so we're getting join me, john, home and for the full report and we understand the differences and similarities of cultures across the world that might have when you call home will be used in current affairs. that matter to you. i hello, i'm barbara, sarah london. as these are the top stories on al jazeera israel and the u. s. have rejected a vote by the top you in human rights for the backing and international investigation into violations. during the recent 11th a conflict in gaza earlier the you and human rights chief mission bustling said that israel targeting of densely populated areas could amount to war crime. she said that there's been no evidence so far to suggest the presence of us in homes and media offices that were destroyed by israeli forces,

especially also said that her mass rocket fire during the conflict was a clear violation of the rules of war. is found to be in the mean to be this proportion and the impact on such attack may constitute war crimes. on the other hand, it is also a violation of international humanitarian law to locate military assets in the populated areas or 2 lounge attacks from them. however, the actions of one party do not show the other from its obligations on the international well as effort to investigate the conflict continue. how are palestinians reacting? neither abraham sent us this report from ramon how many people gathered around they turned on the tv, walter woods and events such as the president speeches, one security council session next interest over the years today, for example,

this green is road casting the human rights council session at the un, what the tv is new and people are just going about their lives. why they're not wanting it? what's the use of those meetings? who's standing with palestinians? no one the world against that. we're fed up with empty talk in the us talks about israel's rights to self defense. when it's the only nuclear power in the middle east, the u. n is doing nothing. and the security council doesn't have a say that all united nations security council resolution, this sort of all or then some of the people here we spoke with. basically the majority of these decisions, which i'm finding were it's implemented that's a known that human rights council. so across generations, we're seeing more and more frustration when it comes to the international community, the ability to change things on the ground for palestinians. that's why they say

they only have themselves to rely on a senior us state department official has warranty feel peer that those stoking tension in the tea grid region should anticipate further action if they don't reverse course. the senate foreign relations committee held the hearing in the us capital on washington's response to the conflict. robert go deck also said that the security situation in t gray has worse and in recent weeks, thousands of patients have died in 7 months of fighting while millions has been displaced. the french president has asked for forgiveness from wanda saying he recognizes his country's role in the 1994 genocide and manuel macro made the comments that a vigil in the capital kigali on his 1st visit there as president. but he stopped short of a formal apology. i know on the to know so and putting myself with humility and respect on your side to day. i am recognizing our responsibilities and gang

involved that since 1990 in a conflict in which it had no precedence, france did not know how to hear the voices of those. they warned it also overestimated strength to be able to stop those who were already there. france did not understand why wanting to obstruct the regional conflict or civil war was in fact, staying alongside a genocidal regime. and the you foreign ministers have been meeting to decide how to sanction bela roof over the force. landing of a passenger jet on sunday opposition during list the room and protest of each and his girlfriend were arrested after his flight from greece to lithuania was diverted to min. western governments are calling for their immediate release. those. a are the top stories that stay with us the crypto pia is coming up next that i'm going to have more news for you in just under half an hour. thanks for watching. bye bye . oh,

i think 70 years ago i made a film about the history of money banking and bitcoin. what was going on back along and we said it's going to be a bumpy ride. and now some of the big brains and speak egos for champions crypto currency claim. they are building a crypto utopia. magic, i think that will happen. it's something called block chain technology. and it just might change your life and they really could compete with, if not even take down the facebook and google's in the amazon. my name is austin hoffman and i'm going to put some of these claims to the test. forget all the hype will explore the true potential of this new invention. see who is already using it, making it really easy and simple for people to a page that it's all,

or we and go deep into a secret bunker that holds billions in bitcoin. but they are those who want to kill it, join with me and introducing a bill to outlaw crypto currency, so that we nip this in the bud or change the world with it. welcome to ground 0 in the battle for the future of the internet. web 3 point all they wanted, a science fiction dream actually did was build forthcoming disaster. a lot of people were not willing to learn or not willing to admit they were telling me that i have no clue that just don't support free speech. you don't support big calling your enemy a bit for him. this is bigger than the internet, the iron age, the renaissance, the industrial revolution. this affects the entire world. okay,

let's start slowly with the basics of money and it's creation. the total value of all the world's money is about $120.00 trillion dollars, which you probably didn't know is that each new dollar is created by government and banks as debt, which needs to be paid back by someone in the future with interest. that's why there isn't enough money in the world to repay all that debt, and there never will be. oh, and almost all of the world's money is already digital. just entries in a ledger, usually managed by a bank. only a small portion exists as physical currency, like cash or coins. think of it this way. your employer deposits a $1000.00 into your bank account. then you pay $200.00 in taxes, $500.00 for rent, $200.00 for bills and shopping and so forth. what are used, credit cards,

