560> developed 00:07:11.950 --> 00:07:11.960 align:start position:0% time in modern history in the developed 00:07:11.960 --> 00:07:14.230 align:start position:0% time in modern history in the developed world<00:07:12.199> the<00:07:12.360> 51st<00:07:13.039> percenti<00:07:13.639> is<00:07:13.759> not<00:07:13.960> getting 00:07:14.230 --> 00:07:14.240 align:start position:0% world the 51st percenti is not getting 00:07:14.240 --> 00:07:18.110 align:start position:0% world the 51st percenti is not getting ahead<00:07:14.759> it's<00:07:14.919> falling<00:07:15.440> behind<00:07:16.360> and<00:07:17.120> everywhere 00:07:18.110 --> 00:07:18.120 align:start position:0% ahead it's falling behind and everywhere 00:07:18.120 --> 00:07:20.790 align:start position:0% ahead it's falling behind and everywhere uh<00:07:18.400> people<00:07:18.680> are<00:07:19.000> talking<00:07:19.720> about<00:07:19.960> the<00:07:20.240> problem 00:07:20.790 --> 00:07:20.800 align:start position:0% uh people are talking about the problem 00:07:20.800 --> 00:07:23.950 align:start position:0% uh people are talking about the problem of<00:07:21.319> uh<00:07:21.680> social<00:07:22.080> inequality<00:07:22.800> to<00:07:23.000> the<00:07:23.160> point 00:07:23.950 --> 00:07:23.960 align:start position:0% of uh social inequality to the point 00:07:23.960 --> 00:07:25.909 align:start position:0% of uh social inequality to the point that<00:07:24.160> the<00:07:24.400> bestselling<00:07:25.000> management<00:07:25.599> book<00:07:25.759> and 00:07:25.909 --> 00:07:25.919 align:start position:0% that the bestselling management book and 00:07:25.919 --> 00:07:28.150 align:start position:0% that the bestselling management book and the<00:07:26.000> winner<00:07:26.319> of<00:07:26.479> the<00:07:26.639> financial<00:07:27.400> times 00:07:28.150 --> 00:07:28.160 align:start position:0% the winner of the financial times 00:07:28.160 --> 00:07:31.070 align:start position:0% the winner of the financial times McKenzie<00:07:28.800> Award<00:07:29.160> for<00:07:29.560> best<00:07:30.280> business<00:07:30.720> book 00:07:31.070 --> 00:07:31.080 align:start position:0% McKenzie Award for best business book 00:07:31.080 --> 00:07:32.830 align:start position:0% McKenzie Award for best business book last<00:07:31.280> year<00:07:31.560> was<00:07:31.720> written<00:07:32.080> essentially<00:07:32.560> by<00:07:32.720> a 00:07:32.830 --> 00:07:32.840 align:start position:0% last year was written essentially by a 00:07:32.840 --> 00:07:35.510 align:start position:0% last year was written essentially by a guy<00:07:32.960> who's<00:07:33.120> a<00:07:33.280> Marxist<00:07:34.240> who<00:07:34.440> argues<00:07:35.199> that 00:07:35.510 --> 00:07:35.520 align:start position:0% guy who's a Marxist who argues that 00:07:35.520 --> 00:07:38.950 align:start position:0% guy who's a Marxist who argues that capitalism<00:07:36.160> is<00:07:36.879> totally<00:07:37.879> um<00:07:38.240> broken<00:07:38.639> and<00:07:38.800> is 00:07:38.950 --> 00:07:38.960 align:start position:0% capitalism is totally um broken and is 00:07:38.960 --> 00:07:42.270 align:start position:0% capitalism is totally um broken and is at<00:07:39.160> the<00:07:39.319> heart<00:07:40.000> of<00:07:40.639> irreversible<00:07:41.639> social 00:07:42.270 --> 00:07:42.280 align:start position:0% at the heart of irreversible social 00:07:42.280 --> 00:07:44.869 align:start position:0% at the heart of irreversible social inequality<00:07:43.280> this<00:07:43.440> is<00:07:43.639> not<00:07:43.960> good<00:07:44.479> this<00:07:44.599> is<00:07:44.720> a 00:07:44.869 --> 00:07:44.879 align:start position:0% inequality this is not good this is a 00:07:44.879 --> 00:07:46.670 align:start position:0% inequality this is not good this is a big<00:07:45.120> problem<00:07:45.560> how<00:07:45.680> can<00:07:45.879> this 00:07:46.670 --> 00:07:46.680 align:start position:0% big problem how can this 00:07:46.680 --> 00:07:49.550 align:start position:0% big problem how can this be<00:07:47.680> well<00:07:47.800> I<00:07:47.879> was<00:07:48.039> talking<00:07:48.280> to<00:07:48.440> Tim<00:07:48.599> burner<00:07:49.080> Lee 00:07:49.550 --> 00:07:49.560 align:start position:0% be well I was talking to Tim burner Lee 00:07:49.560 --> 00:07:51.909 align:start position:0% be well I was talking to Tim burner Lee about<00:07:50.000> this<00:07:50.599> and<00:07:50.720> he<00:07:50.840> said<00:07:51.080> it's<00:07:51.319> true<00:07:51.599> we<00:07:51.720> have 00:07:51.909 --> 00:07:51.919 align:start position:0% about this and he said it's true we have 00:07:51.919 --> 00:07:53.909 align:start position:0% about this and he said it's true we have this<00:07:52.080> wonderful<00:07:52.560> peer-to-peer 00:07:53.909 --> 00:07:53.919 align:start position:0% this wonderful peer-to-peer 00:07:53.919 --> 00:07:56.189 align:start position:0% this wonderful peer-to-peer technology<00:07:54.919> you<00:07:55.039> may<00:07:55.280> remember<00:07:55.759> people<00:07:56.039> like 00:07:56.189 --> 00:07:56.199 align:start position:0% technology you may remember people like 00:07:56.199 --> 00:07:58.309 align:start position:0% technology you may remember people like me<00:07:56.440> saying<00:07:57.319> yeah<00:07:57.520> the<00:07:57.599> old<00:07:57.840> media<00:07:58.159> is 00:07:58.309 --> 00:07:58.319 align:start position:0% me saying yeah the old media is 00:07:58.319 --> 00:08:00.629 align:start position:0% me saying yeah the old media is centralized<00:07:58.919> it's<00:07:59.039> one<00:07:59.520> way<00:07:59.840> it's<00:08:00.400> it's 00:08:00.629 --> 00:08:00.639 align:start position:0% centralized it's one way it's it's 00:08:00.639 --> 00:08:02.550 align:start position:0% centralized it's one way it's it's controlled<00:08:01.159> by<00:08:01.400> powerful<00:08:01.879> forces<00:08:02.360> and 00:08:02.550 --> 00:08:02.560 align:start position:0% controlled by powerful forces and 00:08:02.560 --> 00:08:03.990 align:start position:0% controlled by powerful forces and everybody<00:08:02.879> out<00:08:03.080> there<00:08:03.199> is<00:08:03.319> a<00:08:03.520> passive 00:08:03.990 --> 00:08:04.000 align:start position:0% everybody out there is a passive 00:08:04.000 --> 00:08:06.270 align:start position:0% everybody out there is a passive recipient<00:08:04.800> the<00:08:04.919> New<00:08:05.120> Media<00:08:05.479> is<00:08:05.680> distributed 00:08:06.270 --> 00:08:06.280 align:start position:0% recipient the New Media is distributed 00:08:06.280 --> 00:08:08.189 align:start position:0% recipient the New Media is distributed it's<00:08:06.520> interactive<00:08:07.280> it's<00:08:07.440> one<00:08:07.639> to<00:08:07.800> one<00:08:08.000> it's 00:08:08.189 --> 00:08:08.199 align:start position:0% it's interactive it's one to one it's 00:08:08.199 --> 00:08:10.230 align:start position:0% it's interactive it's one to one it's many<00:08:08.479> to<00:08:08.680> many<00:08:09.000> it<00:08:09.360> has<00:08:09.560> this<00:08:09.840> awesome 00:08:10.230 --> 00:08:10.240 align:start position:0% many to many it has this awesome 00:08:10.240 --> 00:08:13.110 align:start position:0% many to many it has this awesome neutrality<00:08:11.000> it<00:08:11.120> will<00:08:11.319> be<00:08:11.560> what<00:08:11.759> we<00:08:11.879> want<00:08:12.080> it<00:08:12.240> to 00:08:13.110 --> 00:08:13.120 align:start position:0% neutrality it will be what we want it to 00:08:13.120 --> 00:08:16.350 align:start position:0% neutrality it will be what we want it to be<00:08:14.120> well<00:08:14.520> says<00:08:14.840> Tim<00:08:15.400> this<00:08:15.599> beautiful 00:08:16.350 --> 00:08:16.360 align:start position:0% be well says Tim this beautiful 00:08:16.360 --> 00:08:18.189 align:start position:0% be well says Tim this beautiful distributed<00:08:17.360> platform<00:08:17.879> for<00:08:18.039> the 00:08:18.189 --> 00:08:18.199 align:start position:0% distributed platform for the 00:08:18.199 --> 00:08:19.670 align:start position:0% distributed platform for the communication<00:08:18.800> of 00:08:19.670 --> 00:08:19.680 align:start position:0% communication of 00:08:19.680 --> 00:08:22.710 align:start position:0% communication of information<00:08:20.680> not<00:08:20.919> value<00:08:21.520> information<00:08:22.520> got 00:08:22.710 --> 00:08:22.720 align:start position:0% information not value information got 00:08:22.720 --> 00:08:25.430 align:start position:0% information not value information got laid<00:08:22.960> on<00:08:23.280> top<00:08:23.440> of<00:08:23.560> a<00:08:23.800> society<00:08:24.319> that's<00:08:24.560> anything 00:08:25.430 --> 00:08:25.440 align:start position:0% laid on top of a society that's anything 00:08:25.440 --> 00:08:29.430 align:start position:0% laid on top of a society that's anything but<00:08:26.440> and<00:08:26.759> now<00:08:26.960> we<00:08:27.080> have<00:08:27.280> asymmetrical<00:08:28.240> benefit 00:08:29.430 --> 00:08:29.440 align:start position:0% but and now we have asymmetrical benefit 00:08:29.440 --> 00:08:31.629 align:start position:0% but and now we have asymmetrical benefit so<00:08:29.680> the<00:08:29.840> rich<00:08:30.120> are<00:08:30.400> getting<00:08:30.720> richer<00:08:31.199> and<00:08:31.400> we've 00:08:31.629 --> 00:08:31.639 align:start position:0% so the rich are getting richer and we've 00:08:31.639 --> 00:08:35.630 align:start position:0% so the rich are getting richer and we've now<00:08:31.879> got<00:08:32.719> the<00:08:33.000> these<00:08:33.479> uh<00:08:33.880> uh<00:08:34.279> uh<00:08:34.919> uh<00:08:35.120> powerful 00:08:35.630 --> 00:08:35.640 align:start position:0% now got the these uh uh uh uh powerful 00:08:35.640 --> 00:08:38.389 align:start position:0% now got the these uh uh uh uh powerful data<00:08:35.919> frackers<00:08:36.680> that<00:08:37.039> end<00:08:37.320> up<00:08:37.640> owning<00:08:38.120> our 00:08:38.389 --> 00:08:38.399 align:start position:0% data frackers that end up owning our 00:08:38.399 --> 00:08:43.350 align:start position:0% data frackers that end up owning our data<00:08:39.399> but<00:08:39.640> also<00:08:40.640> creating<00:08:41.159> wealth<00:08:42.039> but<00:08:42.200> not 00:08:43.350 --> 00:08:43.360 align:start position:0% data but also creating wealth but not 00:08:43.360 --> 00:08:45.590 align:start position:0% data but also creating wealth but not Prosperity<00:08:44.360> uh<00:08:44.480> just<00:08:44.680> another<00:08:44.959> one<00:08:45.120> I<00:08:45.279> said<00:08:45.480> I 00:08:45.590 --> 00:08:45.600 align:start position:0% Prosperity uh just another one I said I 00:08:45.600 --> 00:08:48.070 align:start position:0% Prosperity uh just another one I said I think<00:08:45.800> many<00:08:46.120> governments<00:08:46.959> are<00:08:47.200> slow<00:08:47.720> to 00:08:48.070 --> 00:08:48.080 align:start position:0% think many governments are slow to 00:08:48.080 --> 00:08:51.190 align:start position:0% think many governments are slow to compreh<00:08:49.080> may<00:08:49.360> be<00:08:49.600> slow<00:08:50.240> to<00:08:50.480> comprehend<00:08:51.040> the 00:08:51.190 --> 00:08:51.200 align:start position:0% compreh may be slow to comprehend the 00:08:51.200 --> 00:08:55.070 align:start position:0% compreh may be slow to comprehend the shift<00:08:52.200> and<00:08:52.440> that<00:08:53.000> uh<00:08:53.240> basically<00:08:54.080> occurred 00:08:55.070 --> 00:08:55.080 align:start position:0% shift and that uh basically occurred 00:08:55.080 --> 00:08:57.110 align:start position:0% shift and that uh basically occurred that<00:08:55.920> have<00:08:56.120> governments<00:08:56.640> changed 00:08:57.110 --> 00:08:57.120 align:start position:0% that have governments changed 00:08:57.120 --> 00:08:59.790 align:start position:0% that have governments changed fundamentally<00:08:58.120> in<00:08:58.279> the<00:08:58.440> last<00:08:58.640> 20<00:08:58.920> years 00:08:59.790 --> 00:08:59.800 align:start position:0% fundamentally in the last 20 years 00:08:59.800 --> 00:09:01.670 align:start position:0% fundamentally in the last 20 years I<00:08:59.880> mean<00:09:00.079> sure<00:09:00.320> they're<00:09:00.480> delivering<00:09:01.120> Services 00:09:01.670 --> 00:09:01.680 align:start position:0% I mean sure they're delivering Services 00:09:01.680 --> 00:09:03.590 align:start position:0% I mean sure they're delivering Services electronically<00:09:02.600> but<00:09:02.760> the<00:09:02.920> Deep<00:09:03.240> structure 00:09:03.590 --> 00:09:03.600 align:start position:0% electronically but the Deep structure 00:09:03.600 --> 00:09:05.590 align:start position:0% electronically but the Deep structure and<00:09:03.839> architecture<00:09:04.480> of<00:09:04.760> government<00:09:05.160> is<00:09:05.320> still 00:09:05.590 --> 00:09:05.600 align:start position:0% and architecture of government is still 00:09:05.600 --> 00:09:07.590 align:start position:0% and architecture of government is still pretty<00:09:05.839> much<00:09:06.519> the 00:09:07.590 --> 00:09:07.600 align:start position:0% pretty much the 00:09:07.600 --> 00:09:10.790 align:start position:0% pretty much the same<00:09:08.640> so<00:09:09.640> there<00:09:09.760> have<00:09:09.920> been<00:09:10.120> some<00:09:10.360> initial 00:09:10.790 --> 00:09:10.800 align:start position:0% same so there have been some initial 00:09:10.800 --> 00:09:12.470 align:start position:0% same so there have been some initial stuff<00:09:11.160> government<00:09:11.480> is<00:09:11.640> a<00:09:11.880> platform 00:09:12.470 --> 00:09:12.480 align:start position:0% stuff government is a platform 00:09:12.480 --> 00:09:14.990 align:start position:0% stuff government is a platform government's<00:09:13.320> releasing<00:09:13.800> raw<00:09:14.240> data<00:09:14.560> and 00:09:14.990 --> 00:09:15.000 align:start position:0% government's releasing raw data and 00:09:15.000 --> 00:09:16.910 align:start position:0% government's releasing raw data and creating<00:09:15.360> a<00:09:15.560> platform<00:09:16.040> whereby<00:09:16.399> the<00:09:16.600> private 00:09:16.910 --> 00:09:16.920 align:start position:0% creating a platform whereby the private 00:09:16.920 --> 00:09:18.750 align:start position:0% creating a platform whereby the private sector<00:09:17.399> Civil<00:09:17.680> Society<00:09:18.160> other<00:09:18.360> government 00:09:18.750 --> 00:09:18.760 align:start position:0% sector Civil Society other government 00:09:18.760 --> 00:09:20.750 align:start position:0% sector Civil Society other government agencies<00:09:19.279> can<00:09:19.480> self-organize<00:09:20.279> to<00:09:20.440> create 00:09:20.750 --> 00:09:20.760 align:start position:0% agencies can self-organize to create 00:09:20.760 --> 00:09:24.550 align:start position:0% agencies can self-organize to create public<00:09:21.320> value<00:09:22.320> but<00:09:22.480> it's<00:09:22.640> been<00:09:22.880> very<00:09:23.560> limited 00:09:24.550 --> 00:09:24.560 align:start position:0% public value but it's been very limited 00:09:24.560 --> 00:09:27.430 align:start position:0% public value but it's been very limited and<00:09:24.680> when<00:09:24.800> it<00:09:24.959> comes<00:09:25.200> to<00:09:25.839> democracy<00:09:26.839> I<00:09:27.000> argued 00:09:27.430 --> 00:09:27.440 align:start position:0% and when it comes to democracy I argued 00:09:27.440 --> 00:09:29.310 align:start position:0% and when it comes to democracy I argued you<00:09:27.560> know<00:09:27.680> we<00:09:27.760> can<00:09:27.920> move<00:09:28.079> to<00:09:28.240> a<00:09:28.360> second<00:09:28.720> era 00:09:29.310 --> 00:09:29.320 align:start position:0% you know we can move to a second era 00:09:29.320 --> 00:09:31.470 align:start position:0% you know we can move to a second era democracy<00:09:29.839> with<00:09:30.040> the<00:09:30.160> internet<00:09:31.120> where<00:09:31.360> the 00:09:31.470 --> 00:09:31.480 align:start position:0% democracy with the internet where the 00:09:31.480 --> 00:09:33.750 align:start position:0% democracy with the internet where the first<00:09:31.760> era<00:09:32.079> we<00:09:32.279> had<00:09:32.959> representative 00:09:33.750 --> 00:09:33.760 align:start position:0% first era we had representative 00:09:33.760 --> 00:09:35.949 align:start position:0% first era we had representative institutions<00:09:34.560> but<00:09:34.720> there<00:09:34.839> was<00:09:34.959> a<00:09:35.120> weak<00:09:35.640> public 00:09:35.949 --> 00:09:35.959 align:start position:0% institutions but there was a weak public 00:09:35.959 --> 00:09:38.150 align:start position:0% institutions but there was a weak public mandate<00:09:36.399> and<00:09:36.600> citizens<00:09:37.160> were<00:09:37.279> in<00:09:37.399> Earth<00:09:38.040> we 00:09:38.150 --> 00:09:38.160 align:start position:0% mandate and citizens were in Earth we 00:09:38.160 --> 00:09:40.910 align:start position:0% mandate and citizens were in Earth we could<00:09:38.320> create<00:09:38.560> a<00:09:38.760> second<00:09:39.160> era<00:09:39.760> based<00:09:40.120> on 00:09:40.910 --> 00:09:40.920 align:start position:0% could create a second era based on 00:09:40.920 --> 00:09:42.389 align:start position:0% could create a second era based on stronger<00:09:41.279> representation<00:09:42.079> more 00:09:42.389 --> 00:09:42.399 align:start position:0% stronger representation more 00:09:42.399 --> 00:09:44.750 align:start position:0% stronger representation more transparency<00:09:43.279> so<00:09:43.480> the<00:09:43.680> big<00:09:43.959> money<00:09:44.360> doesn't 00:09:44.750 --> 00:09:44.760 align:start position:0% transparency so the big money doesn't 00:09:44.760 --> 00:09:47.670 align:start position:0% transparency so the big money doesn't control<00:09:45.640> the<00:09:45.880> Democratic<00:09:46.880> process<00:09:47.360> and<00:09:47.560> with 00:09:47.670 --> 00:09:47.680 align:start position:0% control the Democratic process and with 00:09:47.680 --> 00:09:50.230 align:start position:0% control the Democratic process and with a<00:09:47.839> culture<00:09:48.160> of<00:09:48.360> public<00:09:48.640> deliberation<00:09:49.560> and<00:09:49.959> and 00:09:50.230 --> 00:09:50.240 align:start position:0% a culture of public deliberation and and 00:09:50.240 --> 00:09:53.310 align:start position:0% a culture of public deliberation and and active<00:09:50.959> uh<00:09:51.200> citizen<00:09:51.920> Citizenship<00:09:52.920> is<00:09:53.079> that 00:09:53.310 --> 00:09:53.320 align:start position:0% active uh citizen Citizenship is that 00:09:53.320 --> 00:09:54.230 align:start position:0% active uh citizen Citizenship is that what's 00:09:54.230 --> 00:09:54.240 align:start position:0% what's 00:09:54.240 --> 00:09:57.829 align:start position:0% what's happened<00:09:55.240> well 00:09:57.829 --> 00:09:57.839 align:start position:0% happened well 00:09:57.839 --> 00:09:59.829 align:start position:0% happened well um<00:09:58.839> hard 00:09:59.829 --> 00:09:59.839 align:start position:0% um hard 00:09:59.839 --> 00:10:02.430 align:start position:0% um hard