the race is on right now to find survivors. we've seen rescue workers working around the clock to try and pull people from under the rubble. bring us up to speed with what's been happening in terms of the search and rescue operations and how the weather has affected. the rescue effort to turkey is actually experts, ties in these kinds of search and rescue operations as an, as it has a history of earthquakes. and since in 1999 just to 3 years ago in the province of ella again in the same area, they were earthquakes. we witnesses in the western coastal city of may. but this time, as we affected is a large area and we're talking about 13 and a half 1000000 people who have been affected by this earthquake as the environment minister a state of this morning at the local resources, local human resources. a supplies haven't been enough. currently there at least

16000 personnel working on the grounds to complete the rescue operation. and among them, nearly 4000 of them have been have a ride from the friendly countries of your care. as, as the officials inform more than 70 countries, they are helped but nothing seems enough for now and prisons are on is asking for from, from the neighboring countries and friend the countries of to can thank you for that. seen him casteel glue life or is day guys in tampa as example rather as we watch life pictures from god's yen tap of a rescue operation there we just saw just moments ago someone being pulled from underneath the rebel unclear whether that person is still alive. but a sin and said that this has been going around the crop a search and rescue operation, trying to, to find people who have been buried under the rebel. the president saying earlier that some 8000 people had been rescued. but again,

there's so many more was it trapped under collapse building? we will continue to update you on the situation rescue operation and guys in tip and elsewhere in the meantime. here's another rock correspondence, bernard smith, who's reporting from one of the affected area shanley or fox, which is in southeast center here. oh, oh, oh oh, oh, oh, jeez no, no, no. missing a quite much something. seems like this started it silence. chance if anybody else that says in the. busy dogs like

watch, so no bennett smith reporting they live from shanley or fi and the port in the city of is kinda roon has been severely damage the earthquake caused the dogs to collapse. several shipping containers caught fire as you can see, and are continuing to burn turkey estate in energy company. botox has suspended natural gas flow, but says it has not detected any damage to oil pipelines in the region. and as we've heard, an international aid effort is being stepped up after the turkish government appeared for help countries including kata taiwan, and pakistan. ascending medical aid, search and rescue personnel as well as funding al jazeera, stephanie decker is on board a plane carrying aid from cotton to check here, this report reach us theresa from the field, and we apologize for the quality of the audio.

a turkey at our efforts here, part of my friends, international effort in this light, for 100 or so with the with medical supply wanted mattresses, hardware, a band aid with a one in affected health and across the border in neighboring syria. the government is calling for urgent help from the united nations. at least 1600 people were killed there. any earthquakes, hundreds of families in the north, a tramped under destroyed buildings. a syrian, i've read crescent,

says it's ready to deliver aid despite the regime insistence that supplies go through it face. and those are the headlines on al jazeera. i have more news for you after kept tapia to stay with ah, this is my award winning documentary, like bitcoin block chains and web 3 that was 1st published in 2020. since then, a lot of things have happened. global inflation rates have sold the price of bitcoin 1st increased by the fact of $8.00, but then fell by 75 percent. and with it many other smaller crypto currencies, imploded. more recently, notable crypto exchanges and block chain protocols had to shut down and it's what appears to be outright from bank data. 8 years ago, i made

a film about the history of money banking and bitcoin buckler going. they said it's going to be a bumpy ride. and now some of the big brains and big egos who championed crypto currency claim they are building a crypto utopia. magical things will happen with something called block chain technology. and it just might change your life and they really could complete with, if not even take down the face books and the google's and the amazon. my name is tossed and 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 see the paypal on a piece of us all of our away. and go deep into a secret bunk of that holds billions in bitcoin, but they are those who want to kill it. join with me in introducing

a bill to outlaw crypto currency so that we nip this in the bud or change the world with it. well come to ground 0 in the battle for the future of the internet at 3 point. oh, they wanted a science fiction dream. what they actually did was goes forthcoming. disaster. lot of people were not willing to learn after, not willing to admit they were wrong. wrong telling me that i have no clue. that's just one. p don't support free speech. you don't support bitcoin, you're an enemy of it. 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 governments 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. whether you use credit cards, debit cards, pay pal or bank transfers. they're all just pluses and minuses in different digital letters. that's why there's almost no need for physical money in our daily lives. during the financial crisis in 2008, a mysterious figure, colts attaching