debit cards, pay pal or bank transfers. they're all just pluses and minuses in different digital ledgers. that's why there's almost no need for physical money in our daily lives. during the financial crisis in 2008, a mysterious figure called photoshop's, a modal published this 9 page white paper. it said with big current open source software. we can create or money without banks or governments. i use this new nerd money called crypto currency is created and thought in computers. and before long there was a growing family, mostly guys like roger via today. he's a polarizing figure, but big then he gave away thousands of coins to kickstart the movement and they all called him coined jesus. i think that for many years he brought more people to be going than anyone ends and we will for re grateful to him for doing that. or when i was a kid, i was reading all the science fiction books. they were talking about how the world

is going to be when we have this like anonymous digital cache that people can use on the internet. it's not controllable by anybody. and then when bitcoin came along, it was like, wow, the science fiction money that i've been reading about as a kid is finally here. so i got so excited about it. i heard about it about 10 in the morning. and i was trying to go to work that day, but i didn't, i stayed home the entire day. reading about it didn't leave. i stayed up all night that night. reading about it date up all night the next night or even deep down that rabbit holding on to the point of physical exhaustion. not as i called a friend of mine that please help me. i'm so sick. can you bring me to the hospital? yeah, roger that bid bad by the bitcoin bug, like so many others who follow truly one of the most exciting inventions ever in the entire history of human kind. but how does it work? when my friends ask me to explain? well, i often start with this analogy emission, a bank vault where you have a safety deposit box. key open. what are the boxes where you can securely store

physical valuables, like gold coins in did coin their digital? think of them is very long passwords. your private key gives you access to a wallet which unlocks billions of unique decline addresses. each one is a virtual safety deposit box that only you can open with your key. and there are more addresses in this virtual vault than adams in the universe. the doors to these boxes are transparent. you can see inside them. here's one with digital money point to one point. setting them from one box to another is what's called a bid quote transaction. we'll explain that later. but for now, just remember that these digital coins can only exist inside these transparent address. boxes can't be copied and can't ever leave the vault. and this vault is owned by no single entity. you don't need permission from a government, a bank, or a corporation to use it.

the foremost early adopters of the coin, it was all about global peer to peer electronic cash room. 77 in berlin was one of the very 1st businesses to accept the coins as payment for physical things. b as in burgess, back in 2011. there were no mobile wallets, right? so you had to go there, bring your laptop type in this long address, you risk losing the money if you didn't type it correctly. so the 1st guy who built the mode by law with some guy who built it in order to buy his beer with his phone instead of computer. my problem with banks is different. why can't they sent money overnight on a weekend? after all, it's updating digital edges, right? just moving data, we can send pictures of videos to any one on the planet almost instantly and for free. we live in the age of the internet,

but the bank seemed to be stuck in the past century. so what if those flo inexpensive middleman with m multiple ledges could be replaced by a giant data face synchronized over the internet? that's the big idea behind bitcoin. and it's run by a decentralized global network of powerful computers and regular laptops. this immutability is the 1st rule of big coin. it means no one can ever change was once recorded in the block chain, or spend the same coin twice. that's also called censorship resistance, and it's critical to bitcoin being used as real money award winning journalist laura. she tells me a story about women bloggers in canister and being paid in bitcoin and that one of the women that hadn't abusive husband and saved up her bit coins and eventually was able to divorce him because she was able to control her money when she earned the big coins in my 1st film, the early adopters said that this kind of financial freedom for every one was just

around the corner. world's most populous network, is adopting bitcoin. that's the internet. the world's largest economy is adopting bitcoin. that's the internet. we have transcended borders. it's totally file is electronic cache. david gerard doesn't buy all the height. he's one of the most outspoken critics and skeptics of block chain technology. it's not very good as a payment system. there's a small claim of use case if you want to trade in things the government doesn't want to trade in that david politely saying illegal stuff in 2011, most of my partner colleagues were saying 3 or so, but other drugs pornography on field the silk road was a black market on the dock weapon where buyers and sellers use big coins to fly under the radar of the authorities. it had 1000000 uses until the f b, i showed up and shut it down. they caught this guy for running it and confiscated

the coins held in escrow by snatching his computer and then they locked him away for life. no doubt crypto currencies can be a tool for criminal activity, but so on dollar bills, all the banking system. and let's not forget, the block chain is a public ledger. it's actually been quite useful for uncovering crimes, a former federal prosecutor named catherine hon. she was the one who discovered that there were a couple of federal agents that were pilfering sim, bitcoin, that the government had obtained from the cell grow case for their own gain. and what was interesting was she got a tip that there might be $11.00 agent that was doing this. but from looking at the movements on the launching itself, she realized that there were 2 people. the prosecutor could see those big coins being moved. and when the dirty coff try to sell them for dollars. vega busted. while they saw the technology provides anonymity,