hardly<00:10:00.839> if<00:10:01.040> anything<00:10:01.440> governments<00:10:01.880> have<00:10:02.040> used 00:10:02.430 --> 00:10:02.440 align:start position:0% hardly if anything governments have used 00:10:02.440 --> 00:10:04.710 align:start position:0% hardly if anything governments have used technology<00:10:03.000> in<00:10:03.120> a<00:10:03.440> totally<00:10:03.839> cynical<00:10:04.320> way<00:10:04.519> to 00:10:04.710 --> 00:10:04.720 align:start position:0% technology in a totally cynical way to 00:10:04.720 --> 00:10:08.190 align:start position:0% technology in a totally cynical way to reinforce<00:10:05.399> existing<00:10:06.279> power<00:10:07.079> structures<00:10:08.040> and 00:10:08.190 --> 00:10:08.200 align:start position:0% reinforce existing power structures and 00:10:08.200 --> 00:10:10.350 align:start position:0% reinforce existing power structures and we<00:10:08.320> now<00:10:08.480> have<00:10:08.720> nothing<00:10:09.120> less<00:10:09.680> than<00:10:09.800> a<00:10:10.000> crisis 00:10:10.350 --> 00:10:10.360 align:start position:0% we now have nothing less than a crisis 00:10:10.360 --> 00:10:12.870 align:start position:0% we now have nothing less than a crisis of<00:10:10.839> legitimacy<00:10:11.839> of<00:10:11.959> our<00:10:12.200> Democratic 00:10:12.870 --> 00:10:12.880 align:start position:0% of legitimacy of our Democratic 00:10:12.880 --> 00:10:15.870 align:start position:0% of legitimacy of our Democratic institutions<00:10:13.839> and<00:10:14.000> this<00:10:14.120> is<00:10:14.680> worrisome<00:10:15.680> so 00:10:15.870 --> 00:10:15.880 align:start position:0% institutions and this is worrisome so 00:10:15.880 --> 00:10:17.350 align:start position:0% institutions and this is worrisome so you<00:10:16.000> see<00:10:16.200> the<00:10:16.320> guy<00:10:16.440> in<00:10:16.560> the<00:10:16.640> middle<00:10:17.000> there<00:10:17.240> I'm 00:10:17.350 --> 00:10:17.360 align:start position:0% you see the guy in the middle there I'm 00:10:17.360 --> 00:10:19.430 align:start position:0% you see the guy in the middle there I'm sad<00:10:17.600> to<00:10:17.760> say<00:10:18.040> that's<00:10:18.240> the<00:10:18.399> former<00:10:18.760> mayor<00:10:19.120> of 00:10:19.430 --> 00:10:19.440 align:start position:0% sad to say that's the former mayor of 00:10:19.440 --> 00:10:23.870 align:start position:0% sad to say that's the former mayor of Toronto<00:10:20.440> where<00:10:20.640> I<00:10:20.800> live<00:10:21.519> um<00:10:21.959> Rob<00:10:22.399> Ford<00:10:23.399> now<00:10:23.640> the 00:10:23.870 --> 00:10:23.880 align:start position:0% Toronto where I live um Rob Ford now the 00:10:23.880 --> 00:10:26.190 align:start position:0% Toronto where I live um Rob Ford now the the<00:10:24.079> problem<00:10:24.320> with<00:10:24.480> Rob<00:10:24.760> Ford<00:10:25.399> was<00:10:25.640> not<00:10:25.920> just 00:10:26.190 --> 00:10:26.200 align:start position:0% the problem with Rob Ford was not just 00:10:26.200 --> 00:10:28.030 align:start position:0% the problem with Rob Ford was not just that<00:10:26.399> he<00:10:26.600> was 00:10:28.030 --> 00:10:28.040 align:start position:0% that he was 00:10:28.040 --> 00:10:32.630 align:start position:0% that he was a<00:10:29.200> crackhead<00:10:30.600> criminal 00:10:32.630 --> 00:10:32.640 align:start position:0% a crackhead criminal 00:10:32.640 --> 00:10:36.949 align:start position:0% a crackhead criminal um<00:10:33.640> who<00:10:33.800> was<00:10:34.079> also<00:10:34.959> racist<00:10:35.600> sexist<00:10:36.200> homophobic 00:10:36.949 --> 00:10:36.959 align:start position:0% um who was also racist sexist homophobic 00:10:36.959 --> 00:10:39.910 align:start position:0% um who was also racist sexist homophobic and<00:10:37.240> hung<00:10:37.480> out<00:10:37.760> with<00:10:37.920> the<00:10:38.560> with<00:10:38.720> the<00:10:38.839> low<00:10:39.399> lives 00:10:39.910 --> 00:10:39.920 align:start position:0% and hung out with the with the low lives 00:10:39.920 --> 00:10:43.069 align:start position:0% and hung out with the with the low lives of<00:10:40.399> of<00:10:40.560> the<00:10:41.079> city<00:10:42.079> the<00:10:42.200> problem<00:10:42.440> is<00:10:42.680> a<00:10:42.800> lot<00:10:42.920> of 00:10:43.069 --> 00:10:43.079 align:start position:0% of of the city the problem is a lot of 00:10:43.079 --> 00:10:46.069 align:start position:0% of of the city the problem is a lot of young<00:10:43.320> people<00:10:43.800> said<00:10:44.279> yeah<00:10:44.480> he's<00:10:44.639> a<00:10:45.519> total 00:10:46.069 --> 00:10:46.079 align:start position:0% young people said yeah he's a total 00:10:46.079 --> 00:10:48.670 align:start position:0% young people said yeah he's a total idiot<00:10:46.560> and<00:10:47.040> City<00:10:47.360> Hall<00:10:47.600> is<00:10:47.720> full<00:10:47.920> of<00:10:48.160> crap<00:10:48.519> and 00:10:48.670 --> 00:10:48.680 align:start position:0% idiot and City Hall is full of crap and 00:10:48.680 --> 00:10:50.629 align:start position:0% idiot and City Hall is full of crap and I'm<00:10:48.800> not<00:10:48.920> even<00:10:49.120> going<00:10:49.240> to<00:10:49.399> vote<00:10:50.160> and<00:10:50.279> if<00:10:50.440> young 00:10:50.629 --> 00:10:50.639 align:start position:0% I'm not even going to vote and if young 00:10:50.639 --> 00:10:52.829 align:start position:0% I'm not even going to vote and if young people<00:10:50.880> turn<00:10:51.160> away<00:10:51.399> from<00:10:51.680> democracy<00:10:52.600> this<00:10:52.720> is 00:10:52.829 --> 00:10:52.839 align:start position:0% people turn away from democracy this is 00:10:52.839 --> 00:10:55.550 align:start position:0% people turn away from democracy this is a<00:10:53.079> big<00:10:53.399> problem<00:10:54.240> this<00:10:54.360> is<00:10:54.519> a<00:10:54.720> Davos<00:10:55.240> a<00:10:55.360> couple 00:10:55.550 --> 00:10:55.560 align:start position:0% a big problem this is a Davos a couple 00:10:55.560 --> 00:10:58.509 align:start position:0% a big problem this is a Davos a couple of<00:10:55.680> years<00:10:55.920> ago<00:10:56.680> and<00:10:56.839> I<00:10:56.959> was<00:10:57.120> on<00:10:57.399> a<00:10:57.760> uh<00:10:58.000> panel<00:10:58.320> on 00:10:58.509 --> 00:10:58.519 align:start position:0% of years ago and I was on a uh panel on 00:10:58.519 --> 00:11:01.870 align:start position:0% of years ago and I was on a uh panel on citizen<00:10:59.279> engagement<00:11:00.279> and<00:11:00.399> I<00:11:00.519> was<00:11:01.519> you<00:11:01.680> know<00:11:01.800> I 00:11:01.870 --> 00:11:01.880 align:start position:0% citizen engagement and I was you know I 00:11:01.880 --> 00:11:03.509 align:start position:0% citizen engagement and I was you know I was<00:11:02.000> saying<00:11:02.279> we<00:11:02.399> have<00:11:02.480> to<00:11:02.639> fix<00:11:03.040> this<00:11:03.240> look<00:11:03.399> at 00:11:03.509 --> 00:11:03.519 align:start position:0% was saying we have to fix this look at 00:11:03.519 --> 00:11:06.509 align:start position:0% was saying we have to fix this look at the<00:11:03.639> US<00:11:03.959> Congress<00:11:04.399> 92%<00:11:05.160> of<00:11:05.360> the<00:11:05.800> American 00:11:06.509 --> 00:11:06.519 align:start position:0% the US Congress 92% of the American 00:11:06.519 --> 00:11:08.110 align:start position:0% the US Congress 92% of the American population<00:11:07.079> wants<00:11:07.279> to<00:11:07.440> see<00:11:07.680> background 00:11:08.110 --> 00:11:08.120 align:start position:0% population wants to see background 00:11:08.120 --> 00:11:10.230 align:start position:0% population wants to see background checks<00:11:08.440> for<00:11:08.680> firearms<00:11:09.399> but<00:11:09.639> Congress<00:11:10.040> can't 00:11:10.230 --> 00:11:10.240 align:start position:0% checks for firearms but Congress can't 00:11:10.240 --> 00:11:13.949 align:start position:0% checks for firearms but Congress can't do<00:11:10.480> anything<00:11:11.279> about<00:11:12.120> that<00:11:13.120> um<00:11:13.440> and<00:11:13.560> I<00:11:13.639> said<00:11:13.839> if 00:11:13.949 --> 00:11:13.959 align:start position:0% do anything about that um and I said if 00:11:13.959 --> 00:11:15.550 align:start position:0% do anything about that um and I said if we<00:11:14.040> don't<00:11:14.200> fix<00:11:14.440> this<00:11:14.720> there<00:11:15.200> you<00:11:15.279> know<00:11:15.440> more 00:11:15.550 --> 00:11:15.560 align:start position:0% we don't fix this there you know more 00:11:15.560 --> 00:11:16.949 align:start position:0% we don't fix this there you know more and<00:11:15.680> more<00:11:15.880> young<00:11:16.120> people<00:11:16.320> are<00:11:16.480> agreeing<00:11:16.800> with 00:11:16.949 --> 00:11:16.959 align:start position:0% and more young people are agreeing with 00:11:16.959 --> 00:11:19.069 align:start position:0% and more young people are agreeing with the<00:11:17.079> bumper<00:11:17.440> sticker<00:11:17.880> don't<00:11:18.240> vote<00:11:18.600> it<00:11:18.760> only 00:11:19.069 --> 00:11:19.079 align:start position:0% the bumper sticker don't vote it only 00:11:19.079 --> 00:11:22.030 align:start position:0% the bumper sticker don't vote it only encourages<00:11:20.000> them<00:11:21.000> and<00:11:21.519> uh<00:11:21.680> we're<00:11:21.839> going<00:11:21.959> to 00:11:22.030 --> 00:11:22.040 align:start position:0% encourages them and uh we're going to 00:11:22.040 --> 00:11:24.310 align:start position:0% encourages them and uh we're going to have<00:11:22.240> a<00:11:22.639> a<00:11:22.800> social<00:11:23.320> explosion<00:11:23.880> that'll<00:11:24.160> make 00:11:24.310 --> 00:11:24.320 align:start position:0% have a a social explosion that'll make 00:11:24.320 --> 00:11:27.870 align:start position:0% have a a social explosion that'll make the<00:11:24.480> 1960s<00:11:25.360> look<00:11:25.519> like<00:11:25.760> kids<00:11:26.440> stuff<00:11:27.440> well<00:11:27.760> I 00:11:27.870 --> 00:11:27.880 align:start position:0% the 1960s look like kids stuff well I 00:11:27.880 --> 00:11:30.310 align:start position:0% the 1960s look like kids stuff well I get<00:11:28.120> stopped<00:11:28.720> by<00:11:29.279> a<00:11:29.399> guy<00:11:29.560> in<00:11:29.680> the<00:11:29.839> panel<00:11:30.160> who 00:11:30.310 --> 00:11:30.320 align:start position:0% get stopped by a guy in the panel who 00:11:30.320 --> 00:11:35.269 align:start position:0% get stopped by a guy in the panel who created<00:11:30.839> a<00:11:31.200> vas<00:11:32.040> you<00:11:32.160> know<00:11:32.360> a<00:11:32.720> AV<00:11:33.200> a<00:11:33.480> a<00:11:34.200> z<00:11:35.200> uh 00:11:35.269 --> 00:11:35.279 align:start position:0% created a vas you know a AV a a z uh 00:11:35.279 --> 00:11:37.190 align:start position:0% created a vas you know a AV a a z uh it's<00:11:35.399> a<00:11:35.560> little<00:11:35.760> network<00:11:36.160> with<00:11:36.320> 34<00:11:36.760> million 00:11:37.190 --> 00:11:37.200 align:start position:0% it's a little network with 34 million 00:11:37.200 --> 00:11:38.550 align:start position:0% it's a little network with 34 million young<00:11:37.440> people<00:11:37.720> who<00:11:37.839> want<00:11:37.959> to<00:11:38.079> change<00:11:38.399> the 00:11:38.550 --> 00:11:38.560 align:start position:0% young people who want to change the 00:11:38.560 --> 00:11:40.590 align:start position:0% young people who want to change the world<00:11:39.160> and<00:11:39.279> he<00:11:39.360> says<00:11:39.639> holda<00:11:39.959> Don<00:11:40.200> I<00:11:40.279> don't<00:11:40.440> get 00:11:40.590 --> 00:11:40.600 align:start position:0% world and he says holda Don I don't get 00:11:40.600 --> 00:11:43.150 align:start position:0% world and he says holda Don I don't get your<00:11:40.800> point<00:11:41.320> why<00:11:41.440> is<00:11:41.560> it<00:11:41.720> a<00:11:41.959> crisis<00:11:42.760> if<00:11:42.920> all 00:11:43.150 --> 00:11:43.160 align:start position:0% your point why is it a crisis if all 00:11:43.160 --> 00:11:44.790 align:start position:0% your point why is it a crisis if all around<00:11:43.440> the<00:11:43.519> world<00:11:43.760> a<00:11:43.920> new<00:11:44.160> generation<00:11:44.639> of 00:11:44.790 --> 00:11:44.800 align:start position:0% around the world a new generation of 00:11:44.800 --> 00:11:46.750 align:start position:0% around the world a new generation of young<00:11:45.079> people<00:11:45.360> think<00:11:45.560> that<00:11:45.680> our<00:11:45.959> fossilized 00:11:46.750 --> 00:11:46.760 align:start position:0% young people think that our fossilized 00:11:46.760 --> 00:11:49.389 align:start position:0% young people think that our fossilized institutions<00:11:47.399> of<00:11:47.680> democracy<00:11:48.560> are 00:11:49.389 --> 00:11:49.399 align:start position:0% institutions of democracy are 00:11:49.399 --> 00:11:52.710 align:start position:0% institutions of democracy are bankrupt<00:11:50.399> and<00:11:50.560> I'm<00:11:50.800> like<00:11:51.800> you<00:11:51.920> know<00:11:52.120> Bob<00:11:52.360> Dylan 00:11:52.710 --> 00:11:52.720 align:start position:0% bankrupt and I'm like you know Bob Dylan 00:11:52.720 --> 00:11:54.230 align:start position:0% bankrupt and I'm like you know Bob Dylan there's<00:11:53.000> something<00:11:53.240> going<00:11:53.480> on<00:11:53.760> here<00:11:53.959> and<00:11:54.079> you 00:11:54.230 --> 00:11:54.240 align:start position:0% there's something going on here and you 00:11:54.240 --> 00:11:57.350 align:start position:0% there's something going on here and you don't<00:11:54.440> know<00:11:55.200> what<00:11:55.440> what<00:11:55.560> it<00:11:55.800> is<00:11:56.320> this<00:11:56.440> is<00:11:56.600> a<00:11:56.839> big 00:11:57.350 --> 00:11:57.360 align:start position:0% don't know what what it is this is a big 00:11:57.360 --> 00:11:59.949 align:start position:0% don't know what what it is this is a big problem<00:11:58.120> and<00:11:58.240> the<00:11:58.360> internet<00:11:58.720> has<00:11:58.959> has<00:11:59.120> not 00:11:59.949 --> 00:11:59.959 align:start position:0% problem and the internet has has not 00:11:59.959 --> 00:12:02.389 align:start position:0% problem and the internet has has not contributed<00:12:00.959> to<00:12:01.200> solving<00:12:01.680> this<00:12:01.920> problem<00:12:02.200> it's 00:12:02.389 --> 00:12:02.399 align:start position:0% contributed to solving this problem it's 00:12:02.399 --> 00:12:04.910 align:start position:0% contributed to solving this problem it's made<00:12:02.600> it<00:12:02.800> worse<00:12:03.720> because<00:12:04.079> politicians<00:12:04.720> have 00:12:04.910 --> 00:12:04.920 align:start position:0% made it worse because politicians have 00:12:04.920 --> 00:12:06.910 align:start position:0% made it worse because politicians have basically<00:12:05.399> used<00:12:05.720> this<00:12:05.959> technology<00:12:06.519> to<00:12:06.680> help 00:12:06.910 --> 00:12:06.920 align:start position:0% basically used this technology to help 00:12:06.920 --> 00:12:11.190 align:start position:0% basically used this technology to help them<00:12:07.360> entrench<00:12:08.040> power<00:12:09.240> and<00:12:10.240> many<00:12:10.600> countries 00:12:11.190 --> 00:12:11.200 align:start position:0% them entrench power and many countries 00:12:11.200 --> 00:12:13.350 align:start position:0% them entrench power and many countries move<00:12:11.519> towards<00:12:11.880> a<00:12:12.040> surveillance<00:12:12.800> Society 00:12:13.350 --> 00:12:13.360 align:start position:0% move towards a surveillance Society 00:12:13.360 --> 00:12:15.150 align:start position:0% move towards a surveillance Society these<00:12:13.480> are<00:12:13.760> protests<00:12:14.240> in<00:12:14.360> the<00:12:14.480> world<00:12:14.800> going 00:12:15.150 --> 00:12:15.160 align:start position:0% these are protests in the world going 00:12:15.160 --> 00:12:17.269 align:start position:0% these are protests in the world going back<00:12:15.560> to<00:12:15.760> my<00:12:15.959> first<00:12:16.240> book<00:12:16.399> in 00:12:17.269 --> 00:12:17.279 align:start position:0% back to my first book in 00:12:17.279 --> 00:12:21.110 align:start position:0% back to my first book in 81<00:12:18.279> um<00:12:19.160> 20<00:12:19.519> years<00:12:19.680> ago<00:12:19.959> there<00:12:20.040> were<00:12:20.240> 6,000 00:12:21.110 --> 00:12:21.120 align:start position:0% 81 um 20 years ago there were 6,000 00:12:21.120 --> 00:12:26.230 align:start position:0% 81 um 20 years ago there were 6,000 protests<00:12:22.120> last<00:12:22.639> year<00:12:23.320> there<00:12:23.440> were<00:12:23.839> 260,000<00:12:25.240> so 00:12:26.230 --> 00:12:26.240 align:start position:0% protests last year there were 260,000 so 00:12:26.240 --> 00:12:29.030 align:start position:0% protests last year there were 260,000 so we're<00:12:26.399> in<00:12:26.560> the<00:12:27.199> we're<00:12:27.399> moving<00:12:27.720> into<00:12:28.320> social 00:12:29.030 --> 00:12:29.040 align:start position:0% we're in the we're moving into social 00:12:29.040 --> 00:12:31.389 align:start position:0% we're in the we're moving into social explosion<00:12:30.040> territory<00:12:30.639> here<00:12:30.800> as<00:12:30.959> we<00:12:31.120> told 00:12:31.389 --> 00:12:31.399 align:start position:0% explosion territory here as we told 00:12:31.399 --> 00:12:33.350 align:start position:0% explosion territory here as we told young<00:12:31.680> people<00:12:32.160> you<00:12:32.320> work<00:12:32.600> hard<00:12:32.880> you<00:12:33.040> stay<00:12:33.240> out 00:12:33.350 --> 00:12:33.360 align:start position:0% young people you work hard you stay out 00:12:33.360 --> 00:12:34.829 align:start position:0% young people you work hard you stay out of<00:12:33.519> trouble<00:12:33.839> you<00:12:34.000> be<00:12:34.120> a<00:12:34.240> good<00:12:34.440> kid<00:12:34.639> you 00:12:34.829 --> 00:12:34.839 align:start position:0% of trouble you be a good kid you 00:12:34.839 --> 00:12:37.790 align:start position:0% of trouble you be a good kid you graduate<00:12:35.320> you<00:12:35.440> can<00:12:35.600> have<00:12:35.720> a<00:12:36.000> prosperous 00:12:37.790 --> 00:12:37.800 align:start position:0% graduate you can have a prosperous 00:12:37.800 --> 00:12:40.069 align:start position:0% graduate you can have a prosperous life<00:12:38.800> well<00:12:39.160> I'm<00:12:39.279> not<00:12:39.440> I'm<00:12:39.519> not<00:12:39.639> going<00:12:39.760> to<00:12:39.839> say 00:12:40.069 --> 00:12:40.079 align:start position:0% life well I'm not I'm not going to say 00:12:40.079 --> 00:12:42.310 align:start position:0% life well I'm not I'm not going to say my<00:12:40.279> generation<00:12:41.000> lied<00:12:41.519> but<00:12:41.680> I<00:12:41.760> don't<00:12:41.959> think<00:12:42.120> we 00:12:42.310 --> 00:12:42.320 align:start position:0% my generation lied but I don't think we 00:12:42.320 --> 00:12:46.590 align:start position:0% my generation lied but I don't think we got<00:12:42.480> it<00:12:43.199> right<00:12:44.199> so<00:12:44.639> the<00:12:44.880> stakes<00:12:45.360> here<00:12:45.959> are<00:12:46.240> very 00:12:46.590 --> 00:12:46.600 align:start position:0% got it right so the stakes