a komodo published this 9 page white paper. it said with bit coins, open source software. we can create o money without banks or governments. ah, this new nerd money called crypto currency is created and stored in computers. and before long there was a growing fan club, mostly guys like roger via today, he's a polarizing figure, but beg, then he gave away thousands of coins to kicks, thought the movement, and they all called him bitcoin. jesus. i think that for many years he brought more people to be going than anyone else. and we would for re grateful to him for doing that. when i was a kid, i was reading all the science fiction books. they were talking about how the world is gonna 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 there. 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 planning to go to work to 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 a date up all night the next night or if you went deep down that rabbit holding on to the point of physical exhaustion office, 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, formal, truly one of the most exciting inventions ever in the entire history of human time . but how does it look when my friends ask me to explain? well, i often thought of it this analogy emission, a bank vault where you have a safety deposit box. your key opens one of the boxes where you can securely store physical valuables, like gold coins. in bitcoin, there are digital keys. think of them as very long passwords. your private key gives you access to a wallet,

which unlocks billions of unique bitcoin 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 big coins, sending them from one box to another is what's called a big coin 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. oh ah, for most 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 bit 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 do risk losing the money if you didn't type it correctly. so the 1st guy who build a mobile with some guy and prevent who built it in order to buy his beer with his phone instead of his computer. so what if the slow inexpensive middleman with a multiple ledges could be replaced by a giant database, 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 the 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 and canister on being paid in bitcoin. and that one of the women that hadn't abusive husband and saved up her big coins and eventually was able to divorce him because she was able to control her money when she earned a big claim. 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 kind of system. there's a small payment. the use case. if you want to trade in things, the government doesn't want to trade in that david polite way of saying illegal

stuff. in 2011, most of my partner colleagues were saying 3 whether the drugs pornography on the silk road was a black market on the dock with 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 them. bitcoin said that 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 one. 0, one agent that was doing this. but from looking at the movements on the blocking itself, she realized that there were 2 people. the prosecutor could see those big coins being moved. and when the dirty corpse tried to sell them $4.00, they got busted. but what makes bit coins worth stealing? why do they have value at all? let's go back to where bit coins are stored in transparent digital deposit boxes, protected by strong cryptography. they can never be copied or leave the vault because any transaction of any bitcoin down to a 100000000 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 keeping 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 stops the network from creating anymore. it's the opposite of our traditional money supply, which keeps growing and growing. an unlimited amount of dollars loses a very limited supply of bit coins. you do the math. if you use euro's all dollars, you might not care about a little inflation per year. but if you can't, it isn't stable. you might be a trillion and paper and be dead broke. i grew up in but i wanna in the same part of ours and deny my parents or she branches

there. and i remember growing up in my childhood, i saw my parents lose everything 3 times. first, because of a huge evaluation and because of hyperinflation and the last time because the government confiscated all of bunker bosses, i think that they, there 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, and more than mccracken we think of finance. we think of banking, we think of money in terms of the experience and perspective of a 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 currency that is very open and permissive. and every single country that is unfree has restrictive or band crypto currency status.

this is the berlin wall, still 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 looked 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 oh, awful lot of our international power comes from the fact that the dollar is the standard unit of international finance and transactions clearing through the new york fed is critical for major oil, oil, and other transactions and it is that the announced purpose of the supporters of crypto currency to take that power away from us. perfect currency represents

a litmus tests for governments. it's reveals how much your government believes in a, in the fundamental freedoms and, and human rights. because if they don't trust their own citizens to have control over their own money, that's is a lot about the government's is very little about crypto cards. you see the reason why some governments in most banks are threatened by this technology is simple. your private key and your wallet can replace your bank account. the network is run by software in its currencies made and maintained by computing, power, and electricity. it can't be manipulated by central bankers, wall street lobbyists, all politicians, but with new freedom comes new responsibility. so if you control the keys, it's your very boy. if you don't control, the ease is not your bed queen your keys dropping quite natural keys manager. big boy, your keys, your quick way now to work, he's not sure of

