this week's edition is devoted to the upcoming switch to daylight savings time in your. age of sixty minutes on g.w. . which of bridget kelly. sure linked to news from africa. or links to exceptionally stories and discussions from the news and visit our website the deputy comes from africa joined us on facebook at g.w. africa. it was two thousand and eight and the banks were hemorrhaging billions of dollars the eurozone was on the ropes and people could only watch in horror and then at the height of the financial crisis an outsider launched a new internet based currency. that children who are born today bond ever know what

a bank looks like from the inside. the most important currency of all is trust. that the banks have gambled it away. the banking industry the banking industry has been rocked by one scandal after another in recent years. but this failure gave impetus to the emergence of new web based technologies such as the block chain. and gettelfinger these are currencies that could have the middlemen in banks where there are no banking monopolies and where above all the state no longer has the sole derogative in the creation of money form option. that it's about more than just catch. the train taking your lead law change technology will completely revolutionize large parts of the many many industries tied it looks in your. place.

far from the executive floors of banks skyscrapers the block chain revolution has long since begun for example in berlin kreisberg where restaurant owner a young plats has been pursuing his vision of a world without banks for more than twenty years he is fighting for an alternative monetary system his weapon is bitcoin some of you and if you want to imagine a superhero currency and say how would the money work that superman and batman might use you start fantasizing and you've come up with something like that coil good among the ruins of a special i've read of course. bitcoin the money with alleged super powers is used here regularly the smartphone replaces the wallet. as we have it's from well i already have better point on my phone in the form of it's you now i have almost the whole bit going on it and i click on send. it's already there

it's already there that the banks play absolutely no role zero in this transaction i just made a bank for repayment. until now money transfers have usually involve several banks that costs both time and money the coin doesn't need a bacchanal it's done directly through blocked chain technology and is encrypted that could even make central banks appear fillets. the blotching network regulates itself because all transactions are stored on numerous computers. scammers have no chance it'll. get court support heads. jerk plats the fifty year old restauranteur lost all trust in the financial system long ago he's disillusioned with the global finance structure. i believe that are economic and financial system is facing

a very serious problems and these are getting increasingly extreme. and also increasingly damaging to our society. they are widening the gap between rich and poor. and we've also created a system we have a class of bankers who answer to nobody and. they couldn't use this like platts are calling for change they say the people not the financial world should control the money. with this currency nobody needs middlemen nobody needs banks nobody needs permission to use it you don't have to show an id card get a credit reference or fill out an application you just download a program or enough and then you can use a bit can quite easily. the billionaire was the first restaurant owner in the world to accept it cohen as a means of payment he's convinced digital currencies are already competing against the old ones. isn't going to be economic and financial policies. governments and

the banks are driving people to big corn wheat corn the world is that simple the financial crisis doesn't seem to be really over so confidence in the euro is too when dealing with confidence and it kind is rising and you can see that clearly from the exchange rate as well because of. austria is in the grip of cryptocurrency fever. based at a prime location in downtown vienna battling a sconce exchanges hard cash for virtual money. her clients are anything but computer nets. since your lot isn't heaney's they're young people have teenagers who see it more as a lifestyle product and think bitcoin is cool i know that we have twenty to forty year old spa people who see it as an investment but also elderly people i had an eighteen year old who also wanted to trade the coins i explained to him how you

trade in crypto currency he got it and was super happy for it the big cash machine is a customer magnet it's well as you're unearths and spits out digital coins into a smartphone based online wallets within seconds. the german business woman had good reason to choose vienna for her operation. and yucatan austria sees it as a digital commodity and treats it like software that means you don't need a license from the financial markets supervisory bodies in contrast to germany where you need a financial intermediary license to trade in bitcoin. the austrian press has dubbed her the bitcoin queen. marked elina is brand sells thousands of euros worth of bitcoin every day. demand is strong. of course people are interested in the returns they can get