it actually enabled uncovering their crime. but what makes bitcoin worth stealing? why do they have value at all? let's go back to where big queens are stored in transparent digital deposit boxes protected by strong cryptography. they can never be copied or leaved vault because any transaction at any bitcoin down to a 100 millions fraction is recorded in the block chain for eternity. this synchronized global letter is shared among thousands of computers worldwide. that's why it can't be compromised or altered. think about that. we can make an infinite number of perfect digital copies of the movie, a song, any file. but for the 1st time in history, this distributed record key being allows us to have a truly unique and fungible digital object that is also scarce. if you could count all of these virtual coins, you find about 18000000 of them today. when

the cap of 21000000 is reached, the protocol stop the network from creating anymore. it's the opposite of our traditional money supply, which keeps growing and growing an unlimited amount of dollars versus a very limited supply of big coins. you do the math. if you use euros or dollars, you might care about a little inflation per year. but if you currently isn't stable, you might be a trillion and paper and be dead brooks i grew up in by bonia and the same part of ours. and now my parents are she branches there and i remember growing up in my childhood. so my parents loose everything 3 times. first because of a huge evaluation and because of hyperinflation. and the last time because they government confiscated all of bank, their bosses. i think that to they, they are,

are billions of people, at least 4000000000 people who would be a lot better off by having access to a form of money that is non political and more than mccracken. we think of finance . we think of banking, we think of money in terms of the experience and perspective of western european or developed nation person. and that is really just a 1000000000 and a half people who have a very privileged financial life. what about the other 6000000000? every single country that is free has essentially a legal status for crypto courses that is very open and permitted. and every single country that is unfree has restricted for band crypto currency status. this is the berlin wall, fell a powerful symbol of a government trying to control it citizens. and that brings us to the big question, can governmental bangs, ban bitcoin? well, some politicians still think they can stop open source software. i look for colleagues

to join with me and introducing a bill to outlaw crypto currency purchases by americans, so that we nip this in the bud in part because not an awful lot of our international power comes from the fact that the dollars, the standard unit of international finance and transactions clearing through the new york bed is critical for major oil and other transactions. and it is the announced purpose of the supporters of crypto currency. to take that power away from us. for full currency represents a litmus test for governance. it reveals how much your government believes in in the fundamental freedoms and human rights. because if they don't trust their own citizens to have control over their own money that says a lot about the governments is very little about so far as you see. the reason why

some governments and most bangs are threatened by this technology is simple. your private key and your wallet can replace your bank account. the network is run by software, and it's currencies made and maintained by computing, power, and electricity. it can't be manipulated by central bankers, wall street lobbyists or politicians, but with new freedom comes new responsibility. so, if you have a job a point, if you don't control the keys, it's not your bitcoin, your keys drop big point, not your, not your big point. your keys, your big, quite natural keys, not care of a point. got that. if you lose your key, you will never be able to access your coins again. and if someone hacks your computer or you store those passwords, your coins will be stolen in a 2nd. and remember how, whence is a family, had them money stolen by their own government?

well, maybe that's why he built the fort knox of bitcoin security sample. most of our 7000000 customers are in emerging market. in countries where there's problems with a currency, we have explosions, inactivity like venezuela right now. we're derek and we develop the system of wallets where we have 5 private keys for each one of our between addresses. we keep those private geese in and offline. sarah, that has never been on line will not be on line. it's inside the vault, the voltage inside a bunker, usually deep underground. our main one is in switzerland in the commission, military bunker. i just had to see it for myself, even though it took a month for to get cleared for a tour we were met by christ of osh might a former military commander who runs the place. and the representative from sample kristof said the gods would rather shoot us than show us around. i hope he was

kidding. they need to bring in the material. so the other side of the personal look . first up, one more check of our id. a pet down for weapons or any other monkey business and give inspection, or even the boss was searched. it took nearly an hour to get my team through security, but it was worth it. no other film crew has been allowed access. we are the largest custodian, a bit going in the world because a lot of the largest holders in the world use us or security rumor has it that 10 percent of all that kind of thought here. and in there for other secret locations. unfortunately, i can't confirm any of those numbers from the mountain that we are getting a lot of benefits by earthquake proof flooding prove.