here are very 00:12:46.600 --> 00:12:51.350 align:start position:0% got it right so the stakes here are very very<00:12:47.120> high<00:12:48.120> now<00:12:48.720> this<00:12:49.279> is<00:12:50.279> Obama<00:12:50.800> we<00:12:50.920> had<00:12:51.120> great 00:12:51.350 --> 00:12:51.360 align:start position:0% very high now this is Obama we had great 00:12:51.360 --> 00:12:53.829 align:start position:0% very high now this is Obama we had great hope<00:12:51.560> for<00:12:51.880> him<00:12:52.880> I<00:12:53.000> learned<00:12:53.279> about<00:12:53.519> this<00:12:53.680> when 00:12:53.829 --> 00:12:53.839 align:start position:0% hope for him I learned about this when 00:12:53.839 --> 00:12:56.150 align:start position:0% hope for him I learned about this when somebody<00:12:54.120> said<00:12:54.399> check<00:12:54.600> out<00:12:55.600> my<00:12:55.839> Barack 00:12:56.150 --> 00:12:56.160 align:start position:0% somebody said check out my Barack 00:12:56.160 --> 00:12:58.389 align:start position:0% somebody said check out my Barack obama.com<00:12:56.800> your<00:12:57.079> book<00:12:57.360> economics<00:12:57.920> is<00:12:58.160> one 00:12:58.389 --> 00:12:58.399 align:start position:0% obama.com your book economics is one 00:12:58.399 --> 00:13:00.590 align:start position:0% obama.com your book economics is one down<00:12:58.560> from<00:12:58.880> the<00:12:59.000> homepage<00:12:59.560> and<00:12:59.880> he's<00:13:00.040> saying 00:13:00.590 --> 00:13:00.600 align:start position:0% down from the homepage and he's saying 00:13:00.600 --> 00:13:02.590 align:start position:0% down from the homepage and he's saying yeah<00:13:00.839> we<00:13:00.959> believe<00:13:01.199> in<00:13:01.320> the<00:13:01.600> economics<00:13:02.240> and<00:13:02.440> I'm 00:13:02.590 --> 00:13:02.600 align:start position:0% yeah we believe in the economics and I'm 00:13:02.600 --> 00:13:03.990 align:start position:0% yeah we believe in the economics and I'm asking<00:13:02.839> you<00:13:02.920> to<00:13:03.040> believe<00:13:03.320> not<00:13:03.519> just<00:13:03.639> in<00:13:03.800> my 00:13:03.990 --> 00:13:04.000 align:start position:0% asking you to believe not just in my 00:13:04.000 --> 00:13:05.590 align:start position:0% asking you to believe not just in my ability<00:13:04.320> to<00:13:04.480> bring<00:13:04.720> about<00:13:04.920> real<00:13:05.120> change<00:13:05.399> in 00:13:05.590 --> 00:13:05.600 align:start position:0% ability to bring about real change in 00:13:05.600 --> 00:13:06.990 align:start position:0% ability to bring about real change in Washington<00:13:06.040> I'm<00:13:06.199> asking<00:13:06.399> you<00:13:06.480> to<00:13:06.600> believe<00:13:06.839> in 00:13:06.990 --> 00:13:07.000 align:start position:0% Washington I'm asking you to believe in 00:13:07.000 --> 00:13:08.790 align:start position:0% Washington I'm asking you to believe in yours<00:13:07.360> and<00:13:07.720> I<00:13:07.839> looked<00:13:08.079> at<00:13:08.240> this<00:13:08.399> thing<00:13:08.560> and<00:13:08.720> it 00:13:08.790 --> 00:13:08.800 align:start position:0% yours and I looked at this thing and it 00:13:08.800 --> 00:13:12.030 align:start position:0% yours and I looked at this thing and it was<00:13:09.040> like<00:13:10.000> well<00:13:10.199> my<00:13:10.360> first<00:13:10.639> reaction<00:13:11.160> was<00:13:11.680> I<00:13:11.800> am 00:13:12.030 --> 00:13:12.040 align:start position:0% was like well my first reaction was I am 00:13:12.040 --> 00:13:14.030 align:start position:0% was like well my first reaction was I am the 00:13:14.030 --> 00:13:14.040 align:start position:0% the 00:13:14.040 --> 00:13:17.189 align:start position:0% the man<00:13:15.040> um<00:13:15.680> but<00:13:15.839> not<00:13:16.040> so<00:13:16.279> fast<00:13:16.639> on<00:13:16.959> because<00:13:17.079> it 00:13:17.189 --> 00:13:17.199 align:start position:0% man um but not so fast on because it 00:13:17.199 --> 00:13:19.949 align:start position:0% man um but not so fast on because it turns<00:13:17.399> out<00:13:17.600> I'm<00:13:17.760> not<00:13:18.000> the<00:13:18.160> man<00:13:18.839> there<00:13:18.959> was<00:13:19.199> a<00:13:19.720> a 00:13:19.949 --> 00:13:19.959 align:start position:0% turns out I'm not the man there was a a 00:13:19.959 --> 00:13:21.470 align:start position:0% turns out I'm not the man there was a a economics<00:13:20.560> Community<00:13:20.959> there's<00:13:21.199> also<00:13:21.399> a 00:13:21.470 --> 00:13:21.480 align:start position:0% economics Community there's also a 00:13:21.480 --> 00:13:23.829 align:start position:0% economics Community there's also a single<00:13:21.800> moms<00:13:22.120> for<00:13:22.320> daycare<00:13:23.199> community<00:13:23.600> and<00:13:23.720> a 00:13:23.829 --> 00:13:23.839 align:start position:0% single moms for daycare community and a 00:13:23.839 --> 00:13:26.150 align:start position:0% single moms for daycare community and a young<00:13:24.120> firef<00:13:24.920> fighter<00:13:25.560> firefighters 00:13:26.150 --> 00:13:26.160 align:start position:0% young firef fighter firefighters 00:13:26.160 --> 00:13:27.629 align:start position:0% young firef fighter firefighters Community<00:13:26.519> created<00:13:26.760> a<00:13:26.920> platform<00:13:27.279> where<00:13:27.480> by 00:13:27.629 --> 00:13:27.639 align:start position:0% Community created a platform where by 00:13:27.639 --> 00:13:29.829 align:start position:0% Community created a platform where by 35,000<00:13:28.399> communities<00:13:28.959> self-organized<00:13:29.720> that 00:13:29.829 --> 00:13:29.839 align:start position:0% 35,000 communities self-organized that 00:13:29.839 --> 00:13:31.710 align:start position:0% 35,000 communities self-organized that brought<00:13:30.040> him<00:13:30.160> to<00:13:30.399> power<00:13:31.040> so<00:13:31.320> the<00:13:31.440> next 00:13:31.710 --> 00:13:31.720 align:start position:0% brought him to power so the next 00:13:31.720 --> 00:13:33.910 align:start position:0% brought him to power so the next election<00:13:32.079> I<00:13:32.199> went<00:13:32.360> to<00:13:32.519> them<00:13:32.639> and<00:13:32.760> I<00:13:32.880> said<00:13:33.399> cool 00:13:33.910 --> 00:13:33.920 align:start position:0% election I went to them and I said cool 00:13:33.920 --> 00:13:35.269 align:start position:0% election I went to them and I said cool what<00:13:34.000> are<00:13:34.079> you<00:13:34.199> going<00:13:34.279> to<00:13:34.440> do<00:13:34.680> now<00:13:34.920> with<00:13:35.079> my 00:13:35.269 --> 00:13:35.279 align:start position:0% what are you going to do now with my 00:13:35.279 --> 00:13:37.910 align:start position:0% what are you going to do now with my Barack<00:13:35.639> obama.com<00:13:36.320> they<00:13:36.560> said<00:13:36.800> we're<00:13:36.959> killing 00:13:37.910 --> 00:13:37.920 align:start position:0% Barack obama.com they said we're killing 00:13:37.920 --> 00:13:40.790 align:start position:0% Barack obama.com they said we're killing it<00:13:38.920> I<00:13:39.000> said<00:13:39.440> why<00:13:39.880> it's<00:13:40.000> an<00:13:40.199> opportunity<00:13:40.639> to 00:13:40.790 --> 00:13:40.800 align:start position:0% it I said why it's an opportunity to 00:13:40.800 --> 00:13:43.189 align:start position:0% it I said why it's an opportunity to engage<00:13:41.120> all<00:13:41.320> these<00:13:41.720> said<00:13:41.959> we<00:13:42.079> don't<00:13:42.240> need<00:13:42.519> that 00:13:43.189 --> 00:13:43.199 align:start position:0% engage all these said we don't need that 00:13:43.199 --> 00:13:46.990 align:start position:0% engage all these said we don't need that we<00:13:43.360> got<00:13:43.600> Big<00:13:44.160> Data<00:13:45.160> we<00:13:45.320> can<00:13:45.760> Target<00:13:46.519> swing 00:13:46.990 --> 00:13:47.000 align:start position:0% we got Big Data we can Target swing 00:13:47.000 --> 00:13:50.870 align:start position:0% we got Big Data we can Target swing voters<00:13:47.800> in<00:13:48.000> all<00:13:48.199> the<00:13:48.959> states<00:13:49.959> um<00:13:50.440> the<00:13:50.600> all<00:13:50.759> the 00:13:50.870 --> 00:13:50.880 align:start position:0% voters in all the states um the all the 00:13:50.880 --> 00:13:54.110 align:start position:0% voters in all the states um the all the swing<00:13:51.440> States<00:13:52.440> and<00:13:52.959> uh<00:13:53.160> they<00:13:53.279> went<00:13:53.519> from<00:13:53.839> yes 00:13:54.110 --> 00:13:54.120 align:start position:0% swing States and uh they went from yes 00:13:54.120 --> 00:13:57.470 align:start position:0% swing States and uh they went from yes we<00:13:54.399> can<00:13:54.959> to<00:13:55.199> we<00:13:55.399> know<00:13:55.680> you<00:13:56.440> and<00:13:56.600> then<00:13:56.759> in<00:13:56.920> the<00:13:57.079> F 00:13:57.470 --> 00:13:57.480 align:start position:0% we can to we know you and then in the F 00:13:57.480 --> 00:13:58.990 align:start position:0% we can to we know you and then in the F yeah<00:13:57.639> it<00:13:57.720> worked<00:13:58.000> they<00:13:58.120> got<00:13:58.240> elected<00:13:58.759> in<00:13:58.880> the 00:13:58.990 --> 00:13:59.000 align:start position:0% yeah it worked they got elected in the 00:13:59.000 --> 00:14:01.110 align:start position:0% yeah it worked they got elected in the next<00:13:59.240> election<00:13:59.680> the<00:13:59.759> midterm<00:14:00.240> election<00:14:00.839> youth 00:14:01.110 --> 00:14:01.120 align:start position:0% next election the midterm election youth 00:14:01.120 --> 00:14:04.069 align:start position:0% next election the midterm election youth voting<00:14:01.720> was<00:14:01.920> the<00:14:02.040> lowest<00:14:02.639> in<00:14:02.880> 70<00:14:03.399> years<00:14:03.759> some 00:14:04.069 --> 00:14:04.079 align:start position:0% voting was the lowest in 70 years some 00:14:04.079 --> 00:14:05.910 align:start position:0% voting was the lowest in 70 years some people<00:14:04.320> say<00:14:04.639> maybe 00:14:05.910 --> 00:14:05.920 align:start position:0% people say maybe 00:14:05.920 --> 00:14:07.590 align:start position:0% people say maybe ever 00:14:07.590 --> 00:14:07.600 align:start position:0% ever 00:14:07.600 --> 00:14:11.749 align:start position:0% ever so<00:14:08.600> we<00:14:08.720> have<00:14:08.839> a<00:14:08.920> burning<00:14:09.360> platform<00:14:09.759> for<00:14:10.279> change 00:14:11.749 --> 00:14:11.759 align:start position:0% so we have a burning platform for change 00:14:11.759 --> 00:14:16.910 align:start position:0% so we have a burning platform for change now<00:14:12.759> uh<00:14:12.959> enter<00:14:14.040> into<00:14:15.040> um<00:14:15.440> the<00:14:15.600> next<00:14:15.920> era<00:14:16.600> of<00:14:16.800> the 00:14:16.910 --> 00:14:16.920 align:start position:0% now uh enter into um the next era of the 00:14:16.920 --> 00:14:19.310 align:start position:0% now uh enter into um the next era of the internet<00:14:17.759> I<00:14:17.839> think<00:14:18.040> we're<00:14:18.279> getting<00:14:18.759> another 00:14:19.310 --> 00:14:19.320 align:start position:0% internet I think we're getting another 00:14:19.320 --> 00:14:24.230 align:start position:0% internet I think we're getting another kick<00:14:19.959> at<00:14:20.120> the<00:14:20.680> can<00:14:21.680> and<00:14:21.920> it<00:14:22.240> started<00:14:23.240> um<00:14:24.120> you 00:14:24.230 --> 00:14:24.240 align:start position:0% kick at the can and it started um you 00:14:24.240 --> 00:14:27.710 align:start position:0% kick at the can and it started um you know<00:14:24.399> with<00:14:24.600> Bitcoin<00:14:25.519> and<00:14:25.639> I<00:14:25.839> confess<00:14:26.199> to<00:14:26.560> be<00:14:27.560> uh 00:14:27.710 --> 00:14:27.720 align:start position:0% know with Bitcoin and I confess to be uh 00:14:27.720 --> 00:14:29.310 align:start position:0% know with Bitcoin and I confess to be uh a<00:14:27.920> late 00:14:29.310 --> 00:14:29.320 align:start position:0% a late 00:14:29.320 --> 00:14:32.790 align:start position:0% a late a<00:14:29.519> late<00:14:29.800> awakened<00:14:30.959> awakener<00:14:31.959> on<00:14:32.160> this<00:14:32.440> was 00:14:32.790 --> 00:14:32.800 align:start position:0% a late awakened awakener on this was 00:14:32.800 --> 00:14:34.829 align:start position:0% a late awakened awakener on this was just<00:14:32.959> a<00:14:33.040> little<00:14:33.240> over<00:14:33.839> you<00:14:33.959> know<00:14:34.399> two<00:14:34.600> and<00:14:34.720> a 00:14:34.829 --> 00:14:34.839 align:start position:0% just a little over you know two and a 00:14:34.839 --> 00:14:37.230 align:start position:0% just a little over you know two and a half<00:14:35.040> years<00:14:35.240> ago<00:14:35.560> I<00:14:35.680> started<00:14:36.000> thinking<00:14:36.519> whoa 00:14:37.230 --> 00:14:37.240 align:start position:0% half years ago I started thinking whoa 00:14:37.240 --> 00:14:39.189 align:start position:0% half years ago I started thinking whoa could<00:14:37.440> this<00:14:37.600> be<00:14:37.800> the<00:14:37.959> real<00:14:38.240> deal<00:14:38.839> could<00:14:39.040> this 00:14:39.189 --> 00:14:39.199 align:start position:0% could this be the real deal could this 00:14:39.199 --> 00:14:41.069 align:start position:0% could this be the real deal could this be<00:14:39.399> this<00:14:39.680> thing<00:14:40.240> that<00:14:40.360> we've<00:14:40.600> been<00:14:40.759> looking 00:14:41.069 --> 00:14:41.079 align:start position:0% be this thing that we've been looking 00:14:41.079 --> 00:14:42.990 align:start position:0% be this thing that we've been looking for<00:14:41.800> and<00:14:41.920> of<00:14:42.040> course<00:14:42.240> the<00:14:42.360> underlying 00:14:42.990 --> 00:14:43.000 align:start position:0% for and of course the underlying 00:14:43.000 --> 00:14:46.230 align:start position:0% for and of course the underlying technology<00:14:44.000> of<00:14:44.639> Bitcoin<00:14:45.639> enables 00:14:46.230 --> 00:14:46.240 align:start position:0% technology of Bitcoin enables 00:14:46.240 --> 00:14:48.069 align:start position:0% technology of Bitcoin enables peer-to-peer<00:14:46.720> exchange<00:14:47.519> not<00:14:47.720> just<00:14:47.880> of 00:14:48.069 --> 00:14:48.079 align:start position:0% peer-to-peer exchange not just of 00:14:48.079 --> 00:14:50.590 align:start position:0% peer-to-peer exchange not just of information<00:14:48.680> but<00:14:48.839> of<00:14:49.120> value<00:14:50.040> that<00:14:50.199> doesn't 00:14:50.590 --> 00:14:50.600 align:start position:0% information but of value that doesn't 00:14:50.600 --> 00:14:52.829 align:start position:0% information but of value that doesn't mean<00:14:51.240> that<00:14:51.440> we<00:14:51.680> this<00:14:51.880> dream<00:14:52.240> of<00:14:52.360> a<00:14:52.519> true 00:14:52.829 --> 00:14:52.839 align:start position:0% mean that we this dream of a true 00:14:52.839 --> 00:14:55.389 align:start position:0% mean that we this dream of a true peer-to-peer<00:14:53.360> society<00:14:54.360> and<00:14:54.480> a<00:14:54.800> Prosperity 00:14:55.389 --> 00:14:55.399 align:start position:0% peer-to-peer society and a Prosperity 00:14:55.399 --> 00:14:57.670 align:start position:0% peer-to-peer society and a Prosperity can<00:14:55.560> be<00:14:55.759> created<00:14:56.560> but<00:14:56.680> we're<00:14:56.920> getting<00:14:57.199> another 00:14:57.670 --> 00:14:57.680 align:start position:0% can be created but we're getting another 00:14:57.680 --> 00:15:00.590 align:start position:0% can be created but we're getting another kick<00:14:58.199> at<00:14:58.360> the<00:14:58.759> can<00:14:59.759> and<00:15:00.040> that's<00:15:00.320> why<00:15:00.480> what 00:15:00.590 --> 00:15:00.600 align:start position:0% kick at the can and that's why what 00:15:00.600 --> 00:15:03.629 align:start position:0% kick at the can and that's why what you're<00:15:00.880> doing<00:15:01.600> is<00:15:01.800> so<00:15:02.800> uh 00:15:03.629 --> 00:15:03.639 align:start position:0% you're doing is so uh 00:15:03.639 --> 00:15:06.269 align:start position:0% you're doing is so uh important<00:15:04.639> this<00:15:04.759> is<00:15:04.959> not<00:15:05.680> just<00:15:05.920> about 00:15:06.269 --> 00:15:06.279 align:start position:0% important this is not just about 00:15:06.279 --> 00:15:09.030 align:start position:0% important this is not just about creating<00:15:06.720> some<00:15:06.920> cool<00:15:07.240> businesses<00:15:07.800> to<00:15:08.000> me<00:15:08.680> this 00:15:09.030 --> 00:15:09.040 align:start position:0% creating some cool businesses to me this 00:15:09.040 --> 00:15:12.189 align:start position:0% creating some cool businesses to me this is<00:15:10.040> dealing<00:15:10.440> with<00:15:10.600> a<00:15:10.800> world<00:15:11.199> that's<00:15:11.480> too 00:15:12.189 --> 00:15:12.199 align:start position:0% is dealing with a world that's too 00:15:12.199 --> 00:15:15.629 align:start position:0% is dealing with a world that's too unprosperous<00:15:13.120> it's<00:15:13.320> too<00:15:14.000> unjust<00:15:15.000> it's<00:15:15.160> too 00:15:15.629 --> 00:15:15.639 align:start position:0% unprosperous it's too unjust it's too 00:15:15.639 --> 00:15:18.310 align:start position:0% unprosperous it's too unjust it's too unsustainable<00:15:16.639> and<00:15:16.759> it's<00:15:16.959> too<00:15:17.320> conflicted 00:15:18.310 --> 00:15:18.320 align:start position:0% unsustainable and it's too conflicted 00:15:18.320 --> 00:15:20.430 align:start position:0% unsustainable and it's too conflicted and<00:15:18.480> we<00:15:18.600> now<00:15:18.800> have<00:15:18.959> an<00:15:19.160> opportunity<00:15:20.000> to<00:15:20.199> do 00:15:20.430 --> 00:15:20.440 align:start position:0% and we now have an opportunity to do 00:15:20.440 --> 00:15:24.189 align:start position:0% and we now have an opportunity to do something<00:15:20.839> about<00:15:21.240> that<00:15:22.240> well<00:15:22.519> the<00:15:23.199> economists 00:15:24.189 --> 00:15:24.199 align:start position:0% something about that well the economists 00:15:24.199 --> 00:15:26.870 align:start position:0% something about that well the economists blessed<00:15:24.560> their<00:15:24.800> hearts<00:15:25.560> uh<00:15:25.720> got<00:15:25.959> involved 00:15:26.870 --> 00:15:26.880 align:start position:0% blessed their hearts uh got involved 00:15:26.880 --> 00:15:29.430 align:start position:0% blessed their hearts uh got involved with<00:15:27.040> the<00:15:27.160> cover<00:15:27.519> story<00:15:28.360> last<00:15:28.720> last 00:15:29.430 --> 00:15:29.440 align:start position:0% with the cover story last last 00:15:29.440 --> 00:15:32.949 align:start position:0% with the cover story last last week<00:15:30.440> I'm<00:15:30.600> not<00:15:30.800> sure<00:15:31.160> they<00:15:31.360> totally<00:15:31.720> nailed<00:15:32.199> it 00:15:32.949 --> 00:15:32.959 align:start position:0% week I'm not sure they totally nailed it 00:15:32.959 --> 00:15:37.069 align:start position:0% week I'm not sure they totally nailed it but<00:15:33.639> uh<00:15:34.639> it<00:15:34.800> was<00:15:35.519> it's<00:15:35.759> we're<00:15:35.959> moving<00:15:36.319> the<00:15:36.839> the 