a point. got that. if you lose your key, you will never be able to access your coins again. and if someone hex, your computer where you store those passwords, your coins will be stolen in a 2nd. or worse, you trust a 3rd party like mount galks in the early days, or f t x recently. and you find out that they didn't deserve your trust. millions of crypto currency investors have lost their assets by storing the coins when centralized exchanges. and remember how, whence as a family had them money stolen by their own government? well, maybe that's why he built the fort knox of bitcoin security. example. most of our 7000000 customers are in emerging market. in countries where there's a problem with a currency, we have explosions in activity like venezuela rine, our therapy, and we develop the system of vault. will we have 5 private keys for each one of our begin addresses. we keep those private keys in an offline,

sir that has never been online, will know, re on line. it's inside the vault, the voltage inside a bunker, usually the underground. our main one is in switzerland near the commission, military bunker. i just had to see it for myself, even though it took months for us to get cleared for a tour. we were met by christopher smart, a former military commander who runs the place. and their 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 3 other side of the personal log. first up, one more check of our i. d 's, a pet down for weapons or any other monkey business and gear inspection. 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 fit going in the world because a lot of the largest holders in the world use us or security rumor has at the 10 percent of all bit clients are stored here and in there for other secret locations . unfortunately, i can't confirm any of those numbers from the mountain the we are getting a lot of benefits by earthquake proof flooding proof. but on the other side, you're facing a lot of additional costs. like maintaining 7 independent backup power supplies the labyrinth of tunnels deep into the mountain is interrupted by nuclear, great dos. it's a level of security apply to all of the data crystal protects here. not just for

example. we cannot talk too much about it because it's a privacy quite to what is down, where are we allowed to film there? now the doors that remain shut and security measures we weren't allowed to see. and some of those checks may be biometric, including the i and finger prints can and the fingerprint scanner also make sure that you are alive. so do the cut someone's finger and you're just using it to open a gate for you have a direct these on samples actual service. but if you've ever wondered what triple currency thees dream about, it's sitting somewhere down here unplugged from the internet, but there is absolutely no way here our way to attack the vase that we use on the cold storage side. but here's my question. why do i need the cold offline service

to be inside? i'm out and kind of be in my basement while the surveys and it's still can be sold, right? so, so this isn't like money is data. yeah. it's been invite, but it's 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 bangs, 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 lawbreakers and troublemakers. he now runs a crooked to fund out of malta. our research shows that the crypto markets are gonna probably be worth about $8.00 trillion in 2027,

which is a 50 x. um today. exactly. most financial analysts say 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 per 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 risky. you may lose. the 2nd big financial mistake you can make is not to own any, because you put 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 gonna be more than a 100 percent of your net worth. so with a non material exposure, you change your life. now what you would spend with your on a romantic weekend with your wife, say, sorry, we're not going to go out this weekend. and when is, is by bit going, consider it, spend it disappear, check in 7 years. i either gave you by the advice and cost your weekend or i want a grandkids. call one seat. ah. in 201718, there was a big debate about whether bitcoin should increase the block size. some argued that more transactions should be enabled, so it would, it be cheaper to use it as currency back group ultimately forked the chain, which means that they split off to do their own version called bitcoin cash. hold on, let's go back to where we started. bitcoin was trade, his peer to peer, like 20 cash. that was the killer, a payment directly from you to me,

from me to the coffee. so i have bought a bag of coffee for 2 bitcoin in 2012, which to day cost me $12000.00 in today's money. that is a deflationary of fact, as long as be coin keeps doing sudden increases in prices. that's going to stop retail youth in its tracks. with bitcoin, you can sell $1.00 or $1000000.00 worth of value anywhere in the world. you can do it for free, and one philosophy could be described as the coin additional goals. and the other philosophy can be described as the coin as digital cash bitcoin watertag with we've already met the digital gold camp who opposes any changes to the protocol despite the hi fees raja represents the other side of the debate. they wanted a system upgrade. the solution is easy and just increase the size of the blocks from one to 248 megabytes. so that more transactions fit into them. this will lower

