WEBVTT 00:00:02.840 --> 00:00:04.230 align:start position:0% <00:00:02.840>So, <00:00:03.018>my <00:00:03.197>name <00:00:03.376>is <00:00:03.554>Marianela <00:00:03.733>Roche <00:00:03.912>and <00:00:04.091>I'm 00:00:04.230 --> 00:00:04.240 align:start position:0% <00:00:04.230>So, <00:00:04.231>my <00:00:04.232>name <00:00:04.233>is <00:00:04.235>Marianela <00:00:04.236>Roche <00:00:04.237>and <00:00:04.239>I'm 00:00:04.240 --> 00:00:06.190 align:start position:0% <00:00:04.240>So, <00:00:04.333>my <00:00:04.426>name <00:00:04.520>is <00:00:04.613>Marianela <00:00:04.706>Roche <00:00:04.800>and <00:00:04.893>I'm <00:00:04.986>here <00:00:05.080>with <00:00:05.173>Fred <00:00:05.266>and <00:00:05.360>we <00:00:05.453>are <00:00:05.546>trying <00:00:05.640>to 00:00:06.190 --> 00:00:06.200 align:start position:0% <00:00:06.190>here <00:00:06.191>with <00:00:06.192>Fred <00:00:06.193>and <00:00:06.195>we <00:00:06.196>are <00:00:06.197>trying <00:00:06.199>to 00:00:06.200 --> 00:00:08.710 align:start position:0% <00:00:06.200>here <00:00:06.277>with <00:00:06.355>Fred <00:00:06.433>and <00:00:06.511>we <00:00:06.588>are <00:00:06.666>trying <00:00:06.744>to <00:00:06.822>going <00:00:06.900>to <00:00:06.977>try <00:00:07.055>to <00:00:07.133>do <00:00:07.211>this <00:00:07.288>in <00:00:07.366>a <00:00:07.444>in <00:00:07.522>a <00:00:07.600>fun 00:00:08.710 --> 00:00:08.720 align:start position:0% <00:00:08.710>going <00:00:08.710>to <00:00:08.711>try <00:00:08.712>to <00:00:08.713>do <00:00:08.714>this <00:00:08.715>in <00:00:08.716>a <00:00:08.717>in <00:00:08.718>a <00:00:08.719>fun 00:00:08.720 --> 00:00:10.110 align:start position:0% <00:00:08.720>going <00:00:08.833>to <00:00:08.947>try <00:00:09.061>to <00:00:09.174>do <00:00:09.288>this <00:00:09.402>in <00:00:09.516>a <00:00:09.629>in <00:00:09.743>a <00:00:09.857>fun <00:00:09.971>way. 00:00:10.110 --> 00:00:10.120 align:start position:0% way. 00:00:10.120 --> 00:00:12.270 align:start position:0% <00:00:10.120>way. <00:00:10.295>Um <00:00:10.469>when <00:00:10.645>we <00:00:10.819>talk <00:00:10.995>about <00:00:11.169>like <00:00:11.344>liability <00:00:11.520>of 00:00:12.270 --> 00:00:12.280 align:start position:0% <00:00:12.270>Um <00:00:12.271>when <00:00:12.272>we <00:00:12.273>talk <00:00:12.275>about <00:00:12.276>like <00:00:12.277>liability <00:00:12.279>of 00:00:12.280 --> 00:00:13.790 align:start position:0% <00:00:12.280>Um <00:00:12.377>when <00:00:12.474>we <00:00:12.571>talk <00:00:12.668>about <00:00:12.765>like <00:00:12.862>liability <00:00:12.959>of <00:00:13.056>agentic <00:00:13.153>AI <00:00:13.250>we <00:00:13.347>actually <00:00:13.444>like <00:00:13.541>have <00:00:13.639>like 00:00:13.790 --> 00:00:13.800 align:start position:0% <00:00:13.790>agentic <00:00:13.791>AI <00:00:13.793>we <00:00:13.794>actually <00:00:13.796>like <00:00:13.797>have <00:00:13.799>like 00:00:13.800 --> 00:00:15.550 align:start position:0% <00:00:13.800>agentic <00:00:13.927>AI <00:00:14.054>we <00:00:14.181>actually <00:00:14.309>like <00:00:14.436>have <00:00:14.563>like <00:00:14.690>three <00:00:14.818>questions. <00:00:14.945>Is <00:00:15.072>the <00:00:15.200>accountability 00:00:15.550 --> 00:00:15.560 align:start position:0% <00:00:15.550>three <00:00:15.552>questions. <00:00:15.554>Is <00:00:15.556>the <00:00:15.559>accountability 00:00:15.560 --> 00:00:18.390 align:start position:0% <00:00:15.560>three <00:00:15.667>questions. <00:00:15.775>Is <00:00:15.883>the <00:00:15.990>accountability <00:00:16.098>part, <00:00:16.206>so <00:00:16.313>who <00:00:16.421>did <00:00:16.529>it? <00:00:16.636>We <00:00:16.744>have <00:00:16.852>the <00:00:16.960>actual 00:00:18.390 --> 00:00:18.400 align:start position:0% <00:00:18.390>part, <00:00:18.391>so <00:00:18.392>who <00:00:18.393>did <00:00:18.394>it? <00:00:18.395>We <00:00:18.396>have <00:00:18.397>the <00:00:18.398>actual 00:00:18.400 --> 00:00:20.190 align:start position:0% <00:00:18.400>part, <00:00:18.493>so <00:00:18.586>who <00:00:18.680>did <00:00:18.773>it? <00:00:18.866>We <00:00:18.959>have <00:00:19.053>the <00:00:19.146>actual <00:00:19.240>liability <00:00:19.333>part <00:00:19.426>which <00:00:19.520>is <00:00:19.613>like <00:00:19.706>who <00:00:19.799>is 00:00:20.190 --> 00:00:20.200 align:start position:0% <00:00:20.190>liability <00:00:20.191>part <00:00:20.193>which <00:00:20.194>is <00:00:20.196>like <00:00:20.197>who <00:00:20.198>is 00:00:20.200 --> 00:00:22.350 align:start position:0% <00:00:20.200>liability <00:00:20.316>part <00:00:20.433>which <00:00:20.550>is <00:00:20.666>like <00:00:20.783>who <00:00:20.900>is <00:00:21.016>legally <00:00:21.133>responsible? <00:00:21.250>And <00:00:21.366>then <00:00:21.483>we <00:00:21.599>also 00:00:22.350 --> 00:00:22.360 align:start position:0% <00:00:22.350>legally <00:00:22.351>responsible? <00:00:22.353>And <00:00:22.355>then <00:00:22.357>we <00:00:22.359>also 00:00:22.360 --> 00:00:24.550 align:start position:0% <00:00:22.360>legally <00:00:22.476>responsible? <00:00:22.593>And <00:00:22.710>then <00:00:22.826>we <00:00:22.943>also <00:00:23.060>have <00:00:23.176>the <00:00:23.293>enforcement. <00:00:23.410>It's <00:00:23.526>like <00:00:23.643>how <00:00:23.759>we 00:00:24.550 --> 00:00:24.560 align:start position:0% <00:00:24.550>have <00:00:24.551>the <00:00:24.553>enforcement. <00:00:24.554>It's <00:00:24.556>like <00:00:24.557>how <00:00:24.558>we 00:00:24.560 --> 00:00:26.670 align:start position:0% <00:00:24.560>have <00:00:24.687>the <00:00:24.814>enforcement. <00:00:24.941>It's <00:00:25.069>like <00:00:25.196>how <00:00:25.323>we <00:00:25.450>are <00:00:25.578>actually <00:00:25.705>going <00:00:25.832>to <00:00:25.959>claim 00:00:26.670 --> 00:00:26.680 align:start position:0% <00:00:26.670>are <00:00:26.672>actually <00:00:26.674>going <00:00:26.676>to <00:00:26.679>claim 00:00:26.680 --> 00:00:28.830 align:start position:0% <00:00:26.680>are <00:00:26.796>actually <00:00:26.913>going <00:00:27.030>to <00:00:27.146>claim <00:00:27.263>the <00:00:27.380>payment <00:00:27.496>for <00:00:27.613>the <00:00:27.730>damage. <00:00:27.846>So, <00:00:27.963>I <00:00:28.080>think 00:00:28.830 --> 00:00:28.840 align:start position:0% <00:00:28.830>the <00:00:28.831>payment <00:00:28.832>for <00:00:28.833>the <00:00:28.835>damage. <00:00:28.836>So, <00:00:28.837>I <00:00:28.839>think 00:00:28.840 --> 00:00:31.390 align:start position:0% <00:00:28.840>the <00:00:28.933>payment <00:00:29.026>for <00:00:29.120>the <00:00:29.213>damage. <00:00:29.306>So, <00:00:29.400>I <00:00:29.493>think <00:00:29.586>blockchain <00:00:29.680>has <00:00:29.773>done <00:00:29.866>quite <00:00:29.960>a <00:00:30.053>lot <00:00:30.146>on <00:00:30.240>the 00:00:31.390 --> 00:00:31.400 align:start position:0% <00:00:31.390>blockchain <00:00:31.391>has <00:00:31.392>done <00:00:31.393>quite <00:00:31.395>a <00:00:31.396>lot <00:00:31.397>on <00:00:31.398>the 00:00:31.400 --> 00:00:33.110 align:start position:0% <00:00:31.400>blockchain <00:00:31.500>has <00:00:31.599>done <00:00:31.700>quite <00:00:31.799>a <00:00:31.900>lot <00:00:32.000>on <00:00:32.100>the <00:00:32.199>first <00:00:32.299>question. <00:00:32.400>So, <00:00:32.500>if <00:00:32.600>you <00:00:32.699>don't <00:00:32.800>mind 00:00:33.110 --> 00:00:33.120 align:start position:0% <00:00:33.110>first <00:00:33.111>question. <00:00:33.113>So, <00:00:33.114>if <00:00:33.116>you <00:00:33.117>don't <00:00:33.119>mind 00:00:33.120 --> 00:00:34.750 align:start position:0% <00:00:33.120>first <00:00:33.236>question. <00:00:33.353>So, <00:00:33.470>if <00:00:33.586>you <00:00:33.703>don't <00:00:33.820>mind <00:00:33.936>like <00:00:34.053>you <00:00:34.169>can <00:00:34.286>introduce <00:00:34.403>yourself <00:00:34.519>Fred 00:00:34.750 --> 00:00:34.760 align:start position:0% <00:00:34.750>like <00:00:34.751>you <00:00:34.753>can <00:00:34.755>introduce <00:00:34.757>yourself <00:00:34.759>Fred 00:00:34.760 --> 00:00:35.990 align:start position:0% <00:00:34.760>like <00:00:34.860>you <00:00:34.961>can <00:00:35.061>introduce <00:00:35.162>yourself <00:00:35.263>Fred <00:00:35.363>although <00:00:35.464>I <00:00:35.565>think <00:00:35.665>that <00:00:35.766>everyone <00:00:35.867>already 00:00:35.990 --> 00:00:36.000 align:start position:0% <00:00:35.990>although <00:00:35.991>I <00:00:35.993>think <00:00:35.995>that <00:00:35.997>everyone <00:00:35.999>already 00:00:36.000 --> 00:00:37.750 align:start position:0% <00:00:36.000>although <00:00:36.100>I <00:00:36.200>think <00:00:36.300>that <00:00:36.400>everyone <00:00:36.500>already <00:00:36.600>knows <00:00:36.700>you <00:00:36.800>and <00:00:36.900>tell <00:00:37.000>us <00:00:37.100>a <00:00:37.200>little <00:00:37.300>bit <00:00:37.400>about 00:00:37.750 --> 00:00:37.760 align:start position:0% <00:00:37.750>knows <00:00:37.751>you <00:00:37.752>and <00:00:37.753>tell <00:00:37.754>us <00:00:37.755>a <00:00:37.756>little <00:00:37.757>bit <00:00:37.759>about 00:00:37.760 --> 00:00:39.150 align:start position:0% <00:00:37.760>knows <00:00:37.843>you <00:00:37.926>and <00:00:38.010>tell <00:00:38.093>us <00:00:38.177>a <00:00:38.260>little <00:00:38.343>bit <00:00:38.427>about <00:00:38.510>what <00:00:38.594>you're <00:00:38.677>doing <00:00:38.760>with <00:00:38.844>Tokusho <00:00:38.927>Me <00:00:39.010>and 00:00:39.150 --> 00:00:39.160 align:start position:0% <00:00:39.150>what <00:00:39.151>you're <00:00:39.153>doing <00:00:39.154>with <00:00:39.156>Tokusho <00:00:39.157>Me <00:00:39.159>and 00:00:39.160 --> 00:00:41.110 align:start position:0% <00:00:39.160>what <00:00:39.267>you're <00:00:39.375>doing <00:00:39.483>with <00:00:39.590>Tokusho <00:00:39.698>Me <00:00:39.806>and <00:00:39.913>Masumi <00:00:40.021>which <00:00:40.129>are <00:00:40.236>actually <00:00:40.344>answered <00:00:40.452>to <00:00:40.559>to 00:00:41.110 --> 00:00:41.120 align:start position:0% <00:00:41.110>Masumi <00:00:41.111>which <00:00:41.113>are <00:00:41.114>actually <00:00:41.116>answered <00:00:41.117>to <00:00:41.119>to 00:00:41.120 --> 00:00:42.630 align:start position:0% <00:00:41.120>Masumi <00:00:41.271>which <00:00:41.422>are <00:00:41.573>actually <00:00:41.724>answered <00:00:41.875>to <00:00:42.026>to <00:00:42.177>that <00:00:42.328>first <00:00:42.479>question. 00:00:42.630 --> 00:00:42.640 align:start position:0% <00:00:42.630>that <00:00:42.634>first <00:00:42.639>question. 00:00:42.640 --> 00:00:44.510 align:start position:0% <00:00:42.640>that <00:00:42.780>first <00:00:42.920>question. <00:00:43.060>>> <00:00:43.200>Yeah. <00:00:43.340>Hello <00:00:43.480>everybody. <00:00:43.620>My <00:00:43.760>name <00:00:43.900>is <00:00:44.040>Fred. 00:00:44.510 --> 00:00:44.520 align:start position:0% <00:00:44.510>>> <00:00:44.511>Yeah. <00:00:44.512>Hello <00:00:44.513>everybody. <00:00:44.515>My <00:00:44.516>name <00:00:44.517>is <00:00:44.519>Fred. 00:00:44.520 --> 00:00:45.950 align:start position:0% <00:00:44.520>>> <00:00:44.619>Yeah. <00:00:44.718>Hello <00:00:44.817>everybody. <00:00:44.916>My <00:00:45.015>name <00:00:45.114>is <00:00:45.213>Fred. <00:00:45.312>I'm <00:00:45.411>a <00:00:45.510>contributor <00:00:45.609>to <00:00:45.708>the <00:00:45.807>Cardano 00:00:45.950 --> 00:00:45.960 align:start position:0% <00:00:45.950>I'm <00:00:45.951>a <00:00:45.953>contributor <00:00:45.955>to <00:00:45.957>the <00:00:45.959>Cardano 00:00:45.960 --> 00:00:48.070 align:start position:0% <00:00:45.960>I'm <00:00:46.087>a <00:00:46.214>contributor <00:00:46.341>to <00:00:46.469>the <00:00:46.596>Cardano <00:00:46.723>ecosystem. <00:00:46.850>And <00:00:46.978>here <00:00:47.105>in <00:00:47.232>Germany <00:00:47.360>we 00:00:48.070 --> 00:00:48.080 align:start position:0% <00:00:48.070>ecosystem. <00:00:48.071>And <00:00:48.073>here <00:00:48.075>in <00:00:48.077>Germany <00:00:48.079>we 00:00:48.080 --> 00:00:50.030 align:start position:0% <00:00:48.080>ecosystem. <00:00:48.207>And <00:00:48.334>here <00:00:48.461>in <00:00:48.589>Germany <00:00:48.716>we <00:00:48.843>actually <00:00:48.970>have <00:00:49.098>500 <00:00:49.225>companies <00:00:49.352>which <00:00:49.480>is 00:00:50.030 --> 00:00:50.040 align:start position:0% <00:00:50.030>actually <00:00:50.031>have <00:00:50.033>500 <00:00:50.035>companies <00:00:50.037>which <00:00:50.039>is 00:00:50.040 --> 00:00:52.870 align:start position:0% <00:00:50.040>actually <00:00:50.140>have <00:00:50.240>500 <00:00:50.339>companies <00:00:50.440>which <00:00:50.540>is <00:00:50.640>live <00:00:50.740>using <00:00:50.839>agentic <00:00:50.940>AI <00:00:51.040>which <00:00:51.140>is <00:00:51.240>not <00:00:51.339>a <00:00:51.440>big 00:00:52.870 --> 00:00:52.880 align:start position:0% <00:00:52.870>live <00:00:52.871>using <00:00:52.872>agentic <00:00:52.873>AI <00:00:52.874>which <00:00:52.875>is <00:00:52.876>not <00:00:52.877>a <00:00:52.879>big 00:00:52.880 --> 00:00:54.270 align:start position:0% <00:00:52.880>live <00:00:52.969>using <00:00:53.058>agentic <00:00:53.148>AI <00:00:53.237>which <00:00:53.326>is <00:00:53.416>not <00:00:53.505>a <00:00:53.594>big <00:00:53.684>thing, <00:00:53.773>right? <00:00:53.862>I <00:00:53.952>mean <00:00:54.041>everybody <00:00:54.131>does 00:00:54.270 --> 00:00:54.280 align:start position:0% <00:00:54.270>thing, <00:00:54.271>right? <00:00:54.273>I <00:00:54.275>mean <00:00:54.277>everybody <00:00:54.279>does 00:00:54.280 --> 00:00:56.630 align:start position:0% <00:00:54.280>thing, <00:00:54.387>right? <00:00:54.495>I <00:00:54.603>mean <00:00:54.710>everybody <00:00:54.818>does <00:00:54.926>agentic <00:00:55.033>AI. <00:00:55.141>What <00:00:55.249>is <00:00:55.356>really <00:00:55.464>big <00:00:55.572>is <00:00:55.680>that 00:00:56.630 --> 00:00:56.640 align:start position:0% <00:00:56.630>agentic <00:00:56.631>AI. <00:00:56.632>What <00:00:56.633>is <00:00:56.635>really <00:00:56.636>big <00:00:56.637>is <00:00:56.639>that 00:00:56.640 --> 00:00:58.790 align:start position:0% <00:00:56.640>agentic <00:00:56.756>AI. <00:00:56.873>What <00:00:56.990>is <00:00:57.106>really <00:00:57.223>big <00:00:57.340>is <00:00:57.456>that <00:00:57.573>they <00:00:57.690>are <00:00:57.806>sharing <00:00:57.923>private <00:00:58.040>identifying 00:00:58.790 --> 00:00:58.800 align:start position:0% <00:00:58.790>they <00:00:58.792>are <00:00:58.794>sharing <00:00:58.796>private <00:00:58.799>identifying 00:00:58.800 --> 00:01:01.590 align:start position:0% <00:00:58.800>they <00:00:58.974>are <00:00:59.150>sharing <00:00:59.324>private <00:00:59.500>identifying <00:00:59.675>information <00:00:59.849>across <00:01:00.025>the <00:01:00.199>organizations. 