[Script Info]
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[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:05.17,0:00:08.22,Default,,0000,0000,0000,,I think non-financial\Nuse cases of blockchain are just emerging.
Dialogue: 0,0:00:08.26,0:00:11.97,Default,,0000,0000,0000,,The biggest such application\Ncurrently are NFTs or non-fungible tokens,
Dialogue: 0,0:00:12.22,0:00:16.81,Default,,0000,0000,0000,,which represent unique assets,\Nthings like collectibles primarily today.
Dialogue: 0,0:00:17.02,0:00:20.27,Default,,0000,0000,0000,,But there's been an explosion\Nof representing other types of assets,
Dialogue: 0,0:00:20.27,0:00:24.27,Default,,0000,0000,0000,,things like carbon credits, real estate\Nsecurities and those kinds of things.
Dialogue: 0,0:00:24.32,0:00:27.86,Default,,0000,0000,0000,,Fundamentally,\Nyou can think of blockchain as creating
Dialogue: 0,0:00:28.32,0:00:33.28,Default,,0000,0000,0000,,more efficient usage\Nor exchanges in almost any arena.
Dialogue: 0,0:00:33.32,0:00:36.54,Default,,0000,0000,0000,,One way to use\Nblockchain is to track energy
Dialogue: 0,0:00:36.70,0:00:40.42,Default,,0000,0000,0000,,and how it's used throughout a grid\Nand being able to then
Dialogue: 0,0:00:40.66,0:00:44.54,Default,,0000,0000,0000,,help people figure out how to use it\Nmuch more efficiently.
Dialogue: 0,0:00:45.30,0:00:49.17,Default,,0000,0000,0000,,Any time where there's like a contract,\Nthe participants
Dialogue: 0,0:00:49.17,0:00:50.72,Default,,0000,0000,0000,,they need some level of trust, right?
Dialogue: 0,0:00:50.72,0:00:52.80,Default,,0000,0000,0000,,And usually we bring in lawyers\Nto do that, and that's great.
Dialogue: 0,0:00:52.84,0:00:54.39,Default,,0000,0000,0000,,Lawyers are an awesome solution to that.
Dialogue: 0,0:00:54.39,0:00:56.06,Default,,0000,0000,0000,,They're also an expensive solution\Nto that.
Dialogue: 0,0:00:56.06,0:00:57.97,Default,,0000,0000,0000,,Blockchains can create situations.
Dialogue: 0,0:00:57.97,0:01:00.23,Default,,0000,0000,0000,,They can't solve every problem,\Nbut they can create situations
Dialogue: 0,0:01:00.23,0:01:03.10,Default,,0000,0000,0000,,where we don't necessarily\Nneed a lawyer to be involved
Dialogue: 0,0:01:03.35,0:01:07.19,Default,,0000,0000,0000,,because things that the lawyer would take\Ncare of can happen on the blockchain
Dialogue: 0,0:01:07.19,0:01:08.82,Default,,0000,0000,0000,,in a way that everyone can trust.
Dialogue: 0,0:01:08.82,0:01:10.82,Default,,0000,0000,0000,,Currently,\Nwhen we upload photos or videos,
Dialogue: 0,0:01:11.03,0:01:13.16,Default,,0000,0000,0000,,we don't actually have ownership\Nover that data.
Dialogue: 0,0:01:13.36,0:01:16.91,Default,,0000,0000,0000,,So there's a huge opportunity in terms of\Nhow do we communicate with people that we
Dialogue: 0,0:01:16.91,0:01:18.83,Default,,0000,0000,0000,,love, but also how do we create online?
Dialogue: 0,0:01:20.62,0:01:21.29,Default,,0000,0000,0000,,What excites me
Dialogue: 0,0:01:21.29,0:01:25.08,Default,,0000,0000,0000,,most about blockchain is the opportunity\Nto deal with the wealth gap.
Dialogue: 0,0:01:25.17,0:01:28.42,Default,,0000,0000,0000,,Blockchain enables opportunity\Nbecause in this space
Dialogue: 0,0:01:28.42,0:01:32.80,Default,,0000,0000,0000,,we get to de-identify ourselves\Nand now I'm able to interact with people
Dialogue: 0,0:01:33.13,0:01:37.26,Default,,0000,0000,0000,,anonymously or pseudo anonymously,\Njust as a series of numbers.