the fees, and people will start using bitcoin as cash again. but most of the community disagreed. so bitcoin, jesus had become bitcoin, judas, and there was a split into 2 separate bit coins. every revolutionist 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 that struggle against the establishment. now the 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 coined than anything else. and that's because cash i think is fraudulent to say that and causing people to, to buy big cash when they actually want to buy big coin as a discount to be cashed. thing is from issue shalicia. and for,

i'm been told yamil clinton d for the english, rosie dr. the call from bitcoin b cash because tom depression, he had for some his sierra energy nuclear doesn't, you have to bid coins, could call them coming up the chain explained and predicting the future off the internet and the women run micro businesses are key to center goals development and to improved food security, access to finance helps them succeed. since 2014, nearly a 180 micro enterprises, collectives and small businesses across synagogue received concession or refinancing. these loans were made possible by an initiative administered by the curate. good will fund the q 8 fund partners in development from the al

jazeera london, rural car center to people in thoughtful conversation. people use the lowest get agreement. they describe the outsider with no host and no limitation. the difference between a migrant and refugee is truly a choice. when you are a refugee, you are forced to flee part one of asthma khan and her son. i had what has happened a lot in the west is that culture and food is separated studio be unscripted on out his era? ah no, i'm fully back to bore in doha with a look at our main stories on al jazeera, turkish president reship typo on has announced a 3 months state of emergency any areas affected by 2 major earthquakes. that struck on monday. he's also announced a week of national morning,

at least 3400 people have been killed in turkey and more than 1600 in syria after the 2 powerful quake struck on monday. did zooming dennis with allah a long it's you that in our work will continue until we have saved every life that we can in the rubble and until we are sure there is nothing else we could do further. we are mobilizing every possible operation, and many thousands of people have been transferred to each and every province to help. while the search continues for survivors into a key and syria, but freezing temperatures are complicating those efforts. in some places people say they haven't received any help to find missing loved ones. bernice may 3 fourths from one of the affected areas shanley or far in southeast south turkey. oh, oh. oh. oh. yeah. no,

no, no. oh, missy saw mary lou about doing quite much it seems like this started here did silence where they asked shouted arrows that sent him the. busy dogs like watch, so oh no, and the port any turkish city of is can to ruin has been severely damaged the earthquake caused the dogs to collapse. several shipping containers caught fire and are still burning the countries state energy company baton says it has not detected any damage to oil pipelines in the region. meanwhile, an inch national aid effort is being stepped up countries including kata, taiwan, and pakistan. i sending medical aid search and rescue operations as well as funding

and those are the headlines on al jazeera. i'll be back with the launch is here and use our crypt. toppia continues next to stay with us. look for just i know i know you want to find out what any of this has to do with this new crypt tapia, revolutionary internet will get their promise. but 1st, we need to go from bit coins, original block chain to hundreds of 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 currencies or all kinds. 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 when magazine, founder of a theory and just general question, chris currency advocate. just 19 years old. vitale was on a mission to make money programmable comparison. might they be quiz like a spreadsheet and is there him is like a spreadsheet with macros? using analogy serial allows you to store crypt currency and computer code in the same secure box. here's how a smart contract might work. let's say i bet charlie that

a light coin will be worth $200.00 on january. first 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 bed 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. also, what we're doing is we're saying we have this a theorem network inside the room network. there's this asset called ether, and we're actually going to be selling us, or we're going to be selling either at a rate of 1000 to 2000 either for one bit calling. and that's how we're going to raise all money. it worked vitale figured out a way to fund this year 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 into faith that this is something that will exist. the goal here is like, ultimately i like to say 8 year olds building the 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 that people realized, wow, if, if i can just pull up pull together project in a white paper, i can raise money like a lot of money. some people hawking. you coins been 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, race millionth, annisa,

and then vanished, leaving investors with this website. look 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 going to work. can you define for me what a coin is? i think it's just a derogatory term. people use on coin that they don't like for the climax, unless he will only care about their client. everything else is going sure. there are tons of useless projects that will never work. but maybe i was a bit too harsh on i see else democratizing start of finance can be a good thing. they'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 the big point maximus of a block chains,

