tv Doc Film Deutsche Welle March 25, 2019 11:30am-12:00pm CET
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only a promise to his son was sorely we're told return to the concrete and glass jungle of new york. the result reversed culture shock. the prize winning. song from the forest. first w. . 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 discount that children who are born today won't ever know what a bank looks like from the inside. the most important currency of all is trust. that the banks have gambled away. the
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banking industry the banking industry has been rocked by one scandal after another in recent years. but this failure gave interest to the emergence of new web based technologies such as the blocked chain. gave over that these are currencies that could have the middlemen and banks where there are no banking monopolies and where above all the state no longer has the sole drug of in the creation of money form. that's it's about more than just can't. continue to be a lot change technology look completely revolutionize large parts of the many many industries that are the senior. staff from the executive floors of banks skyscrapers the block chain revolution has
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long since begun for example in berlin crisis back 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 pit corn. and if you want to imagine a superhero currency and say hell with the money work that superman and batman might use you start fantasizing and you come up with something like that coil good among those of us are striving to be on. 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 that 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
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a bank for repayment. until now money transfers have usually involved several banks that costs both time and money because it doesn't need a back anymore it's done directly through blocked chain technology and is encrypted that could even make central banks of her famous. bludging network regulates itself because all transactions are stored on numerous computers. have no chance it'll set you bitcoin supporters. 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 our 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
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poor. and we've also created a system we have a class of bankers who answer to nobody. uses like chats 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. you'll need an economic and financial policies. governments and the banks are driving people to bitcoin that core and the world is that simple the financial crisis doesn't seem to be really over so confidence in the euro is too
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when dealing was 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 magdalena cunt exchanges hard cash for virtual money. her clients are anything but computer and. since your lot isn't there young people at 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 eighty 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 cohen cash machine is a customer magnet it's well as you're unearths and spits out digital coins into
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a smartphone based online wallets within seconds. the german business woman had good reason to choose vienna for her operation. and you get her last year 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 print 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 bitcoins crazy price history is like something out of a hollywood movie. erik film an an american teenager made headlines around the
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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. if at all you are rather place my trust in mathematics cryptography and technology than any third parties are banks. not tainted knology 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
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stored on thousands of computers and any attempt to manipulate them would quickly attract attention. because it is the best known block chain application. in japan it has already been accepted as an official means of payment china and russia are skeptical. but many uses are smitten. for some i think 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 point comes up with this idea complex because 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
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our goal now is to have thirty stores in three years with the next one's opening in london and stockholm later this year stock climb and it is south. vienna's postal service now even sells bitcoin votes it's proof that the block chain revolution is even reaching traditional companies. but there is also a dark side particularly in its early days that coin was seen as gangsta money because the anonymity of the chance sections 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 found at their internet start up but panda about two years ago in vienna. today it's grown
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into europe's largest crypto currency exchange. customers can change heroes and dollars to buy because it and other critter currency. has been 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 pure sales or work just over one million euros a day. while many crip tax changes operates in grey areas or prohibited the german austrian team is setting the highest standards . they want everything to be as secure as the bag. 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. that is this is exactly the same
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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. to bank. the banks gave us zero support they avoided us like the play it took it as. 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 up pumping billions into an as yet still unregulated markets. is this superhero money a better method of payment compared to the euro or the old george mock. germany's
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central bank the bundesbank doesn't think so the guardians of the official currency have been watching their internet rivals closely. the bank's management can't understand the hype around cryptocurrency these kinds of evolvement because we were warned against it going to 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 chains. isn't it love conduct when people do and this is a race that controllers cannot win for and talk to them record and block chains offer a whole new level of evasion and that is because it's global because it's international . and has no hope. mannheim out it's beyond any regulatory reach.
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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 to it whereas with big coins or block chain technology the limits aren't yet clear. because. and what about the banks have they underestimated the danger and fail to recognize the threats block tainted knowledge she 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 because it's we're looking at all these topics not
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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 plans for. this system is however already making some aspects of banking easy and fun. changes a lot more than just bad coin is good 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
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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 the security interested in block chains where they have sole access and can call the shots nobody has been on a committee 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 since the current. some of those working on this world of tomorrow can be found in billions 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. respondents
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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 bitcoin. it will not only revolutionize money transfer but contracts of all kinds. it will allow complete strangers to deal with each other directly when 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 your voice.