00:15:37.069 --> 00:15:37.079 align:start position:0% but uh it was it's we're moving the the 00:15:37.079 --> 00:15:40.389 align:start position:0% but uh it was it's we're moving the the uh<00:15:37.240> ball<00:15:37.560> forward<00:15:38.079> here<00:15:38.759> and<00:15:38.959> of<00:15:39.160> course<00:15:39.839> um 00:15:40.389 --> 00:15:40.399 align:start position:0% uh ball forward here and of course um 00:15:40.399 --> 00:15:42.069 align:start position:0% uh ball forward here and of course um I'm<00:15:40.560> hopeful<00:15:40.920> the<00:15:41.040> ball<00:15:41.240> will<00:15:41.440> seriously<00:15:41.920> get 00:15:42.069 --> 00:15:42.079 align:start position:0% I'm hopeful the ball will seriously get 00:15:42.079 --> 00:15:43.749 align:start position:0% I'm hopeful the ball will seriously get moved<00:15:42.360> forward<00:15:42.720> in<00:15:42.880> April<00:15:43.199> when<00:15:43.360> this<00:15:43.519> book 00:15:43.749 --> 00:15:43.759 align:start position:0% moved forward in April when this book 00:15:43.759 --> 00:15:46.150 align:start position:0% moved forward in April when this book comes<00:15:43.959> out<00:15:44.440> by<00:15:44.639> the<00:15:44.759> way<00:15:45.560> uh<00:15:45.680> if<00:15:45.759> you<00:15:45.839> want<00:15:46.000> to 00:15:46.150 --> 00:15:46.160 align:start position:0% comes out by the way uh if you want to 00:15:46.160 --> 00:15:48.389 align:start position:0% comes out by the way uh if you want to get<00:15:46.360> this<00:15:46.560> book<00:15:46.920> pre-order<00:15:47.440> it<00:15:47.720> the<00:15:47.880> very<00:15:48.160> best 00:15:48.389 --> 00:15:48.399 align:start position:0% get this book pre-order it the very best 00:15:48.399 --> 00:15:53.309 align:start position:0% get this book pre-order it the very best way<00:15:48.519> to<00:15:48.720> do<00:15:48.920> it<00:15:49.319> is<00:15:49.440> in<00:15:49.800> massive 00:15:53.309 --> 00:15:53.319 align:start position:0% 00:15:53.319 --> 00:15:58.230 align:start position:0% volume<00:15:54.720> Christmas<00:15:55.720> is<00:15:55.959> coming<00:15:56.800> soon<00:15:57.800> no<00:15:58.120> but 00:15:58.230 --> 00:15:58.240 align:start position:0% volume Christmas is coming soon no but 00:15:58.240 --> 00:16:00.949 align:start position:0% volume Christmas is coming soon no but just<00:15:58.759> really<00:15:59.000> confused<00:15:59.519> things<00:16:00.399> um<00:16:00.720> along 00:16:00.949 --> 00:16:00.959 align:start position:0% just really confused things um along 00:16:00.959 --> 00:16:02.910 align:start position:0% just really confused things um along with<00:16:01.079> a<00:16:01.240> publisher<00:16:02.120> they've<00:16:02.360> changed<00:16:02.759> the 00:16:02.910 --> 00:16:02.920 align:start position:0% with a publisher they've changed the 00:16:02.920 --> 00:16:04.590 align:start position:0% with a publisher they've changed the name<00:16:03.199> of<00:16:03.360> the<00:16:03.519> book<00:16:03.720> so<00:16:03.880> a<00:16:04.000> week<00:16:04.160> from<00:16:04.319> now<00:16:04.519> it 00:16:04.590 --> 00:16:04.600 align:start position:0% name of the book so a week from now it 00:16:04.600 --> 00:16:06.870 align:start position:0% name of the book so a week from now it won't<00:16:04.800> be<00:16:04.959> this<00:16:05.120> on<00:16:05.440> Amazon<00:16:06.199> it'll<00:16:06.440> be<00:16:06.639> called 00:16:06.870 --> 00:16:06.880 align:start position:0% won't be this on Amazon it'll be called 00:16:06.880 --> 00:16:08.470 align:start position:0% won't be this on Amazon it'll be called blockchain 00:16:08.470 --> 00:16:08.480 align:start position:0% blockchain 00:16:08.480 --> 00:16:11.430 align:start position:0% blockchain Revolution<00:16:09.480> um<00:16:10.000> which<00:16:10.440> you<00:16:10.560> know<00:16:11.160> what<00:16:11.279> the 00:16:11.430 --> 00:16:11.440 align:start position:0% Revolution um which you know what the 00:16:11.440 --> 00:16:13.509 align:start position:0% Revolution um which you know what the heck<00:16:11.720> trust<00:16:12.319> protocol<00:16:12.759> is<00:16:12.880> kind<00:16:13.000> of<00:16:13.160> cool<00:16:13.440> I 00:16:13.509 --> 00:16:13.519 align:start position:0% heck trust protocol is kind of cool I 00:16:13.519 --> 00:16:15.910 align:start position:0% heck trust protocol is kind of cool I thought<00:16:13.639> it<00:16:13.720> was<00:16:13.839> a<00:16:13.959> riff<00:16:14.279> off<00:16:14.680> the<00:16:15.319> the<00:16:15.519> god 00:16:15.910 --> 00:16:15.920 align:start position:0% thought it was a riff off the the god 00:16:15.920 --> 00:16:19.710 align:start position:0% thought it was a riff off the the god protocol<00:16:16.519> from<00:16:17.480> Nick<00:16:17.800> zabo's<00:16:18.399> article<00:16:18.959> of<00:16:19.600> uh 00:16:19.710 --> 00:16:19.720 align:start position:0% protocol from Nick zabo's article of uh 00:16:19.720 --> 00:16:23.150 align:start position:0% protocol from Nick zabo's article of uh a<00:16:19.920> very<00:16:20.160> long<00:16:20.440> ago<00:16:21.199> but<00:16:21.639> uh<00:16:22.440> it<00:16:22.560> will<00:16:22.720> be<00:16:22.880> called 00:16:23.150 --> 00:16:23.160 align:start position:0% a very long ago but uh it will be called 00:16:23.160 --> 00:16:24.629 align:start position:0% a very long ago but uh it will be called blockchain 00:16:24.629 --> 00:16:24.639 align:start position:0% blockchain 00:16:24.639 --> 00:16:28.150 align:start position:0% blockchain Revolution<00:16:25.639> now<00:16:26.199> of<00:16:26.560> course<00:16:27.560> there's<00:16:27.759> a<00:16:27.920> huge 00:16:28.150 --> 00:16:28.160 align:start position:0% Revolution now of course there's a huge 00:16:28.160 --> 00:16:30.189 align:start position:0% Revolution now of course there's a huge battle<00:16:28.600> it's<00:16:28.720> shaping<00:16:29.079> up<00:16:29.440> right<00:16:29.800> will<00:16:30.040> the 00:16:30.189 --> 00:16:30.199 align:start position:0% battle it's shaping up right will the 00:16:30.199 --> 00:16:33.030 align:start position:0% battle it's shaping up right will the financial<00:16:30.720> services<00:16:31.560> industry<00:16:32.560> it's<00:16:32.800> this 00:16:33.030 --> 00:16:33.040 align:start position:0% financial services industry it's this 00:16:33.040 --> 00:16:36.509 align:start position:0% financial services industry it's this rube<00:16:33.560> gold<00:16:34.120> bergian<00:16:35.120> industry<00:16:35.839> that<00:16:35.959> you<00:16:36.160> tap 00:16:36.509 --> 00:16:36.519 align:start position:0% rube gold bergian industry that you tap 00:16:36.519 --> 00:16:38.389 align:start position:0% rube gold bergian industry that you tap something<00:16:36.759> in<00:16:37.000> Starbucks<00:16:37.600> and<00:16:37.720> then<00:16:37.920> this 00:16:38.389 --> 00:16:38.399 align:start position:0% something in Starbucks and then this 00:16:38.399 --> 00:16:40.269 align:start position:0% something in Starbucks and then this these<00:16:38.600> bits<00:16:38.880> flow<00:16:39.199> through<00:16:39.399> seven<00:16:39.839> computer 00:16:40.269 --> 00:16:40.279 align:start position:0% these bits flow through seven computer 00:16:40.279 --> 00:16:41.829 align:start position:0% these bits flow through seven computer systems<00:16:40.680> some<00:16:40.800> of<00:16:40.920> them<00:16:41.040> being 00:16:41.829 --> 00:16:41.839 align:start position:0% systems some of them being 00:16:41.839 --> 00:16:45.110 align:start position:0% systems some of them being 1970s<00:16:42.839> mainframes<00:16:43.680> and<00:16:43.920> finally<00:16:44.639> like<00:16:44.800> two<00:16:44.959> or 00:16:45.110 --> 00:16:45.120 align:start position:0% 1970s mainframes and finally like two or 00:16:45.120 --> 00:16:47.389 align:start position:0% 1970s mainframes and finally like two or three<00:16:45.319> days<00:16:45.600> later<00:16:46.000> the<00:16:46.160> thing<00:16:46.319> gets<00:16:46.560> settled 00:16:47.389 --> 00:16:47.399 align:start position:0% three days later the thing gets settled 00:16:47.399 --> 00:16:49.710 align:start position:0% three days later the thing gets settled there's<00:16:47.600> an<00:16:47.800> obvious<00:16:48.279> opportunity<00:16:48.880> in 00:16:49.710 --> 00:16:49.720 align:start position:0% there's an obvious opportunity in 00:16:49.720 --> 00:16:53.069 align:start position:0% there's an obvious opportunity in R3<00:16:50.720> you<00:16:50.839> know<00:16:51.000> it's<00:16:51.160> a<00:16:51.319> coalition<00:16:51.800> of<00:16:51.959> 22<00:16:52.519> Banks 00:16:53.069 --> 00:16:53.079 align:start position:0% R3 you know it's a coalition of 22 Banks 00:16:53.079 --> 00:16:54.910 align:start position:0% R3 you know it's a coalition of 22 Banks they<00:16:53.199> want<00:16:53.319> to<00:16:53.480> use<00:16:53.839> this<00:16:54.079> not<00:16:54.240> to<00:16:54.480> disrupt 00:16:54.910 --> 00:16:54.920 align:start position:0% they want to use this not to disrupt 00:16:54.920 --> 00:16:57.629 align:start position:0% they want to use this not to disrupt financial<00:16:55.360> services<00:16:56.000> but<00:16:56.120> to<00:16:56.920> eliminate<00:16:57.480> all 00:16:57.629 --> 00:16:57.639 align:start position:0% financial services but to eliminate all 00:16:57.639 --> 00:16:59.749 align:start position:0% financial services but to eliminate all of<00:16:57.800> that<00:16:57.920> so<00:16:58.079> we're<00:16:58.160> all<00:16:58.279> look<00:16:58.480> looking<00:16:58.680> at<00:16:58.800> a 00:16:59.749 --> 00:16:59.759 align:start position:0% of that so we're all look looking at a 00:16:59.759 --> 00:17:01.990 align:start position:0% of that so we're all look looking at a at<00:16:59.920> the<00:17:00.079> same<00:17:00.440> Ledger<00:17:01.319> and<00:17:01.440> there<00:17:01.560> is<00:17:01.680> no 00:17:01.990 --> 00:17:02.000 align:start position:0% at the same Ledger and there is no 00:17:02.000 --> 00:17:03.910 align:start position:0% at the same Ledger and there is no settlement<00:17:02.480> the<00:17:02.680> transaction<00:17:03.319> occurs<00:17:03.759> and 00:17:03.910 --> 00:17:03.920 align:start position:0% settlement the transaction occurs and 00:17:03.920 --> 00:17:07.949 align:start position:0% settlement the transaction occurs and it's<00:17:04.199> done<00:17:04.880> the<00:17:05.039> settlement<00:17:05.919> is<00:17:06.839> zero<00:17:07.839> you 00:17:07.949 --> 00:17:07.959 align:start position:0% it's done the settlement is zero you 00:17:07.959 --> 00:17:11.150 align:start position:0% it's done the settlement is zero you know<00:17:08.199> milliseconds<00:17:09.120> as<00:17:09.280> opposed<00:17:09.720> to<00:17:10.319> um<00:17:11.000> as 00:17:11.150 --> 00:17:11.160 align:start position:0% know milliseconds as opposed to um as 00:17:11.160 --> 00:17:13.549 align:start position:0% know milliseconds as opposed to um as opposed<00:17:11.480> to<00:17:11.679> three<00:17:12.160> days<00:17:13.000> and<00:17:13.120> these<00:17:13.280> are<00:17:13.439> all 00:17:13.549 --> 00:17:13.559 align:start position:0% opposed to three days and these are all 00:17:13.559 --> 00:17:16.590 align:start position:0% opposed to three days and these are all the<00:17:13.720> things<00:17:13.919> that<00:17:14.120> the<00:17:14.280> bank<00:17:15.079> Banks<00:17:15.520> do<00:17:16.360> now<00:17:16.480> we 00:17:16.590 --> 00:17:16.600 align:start position:0% the things that the bank Banks do now we 00:17:16.600 --> 00:17:18.189 align:start position:0% the things that the bank Banks do now we went<00:17:16.799> through<00:17:16.959> and<00:17:17.120> dissected<00:17:17.720> all<00:17:17.839> of<00:17:18.000> these 00:17:18.189 --> 00:17:18.199 align:start position:0% went through and dissected all of these 00:17:18.199 --> 00:17:20.949 align:start position:0% went through and dissected all of these in<00:17:18.319> the<00:17:18.480> book<00:17:19.039> each<00:17:19.199> of<00:17:19.439> these<00:17:20.120> is<00:17:20.240> a<00:17:20.679> is<00:17:20.799> a 00:17:20.949 --> 00:17:20.959 align:start position:0% in the book each of these is a is a 00:17:20.959 --> 00:17:23.710 align:start position:0% in the book each of these is a is a whole<00:17:21.679> story<00:17:22.679> talking<00:17:23.039> about<00:17:23.319> both<00:17:23.520> the 00:17:23.710 --> 00:17:23.720 align:start position:0% whole story talking about both the 00:17:23.720 --> 00:17:25.829 align:start position:0% whole story talking about both the opportunity<00:17:24.439> to<00:17:24.839> disintermediate 00:17:25.829 --> 00:17:25.839 align:start position:0% opportunity to disintermediate 00:17:25.839 --> 00:17:27.710 align:start position:0% opportunity to disintermediate traditional<00:17:26.640> Financial<00:17:27.120> Services 00:17:27.710 --> 00:17:27.720 align:start position:0% traditional Financial Services 00:17:27.720 --> 00:17:29.430 align:start position:0% traditional Financial Services institutions<00:17:28.720> because<00:17:28.880> that's<00:17:29.039> what<00:17:29.160> they<00:17:29.280> do 00:17:29.430 --> 00:17:29.440 align:start position:0% institutions because that's what they do 00:17:29.440 --> 00:17:31.549 align:start position:0% institutions because that's what they do they<00:17:29.559> move<00:17:29.799> money<00:17:30.080> they<00:17:30.240> store<00:17:30.559> money<00:17:31.000> they 00:17:31.549 --> 00:17:31.559 align:start position:0% they move money they store money they 00:17:31.559 --> 00:17:34.110 align:start position:0% they move money they store money they they<00:17:31.960> uh<00:17:32.240> exchange<00:17:32.679> for<00:17:33.240> exchange<00:17:33.679> money<00:17:33.919> they 00:17:34.110 --> 00:17:34.120 align:start position:0% they uh exchange for exchange money they 00:17:34.120 --> 00:17:37.590 align:start position:0% they uh exchange for exchange money they account<00:17:34.480> for<00:17:34.760> value<00:17:35.559> and<00:17:35.760> so<00:17:35.960> on<00:17:36.720> but<00:17:36.919> also<00:17:37.440> how 00:17:37.590 --> 00:17:37.600 align:start position:0% account for value and so on but also how 00:17:37.600 --> 00:17:40.110 align:start position:0% account for value and so on but also how the<00:17:37.720> industry<00:17:38.200> could<00:17:38.400> use<00:17:38.640> this<00:17:38.840> to<00:17:39.080> transform 00:17:40.110 --> 00:17:40.120 align:start position:0% the industry could use this to transform 00:17:40.120 --> 00:17:42.830 align:start position:0% the industry could use this to transform itself<00:17:41.120> so<00:17:41.440> let<00:17:41.559> me<00:17:41.880> uh<00:17:42.000> try<00:17:42.200> and<00:17:42.320> pull<00:17:42.520> this 00:17:42.830 --> 00:17:42.840 align:start position:0% itself so let me uh try and pull this 00:17:42.840 --> 00:17:45.430 align:start position:0% itself so let me uh try and pull this together<00:17:43.440> how<00:17:43.559> long<00:17:43.720> do<00:17:43.880> I<00:17:44.000> have<00:17:44.160> by<00:17:44.280> the<00:17:44.360> way 00:17:45.430 --> 00:17:45.440 align:start position:0% together how long do I have by the way 00:17:45.440 --> 00:17:47.549 align:start position:0% together how long do I have by the way I'm 00:17:47.549 --> 00:17:47.559 align:start position:0% I'm 00:17:47.559 --> 00:17:50.510 align:start position:0% I'm sorry 00:17:50.510 --> 00:17:50.520 align:start position:0% sorry 00:17:50.520 --> 00:17:53.950 align:start position:0% sorry okay<00:17:51.520> what<00:17:51.640> does<00:17:51.840> all<00:17:52.080> this<00:17:52.280> mean 00:17:53.950 --> 00:17:53.960 align:start position:0% okay what does all this mean 00:17:53.960 --> 00:17:56.630 align:start position:0% okay what does all this mean well<00:17:54.960> I<00:17:55.080> think<00:17:55.320> this<00:17:55.520> guy<00:17:55.720> holds<00:17:56.039> the<00:17:56.200> key<00:17:56.440> to 00:17:56.630 --> 00:17:56.640 align:start position:0% well I think this guy holds the key to 00:17:56.640 --> 00:17:58.390 align:start position:0% well I think this guy holds the key to everything<00:17:57.080> Ronald<00:17:57.480> CO's<00:17:57.880> Nobel<00:17:58.200> pre 00:17:58.390 --> 00:17:58.400 align:start position:0% everything Ronald CO's Nobel pre 00:17:58.400 --> 00:18:02.110 align:start position:0% everything Ronald CO's Nobel pre prizewinning<00:17:59.679> economists<00:18:00.679> and<00:18:01.159> um<00:18:01.520> 80<00:18:01.880> years 00:18:02.110 --> 00:18:02.120 align:start position:0% prizewinning economists and um 80 years 00:18:02.120 --> 00:18:04.789 align:start position:0% prizewinning economists and um 80 years ago<00:18:02.559> he<00:18:02.679> wrote<00:18:02.919> a<00:18:03.720> this<00:18:04.039> he<00:18:04.159> never<00:18:04.360> wrote<00:18:04.600> about 00:18:04.789 --> 00:18:04.799 align:start position:0% ago he wrote a this he never wrote about 00:18:04.799 --> 00:18:06.750 align:start position:0% ago he wrote a this he never wrote about the<00:18:04.919> internet<00:18:05.280> and<00:18:05.360> he<00:18:05.520> died 00:18:06.750 --> 00:18:06.760 align:start position:0% the internet and he died 00:18:06.760 --> 00:18:09.950 align:start position:0% the internet and he died before<00:18:07.760> you<00:18:08.039> guys<00:18:08.240> really<00:18:08.559> came<00:18:08.720> on<00:18:08.919> the<00:18:09.080> scene 00:18:09.950 --> 00:18:09.960 align:start position:0% before you guys really came on the scene 00:18:09.960 --> 00:18:11.669 align:start position:0% before you guys really came on the scene but<00:18:10.080> 80<00:18:10.400> years<00:18:10.559> ago<00:18:10.840> he<00:18:10.919> wrote<00:18:11.159> a<00:18:11.320> Nobel 00:18:11.669 --> 00:18:11.679 align:start position:0% but 80 years ago he wrote a Nobel 00:18:11.679 --> 00:18:13.390 align:start position:0% but 80 years ago he wrote a Nobel prizewinning<00:18:12.320> paper<00:18:12.640> where<00:18:12.799> he<00:18:12.919> asked<00:18:13.159> a 00:18:13.390 --> 00:18:13.400 align:start position:0% prizewinning paper where he asked a 00:18:13.400 --> 00:18:15.710 align:start position:0% prizewinning paper where he asked a deceptively<00:18:14.360> simple<00:18:14.760> question<00:18:15.120> he<00:18:15.200> said<00:18:15.559> why 00:18:15.710 --> 00:18:15.720 align:start position:0% deceptively simple question he said why 00:18:15.720 --> 00:18:18.870 align:start position:0% deceptively simple question he said why does<00:18:15.919> the<00:18:16.039> firm<00:18:16.880> exist<00:18:17.880> if<00:18:18.039> Adam<00:18:18.320> Smith<00:18:18.720> is 00:18:18.870 --> 00:18:18.880 align:start position:0% does the firm exist if Adam Smith is 00:18:18.880 --> 00:18:20.390 align:start position:0% does the firm exist if Adam Smith is right<00:18:19.159> the<00:18:19.320> open<00:18:19.559> Market's<00:18:20.000> the<00:18:20.159> best 00:18:20.390 --> 00:18:20.400 align:start position:0% right the open Market's the best 00:18:20.400 --> 00:18:22.350 align:start position:0% right the open Market's the best mechanism<00:18:21.039> to<00:18:21.240> determine<00:18:21.640> how<00:18:21.840> goods<00:18:22.080> and 00:18:22.350 --> 00:18:22.360 align:start position:0% mechanism to determine how goods and 00:18:22.360 --> 00:18:24.070 align:start position:0% mechanism to