i fios i e o s t o smart contracts on the theorem. that's all just a waste of time. very small rock st, revolutionized health care industry and the automobile is coffee is what you're saying is a maximum point of view you are speaking about from a perspective of, of a cult. my problem is that you hijack the 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 blocks in for, right? and some people have the, almost like different ecosystems. and then when you see it's almost like in abe allusion, every process right where the block chains fork and they have the same as histories, but they adopt a different environments. and we see just like ever increasing level of diversity, a number of blog chains during 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 have been studying crypto currency and they think that bit cons underline database is where the magic is, the more on the boardrooms block chain, not bitcoin back in germany, my friend oliver keeps tabs on the men in suits. he used to be one of them always and the name, and these are up to be taken on the bus besides, by an auto asp. by being the get us 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 the block chain can better track parts and maintenance. and georgia telecom is using smart contracts to negotiate terrace for roaming costs, with other telecoms. ringback if we can store traits, certificates,

and shipping documents on the block chain, you can check to see where those organic of carlos really came from. who grew them for packed 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's. they both exist . meanwhile, facebook announced a crypto currency for the 2000000000 uses. 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 decentralized finance stock certificate corporate bonds insurance policies, property, deeds, mortgages, all can be turned into crypto tokens and may tradable 247

what's, what's more exciting than tokenize, security of the traditional businesses where it's just 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. that's actually much bigger of an opportunity because it represents something totally new. my name is dr. jim, a green and i'm a co founder and the 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 that building often during the tentative and it main, if there is solar panels. the apartment isn't really incentivized the battery

because the benefit but using up that the tenant will pay the bill to the body corporate using power ledger, the tenant pace, 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 crates the mechanism to justify investing in the capital in the best buy. 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 chain acts as a kind of an income register. and in taking the asset, it becomes tradable on an exchange, or in 2 or 3 solar panels of a 1000, you know, in a sofa. and you would say 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. isn't it on it? so totally anti bank invention is now being used by the banks to move money faster and buy big business to track supply chain ah, crypto currencies, 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 an economic sociologist 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 and innovations, and we know that that arc from invention to innovation, takes a long 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 up 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 u . s. military and some american universities asked this guy to create a new kind of network to connect they're separate networks. this young girl got up and she had a bunch of questions, but her 1st one was how did i manage to convince all the governments of the oral

politic bill, 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. answer in thing was gonna lead anywhere. and you know, we pretty much had a free running room. yes. that's the man who, corn vender, tcp i 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 wind by default on it, one through attrition, by basically being better simpler, easier to deploy them all of the other scalable and more scalable. and it had a lot of competition from phone companies. and then there's email e mail. ira that's really neat. e mail was perhaps the internet 1st collab. then in the early ninety's, tim bernice lee introduced 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. but i think that the internet is going to be one of the major forces for reducing the roller government. the one thing that's missing, but that will soon be developed is a reliable e cache. still few understood the potential of this new tech from people that thought was as be 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 as today, but 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 pita files and pornography hers.

and it's too dangerous to use their credit card on it. it's full of scans. we're seeing the exact same story now. we envision technology as if it were autonomous. if, as if it were simply outside of human and social experience, what we see are technologies that become shaped by commercial interests, by political and regulatory infrastructure by actors who are acting for many reasons, right? where do you remember bob? the big telecom wanted his thoughts on a little idea that were kicking around. 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 ass 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 in control that it took a few decades in hype cycles, but the wild internet was eventually domesticated coopted by trillion dollar

companies, and then fundamentally transformed how we shop work and communicate speaker's corner in london's hyde park for 150 years. this has been a safe place to stand on a soap box to sell you ideas, preach the gospel, bad mouth, the king all promote communism. to dave the world wide web, we can stand on giant digital so boxes using facebook, twitter, youtube. we can share our ideas, or thought a fight with any one on the planet. oh, wow. well, almost any, one of 65 countries thought it china has the least free internet worse than iran, cuba or syria, a police force of more than 2000000 siva cops and the woods, most sophisticated, artificial intelligence system, keep china's web content clean and uses in check so sorry to break it to you,

but there is no longer world wide web. welcome to the sprint than 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. so tow sheet turn money into code code is just letters and numbers, which is speech, right? so money now is speech, which is a pretty powerful idea. if you think about it, but if bitcoin is this uncontrollable on sensible technology, can the block chain also enabled global free speech? in some places it already does. one chinese student try to report a sexual assault and was silenced by her college. but she knew that she could attach a message into the metadata and a theory em 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,