00:01:01.590 --> 00:01:01.600 align:start position:0% <00:01:01.590>information <00:01:01.593>across <00:01:01.596>the <00:01:01.599>organizations. 00:01:01.600 --> 00:01:03.430 align:start position:0% <00:01:01.600>information <00:01:01.775>across <00:01:01.950>the <00:01:02.125>organizations. <00:01:02.300>So, <00:01:02.475>we're <00:01:02.650>talking <00:01:02.825>about <00:01:03.000>Lufthansa 00:01:03.430 --> 00:01:03.440 align:start position:0% <00:01:03.430>So, <00:01:03.432>we're <00:01:03.434>talking <00:01:03.436>about <00:01:03.439>Lufthansa 00:01:03.440 --> 00:01:05.870 align:start position:0% <00:01:03.440>So, <00:01:03.567>we're <00:01:03.694>talking <00:01:03.821>about <00:01:03.949>Lufthansa <00:01:04.076>sharing <00:01:04.203>data <00:01:04.330>with <00:01:04.458>BMW <00:01:04.585>sharing <00:01:04.712>data <00:01:04.840>with 00:01:05.870 --> 00:01:05.880 align:start position:0% <00:01:05.870>sharing <00:01:05.871>data <00:01:05.873>with <00:01:05.874>BMW <00:01:05.876>sharing <00:01:05.877>data <00:01:05.878>with 00:01:05.880 --> 00:01:08.310 align:start position:0% <00:01:05.880>sharing <00:01:05.979>data <00:01:06.080>with <00:01:06.179>BMW <00:01:06.280>sharing <00:01:06.380>data <00:01:06.479>with <00:01:06.580>booking.com <00:01:06.679>etc. <00:01:06.780>So, <00:01:06.880>what <00:01:06.979>you <00:01:07.080>can <00:01:07.179>do <00:01:07.280>as 00:01:08.310 --> 00:01:08.320 align:start position:0% <00:01:08.310>booking.com <00:01:08.311>etc. <00:01:08.312>So, <00:01:08.313>what <00:01:08.315>you <00:01:08.316>can <00:01:08.317>do <00:01:08.318>as 00:01:08.320 --> 00:01:10.350 align:start position:0% <00:01:08.320>booking.com <00:01:08.407>etc. <00:01:08.494>So, <00:01:08.582>what <00:01:08.669>you <00:01:08.757>can <00:01:08.845>do <00:01:08.932>as <00:01:09.020>a <00:01:09.107>user, <00:01:09.195>right? <00:01:09.282>Is <00:01:09.369>that <00:01:09.457>you <00:01:09.544>can <00:01:09.632>you <00:01:09.720>know 00:01:10.350 --> 00:01:10.360 align:start position:0% <00:01:10.350>a <00:01:10.351>user, <00:01:10.352>right? <00:01:10.353>Is <00:01:10.354>that <00:01:10.355>you <00:01:10.356>can <00:01:10.357>you <00:01:10.359>know 00:01:10.360 --> 00:01:12.870 align:start position:0% <00:01:10.360>a <00:01:10.442>user, <00:01:10.524>right? <00:01:10.607>Is <00:01:10.689>that <00:01:10.771>you <00:01:10.854>can <00:01:10.936>you <00:01:11.018>know <00:01:11.101>you <00:01:11.183>have <00:01:11.265>an <00:01:11.348>a <00:01:11.430>model, <00:01:11.512>right? <00:01:11.595>Who <00:01:11.677>can <00:01:11.760>then 00:01:12.870 --> 00:01:12.880 align:start position:0% <00:01:12.870>you <00:01:12.871>have <00:01:12.872>an <00:01:12.873>a <00:01:12.874>model, <00:01:12.875>right? <00:01:12.876>Who <00:01:12.877>can <00:01:12.878>then 00:01:12.880 --> 00:01:14.870 align:start position:0% <00:01:12.880>you <00:01:12.987>have <00:01:13.095>an <00:01:13.203>a <00:01:13.310>model, <00:01:13.418>right? <00:01:13.526>Who <00:01:13.633>can <00:01:13.741>then <00:01:13.849>capture <00:01:13.956>information <00:01:14.064>which <00:01:14.172>is <00:01:14.280>behind 00:01:14.870 --> 00:01:14.880 align:start position:0% <00:01:14.870>capture <00:01:14.872>information <00:01:14.874>which <00:01:14.876>is <00:01:14.878>behind 00:01:14.880 --> 00:01:17.910 align:start position:0% <00:01:14.880>capture <00:01:15.035>information <00:01:15.191>which <00:01:15.346>is <00:01:15.502>behind <00:01:15.657>paywalls <00:01:15.813>or <00:01:15.968>behind <00:01:16.124>regulatory <00:01:16.280>guardrails 00:01:17.910 --> 00:01:17.920 align:start position:0% <00:01:17.910>paywalls <00:01:17.912>or <00:01:17.914>behind <00:01:17.916>regulatory <00:01:17.919>guardrails 00:01:17.920 --> 00:01:19.870 align:start position:0% <00:01:17.920>paywalls <00:01:18.060>or <00:01:18.200>behind <00:01:18.340>regulatory <00:01:18.480>guardrails <00:01:18.620>from <00:01:18.760>these <00:01:18.900>massive <00:01:19.040>companies <00:01:19.180>which <00:01:19.320>means 00:01:19.870 --> 00:01:19.880 align:start position:0% <00:01:19.870>from <00:01:19.871>these <00:01:19.873>massive <00:01:19.875>companies <00:01:19.877>which <00:01:19.878>means 00:01:19.880 --> 00:01:21.670 align:start position:0% <00:01:19.880>from <00:01:20.020>these <00:01:20.160>massive <00:01:20.300>companies <00:01:20.440>which <00:01:20.580>means <00:01:20.720>that <00:01:20.860>you <00:01:21.000>suddenly <00:01:21.140>have <00:01:21.280>verified 00:01:21.670 --> 00:01:21.680 align:start position:0% <00:01:21.670>that <00:01:21.672>you <00:01:21.674>suddenly <00:01:21.676>have <00:01:21.679>verified 00:01:21.680 --> 00:01:24.430 align:start position:0% <00:01:21.680>that <00:01:21.855>you <00:01:22.030>suddenly <00:01:22.205>have <00:01:22.380>verified <00:01:22.555>maintained <00:01:22.730>personal <00:01:22.905>information <00:01:23.080>which 00:01:24.430 --> 00:01:24.440 align:start position:0% <00:01:24.430>maintained <00:01:24.433>personal <00:01:24.436>information <00:01:24.439>which 00:01:24.440 --> 00:01:26.710 align:start position:0% <00:01:24.440>maintained <00:01:24.556>personal <00:01:24.673>information <00:01:24.789>which <00:01:24.906>can 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00:01:29.800 align:start position:0% <00:01:29.789>you <00:01:29.791>need <00:01:29.792>to <00:01:29.794>pay <00:01:29.795>attention <00:01:29.797>to <00:01:29.798>the 00:01:29.800 --> 00:01:32.230 align:start position:0% <00:01:29.800>you <00:01:29.916>need <00:01:30.033>to <00:01:30.149>pay <00:01:30.266>attention <00:01:30.383>to <00:01:30.500>the <00:01:30.616>regulation <00:01:30.733>in <00:01:30.850>the <00:01:30.966>European <00:01:31.083>Union <00:01:31.200>but 00:01:32.230 --> 00:01:32.240 align:start position:0% <00:01:32.229>regulation <00:01:32.231>in <00:01:32.233>the <00:01:32.235>European <00:01:32.237>Union <00:01:32.239>but 00:01:32.240 --> 00:01:34.310 align:start position:0% <00:01:32.240>regulation <00:01:32.380>in <00:01:32.520>the <00:01:32.660>European <00:01:32.800>Union <00:01:32.940>but <00:01:33.080>also <00:01:33.220>in <00:01:33.360>Germany <00:01:33.500>because <00:01:33.640>Germany 00:01:34.310 --> 00:01:34.320 align:start position:0% <00:01:34.310>also <00:01:34.312>in <00:01:34.314>Germany <00:01:34.316>because <00:01:34.318>Germany 00:01:34.320 --> 00:01:36.710 align:start position:0% <00:01:34.320>also <00:01:34.494>in <00:01:34.669>Germany <00:01:34.845>because <00:01:35.020>Germany <00:01:35.195>sometimes <00:01:35.369>interpreted <00:01:35.544>regulation <00:01:35.720>a 00:01:36.710 --> 00:01:36.720 align:start position:0% <00:01:36.710>sometimes <00:01:36.713>interpreted <00:01:36.716>regulation <00:01:36.719>a 00:01:36.720 --> 00:01:38.990 align:start position:0% <00:01:36.720>sometimes <00:01:36.860>interpreted <00:01:37.000>regulation <00:01:37.140>a <00:01:37.280>little <00:01:37.420>bit <00:01:37.560>tougher. <00:01:37.700>You <00:01:37.840>know, <00:01:37.980>it's <00:01:38.120>like 00:01:38.990 --> 00:01:39.000 align:start position:0% <00:01:38.990>little <00:01:38.991>bit <00:01:38.993>tougher. <00:01:38.994>You <00:01:38.996>know, <00:01:38.997>it's <00:01:38.999>like 00:01:39.000 --> 00:01:40.910 align:start position:0% <00:01:39.000>little <00:01:39.116>bit <00:01:39.233>tougher. <00:01:39.350>You <00:01:39.466>know, <00:01:39.583>it's <00:01:39.700>like <00:01:39.816>the <00:01:39.933>compliance <00:01:40.050>country <00:01:40.166>of <00:01:40.283>of <00:01:40.400>the 00:01:40.910 --> 00:01:40.920 align:start position:0% <00:01:40.910>the <00:01:40.911>compliance <00:01:40.913>country <00:01:40.915>of <00:01:40.917>of <00:01:40.919>the 00:01:40.920 --> 00:01:42.590 align:start position:0% <00:01:40.920>the <00:01:41.095>compliance <00:01:41.270>country <00:01:41.445>of <00:01:41.620>of <00:01:41.795>the <00:01:41.970>European <00:01:42.145>Union, <00:01:42.320>right? 00:01:42.590 --> 00:01:42.600 align:start position:0% <00:01:42.590>European <00:01:42.594>Union, <00:01:42.598>right? 00:01:42.600 --> 00:01:43.710 align:start position:0% <00:01:42.600>European <00:01:42.933>Union, <00:01:43.266>right? <00:01:43.599>So, 00:01:43.710 --> 00:01:43.720 align:start position:0% So, 00:01:43.720 --> 00:01:45.390 align:start position:0% <00:01:43.720>So, <00:01:43.920>what <00:01:44.120>actually <00:01:44.320>happens <00:01:44.520>is <00:01:44.720>that <00:01:44.920>most <00:01:45.120>of 00:01:45.390 --> 00:01:45.400 align:start position:0% <00:01:45.390>what <00:01:45.391>actually <00:01:45.393>happens <00:01:45.394>is <00:01:45.396>that <00:01:45.397>most <00:01:45.399>of 00:01:45.400 --> 00:01:47.190 align:start position:0% <00:01:45.400>what <00:01:45.516>actually <00:01:45.633>happens <00:01:45.750>is <00:01:45.866>that <00:01:45.983>most <00:01:46.100>of <00:01:46.216>these <00:01:46.333>companies <00:01:46.450>they <00:01:46.566>actually <00:01:46.683>don't <00:01:46.800>like 00:01:47.190 --> 00:01:47.200 align:start position:0% <00:01:47.190>these <00:01:47.191>companies <00:01:47.193>they <00:01:47.195>actually <00:01:47.197>don't <00:01:47.199>like 00:01:47.200 --> 00:01:48.510 align:start position:0% <00:01:47.200>these <00:01:47.331>companies <00:01:47.462>they <00:01:47.593>actually <00:01:47.724>don't <00:01:47.854>like <00:01:47.985>blockchain <00:01:48.116>because <00:01:48.247>blockchain <00:01:48.378>is 00:01:48.510 --> 00:01:48.520 align:start position:0% <00:01:48.509>blockchain <00:01:48.512>because <00:01:48.516>blockchain <00:01:48.519>is 00:01:48.520 --> 00:01:50.270 align:start position:0% <00:01:48.520>blockchain <00:01:48.720>because <00:01:48.920>blockchain <00:01:49.120>is <00:01:49.320>affiliated <00:01:49.520>with <00:01:49.720>cryptocurrencies <00:01:49.920>which 00:01:50.270 --> 00:01:50.280 align:start position:0% <00:01:50.270>affiliated <00:01:50.273>with <00:01:50.276>cryptocurrencies <00:01:50.279>which 00:01:50.280 --> 00:01:51.710 align:start position:0% <00:01:50.280>affiliated <00:01:50.423>with <00:01:50.566>cryptocurrencies <00:01:50.709>which <00:01:50.852>is <00:01:50.995>affiliated <00:01:51.138>with <00:01:51.281>gambling <00:01:51.424>which <00:01:51.567>is 00:01:51.710 --> 00:01:51.720 align:start position:0% <00:01:51.710>is <00:01:51.711>affiliated <00:01:51.713>with <00:01:51.715>gambling <00:01:51.717>which <00:01:51.719>is 00:01:51.720 --> 00:01:54.150 align:start position:0% <00:01:51.720>is <00:01:51.836>affiliated <00:01:51.953>with <00:01:52.070>gambling <00:01:52.186>which <00:01:52.303>is <00:01:52.420>affiliated <00:01:52.536>with <00:01:52.653>a <00:01:52.770>lot <00:01:52.886>of <00:01:53.003>other <00:01:53.120>things. 00:01:54.150 --> 00:01:54.160 align:start position:0% <00:01:54.150>affiliated <00:01:54.151>with <00:01:54.153>a <00:01:54.154>lot <00:01:54.156>of <00:01:54.157>other <00:01:54.158>things. 