but on the other side, you're facing a lot of additional costs, like maintaining 7 independent bank of power supplies the labyrinth of tunnels deep into the mountain is interrupted by nuclear, great dos. it's a level security apply to all of the data crystal protects here. not just for example, we cannot talk too much about it because it's pretty quick. what is down there right now be allowed to film that now the doors that remain shut and security measures we weren't allowed to see. and some of those checks may be by a metric including the i kind of finger prints can and the fingerprint scanner also make sure that you are alive. do the cut someone's finger and you're just using it to open a gate. yeah, pretty much have a direct

these on samples actual service, but if you've ever wondered what triple currency thieves dream about it, sitting somewhere down here unplugged from the internet a very absolutely no way here. a way to attack the day. it's always on the cold storage side, but here's my question. why do i need the cold offline service to be inside them out and kind of be in my basement while the surveys in your base, it still can be sold, right? so easy to like, money is data. yeah, think it's been invite but it is money, a lot of money and this is why this is more a bank than than a day. but let's do a quick recap. we now have billions of dollars worth of data secured and digital banks deep inside secret military bankers. if you don't think bitcoin is already

changing the world's concept of money, you haven't been paying attention. remember, mervin, he used to be a senior executive, deutsche bank. his colleagues, one said bitcoin was for lawbreaker and troublemaker, he now runs a crib to fund out malta. our research shows that the crypto markets are going to probably be worth about $8.00 trillion in 2027, which is a 50 x. um to the exactly most financial analyst phase. you better stick to your chance and bonds and dollars bitcoin is dangerous nonsense. far too risky as investing to others. bitcoin is an escape hatch that will take them away from risk and insurance against the financial doomsday away out of the debt crisis, negative interest rates, trade was an economic downturn. they say it's an anti fragile asset uncorrelated to financial markets. so how about the general public in america?

the younger generation already starts to trust this new asset class. and when success, bitcoin may reach a $1000000.00 a coin. i would say the biggest financial mistake you can make right now is to own an amount of bit going that you cannot afford to lose because it's super risk and you may lose. the 2nd biggest financial means that you can make is not to own any. because you bought one percent of your net worth in bid going, most people can afford to lose one percent of the net worth. and if i am right, it's going to be more than a 100 percent of your network. so with a non material exposure, you change your life, you know what you would spend with your on a romantic weekend with your wife. say, sorry, we're not going to go out this weekend. i'm going to vibrate, going on sir. it's bent it disappear, check in 7 years. i either give you about a life and cost your weekend or i want a grandkids girl. once you do what you fail to mention is that the

currency, the micro transaction, all of that is relevant. right? meaning, all of the cryptograms is our way to wallet that for anyone to take them seriously . hold on, let's go back to where we started. bitcoin was created peer to peer lic, 20 cash. that was the, can add a payment directly from you to me. from me to the coffee shop, i have bought a bag of coffee for 2 bitcoin in 2012, which today cost me $12000.00 in today's money. that is a deflationary of fact, as long as the coin keeps doing sub increases in prices. that's going to stop retail used in its tracks with bitcoin, you can see $1.00 or $1000000.00 worth of value anywhere in the world. you can do it for free. one philosophy could be described as the coin is digital goals. and the other philosophy could be discarded, the coin as digital cash, because what we've already met the digital gold cam,

who opposes any changes to the protocol, despite the hi fees. roger represents the other side of the debate. they wanted a system upgrade a solution as easy, and just increase the size of the blocks from one to 248 megabytes, so that more transactions fit into them. this will lower fees and people will start using bitcoin as cash again. but most of the community disagreed. so bitcoin, jesus had become bitcoin, judith and there was a split into 2 separate bit coins. every revolution is followed by the counter revolution, which is usually a purge of the original revolutionaries. when i 1st started covering the space, every one was united in the struggle against the establishment. now of industry has grown so much that they are competing parties, propaganda machines, conspiracy theories looks a lot like politics. the biggest fight within the bitcoin ecosystem is over at the moment, is who has the right, the name bitcoin. but at the end of the day,

i think the version of bitcoin described in the big one white paper has the strongest claim to the name that coin than anything else. and that's been going cash i think is to say that and causing people to, to buy big cash when they actually want to buy big coin does going to be casting is from issue shalicia. and i'm been told the ami a d for the english, rosie doc, the call from bitcoin b cash kickoff time impression he had some, his seattle energy, nuclear, those in your face to bid coins, could call them coming up the chain explained. and predicting the future of the internet the weekly critique of the story, taking the headlines, the news media have been left to sort through nick, master drink on a quite complex story from mainstream to st. journalism. been main objective is to

get me to send it to the wall to show them what's going on. exposing real world threats to activity. often, yvonne, they returned to moscow and neck and tunnels and people were arrested. the listening post covers the way the news is covered on a jersey me be a refugee mean starting again. but building a new life in a new country is no easy to drive. the witness follows one of the last refugee families from syria to be granted an american visa from their personal sacrifices to the families, triumph, meet the syrian on our just 0. our coverage of africa is what i'm most proud of. every time i travel, whether it be still west africa, people stop me and tell me how much they appreciate coverage. and our focus is not

just on their suffering, but also on the more realistic and inspiring story. people trust to tell them what's happening in their communities in a clear and i'm by and that's an african. i couldn't be more proud to be autumn. ah, ah, hello, i'm barbara. sarah london with the top stories on al jazeera israel and the us have rejected a vote by the top you and human rights body backing and international investigation into violations during the recent 11, the conflict in gaza earlier the un human rights chief mission, but she said that israel's targeting of densely populated areas could amount to war crimes. but she also said how much rocket fired during the conflict was a clear violation of the rules of what you found to be in the mean to be this