Dialogue: 0,0:01:37.30,0:01:42.44,Default,,0000,0000,0000,,My public key and I can participate\Nin any type of use cases that I want
Dialogue: 0,0:01:42.68,0:01:46.36,Default,,0000,0000,0000,,without having that regulation\Npreventing me simply because
Dialogue: 0,0:01:46.82,0:01:50.53,Default,,0000,0000,0000,,I'm of a particular demographic\Nor a particular gender.
Dialogue: 0,0:01:50.57,0:01:55.16,Default,,0000,0000,0000,,My hope for the future of blockchain\Nis that we find ways
Dialogue: 0,0:01:55.16,0:01:59.28,Default,,0000,0000,0000,,to solve problems\Nthat we haven't been very good at solving.
Dialogue: 0,0:01:59.28,0:02:02.83,Default,,0000,0000,0000,,Financial inclusion’s\Nan obvious one blockchain technology
Dialogue: 0,0:02:03.12,0:02:05.92,Default,,0000,0000,0000,,either by itself will solve this problem
Dialogue: 0,0:02:06.21,0:02:11.63,Default,,0000,0000,0000,,or it will push governments\Nto put in more sensible regulation,
Dialogue: 0,0:02:11.96,0:02:17.51,Default,,0000,0000,0000,,to have more sensible policies on access\Nthat will solve the problem.
Dialogue: 0,0:02:17.89,0:02:19.97,Default,,0000,0000,0000,,The thing that keeps me up at night\Nthat I'm really worried about
Dialogue: 0,0:02:19.97,0:02:23.35,Default,,0000,0000,0000,,is that we will wind up,\Nwhether accidentally or deliberately,
Dialogue: 0,0:02:23.35,0:02:28.23,Default,,0000,0000,0000,,rebuilding the same biases\Nthat we have in our existing system.
Dialogue: 0,0:02:31.73,0:02:32.57,Default,,0000,0000,0000,,There definitely are
Dialogue: 0,0:02:32.57,0:02:35.70,Default,,0000,0000,0000,,environmental impacts\Nwhen it comes to blockchain technology.
Dialogue: 0,0:02:35.95,0:02:40.45,Default,,0000,0000,0000,,With Bitcoin, it's proof of work, and\Nproof of work requires energy consumption.
Dialogue: 0,0:02:40.66,0:02:44.41,Default,,0000,0000,0000,,But the value that Bitcoin brings is much\Nhigher than that energy consumption.
Dialogue: 0,0:02:44.62,0:02:47.71,Default,,0000,0000,0000,,The environmental impacts are disastrous.
Dialogue: 0,0:02:47.71,0:02:52.42,Default,,0000,0000,0000,,In the case of the proof of work\Ntechnologies, that’s bitcoin as an example.
Dialogue: 0,0:02:52.50,0:02:55.51,Default,,0000,0000,0000,,So proof of stake\Nis another form of consensus system.
Dialogue: 0,0:02:55.63,0:02:58.68,Default,,0000,0000,0000,,We have stakeholders that stake on a
Dialogue: 0,0:02:58.89,0:03:02.02,Default,,0000,0000,0000,,on a blockchain\Nto say that this block is valid.
Dialogue: 0,0:03:02.39,0:03:06.31,Default,,0000,0000,0000,,So using proof of stake, we're actually\Nnot expanding any electricity usage.
Dialogue: 0,0:03:06.48,0:03:09.19,Default,,0000,0000,0000,,A lot of people believe that\Nit's less decentralized.
Dialogue: 0,0:03:09.23,0:03:12.15,Default,,0000,0000,0000,,So I think you're going to see blockchain\Nreducing its own carbon footprint.
Dialogue: 0,0:03:12.36,0:03:13.78,Default,,0000,0000,0000,,Meanwhile, providing
Dialogue: 0,0:03:13.78,0:03:16.57,Default,,0000,0000,0000,,technologies and abilities\Nthat will help improve things outside
Dialogue: 0,0:03:16.57,0:03:17.40,Default,,0000,0000,0000,,of the blockchain space.