00:01:54.160 --> 00:01:55.910 align:start position:0% <00:01:54.160>affiliated <00:01:54.259>with <00:01:54.360>a <00:01:54.460>lot <00:01:54.560>of <00:01:54.660>other <00:01:54.759>things. <00:01:54.860>But <00:01:54.960>in <00:01:55.060>this <00:01:55.160>case <00:01:55.259>what <00:01:55.360>they <00:01:55.460>are <00:01:55.560>very 00:01:55.910 --> 00:01:55.920 align:start position:0% <00:01:55.910>But <00:01:55.911>in <00:01:55.912>this <00:01:55.913>case <00:01:55.915>what <00:01:55.916>they <00:01:55.917>are <00:01:55.919>very 00:01:55.920 --> 00:01:58.350 align:start position:0% <00:01:55.920>But <00:01:56.027>in <00:01:56.135>this <00:01:56.243>case <00:01:56.350>what <00:01:56.458>they <00:01:56.566>are <00:01:56.673>very <00:01:56.781>interested <00:01:56.889>in <00:01:56.996>is <00:01:57.104>compliance <00:01:57.212>angle. <00:01:57.320>So, 00:01:58.350 --> 00:01:58.360 align:start position:0% <00:01:58.350>interested <00:01:58.351>in <00:01:58.353>is <00:01:58.355>compliance <00:01:58.357>angle. <00:01:58.359>So, 00:01:58.360 --> 00:02:00.990 align:start position:0% <00:01:58.360>interested <00:01:58.476>in <00:01:58.593>is <00:01:58.710>compliance <00:01:58.826>angle. <00:01:58.943>So, <00:01:59.060>how <00:01:59.176>can <00:01:59.293>I <00:01:59.410>create <00:01:59.526>a <00:01:59.643>better <00:01:59.760>client 00:02:00.990 --> 00:02:01.000 align:start position:0% <00:02:00.990>how <00:02:00.991>can <00:02:00.993>I <00:02:00.994>create <00:02:00.996>a <00:02:00.997>better <00:02:00.999>client 00:02:01.000 --> 00:02:03.469 align:start position:0% <00:02:01.000>how <00:02:01.100>can <00:02:01.200>I <00:02:01.300>create <00:02:01.400>a <00:02:01.500>better <00:02:01.600>client <00:02:01.700>experience? <00:02:01.800>How <00:02:01.900>can <00:02:02.000>I <00:02:02.100>earn <00:02:02.200>money <00:02:02.300>on <00:02:02.400>my 00:02:03.469 --> 00:02:03.479 align:start position:0% <00:02:03.469>experience? <00:02:03.470>How <00:02:03.471>can <00:02:03.472>I <00:02:03.474>earn <00:02:03.475>money <00:02:03.476>on <00:02:03.478>my 00:02:03.479 --> 00:02:06.310 align:start position:0% <00:02:03.479>experience? <00:02:03.595>How <00:02:03.712>can <00:02:03.829>I <00:02:03.945>earn <00:02:04.062>money <00:02:04.179>on <00:02:04.295>my <00:02:04.412>data <00:02:04.529>without <00:02:04.645>increasing <00:02:04.762>my <00:02:04.879>legal 00:02:06.310 --> 00:02:06.320 align:start position:0% <00:02:06.310>data <00:02:06.312>without <00:02:06.314>increasing <00:02:06.316>my <00:02:06.318>legal 00:02:06.320 --> 00:02:08.910 align:start position:0% <00:02:06.320>data <00:02:06.436>without <00:02:06.553>increasing <00:02:06.669>my <00:02:06.786>legal <00:02:06.903>liability? <00:02:07.020>And <00:02:07.136>the <00:02:07.253>way <00:02:07.369>to <00:02:07.486>do <00:02:07.603>that <00:02:07.720>starts 00:02:08.910 --> 00:02:08.920 align:start position:0% <00:02:08.910>liability? <00:02:08.911>And <00:02:08.912>the <00:02:08.913>way <00:02:08.915>to <00:02:08.916>do <00:02:08.917>that <00:02:08.918>starts 00:02:08.920 --> 00:02:11.390 align:start position:0% <00:02:08.919>liability? <00:02:09.013>And <00:02:09.106>the <00:02:09.199>way <00:02:09.293>to <00:02:09.386>do <00:02:09.479>that <00:02:09.573>starts <00:02:09.666>with <00:02:09.759>identity. <00:02:09.853>You <00:02:09.946>need <00:02:10.039>to <00:02:10.133>have <00:02:10.226>a <00:02:10.320>really 00:02:11.390 --> 00:02:11.400 align:start position:0% <00:02:11.390>with <00:02:11.391>identity. <00:02:11.392>You <00:02:11.393>need <00:02:11.395>to <00:02:11.396>have <00:02:11.397>a <00:02:11.399>really 00:02:11.400 --> 00:02:14.750 align:start position:0% <00:02:11.400>with <00:02:11.507>identity. <00:02:11.615>You <00:02:11.723>need <00:02:11.830>to <00:02:11.938>have <00:02:12.046>a <00:02:12.153>really <00:02:12.261>good <00:02:12.369>thorough <00:02:12.476>digital <00:02:12.584>identity <00:02:12.692>for <00:02:12.800>your 00:02:14.750 --> 00:02:14.760 align:start position:0% <00:02:14.750>good <00:02:14.751>thorough <00:02:14.753>digital <00:02:14.755>identity <00:02:14.757>for <00:02:14.759>your 00:02:14.760 --> 00:02:17.270 align:start position:0% <00:02:14.760>good <00:02:14.876>thorough <00:02:14.993>digital <00:02:15.109>identity <00:02:15.226>for <00:02:15.343>your <00:02:15.459>agent. <00:02:15.576>Because <00:02:15.693>your <00:02:15.810>agent <00:02:15.926>will <00:02:16.043>then <00:02:16.160>be 00:02:17.270 --> 00:02:17.280 align:start position:0% <00:02:17.270>agent. <00:02:17.271>Because <00:02:17.273>your <00:02:17.274>agent <00:02:17.276>will <00:02:17.277>then <00:02:17.279>be 00:02:17.280 --> 00:02:19.310 align:start position:0% <00:02:17.280>agent. <00:02:17.407>Because <00:02:17.534>your <00:02:17.661>agent <00:02:17.789>will <00:02:17.916>then <00:02:18.043>be <00:02:18.170>delegating <00:02:18.298>information <00:02:18.425>to <00:02:18.552>agents <00:02:18.680>which 00:02:19.310 --> 00:02:19.320 align:start position:0% <00:02:19.310>delegating <00:02:19.312>information <00:02:19.314>to <00:02:19.316>agents <00:02:19.319>which 00:02:19.320 --> 00:02:20.750 align:start position:0% <00:02:19.320>delegating <00:02:19.503>information <00:02:19.687>to <00:02:19.871>agents <00:02:20.055>which <00:02:20.239>is <00:02:20.423>in <00:02:20.607>another 00:02:20.750 --> 00:02:20.760 align:start position:0% <00:02:20.750>is <00:02:20.754>in <00:02:20.759>another 00:02:20.760 --> 00:02:22.830 align:start position:0% <00:02:20.760>is <00:02:20.959>in <00:02:21.160>another <00:02:21.359>stack, <00:02:21.560>another <00:02:21.760>infrastructure, <00:02:21.959>but <00:02:22.160>more 00:02:22.830 --> 00:02:22.840 align:start position:0% <00:02:22.829>stack, <00:02:22.832>another <00:02:22.834>infrastructure, <00:02:22.836>but <00:02:22.839>more 00:02:22.840 --> 00:02:25.750 align:start position:0% <00:02:22.840>stack, <00:02:22.995>another <00:02:23.151>infrastructure, <00:02:23.306>but <00:02:23.462>more <00:02:23.617>importantly, <00:02:23.773>in <00:02:23.928>another <00:02:24.084>legal <00:02:24.240>context, 00:02:25.750 --> 00:02:25.760 align:start position:0% <00:02:25.750>importantly, <00:02:25.752>in <00:02:25.754>another <00:02:25.756>legal <00:02:25.759>context, 00:02:25.760 --> 00:02:28.550 align:start position:0% <00:02:25.760>importantly, <00:02:25.887>in <00:02:26.014>another <00:02:26.141>legal <00:02:26.269>context, <00:02:26.396>right? <00:02:26.523>And <00:02:26.650>they <00:02:26.778>will <00:02:26.905>then <00:02:27.032>be <00:02:27.160>delegating 00:02:28.550 --> 00:02:28.560 align:start position:0% <00:02:28.550>right? <00:02:28.551>And <00:02:28.553>they <00:02:28.554>will <00:02:28.556>then <00:02:28.557>be <00:02:28.559>delegating 00:02:28.560 --> 00:02:31.070 align:start position:0% <00:02:28.560>right? <00:02:28.660>And <00:02:28.760>they <00:02:28.860>will <00:02:28.960>then <00:02:29.060>be <00:02:29.160>delegating <00:02:29.260>further <00:02:29.360>as <00:02:29.460>they <00:02:29.560>try <00:02:29.660>to <00:02:29.760>seek <00:02:29.860>to <00:02:29.960>solve 00:02:31.070 --> 00:02:31.080 align:start position:0% <00:02:31.070>further <00:02:31.071>as <00:02:31.072>they <00:02:31.073>try <00:02:31.075>to <00:02:31.076>seek <00:02:31.077>to <00:02:31.078>solve 00:02:31.080 --> 00:02:33.630 align:start position:0% <00:02:31.079>further <00:02:31.179>as <00:02:31.279>they <00:02:31.380>try <00:02:31.480>to <00:02:31.579>seek <00:02:31.679>to <00:02:31.779>solve <00:02:31.880>these <00:02:31.980>kind <00:02:32.079>of <00:02:32.179>problems. <00:02:32.279>And <00:02:32.380>when <00:02:32.480>they 00:02:33.630 --> 00:02:33.640 align:start position:0% <00:02:33.630>these <00:02:33.631>kind <00:02:33.632>of <00:02:33.634>problems. <00:02:33.636>And <00:02:33.637>when <00:02:33.638>they 00:02:33.640 --> 00:02:35.750 align:start position:0% <00:02:33.640>these <00:02:33.767>kind <00:02:33.894>of <00:02:34.021>problems. <00:02:34.149>And <00:02:34.276>when <00:02:34.403>they <00:02:34.530>start <00:02:34.658>delegating <00:02:34.785>to <00:02:34.912>each <00:02:35.040>other, 00:02:35.750 --> 00:02:35.760 align:start position:0% <00:02:35.750>start <00:02:35.752>delegating <00:02:35.754>to <00:02:35.756>each <00:02:35.759>other, 00:02:35.760 --> 00:02:37.949 align:start position:0% <00:02:35.760>start <00:02:35.876>delegating <00:02:35.993>to <00:02:36.109>each <00:02:36.226>other, <00:02:36.343>what <00:02:36.459>we <00:02:36.576>are <00:02:36.693>lacking <00:02:36.810>is <00:02:36.926>an <00:02:37.043>evidence. <00:02:37.160>So, 00:02:37.949 --> 00:02:37.959 align:start position:0% <00:02:37.949>what <00:02:37.950>we <00:02:37.951>are <00:02:37.952>lacking <00:02:37.954>is <00:02:37.955>an <00:02:37.956>evidence. <00:02:37.958>So, 00:02:37.959 --> 00:02:40.949 align:start position:0% <00:02:37.959>what <00:02:38.075>we <00:02:38.192>are <00:02:38.309>lacking <00:02:38.425>is <00:02:38.542>an <00:02:38.659>evidence. <00:02:38.775>So, <00:02:38.892>basically <00:02:39.009>a <00:02:39.125>forensic <00:02:39.242>digital <00:02:39.359>evidence 00:02:40.949 --> 00:02:40.959 align:start position:0% <00:02:40.949>basically <00:02:40.951>a <00:02:40.953>forensic <00:02:40.955>digital <00:02:40.958>evidence 00:02:40.959 --> 00:02:43.270 align:start position:0% <00:02:40.959>basically <00:02:41.075>a <00:02:41.192>forensic <00:02:41.309>digital <00:02:41.425>evidence <00:02:41.542>trail <00:02:41.659>or <00:02:41.775>regulatory <00:02:41.892>audit <00:02:42.009>log <00:02:42.125>we <00:02:42.242>call <00:02:42.359>it 00:02:43.270 --> 00:02:43.280 align:start position:0% <00:02:43.270>trail <00:02:43.271>or <00:02:43.272>regulatory <00:02:43.273>audit <00:02:43.275>log <00:02:43.276>we <00:02:43.277>call <00:02:43.279>it 00:02:43.280 --> 00:02:44.990 align:start position:0% <00:02:43.280>trail <00:02:43.396>or <00:02:43.513>regulatory <00:02:43.630>audit <00:02:43.746>log <00:02:43.863>we <00:02:43.980>call <00:02:44.096>it <00:02:44.213>sometimes. <00:02:44.330>And <00:02:44.446>that's <00:02:44.563>actually <00:02:44.680>what's 00:02:44.990 --> 00:02:45.000 align:start position:0% <00:02:44.990>sometimes. <00:02:44.992>And <00:02:44.994>that's <00:02:44.996>actually <00:02:44.999>what's 00:02:45.000 --> 00:02:46.710 align:start position:0% <00:02:45.000>sometimes. <00:02:45.140>And <00:02:45.280>that's <00:02:45.420>actually <00:02:45.560>what's <00:02:45.700>being <00:02:45.840>stored <00:02:45.980>on <00:02:46.120>Cardano. <00:02:46.260>So, <00:02:46.400>what 00:02:46.710 --> 00:02:46.720 align:start position:0% <00:02:46.710>being <00:02:46.711>stored <00:02:46.713>on <00:02:46.715>Cardano. <00:02:46.717>So, <00:02:46.719>what 00:02:46.720 --> 00:02:48.470 align:start position:0% <00:02:46.720>being <00:02:46.827>stored <00:02:46.935>on <00:02:47.043>Cardano. <00:02:47.150>So, <00:02:47.258>what <00:02:47.366>Cardano <00:02:47.473>is <00:02:47.581>being <00:02:47.689>used <00:02:47.796>for <00:02:47.904>has <00:02:48.012>nothing <00:02:48.120>to 00:02:48.470 --> 00:02:48.480 align:start position:0% <00:02:48.470>Cardano <00:02:48.471>is <00:02:48.472>being <00:02:48.473>used <00:02:48.475>for <00:02:48.476>has <00:02:48.477>nothing <00:02:48.478>to 00:02:48.480 --> 00:02:50.190 align:start position:0% <00:02:48.480>Cardano <00:02:48.573>is <00:02:48.666>being <00:02:48.760>used <00:02:48.853>for <00:02:48.946>has <00:02:49.040>nothing <00:02:49.133>to <00:02:49.226>do <00:02:49.320>with <00:02:49.413>the <00:02:49.506>actual <00:02:49.600>agent. <00:02:49.693>What <00:02:49.786>it <00:02:49.880>really 00:02:50.190 --> 00:02:50.200 align:start position:0% <00:02:50.190>do <00:02:50.191>with <00:02:50.192>the <00:02:50.193>actual <00:02:50.195>agent. <00:02:50.196>What <00:02:50.197>it <00:02:50.198>really 00:02:50.200 --> 00:02:52.230 align:start position:0% <00:02:50.200>do <00:02:50.299>with <00:02:50.399>the <00:02:50.500>actual <00:02:50.600>agent. <00:02:50.700>What <00:02:50.799>it <00:02:50.899>really <00:02:51.000>does <00:02:51.100>is <00:02:51.200>it <00:02:51.299>stores <00:02:51.399>the <00:02:51.500>digital <00:02:51.600>identity, 00:02:52.230 --> 00:02:52.240 align:start position:0% <00:02:52.230>does <00:02:52.231>is <00:02:52.233>it <00:02:52.234>stores <00:02:52.236>the <00:02:52.237>digital <00:02:52.239>identity, 00:02:52.240 --> 00:02:54.110 align:start position:0% <00:02:52.240>does <00:02:52.356>is <00:02:52.473>it <00:02:52.590>stores <00:02:52.706>the <00:02:52.823>digital <00:02:52.940>identity, <00:02:53.056>stores <00:02:53.173>the <00:02:53.290>regulatory <00:02:53.406>audit <00:02:53.523>trail, <00:02:53.640>and 00:02:54.110 --> 00:02:54.120 align:start position:0% <00:02:54.110>stores <00:02:54.111>the <00:02:54.113>regulatory <00:02:54.115>audit <00:02:54.117>trail, <00:02:54.119>and 00:02:54.120 --> 00:02:56.550 align:start position:0% <00:02:54.120>stores <00:02:54.227>the <00:02:54.335>regulatory <00:02:54.443>audit <00:02:54.550>trail, <00:02:54.658>and <00:02:54.766>it <00:02:54.873>does <00:02:54.981>that <00:02:55.089>by <00:02:55.196>using <00:02:55.304>a <00:02:55.412>stable <00:02:55.520>coin, 00:02:56.550 --> 00:02:56.560 align:start position:0% <00:02:56.550>it <00:02:56.551>does <00:02:56.552>that <00:02:56.553>by <00:02:56.555>using <00:02:56.556>a <00:02:56.557>stable <00:02:56.559>coin, 00:02:56.560 --> 00:02:57.949 align:start position:0% <00:02:56.560>it <00:02:56.649>does <00:02:56.738>that <00:02:56.827>by <00:02:56.917>using <00:02:57.006>a <00:02:57.095>stable <00:02:57.185>coin, <00:02:57.274>uh <00:02:57.363>which <00:02:57.452>has <00:02:57.542>two <00:02:57.631>functions. <00:02:57.720>The <00:02:57.810>first 00:02:57.949 --> 00:02:57.959 align:start position:0% <00:02:57.949>uh <00:02:57.950>which <00:02:57.952>has <00:02:57.953>two <00:02:57.955>functions. <00:02:57.956>The <00:02:57.958>first 00:02:57.959 --> 00:02:59.310 align:start position:0% <00:02:57.959>uh <00:02:58.045>which <00:02:58.132>has <00:02:58.219>two <00:02:58.306>functions. <00:02:58.393>The <00:02:58.480>first <00:02:58.566>function <00:02:58.653>is <00:02:58.740>that <00:02:58.827>if <00:02:58.914>you <00:02:59.001>have <00:02:59.088>an <00:02:59.174>agent 00:02:59.310 --> 00:02:59.320 align:start position:0% <00:02:59.310>function <00:02:59.311>is <00:02:59.312>that <00:02:59.313>if <00:02:59.315>you <00:02:59.316>have <00:02:59.317>an <00:02:59.319>agent 00:02:59.320 --> 00:03:00.630 align:start position:0% <00:02:59.320>function <00:02:59.398>is <00:02:59.477>that <00:02:59.555>if <00:02:59.634>you <00:02:59.713>have <00:02:59.791>an <00:02:59.870>agent <00:02:59.948>who <00:03:00.027>has <00:03:00.106>a <00:03:00.184>lot <00:03:00.263>of <00:03:00.341>compute <00:03:00.420>power <00:03:00.499>and 00:03:00.630 --> 00:03:00.640 align:start position:0% <00:03:00.630>who <00:03:00.631>has <00:03:00.632>a <00:03:00.633>lot <00:03:00.635>of <00:03:00.636>compute <00:03:00.637>power <00:03:00.638>and 00:03:00.640 --> 00:03:01.949 align:start position:0% <00:03:00.640>who <00:03:00.730>has <00:03:00.821>a <00:03:00.911>lot <00:03:01.002>of <00:03:01.093>compute <00:03:01.183>power <00:03:01.274>and <00:03:01.364>another <00:03:01.455>agent <00:03:01.546>who <00:03:01.636>has <00:03:01.727>less <00:03:01.818>compute 00:03:01.949 --> 00:03:01.959 align:start position:0% <00:03:01.949>another <00:03:01.950>agent <00:03:01.952>who <00:03:01.954>has <00:03:01.956>less <00:03:01.958>compute 00:03:01.959 --> 00:03:04.030 align:start position:0% <00:03:01.959>another <00:03:02.075>agent <00:03:02.192>who <00:03:02.309>has <00:03:02.425>less <00:03:02.542>compute <00:03:02.659>power, <00:03:02.775>if <00:03:02.892>in <00:03:03.009>the <00:03:03.125>same <00:03:03.242>organization <00:03:03.359>is 00:03:04.030 --> 00:03:04.040 align:start position:0% <00:03:04.030>power, <00:03:04.031>if <00:03:04.033>in <00:03:04.034>the <00:03:04.036>same <00:03:04.037>organization <00:03:04.039>is 00:03:04.040 --> 00:03:05.830 align:start position:0% <00:03:04.040>power, <00:03:04.140>if <00:03:04.239>in <00:03:04.340>the <00:03:04.440>same <00:03:04.540>organization <00:03:04.640>is <00:03:04.739>not <00:03:04.840>an <00:03:04.940>issue. <00:03:05.040>If <00:03:05.140>it's <00:03:05.239>in <00:03:05.340>two <00:03:05.440>different 00:03:05.830 --> 00:03:05.840 align:start position:0% <00:03:05.830>not <00:03:05.831>an <00:03:05.832>issue. <00:03:05.833>If <00:03:05.835>it's <00:03:05.836>in <00:03:05.837>two <00:03:05.839>different 00:03:05.840 --> 00:03:07.430 align:start position:0% <00:03:05.840>not <00:03:05.967>an <00:03:06.094>issue. <00:03:06.221>If <00:03:06.349>it's <00:03:06.476>in <00:03:06.603>two <00:03:06.730>different <00:03:06.858>organizations <00:03:06.985>with <00:03:07.112>two <00:03:07.240>different 00:03:07.430 --> 00:03:07.440 align:start position:0% <00:03:07.430>organizations <00:03:07.433>with <00:03:07.436>two <00:03:07.439>different 00:03:07.440 --> 00:03:10.030 align:start position:0% <00:03:07.440>organizations <00:03:07.615>with <00:03:07.790>two <00:03:07.965>different <00:03:08.140>incentives, <00:03:08.315>big <00:03:08.490>issue, <00:03:08.665>because <00:03:08.840>the 00:03:10.030 --> 00:03:10.040 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00:03:18.800 align:start position:0% <00:03:18.790>mechanisms <00:03:18.791>over <00:03:18.793>here. <00:03:18.794>Now, <00:03:18.796>as <00:03:18.797>none <00:03:18.799>of 00:03:18.800 --> 00:03:20.630 align:start position:0% <00:03:18.800>mechanisms <00:03:18.907>over <00:03:19.015>here. <00:03:19.123>Now, <00:03:19.230>as <00:03:19.338>none <00:03:19.446>of <00:03:19.553>these <00:03:19.661>agents <00:03:19.769>is <00:03:19.876>on <00:03:19.984>Cardano, <00:03:20.092>we <00:03:20.200>don't 00:03:20.630 --> 00:03:20.640 align:start position:0% <00:03:20.630>these <00:03:20.631>agents <00:03:20.632>is <00:03:20.634>on <00:03:20.636>Cardano, <00:03:20.637>we <00:03:20.638>don't 00:03:20.640 --> 00:03:22.270 align:start position:0% <00:03:20.640>these <00:03:20.747>agents <00:03:20.855>is <00:03:20.963>on <00:03:21.070>Cardano, <00:03:21.178>we <00:03:21.286>don't <00:03:21.393>really <00:03:21.501>have <00:03:21.609>anything <00:03:21.716>to <00:03:21.824>do <00:03:21.932>with 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position:0% <00:03:38.880>restrictions <00:03:39.035>on <00:03:39.191>some <00:03:39.346>arbitrary <00:03:39.502>prompting. <00:03:39.657>The <00:03:39.813>other <00:03:39.968>thing <00:03:40.124>which <00:03:40.280>is 00:03:40.670 --> 00:03:40.680 align:start position:0% <00:03:40.670>prompting. <00:03:40.671>The <00:03:40.673>other <00:03:40.675>thing <00:03:40.677>which <00:03:40.679>is 00:03:40.680 --> 00:03:42.070 align:start position:0% <00:03:40.680>prompting. <00:03:40.793>The <00:03:40.907>other <00:03:41.021>thing <00:03:41.134>which <00:03:41.248>is <00:03:41.362>happening <00:03:41.476>is <00:03:41.589>because <00:03:41.703>there's <00:03:41.817>a <00:03:41.930>payment 00:03:42.070 --> 00:03:42.080 align:start position:0% <00:03:42.070>happening <00:03:42.071>is <00:03:42.073>because <00:03:42.075>there's <00:03:42.077>a <00:03:42.078>payment 00:03:42.080 --> 00:03:44.430 align:start position:0% <00:03:42.079>happening <00:03:42.219>is <00:03:42.359>because 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<00:04:01.269>all <00:04:01.357>of <00:04:01.445>you <00:04:01.532>is <00:04:01.619>really <00:04:01.707>boring, <00:04:01.795>but <00:04:01.882>in <00:04:01.970>sense <00:04:02.057>this <00:04:02.144>is <00:04:02.232>just <00:04:02.320>saying 00:04:03.470 --> 00:04:03.480 align:start position:0% <00:04:03.470>boring, <00:04:03.471>but <00:04:03.472>in <00:04:03.473>sense <00:04:03.475>this <00:04:03.476>is <00:04:03.477>just <00:04:03.478>saying 00:04:03.480 --> 00:04:05.150 align:start position:0% <00:04:03.480>boring, <00:04:03.573>but <00:04:03.666>in <00:04:03.760>sense <00:04:03.853>this <00:04:03.946>is <00:04:04.040>just <00:04:04.133>saying <00:04:04.226>that <00:04:04.320>you <00:04:04.413>can <00:04:04.506>pay <00:04:04.600>a <00:04:04.693>double <00:04:04.786>digit <00:04:04.880>amount 00:04:05.150 --> 00:04:05.160 align:start position:0% <00:04:05.150>that <00:04:05.151>you <00:04:05.152>can <00:04:05.153>pay <00:04:05.155>a <00:04:05.156>double <00:04:05.157>digit 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<00:04:10.230>privacy, <00:04:10.231>right? <00:04:10.233>And <00:04:10.234>nobody <00:04:10.236>want <00:04:10.237>to <00:04:10.239>do 00:04:10.240 --> 00:04:12.350 align:start position:0% <00:04:10.240>privacy, <00:04:10.340>right? <00:04:10.440>And <00:04:10.540>nobody <00:04:10.640>want <00:04:10.740>to <00:04:10.840>do <00:04:10.940>that. <00:04:11.040>So <00:04:11.140>in <00:04:11.240>essence <00:04:11.340>what <00:04:11.440>we're <00:04:11.540>doing <00:04:11.640>is 00:04:12.350 --> 00:04:12.360 align:start position:0% <00:04:12.350>that. <00:04:12.351>So <00:04:12.352>in <00:04:12.353>essence <00:04:12.355>what <00:04:12.356>we're <00:04:12.357>doing <00:04:12.359>is 00:04:12.360 --> 00:04:13.830 align:start position:0% <00:04:12.360>that. <00:04:12.454>So <00:04:12.549>in <00:04:12.643>essence <00:04:12.738>what <00:04:12.832>we're <00:04:12.927>doing <00:04:13.021>is <00:04:13.116>we're <00:04:13.210>trying <00:04:13.305>to <00:04:13.399>use <00:04:13.494>the <00:04:13.588>blockchain, <00:04:13.683>or 00:04:13.830 --> 00:04:13.840 align:start position:0% <00:04:13.830>we're <00:04:13.831>trying <00:04:13.833>to <00:04:13.834>use <00:04:13.836>the <00:04:13.837>blockchain, <00:04:13.839>or 00:04:13.840 --> 00:04:15.110 align:start position:0% <00:04:13.840>we're <00:04:13.935>trying <00:04:14.030>to <00:04:14.125>use <00:04:14.221>the <00:04:14.316>blockchain, <00:04:14.411>or <00:04:14.506>not <00:04:14.602>trying, <00:04:14.697>we're <00:04:14.792>using <00:04:14.887>the <00:04:14.983>blockchain 00:04:15.110 --> 00:04:15.120 align:start position:0% <00:04:15.110>not <00:04:15.111>trying, <00:04:15.113>we're <00:04:15.115>using <00:04:15.117>the <00:04:15.119>blockchain 00:04:15.120 --> 00:04:17.550 align:start position:0% <00:04:15.120>not <00:04:15.236>trying, <00:04:15.353>we're <00:04:15.470>using <00:04:15.586>the <00:04:15.703>blockchain <00:04:15.820>for <00:04:15.936>500 <00:04:16.053>companies <00:04:16.170>in <00:04:16.286>Germany <00:04:16.403>to <00:04:16.519>ensure 00:04:17.550 --> 00:04:17.560 align:start position:0% <00:04:17.550>for <00:04:17.551>500 <00:04:17.553>companies <00:04:17.554>in <00:04:17.555>Germany <00:04:17.557>to <00:04:17.559>ensure 00:04:17.560 --> 00:04:19.349 align:start position:0% <00:04:17.560>for <00:04:17.687>500 <00:04:17.814>companies <00:04:17.941>in <00:04:18.069>Germany <00:04:18.196>to <00:04:18.323>ensure <00:04:18.450>that <00:04:18.578>they're <00:04:18.705>regulatory <00:04:18.832>compliant <00:04:18.959>on 00:04:19.349 --> 00:04:19.359 align:start position:0% <00:04:19.349>that <00:04:19.351>they're <00:04:19.353>regulatory <00:04:19.355>compliant <00:04:19.358>on 00:04:19.359 --> 00:04:21.229 align:start position:0% <00:04:19.358>that <00:04:19.534>they're <00:04:19.709>regulatory <00:04:19.883>compliant <00:04:20.058>on <00:04:20.233>their <00:04:20.409>agent <00:04:20.584>big <00:04:20.758>AI 00:04:21.229 --> 00:04:21.239 align:start position:0% <00:04:21.228>their <00:04:21.231>agent <00:04:21.234>big <00:04:21.238>AI 00:04:21.239 --> 00:04:23.190 align:start position:0% <00:04:21.238>their <00:04:21.394>agent <00:04:21.550>big <00:04:21.705>AI <00:04:21.861>user <00:04:22.016>experiences <00:04:22.172>and <00:04:22.327>models <00:04:22.483>and <00:04:22.638>giving 00:04:23.190 --> 00:04:23.200 align:start position:0% <00:04:23.190>user <00:04:23.191>experiences <00:04:23.193>and <00:04:23.195>models <00:04:23.197>and <00:04:23.199>giving 00:04:23.200 --> 00:04:24.230 align:start position:0% <00:04:23.200>user <00:04:23.315>experiences <00:04:23.431>and <00:04:23.547>models <00:04:23.663>and <00:04:23.779>giving <00:04:23.895>them <00:04:24.011>more <00:04:24.127>revenue. 00:04:24.230 --> 00:04:24.240 align:start position:0% <00:04:24.230>them <00:04:24.234>more <00:04:24.239>revenue. 00:04:24.240 --> 00:04:26.190 align:start position:0% <00:04:24.240>them <00:04:24.380>more <00:04:24.520>revenue. <00:04:24.660>>> <00:04:24.800>So <00:04:24.940>this <00:04:25.080>part <00:04:25.220>is <00:04:25.360>really <00:04:25.500>important <00:04:25.640>because 00:04:26.190 --> 00:04:26.200 align:start position:0% <00:04:26.190>>> <00:04:26.191>So <00:04:26.192>this <00:04:26.193>part <00:04:26.195>is <00:04:26.196>really <00:04:26.197>important <00:04:26.199>because 00:04:26.200 --> 00:04:27.830 align:start position:0% <00:04:26.200>>> <00:04:26.287>So <00:04:26.375>this <00:04:26.462>part <00:04:26.550>is <00:04:26.637>really <00:04:26.724>important <00:04:26.812>because <00:04:26.900>this <00:04:26.987>is <00:04:27.075>like <00:04:27.162>one <00:04:27.250>of <00:04:27.337>like <00:04:27.425>the <00:04:27.512>legal <00:04:27.599>gaps 00:04:27.830 --> 00:04:27.840 align:start position:0% <00:04:27.830>this <00:04:27.831>is <00:04:27.832>like <00:04:27.833>one <00:04:27.834>of <00:04:27.835>like <00:04:27.836>the <00:04:27.837>legal <00:04:27.839>gaps 00:04:27.840 --> 00:04:30.710 align:start position:0% <00:04:27.840>this 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align:start position:0% <00:04:37.350>did <00:04:37.351>what. <00:04:37.352>And <00:04:37.353>the <00:04:37.354>issue <00:04:37.355>that <00:04:37.356>we <00:04:37.357>have <00:04:37.359>at 00:04:37.360 --> 00:04:39.790 align:start position:0% <00:04:37.360>did <00:04:37.453>what. <00:04:37.546>And <00:04:37.640>the <00:04:37.733>issue <00:04:37.826>that <00:04:37.920>we <00:04:38.013>have <00:04:38.106>at <00:04:38.200>the <00:04:38.293>liability <00:04:38.386>right <00:04:38.480>now <00:04:38.573>is <00:04:38.666>that <00:04:38.760>we 00:04:39.790 --> 00:04:39.800 align:start position:0% <00:04:39.790>the <00:04:39.791>liability <00:04:39.793>right <00:04:39.794>now <00:04:39.796>is <00:04:39.797>that <00:04:39.799>we 00:04:39.800 --> 00:04:42.150 align:start position:0% <00:04:39.800>the <00:04:39.907>liability <00:04:40.015>right <00:04:40.123>now <00:04:40.230>is <00:04:40.338>that <00:04:40.446>we <00:04:40.553>cannot <00:04:40.661>attribute <00:04:40.769>when <00:04:40.876>there 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<00:05:00.021>used <00:05:00.129>by <00:05:00.236>the <00:05:00.344>agency <00:05:00.452>that <00:05:00.559>then 00:05:01.150 --> 00:05:01.160 align:start position:0% <00:05:01.150>information <00:05:01.151>used <00:05:01.153>by <00:05:01.154>the <00:05:01.156>agency <00:05:01.157>that <00:05:01.159>then 00:05:01.160 --> 00:05:03.990 align:start position:0% <00:05:01.160>information <00:05:01.247>used <00:05:01.335>by <00:05:01.422>the <00:05:01.510>agency <00:05:01.597>that <00:05:01.685>then <00:05:01.772>is <00:05:01.860>feeding <00:05:01.947>into <00:05:02.035>B <00:05:02.122>and <00:05:02.210>A <00:05:02.297>that <00:05:02.385>at <00:05:02.472>the <00:05:02.560>end 00:05:03.990 --> 00:05:04.000 align:start position:0% <00:05:03.990>is <00:05:03.991>feeding <00:05:03.992>into <00:05:03.993>B <00:05:03.994>and <00:05:03.995>A <00:05:03.996>that <00:05:03.997>at <00:05:03.998>the <00:05:03.999>end 00:05:04.000 --> 00:05:05.830 align:start position:0% <00:05:04.000>is <00:05:04.082>feeding <00:05:04.164>into <00:05:04.247>B <00:05:04.329>and <00:05:04.411>A <00:05:04.494>that <00:05:04.576>at <00:05:04.658>the <00:05:04.741>end <00:05:04.823>ended <00:05:04.905>up <00:05:04.988>being <00:05:05.070>used <00:05:05.152>by <00:05:05.235>the <00:05:05.317>client <00:05:05.400>that 00:05:05.830 --> 00:05:05.840 align:start position:0% <00:05:05.830>ended <00:05:05.831>up <00:05:05.832>being <00:05:05.833>used <00:05:05.835>by <00:05:05.836>the <00:05:05.837>client <00:05:05.839>that 00:05:05.840 --> 00:05:07.630 align:start position:0% <00:05:05.840>ended <00:05:05.933>up <00:05:06.026>being <00:05:06.119>used <00:05:06.213>by <00:05:06.306>the <00:05:06.400>client <00:05:06.493>that <00:05:06.586>deployed <00:05:06.679>the <00:05:06.773>or <00:05:06.866>like <00:05:06.960>that <00:05:07.053>is <00:05:07.146>using <00:05:07.239>the 00:05:07.630 --> 00:05:07.640 align:start position:0% <00:05:07.630>deployed <00:05:07.631>the <00:05:07.632>or <00:05:07.633>like <00:05:07.635>that <00:05:07.636>is <00:05:07.637>using <00:05:07.639>the 00:05:07.640 --> 00:05:09.470 align:start position:0% <00:05:07.640>deployed <00:05:07.795>the <00:05:07.951>or <00:05:08.106>like <00:05:08.262>that <00:05:08.417>is <00:05:08.573>using <00:05:08.728>the <00:05:08.884>agent <00:05:09.039>and 00:05:09.470 --> 00:05:09.480 align:start position:0% <00:05:09.470>agent <00:05:09.479>and 00:05:09.480 --> 00:05:11.590 align:start position:0% <00:05:09.480>agent <00:05:09.655>and <00:05:09.830>he <00:05:10.005>lost <00:05:10.180>money. <00:05:10.355>So <00:05:10.530>who <00:05:10.705>is <00:05:10.880>responsible 00:05:11.590 --> 00:05:11.600 align:start position:0% <00:05:11.590>he <00:05:11.591>lost <00:05:11.592>money. <00:05:11.594>So <00:05:11.596>who <00:05:11.597>is <00:05:11.599>responsible 00:05:11.600 --> 00:05:12.990 align:start position:0% <00:05:11.600>he <00:05:11.696>lost <00:05:11.792>money. <00:05:11.888>So <00:05:11.984>who <00:05:12.081>is <00:05:12.177>responsible <00:05:12.273>during <00:05:12.369>all <00:05:12.466>of <00:05:12.562>this <00:05:12.658>like <00:05:12.754>change <00:05:12.851>of 00:05:12.990 --> 00:05:13.000 align:start position:0% <00:05:12.990>during <00:05:12.991>all <00:05:12.993>of <00:05:12.994>this <00:05:12.996>like <00:05:12.997>change <00:05:12.999>of 00:05:13.000 --> 00:05:14.270 align:start position:0% <00:05:13.000>during <00:05:13.114>all <00:05:13.228>of <00:05:13.342>this <00:05:13.457>like <00:05:13.571>change <00:05:13.685>of <00:05:13.800>delegation <00:05:13.914>over <00:05:14.028>delegation <00:05:14.143>over 00:05:14.270 --> 00:05:14.280 align:start position:0% <00:05:14.270>delegation <00:05:14.272>over <00:05:14.275>delegation <00:05:14.279>over 00:05:14.280 --> 00:05:17.310 align:start position:0% <00:05:14.280>delegation <00:05:14.407>over <00:05:14.534>delegation <00:05:14.661>over <00:05:14.789>delegation? <00:05:14.916>If <00:05:15.043>you <00:05:15.170>are <00:05:15.298>in <00:05:15.425>an <00:05:15.552>open <00:05:15.679>market 00:05:17.310 --> 00:05:17.320 align:start position:0% <00:05:17.310>delegation? <00:05:17.311>If <00:05:17.312>you <00:05:17.313>are <00:05:17.315>in <00:05:17.316>an <00:05:17.317>open <00:05:17.319>market 00:05:17.320 --> 00:05:19.230 align:start position:0% <00:05:17.320>delegation? <00:05:17.447>If <00:05:17.574>you <00:05:17.701>are <00:05:17.829>in <00:05:17.956>an <00:05:18.083>open <00:05:18.210>market <00:05:18.338>where <00:05:18.465>we <00:05:18.592>don't <00:05:18.719>have 00:05:19.230 --> 00:05:19.240 align:start position:0% <00:05:19.230>where <00:05:19.233>we <00:05:19.236>don't <00:05:19.239>have 00:05:19.240 --> 00:05:20.990 align:start position:0% <00:05:19.240>where <00:05:19.380>we <00:05:19.520>don't <00:05:19.660>have <00:05:19.800>a <00:05:19.940>marketplace <00:05:20.080>of <00:05:20.220>agents <00:05:20.360>that <00:05:20.500>have <00:05:20.640>been 00:05:20.990 --> 00:05:21.000 align:start position:0% <00:05:20.990>a <00:05:20.991>marketplace <00:05:20.993>of <00:05:20.994>agents <00:05:20.996>that <00:05:20.997>have <00:05:20.999>been 00:05:21.000 --> 00:05:23.270 align:start position:0% <00:05:21.000>a <00:05:21.116>marketplace <00:05:21.233>of <00:05:21.350>agents <00:05:21.466>that <00:05:21.583>have <00:05:21.700>been <00:05:21.816>previously <00:05:21.933>curated <00:05:22.050>as <00:05:22.166>as <00:05:22.283>Masumi <00:05:22.400>actually 00:05:23.270 --> 00:05:23.280 align:start position:0% <00:05:23.270>previously <00:05:23.271>curated <00:05:23.273>as <00:05:23.275>as <00:05:23.277>Masumi <00:05:23.279>actually 00:05:23.280 --> 00:05:25.350 align:start position:0% <00:05:23.280>previously <00:05:23.380>curated <00:05:23.479>as <00:05:23.580>as <00:05:23.679>Masumi <00:05:23.780>actually <00:05:23.880>is <00:05:23.979>doing, <00:05:24.080>then <00:05:24.179>you <00:05:24.280>do <00:05:24.380>not <00:05:24.479>know <00:05:24.580>who <00:05:24.679>is 00:05:25.350 --> 00:05:25.360 align:start position:0% <00:05:25.350>is <00:05:25.351>doing, <00:05:25.352>then <00:05:25.353>you <00:05:25.354>do <00:05:25.355>not <00:05:25.356>know <00:05:25.357>who <00:05:25.359>is 00:05:25.360 --> 00:05:27.390 align:start position:0% <00:05:25.360>is <00:05:25.447>doing, <00:05:25.535>then <00:05:25.622>you <00:05:25.710>do <00:05:25.797>not <00:05:25.885>know <00:05:25.972>who <00:05:26.060>is <00:05:26.147>going <00:05:26.235>to <00:05:26.322>pay <00:05:26.410>for <00:05:26.497>for <00:05:26.585>that <00:05:26.672>damage <00:05:26.760>that 00:05:27.390 --> 00:05:27.400 align:start position:0% <00:05:27.390>going <00:05:27.391>to <00:05:27.392>pay <00:05:27.393>for <00:05:27.395>for <00:05:27.396>that <00:05:27.397>damage <00:05:27.399>that 00:05:27.400 --> 00:05:29.310 align:start position:0% <00:05:27.400>going <00:05:27.516>to <00:05:27.633>pay <00:05:27.750>for <00:05:27.866>for <00:05:27.983>that <00:05:28.099>damage <00:05:28.216>that <00:05:28.333>happened. <00:05:28.450>And <00:05:28.566>particularly <00:05:28.683>in <00:05:28.799>German 00:05:29.310 --> 00:05:29.320 align:start position:0% <00:05:29.310>happened. <00:05:29.312>And <00:05:29.314>particularly <00:05:29.316>in <00:05:29.319>German 00:05:29.320 --> 00:05:30.909 align:start position:0% <00:05:29.320>happened. <00:05:29.475>And <00:05:29.631>particularly <00:05:29.786>in <00:05:29.942>German <00:05:30.097>law, <00:05:30.253>that's <00:05:30.408>really <00:05:30.564>problematic <00:05:30.719>because 00:05:30.909 --> 00:05:30.919 align:start position:0% <00:05:30.909>law, <00:05:30.911>that's <00:05:30.913>really <00:05:30.915>problematic <00:05:30.918>because 00:05:30.919 --> 00:05:34.070 align:start position:0% <00:05:30.919>law, <00:05:31.035>that's <00:05:31.152>really <00:05:31.269>problematic <00:05:31.385>because <00:05:31.502>thorn <00:05:31.619>can, <00:05:31.735>which <00:05:31.852>is <00:05:31.969>how <00:05:32.085>you <00:05:32.202>can <00:05:32.318>claim 00:05:34.070 --> 00:05:34.080 align:start position:0% <00:05:34.070>thorn <00:05:34.071>can, <00:05:34.072>which <00:05:34.073>is <00:05:34.075>how <00:05:34.076>you <00:05:34.077>can <00:05:34.079>claim 00:05:34.080 --> 00:05:35.790 align:start position:0% <00:05:34.080>thorn <00:05:34.180>can, <00:05:34.280>which <00:05:34.380>is <00:05:34.479>how <00:05:34.580>you <00:05:34.680>can <00:05:34.780>claim <00:05:34.880>liability <00:05:34.979>when <00:05:35.080>you <00:05:35.180>don't <00:05:35.280>have <00:05:35.380>a <00:05:35.479>contract 00:05:35.790 --> 00:05:35.800 align:start position:0% <00:05:35.790>liability <00:05:35.791>when <00:05:35.793>you <00:05:35.794>don't <00:05:35.796>have <00:05:35.797>a <00:05:35.799>contract 00:05:35.800 --> 00:05:37.470 align:start position:0% <00:05:35.800>liability <00:05:35.893>when <00:05:35.986>you <00:05:36.080>don't <00:05:36.173>have <00:05:36.266>a <00:05:36.360>contract <00:05:36.453>cuz <00:05:36.546>you <00:05:36.640>do <00:05:36.733>not <00:05:36.826>have <00:05:36.920>a <00:05:37.013>contract <00:05:37.106>on <00:05:37.200>that 00:05:37.470 --> 00:05:37.480 align:start position:0% <00:05:37.470>cuz <00:05:37.471>you <00:05:37.472>do <00:05:37.473>not <00:05:37.474>have <00:05:37.475>a <00:05:37.476>contract <00:05:37.477>on <00:05:37.479>that 00:05:37.480 --> 00:05:40.150 align:start position:0% <00:05:37.480>cuz <00:05:37.573>you <00:05:37.666>do <00:05:37.760>not <00:05:37.853>have <00:05:37.946>a <00:05:38.040>contract <00:05:38.133>on <00:05:38.226>that <00:05:38.320>delegation, <00:05:38.413>only <00:05:38.506>can <00:05:38.600>happen <00:05:38.693>if <00:05:38.786>there <00:05:38.880>was 00:05:40.150 --> 00:05:40.160 align:start position:0% <00:05:40.150>delegation, <00:05:40.151>only <00:05:40.152>can <00:05:40.154>happen <00:05:40.155>if <00:05:40.157>there <00:05:40.159>was 00:05:40.160 --> 00:05:42.510 align:start position:0% <00:05:40.159>delegation, <00:05:40.253>only <00:05:40.346>can <00:05:40.439>happen <00:05:40.533>if <00:05:40.626>there <00:05:40.719>was <00:05:40.813>a <00:05:40.906>damage, <00:05:40.999>but <00:05:41.093>it <00:05:41.186>is <00:05:41.280>not <00:05:41.373>a <00:05:41.466>damage <00:05:41.559>that 00:05:42.510 --> 00:05:42.520 align:start position:0% <00:05:42.510>a <00:05:42.511>damage, <00:05:42.512>but <00:05:42.513>it <00:05:42.514>is <00:05:42.515>not <00:05:42.516>a <00:05:42.517>damage <00:05:42.519>that 00:05:42.520 --> 00:05:44.750 align:start position:0% <00:05:42.520>a <00:05:42.607>damage, <00:05:42.695>but <00:05:42.782>it <00:05:42.870>is <00:05:42.957>not <00:05:43.044>a <00:05:43.132>damage <00:05:43.219>that <00:05:43.307>can <00:05:43.395>be <00:05:43.482>economical. <00:05:43.570>So <00:05:43.657>if <00:05:43.745>it's <00:05:43.832>just <00:05:43.919>the 00:05:44.750 --> 00:05:44.760 align:start position:0% <00:05:44.750>can <00:05:44.751>be <00:05:44.752>economical. <00:05:44.753>So <00:05:44.755>if <00:05:44.756>it's <00:05:44.757>just <00:05:44.759>the 00:05:44.760 --> 00:05:47.150 align:start position:0% <00:05:44.760>can <00:05:44.847>be <00:05:44.935>economical. <00:05:45.022>So <00:05:45.110>if <00:05:45.197>it's <00:05:45.284>just <00:05:45.372>the <00:05:45.460>loss <00:05:45.547>of <00:05:45.635>your <00:05:45.722>money, <00:05:45.810>you <00:05:45.897>do <00:05:45.985>not <00:05:46.072>have <00:05:46.159>a 00:05:47.150 --> 00:05:47.160 align:start position:0% <00:05:47.150>loss <00:05:47.151>of <00:05:47.152>your <00:05:47.153>money, <00:05:47.154>you <00:05:47.155>do <00:05:47.156>not <00:05:47.157>have <00:05:47.159>a 00:05:47.160 --> 00:05:49.350 align:start position:0% <00:05:47.159>loss <00:05:47.247>of <00:05:47.335>your <00:05:47.422>money, <00:05:47.510>you <00:05:47.597>do <00:05:47.684>not <00:05:47.772>have <00:05:47.859>a <00:05:47.947>legal <00:05:48.034>claim. <00:05:48.122>The <00:05:48.210>closest <00:05:48.297>that <00:05:48.385>we <00:05:48.472>can <00:05:48.559>go 00:05:49.350 --> 00:05:49.360 align:start position:0% <00:05:49.350>legal <00:05:49.351>claim. <00:05:49.352>The <00:05:49.353>closest <00:05:49.355>that <00:05:49.356>we <00:05:49.357>can <00:05:49.359>go 00:05:49.360 --> 00:05:52.870 align:start position:0% <00:05:49.360>legal <00:05:49.453>claim. <00:05:49.546>The <00:05:49.640>closest <00:05:49.733>that <00:05:49.826>we <00:05:49.920>can <00:05:50.013>go <00:05:50.106>to <00:05:50.200>that <00:05:50.293>is <00:05:50.386>by <00:05:50.480>identifying <00:05:50.573>who <00:05:50.666>did <00:05:50.760>what 00:05:52.870 --> 00:05:52.880 align:start position:0% <00:05:52.870>to <00:05:52.871>that <00:05:52.872>is <00:05:52.873>by <00:05:52.875>identifying <00:05:52.876>who <00:05:52.877>did <00:05:52.879>what 00:05:52.880 --> 00:05:54.670 align:start position:0% <00:05:52.880>to <00:05:52.980>that <00:05:53.080>is <00:05:53.180>by <00:05:53.280>identifying <00:05:53.380>who <00:05:53.480>did <00:05:53.580>what <00:05:53.680>and <00:05:53.780>what <00:05:53.880>happened, <00:05:53.980>and <00:05:54.080>not <00:05:54.180>only <00:05:54.280>that, 00:05:54.670 --> 00:05:54.680 align:start position:0% <00:05:54.670>and <00:05:54.671>what <00:05:54.673>happened, <00:05:54.674>and <00:05:54.676>not <00:05:54.677>only <00:05:54.679>that, 00:05:54.680 --> 00:05:56.510 align:start position:0% <00:05:54.680>and <00:05:54.787>what <00:05:54.895>happened, <00:05:55.003>and <00:05:55.110>not <00:05:55.218>only <00:05:55.326>that, <00:05:55.433>but <00:05:55.541>also <00:05:55.649>the <00:05:55.756>identity <00:05:55.864>of <00:05:55.972>the <00:05:56.080>companies 00:05:56.510 --> 00:05:56.520 align:start position:0% <00:05:56.510>but <00:05:56.511>also <00:05:56.513>the <00:05:56.514>identity <00:05:56.515>of <00:05:56.517>the <00:05:56.519>companies 00:05:56.520 --> 00:05:58.150 align:start position:0% <00:05:56.520>but <00:05:56.636>also <00:05:56.753>the <00:05:56.870>identity <00:05:56.986>of <00:05:57.103>the <00:05:57.219>companies <00:05:57.336>that <00:05:57.453>are <00:05:57.570>deploying <00:05:57.686>those <00:05:57.803>agents, <00:05:57.919>which 00:05:58.150 --> 00:05:58.160 align:start position:0% <00:05:58.150>that <00:05:58.151>are <00:05:58.153>deploying <00:05:58.155>those <00:05:58.157>agents, <00:05:58.159>which 00:05:58.160 --> 00:06:00.910 align:start position:0% <00:05:58.159>that <00:05:58.276>are <00:05:58.393>deploying <00:05:58.510>those <00:05:58.626>agents, <00:05:58.743>which <00:05:58.859>is <00:05:58.976>basically <00:05:59.093>what <00:05:59.210>Fred <00:05:59.326>just <00:05:59.443>explained. <00:05:59.559>I 00:06:00.910 --> 00:06:00.920 align:start position:0% <00:06:00.910>is <00:06:00.911>basically <00:06:00.913>what <00:06:00.914>Fred <00:06:00.916>just <00:06:00.917>explained. <00:06:00.919>I 00:06:00.920 --> 00:06:02.390 align:start