proportion. and what's the impact on how to make on war crimes. on the other hand, it is also a violation of international humanitarian law to locate military assets in the populated areas or 2 lounge attacks from however, the actions of one party do not show the other from its obligations on the international senior us state department official has warranty feel peer that those stoking tension into t great region should anticipate further action if they don't reverse course. the senate foreign relations committee held the hearing in the u. s. capital on washington's response to the conflict roberts go, there also said that the security situation in p grey had worse than the in recent weeks. thousands of the p o. p, and have died and 7 months of fighting, while millions has been displaced. in western te gray,

security forces belonging to b horror regional government, or forcing ethnic to grey ends from their homes. and what secretary clinton has described as actually ethnic cleansing. the air trans defense forces undertaking a campaign of unremitting violence and destruction that amounts to the collective punishment. the people of t grey. the violence abuses and atrocities are unacceptable. they must stop now. the french president has asked for forgiveness from wanda saying he recognizes this country's role in the 1994 genocide and manual macro made the comments that a vigil in the capital kigali on his 1st visit there as president. but he stopped short of a formal apology. ties between the 2 nations have been strained over accusations that france was complicit in the killer. those are the top stories that stay with us, the crypto p. o continues next. i'll have the news hour for you and under half an hour

later, i know, i know you want to find out what any of this has to do with this new crypto p, revolutionary internet. we'll get that promise, but 1st we need to go from bit coins, original block chain, 200 block chains. back in 2011. when charlie lee was a google engineer, he wanted to foster and lighter version of social crypto currency. and was one of the 1st to experiment with the open source software. the actual quoting terms of the code differences between the clan, my claim was actually pretty trivial. and what does that mean in time? like i would say like $44.00 or 5 hours. light clean. it was one of the 1st alternative trip to currencies or all points. some of the early adopters, like charlie made fortunes. soon there were hundreds of coins made by cryptographers copy cats and con men. as a coin for bloggers,

a currency for online gamers, one with anonymity, and even one for bangs. but can this invention elise, something even more powerful than digital currencies? back in 2014, i met the kid who knew how to do it. i know if it's alex varnerin, co founder of the big magazine, founder of a theory and just general quinn and cryptic currency advocate. just 19 years old vitale was on a mission to make money programmable. he build a separate block chain called if the room is its own currency called either in comparison might they be quiz like a spreadsheet and is here him is like a spreadsheet with macros. using all analogy serial allows you to store crypto currency and computer code in the same secure box. here's how a smart contract might work in price. let's say i bet charlie that a light coin will be worth $200.00 on january 1st of next year. we each put an ether into a box along with a small contract,

a simple program that automatically checks the price of light coins on that future date. if i'm right, the money goes to me. if i'm wrong, it said to charlie, a smart contract is neither smart nor contract. it's a dumb program. and once you understand the all, it is a program that clarifies a lot of stuff and the word contract there is in the meaning of finance. most financial arrangements are pretty simple and clear. cut a bet with charlie. your home loan and insurance policy. just 2 parties and some form of exchange of value based on a set of rules called a contract. the same is true for global financial markets. think bonds futures derivatives, credit default swaps. they're all just contracts, and the world economy runs on them using middle men who all charge high fees. proponents say that if we used smart contracts, we could tell the bankers lawyers escrow agents and wall street finance guys to

take a hike. no, so we're, we're doing is we're saying we have this a theorem network inside the network. there's this asset called ether, and we're actually going to be selling user. we're going to be selling either at a rate of $1000.00 to 2000 either for one bit going. and that's how we're going to raise money. it worked vitale figured out a way to fund the future and project and it made his investors very rich. this new model for fundraising soon had a name, an initial coin offering or i c o. i b as an i c o sound similar, but they have nothing similar. the only thing similar about them is they help you raise money. i fios, you don't do until you have a company until you have revenue and you have users and you actually prove to the public investors. and this is a valuable company that's worth investing and it's worth buying their stock. i seos, it's pre product. you have maybe a couple of people on the team, it's just a white paper. and so people are just buying into trust interface that this is

something that will exist. their goal here is like, ultimately i like to say 8 year olds building. there are financial systems. yeah, but what if some of these a deals are also scam us? so let's say i'm trying to do it. i feel. and i curtis my contract where i create a 1000000 coins. and one of the transactions is that if you send me $100.00, i will send you that many worth of coin. it was a man gold rush, the people realized, wow if, if i could just pull up pull together project in a white paper, i can raise money like a lot of money. one project race $150000000.00 in 3 hours. and another one collected 35000000 in under 30 seconds. some people hawking new coins didn't actually exist. this handsome chap is the graphic designer of a bulgarian. i feel, actually they just posted a photo of ryan bossing. another project raised millions in etha and then vanished,