a lot of them want to get rich. it's no wonder because crazy price history is like something out of a hollywood movie. erik film an an american teenager made headlines around the world after the one thousand dollars he invested in bitcoin when he was only twelve made him a millionaire just before his eighteenth birthday. but they have recently been some sharp falls east and advises her clients she has a very simple long term strategy. as for the whole you are i'd rather place my trust in mathematics cryptography and technology than any third parties our banks. luck trying to knowledge in is a decentralized database a sort of register sums of money shares and contracts are recorded quickly cheaply and without intermediaries such as banks. entries cannot be changed. a

number of blocks of digital information form a data chain this is the so-called block chain and it is totally secure. copies are stored on thousands of computers and any attempt to manipulate them would quickly attract attention. because it is the best known block train application. in japan it has already been accepted as an official means of payment china and russia are skeptical. but many uses are smitten. before the whole thing is revolutionary somehow well i don't want to say that it challenges the state or banks or whatever but if you look at the whole economic system you can see the problems that crop up time and time again. and then suddenly big corn comes up with this idea compresses it can you read it through but you go into it a bit deeper and you start to look at blace and the whole technology behind it and

then you increasingly realize that this is an idea that can really work because became really pay off really function. as a start it's going very well we should be in the black by the end of the year and our goal now is to have thirty stores in three years with the next ones opening in london and stockholm later this year stock climb and that is south. vienna's postal service now even sells bitcoin votes it's proof that the block ten revolution is even reaching traditional companies. but there is also a dark side particularly in its early days that coin was seen as gangster money because the anonymity of the transactions meant it could be used to launder cash and buy and sell weapons and drugs.

and power plant check have to cleared war on criminal activity they founded the internet start up but panda about two years ago in vienna. today it's grown into europe's largest crypto currency exchange. customers can change heroes and dollars to buy because and other critter currency. as so we have in the region of a million in sales today both buying and selling the positives and withdrawals are even higher so that of course comes on top of the pure sales or work just over one million euros a day. while many crypto exchanges operates in grey areas or prohibited the german austrian team is setting the highest standards . they want everything to be as secure as a bank. we have and i'm finding is that this year we said from the outset that we were serious about the. transfers from euro's to bitcoin in vice versa must not be

anonymised you see it and we must have verification for each customer. this is exactly the same sort of verification that you have in europe today when you open a bank account online. customers can pay via credit card or online banking. but even getting that fine has been a struggle. the banks gave us zero support they avoided us like the play it took a dislike of us are. now it's the other way around but. now they come to us and say hey why don't we do a project together so now we have the choice i never thought back then that things would turn around so fast that. investors around the world are pumping billions into and as yet still unregulated markets. so

is the superhero money a better method of payment compared to the euro or the old. germany central bank the bundesbank doesn't think so the guardians of the official currency have been watching the internet rivals closely. the banks management can't understand the hype around crypto currencies that's a bit of on and core and warn against it coin look to especially with regard to the speculative aspect one bitcoin is worth anything from two hundred to two thousand euros so anything seems possible and speculating and it may pay off but it can also go wrong so we would definitely advise against investing in. the problem the currency guardians have is obvious for decades they had sole control of the bank notes and coins but they can't control blocked change. isn't bit love conduct on people doing this is a race that controllers cannot win or doctrine and this point in block chains offer

a whole new level of evasion and that is because it's global because it's international. has no home. mannheim out it's beyond any regulatory reach to prove . in order to understand the opportunities and risks the federal bank has are working with the german stock exchange to create their own block chain. that's my i'm willing to admit that we may have already gone as far as we can with conventional technology in other words in the conventional monetary system or at least getting close whereas with bitcoin or block change technology the limits aren't yet clear. the currents in the east. and what about the banks have they underestimated the danger and fail to recognize the threat to block tainted knowledge he poses to their business models why does one need