determine how goods and information<00:18:22.840> and<00:18:22.960> money<00:18:23.200> and<00:18:23.400> people<00:18:23.640> are 00:18:24.070 --> 00:18:24.080 align:start position:0% information and money and people are 00:18:24.080 --> 00:18:27.430 align:start position:0% information and money and people are allocated<00:18:25.080> in<00:18:25.280> an<00:18:25.520> economy<00:18:26.080> why<00:18:26.280> don't<00:18:27.280> why 00:18:27.430 --> 00:18:27.440 align:start position:0% allocated in an economy why don't why 00:18:27.440 --> 00:18:29.549 align:start position:0% allocated in an economy why don't why aren't<00:18:27.720> we<00:18:27.840> all<00:18:27.960> independ<00:18:28.480> and<00:18:28.679> contractors 00:18:29.549 --> 00:18:29.559 align:start position:0% aren't we all independ and contractors 00:18:29.559 --> 00:18:31.590 align:start position:0% aren't we all independ and contractors why<00:18:29.640> do<00:18:29.760> we<00:18:29.919> have<00:18:30.080> firms<00:18:30.960> and<00:18:31.039> he<00:18:31.120> said<00:18:31.400> the 00:18:31.590 --> 00:18:31.600 align:start position:0% why do we have firms and he said the 00:18:31.600 --> 00:18:33.510 align:start position:0% why do we have firms and he said the answer<00:18:31.919> is<00:18:32.080> and<00:18:32.159> he<00:18:32.240> won<00:18:32.440> a<00:18:32.600> Nobel<00:18:33.039> Prize<00:18:33.320> for 00:18:33.510 --> 00:18:33.520 align:start position:0% answer is and he won a Nobel Prize for 00:18:33.520 --> 00:18:36.070 align:start position:0% answer is and he won a Nobel Prize for saying<00:18:33.960> this<00:18:34.520> the<00:18:34.679> answer<00:18:34.880> is<00:18:35.120> transaction 00:18:36.070 --> 00:18:36.080 align:start position:0% saying this the answer is transaction 00:18:36.080 --> 00:18:39.270 align:start position:0% saying this the answer is transaction cost<00:18:37.000> and<00:18:37.120> he<00:18:37.480> defined<00:18:37.919> that<00:18:38.120> broadly<00:18:39.080> the 00:18:39.270 --> 00:18:39.280 align:start position:0% cost and he defined that broadly the 00:18:39.280 --> 00:18:42.990 align:start position:0% cost and he defined that broadly the cost<00:18:39.559> of<00:18:39.799> search<00:18:40.600> he<00:18:40.760> said<00:18:41.280> 80<00:18:41.880> years<00:18:42.159> ago<00:18:42.880> the 00:18:42.990 --> 00:18:43.000 align:start position:0% cost of search he said 80 years ago the 00:18:43.000 --> 00:18:44.110 align:start position:0% cost of search he said 80 years ago the cost<00:18:43.200> of<00:18:43.360> finding<00:18:43.640> all<00:18:43.799> the<00:18:43.919> right 00:18:44.110 --> 00:18:44.120 align:start position:0% cost of finding all the right 00:18:44.120 --> 00:18:46.149 align:start position:0% cost of finding all the right information<00:18:44.760> in<00:18:44.880> an<00:18:45.039> open<00:18:45.320> economy<00:18:45.799> the<00:18:45.919> right 00:18:46.149 --> 00:18:46.159 align:start position:0% information in an open economy the right 00:18:46.159 --> 00:18:47.789 align:start position:0% information in an open economy the right people<00:18:46.400> to<00:18:46.559> do<00:18:46.799> something<00:18:47.400> totally 00:18:47.789 --> 00:18:47.799 align:start position:0% people to do something totally 00:18:47.799 --> 00:18:49.350 align:start position:0% people to do something totally prohibitive<00:18:48.320> so<00:18:48.480> we<00:18:48.600> bring<00:18:48.760> it<00:18:48.919> inside<00:18:49.240> the 00:18:49.350 --> 00:18:49.360 align:start position:0% prohibitive so we bring it inside the 00:18:49.360 --> 00:18:51.230 align:start position:0% prohibitive so we bring it inside the boundaries<00:18:49.720> of<00:18:49.840> a<00:18:50.000> corporation<00:18:50.799> or<00:18:51.000> we<00:18:51.120> have 00:18:51.230 --> 00:18:51.240 align:start position:0% boundaries of a corporation or we have 00:18:51.240 --> 00:18:52.990 align:start position:0% boundaries of a corporation or we have stuff<00:18:51.520> like<00:18:51.679> filing<00:18:52.240> cabinets<00:18:52.679> to<00:18:52.840> get 00:18:52.990 --> 00:18:53.000 align:start position:0% stuff like filing cabinets to get 00:18:53.000 --> 00:18:55.430 align:start position:0% stuff like filing cabinets to get information<00:18:53.480> or<00:18:53.799> charts<00:18:54.120> to<00:18:54.320> find<00:18:54.720> people<00:18:55.360> and 00:18:55.430 --> 00:18:55.440 align:start position:0% information or charts to find people and 00:18:55.440 --> 00:18:57.750 align:start position:0% information or charts to find people and the<00:18:55.559> big<00:18:55.799> industrialists<00:18:56.520> understood<00:18:57.159> this 00:18:57.750 --> 00:18:57.760 align:start position:0% the big industrialists understood this 00:18:57.760 --> 00:19:00.070 align:start position:0% the big industrialists understood this so<00:18:57.960> Henry<00:18:58.360> Ford<00:18:59.039> had<00:18:59.240> within<00:18:59.520> the<00:18:59.640> boundaries 00:19:00.070 --> 00:19:00.080 align:start position:0% so Henry Ford had within the boundaries 00:19:00.080 --> 00:19:02.029 align:start position:0% so Henry Ford had within the boundaries of<00:19:00.200> the<00:19:00.280> Ford<00:19:00.600> Motor<00:19:00.919> Company<00:19:01.280> a<00:19:01.440> power<00:19:01.720> plant 00:19:02.029 --> 00:19:02.039 align:start position:0% of the Ford Motor Company a power plant 00:19:02.039 --> 00:19:03.830 align:start position:0% of the Ford Motor Company a power plant steel<00:19:02.320> mill<00:19:02.600> Shipping<00:19:03.000> Company<00:19:03.400> Glass 00:19:03.830 --> 00:19:03.840 align:start position:0% steel mill Shipping Company Glass 00:19:03.840 --> 00:19:06.350 align:start position:0% steel mill Shipping Company Glass Factory<00:19:04.480> why<00:19:05.440> because<00:19:05.679> the<00:19:05.840> cost<00:19:06.080> of 00:19:06.350 --> 00:19:06.360 align:start position:0% Factory why because the cost of 00:19:06.360 --> 00:19:08.549 align:start position:0% Factory why because the cost of transactions<00:19:07.039> in<00:19:07.200> an<00:19:07.400> open<00:19:07.679> market<00:19:08.320> were 00:19:08.549 --> 00:19:08.559 align:start position:0% transactions in an open market were 00:19:08.559 --> 00:19:10.190 align:start position:0% transactions in an open market were greater<00:19:08.880> than<00:19:09.080> the<00:19:09.240> cost<00:19:09.480> of<00:19:09.600> doing<00:19:09.919> things 00:19:10.190 --> 00:19:10.200 align:start position:0% greater than the cost of doing things 00:19:10.200 --> 00:19:14.909 align:start position:0% greater than the cost of doing things inside<00:19:10.559> the<00:19:10.679> boundaries<00:19:11.120> of<00:19:11.679> Ford<00:19:12.679> so<00:19:13.080> back<00:19:13.919> um 00:19:14.909 --> 00:19:14.919 align:start position:0% inside the boundaries of Ford so back um 00:19:14.919 --> 00:19:17.710 align:start position:0% inside the boundaries of Ford so back um back<00:19:15.080> in<00:19:15.200> the<00:19:15.400> day<00:19:16.159> 1990<00:19:16.880> we<00:19:17.000> started<00:19:17.360> calling 00:19:17.710 --> 00:19:17.720 align:start position:0% back in the day 1990 we started calling 00:19:17.720 --> 00:19:19.990 align:start position:0% back in the day 1990 we started calling this<00:19:18.480> saying<00:19:18.840> that<00:19:19.200> the<00:19:19.320> boundaries<00:19:19.760> of 00:19:19.990 --> 00:19:20.000 align:start position:0% this saying that the boundaries of 00:19:20.000 --> 00:19:22.750 align:start position:0% this saying that the boundaries of corporations<00:19:20.600> are<00:19:20.840> becoming<00:19:21.200> more<00:19:21.760> porous 00:19:22.750 --> 00:19:22.760 align:start position:0% corporations are becoming more porous 00:19:22.760 --> 00:19:26.190 align:start position:0% corporations are becoming more porous and<00:19:22.960> then<00:19:23.559> with<00:19:24.559> um<00:19:24.679> the<00:19:24.840> internet<00:19:25.720> ver<00:19:25.960> some 00:19:26.190 --> 00:19:26.200 align:start position:0% and then with um the internet ver some 00:19:26.200 --> 00:19:28.350 align:start position:0% and then with um the internet ver some vertically<00:19:26.679> integrated<00:19:27.240> companies<00:19:27.679> began<00:19:27.919> to 00:19:28.350 --> 00:19:28.360 align:start position:0% vertically integrated companies began to 00:19:28.360 --> 00:19:30.549 align:start position:0% vertically integrated companies began to bundle<00:19:28.720> into<00:19:29.039> Network<00:19:29.600> Cisco<00:19:30.000> figured<00:19:30.400> this 00:19:30.549 --> 00:19:30.559 align:start position:0% bundle into Network Cisco figured this 00:19:30.559 --> 00:19:32.909 align:start position:0% bundle into Network Cisco figured this out<00:19:31.039> and<00:19:31.240> a<00:19:31.440> network<00:19:31.960> business<00:19:32.360> model<00:19:32.679> it's<00:19:32.760> a 00:19:32.909 --> 00:19:32.919 align:start position:0% out and a network business model it's a 00:19:32.919 --> 00:19:34.870 align:start position:0% out and a network business model it's a 15-year-old<00:19:33.600> diagram<00:19:34.080> of<00:19:34.240> the<00:19:34.360> Cisco 00:19:34.870 --> 00:19:34.880 align:start position:0% 15-year-old diagram of the Cisco 00:19:34.880 --> 00:19:35.950 align:start position:0% 15-year-old diagram of the Cisco business 00:19:35.950 --> 00:19:35.960 align:start position:0% business 00:19:35.960 --> 00:19:40.390 align:start position:0% business ecosystem<00:19:36.960> Cisco<00:19:37.440> figured<00:19:37.880> this<00:19:38.039> out<00:19:39.000> and<00:19:39.480> u<00:19:40.039> a 00:19:40.390 --> 00:19:40.400 align:start position:0% ecosystem Cisco figured this out and u a 00:19:40.400 --> 00:19:42.510 align:start position:0% ecosystem Cisco figured this out and u a a<00:19:40.559> network<00:19:41.080> business<00:19:41.559> model<00:19:41.960> conferred 00:19:42.510 --> 00:19:42.520 align:start position:0% a network business model conferred 00:19:42.520 --> 00:19:44.830 align:start position:0% a network business model conferred competitive<00:19:43.120> Advantage<00:19:44.000> because<00:19:44.320> the<00:19:44.480> tonic 00:19:44.830 --> 00:19:44.840 align:start position:0% competitive Advantage because the tonic 00:19:44.840 --> 00:19:46.590 align:start position:0% competitive Advantage because the tonic of<00:19:44.960> the<00:19:45.080> market<00:19:45.440> got<00:19:45.640> brought<00:19:45.840> to<00:19:46.000> bear<00:19:46.240> on<00:19:46.440> all 00:19:46.590 --> 00:19:46.600 align:start position:0% of the market got brought to bear on all 00:19:46.600 --> 00:19:49.310 align:start position:0% of the market got brought to bear on all these<00:19:46.799> different<00:19:47.200> parts<00:19:48.080> of<00:19:48.320> the<00:19:48.679> of<00:19:48.799> the 00:19:49.310 --> 00:19:49.320 align:start position:0% these different parts of the of the 00:19:49.320 --> 00:19:51.310 align:start position:0% these different parts of the of the organization 00:19:51.310 --> 00:19:51.320 align:start position:0% organization 00:19:51.320 --> 00:19:56.029 align:start position:0% organization now<00:19:52.320> with<00:19:53.159> um<00:19:54.120> the<00:19:54.400> internet<00:19:55.400> initially 00:19:56.029 --> 00:19:56.039 align:start position:0% now with um the internet initially 00:19:56.039 --> 00:19:57.590 align:start position:0% now with um the internet initially moving<00:19:56.480> from<00:19:56.640> a<00:19:56.840> platform<00:19:57.240> for<00:19:57.400> the 00:19:57.590 --> 00:19:57.600 align:start position:0% moving from a platform for the 00:19:57.600 --> 00:20:00.510 align:start position:0% moving from a platform for the presentation<00:19:58.440> of<00:19:58.880> of<00:19:59.120> content<00:19:59.559> with<00:19:59.720> HTML<00:20:00.320> to 00:20:00.510 --> 00:20:00.520 align:start position:0% presentation of of content with HTML to 00:20:00.520 --> 00:20:03.070 align:start position:0% presentation of of content with HTML to becoming<00:20:00.880> more<00:20:01.080> a<00:20:01.559> computational<00:20:02.440> platform 00:20:03.070 --> 00:20:03.080 align:start position:0% becoming more a computational platform 00:20:03.080 --> 00:20:05.950 align:start position:0% becoming more a computational platform with<00:20:03.480> you<00:20:03.600> know<00:20:03.760> XML<00:20:04.360> soap<00:20:04.679> and<00:20:04.840> uddi<00:20:05.640> and<00:20:05.799> all 00:20:05.950 --> 00:20:05.960 align:start position:0% with you know XML soap and uddi and all 00:20:05.960 --> 00:20:08.029 align:start position:0% with you know XML soap and uddi and all this<00:20:06.280> sort<00:20:06.440> of<00:20:06.559> lingua<00:20:07.000> franka<00:20:07.760> for 00:20:08.029 --> 00:20:08.039 align:start position:0% this sort of lingua franka for 00:20:08.039 --> 00:20:10.510 align:start position:0% this sort of lingua franka for distributed<00:20:08.640> computing<00:20:09.600> now<00:20:10.280> with 00:20:10.510 --> 00:20:10.520 align:start position:0% distributed computing now with 00:20:10.520 --> 00:20:13.190 align:start position:0% distributed computing now with blockchain<00:20:11.280> Technologies<00:20:12.280> the<00:20:12.520> opportunity 00:20:13.190 --> 00:20:13.200 align:start position:0% blockchain Technologies the opportunity 00:20:13.200 --> 00:20:15.909 align:start position:0% blockchain Technologies the opportunity exists<00:20:13.840> to<00:20:14.240> drop<00:20:14.640> those<00:20:14.880> transaction<00:20:15.559> costs 00:20:15.909 --> 00:20:15.919 align:start position:0% exists to drop those transaction costs 00:20:15.919 --> 00:20:18.710 align:start position:0% exists to drop those transaction costs so<00:20:16.159> much<00:20:16.720> that<00:20:16.880> we<00:20:17.039> can<00:20:17.559> actually<00:20:17.919> start<00:20:18.159> to 00:20:18.710 --> 00:20:18.720 align:start position:0% so much that we can actually start to 00:20:18.720 --> 00:20:21.750 align:start position:0% so much that we can actually start to envisage<00:20:19.720> uh<00:20:20.039> radical<00:20:20.559> new<00:20:20.799> models<00:20:21.200> of<00:20:21.400> how<00:20:21.559> we 00:20:21.750 --> 00:20:21.760 align:start position:0% envisage uh radical new models of how we 00:20:21.760 --> 00:20:24.630 align:start position:0% envisage uh radical new models of how we orchestrate<00:20:22.480> capability<00:20:23.200> in<00:20:23.559> society<00:20:24.400> to 00:20:24.630 --> 00:20:24.640 align:start position:0% orchestrate capability in society to 00:20:24.640 --> 00:20:26.950 align:start position:0% orchestrate capability in society to innovate<00:20:25.400> to<00:20:25.600> create<00:20:25.919> goods<00:20:26.120> and 00:20:26.950 --> 00:20:26.960 align:start position:0% innovate to create goods and 00:20:26.960 --> 00:20:29.430 align:start position:0% innovate to create goods and services<00:20:27.960> um<00:20:28.200> and<00:20:28.320> to<00:20:28.520> engage<00:20:28.919> with<00:20:29.080> the<00:20:29.240> rest 00:20:29.430 --> 00:20:29.440 align:start position:0% services um and to engage with the rest 00:20:29.440 --> 00:20:32.149 align:start position:0% services um and to engage with the rest of<00:20:29.600> the<00:20:29.760> world<00:20:30.640> so<00:20:30.880> everyone's<00:20:31.600> thinking<00:20:32.000> well 00:20:32.149 --> 00:20:32.159 align:start position:0% of the world so everyone's thinking well 00:20:32.159 --> 00:20:34.630 align:start position:0% of the world so everyone's thinking well a<00:20:32.320> big<00:20:33.000> solution<00:20:33.360> to<00:20:33.559> the<00:20:33.760> problem<00:20:34.039> of<00:20:34.240> social 00:20:34.630 --> 00:20:34.640 align:start position:0% a big solution to the problem of social 00:20:34.640 --> 00:20:38.549 align:start position:0% a big solution to the problem of social inequality<00:20:35.640> is<00:20:36.440> redistribution<00:20:37.440> of<00:20:37.640> wealth 00:20:38.549 --> 00:20:38.559 align:start position:0% inequality is redistribution of wealth 00:20:38.559 --> 00:20:39.870 align:start position:0% inequality is redistribution of wealth well<00:20:38.720> we're<00:20:38.919> probably<00:20:39.159> going<00:20:39.280> to<00:20:39.400> have<00:20:39.520> to<00:20:39.640> do 00:20:39.870 --> 00:20:39.880 align:start position:0% well we're probably going to have to do 00:20:39.880 --> 00:20:41.950 align:start position:0% well we're probably going to have to do some<00:20:40.120> of<00:20:40.360> that<00:20:41.080> but<00:20:41.240> what<00:20:41.360> if<00:20:41.480> we<00:20:41.640> had<00:20:41.760> a 00:20:41.950 --> 00:20:41.960 align:start position:0% some of that but what if we had a 00:20:41.960 --> 00:20:43.630 align:start position:0% some of that but what if we had a different<00:20:42.320> approach<00:20:42.760> which<00:20:42.919> was<00:20:43.080> not 00:20:43.630 --> 00:20:43.640 align:start position:0% different approach which was not 00:20:43.640 --> 00:20:45.870 align:start position:0% different approach which was not redistribution<00:20:44.640> it<00:20:44.760> was 00:20:45.870 --> 00:20:45.880 align:start position:0% redistribution it was 00:20:45.880 --> 00:20:48.590 align:start position:0% redistribution it was distribution<00:20:46.880> what<00:20:47.000> if<00:20:47.159> we<00:20:47.360> started<00:20:47.799> enabling 00:20:48.590 --> 00:20:48.600 align:start position:0% distribution what if we started enabling 00:20:48.600 --> 00:20:51.029 align:start position:0% distribution what if we started enabling millions<00:20:49.320> and<00:20:49.600> tens<00:20:49.960> of<00:20:50.200> millions<00:20:50.600> and<00:20:50.799> maybe 00:20:51.029 --> 00:20:51.039 align:start position:0% millions and tens of millions and maybe 00:20:51.039 --> 00:20:52.510 align:start position:0% millions and tens of millions and maybe hundreds<00:20:51.400> of<00:20:51.520> millions<00:20:51.840> of<00:20:52.000> people<00:20:52.280> around 00:20:52.510 --> 00:20:52.520 align:start position:0% hundreds of millions of people around 00:20:52.520 --> 00:20:55.110 align:start position:0% hundreds of millions of people around the<00:20:52.640> world<00:20:53.120> to<00:20:53.440> participate<00:20:54.039> in<00:20:54.200> the<00:20:54.360> creation 00:20:55.110 --> 00:20:55.120 align:start position:0% the world to participate in the creation 00:20:55.120 --> 00:20:58.710 align:start position:0% the world to participate in the creation of<00:20:55.440> companies<00:20:56.440> they<00:20:56.559> might<00:20:56.799> only<00:20:57.120> have<00:20:57.280> $10<00:20:58.480> to 00:20:58.710 --> 00:20:58.720 align:start position:0% of companies they might only have $10 to 00:20:58.720 --> 00:21:01.830 align:start position:0% of companies they might only have $10 to contribute<00:20:59.720> but<00:20:59.880> they<00:21:00.000> end<00:21:00.200> up<00:21:00.400> being<00:21:00.919> owners 00:21:01.830 --> 00:21:01.840 align:start position:0% contribute but they end up being owners 00:21:01.840 --> 00:21:04.830 align:start position:0% contribute but they end up being owners of<00:21:02.000> a<00:21:02.240> highly<00:21:02.720> distributed<00:21:03.720> and<00:21:03.919> networked 00:21:04.830 --> 00:21:04.840 align:start position:0% of a highly distributed and networked 00:21:04.840 --> 