leaving investors with this website looked close. that's nice. i would say about 2 to 5 percent of the 1000 devices that are happening are actually legit. and the rest is pretty gammy or it's not gonna work. can you define for me what coin is? i think it's just a derogatory term. people use on coins that they don't like for eco maximus. people only care about the client. everything else is claim sure. there are tons of useless projects that will never work. but maybe i was a bit too hard on. i feel democratizing thought of finance can be a good thing. we've also many legit companies raising capital over the years i've met many founders who have real offices with real people trying to solve real problems. but to bit point maxim list of a block chains i, c,

l i e o s t o smart contracts on the theorem. that's all just a waste of time. there is no rock, st. health care industry and the all of them, all the coffee is what you're saying is a maximum of this point of view you are speaking about from a perspective of, of a cult. oh, my problem is that you hijacking a movement of a technology that is far greater and has far more potential than just these individuals. there's all of the different things that you could use blocking for, right? and so people have almost like different ecosystems. and then when you see it's almost like an illusion. airy process right where the block chains fork and they have the same as histories, but they adopt to different environments. and we see this like ever increasing level of diversity, a number of block chains that the idea that there's like one block chain going to

be one block and it's going to be fit for everything. it is almost like, disregarding the nature of evolution. meanwhile, the big corporations happen starting crypto currency and they think that the kinds underlying database is where the magic is, the more on the bathrooms, the block chain, not bitcoin back in germany, my friend oliver keeps tabs on the men in suits. he used to be one of them. i left the name and diesel up to me taking off his can advice besides by the court and order. i asked alon by being vague this on a b, m. w is looking at using the block chain for the future fleet of electric cars to interact with public transport. lufthansa wants to see if a block chain can better track parts and maintenance, and dodge telecom, using smart contracts to negotiate terrace for roaming costs. with other telecoms, if we can store traits, certificates, and shipping documents on the block chain,

you can check to see where those organic carlos really came from for grow them for pack them and ship them. you might wonder what's the point of a block chain if it's controlled by a company? well, i compare it to the open internet versus company owned internet. they both exist. meanwhile, facebook announced the crypto currency for the 2000000000 users. such a system might be more efficient than a public doc chain for this. a downside. some governments banded within weeks. right now the way it is a paper that's being shifted around that doesn't make any sense that infrastructure needs to be or why occupying wall street when we can build a new one on the block chain instead in the future of the centralized finance stock certificate. corporate bonds, insurance policies, property, deets, mortgages, all can be turned into crypto tokens and may tradable 247

what's much more exciting than tokenize security, the traditional businesses where it's just an equity that you passed around is totally novel digital securities that you couldn't do before right, novel use case where you could kick back flash on a continual basis. i think some examples of this that we're seeing our maker down finance, which is finance point that's actually much bigger of an opportunity because it represents something totally new. my name is dr. jim a great and i'm a co founder and chairman of pal ledger and we use the block chain to enable electricity trading energy asset financing and carbon market. this award winning australian company wants to take us to a common free economy, foster. gemma has identified a problem apartment building often nearing the tentative and it main if there is solar panels. the apartment isn't really incentivized the panel the battery cuz the

benefit. but using all the tenant will pay the electricity bill to the body corporate using power ledger the $10.00 and paste the owner. not the power company for the electricity. if the tenant isn't at home, the unused energy will be sold to a neighbor, lowering the power bill, and making a profit for the owner. it actually creates the mechanism to justify investing the capital in. this clever system could also speed up investment in sustainable energy projects by making it real easy to own a piece of a solar or a wind farm. why do i need a block chain for this condo invest in a solar farm without this new fancy tech? the block chain acts as a kind of asset, right? an income register, any tokenize in the asset, it becomes tractable on an exchange, or in 2 or 3 solar panels of a 1000, you know, in a sofa and you would repay the income associated with that amount of, you know, bankers don't very much like being cut out of the cash flow loop. so they took

another look at mister commodus curious little white paper. and they've recently been spending a $1000000000.00 a year in block chain research. on a photoshoot anti bank invention is now being used by the banks to move money faster and buy big business to track supply chain. i use crypto currencies and digital tokens, public block chains, private block chains. where is the killer app? well, adoption of new technology often follows old trends. my name is mark francesca. i'm here at oxford years oxford on the faculty. i'm the economic, socio ologist by training, interested in how large scale infrastructure changes. so great to see you after 9 years. i know mark teaches a class on innovation and system building. he tells me what must align for new

