use up next. how block chain currency is helping people without bank accounts gain access to the banking system that's coming up and i'll take program shift after a short break. i'll have a news update for you at the top of the hour until then there's always our website, d, w dot com, follow on social as well at the w news. i'm rebecca versus thankfully ah, ah, the it's about billions. it's about power. it's about the foundation of the world order, the new silk road. china wants to expand its influence with this trade network also in europe. china is promises foreigners,

rich profit. in europe, there's a sharp warning you ever accept money from. the new super power will become dependent on china's gateways. euro starts july, 1st on d. w. special block chain is revolutionized in the financial system in the philippines. lima, as i said, is an entrepreneur from germany and an expert on crypto currencies. she's traveling around the philippines to meet people who use locked chain technologies to provide everyone with access to financial services. mm.

me this client or the current open source, the people that were not involved in financial actions. there are a lot of, i'm bank people, people that then have no access to services that we would take for granted. like insurance, saving money, borrowing money, just planning ahead further than the day that they live because they only have money for that they, they are living actively the me i bought the burial or been given among us that already to tell

me that i'm putting them on what i'm putting them fair, that $1000.00 i'm but it wouldn't be on a 1000 to 2 months to pay for your own pain. dangling them and imposing them up by the end. and then i learned a lot about him soon as i've been alone. benign jellies? i don't, i don't need to see them. i was going to be begun when the me i mean is the but when i go mother, the guys mostly mom or last the just have been they've been

the people thought that above the by the way, maybe maybe again the number was wrong. there are a lot of over workers from the philippines going to other country because they can earn more there than they couldn't be. so even though their salary compared to the global standards, it's really low even overseas. they can send it back to the philippines.

the issues that they pay really high fee just to remit the money to their families at home, where crypto currency comes in. long term technology comes in already is that they can send back the money with crypt for currency. their family can exchange it in pawnshop where they, where they live and the fees are so much lower. and that is something that is already happening today and that is just going to develop and improve. i believe the average amount that a filipino sent home is $200.00. there be $20.00 out of that to get that money for their family

because it's really a decentralized financial system. doesn't need a government. it doesn't have central authority. if interoperable it's global, it's borderless. basically it's an option for people who are excluded from the existing system platform where people could send money from anywhere in the world can using different yes. so a normal overseas for the worker wouldn't know how to use basically, and that was one of the 1st challenges we have. and what we did was we partnered with similar services based in canada or south korea or hong kong or singapore. and

what they did was they provided the 1st mile for communities that have been a communities that have been overseas workers. they would just basically advertise a cheaper, faster way to send money to the philippines, making the bit going by invisible. so using bit by and as a platform, we were able to provide a service where you could just easily sign up, make an account, putting the amount you want to put in, put in the pick up option delivery option. and then i choose the fun shop. and it's done like i've sent money basically $20.00 from anywhere in the world through the philippines. and i can go downstairs from the phone shop, pick it up soon as i get the text message or email,

the benefit of being, there's 15000000 people younger than that 24 envelope. and they are tech savvy. they're not afraid of technology. they're not afraid of the initial world. they kind of don't trust a bank. it's kind of like brewing. you know, like we say like a perfect storm for this kind of technology. the big hold the point was, and it's being used for fraudulent activity. for sake investment, for ponzi schemes, and just for gans because it was easy for the people, there was the height, there is excitement, not a lot of knowledge, but hope of being put into it. so it doesn't only attract good people with bad people as well. that them can make a lot of money out of that. that is not,

you know, that is just a very small part of the space that doesn't reflect this, this technology and what this technology can do. the way to lock chain works as opposed to a centralized system, is that the information data and control is not in the hands of a centralized entity, but it's distributed and called the notes all over the notes i handle independently. and anybody that has enough computing cars theory could run a node, meaning anybody could take part in the process of sign transactions and building block chain. oh,

this is where the big difference. nice. because the par and the show is given back to the people me the plastic bake has launched a block chain based banking application for the poor, an opportunity to use plastic as money, individual collectors that would otherwise sell to a middleman who then sells to another middle man, and who remove the middleman. and then we transport directly from the hands of the collector to the recycler, all of the extra value that was going to all those middleman are now shared amongst the collectors. there's a powerful roadmap ahead of the plastic bank in the application including financial

inclusion, credit rating that service. and the app in this community is used not just to register the collector, not just to give a sense of identity, but to give a transaction history. to give the collector an opportunity to have authentic value exchanged into their account, it allows her to have a savings account. it allows her to be free of cash. how powerful to look into a bank account now and see that you actually have value. are mobile bad ration is over 100 percent of the fastest growing in the

world instead of making people go to the band, let's just put banking into their hands. not the bands, but we need the bank by putting the bank in the smartphone. it's so much more acceptable we want everybody to benefit and by connecting our app to the existing systems, you know, it makes it, it makes that transition easier. it makes people adopting the technology. they're using these kinds of apps. you know, not that scary. and eventually the goal would be like, you know, if the apps are really useful and if they work, then you don't need to convince people. think you're working, you're doing the pioneer work there. because you're may be struggling with the

image that locks into the cooper kinds. the is this disruptive kind of thing that endangers traditional businesses. so are you doing by working together sort of working against them. think you're doing very important. i believe block chain technology will fundamentally change the way our society words in the long run. it will enable new processes. we can't think of right now, but the option is there. what i can do is i can include people can narrow down the gap between rich and poor.

this is the show for africa, my jersey, 77 percent. this guy in our street debate come from come on in germany. our focus is on ours. everybody's talking about africa stolen or the wind bullet to finally be returned to hold of that needs to be brought back to the diesel. ah, it's the oldest st legal car on german victory. the german person. he has no nurse. not even for this 4 wheeled jazz. it's time for another technical field advance. victoria is registration in 16, w. twos a there. i'm david,

and this is the climate change briggs at sex. happiness in 3 book. this for you, you'll get smarter for free. on use. me i don't wanna welcome to another edition of the 77 percent. this is the show for africa. majority the youth like you and i, eddie micah, julia is the name and i'll be driving you through the program. this week, our focus is on art. let's check out what we have for you on the show. st to be takes us.