00:21:08.470 align:start position:0% of a highly distributed and networked type<00:21:05.600> uh<00:21:06.200> Enterprise<00:21:07.200> well<00:21:07.400> this<00:21:07.520> is<00:21:07.960> uh<00:21:08.360> this 00:21:08.470 --> 00:21:08.480 align:start position:0% type uh Enterprise well this is uh this 00:21:08.480 --> 00:21:11.029 align:start position:0% type uh Enterprise well this is uh this is<00:21:08.720> pretty<00:21:09.000> exciting<00:21:09.679> and<00:21:09.799> it<00:21:09.919> holds<00:21:10.240> the<00:21:10.440> key 00:21:11.029 --> 00:21:11.039 align:start position:0% is pretty exciting and it holds the key 00:21:11.039 --> 00:21:15.269 align:start position:0% is pretty exciting and it holds the key to<00:21:11.279> a<00:21:11.440> lot<00:21:11.840> of<00:21:12.840> problems<00:21:13.840> so<00:21:14.799> uh<00:21:14.880> I<00:21:14.960> don't<00:21:15.120> have 00:21:15.269 --> 00:21:15.279 align:start position:0% to a lot of problems so uh I don't have 00:21:15.279 --> 00:21:16.750 align:start position:0% to a lot of problems so uh I don't have time<00:21:15.440> to<00:21:15.559> tell<00:21:15.760> that<00:21:15.960> too<00:21:16.159> bad<00:21:16.320> it's<00:21:16.400> a<00:21:16.520> great 00:21:16.750 --> 00:21:16.760 align:start position:0% time to tell that too bad it's a great 00:21:16.760 --> 00:21:18.510 align:start position:0% time to tell that too bad it's a great story 00:21:18.510 --> 00:21:18.520 align:start position:0% story 00:21:18.520 --> 00:21:23.350 align:start position:0% story um<00:21:19.520> so<00:21:19.760> the<00:21:19.880> old<00:21:20.159> is<00:21:20.720> Uber<00:21:21.720> I<00:21:21.880> love<00:21:22.360> the<00:21:22.600> dis<00:21:23.159> the 00:21:23.350 --> 00:21:23.360 align:start position:0% um so the old is Uber I love the dis the 00:21:23.360 --> 00:21:25.590 align:start position:0% um so the old is Uber I love the dis the disruptive<00:21:24.200> economy<00:21:24.720> you<00:21:24.799> know<00:21:25.039> I<00:21:25.200> love<00:21:25.320> it 00:21:25.590 --> 00:21:25.600 align:start position:0% disruptive economy you know I love it 00:21:25.600 --> 00:21:27.110 align:start position:0% disruptive economy you know I love it somebody<00:21:25.919> I<00:21:26.000> was<00:21:26.120> at<00:21:26.279> a<00:21:26.400> thing<00:21:26.559> yesterday<00:21:26.919> and 00:21:27.110 --> 00:21:27.120 align:start position:0% somebody I was at a thing yesterday and 00:21:27.120 --> 00:21:29.510 align:start position:0% somebody I was at a thing yesterday and somebody<00:21:27.400> said<00:21:27.640> Uber<00:21:28.159> is<00:21:28.240> a<00:21:28.360> sharing<00:21:28.919> economy 00:21:29.510 --> 00:21:29.520 align:start position:0% somebody said Uber is a sharing economy 00:21:29.520 --> 00:21:33.230 align:start position:0% somebody said Uber is a sharing economy company<00:21:30.240> and<00:21:30.360> I'm<00:21:30.559> like<00:21:31.440> what<00:21:32.039> Uber<00:21:32.360> is<00:21:32.440> a<00:21:32.520> $45 00:21:33.230 --> 00:21:33.240 align:start position:0% company and I'm like what Uber is a $45 00:21:33.240 --> 00:21:36.070 align:start position:0% company and I'm like what Uber is a $45 billion<00:21:34.000> Corporation<00:21:35.000> that's<00:21:35.159> a<00:21:35.320> service 00:21:36.070 --> 00:21:36.080 align:start position:0% billion Corporation that's a service 00:21:36.080 --> 00:21:39.190 align:start position:0% billion Corporation that's a service aggregator<00:21:37.080> and<00:21:37.200> I<00:21:37.320> get<00:21:37.480> my<00:21:37.640> view<00:21:37.840> of<00:21:38.200> sharing 00:21:39.190 --> 00:21:39.200 align:start position:0% aggregator and I get my view of sharing 00:21:39.200 --> 00:21:40.269 align:start position:0% aggregator and I get my view of sharing uh<00:21:39.360> from 00:21:40.269 --> 00:21:40.279 align:start position:0% uh from 00:21:40.279 --> 00:21:43.029 align:start position:0% uh from preschoolers<00:21:41.279> you<00:21:41.440> ask<00:21:41.640> a<00:21:41.799> three-year-old<00:21:42.799> if 00:21:43.029 --> 00:21:43.039 align:start position:0% preschoolers you ask a three-year-old if 00:21:43.039 --> 00:21:45.990 align:start position:0% preschoolers you ask a three-year-old if I<00:21:43.760> give<00:21:43.960> you<00:21:44.240> one<00:21:44.400> of<00:21:44.559> my<00:21:44.799> cookies<00:21:45.640> is<00:21:45.799> that 00:21:45.990 --> 00:21:46.000 align:start position:0% I give you one of my cookies is that 00:21:46.000 --> 00:21:49.390 align:start position:0% I give you one of my cookies is that sharing<00:21:46.840> i<00:21:47.039> k<00:21:47.480> yeah<00:21:47.799> that's<00:21:48.080> sharing<00:21:49.080> if<00:21:49.200> I 00:21:49.390 --> 00:21:49.400 align:start position:0% sharing i k yeah that's sharing if I 00:21:49.400 --> 00:21:51.110 align:start position:0% sharing i k yeah that's sharing if I give<00:21:49.559> you<00:21:49.679> a<00:21:49.840> cookie<00:21:50.440> but<00:21:50.559> you<00:21:50.720> have<00:21:50.840> to<00:21:51.000> give 00:21:51.110 --> 00:21:51.120 align:start position:0% give you a cookie but you have to give 00:21:51.120 --> 00:21:57.029 align:start position:0% give you a cookie but you have to give me<00:21:51.279> some<00:21:51.480> money<00:21:51.799> is<00:21:51.960> that<00:21:52.200> sharing<00:21:53.000> no<00:21:53.320> that's 00:21:57.029 --> 00:21:57.039 align:start position:0% 00:21:57.039 --> 00:21:58.549 align:start position:0% mean 00:21:58.549 --> 00:21:58.559 align:start position:0% mean 00:21:58.559 --> 00:22:01.390 align:start position:0% mean so<00:21:58.760> what<00:21:58.880> is<00:21:59.080> blockchain<00:21:59.760> Uber<00:22:00.279> call<00:22:00.440> it<00:22:00.720> super 00:22:01.390 --> 00:22:01.400 align:start position:0% so what is blockchain Uber call it super 00:22:01.400 --> 00:22:04.789 align:start position:0% so what is blockchain Uber call it super uber<00:22:02.000> or<00:22:02.400> subber<00:22:03.400> as<00:22:03.600> we<00:22:03.760> said<00:22:04.000> in<00:22:04.120> the<00:22:04.320> book 00:22:04.789 --> 00:22:04.799 align:start position:0% uber or subber as we said in the book 00:22:04.799 --> 00:22:08.830 align:start position:0% uber or subber as we said in the book what<00:22:04.919> does<00:22:05.080> that<00:22:05.279> look<00:22:05.559> like<00:22:06.679> well<00:22:07.679> I'm<00:22:07.840> sure 00:22:08.830 --> 00:22:08.840 align:start position:0% what does that look like well I'm sure 00:22:08.840 --> 00:22:11.470 align:start position:0% what does that look like well I'm sure you<00:22:09.039> all<00:22:09.200> know<00:22:09.640> we<00:22:09.960> uh<00:22:10.240> actually<00:22:10.520> with<00:22:10.679> some<00:22:11.120> uh 00:22:11.470 --> 00:22:11.480 align:start position:0% you all know we uh actually with some uh 00:22:11.480 --> 00:22:14.149 align:start position:0% you all know we uh actually with some uh help<00:22:11.679> from<00:22:11.840> Joan<00:22:12.159> the<00:22:12.400> consensus<00:22:13.000> folks<00:22:13.679> we 00:22:14.149 --> 00:22:14.159 align:start position:0% help from Joan the consensus folks we 00:22:14.159 --> 00:22:16.430 align:start position:0% help from Joan the consensus folks we detailed<00:22:14.760> this<00:22:15.200> quite<00:22:15.360> a<00:22:15.480> bit<00:22:15.880> in<00:22:16.000> the<00:22:16.120> book 00:22:16.430 --> 00:22:16.440 align:start position:0% detailed this quite a bit in the book 00:22:16.440 --> 00:22:19.190 align:start position:0% detailed this quite a bit in the book and<00:22:16.679> how<00:22:16.840> does<00:22:17.039> this<00:22:17.400> actually<00:22:18.200> work<00:22:18.960> and<00:22:19.080> how 00:22:19.190 --> 00:22:19.200 align:start position:0% and how does this actually work and how 00:22:19.200 --> 00:22:20.950 align:start position:0% and how does this actually work and how do<00:22:19.440> transactions<00:22:20.039> flow<00:22:20.400> and<00:22:20.520> what<00:22:20.640> kind<00:22:20.760> of 00:22:20.950 --> 00:22:20.960 align:start position:0% do transactions flow and what kind of 00:22:20.960 --> 00:22:22.669 align:start position:0% do transactions flow and what kind of Technology<00:22:21.480> enables<00:22:21.880> this<00:22:22.039> to<00:22:22.200> occur<00:22:22.520> but 00:22:22.669 --> 00:22:22.679 align:start position:0% Technology enables this to occur but 00:22:22.679 --> 00:22:25.029 align:start position:0% Technology enables this to occur but it's<00:22:23.039> it's<00:22:23.159> not<00:22:23.279> a<00:22:23.360> $45<00:22:23.919> billion<00:22:24.520> Corporation 00:22:25.029 --> 00:22:25.039 align:start position:0% it's it's not a $45 billion Corporation 00:22:25.039 --> 00:22:27.549 align:start position:0% it's it's not a $45 billion Corporation it's<00:22:25.159> a<00:22:25.400> distributed<00:22:26.120> app<00:22:26.720> this<00:22:26.840> is<00:22:27.120> all<00:22:27.320> about 00:22:27.549 --> 00:22:27.559 align:start position:0% it's a distributed app this is all about 00:22:27.559 --> 00:22:30.669 align:start position:0% it's a distributed app this is all about the<00:22:27.679> cre<00:22:28.000> creators<00:22:28.400> of<00:22:29.039> value 00:22:30.669 --> 00:22:30.679 align:start position:0% the cre creators of value 00:22:30.679 --> 00:22:34.630 align:start position:0% the cre creators of value receiving<00:22:31.679> the<00:22:31.919> value<00:22:32.640> that<00:22:32.840> they<00:22:33.520> create<00:22:34.520> um 00:22:34.630 --> 00:22:34.640 align:start position:0% receiving the value that they create um 00:22:34.640 --> 00:22:38.669 align:start position:0% receiving the value that they create um I<00:22:34.760> was<00:22:34.919> with<00:22:35.120> imagin<00:22:35.919> uh<00:22:36.159> Heap<00:22:36.960> at<00:22:37.480> um<00:22:38.200> at<00:22:38.360> her 00:22:38.669 --> 00:22:38.679 align:start position:0% I was with imagin uh Heap at um at her 00:22:38.679 --> 00:22:41.830 align:start position:0% I was with imagin uh Heap at um at her it's<00:22:38.960> actually<00:22:39.279> her<00:22:39.600> her<00:22:39.760> son<00:22:40.440> Scouts<00:22:41.080> one<00:22:41.559> one 00:22:41.830 --> 00:22:41.840 align:start position:0% it's actually her her son Scouts one one 00:22:41.840 --> 00:22:43.669 align:start position:0% it's actually her her son Scouts one one year<00:22:42.120> birthday<00:22:42.600> party<00:22:42.960> a<00:22:43.080> couple<00:22:43.279> of<00:22:43.400> nights 00:22:43.669 --> 00:22:43.679 align:start position:0% year birthday party a couple of nights 00:22:43.679 --> 00:22:45.549 align:start position:0% year birthday party a couple of nights ago<00:22:44.000> in<00:22:44.080> a<00:22:44.279> barn<00:22:44.720> somewhere<00:22:45.039> outside<00:22:45.360> of 00:22:45.549 --> 00:22:45.559 align:start position:0% ago in a barn somewhere outside of 00:22:45.559 --> 00:22:50.549 align:start position:0% ago in a barn somewhere outside of London<00:22:46.559> and<00:22:47.039> um<00:22:48.039> and<00:22:48.600> I<00:22:48.679> mean<00:22:49.360> the<00:22:50.039> musicians 00:22:50.549 --> 00:22:50.559 align:start position:0% London and um and I mean the musicians 00:22:50.559 --> 00:22:52.110 align:start position:0% London and um and I mean the musicians have<00:22:50.760> been<00:22:50.880> getting<00:22:51.120> screwed<00:22:51.520> for<00:22:51.679> years 00:22:52.110 --> 00:22:52.120 align:start position:0% have been getting screwed for years 00:22:52.120 --> 00:22:54.630 align:start position:0% have been getting screwed for years originally<00:22:52.760> with<00:22:52.919> the<00:22:53.039> labels<00:22:54.000> they<00:22:54.159> got<00:22:54.279> a 00:22:54.630 --> 00:22:54.640 align:start position:0% originally with the labels they got a 00:22:54.640 --> 00:22:56.310 align:start position:0% originally with the labels they got a small<00:22:54.960> piece<00:22:55.120> of<00:22:55.240> the<00:22:55.440> value<00:22:55.760> and<00:22:55.919> then<00:22:56.120> the 00:22:56.310 --> 00:22:56.320 align:start position:0% small piece of the value and then the 00:22:56.320 --> 00:22:57.710 align:start position:0% small piece of the value and then the internet<00:22:56.760> made<00:22:56.919> it<00:22:57.120> worse<00:22:57.440> because<00:22:57.600> it 00:22:57.710 --> 00:22:57.720 align:start position:0% internet made it worse because it 00:22:57.720 --> 00:22:59.549 align:start position:0% internet made it worse because it brought<00:22:57.960> brought<00:22:58.159> these<00:22:58.360> new<00:22:58.679> intermediaries 00:22:59.549 --> 00:22:59.559 align:start position:0% brought brought these new intermediaries 00:22:59.559 --> 00:23:01.750 align:start position:0% brought brought these new intermediaries in<00:22:59.799> like<00:23:00.080> apple<00:23:00.360> and<00:23:00.559> Spotify<00:23:01.279> that<00:23:01.440> took<00:23:01.600> more 00:23:01.750 --> 00:23:01.760 align:start position:0% in like apple and Spotify that took more 00:23:01.760 --> 00:23:03.390 align:start position:0% in like apple and Spotify that took more of<00:23:01.880> the<00:23:02.039> value<00:23:02.320> and<00:23:02.440> the<00:23:02.559> poor<00:23:02.760> musicians<00:23:03.240> are 00:23:03.390 --> 00:23:03.400 align:start position:0% of the value and the poor musicians are 00:23:03.400 --> 00:23:04.870 align:start position:0% of the value and the poor musicians are at<00:23:03.520> the<00:23:03.600> end<00:23:03.760> of<00:23:03.880> the<00:23:04.039> food<00:23:04.279> chain<00:23:04.600> getting 00:23:04.870 --> 00:23:04.880 align:start position:0% at the end of the food chain getting 00:23:04.880 --> 00:23:08.470 align:start position:0% at the end of the food chain getting this<00:23:05.120> poultry<00:23:06.080> little<00:23:06.679> piece<00:23:07.679> well<00:23:08.240> what<00:23:08.360> if 00:23:08.470 --> 00:23:08.480 align:start position:0% this poultry little piece well what if 00:23:08.480 --> 00:23:10.470 align:start position:0% this poultry little piece well what if we<00:23:08.600> had<00:23:08.720> a<00:23:08.880> music<00:23:09.200> industry<00:23:09.760> that<00:23:09.919> was<00:23:10.200> kind<00:23:10.320> of 00:23:10.470 --> 00:23:10.480 align:start position:0% we had a music industry that was kind of 00:23:10.480 --> 00:23:12.230 align:start position:0% we had a music industry that was kind of like<00:23:10.640> a<00:23:10.760> distributed<00:23:11.360> app<00:23:11.559> and<00:23:11.679> you<00:23:11.799> post<00:23:12.080> your 00:23:12.230 --> 00:23:12.240 align:start position:0% like a distributed app and you post your 00:23:12.240 --> 00:23:15.470 align:start position:0% like a distributed app and you post your music<00:23:12.600> up<00:23:12.840> there<00:23:13.080> and<00:23:13.559> you<00:23:13.679> got<00:23:14.400> uh<00:23:14.919> specifying 00:23:15.470 --> 00:23:15.480 align:start position:0% music up there and you got uh specifying 00:23:15.480 --> 00:23:16.830 align:start position:0% music up there and you got uh specifying the<00:23:15.640> rights<00:23:15.919> you<00:23:16.000> want<00:23:16.080> to<00:23:16.200> listen<00:23:16.440> to<00:23:16.559> it<00:23:16.679> for 00:23:16.830 --> 00:23:16.840 align:start position:0% the rights you want to listen to it for 00:23:16.840 --> 00:23:19.590 align:start position:0% the rights you want to listen to it for free<00:23:17.159> cool<00:23:18.000> um<00:23:18.240> no<00:23:18.559> problem<00:23:18.880> you<00:23:19.000> want<00:23:19.120> to<00:23:19.480> you 00:23:19.590 --> 00:23:19.600 align:start position:0% free cool um no problem you want to you 00:23:19.600 --> 00:23:21.549 align:start position:0% free cool um no problem you want to you want<00:23:19.679> to<00:23:19.840> remix<00:23:20.279> it<00:23:20.640> well<00:23:20.880> here's<00:23:21.039> a<00:23:21.200> smart 00:23:21.549 --> 00:23:21.559 align:start position:0% want to remix it well here's a smart 00:23:21.559 --> 00:23:23.190 align:start position:0% want to remix it well here's a smart contract<00:23:22.039> that<00:23:22.200> governs<00:23:22.520> that<00:23:22.720> you<00:23:22.799> want<00:23:22.919> to 00:23:23.190 --> 00:23:23.200 align:start position:0% contract that governs that you want to 00:23:23.200 --> 00:23:24.789 align:start position:0% contract that governs that you want to put<00:23:23.320> it<00:23:23.440> into<00:23:23.640> a<00:23:23.760> movie<00:23:24.080> you<00:23:24.200> got<00:23:24.320> a<00:23:24.440> smart 00:23:24.789 --> 00:23:24.799 align:start position:0% put it into a movie you got a smart 00:23:24.799 --> 00:23:27.310 align:start position:0% put it into a movie you got a smart contract<00:23:25.240> here<00:23:25.600> and<00:23:25.760> every<00:23:26.000> time<00:23:26.200> it<00:23:26.440> plays 00:23:27.310 --> 00:23:27.320 align:start position:0% contract here and every time it plays 00:23:27.320 --> 00:23:29.669 align:start position:0% contract here and every time it plays you<00:23:27.480> get<00:23:27.600> a<00:23:27.720> little<00:23:28.320> uh<00:23:28.520> uh<00:23:28.640> royalty<00:23:29.080> stream 00:23:29.669 --> 00:23:29.679 align:start position:0% you get a little uh uh royalty stream 00:23:29.679 --> 00:23:32.149 align:start position:0% you get a little uh uh royalty stream this<00:23:29.799> holds<00:23:30.120> the<00:23:30.440> possibility<00:23:31.279> for<00:23:31.480> a<00:23:31.640> 21st 00:23:32.149 --> 00:23:32.159 align:start position:0% this holds the possibility for a 21st 00:23:32.159 --> 00:23:35.470 align:start position:0% this holds the possibility for a 21st Century<00:23:32.520> Music<00:23:32.880> Industry<00:23:33.320> where<00:23:34.240> finally 00:23:35.470 --> 00:23:35.480 align:start position:0% Century Music Industry where finally 00:23:35.480 --> 00:23:39.110 align:start position:0% Century Music Industry where finally musicians<00:23:36.480> can<00:23:36.640> make<00:23:36.799> a<00:23:37.200> living<00:23:38.200> um<00:23:38.480> creating 00:23:39.110 --> 00:23:39.120 align:start position:0% musicians can make a living um creating 00:23:39.120 --> 00:23:42.110 align:start position:0% musicians can make a living um creating their<00:23:39.360> music<00:23:39.880> how<00:23:40.080> exciting<00:23:40.520> is<00:23:40.760> that<00:23:41.640> old 00:23:42.110 --> 00:23:42.120 align:start position:0% their music how exciting is that old 00:23:42.120 --> 00:23:45.149 align:start position:0% their music how exciting is that old Airbnb<00:23:43.120> the<00:23:43.279> new<00:23:43.520> is<00:23:43.919> B 00:23:45.149 --> 00:23:45.159 align:start position:0% Airbnb the new is B 00:23:45.159 --> 00:23:47.669 align:start position:0% Airbnb the new is B Airbnb<00:23:46.159> blockchain<00:23:46.640> Airbnb<00:23:47.360> it's<00:23:47.480> a 00:23:47.669 --> 00:23:47.679 align:start position:0% Airbnb blockchain Airbnb it's a 00:23:47.679 --> 00:23:50.789 align:start position:0% Airbnb blockchain Airbnb it's a distributed<00:23:48.400> app<00:23:49.400> and<00:23:49.880> yeah<00:23:50.200> well<00:23:50.520> how<00:23:50.640> about 00:23:50.789 --> 00:23:50.799 align:start position:0% distributed app and yeah well how about 00:23:50.799 --> 00:23:54.110 align:start position:0% distributed app and yeah well how about