a bank at all when one can transfer money without one the banks are now belatedly trying to get in on the act is it isn't it we're looking at all these topics not because we want to defend ourselves against them but because we see opportunities to generate really new business models and new solutions for our customers. the potential of the blocked chain in the banking world is huge. it could make expensive financial supervisory bodies obsolete. if the banks were to cut out their middlemen they could save billions but the technology is still in its infancy. blocked chain. chain as such can't yet provide the capacity for the rapid transfer of the millions of payments made every day. replete with funds for. this is tim is however already making some aspects of banking easy and fun. changes a lot more than just bad coin is bad coin is

a crypto currency it's very well known and right now it's very popular blog chains can also be used in many many other areas and banks can use them in their lending business or in their trade finance business our. big banks around the world are researching block chain technology because they want to keep up with its development they have meticulously interested in block chains way they have sole access and can call the shots nobody has been on a committee and i believe that we'll see commercial solutions that will involve total anonymity just like the botching and will also see the sort of regulatory framework that will really allow us to use these things commercially and securely the current. some of those working on this world of tomorrow can be found in berlin's backyards young program is from all over the world. thirty one year old kid stuff yet knows all about the new technologies and advises

corporate bosses on their development and applications. the block chain revolution is like a steam roller and every day brings new projects and new worries. is a response incredibly exciting but it's also nerve racking watching the account balances go up and down or being responsible for the security of a system with billions it's really scary. for floyd. the block chain jaensch and others are working on goes way beyond that coin. it will not only revolutionize money transfer but contracts of all kinds. it will allow complete strangers to deal with each other directly when for all we rely on mathematics and cryptography as long as the system runs this program and we know exactly what will happen if you enter into a contract that specifies an amount of time and conditions then you can be certain of the outcome eliminates the need for trust. trust in the code

a revolutionary idea. but yet she wants to take things even further. we want to give things their own bank accounts for example i can go to a bank today and open an account as a private person or as a company but my car can't open my charging station can't get when you either knock on my locks we're connecting things through the block chain so that they can accept or make payments and enter into complex contracts. is going to visit a test customer on behalf of the big energy provider. her star share in charge is trying to solve the most pressing problem facing electability germany has too few charging stations san charts at least as. sharon charges a way of allowing electric car drivers and charging station operators to make ad

hoc virtual transactions. and they can do this without entering into a contract or even knowing each other before hand. that works through the block chain about a block and. there are an estimated forty five thousand private charging stations in germany. in the future they only should be able to provide energy to customers via an app directly without any credit card all service charges vehicles will be able to charge and pay autonomous levi preprogrammed contracts machines paying machines in other words. vehicles will communicate with their surroundings without any human agency. their digital wallets will pay sensors to keep parking spaces free. block trains will even allow them to top up their batteries and pay for the charge by induction loops at traffic lights. these might all be very small turn. action.

but without block chain technology they couldn't happen little. bagatelle that is our fan that's why i believe this will become more and more important in the future even though there is still a great deal we don't know simply because we don't yet have the experience. and. the reason companies can trust machines to make autonomous transactions is down to the high level of data security in the block chain how could it doesn't stand a chance against the computing power of the networks. business sectors where fraud and mistrust are rife have great hopes will block tainted knology. the diamond industry for example loses billions every year because of counterfeiting and blood diamonds sit if it's of authenticity are usually only available on paper and can

easily be faked the solution is to deposit an immutable fingerprint for each diamond in a block chain creating a digital certificate listing the unique identifying features for each stone. meanwhile american i teach and i.b.m. is planning to introduce block train technology into supermarkets with the aim of increasing food safety. block trains will be able to show the origin of meat for example. for what temperature it has been stored at. some six hundred million people worldwide full every year after consuming contaminated food. the data chain can monitor steak and schnitzel supply chains at every step from the slaughterhouse to the refrigerated counter all you need is a smart phone. in the very end capital munich the united nations world food program wants. to

revolutionize the fight against hunger. banhart cover and his international team are already organizing donations and deliveries digitally. one particularly promising project is aimed at solving a huge problem that many refugees face. millions have lost their families money and homes as they flee war and persecution. in places like the camp in the jordanian desert they're provided with the bare essentials for life. the aid organizations time is difficult and takes enormous effort luck change technology it seems to offer a solution. in your heart of the block train age of the refugees has a virtual account in the block instead of having this account with