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and 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 one of my charging station can't get one either nor can my locks we're connecting things through the block chain so that they can accept or make payments and enter into complex contracts. they know most of my is going to visit a test customer on behalf of a big energy provider. her star sharon charge is trying to solve the most pressing problem facing electability germany has too few charging stations stand charts and file sharing 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
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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 a preprogramed contracts machines paying machines in other words. vehicles will communicate with their surroundings without any human agency. their digital world its 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 transactions. but without luck train technology they couldn't happen little.
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bag. 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. doesn't stand a chance against the computing power of the networks. business sectors but 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. certificates 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.
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meanwhile american i teach and i.b.m. is planning to introduce block chain 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 temperatures it has been stored as. some six hundred million people worldwide fall ill 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 smartphone. in the varian capital munich the united nations world food program wants to revolutionize the fight against hunger. ban hardcovers and his international team are already organizing donations and deliveries digitally. one particularly
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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 us wreck refugee camp in the jordanian desert they are provided with the bare essentials for life. the aid organizations task is difficult and takes enormous efforts look change acknowledged seems to offer a solution. to your hot off the block train egypt the ref you. g.'s has a virtual account in the block chain instead of having this account with a bank we can use the block chain to handle individual transactions or manage for us is clear and instead of making ten thousand individual transactions each month
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via banks for example we can simply settle up with various businesses once a week. i'm going to pick. the syrian refugees pay for their purchases but i scan the block chain compares the racing there with three stored biometric data and. the transaction. it's gone through and we're now trying to roll out the program for up to one hundred thousand people in jordan by the end of the year and that's whilst also starting in other countries i mean if 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 back change so for example like a lot of refugees displaced they lose their papers they basically have to start
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from square one they don't have education records etc if you begin putting those things on the block chain then it becomes an immutable record that's also transferred across borders. anyone with access to a radio or the internet has access to blocked chains. over in switzerland in the tranquil town of took south of zero time seems to have stood still. but in fact the digital future has already arrived ten. duffin mina who's been the town's mayor for ten years has brought the block chain revolution into local government. using baseline appeal and you were a bit of a pioneer telling things have always worked well when we're transparent so we really have to do this of course you can argue but the sort of thing until the cows
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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. has now become the first local authority in the world to accept crypto currency as. this is how it works you can go to a residence registration office register or deal register yourself purchase a few weather services and pay bitcoin 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 slow to dawlish tell you go. this is official pilot scheme has had a signal effect and transformed the alpine town into a block chain valley. soup is now hotspots on the global block tain seen
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melo 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 it's also a beautiful world first digital identity. 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 that he called it all that means nobody has control and can demand fees or the worst case scenario establish a monopoly and then exploited negatively sort of whole thing is a bit an archaic but in a good way it gives people more opportunities to decide things for themselves. so it's a. block tainted knowledge he is moving from digital anarchy into the real world.
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mood. moved. the mob. audibly forster slusher. some caution some float. plane construction below the columbia destroyed swathes of rain forced. to compensate you forests are planted elsewhere. but the gas company foots the bill. will the deal pay off in the end. three thousand and thirteen. dollars.
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going to india more than twenty five hundred forty bucks within forty five years. that's her mission column hockey day from concord and northern india she's revolutionizing access to safe sanitation in her hometown but a lot to do so as a good job image they were shall go out of the guard looking for loans along with those loans. demoness on g.w. . bush says heat and ruins morrow a. symbol of a long conflict in the philippines. between the muslims and the christian population. last night as fighters occupied the city's central
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seventeen president to turn his response was. i did it or it will never gain a foothold in. the reconquest turned into tragedy. this is not the kind of freedom that we want. how did not become a gateway to islamize terror until now the circle i mean was in as the result of an exclusive report from a destroyed city. philippines in the same. starts april of one g.w. .
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the news live from poland the confusion on suspicion in the aftermath of thailand's election as initial results emerged the party of the country's military just appears to have taken the lead in the popular vote the potence a crying foul and sank they should. also on the program president. not conspire with russia this is according to the summer of.
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