Airbnb<00:23:51.400> covers<00:23:51.799> Insurance<00:23:52.880> okay<00:23:53.880> you<00:23:54.000> know 00:23:54.110 --> 00:23:54.120 align:start position:0% Airbnb covers Insurance okay you know 00:23:54.120 --> 00:23:56.870 align:start position:0% Airbnb covers Insurance okay you know for<00:23:54.320> less<00:23:54.480> than<00:23:54.679> 1%<00:23:55.480> of<00:23:55.600> the<00:23:55.799> total<00:23:56.240> cost<00:23:56.760> we 00:23:56.870 --> 00:23:56.880 align:start position:0% for less than 1% of the total cost we 00:23:56.880 --> 00:23:58.870 align:start position:0% for less than 1% of the total cost we can<00:23:57.039> build<00:23:57.279> an<00:23:57.480> insurance<00:23:58.120> and<00:23:58.320> marketing<00:23:58.720> and 00:23:58.870 --> 00:23:58.880 align:start position:0% can build an insurance and marketing and 00:23:58.880 --> 00:24:01.350 align:start position:0% can build an insurance and marketing and all<00:23:59.039> the<00:23:59.240> rest<00:23:59.960> and<00:24:00.200> rather<00:24:00.440> than<00:24:00.600> Airbnb 00:24:01.350 --> 00:24:01.360 align:start position:0% all the rest and rather than Airbnb 00:24:01.360 --> 00:24:04.310 align:start position:0% all the rest and rather than Airbnb taking<00:24:01.679> you<00:24:01.760> know<00:24:01.960> 15<00:24:02.320> or<00:24:02.480> 20%<00:24:03.120> off<00:24:03.279> the<00:24:03.480> top<00:24:03.960> oh 00:24:04.310 --> 00:24:04.320 align:start position:0% taking you know 15 or 20% off the top oh 00:24:04.320 --> 00:24:06.310 align:start position:0% taking you know 15 or 20% off the top oh and<00:24:04.480> if<00:24:04.600> you're<00:24:05.080> International<00:24:05.960> losing 00:24:06.310 --> 00:24:06.320 align:start position:0% and if you're International losing 00:24:06.320 --> 00:24:10.669 align:start position:0% and if you're International losing another<00:24:06.679> 8%<00:24:07.679> through<00:24:08.039> foreign<00:24:08.919> exchange<00:24:09.919> uh 00:24:10.669 --> 00:24:10.679 align:start position:0% another 8% through foreign exchange uh 00:24:10.679 --> 00:24:12.590 align:start position:0% another 8% through foreign exchange uh stuff<00:24:11.200> anytime<00:24:11.600> Western<00:24:11.960> Union<00:24:12.360> gets 00:24:12.590 --> 00:24:12.600 align:start position:0% stuff anytime Western Union gets 00:24:12.600 --> 00:24:15.510 align:start position:0% stuff anytime Western Union gets involved<00:24:13.400> bad<00:24:13.679> things<00:24:13.919> are<00:24:14.080> going<00:24:14.200> to<00:24:14.520> happen 00:24:15.510 --> 00:24:15.520 align:start position:0% involved bad things are going to happen 00:24:15.520 --> 00:24:19.950 align:start position:0% involved bad things are going to happen so<00:24:16.440> um<00:24:17.440> well<00:24:17.799> now<00:24:17.960> that<00:24:18.120> we're<00:24:18.360> on<00:24:18.720> that<00:24:19.720> uh<00:24:19.840> how 00:24:19.950 --> 00:24:19.960 align:start position:0% so um well now that we're on that uh how 00:24:19.960 --> 00:24:21.590 align:start position:0% so um well now that we're on that uh how about<00:24:20.159> anal 00:24:21.590 --> 00:24:21.600 align:start position:0% about anal 00:24:21.600 --> 00:24:23.470 align:start position:0% about anal Domingo 00:24:23.470 --> 00:24:23.480 align:start position:0% Domingo 00:24:23.480 --> 00:24:25.669 align:start position:0% Domingo um<00:24:24.480> that's<00:24:24.640> a<00:24:24.760> great<00:24:24.960> story<00:24:25.240> in<00:24:25.320> the<00:24:25.440> book 00:24:25.669 --> 00:24:25.679 align:start position:0% um that's a great story in the book 00:24:25.679 --> 00:24:28.470 align:start position:0% um that's a great story in the book Filipino<00:24:26.240> nanny<00:24:27.039> who<00:24:27.440> uh 00:24:28.470 --> 00:24:28.480 align:start position:0% Filipino nanny who uh 00:24:28.480 --> 00:24:30.630 align:start position:0% Filipino nanny who uh used<00:24:28.760> to<00:24:29.000> get<00:24:29.159> on<00:24:29.279> a<00:24:29.440> bus<00:24:29.640> for<00:24:29.840> two<00:24:30.039> hours<00:24:30.440> every 00:24:30.630 --> 00:24:30.640 align:start position:0% used to get on a bus for two hours every 00:24:30.640 --> 00:24:32.549 align:start position:0% used to get on a bus for two hours every month<00:24:30.880> to<00:24:31.039> go<00:24:31.240> pay<00:24:31.399> her<00:24:31.559> remittances<00:24:32.200> Western 00:24:32.549 --> 00:24:32.559 align:start position:0% month to go pay her remittances Western 00:24:32.559 --> 00:24:36.149 align:start position:0% month to go pay her remittances Western Union<00:24:32.880> to<00:24:33.080> take<00:24:33.640> roughly<00:24:34.120> 10%<00:24:34.640> of<00:24:34.760> her<00:24:35.159> $200 00:24:36.149 --> 00:24:36.159 align:start position:0% Union to take roughly 10% of her $200 00:24:36.159 --> 00:24:39.110 align:start position:0% Union to take roughly 10% of her $200 and<00:24:36.279> it<00:24:36.480> takes<00:24:37.159> three<00:24:37.520> to<00:24:38.080> six<00:24:38.440> days<00:24:38.679> to<00:24:38.880> get 00:24:39.110 --> 00:24:39.120 align:start position:0% and it takes three to six days to get 00:24:39.120 --> 00:24:43.590 align:start position:0% and it takes three to six days to get there<00:24:40.120> um<00:24:40.480> now<00:24:41.480> U<00:24:41.840> using<00:24:42.159> Abra<00:24:42.880> it<00:24:43.080> happens<00:24:43.440> in 00:24:43.590 --> 00:24:43.600 align:start position:0% there um now U using Abra it happens in 00:24:43.600 --> 00:24:47.830 align:start position:0% there um now U using Abra it happens in a<00:24:44.200> millisecond<00:24:45.200> and<00:24:45.960> um<00:24:46.960> and<00:24:47.320> it<00:24:47.440> costs<00:24:47.679> her 00:24:47.830 --> 00:24:47.840 align:start position:0% a millisecond and um and it costs her 00:24:47.840 --> 00:24:50.950 align:start position:0% a millisecond and um and it costs her like<00:24:48.320> half<00:24:48.480> a<00:24:48.799> percent<00:24:49.799> so<00:24:50.320> this<00:24:50.440> is<00:24:50.679> pretty 00:24:50.950 --> 00:24:50.960 align:start position:0% like half a percent so this is pretty 00:24:50.960 --> 00:24:53.470 align:start position:0% like half a percent so this is pretty cool<00:24:51.720> how<00:24:51.880> about<00:24:52.080> do<00:24:52.120> you<00:24:52.240> know<00:24:52.360> that<00:24:52.559> 70%<00:24:53.240> of 00:24:53.470 --> 00:24:53.480 align:start position:0% cool how about do you know that 70% of 00:24:53.480 --> 00:24:54.990 align:start position:0% cool how about do you know that 70% of land<00:24:53.840> in<00:24:53.960> the<00:24:54.039> world<00:24:54.320> if<00:24:54.399> you<00:24:54.520> own<00:24:54.720> a<00:24:54.799> little 00:24:54.990 --> 00:24:55.000 align:start position:0% land in the world if you own a little 00:24:55.000 --> 00:24:56.269 align:start position:0% land in the world if you own a little piece<00:24:55.159> of<00:24:55.279> land<00:24:55.559> somewhere<00:24:55.880> and<00:24:55.960> you<00:24:56.039> have<00:24:56.159> a 00:24:56.269 --> 00:24:56.279 align:start position:0% piece of land somewhere and you have a 00:24:56.279 --> 00:24:58.870 align:start position:0% piece of land somewhere and you have a piece<00:24:56.440> of<00:24:56.640> paper<00:24:57.240> that's<00:24:57.880> uh 00:24:58.870 --> 00:24:58.880 align:start position:0% piece of paper that's uh 00:24:58.880 --> 00:25:01.430 align:start position:0% piece of paper that's uh threatened<00:24:59.880> because<00:25:00.679> you<00:25:00.799> can<00:25:00.960> have<00:25:01.080> a<00:25:01.240> little 00:25:01.430 --> 00:25:01.440 align:start position:0% threatened because you can have a little 00:25:01.440 --> 00:25:03.230 align:start position:0% threatened because you can have a little piece<00:25:01.600> of<00:25:01.799> paper<00:25:02.080> saying<00:25:02.360> I<00:25:02.480> own<00:25:02.760> this<00:25:02.960> little 00:25:03.230 --> 00:25:03.240 align:start position:0% piece of paper saying I own this little 00:25:03.240 --> 00:25:05.710 align:start position:0% piece of paper saying I own this little house<00:25:03.559> in<00:25:03.760> Honduras<00:25:04.679> and<00:25:04.840> some<00:25:05.159> dictator 00:25:05.710 --> 00:25:05.720 align:start position:0% house in Honduras and some dictator 00:25:05.720 --> 00:25:07.269 align:start position:0% house in Honduras and some dictator comes<00:25:05.919> in<00:25:06.039> and<00:25:06.159> says<00:25:06.399> no<00:25:06.520> you<00:25:06.640> don't<00:25:06.919> Central 00:25:07.269 --> 00:25:07.279 align:start position:0% comes in and says no you don't Central 00:25:07.279 --> 00:25:09.830 align:start position:0% comes in and says no you don't Central computer<00:25:07.720> system<00:25:08.000> says<00:25:08.320> my<00:25:08.480> friends<00:25:08.840> own 00:25:09.830 --> 00:25:09.840 align:start position:0% computer system says my friends own 00:25:09.840 --> 00:25:13.950 align:start position:0% computer system says my friends own it<00:25:10.840> well<00:25:11.799> so<00:25:12.159> using<00:25:12.960> uh 00:25:13.950 --> 00:25:13.960 align:start position:0% it well so using uh 00:25:13.960 --> 00:25:16.750 align:start position:0% it well so using uh factum<00:25:14.960> uh<00:25:15.240> now<00:25:15.720> we're<00:25:16.159> putting<00:25:16.399> land 00:25:16.750 --> 00:25:16.760 align:start position:0% factum uh now we're putting land 00:25:16.760 --> 00:25:19.990 align:start position:0% factum uh now we're putting land Registries<00:25:17.320> on<00:25:17.480> the<00:25:17.640> blockchain<00:25:18.360> good<00:25:19.000> luck 00:25:19.990 --> 00:25:20.000 align:start position:0% Registries on the blockchain good luck 00:25:20.000 --> 00:25:21.950 align:start position:0% Registries on the blockchain good luck dictator<00:25:20.720> if<00:25:20.880> any<00:25:21.039> of<00:25:21.159> you<00:25:21.360> by<00:25:21.480> the<00:25:21.559> way<00:25:21.760> are 00:25:21.950 --> 00:25:21.960 align:start position:0% dictator if any of you by the way are 00:25:21.960 --> 00:25:24.269 align:start position:0% dictator if any of you by the way are tyrants<00:25:22.360> or<00:25:22.559> dictators<00:25:23.320> I<00:25:23.399> would<00:25:23.760> seriously 00:25:24.269 --> 00:25:24.279 align:start position:0% tyrants or dictators I would seriously 00:25:24.279 --> 00:25:28.510 align:start position:0% tyrants or dictators I would seriously recommend<00:25:24.720> some<00:25:25.000> career<00:25:25.559> planning<00:25:26.559> on<00:25:26.880> that 00:25:28.510 --> 00:25:28.520 align:start position:0% recommend some career planning on that 00:25:28.520 --> 00:25:31.549 align:start position:0% recommend some career planning on that um<00:25:29.080> you<00:25:29.240> know<00:25:29.520> the<00:25:29.640> old<00:25:30.279> surveillance<00:25:31.000> Society 00:25:31.549 --> 00:25:31.559 align:start position:0% um you know the old surveillance Society 00:25:31.559 --> 00:25:32.750 align:start position:0% um you know the old surveillance Society the 00:25:32.750 --> 00:25:32.760 align:start position:0% the 00:25:32.760 --> 00:25:35.070 align:start position:0% the new<00:25:33.760> that's<00:25:33.919> a<00:25:34.120> weird 00:25:35.070 --> 00:25:35.080 align:start position:0% new that's a weird 00:25:35.080 --> 00:25:38.269 align:start position:0% new that's a weird picture<00:25:36.080> is<00:25:36.200> that<00:25:36.399> my<00:25:36.640> body<00:25:37.480> um<00:25:37.679> anyway<00:25:38.159> the 00:25:38.269 --> 00:25:38.279 align:start position:0% picture is that my body um anyway the 00:25:38.279 --> 00:25:41.510 align:start position:0% picture is that my body um anyway the weird<00:25:38.600> is<00:25:38.840> a<00:25:39.320> um<00:25:39.760> or<00:25:40.120> the<00:25:40.240> new<00:25:40.480> is<00:25:40.679> a<00:25:41.159> you<00:25:41.279> know 00:25:41.510 --> 00:25:41.520 align:start position:0% weird is a um or the new is a you know 00:25:41.520 --> 00:25:43.230 align:start position:0% weird is a um or the new is a you know distributed<00:25:42.039> Avatar<00:25:42.600> right<00:25:42.720> now<00:25:42.880> there's<00:25:43.080> the 00:25:43.230 --> 00:25:43.240 align:start position:0% distributed Avatar right now there's the 00:25:43.240 --> 00:25:45.549 align:start position:0% distributed Avatar right now there's the virtual<00:25:43.720> you<00:25:44.159> you<00:25:44.279> know<00:25:44.480> there's<00:25:44.919> the<00:25:45.120> ver<00:25:45.440> the 00:25:45.549 --> 00:25:45.559 align:start position:0% virtual you you know there's the ver the 00:25:45.559 --> 00:25:48.669 align:start position:0% virtual you you know there's the ver the virtual<00:25:45.960> Joe<00:25:46.880> and<00:25:47.440> but<00:25:47.679> but<00:25:47.799> Joe<00:25:48.039> doesn't<00:25:48.320> own 00:25:48.669 --> 00:25:48.679 align:start position:0% virtual Joe and but but Joe doesn't own 00:25:48.679 --> 00:25:51.110 align:start position:0% virtual Joe and but but Joe doesn't own that<00:25:48.960> it's<00:25:49.120> owned<00:25:49.480> by<00:25:49.679> these<00:25:49.960> big<00:25:50.799> data 00:25:51.110 --> 00:25:51.120 align:start position:0% that it's owned by these big data 00:25:51.120 --> 00:25:53.590 align:start position:0% that it's owned by these big data frackers<00:25:52.000> what<00:25:52.120> if<00:25:52.240> you<00:25:52.360> owned<00:25:52.640> the<00:25:52.760> virtual<00:25:53.120> U 00:25:53.590 --> 00:25:53.600 align:start position:0% frackers what if you owned the virtual U 00:25:53.600 --> 00:25:55.909 align:start position:0% frackers what if you owned the virtual U it<00:25:53.720> was<00:25:53.919> your<00:25:54.200> identity<00:25:54.919> in<00:25:55.039> a<00:25:55.200> black<00:25:55.480> box<00:25:55.760> and 00:25:55.909 --> 00:25:55.919 align:start position:0% it was your identity in a black box and 00:25:55.919 --> 00:25:57.389 align:start position:0% it was your identity in a black box and it<00:25:56.039> went<00:25:56.200> around<00:25:56.440> and<00:25:56.559> it<00:25:56.760> disclosed<00:25:57.279> just 00:25:57.389 --> 00:25:57.399 align:start position:0% it went around and it disclosed just 00:25:57.399 --> 00:26:00.389 align:start position:0% it went around and it disclosed just whatever<00:25:57.679> whatever<00:25:58.600> whatever<00:25:59.520> um<00:25:59.880> it<00:26:00.039> needed 00:26:00.389 --> 00:26:00.399 align:start position:0% whatever whatever whatever um it needed 00:26:00.399 --> 00:26:02.630 align:start position:0% whatever whatever whatever um it needed to<00:26:00.520> do<00:26:00.679> a<00:26:01.000> transaction<00:26:02.000> and<00:26:02.120> you<00:26:02.240> pay<00:26:02.440> for 00:26:02.630 --> 00:26:02.640 align:start position:0% to do a transaction and you pay for 00:26:02.640 --> 00:26:05.830 align:start position:0% to do a transaction and you pay for something<00:26:03.159> and<00:26:03.399> and<00:26:03.520> there's<00:26:03.760> no<00:26:04.720> data<00:26:05.080> trail 00:26:05.830 --> 00:26:05.840 align:start position:0% something and and there's no data trail 00:26:05.840 --> 00:26:08.269 align:start position:0% something and and there's no data trail that<00:26:05.960> you<00:26:06.159> paid<00:26:06.399> for<00:26:06.600> it<00:26:07.000> plus<00:26:07.840> you<00:26:07.919> not<00:26:08.080> only 00:26:08.269 --> 00:26:08.279 align:start position:0% that you paid for it plus you not only 00:26:08.279 --> 00:26:10.190 align:start position:0% that you paid for it plus you not only get<00:26:08.399> to<00:26:08.600> protect<00:26:08.880> your<00:26:09.120> privacy<00:26:09.799> you<00:26:09.960> get<00:26:10.080> to 00:26:10.190 --> 00:26:10.200 align:start position:0% get to protect your privacy you get to 00:26:10.200 --> 00:26:11.789 align:start position:0% get to protect your privacy you get to collect<00:26:10.520> this<00:26:10.720> data<00:26:11.039> Maybe<00:26:11.240> you<00:26:11.399> decide<00:26:11.720> you 00:26:11.789 --> 00:26:11.799 align:start position:0% collect this data Maybe you decide you 00:26:11.799 --> 00:26:13.510 align:start position:0% collect this data Maybe you decide you want<00:26:11.919> to<00:26:12.080> monetize 00:26:13.510 --> 00:26:13.520 align:start position:0% want to monetize 00:26:13.520 --> 00:26:16.350 align:start position:0% want to monetize it<00:26:14.520> so<00:26:14.880> I<00:26:14.960> wanted<00:26:15.159> to<00:26:15.320> end<00:26:15.840> just<00:26:15.960> with<00:26:16.120> a 00:26:16.350 --> 00:26:16.360 align:start position:0% it so I wanted to end just with a 00:26:16.360 --> 00:26:18.870 align:start position:0% it so I wanted to end just with a thought<00:26:16.840> about<00:26:17.480> you<00:26:17.760> and<00:26:18.000> how<00:26:18.279> this<00:26:18.760> uh 00:26:18.870 --> 00:26:18.880 align:start position:0% thought about you and how this uh 00:26:18.880 --> 00:26:21.909 align:start position:0% thought about you and how this uh meeting<00:26:19.360> I<00:26:19.480> think<00:26:20.000> uh<00:26:20.120> fits<00:26:20.480> in<00:26:21.399> we<00:26:21.559> have<00:26:21.679> a<00:26:21.799> lot 00:26:21.909 --> 00:26:21.919 align:start position:0% meeting I think uh fits in we have a lot 00:26:21.919 --> 00:26:25.510 align:start position:0% meeting I think uh fits in we have a lot of<00:26:22.080> problems<00:26:22.360> in<00:26:22.520> the<00:26:22.640> world<00:26:23.559> and<00:26:24.240> um<00:26:25.240> this<00:26:25.360> is 00:26:25.510 --> 00:26:25.520 align:start position:0% of problems in the world and um this is 00:26:25.520 --> 00:26:28.310 align:start position:0% of problems in the world and um this is a<00:26:25.799> pollution<00:26:26.320> flows<00:26:27.039> in<00:26:27.159> the<00:26:27.279> world<00:26:27.880> you<00:26:28.039> think 00:26:28.310 --> 00:26:28.320 align:start position:0% a pollution flows in the world you think 00:26:28.320 --> 00:26:31.909 align:start position:0% a pollution flows in the world you think pollution<00:26:29.080> is<00:26:29.279> a<00:26:29.520> local<00:26:30.000> problem<00:26:30.679> it's<00:26:30.960> not 00:26:31.909 --> 00:26:31.919 align:start position:0% pollution is a local problem it's not 00:26:31.919 --> 00:26:33.470 align:start position:0% pollution is a local problem it's not most<00:26:32.080> of<00:26:32.279> these<00:26:32.520> problems<00:26:32.799> are<00:26:32.960> not<00:26:33.159> getting 00:26:33.470 --> 00:26:33.480 align:start position:0% most of these problems are not getting 00:26:33.480 --> 00:26:37.389 align:start position:0% most of these problems are not getting better<00:26:34.159> so<00:26:34.440> why<00:26:34.640> is<00:26:35.360> that 00:26:37.389 --> 00:26:37.399 align:start position:0% better so why is that 00:26:37.399 --> 00:26:41.029 align:start position:0% better so why is that um<00:26:38.399> are<00:26:38.559> they<00:26:38.720> just<00:26:38.840> too<00:26:39.080> hard<00:26:39.240> to<00:26:39.799> solve<00:26:40.799> maybe 00:26:41.029 --> 00:26:41.039 align:start position:0% um are they just too hard to solve maybe 00:26:41.039 --> 00:26:42.230 align:start position:0% um are they just too hard to solve maybe our<00:26:41.200> models 00:26:42.230 --> 00:26:42.240 align:start position:0% our models 00:26:42.240 --> 00:26:45.350 align:start position:0% our models