position:0% <00:06:00.920>is <00:06:01.008>basically <00:06:01.096>what <00:06:01.184>Fred <00:06:01.272>just <00:06:01.361>explained. <00:06:01.449>I <00:06:01.537>would <00:06:01.625>like <00:06:01.713>to <00:06:01.802>go <00:06:01.890>like <00:06:01.978>a <00:06:02.066>little <00:06:02.154>bit <00:06:02.243>a 00:06:02.390 --> 00:06:02.400 align:start position:0% <00:06:02.390>would <00:06:02.391>like <00:06:02.392>to <00:06:02.393>go <00:06:02.394>like <00:06:02.395>a <00:06:02.396>little <00:06:02.397>bit <00:06:02.399>a 00:06:02.400 --> 00:06:04.470 align:start position:0% <00:06:02.400>would <00:06:02.482>like <00:06:02.564>to <00:06:02.647>go <00:06:02.729>like <00:06:02.811>a <00:06:02.894>little <00:06:02.976>bit <00:06:03.058>a <00:06:03.141>step <00:06:03.223>in <00:06:03.305>the <00:06:03.388>future <00:06:03.470>cuz <00:06:03.552>this <00:06:03.635>is <00:06:03.717>part <00:06:03.799>of 00:06:04.470 --> 00:06:04.480 align:start position:0% <00:06:04.470>step <00:06:04.471>in <00:06:04.472>the <00:06:04.473>future <00:06:04.474>cuz <00:06:04.475>this 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<00:06:13.433>liability <00:06:13.435>allocation <00:06:13.437>of <00:06:13.439>a 00:06:13.440 --> 00:06:16.070 align:start position:0% <00:06:13.440>and <00:06:13.580>the <00:06:13.719>liability <00:06:13.860>allocation <00:06:14.000>of <00:06:14.140>a <00:06:14.280>genetic <00:06:14.420>AI, <00:06:14.560>and <00:06:14.700>it's <00:06:14.840>maybe 00:06:16.070 --> 00:06:16.080 align:start position:0% <00:06:16.070>genetic <00:06:16.072>AI, <00:06:16.074>and <00:06:16.076>it's <00:06:16.079>maybe 00:06:16.080 --> 00:06:17.750 align:start position:0% <00:06:16.080>genetic <00:06:16.207>AI, <00:06:16.334>and <00:06:16.461>it's <00:06:16.589>maybe <00:06:16.716>deploying <00:06:16.843>a <00:06:16.970>little <00:06:17.098>bit <00:06:17.225>of <00:06:17.352>step <00:06:17.479>forward 00:06:17.750 --> 00:06:17.760 align:start position:0% <00:06:17.750>deploying <00:06:17.751>a <00:06:17.753>little <00:06:17.754>bit <00:06:17.756>of <00:06:17.757>step <00:06:17.759>forward 00:06:17.760 --> 00:06:19.390 align:start position:0% <00:06:17.760>deploying <00:06:17.867>a <00:06:17.975>little <00:06:18.083>bit <00:06:18.190>of <00:06:18.298>step <00:06:18.406>forward <00:06:18.513>on <00:06:18.621>the <00:06:18.729>blockchain <00:06:18.836>space <00:06:18.944>rather <00:06:19.052>than <00:06:19.159>just 00:06:19.390 --> 00:06:19.400 align:start position:0% <00:06:19.390>on <00:06:19.391>the <00:06:19.393>blockchain <00:06:19.394>space <00:06:19.395>rather <00:06:19.397>than <00:06:19.399>just 00:06:19.400 --> 00:06:21.230 align:start position:0% <00:06:19.400>on <00:06:19.527>the <00:06:19.654>blockchain <00:06:19.781>space <00:06:19.909>rather <00:06:20.036>than <00:06:20.163>just <00:06:20.290>identities, <00:06:20.418>also <00:06:20.545>enhancing <00:06:20.672>the <00:06:20.799>smart 00:06:21.230 --> 00:06:21.240 align:start position:0% <00:06:21.230>identities, <00:06:21.232>also <00:06:21.234>enhancing <00:06:21.236>the <00:06:21.239>smart 00:06:21.240 --> 00:06:24.230 align:start position:0% <00:06:21.240>identities, <00:06:21.380>also <00:06:21.520>enhancing <00:06:21.660>the <00:06:21.800>smart <00:06:21.940>contracts, <00:06:22.080>and <00:06:22.220>doing <00:06:22.360>uh <00:06:22.500>collateral <00:06:22.640>pools 00:06:24.230 --> 00:06:24.240 align:start position:0% <00:06:24.230>contracts, <00:06:24.231>and <00:06:24.233>doing <00:06:24.235>uh <00:06:24.237>collateral <00:06:24.239>pools 00:06:24.240 --> 00:06:26.270 align:start position:0% <00:06:24.240>contracts, <00:06:24.356>and <00:06:24.473>doing <00:06:24.590>uh <00:06:24.706>collateral <00:06:24.823>pools <00:06:24.940>for <00:06:25.056>the <00:06:25.173>deployment <00:06:25.290>of <00:06:25.406>those <00:06:25.523>agents. <00:06:25.640>So, 00:06:26.270 --> 00:06:26.280 align:start position:0% <00:06:26.270>for <00:06:26.271>the <00:06:26.272>deployment <00:06:26.274>of <00:06:26.275>those <00:06:26.277>agents. <00:06:26.279>So, 00:06:26.280 --> 00:06:27.230 align:start position:0% <00:06:26.280>for <00:06:26.341>the <00:06:26.402>deployment <00:06:26.463>of <00:06:26.524>those <00:06:26.585>agents. <00:06:26.646>So, <00:06:26.707>I <00:06:26.768>would <00:06:26.829>like <00:06:26.890>to <00:06:26.951>know <00:06:27.012>if <00:06:27.073>this <00:06:27.135>is 00:06:27.230 --> 00:06:27.240 align:start position:0% <00:06:27.230>I <00:06:27.231>would <00:06:27.232>like <00:06:27.233>to <00:06:27.235>know <00:06:27.236>if <00:06:27.237>this <00:06:27.239>is 00:06:27.240 --> 00:06:28.830 align:start position:0% <00:06:27.240>I <00:06:27.356>would <00:06:27.473>like <00:06:27.590>to <00:06:27.706>know <00:06:27.823>if <00:06:27.940>this <00:06:28.056>is <00:06:28.173>something <00:06:28.290>also <00:06:28.406>that <00:06:28.523>Cardano <00:06:28.640>is 00:06:28.830 --> 00:06:28.840 align:start position:0% <00:06:28.830>something <00:06:28.832>also <00:06:28.834>that <00:06:28.836>Cardano <00:06:28.839>is 00:06:28.840 --> 00:06:30.430 align:start position:0% <00:06:28.840>something <00:06:28.979>also <00:06:29.119>that <00:06:29.260>Cardano <00:06:29.400>is <00:06:29.539>researching <00:06:29.679>right <00:06:29.820>now <00:06:29.960>how <00:06:30.099>because <00:06:30.239>you 00:06:30.430 --> 00:06:30.440 align:start position:0% <00:06:30.430>researching <00:06:30.431>right <00:06:30.433>now <00:06:30.435>how <00:06:30.437>because <00:06:30.439>you 00:06:30.440 --> 00:06:32.750 align:start position:0% <00:06:30.440>researching <00:06:30.567>right <00:06:30.694>now <00:06:30.821>how <00:06:30.949>because <00:06:31.076>you <00:06:31.203>are <00:06:31.330>already <00:06:31.458>deploying <00:06:31.585>stables. <00:06:31.712>So, <00:06:31.840>maybe 00:06:32.750 --> 00:06:32.760 align:start position:0% <00:06:32.750>are <00:06:32.751>already <00:06:32.753>deploying <00:06:32.755>stables. <00:06:32.757>So, <00:06:32.759>maybe 00:06:32.760 --> 00:06:35.510 align:start position:0% <00:06:32.760>are <00:06:32.867>already <00:06:32.975>deploying <00:06:33.083>stables. <00:06:33.190>So, <00:06:33.298>maybe <00:06:33.406>it <00:06:33.513>can <00:06:33.621>be <00:06:33.729>like <00:06:33.836>a <00:06:33.944>uh <00:06:34.052>collateralized <00:06:34.159>pool 00:06:35.510 --> 00:06:35.520 align:start position:0% <00:06:35.510>it <00:06:35.511>can <00:06:35.512>be <00:06:35.513>like <00:06:35.515>a <00:06:35.516>uh <00:06:35.517>collateralized <00:06:35.519>pool 00:06:35.520 --> 00:06:36.990 align:start position:0% <00:06:35.520>it <00:06:35.614>can <00:06:35.709>be <00:06:35.803>like <00:06:35.897>a <00:06:35.992>uh <00:06:36.087>collateralized <00:06:36.181>pool <00:06:36.276>on <00:06:36.370>the <00:06:36.465>Masumi <00:06:36.559>protocol <00:06:36.654>that <00:06:36.748>can <00:06:36.843>be 00:06:36.990 --> 00:06:37.000 align:start position:0% <00:06:36.990>on <00:06:36.991>the <00:06:36.993>Masumi <00:06:36.994>protocol <00:06:36.996>that <00:06:36.997>can <00:06:36.999>be 00:06:37.000 --> 00:06:40.190 align:start position:0% <00:06:37.000>on <00:06:37.100>the <00:06:37.200>Masumi <00:06:37.300>protocol <00:06:37.400>that <00:06:37.500>can <00:06:37.600>be <00:06:37.700>deployed <00:06:37.800>for <00:06:37.900>or <00:06:38.000>in <00:06:38.100>cases <00:06:38.200>that <00:06:38.300>one <00:06:38.400>of 00:06:40.190 --> 00:06:40.200 align:start position:0% <00:06:40.190>deployed <00:06:40.191>for <00:06:40.192>or <00:06:40.193>in <00:06:40.195>cases <00:06:40.196>that <00:06:40.197>one <00:06:40.199>of 00:06:40.200 --> 00:06:42.750 align:start position:0% <00:06:40.200>deployed <00:06:40.307>for <00:06:40.415>or <00:06:40.523>in <00:06:40.630>cases <00:06:40.738>that <00:06:40.846>one <00:06:40.953>of <00:06:41.061>these <00:06:41.169>um <00:06:41.276>the <00:06:41.384>the <00:06:41.492>the <00:06:41.599>subcontracting 00:06:42.750 --> 00:06:42.760 align:start position:0% <00:06:42.750>these <00:06:42.751>um <00:06:42.753>the <00:06:42.755>the <00:06:42.757>the <00:06:42.759>subcontracting 00:06:42.760 --> 00:06:46.390 align:start position:0% <00:06:42.760>these <00:06:42.900>um <00:06:43.039>the <00:06:43.180>the <00:06:43.320>the <00:06:43.460>subcontracting <00:06:43.599>agents <00:06:43.740>commits <00:06:43.880>a <00:06:44.020>a <00:06:44.159>mistake. 00:06:46.390 --> 00:06:46.400 align:start position:0% <00:06:46.390>agents <00:06:46.392>commits <00:06:46.394>a <00:06:46.396>a <00:06:46.399>mistake. 00:06:46.400 --> 00:06:47.590 align:start position:0% <00:06:46.400>agents <00:06:46.489>commits <00:06:46.578>a <00:06:46.667>a <00:06:46.757>mistake. <00:06:46.846>>> <00:06:46.935>Yeah, <00:06:47.024>so <00:06:47.114>you're <00:06:47.203>certainly <00:06:47.292>able <00:06:47.381>to <00:06:47.471>do 00:06:47.590 --> 00:06:47.600 align:start position:0% <00:06:47.590>>> <00:06:47.591>Yeah, <00:06:47.592>so <00:06:47.593>you're <00:06:47.595>certainly <00:06:47.596>able <00:06:47.597>to <00:06:47.599>do 00:06:47.600 --> 00:06:48.790 align:start position:0% <00:06:47.600>>> <00:06:47.682>Yeah, <00:06:47.764>so <00:06:47.847>you're <00:06:47.929>certainly <00:06:48.011>able <00:06:48.094>to <00:06:48.176>do <00:06:48.259>that, <00:06:48.341>right? <00:06:48.423>Because <00:06:48.506>we're <00:06:48.588>taking <00:06:48.671>that 00:06:48.790 --> 00:06:48.800 align:start position:0% <00:06:48.790>that, <00:06:48.791>right? <00:06:48.793>Because <00:06:48.795>we're <00:06:48.797>taking <00:06:48.799>that 00:06:48.800 --> 00:06:51.350 align:start position:0% <00:06:48.800>that, <00:06:48.907>right? <00:06:49.015>Because <00:06:49.123>we're <00:06:49.230>taking <00:06:49.338>that <00:06:49.446>out <00:06:49.553>of <00:06:49.661>the <00:06:49.769>DeFi <00:06:49.876>ecosystem <00:06:49.984>and <00:06:50.092>out <00:06:50.200>of 00:06:51.350 --> 00:06:51.360 align:start position:0% <00:06:51.350>out <00:06:51.351>of <00:06:51.352>the <00:06:51.353>DeFi <00:06:51.355>ecosystem <00:06:51.356>and <00:06:51.357>out <00:06:51.359>of 00:06:51.360 --> 00:06:53.310 align:start position:0% <00:06:51.360>out <00:06:51.467>of <00:06:51.575>the <00:06:51.683>DeFi <00:06:51.790>ecosystem <00:06:51.898>and <00:06:52.006>out <00:06:52.113>of <00:06:52.221>uh <00:06:52.329>how <00:06:52.436>we <00:06:52.544>basically <00:06:52.652>mitigate <00:06:52.760>certain 00:06:53.310 --> 00:06:53.320 align:start position:0% <00:06:53.310>uh <00:06:53.311>how <00:06:53.313>we <00:06:53.315>basically <00:06:53.317>mitigate <00:06:53.319>certain 00:06:53.320 --> 00:06:55.670 align:start position:0% <00:06:53.320>uh <00:06:53.460>how <00:06:53.599>we <00:06:53.740>basically <00:06:53.880>mitigate <00:06:54.020>certain <00:06:54.159>risk <00:06:54.300>around <00:06:54.440>liquidity <00:06:54.580>and <00:06:54.719>and 00:06:55.670 --> 00:06:55.680 align:start position:0% <00:06:55.670>risk <00:06:55.672>around <00:06:55.674>liquidity <00:06:55.676>and <00:06:55.679>and 00:06:55.680 --> 00:06:57.190 align:start position:0% <00:06:55.680>risk <00:06:55.849>around <00:06:56.019>liquidity <00:06:56.189>and <00:06:56.359>and <00:06:56.529>constraints, <00:06:56.699>right? <00:06:56.869>So, <00:06:57.039>if 00:06:57.190 --> 00:06:57.200 align:start position:0% <00:06:57.190>constraints, <00:06:57.193>right? <00:06:57.195>So, <00:06:57.199>if 00:06:57.200 --> 00:06:59.390 align:start position:0% <00:06:57.200>constraints, <00:06:57.375>right? <00:06:57.550>So, <00:06:57.724>if <00:06:57.900>technology-wise, <00:06:58.075>this <00:06:58.250>is <00:06:58.425>fully <00:06:58.599>doable. 00:06:59.390 --> 00:06:59.400 align:start position:0% <00:06:59.390>technology-wise, <00:06:59.392>this <00:06:59.394>is <00:06:59.396>fully <00:06:59.399>doable. 00:06:59.400 --> 00:07:00.550 align:start position:0% <00:06:59.400>technology-wise, <00:06:59.494>this <00:06:59.588>is <00:06:59.682>fully <00:06:59.776>doable. <00:06:59.870>The <00:06:59.964>reason <00:07:00.058>why <00:07:00.152>we're <00:07:00.246>not <00:07:00.340>doing <00:07:00.435>that 00:07:00.550 --> 00:07:00.560 align:start position:0% <00:07:00.550>The <00:07:00.551>reason <00:07:00.553>why <00:07:00.554>we're <00:07:00.556>not <00:07:00.557>doing <00:07:00.559>that 00:07:00.560 --> 00:07:02.150 align:start position:0% <00:07:00.560>The <00:07:00.676>reason <00:07:00.793>why <00:07:00.910>we're <00:07:01.026>not <00:07:01.143>doing <00:07:01.260>that <00:07:01.376>particularly <00:07:01.493>here <00:07:01.610>in <00:07:01.726>Germany <00:07:01.843>yet, <00:07:01.960>right? 00:07:02.150 --> 00:07:02.160 align:start position:0% <00:07:02.150>particularly <00:07:02.151>here <00:07:02.153>in <00:07:02.155>Germany <00:07:02.157>yet, <00:07:02.159>right? 