a bank we can use the block chain to handle individual transactions or the advantage for us is clear instead of making ten thousand individual transactions each month via banks for example we can simply settle up with various businesses once a week. the syrian refugees pay for their purchases. the block chain compares the rest of their with three stored biometric data and those who magically triggers the transaction. before it's. we're now trying to roll out the program for up to one hundred thousand people in jordan by the end of the year whilst also starting in other countries we believe we can save several million euros a year in bank charges in jordan alone which we can then use to buy more food. it's a new concept digital identities for people who have lost everything.

the capability of the black chain is you could record a lot of different type of information on the black chain so for example a lot of refugees are displaced they lose their papers they basically have to start from square one they don't have education records etc if you begin putting those things on the black chain then it becomes an immutable record that's also transferred across borders. anyone with access to radio or the internet has access to blocked chains. over in switzerland in the tranquil town of south of zero time seems to have stood still. but in fact the digital future has already arrived here. doesn't matter who's been the town's mayor for ten years has brought the block chain revolution into local government. using baseline if you need a bit of

a pioneer town things have always worked well when we are transparent so we really have to do this of course you can argue but the sort of thing until the cows come home there are hundred arguments in favor one hundred against and you end up doing nothing but that's what it takes in switzerland and probably elsewhere especially with new technologies just try it out get i want it. to work has now become the first local authority in the world to accept crypto currency as. it's very soft this is how it works you can go to a residence registration office register or d register yourself purchase a few of the services and pay because it works wonderfully from mobile to mobile or as they say today from peer to peer. it's very fast and the transactions are secure so we aren't squandering any taxpayers' money it's also be a first load and only store you get. this is official pilot

scheme has had a signal effect and transformed the alpine town into a blocked chain valley. well soup is now a hot spots on the global blocked chain seen miller wants to take things even further to ensure the thirty thousand inhabitant community keeps up with the digital ization avalanche. it is now we have a new project also a beautiful world first digital identity and there are various different methods will be using the block and. this would mean personal data would no longer be stored on central government service in the future every citizen would manage his own digital id card safe from prying and manipulation of the moment through all that means nobody has control and can demand fees or the worst case scenario establish a monopoly and then exploited negatively so the whole thing is

a bit anoxic but in a good way it gives people more opportunities to decide things for themselves. so if you wish to. block change technology is moving from digital anarchy into the real world it has already arrived in boardrooms and banks and now it's well on the way to revolutionizing our every day nice.

nobody can escape there's. no. doubt body conks. recent job studies have shown a sense of time is taken up so. much happens to be distracted.

this week's edition is to eventually take the upcoming scripts to daylight savings time going to watch it thirty minutes on television. entering the conflict zone with tim sebastian close up and challenging those in power asking tough questions demanding us. as conflicts intensify i'll be meeting with kids. players on the ground in the stands as a. crushing through the rhetoric holding the powerful to account facts the conflicts. conflict zone within sebastian on t.w.x. . is known as. managers in a good day nothing would change you know the banks pay well you know why and so

what's the language of a bank. speaking the truth global news that matters g.w. made for mines. says heat in ruins morrow a. symbol of a long conflict in the philippines. between the muslims and the christian population. financed fighters occupied the city center seventeen president to churches response was told. by hitler it will never again football games of. the reconquest turned into tragedy. this is not the kind of freedom that we want. how did mohan we become a gateway to islamist terror i think he sees the new marketing as the end result of

an exclusive report from a destroyed city. philippines in the sun. starts it will live on t w. this is d.w. news live from berlin u.s. president donald trump all book summary of the conclusions of robert muller's investigation into russian interference in the twenty sixteen election finds no collusion by the trump campaign will get the latest from our correspondent in washington also coming up the stricken cruise.