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Block chain technology - YouTube
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in the diamond industry around 1 million
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precious stones are being digitized to
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prevent fraud each diamond will have a
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unique fingerprint identifying its
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origin and tracing its history from the
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mine it came from to the jeweler's shop
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window all made possible by blockchain
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technology blockchain is a new way to
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store and record transactions it's very
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much like a traditional database but the
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blocks are linked together
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cryptographically in order to make sure
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that they're tamper proof blockchain
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technology was invented in 2008 to
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create a digital currency the primary
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example that people are familiar with is
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probably Bitcoin people are using it as
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digital cash but actually people are
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started to use it more and more for
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things like their last will and
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testament or to declare that a diamond
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isn't a Blood Diamond or even for
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sharing data each block in a blockchain
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is computer code containing some form of
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information such as a contract
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certificate of ownership a statement
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forthe anticip roof of a bank's
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financial transaction but each block of
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information in this computer database is
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securely connected or chained to the
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other through a digital signature if
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you're trying to send money to relatives
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it can take 3-5 sometimes more days to
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move the money and that's because we
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have to be very certain about where's
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the money gone to before technology
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didn't allow us to do that quickly and
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cheaply with this technology will be
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faster and cheaper and it would be more
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secure because the bank has to digitally
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sign it and would have an audit trail of
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every transaction that's ever happened
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as new information is added the length
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and complexity of the blockchain
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increases and the computer database gets
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bigger with more and more people a part
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of it but if someone makes an
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unauthorized change everyone else in the
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chain can see where it happened and
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agree whether the change is
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or not for example you and I could
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decides that I was going to buy your
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house for a thousand pounds and instead
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of hiring a lawyer we could actually
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decide together that we would register
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that onto the blockchain so we would
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record a contract onto the blockchain
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that would indicate I have agreed at a
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thousand pounds on today that I would
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buy your house it would give you a
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public ledger that would be transparent
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and anyone could see that I had agreed
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to pay this I couldn't go back at a
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later date and change it to be five
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hundred pounds and we could also do
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things like transfer the ownership
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through the title deeds and those kind
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of things and that would all be publicly
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registered in the blockchain a
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distributed ledger is something allows
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us to produce a tamper-proof record of
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transactions on to a public ledger it's
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very very similar to how an accounting
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ledger works but actually the idea
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behind a distributed ledger is we get
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rid of the middleman we can use
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distributed ledger technology to help
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fishermen for example in Scotland to
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prove the provenance of a piece of
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salmon we could say that it was
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definitely farmed on this time from this
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lake and in this particular fashion and
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that could all be recorded transparently
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onto a distributed ledger which anyone
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would be able to track everyone can have
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an identical copy of a distributed
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ledger and this database of assets is
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shared across multiple sites while
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nothing is invulnerable to cyberattack
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hacking it is extremely difficult if you
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had a distributed ledger with a thousand
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computers on it and you had stored a
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contract into that ledger you and
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someone wanted to come in and hack and
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change some of the information on that
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in order to do that they couldn't just
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hack your computer they would have to
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hack every single other person's
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computer at the same time and changed
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exactly the same piece of information
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the technology could also help
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small-scale farmers for example by
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registering the availability of their
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produce on a block
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it could allow them to create economies
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of scale and guarantee a supply chain to
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large-scale customers within government
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there are a number of potential
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applications for distributed Ledger's
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that could revolutionize the way it
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works and a delivery of public services
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I believe this technology will have a
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foundational impact on the way our
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society runs the way our government runs
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the way that we interact with one
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another in not just economic
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transactions but on a day to day basis I
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think blockchain technology is at least
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as significant as the development of the
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Internet if the internet brought is
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near-instant digital communications then
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the blockchain brings us near instant
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digital asset transfer asset movement
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and security of data movement that's
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really really important to everything in
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financial services anything with
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property or anything with ownership
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which is massive for the economy
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you
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