technology to become fruitful. all technology start out as interesting ideas. some of them begin to develop into innovations and we know that that are from invention to innovation. takes a lot of time, it takes a lot of work. some of those innovations eventually become commercially viable. but can this technology ever become as pervasive as the internet? i came to the computer history museum in the heart of silicon valley to find out. so you're looking at the console for sage, which was probably the 1st computer network. there were $23.00 centers around north america to warn against soviet bombers and they were waiting for world war 3. the us military and some american universities asked this guy to create a new kind of network to connect their separate networks. this young girl got up and she had a bunch of questions, but 1st one was how did i managed to convince all the governments of the world to

let us build the internet? and i said, well, except for the handful of us that we're actually working on the internet, nobody else really thought it was a very good idea. and so you think it was going to lead anywhere and, you know, we pretty much, any free running room? yes, that's the man who corn vender, tcp ip p, about 50 years ago. that's the original academic paper. you can think of t c p as the backbone of the internet. but back then there were many competing technologies. there was a very big battle over the protocols. tcp ip didn't just win by default. it was through attrition. by basically being better, simpler, easier to deploy than all of the cannibal and more scalable. and it had a lot of competition from phone companies. and then there's email email i heard that's really neat. email was to have the internet 1st killer. then in the early ninety's, tim berners lee introduce the world wide web as a 20 page proposal. soon, there were browsers that made it more accessible and user friendly for the general

public. i think that the internet is going to be one of the major forces for reducing the role of government. and the one thing that's missing, but that will soon be developed is a reliable cash still few understood the potential of this new tech from people that thought it would. the world's greatest library to. some of the early cypher punks who are the direct fathers of crypto and certainly bach chain type ideas who thought much of today that it would create kind of a commons that was outside of the direct control of normal laws and governments and the media. they didn't quite know what to make of this new thing either. but sure enough, they found juicy stories about the dark side of it, which was the internet is full of criminals and p to files and pornography offers. and it's too dangerous to use your credit card on it. it's full of scam within the

exact same story. now, we envision technology as if it were automates, as if it were simply outside of human and social experience. what we see are technologies that become shaped by commercial interests, by a political and regulatory infrastructure by actors who are acting for many reasons, right. what do you want to remember, bob? the big telecoms wanted his thoughts on a little idea that were kicking around. or they had a meeting where they were trying to figure out how they could buy the internet. they couldn't kill it. well, why not own it? i got out myself by an executive at a large information company. it's probably in 1990. if they could buy the internet and i remember asking them, well, why don't you buy the world economy? and you can have everything, once you buy the weather. and you can control that. it took a few decades and hype cycles, but the wild internet was eventually domesticated, coughed it by trillion dollar companies,

and then from the mentally transformed how we shop work and communicate speaker's corner in london's hyde park. 450 years. this has been a safe place to stand on a soapbox to sell your ideas, preach the gospel, bad mouth the king, or promote communism to dave the world wide web. we can stand on giant digital so boxes using facebook, twitter, youtube. we can share ideas or thought a fight with any one on the planet. oh, wow. well, almost any work of 65 country study. china has the least free internet worse than iran, cuba or syria. a police force of more than 2000000 siva cops and the world's most sophisticated artificial intelligence system. keep china's web content clean and uses incheck. so sorry to break it to you,

but there is no longer world wide web. welcome to the splint and it to be fair. some of the censorship is to prevent terrorist recruitment or to stop violent moths from hurting people. but i think government control over the internet has gone just a little too far. hold on photoshoot turn money into code. coders, just let us know number, which is speech rights or money now is speech, which is a pretty powerful idea if you think about it. but if bitcoin is this an uncontrollable uncivil technology can the block chain also enable global free speech? in some places it already does. one chinese student tried to report a sexual assault and was silenced by her college. but she knew that she could attach a message into the metadata and the theory i'm transaction. so she spent $0.15, and now her letter outlining her story. and the threat she received is on the public assyrian block chain, where it will remain unchangeable for ever the early crypto. pioneers wanted to

democratize money. finance. 2 point. oh if you will. but now the believe us in the block chains have their eyes on a bigger price. they want to decentralize everything. wet 3 point. oh, you can, for instance, offer file storage in a way that an amazon does. or that you could offer a search, you know, the way google does, but do it in a peer to peer fashion. without this behemoths at the center, extracting rents and do it in a way where all the people that are users or they can benefit. and they really could some day compete with, if not even take down some of the big tech giants like the facebook and google's and the amazon that we know that's a tall, tall order. it is, it is. but i mean, who would have thought at the beginning of the internet that would appear when beat out and card? it's too early to tell where the projects like these can succeed. but i do like the idea of digital property rights wouldn't be nice if companies paid us encrypt