00:07:02.160 --> 00:07:04.670 align:start position:0% <00:07:02.160>particularly <00:07:02.276>here <00:07:02.393>in <00:07:02.510>Germany <00:07:02.626>yet, <00:07:02.743>right? <00:07:02.860>Is <00:07:02.976>because <00:07:03.093>uh <00:07:03.210>the <00:07:03.326>legislation <00:07:03.443>is <00:07:03.560>not 00:07:04.670 --> 00:07:04.680 align:start position:0% <00:07:04.670>Is <00:07:04.671>because <00:07:04.673>uh <00:07:04.674>the <00:07:04.676>legislation <00:07:04.677>is <00:07:04.679>not 00:07:04.680 --> 00:07:06.710 align:start position:0% <00:07:04.680>Is <00:07:04.787>because <00:07:04.895>uh <00:07:05.003>the <00:07:05.110>legislation <00:07:05.218>is <00:07:05.326>not <00:07:05.433>really <00:07:05.541>clear, <00:07:05.649>right? <00:07:05.756>So, <00:07:05.864>what <00:07:05.972>needed <00:07:06.080>to 00:07:06.710 --> 00:07:06.720 align:start position:0% <00:07:06.710>really <00:07:06.711>clear, <00:07:06.712>right? <00:07:06.714>So, <00:07:06.716>what <00:07:06.717>needed <00:07:06.719>to 00:07:06.720 --> 00:07:09.950 align:start position:0% <00:07:06.720>really <00:07:06.813>clear, <00:07:06.906>right? <00:07:07.000>So, <00:07:07.093>what <00:07:07.186>needed <00:07:07.280>to <00:07:07.373>be <00:07:07.466>done <00:07:07.560>was <00:07:07.653>to <00:07:07.746>ensure <00:07:07.840>that <00:07:07.933>if <00:07:08.026>this <00:07:08.120>goes 00:07:09.950 --> 00:07:09.960 align:start position:0% <00:07:09.950>be <00:07:09.951>done <00:07:09.952>was <00:07:09.953>to <00:07:09.954>ensure <00:07:09.955>that <00:07:09.956>if <00:07:09.957>this <00:07:09.959>goes 00:07:09.960 --> 00:07:12.030 align:start position:0% <00:07:09.960>be <00:07:10.042>done <00:07:10.124>was <00:07:10.207>to <00:07:10.289>ensure <00:07:10.371>that <00:07:10.454>if <00:07:10.536>this <00:07:10.618>goes <00:07:10.701>to <00:07:10.783>court <00:07:10.865>of <00:07:10.948>law, <00:07:11.030>that <00:07:11.112>we <00:07:11.195>have <00:07:11.277>all <00:07:11.359>the 00:07:12.030 --> 00:07:12.040 align:start position:0% <00:07:12.030>to <00:07:12.031>court <00:07:12.032>of <00:07:12.033>law, <00:07:12.034>that <00:07:12.035>we <00:07:12.036>have <00:07:12.037>all <00:07:12.039>the 00:07:12.040 --> 00:07:13.790 align:start position:0% <00:07:12.040>to <00:07:12.140>court <00:07:12.240>of <00:07:12.340>law, <00:07:12.440>that <00:07:12.540>we <00:07:12.640>have <00:07:12.740>all <00:07:12.840>the <00:07:12.940>evidence <00:07:13.040>which <00:07:13.140>is <00:07:13.240>needed, <00:07:13.340>and <00:07:13.440>that 00:07:13.790 --> 00:07:13.800 align:start position:0% <00:07:13.790>evidence <00:07:13.791>which <00:07:13.793>is <00:07:13.795>needed, <00:07:13.797>and <00:07:13.799>that 00:07:13.800 --> 00:07:15.510 align:start position:0% <00:07:13.800>evidence <00:07:13.940>which <00:07:14.080>is <00:07:14.220>needed, <00:07:14.360>and <00:07:14.500>that <00:07:14.640>evidence <00:07:14.780>is <00:07:14.920>really <00:07:15.060>difficult, <00:07:15.200>right? 00:07:15.510 --> 00:07:15.520 align:start position:0% <00:07:15.510>evidence <00:07:15.512>is <00:07:15.514>really <00:07:15.516>difficult, <00:07:15.519>right? 00:07:15.520 --> 00:07:17.110 align:start position:0% <00:07:15.520>evidence <00:07:15.647>is <00:07:15.774>really <00:07:15.901>difficult, <00:07:16.029>right? <00:07:16.156>Because <00:07:16.283>normally, <00:07:16.410>if <00:07:16.538>you <00:07:16.665>have <00:07:16.792>an <00:07:16.919>an 00:07:17.110 --> 00:07:17.120 align:start position:0% <00:07:17.110>Because <00:07:17.111>normally, <00:07:17.113>if <00:07:17.114>you <00:07:17.116>have <00:07:17.117>an <00:07:17.119>an 00:07:17.120 --> 00:07:18.630 align:start position:0% <00:07:17.120>Because <00:07:17.243>normally, <00:07:17.367>if <00:07:17.490>you <00:07:17.614>have <00:07:17.737>an <00:07:17.861>an <00:07:17.984>agent, <00:07:18.108>right? <00:07:18.231>Who's <00:07:18.355>doing <00:07:18.479>something 00:07:18.630 --> 00:07:18.640 align:start position:0% <00:07:18.630>agent, <00:07:18.632>right? <00:07:18.634>Who's <00:07:18.636>doing <00:07:18.639>something 00:07:18.640 --> 00:07:20.550 align:start position:0% <00:07:18.640>agent, <00:07:18.780>right? <00:07:18.919>Who's <00:07:19.060>doing <00:07:19.200>something <00:07:19.340>within <00:07:19.479>your <00:07:19.620>own <00:07:19.760>architecture, <00:07:19.900>you <00:07:20.039>have 00:07:20.550 --> 00:07:20.560 align:start position:0% <00:07:20.550>within <00:07:20.551>your <00:07:20.553>own <00:07:20.555>architecture, <00:07:20.557>you <00:07:20.559>have 00:07:20.560 --> 00:07:22.830 align:start position:0% <00:07:20.560>within <00:07:20.667>your <00:07:20.775>own <00:07:20.883>architecture, <00:07:20.990>you <00:07:21.098>have <00:07:21.206>that <00:07:21.313>in <00:07:21.421>your <00:07:21.529>own <00:07:21.636>logs, <00:07:21.744>right? <00:07:21.852>But <00:07:21.960>as 00:07:22.830 --> 00:07:22.840 align:start position:0% <00:07:22.830>that <00:07:22.831>in <00:07:22.832>your <00:07:22.833>own <00:07:22.835>logs, <00:07:22.836>right? <00:07:22.837>But <00:07:22.839>as 00:07:22.840 --> 00:07:24.950 align:start position:0% <00:07:22.840>that <00:07:22.940>in <00:07:23.039>your <00:07:23.140>own <00:07:23.239>logs, <00:07:23.340>right? <00:07:23.440>But <00:07:23.539>as <00:07:23.640>soon <00:07:23.739>as <00:07:23.840>you <00:07:23.940>start <00:07:24.039>moving <00:07:24.140>from <00:07:24.239>different 00:07:24.950 --> 00:07:24.960 align:start position:0% <00:07:24.950>soon <00:07:24.951>as <00:07:24.953>you <00:07:24.954>start <00:07:24.955>moving <00:07:24.957>from <00:07:24.959>different 00:07:24.960 --> 00:07:26.909 align:start position:0% <00:07:24.960>soon <00:07:25.087>as <00:07:25.214>you <00:07:25.341>start <00:07:25.469>moving <00:07:25.596>from <00:07:25.723>different <00:07:25.850>databases <00:07:25.978>to <00:07:26.105>different <00:07:26.232>databases <00:07:26.359>and 00:07:26.909 --> 00:07:26.919 align:start position:0% <00:07:26.909>databases <00:07:26.911>to <00:07:26.913>different <00:07:26.915>databases <00:07:26.918>and 00:07:26.919 --> 00:07:28.430 align:start position:0% <00:07:26.919>databases <00:07:27.070>to <00:07:27.221>different <00:07:27.372>databases <00:07:27.523>and <00:07:27.674>doing <00:07:27.825>further <00:07:27.976>delegation <00:07:28.127>as <00:07:28.278>you 00:07:28.430 --> 00:07:28.440 align:start position:0% <00:07:28.430>doing <00:07:28.432>further <00:07:28.434>delegation <00:07:28.436>as <00:07:28.439>you 00:07:28.440 --> 00:07:30.150 align:start position:0% <00:07:28.440>doing <00:07:28.615>further <00:07:28.790>delegation <00:07:28.965>as <00:07:29.140>you <00:07:29.315>explained, <00:07:29.490>this <00:07:29.665>becomes <00:07:29.840>nearly 00:07:30.150 --> 00:07:30.160 align:start position:0% <00:07:30.150>explained, <00:07:30.153>this <00:07:30.156>becomes <00:07:30.159>nearly 00:07:30.160 --> 00:07:31.950 align:start position:0% <00:07:30.160>explained, <00:07:30.315>this <00:07:30.471>becomes <00:07:30.626>nearly <00:07:30.782>impossible <00:07:30.937>because <00:07:31.093>the <00:07:31.248>court <00:07:31.404>of <00:07:31.560>law 00:07:31.950 --> 00:07:31.960 align:start position:0% <00:07:31.950>impossible <00:07:31.951>because <00:07:31.953>the <00:07:31.955>court <00:07:31.957>of <00:07:31.959>law 00:07:31.960 --> 00:07:33.950 align:start position:0% <00:07:31.960>impossible <00:07:32.076>because <00:07:32.193>the <00:07:32.310>court <00:07:32.426>of <00:07:32.543>law <00:07:32.659>doesn't <00:07:32.776>trust <00:07:32.893>the <00:07:33.010>audit <00:07:33.126>logs <00:07:33.243>from <00:07:33.359>the 00:07:33.950 --> 00:07:33.960 align:start position:0% <00:07:33.950>doesn't <00:07:33.951>trust <00:07:33.953>the <00:07:33.954>audit <00:07:33.955>logs <00:07:33.957>from <00:07:33.959>the 00:07:33.960 --> 00:07:35.750 align:start position:0% <00:07:33.960>doesn't <00:07:34.087>trust <00:07:34.214>the <00:07:34.341>audit <00:07:34.469>logs <00:07:34.596>from <00:07:34.723>the <00:07:34.850>different <00:07:34.978>companies, <00:07:35.105>right? <00:07:35.232>Because <00:07:35.359>the 00:07:35.750 --> 00:07:35.760 align:start position:0% <00:07:35.750>different <00:07:35.752>companies, <00:07:35.754>right? <00:07:35.756>Because <00:07:35.759>the 00:07:35.760 --> 00:07:37.510 align:start position:0% <00:07:35.760>different <00:07:35.900>companies, <00:07:36.039>right? <00:07:36.180>Because <00:07:36.320>the <00:07:36.460>auditors <00:07:36.599>are <00:07:36.740>the <00:07:36.880>This <00:07:37.020>becomes <00:07:37.159>really 00:07:37.510 --> 00:07:37.520 align:start position:0% <00:07:37.510>auditors <00:07:37.511>are <00:07:37.513>the <00:07:37.515>This <00:07:37.517>becomes <00:07:37.519>really 00:07:37.520 --> 00:07:39.270 align:start position:0% <00:07:37.520>auditors <00:07:37.636>are <00:07:37.753>the <00:07:37.870>This <00:07:37.986>becomes <00:07:38.103>really <00:07:38.219>boring <00:07:38.336>now, <00:07:38.453>right? <00:07:38.570>So, <00:07:38.686>when <00:07:38.803>you <00:07:38.919>deploy 00:07:39.270 --> 00:07:39.280 align:start position:0% <00:07:39.270>boring <00:07:39.271>now, <00:07:39.272>right? <00:07:39.274>So, <00:07:39.275>when <00:07:39.277>you <00:07:39.279>deploy 00:07:39.280 --> 00:07:42.230 align:start position:0% <00:07:39.280>boring <00:07:39.387>now, <00:07:39.495>right? <00:07:39.603>So, <00:07:39.710>when <00:07:39.818>you <00:07:39.926>deploy <00:07:40.033>PwC, <00:07:40.141>Deloitte, <00:07:40.249>and <00:07:40.356>EY, <00:07:40.464>they <00:07:40.572>don't <00:07:40.679>check 00:07:42.230 --> 00:07:42.240 align:start position:0% <00:07:42.230>PwC, <00:07:42.231>Deloitte, <00:07:42.233>and <00:07:42.234>EY, <00:07:42.236>they <00:07:42.237>don't <00:07:42.239>check 00:07:42.240 --> 00:07:44.110 align:start position:0% <00:07:42.240>PwC, <00:07:42.340>Deloitte, <00:07:42.440>and <00:07:42.540>EY, <00:07:42.640>they <00:07:42.740>don't <00:07:42.840>check <00:07:42.940>that <00:07:43.040>as <00:07:43.140>a <00:07:43.240>part <00:07:43.340>of <00:07:43.440>the <00:07:43.540>financial <00:07:43.640>and 00:07:44.110 --> 00:07:44.120 align:start position:0% <00:07:44.110>that <00:07:44.111>as <00:07:44.112>a <00:07:44.113>part <00:07:44.115>of <00:07:44.116>the <00:07:44.117>financial <00:07:44.119>and 00:07:44.120 --> 00:07:46.030 align:start position:0% <00:07:44.120>that <00:07:44.227>as <00:07:44.335>a <00:07:44.443>part <00:07:44.550>of <00:07:44.658>the <00:07:44.766>financial <00:07:44.873>and <00:07:44.981>regulatory <00:07:45.089>audit, <00:07:45.196>huh? <00:07:45.304>That <00:07:45.412>means <00:07:45.520>that 00:07:46.030 --> 00:07:46.040 align:start position:0% <00:07:46.030>regulatory <00:07:46.031>audit, <00:07:46.033>huh? <00:07:46.035>That <00:07:46.037>means <00:07:46.039>that 00:07:46.040 --> 00:07:48.270 align:start position:0% <00:07:46.040>regulatory <00:07:46.147>audit, <00:07:46.255>huh? <00:07:46.363>That <00:07:46.470>means <00:07:46.578>that <00:07:46.686>you <00:07:46.793>only <00:07:46.901>have <00:07:47.009>the <00:07:47.116>IT <00:07:47.224>audit <00:07:47.332>around <00:07:47.440>these 00:07:48.270 --> 00:07:48.280 align:start position:0% <00:07:48.270>you <00:07:48.271>only <00:07:48.272>have <00:07:48.273>the <00:07:48.275>IT <00:07:48.276>audit <00:07:48.277>around <00:07:48.279>these 00:07:48.280 --> 00:07:51.310 align:start position:0% <00:07:48.280>you <00:07:48.373>only <00:07:48.466>have <00:07:48.559>the <00:07:48.653>IT <00:07:48.746>audit <00:07:48.840>around <00:07:48.933>these <00:07:49.026>things. <00:07:49.119>So, <00:07:49.213>we <00:07:49.306>are <00:07:49.400>way <00:07:49.493>behind <00:07:49.586>on <00:07:49.679>this 00:07:51.310 --> 00:07:51.320 align:start position:0% <00:07:51.310>things. <00:07:51.311>So, <00:07:51.312>we <00:07:51.313>are <00:07:51.315>way <00:07:51.316>behind <00:07:51.317>on <00:07:51.319>this 00:07:51.320 --> 00:07:53.870 align:start position:0% <00:07:51.320>things. <00:07:51.427>So, <00:07:51.535>we <00:07:51.643>are <00:07:51.750>way <00:07:51.858>behind <00:07:51.966>on <00:07:52.073>this <00:07:52.181>aspect. <00:07:52.289>Luckily, <00:07:52.396>we <00:07:52.504>have <00:07:52.612>the <00:07:52.719>blockchain 00:07:53.870 --> 00:07:53.880 align:start position:0% <00:07:53.870>aspect. <00:07:53.871>Luckily, <00:07:53.873>we <00:07:53.875>have <00:07:53.877>the <00:07:53.879>blockchain 00:07:53.880 --> 00:07:55.830 align:start position:0% <00:07:53.880>aspect. <00:07:54.007>Luckily, <00:07:54.134>we <00:07:54.261>have <00:07:54.389>the <00:07:54.516>blockchain <00:07:54.643>because <00:07:54.770>the <00:07:54.898>blockchain <00:07:55.025>actually <00:07:55.152>lives <00:07:55.280>by 00:07:55.830 --> 00:07:55.840 align:start position:0% <00:07:55.830>because <00:07:55.831>the <00:07:55.833>blockchain <00:07:55.835>actually <00:07:55.837>lives <00:07:55.839>by 00:07:55.840 --> 00:07:57.710 align:start position:0% <00:07:55.840>because <00:07:55.967>the <00:07:56.094>blockchain <00:07:56.221>actually <00:07:56.349>lives <00:07:56.476>by <00:07:56.603>doing <00:07:56.730>that, <00:07:56.858>right? <00:07:56.985>So, <00:07:57.112>this <00:07:57.240>basically 00:07:57.710 --> 00:07:57.720 align:start position:0% <00:07:57.710>doing <00:07:57.711>that, <00:07:57.713>right? <00:07:57.715>So, <00:07:57.717>this <00:07:57.719>basically 00:07:57.720 --> 00:08:00.830 align:start position:0% <00:07:57.720>doing <00:07:57.847>that, <00:07:57.974>right? <00:07:58.101>So, <00:07:58.229>this <00:07:58.356>basically <00:07:58.483>creates <00:07:58.610>this <00:07:58.738>attestation <00:07:58.865>of <00:07:58.992>data, <00:07:59.120>right? 00:08:00.830 --> 00:08:00.840 align:start position:0% <00:08:00.830>creates <00:08:00.831>this <00:08:00.833>attestation <00:08:00.835>of <00:08:00.837>data, <00:08:00.839>right? 