Dialogue: 0,0:03:19.82,0:03:20.91,Default,,0000,0000,0000,,I believe that cryptocurrency
Dialogue: 0,0:03:20.91,0:03:24.12,Default,,0000,0000,0000,,and blockchain are going to continue\Nto grow and be widely adopted.
Dialogue: 0,0:03:24.16,0:03:25.66,Default,,0000,0000,0000,,It's true that it goes through cycles.
Dialogue: 0,0:03:25.66,0:03:28.08,Default,,0000,0000,0000,,Sometimes we'll see a massive run up\Nand then a correction.
Dialogue: 0,0:03:28.54,0:03:31.21,Default,,0000,0000,0000,,But if you zoom out over these\Nfrom one cycle to the next,
Dialogue: 0,0:03:31.34,0:03:34.05,Default,,0000,0000,0000,,it continues to grow\Nat a really rapid pace.
Dialogue: 0,0:03:34.30,0:03:38.01,Default,,0000,0000,0000,,My biggest concern with blockchain\Ntechnology is that it's developing
Dialogue: 0,0:03:38.01,0:03:42.56,Default,,0000,0000,0000,,very fast, but the regulators and\Ngovernments don't really understand it.
Dialogue: 0,0:03:42.85,0:03:44.97,Default,,0000,0000,0000,,They don't know how to regulate it.
Dialogue: 0,0:03:45.02,0:03:48.69,Default,,0000,0000,0000,,They will eventually, but short term,\Nthey don't.
Dialogue: 0,0:03:48.85,0:03:53.86,Default,,0000,0000,0000,,And it's important to agree\Nacross countries, not just in one country.
Dialogue: 0,0:03:53.86,0:03:55.24,Default,,0000,0000,0000,,It's already become a
Dialogue: 0,0:03:55.24,0:03:58.61,Default,,0000,0000,0000,,an underlying layer for lots of systems\Nand applications worldwide.
Dialogue: 0,0:03:58.90,0:04:02.03,Default,,0000,0000,0000,,And so it's pretty difficult to,\Nat this point, stop using blockchains.
Dialogue: 0,0:04:02.12,0:04:06.20,Default,,0000,0000,0000,,Do I think decentralized, permissionless\Nopen networks are here to stay?
Dialogue: 0,0:04:06.25,0:04:07.54,Default,,0000,0000,0000,,I certainly hope so.
Dialogue: 0,0:04:07.54,0:04:09.100,Default,,0000,0000,0000,,And I think Bitcoin's demonstrated\Nthat they are at least
Dialogue: 0,0:04:10.08,0:04:12.46,Default,,0000,0000,0000,,at what seems to be over\Na decade in existence.
Dialogue: 0,0:04:12.88,0:04:14.59,Default,,0000,0000,0000,,Will the new ones survive?
Dialogue: 0,0:04:14.59,0:04:15.84,Default,,0000,0000,0000,,It's really anybody's guess.
Dialogue: 0,0:04:15.84,0:04:18.42,Default,,0000,0000,0000,,It's impossible to know. For any new thing
Dialogue: 0,0:04:18.47,0:04:20.26,Default,,0000,0000,0000,,we need a lot of evidence to believe that
Dialogue: 0,0:04:20.26,0:04:22.30,Default,,0000,0000,0000,,it's really going\Nto be the next big thing.
Dialogue: 0,0:04:22.30,0:04:24.64,Default,,0000,0000,0000,,And in the case of blockchain,\Nwe just don't have that evidence yet.
Dialogue: 0,0:04:24.85,0:04:27.22,Default,,0000,0000,0000,,Blockchain's Helping push the technology.
Dialogue: 0,0:04:27.22,0:04:29.60,Default,,0000,0000,0000,,It's pushing\Nideas, it's pushing competition.
Dialogue: 0,0:04:30.10,0:04:32.19,Default,,0000,0000,0000,,But sometimes the first mover
Dialogue: 0,0:04:32.73,0:04:35.40,Default,,0000,0000,0000,,isn't the one who wins.