currency when they use our data. and if we control who has access to it, instead of our digital overland, because let's be honest. do we really trust google, microsoft and facebook with a block chain? we don't need to rely on middleman anymore. it's a trust list system. meanwhile, if helium is building the future of decentralized finance with thousands of applications, but the network is also struggling to keep up with demand. oh, and new competitors on the rise. so there's lag, you will build a better future. we can trust you guys better than the bank because you don't have to trust us. that's the beauty. we're building a trust list, the centralized system that gives power to people travel. it sounds like there is no trust, but actually it means we don't need to trust you. i think the better word should be trust to free. about one 3rd or maybe half of the cost of the transactions are paid to establish trust between trading parties. like we're paying for lawyers,

we're paying auditors who are paying even please even regulators government to, to build trust, ensure everything will be enforced. so can't quite expensive blocks have the 1st time that we saw some technology that can eliminate the cost or reduce the cost of trying to dramatically magical things that will happen. trust may be expensive, but it's also short supply all around the globe. people have been losing faith in the media institutions and governments, this technology with a big brains and big egos behind it could fix one of society's biggest issue. but just how different are they from our current political, financial, and business leaders? are there systems really resistant to corruption immune to manipulation and worthy of our trust? maybe that's why the best bet is on the only project without a figurehead. bitcoin doesn't care about human drama, bad press, or what?

any one things. yes, sure. it hasn't succeeded as a global currency yet, but in the past decade it has been the world's best performing financial asset. so we're back to where we started. the genius who vanished where she being gone from the coin, they coined it's really a very decentralize and networking currency. he was intelligent enough to know that a system without a father was going to be much more robust than to see them with a father. no father may be, but without leaving a will, the kids are now fighting over the meaning of his invention. and the inheritance projecting their fears and their fantasy onto his legacy. for some it's money for the internet. let can replace middleman and bank the on banked and maybe a tool for lisa trade. or is it digital gold? a totally new asset class,

a bit against the banker's and insurance against inflation, protection from corrupt politicians and a weapon against the state. maybe the end of money as we know it. for some entropy nurse, it represents a shortcut to fund their dreams, a platform for federal finance, which is why and come and fight it. some say public block chains are just slow and useless databases, while big business is busy building private block chains to boost efficiency. or maybe this decentralized technology is a new protocol layer for the internet. upon which we can build a better web to dethrone the tech giant, reclaim free speech, protect online identities and facilitate free trade in a border less digital economy. and yes, maybe even save the planet. less and never ending list of crypt hopin ideas there's a bit too much to ask of a 9 page document. yes,

you are the internet and the web started out as white papers too. but it took a decade off before the infrastructure was built, became user friendly and ready to scale globally. we kind of domesticate the wild potential of technologies into what familiar. and we dramatically underestimate or under imagine what that technology may eventually do. it will be, the users may be billions of them who will adopt this technology without even knowing what a block chain is or how it works. because here's the thing. the average users don't care about the wires that moves them money quicker. don't know about the software that moves this movie or that picture. what will move them a services that will make the days a little brighter, their choice, a little lighter and their lives a little richer?

ah ah ah, would you still work as a big boy should buy landlord to make them pay nobody prices to leave overcrowded, one or 18, made a big jump and exposes the business one al jazeera. most people will never know what's beyond these. the deafening silence of 100000. how it feels to touch danger every day. most people will never know what it's like to work with. every breath is precious, with fear is not an option. but when most people

the hello, the weather is lossy fine and try across australia, but that's not the complete story. we have got some wet weather coming into w i as we go on through the next couple of days and we've got some pretty wild weather down towards the south east, a little bit of a squeeze on our i survive here. the winds coming in from a south west direction and if i can quote, see, australia and bureau of meteorology, monstrous ways and a howling wind. the cross at eastern side of australia as we go on through friday, it should be largely dry. but one or 2 showers love is a coast of new south wales as they drive their way through it. i said much of us is looking fine and dry. 14 in melbourne. no great shakes on the temperature is cool. so we pick and temperature back in hobart to around 12 degrees as i was the weather coming into western australia for friday,

some heavy rain here as we go on into santa stepping up around the west side of w. a lot. you drive by the state over towards the east, but really nasty weather coming in across these alien horizontal rainfall. driving winds coming through, looking pretty poor to go on through the weekend. damaging winds here. weather, weather, windy weather. now in the process of pushing away from japan is looking largely fondest. read through the next couple days, but cloud and rain moving across the korean peninsula. the how does the team from a smaller league draw the bigger crowd? why does the irish flag fly high? you go to the club. what is it about the celtic that has the world over healing them on politics and football goes with the oppressed

defends, who make football on the revealing eco friendly solutions to come back? threats to our planet on al jazeera. ah, me, this is al jazeera. ah, hello, i'm barbara sarah. this is the al jazeera news, our live from london. thank you for joining us. coming up in the next 60 minutes, washington says the conflict in ethiopia. t gray region must the end accusing government forces of collective punishment. the un human rights council backs and international investigation into crime.