wrong<00:26:43.240> what's<00:26:43.440> our<00:26:43.760> model<00:26:44.760> anyone<00:26:45.080> here<00:26:45.240> of 00:26:45.350 --> 00:26:45.360 align:start position:0% wrong what's our model anyone here of 00:26:45.360 --> 00:26:49.430 align:start position:0% wrong what's our model anyone here of Breton<00:26:46.200> Woods<00:26:47.679> 1944<00:26:48.679> the<00:26:48.840> winners<00:26:49.200> of<00:26:49.320> the 00:26:49.430 --> 00:26:49.440 align:start position:0% Breton Woods 1944 the winners of the 00:26:49.440 --> 00:26:51.470 align:start position:0% Breton Woods 1944 the winners of the world<00:26:49.679> war<00:26:50.000> 44<00:26:50.480> countries<00:26:50.840> got<00:26:51.159> together<00:26:51.360> and 00:26:51.470 --> 00:26:51.480 align:start position:0% world war 44 countries got together and 00:26:51.480 --> 00:26:53.149 align:start position:0% world war 44 countries got together and they<00:26:51.640> created<00:26:51.919> the<00:26:52.000> world<00:26:52.200> bank<00:26:52.440> and<00:26:52.559> the<00:26:52.679> IMF 00:26:53.149 --> 00:26:53.159 align:start position:0% they created the world bank and the IMF 00:26:53.159 --> 00:26:54.710 align:start position:0% they created the world bank and the IMF a<00:26:53.240> year<00:26:53.440> later<00:26:53.679> a<00:26:53.799> bigger<00:26:54.039> group<00:26:54.279> created<00:26:54.600> the 00:26:54.710 --> 00:26:54.720 align:start position:0% a year later a bigger group created the 00:26:54.720 --> 00:26:57.070 align:start position:0% a year later a bigger group created the UN<00:26:55.120> a<00:26:55.200> year<00:26:55.399> later<00:26:55.799> the<00:26:56.159> UNESCO<00:26:56.679> and<00:26:56.799> then<00:26:56.919> the 00:26:57.070 --> 00:26:57.080 align:start position:0% UN a year later the UNESCO and then the 00:26:57.080 --> 00:27:00.110 align:start position:0% UN a year later the UNESCO and then the G<00:26:57.360> the<00:26:57.640> WTO<00:26:58.200> and<00:26:58.320> the<00:26:58.480> G8<00:26:58.960> and<00:26:59.039> the<00:26:59.159> G20<00:26:59.720> Global 00:27:00.110 --> 00:27:00.120 align:start position:0% G the WTO and the G8 and the G20 Global 00:27:00.120 --> 00:27:02.669 align:start position:0% G the WTO and the G8 and the G20 Global institutions<00:27:00.799> based<00:27:01.080> on<00:27:01.279> nation 00:27:02.669 --> 00:27:02.679 align:start position:0% institutions based on nation 00:27:02.679 --> 00:27:05.470 align:start position:0% institutions based on nation states<00:27:03.679> well<00:27:03.919> there's<00:27:04.080> a<00:27:04.240> new<00:27:04.440> model<00:27:04.760> emerging 00:27:05.470 --> 00:27:05.480 align:start position:0% states well there's a new model emerging 00:27:05.480 --> 00:27:08.630 align:start position:0% states well there's a new model emerging and<00:27:06.480> U<00:27:06.799> about<00:27:07.000> a<00:27:07.080> year<00:27:07.279> ago<00:27:07.480> I<00:27:07.559> finished<00:27:07.919> a<00:27:08.360> a 00:27:08.630 --> 00:27:08.640 align:start position:0% and U about a year ago I finished a a 00:27:08.640 --> 00:27:11.350 align:start position:0% and U about a year ago I finished a a big<00:27:08.840> study<00:27:09.080> $4<00:27:09.399> million<00:27:10.080> study<00:27:10.760> on<00:27:10.960> this<00:27:11.120> new 00:27:11.350 --> 00:27:11.360 align:start position:0% big study $4 million study on this new 00:27:11.360 --> 00:27:14.190 align:start position:0% big study $4 million study on this new model<00:27:11.799> was<00:27:12.320> sponsored<00:27:12.880> by<00:27:13.000> all<00:27:13.120> of<00:27:13.279> these 00:27:14.190 --> 00:27:14.200 align:start position:0% model was sponsored by all of these 00:27:14.200 --> 00:27:17.830 align:start position:0% model was sponsored by all of these companies<00:27:15.200> and<00:27:16.159> we<00:27:16.399> said<00:27:17.039> the<00:27:17.159> new<00:27:17.360> model<00:27:17.679> is 00:27:17.830 --> 00:27:17.840 align:start position:0% companies and we said the new model is 00:27:17.840 --> 00:27:19.669 align:start position:0% companies and we said the new model is called<00:27:18.159> multi-stakeholder 00:27:19.669 --> 00:27:19.679 align:start position:0% called multi-stakeholder 00:27:19.679 --> 00:27:22.990 align:start position:0% called multi-stakeholder networks<00:27:20.679> and<00:27:21.320> they've<00:27:21.640> got<00:27:22.440> individual 00:27:22.990 --> 00:27:23.000 align:start position:0% networks and they've got individual 00:27:23.000 --> 00:27:25.310 align:start position:0% networks and they've got individual companies<00:27:23.559> Civil<00:27:23.919> Society<00:27:24.520> governments 00:27:25.310 --> 00:27:25.320 align:start position:0% companies Civil Society governments 00:27:25.320 --> 00:27:27.190 align:start position:0% companies Civil Society governments they're<00:27:25.720> addressing<00:27:26.159> a<00:27:26.360> global<00:27:26.840> problem<00:27:27.080> they 00:27:27.190 --> 00:27:27.200 align:start position:0% they're addressing a global problem they 00:27:27.200 --> 00:27:29.149 align:start position:0% they're addressing a global problem they used<00:27:27.679> technology<00:27:28.679> but<00:27:28.799> they're<00:27:28.960> not 00:27:29.149 --> 00:27:29.159 align:start position:0% used technology but they're not 00:27:29.159 --> 00:27:32.750 align:start position:0% used technology but they're not controlled<00:27:29.600> by<00:27:30.320> States<00:27:31.320> so<00:27:32.120> it<00:27:32.240> turns<00:27:32.559> out 00:27:32.750 --> 00:27:32.760 align:start position:0% controlled by States so it turns out 00:27:32.760 --> 00:27:35.350 align:start position:0% controlled by States so it turns out there<00:27:32.880> are<00:27:33.039> 10<00:27:33.360> types<00:27:33.799> of<00:27:34.000> these<00:27:34.279> networks<00:27:35.240> and 00:27:35.350 --> 00:27:35.360 align:start position:0% there are 10 types of these networks and 00:27:35.360 --> 00:27:37.710 align:start position:0% there are 10 types of these networks and the<00:27:35.480> one<00:27:35.720> that's<00:27:35.960> more<00:27:36.440> most<00:27:36.919> relevant<00:27:37.440> to 00:27:37.710 --> 00:27:37.720 align:start position:0% the one that's more most relevant to 00:27:37.720 --> 00:27:40.230 align:start position:0% the one that's more most relevant to today<00:27:38.559> it's<00:27:38.760> called<00:27:38.960> a<00:27:39.159> governance<00:27:39.799> Network 00:27:40.230 --> 00:27:40.240 align:start position:0% today it's called a governance Network 00:27:40.240 --> 00:27:42.350 align:start position:0% today it's called a governance Network there<00:27:40.360> are<00:27:40.480> now<00:27:40.679> things<00:27:40.919> on<00:27:41.279> governance<00:27:42.159> on 00:27:42.350 --> 00:27:42.360 align:start position:0% there are now things on governance on 00:27:42.360 --> 00:27:44.710 align:start position:0% there are now things on governance on planet<00:27:42.679> Earth<00:27:43.200> that<00:27:43.279> are<00:27:43.600> governed<00:27:44.279> by<00:27:44.399> an 00:27:44.710 --> 00:27:44.720 align:start position:0% planet Earth that are governed by an 00:27:44.720 --> 00:27:48.509 align:start position:0% planet Earth that are governed by an ecosystem<00:27:45.720> not<00:27:46.000> by<00:27:46.360> States<00:27:47.360> so<00:27:47.640> the<00:27:47.799> internet 00:27:48.509 --> 00:27:48.519 align:start position:0% ecosystem not by States so the internet 00:27:48.519 --> 00:27:51.710 align:start position:0% ecosystem not by States so the internet itself<00:27:49.480> has<00:27:49.799> standards<00:27:50.799> as<00:27:51.039> part<00:27:51.240> of<00:27:51.559> that 00:27:51.710 --> 00:27:51.720 align:start position:0% itself has standards as part of that 00:27:51.720 --> 00:27:56.110 align:start position:0% itself has standards as part of that governance<00:27:52.200> Network<00:27:52.880> the<00:27:53.399> ITF<00:27:54.399> uh<00:27:54.519> the<00:27:54.880> W3<00:27:55.880> uh 00:27:56.110 --> 00:27:56.120 align:start position:0% governance Network the ITF uh the W3 uh 00:27:56.120 --> 00:27:57.870 align:start position:0% governance Network the ITF uh the W3 uh Consortium<00:27:56.919> has<00:27:57.120> operation<00:27:57.600> ational 00:27:57.870 --> 00:27:57.880 align:start position:0% Consortium has operation ational 00:27:57.880 --> 00:28:00.430 align:start position:0% Consortium has operation ational networks<00:27:58.360> that<00:27:58.600> just<00:27:58.799> do<00:27:59.240> stuff<00:27:59.840> I<00:28:00.080> can't 00:28:00.430 --> 00:28:00.440 align:start position:0% networks that just do stuff I can't 00:28:00.440 --> 00:28:03.149 align:start position:0% networks that just do stuff I can't delivers<00:28:01.240> domain<00:28:01.640> names<00:28:02.240> it's<00:28:02.440> got<00:28:02.720> policy 00:28:03.149 --> 00:28:03.159 align:start position:0% delivers domain names it's got policy 00:28:03.159 --> 00:28:05.470 align:start position:0% delivers domain names it's got policy networks<00:28:03.600> like<00:28:03.720> the<00:28:03.840> internet<00:28:04.559> governance 00:28:05.470 --> 00:28:05.480 align:start position:0% networks like the internet governance 00:28:05.480 --> 00:28:07.990 align:start position:0% networks like the internet governance form<00:28:06.120> there<00:28:06.279> are<00:28:06.600> advocacy<00:28:07.240> networks<00:28:07.799> like 00:28:07.990 --> 00:28:08.000 align:start position:0% form there are advocacy networks like 00:28:08.000 --> 00:28:10.710 align:start position:0% form there are advocacy networks like the<00:28:08.120> Electronic<00:28:08.640> Frontier 00:28:10.710 --> 00:28:10.720 align:start position:0% the Electronic Frontier 00:28:10.720 --> 00:28:14.190 align:start position:0% the Electronic Frontier Foundation<00:28:11.720> what<00:28:12.120> we<00:28:12.399> need<00:28:12.919> today<00:28:13.880> is<00:28:14.039> a 00:28:14.190 --> 00:28:14.200 align:start position:0% Foundation what we need today is a 00:28:14.200 --> 00:28:18.149 align:start position:0% Foundation what we need today is a governance<00:28:14.720> network<00:28:15.399> not<00:28:16.039> Big<00:28:16.440> G<00:28:17.159> government 00:28:18.149 --> 00:28:18.159 align:start position:0% governance network not Big G government 00:28:18.159 --> 00:28:20.710 align:start position:0% governance network not Big G government a<00:28:18.679> self-organizing<00:28:19.679> set<00:28:20.000> of<00:28:20.240> governance 00:28:20.710 --> 00:28:20.720 align:start position:0% a self-organizing set of governance 00:28:20.720 --> 00:28:23.669 align:start position:0% a self-organizing set of governance networks<00:28:21.559> around<00:28:21.840> blockchain<00:28:22.679> Technologies 00:28:23.669 --> 00:28:23.679 align:start position:0% networks around blockchain Technologies 00:28:23.679 --> 00:28:26.190 align:start position:0% networks around blockchain Technologies I<00:28:23.760> think<00:28:23.960> in<00:28:24.120> this<00:28:24.360> room<00:28:25.039> you're<00:28:25.720> uh<00:28:25.880> creating 00:28:26.190 --> 00:28:26.200 align:start position:0% I think in this room you're uh creating 00:28:26.200 --> 00:28:28.110 align:start position:0% I think in this room you're uh creating a<00:28:26.440> platform 00:28:28.110 --> 00:28:28.120 align:start position:0% a platform 00:28:28.120 --> 00:28:30.430 align:start position:0% a platform but<00:28:28.279> you're<00:28:28.519> also<00:28:29.120> an<00:28:29.360> operational<00:28:29.960> delivery 00:28:30.430 --> 00:28:30.440 align:start position:0% but you're also an operational delivery 00:28:30.440 --> 00:28:32.029 align:start position:0% but you're also an operational delivery Network<00:28:30.840> and<00:28:31.000> that<00:28:31.120> you're<00:28:31.279> not<00:28:31.519> just 00:28:32.029 --> 00:28:32.039 align:start position:0% Network and that you're not just 00:28:32.039 --> 00:28:34.269 align:start position:0% Network and that you're not just advocating<00:28:32.600> or<00:28:32.840> talking<00:28:33.240> about<00:28:33.480> it<00:28:33.799> or 00:28:34.269 --> 00:28:34.279 align:start position:0% advocating or talking about it or 00:28:34.279 --> 00:28:35.710 align:start position:0% advocating or talking about it or developing<00:28:34.880> policy<00:28:35.240> you're<00:28:35.480> actually 00:28:35.710 --> 00:28:35.720 align:start position:0% developing policy you're actually 00:28:35.720 --> 00:28:39.750 align:start position:0% developing policy you're actually building<00:28:36.679> stuff<00:28:37.679> and<00:28:38.279> so<00:28:39.279> that's<00:28:39.480> where<00:28:39.640> you 00:28:39.750 --> 00:28:39.760 align:start position:0% building stuff and so that's where you 00:28:39.760 --> 00:28:41.750 align:start position:0% building stuff and so that's where you fit<00:28:40.000> into<00:28:40.320> the<00:28:40.480> big<00:28:40.760> picture<00:28:41.240> now<00:28:41.399> we<00:28:41.519> have<00:28:41.640> a 00:28:41.750 --> 00:28:41.760 align:start position:0% fit into the big picture now we have a 00:28:41.760 --> 00:28:44.509 align:start position:0% fit into the big picture now we have a lot<00:28:41.919> of<00:28:42.080> work<00:28:42.279> to<00:28:42.480> do<00:28:43.039> and<00:28:43.240> right<00:28:43.519> now<00:28:44.080> it's<00:28:44.320> the 00:28:44.509 --> 00:28:44.519 align:start position:0% lot of work to do and right now it's the 00:28:44.519 --> 00:28:46.789 align:start position:0% lot of work to do and right now it's the wild<00:28:44.880> west<00:28:45.320> out<00:28:45.559> there<00:28:45.760> when<00:28:45.880> it<00:28:46.000> comes<00:28:46.240> to 00:28:46.789 --> 00:28:46.799 align:start position:0% wild west out there when it comes to 00:28:46.799 --> 00:28:49.310 align:start position:0% wild west out there when it comes to blockchain<00:28:47.440> Technologies<00:28:48.279> and<00:28:49.000> but<00:28:49.159> we're 00:28:49.310 --> 00:28:49.320 align:start position:0% blockchain Technologies and but we're 00:28:49.320 --> 00:28:51.590 align:start position:0% blockchain Technologies and but we're starting<00:28:49.720> to<00:28:49.880> get<00:28:50.120> better<00:28:50.559> processes<00:28:51.320> deal 00:28:51.590 --> 00:28:51.600 align:start position:0% starting to get better processes deal 00:28:51.600 --> 00:28:54.710 align:start position:0% starting to get better processes deal with<00:28:51.799> stuff<00:28:52.080> like<00:28:52.360> block<00:28:52.840> size<00:28:53.320> and<00:28:53.960> and<00:28:54.440> uh 00:28:54.710 --> 00:28:54.720 align:start position:0% with stuff like block size and and uh 00:28:54.720 --> 00:28:58.230 align:start position:0% with stuff like block size and and uh and<00:28:55.039> and<00:28:55.200> so<00:28:55.399> on<00:28:55.799> but<00:28:55.919> we<00:28:56.039> have<00:28:56.159> a<00:28:56.320> long<00:28:56.880> way<00:28:57.519> to 00:28:58.230 --> 00:28:58.240 align:start position:0% and and so on but we have a long way to 00:28:58.240 --> 00:29:01.310 align:start position:0% and and so on but we have a long way to go<00:28:59.240> so<00:29:00.000> if<00:29:00.200> I<00:29:00.440> could 00:29:01.310 --> 00:29:01.320 align:start position:0% go so if I could 00:29:01.320 --> 00:29:06.710 align:start position:0% go so if I could just<00:29:02.320> do<00:29:02.480> we<00:29:02.640> have<00:29:03.320> that<00:29:04.320> was<00:29:04.519> there<00:29:05.159> oh<00:29:06.159> too 00:29:06.710 --> 00:29:06.720 align:start position:0% just do we have that was there oh too 00:29:06.720 --> 00:29:09.830 align:start position:0% just do we have that was there oh too bad<00:29:07.720> I<00:29:07.880> had<00:29:08.039> a<00:29:08.200> centilating<00:29:08.760> video<00:29:09.519> there<00:29:09.720> at 00:29:09.830 --> 00:29:09.840 align:start position:0% bad I had a centilating video there at 00:29:09.840 --> 00:29:12.110 align:start position:0% bad I had a centilating video there at the<00:29:09.960> end<00:29:10.919> um<00:29:11.159> but<00:29:11.279> I<00:29:11.360> think<00:29:11.480> I'm<00:29:11.600> out<00:29:11.720> of<00:29:11.919> time 00:29:12.110 --> 00:29:12.120 align:start position:0% the end um but I think I'm out of time 00:29:12.120 --> 00:29:15.789 align:start position:0% the end um but I think I'm out of time anyway<00:29:12.480> aren't<00:29:12.799> I<00:29:13.799> yeah<00:29:14.440> okay<00:29:15.440> uh<00:29:15.519> it<00:29:15.640> was 00:29:15.789 --> 00:29:15.799 align:start position:0% anyway aren't I yeah okay uh it was 00:29:15.799 --> 00:29:17.909 align:start position:0% anyway aren't I yeah okay uh it was about<00:29:16.039> something<00:29:16.320> called<00:29:16.480> the<00:29:16.919> murmuration 00:29:17.909 --> 00:29:17.919 align:start position:0% about something called the murmuration 00:29:17.919 --> 00:29:20.590 align:start position:0% about something called the murmuration go<00:29:18.080> on<00:29:18.279> to<00:29:18.440> the<00:29:18.600> Google<00:29:19.000> and<00:29:19.240> ask<00:29:19.559> the<00:29:19.720> Google 00:29:20.590 --> 00:29:20.600 align:start position:0% go on to the Google and ask the Google 00:29:20.600 --> 00:29:22.269 align:start position:0% go on to the Google and ask the Google and<00:29:20.720> it<00:29:20.840> will<00:29:21.000> tell<00:29:21.200> you<00:29:21.440> but<00:29:21.559> it's<00:29:21.760> about 00:29:22.269 --> 00:29:22.279 align:start position:0% and it will tell you but it's about 00:29:22.279 --> 00:29:25.710 align:start position:0% and it will tell you but it's about starlings<00:29:23.279> over<00:29:23.519> the<00:29:23.640> Moors<00:29:24.360> of<00:29:24.760> uh<00:29:24.919> England 00:29:25.710 --> 00:29:25.720 align:start position:0% starlings over the Moors of uh England 00:29:25.720 --> 00:29:27.789 align:start position:0% starlings over the Moors of uh England and<00:29:25.840> it's<00:29:26.000> about<00:29:26.320> self-organization<00:29:27.679> and 00:29:27.789 --> 00:29:27.799 align:start position:0% and it's about self-organization and 00:29:27.799 --> 00:29:29.710 align:start position:0% and it's about self-organization and about<00:29:28.039> creating<00:29:28.480> ecosystem<00:29:29.159> it's<00:29:29.279> a<00:29:29.440> great 00:29:29.710 --> 00:29:29.720 align:start position:0% about creating ecosystem it's a great 00:29:29.720 --> 00:29:33.110 align:start position:0% about creating ecosystem it's a great natural<00:29:30.440> analogy<00:29:31.440> for<00:29:31.720> the<00:29:31.960> opportunity<00:29:32.960> that 00:29:33.110 --> 00:29:33.120 align:start position:0% natural analogy for the opportunity that 00:29:33.120 --> 00:29:37.090 align:start position:0% natural analogy for the opportunity that you<00:29:33.399> have<00:29:34.080> so<00:29:34.600> thank<00:29:34.840> you<00:29:35.360> and<00:29:36.000> uh<00:29:36.559> God 00:29:37.090 --> 00:29:37.100 align:start position:0% you have so thank you and uh God 00:29:37.100 --> 00:29:45.220 align:start position:0% you have so thank you and uh God [Applause] 00:29:45.220 --> 00:29:45.230 align:start position:0% [Applause] 00:29:45.230 --> 00:29:48.549 align:start position:0% [Applause] [Music] 00:29:48.549 --> 00:29:48.559 align:start position:0% [Music] 00:29:48.559 --> 00:29:51.559 align:start position:0% [Music] Speak