forever. 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 search, you know, the way google does, but do it in a peer to peer fashion without this behemoths at the center, extracting rooms and do it in a way where all the people that are users or that can benefit and they really could some day compete with if not even take down some of the big tech try and 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 be, it would be harder. 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 it 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 overlords? because let's be honest. do we really trust google, microsoft than facebook? with a block chain. we don't need to rely on middle men anymore. it's a trust list system. maybe you recognize some of these logos project that were the hot stuff in 2019 the following year. san emergence of the fi tokens, many of which rose to $1000000000.00 valuation, and the after that was all about the n f t hype art on the block chain. but most of these prices have come crashing down. many of the former heroes have fallen. some of them are in jail. why should be so guys like you will build a better future and we can trust you guys better than the bankers you don't have to trust us. that's the beauty. we're building a trust las, the centralized system that gives part of 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 or the transactions are paid to establish trust between trading parties. like we're paying for lawyers, we're paying auditors who are paying you please, even regulators government to, to build trust, ensure everything will be enforced. so talk to quite expensive blocks is the 1st time that we saw some technology that can eliminate the cost or reduce the cost of trying to dramatically magically things 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 that are 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 i work in currency. he was intelligent enough to know that a system without a father was going to be much more robust than a system with a father. no father, maybe, but without leaving a will. the kits are now fighting over the meaning of his invention and the inheritance projecting their fears and their fantasies on to his legacy.

for some it's money for the internet that can replace middleman and bank the on banked and maybe a tool for less a trade or is it digital gold? a totally new asset class. a bet against the bank has an 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 farrah finance, which is why incumbents fight it. some say public block chains, august 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 dethroned the tech giants, reclaim free speech, protect online identities and facilitate free trade in a borderless, digital economy. and yes, maybe even save the planet. let

a never ending list of crypt hopin ideas isn't this a bit too much to ask of a 9 page document? yes, sure. the internet and the web started out as white papers too. but it took decades before its infrastructure was built, became user friendly and ready to scale globally. we kind of domesticate the wild potential of, of technologies into what's familiar and we dramatically underestimate are under imagine what that technology may eventually do. it'll be the use us maybe 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 uses don't care about the wires that move their money quicker. don't know about the software that moves this movie or that picture. what will move them a services that'll make the days a little brighter, that shows

a little lighter and their lives a little bit richer? ah . in central chile and northwest argentina. so fall the summer's been characterized by excessive heat and it's still hot and the weather is not changing very much apart from an increase in the potential for slight shares over the area which has got a lot of wildfires. but really, the weather is not helping to put them out at toll. the biggish hours on that

seasonal line stretches from rio. yes, it could be disappointing view for their to up towards bolivia and peru for those heavy dampers quite possibly. were parlor calls for the landslides in the news just recently. that could be a repeat performance, but is unlike been the same place. the breeze across the cariboo isn't as strong as it was, but it's still cares enough moisture to make it disappointing. nicaragua, honduras, costa rica, naturally old wet through belize, that on shore is raw the clarity. heavy shouted gall knife from the bahamas and the arctic, as you know, as well gone from the u. s. this is standard wind to weather, but a snow going through puzzled terrier. maybe the far north of new england. and then the calming swarm he has you get big shout in texas, oklahoma and arkansas began polls possibly have. i didn't look particularly tornadic to me in the forecast that coming down the coast once more, just reaching california is more rain or inland snow. so i went as i'm finished just yet. ah

ah . oh, i mean, ah, wherever you go in the world, well my line goes to make it the exceptional katara always going places to

go. there is no channel that covers world news like we do as a roman correspondent. i am constantly on the go covering topics from politics. the conflict is the environmental issue. the scale of this camp is like nothing you've ever seen carry. so what we want to know is how do these things affect people? we revisit places day even when they're no international headlines. i'll just there are really invest in that. the privilege as a journalist. ah ah. well, this is the news our on al jazeera, fully back to go live in doha, coming up in the next 60 minutes at 3.