00:08:00.840 --> 00:08:03.150 align:start position:0% <00:08:00.840>creates <00:08:00.967>this <00:08:01.094>attestation <00:08:01.221>of <00:08:01.349>data, <00:08:01.476>right? <00:08:01.603>Which <00:08:01.730>allows <00:08:01.858>you <00:08:01.985>to <00:08:02.112>bring <00:08:02.239>that 00:08:03.150 --> 00:08:03.160 align:start position:0% <00:08:03.150>Which <00:08:03.151>allows <00:08:03.153>you <00:08:03.155>to <00:08:03.157>bring <00:08:03.159>that 00:08:03.160 --> 00:08:05.950 align:start position:0% <00:08:03.160>Which <00:08:03.260>allows <00:08:03.360>you <00:08:03.460>to <00:08:03.560>bring <00:08:03.660>that <00:08:03.760>to <00:08:03.860>a <00:08:03.960>court <00:08:04.060>of <00:08:04.160>law <00:08:04.260>and <00:08:04.360>to <00:08:04.460>basically <00:08:04.560>deal 00:08:05.950 --> 00:08:05.960 align:start position:0% <00:08:05.950>to <00:08:05.951>a <00:08:05.952>court <00:08:05.953>of <00:08:05.954>law <00:08:05.955>and <00:08:05.956>to <00:08:05.957>basically <00:08:05.959>deal 00:08:05.960 --> 00:08:07.350 align:start position:0% <00:08:05.960>to <00:08:06.038>a <00:08:06.116>court <00:08:06.194>of <00:08:06.272>law <00:08:06.350>and <00:08:06.429>to <00:08:06.507>basically <00:08:06.585>deal <00:08:06.663>with <00:08:06.741>that <00:08:06.820>from <00:08:06.898>a <00:08:06.976>legal <00:08:07.054>context. <00:08:07.132>Now, <00:08:07.211>I'm 00:08:07.350 --> 00:08:07.360 align:start position:0% <00:08:07.350>with <00:08:07.351>that <00:08:07.352>from <00:08:07.353>a <00:08:07.355>legal <00:08:07.356>context. <00:08:07.357>Now, <00:08:07.359>I'm 00:08:07.360 --> 00:08:09.150 align:start position:0% <00:08:07.360>with <00:08:07.453>that <00:08:07.546>from <00:08:07.640>a <00:08:07.733>legal <00:08:07.826>context. <00:08:07.920>Now, <00:08:08.013>I'm <00:08:08.106>not <00:08:08.200>a <00:08:08.293>lawyer, <00:08:08.386>so <00:08:08.480>leave <00:08:08.573>that <00:08:08.666>to <00:08:08.760>the 00:08:09.150 --> 00:08:09.160 align:start position:0% <00:08:09.150>not <00:08:09.151>a <00:08:09.152>lawyer, <00:08:09.153>so <00:08:09.155>leave <00:08:09.156>that <00:08:09.157>to <00:08:09.159>the 00:08:09.160 --> 00:08:11.390 align:start position:0% <00:08:09.160>not <00:08:09.276>a <00:08:09.393>lawyer, <00:08:09.510>so <00:08:09.626>leave <00:08:09.743>that <00:08:09.860>to <00:08:09.976>the <00:08:10.093>professionals, <00:08:10.210>right? <00:08:10.326>But, <00:08:10.443>this <00:08:10.560>was 00:08:11.390 --> 00:08:11.400 align:start position:0% <00:08:11.390>professionals, <00:08:11.392>right? <00:08:11.394>But, <00:08:11.396>this <00:08:11.399>was 00:08:11.400 --> 00:08:12.590 align:start position:0% <00:08:11.400>professionals, <00:08:11.497>right? <00:08:11.594>But, <00:08:11.692>this <00:08:11.789>was <00:08:11.886>sufficient <00:08:11.984>that <00:08:12.081>we <00:08:12.178>can <00:08:12.276>do <00:08:12.373>that <00:08:12.471>in 00:08:12.590 --> 00:08:12.600 align:start position:0% <00:08:12.590>sufficient <00:08:12.591>that <00:08:12.592>we <00:08:12.594>can <00:08:12.596>do <00:08:12.597>that <00:08:12.599>in 00:08:12.600 --> 00:08:13.790 align:start position:0% <00:08:12.600>sufficient <00:08:12.671>that <00:08:12.742>we <00:08:12.814>can <00:08:12.885>do <00:08:12.957>that <00:08:13.028>in <00:08:13.099>Germany, <00:08:13.171>which <00:08:13.242>means <00:08:13.314>if <00:08:13.385>we <00:08:13.456>can <00:08:13.528>do <00:08:13.599>it <00:08:13.671>in 00:08:13.790 --> 00:08:13.800 align:start position:0% <00:08:13.790>Germany, <00:08:13.791>which <00:08:13.792>means <00:08:13.793>if <00:08:13.794>we <00:08:13.795>can <00:08:13.796>do <00:08:13.797>it <00:08:13.799>in 00:08:13.800 --> 00:08:15.110 align:start position:0% <00:08:13.800>Germany, <00:08:13.873>which <00:08:13.947>means <00:08:14.021>if <00:08:14.094>we <00:08:14.168>can <00:08:14.242>do <00:08:14.315>it <00:08:14.389>in <00:08:14.463>Germany, <00:08:14.536>we <00:08:14.610>can <00:08:14.684>do <00:08:14.757>it <00:08:14.831>in <00:08:14.905>all <00:08:14.979>over 00:08:15.110 --> 00:08:15.120 align:start position:0% <00:08:15.110>Germany, <00:08:15.111>we <00:08:15.112>can <00:08:15.113>do <00:08:15.115>it <00:08:15.116>in <00:08:15.117>all <00:08:15.119>over 00:08:15.120 --> 00:08:17.190 align:start position:0% <00:08:15.120>Germany, <00:08:15.220>we <00:08:15.320>can <00:08:15.420>do <00:08:15.520>it <00:08:15.620>in <00:08:15.720>all <00:08:15.820>over <00:08:15.920>European <00:08:16.020>Union, <00:08:16.120>right? <00:08:16.220>And <00:08:16.320>we <00:08:16.420>also <00:08:16.520>now 00:08:17.190 --> 00:08:17.200 align:start position:0% <00:08:17.190>European <00:08:17.191>Union, <00:08:17.193>right? <00:08:17.194>And <00:08:17.195>we <00:08:17.197>also <00:08:17.199>now 00:08:17.200 --> 00:08:18.990 align:start position:0% <00:08:17.200>European <00:08:17.307>Union, <00:08:17.415>right? <00:08:17.523>And <00:08:17.630>we <00:08:17.738>also <00:08:17.846>now <00:08:17.953>deploying <00:08:18.061>that <00:08:18.169>outside <00:08:18.276>that. <00:08:18.384>So, <00:08:18.492>we <00:08:18.599>are 00:08:18.990 --> 00:08:19.000 align:start position:0% <00:08:18.990>deploying <00:08:18.991>that <00:08:18.993>outside <00:08:18.994>that. <00:08:18.996>So, <00:08:18.997>we <00:08:18.999>are 00:08:19.000 --> 00:08:22.110 align:start position:0% <00:08:19.000>deploying <00:08:19.127>that <00:08:19.254>outside <00:08:19.381>that. <00:08:19.509>So, <00:08:19.636>we <00:08:19.763>are <00:08:19.890>starting <00:08:20.018>also <00:08:20.145>to <00:08:20.272>see <00:08:20.400>police 00:08:22.110 --> 00:08:22.120 align:start position:0% <00:08:22.110>starting <00:08:22.112>also <00:08:22.114>to <00:08:22.116>see <00:08:22.119>police 00:08:22.120 --> 00:08:24.190 align:start position:0% <00:08:22.120>starting <00:08:22.247>also <00:08:22.374>to <00:08:22.501>see <00:08:22.629>police <00:08:22.756>and <00:08:22.883>law <00:08:23.010>enforcement <00:08:23.138>have <00:08:23.265>finding <00:08:23.392>a <00:08:23.520>huge 00:08:24.190 --> 00:08:24.200 align:start position:0% <00:08:24.190>and <00:08:24.191>law <00:08:24.193>enforcement <00:08:24.194>have <00:08:24.195>finding <00:08:24.197>a <00:08:24.199>huge 00:08:24.200 --> 00:08:27.590 align:start position:0% <00:08:24.200>and <00:08:24.316>law <00:08:24.433>enforcement <00:08:24.550>have <00:08:24.666>finding <00:08:24.783>a <00:08:24.900>huge <00:08:25.016>interest <00:08:25.133>in <00:08:25.250>these <00:08:25.366>kind <00:08:25.483>of <00:08:25.599>systems. 00:08:27.590 --> 00:08:27.600 align:start position:0% <00:08:27.590>interest <00:08:27.591>in <00:08:27.593>these <00:08:27.595>kind <00:08:27.597>of <00:08:27.599>systems. 00:08:27.600 --> 00:08:30.470 align:start position:0% <00:08:27.600>interest <00:08:27.700>in <00:08:27.800>these <00:08:27.900>kind <00:08:28.000>of <00:08:28.100>systems. <00:08:28.200>>> <00:08:28.300>Um <00:08:28.400>that <00:08:28.500>will <00:08:28.600>answer <00:08:28.700>the <00:08:28.800>who <00:08:28.900>did <00:08:29.000>what, 00:08:30.470 --> 00:08:30.480 align:start position:0% <00:08:30.470>>> <00:08:30.471>Um <00:08:30.472>that <00:08:30.473>will <00:08:30.474>answer <00:08:30.475>the <00:08:30.476>who <00:08:30.477>did <00:08:30.479>what, 00:08:30.480 --> 00:08:31.790 align:start position:0% <00:08:30.480>>> <00:08:30.558>Um <00:08:30.637>that <00:08:30.715>will <00:08:30.794>answer <00:08:30.873>the <00:08:30.951>who <00:08:31.030>did <00:08:31.108>what, <00:08:31.187>right? <00:08:31.266>Like <00:08:31.344>that's <00:08:31.423>the <00:08:31.501>audit <00:08:31.580>trail <00:08:31.659>that 00:08:31.790 --> 00:08:31.800 align:start position:0% <00:08:31.790>right? <00:08:31.791>Like <00:08:31.793>that's <00:08:31.794>the <00:08:31.796>audit <00:08:31.797>trail <00:08:31.799>that 00:08:31.800 --> 00:08:34.350 align:start position:0% <00:08:31.800>right? <00:08:31.900>Like <00:08:32.000>that's <00:08:32.100>the <00:08:32.200>audit <00:08:32.299>trail <00:08:32.400>that <00:08:32.500>you <00:08:32.600>are <00:08:32.700>mentioning. <00:08:32.799>Um <00:08:32.900>but <00:08:33.000>still <00:08:33.100>we <00:08:33.200>have 00:08:34.350 --> 00:08:34.360 align:start position:0% <00:08:34.350>you <00:08:34.351>are <00:08:34.352>mentioning. <00:08:34.353>Um <00:08:34.355>but <00:08:34.356>still <00:08:34.357>we <00:08:34.359>have 00:08:34.360 --> 00:08:36.430 align:start position:0% <00:08:34.360>you <00:08:34.453>are <00:08:34.546>mentioning. <00:08:34.640>Um <00:08:34.733>but <00:08:34.826>still <00:08:34.919>we <00:08:35.013>have <00:08:35.106>like <00:08:35.200>the <00:08:35.293>question <00:08:35.386>of <00:08:35.480>like <00:08:35.573>who <00:08:35.666>will <00:08:35.760>pay 00:08:36.430 --> 00:08:36.440 align:start position:0% <00:08:36.429>like <00:08:36.431>the <00:08:36.432>question <00:08:36.433>of <00:08:36.435>like <00:08:36.436>who <00:08:36.437>will <00:08:36.439>pay 00:08:36.440 --> 00:08:37.870 align:start position:0% <00:08:36.440>like <00:08:36.525>the <00:08:36.611>question <00:08:36.697>of <00:08:36.783>like <00:08:36.869>who <00:08:36.954>will <00:08:37.040>pay <00:08:37.126>for <00:08:37.212>it, <00:08:37.298>which <00:08:37.383>is <00:08:37.469>like <00:08:37.555>an <00:08:37.641>open <00:08:37.727>question 00:08:37.870 --> 00:08:37.880 align:start position:0% <00:08:37.870>for <00:08:37.871>it, <00:08:37.872>which <00:08:37.873>is <00:08:37.875>like <00:08:37.876>an <00:08:37.877>open <00:08:37.879>question 00:08:37.880 --> 00:08:40.270 align:start position:0% <00:08:37.880>for <00:08:38.007>it, <00:08:38.134>which <00:08:38.261>is <00:08:38.389>like <00:08:38.516>an <00:08:38.643>open <00:08:38.770>question <00:08:38.898>that <00:08:39.025>technology <00:08:39.152>suddenly <00:08:39.280>cannot 00:08:40.270 --> 00:08:40.280 align:start position:0% <00:08:40.270>that <00:08:40.273>technology <00:08:40.275>suddenly <00:08:40.279>cannot 00:08:40.280 --> 00:08:41.550 align:start position:0% <00:08:40.280>that <00:08:40.383>technology <00:08:40.487>suddenly <00:08:40.591>cannot <00:08:40.695>solve <00:08:40.799>that <00:08:40.903>need <00:08:41.007>to <00:08:41.111>be <00:08:41.215>solved <00:08:41.319>at <00:08:41.423>the 00:08:41.550 --> 00:08:41.560 align:start position:0% <00:08:41.549>solve <00:08:41.551>that <00:08:41.552>need <00:08:41.553>to <00:08:41.555>be <00:08:41.556>solved <00:08:41.557>at <00:08:41.558>the 00:08:41.560 --> 00:08:42.990 align:start position:0% <00:08:41.559>solve <00:08:41.676>that <00:08:41.794>need <00:08:41.910>to <00:08:42.028>be <00:08:42.145>solved <00:08:42.261>at <00:08:42.379>the <00:08:42.496>level <00:08:42.612>of <00:08:42.730>the <00:08:42.847>law. 00:08:42.990 --> 00:08:43.000 align:start position:0% <00:08:42.990>level <00:08:42.993>of <00:08:42.996>the <00:08:42.999>law. 00:08:43.000 --> 00:08:44.670 align:start position:0% <00:08:43.000>level <00:08:43.127>of <00:08:43.254>the <00:08:43.381>law. <00:08:43.509>And <00:08:43.636>it's <00:08:43.763>an <00:08:43.890>open <00:08:44.018>it's <00:08:44.145>an <00:08:44.272>open <00:08:44.400>question. 00:08:44.670 --> 00:08:44.680 align:start position:0% <00:08:44.670>And <00:08:44.671>it's <00:08:44.672>an <00:08:44.673>open <00:08:44.675>it's <00:08:44.676>an <00:08:44.677>open <00:08:44.679>question. 00:08:44.680 --> 00:08:46.070 align:start position:0% <00:08:44.680>And <00:08:44.769>it's <00:08:44.858>an <00:08:44.948>open <00:08:45.037>it's <00:08:45.126>an <00:08:45.216>open <00:08:45.305>question. <00:08:45.394>We <00:08:45.484>don't <00:08:45.573>know, <00:08:45.662>right? <00:08:45.752>It's <00:08:45.841>not <00:08:45.931>that 00:08:46.070 --> 00:08:46.080 align:start position:0% <00:08:46.070>We <00:08:46.071>don't <00:08:46.073>know, <00:08:46.074>right? <00:08:46.076>It's <00:08:46.077>not <00:08:46.079>that 00:08:46.080 --> 00:08:47.670 align:start position:0% <00:08:46.080>We <00:08:46.235>don't <00:08:46.391>know, <00:08:46.546>right? <00:08:46.702>It's <00:08:46.857>not <00:08:47.013>that <00:08:47.168>there's <00:08:47.324>no <00:08:47.480>one 00:08:47.670 --> 00:08:47.680 align:start position:0% <00:08:47.670>there's <00:08:47.674>no <00:08:47.679>one 00:08:47.680 --> 00:08:49.670 align:start position:0% <00:08:47.680>there's <00:08:47.819>no <00:08:47.959>one <00:08:48.099>that <00:08:48.239>is <00:08:48.380>not <00:08:48.520>liable, <00:08:48.660>it's <00:08:48.800>that <00:08:48.939>we <00:08:49.079>cannot 00:08:49.670 --> 00:08:49.680 align:start position:0% <00:08:49.670>that <00:08:49.671>is <00:08:49.672>not <00:08:49.673>liable, <00:08:49.675>it's <00:08:49.676>that <00:08:49.677>we <00:08:49.679>cannot 00:08:49.680 --> 00:08:51.470 align:start position:0% <00:08:49.680>that <00:08:49.787>is <00:08:49.895>not <00:08:50.003>liable, <00:08:50.110>it's <00:08:50.218>that <00:08:50.326>we <00:08:50.433>cannot <00:08:50.541>allocate <00:08:50.649>the <00:08:50.756>liability, <00:08:50.864>which <00:08:50.972>is <00:08:51.079>like 00:08:51.470 --> 00:08:51.480 align:start position:0% <00:08:51.470>allocate <00:08:51.471>the <00:08:51.473>liability, <00:08:51.475>which <00:08:51.477>is <00:08:51.479>like 00:08:51.480 --> 00:08:53.750 align:start position:0% <00:08:51.480>allocate <00:08:51.587>the <00:08:51.695>liability, <00:08:51.803>which <00:08:51.910>is <00:08:52.018>like <00:08:52.126>who <00:08:52.233>should <00:08:52.341>pay <00:08:52.449>for <00:08:52.556>the <00:08:52.664>damage, <00:08:52.772>but <00:08:52.880>we 00:08:53.750 --> 00:08:53.760 align:start position:0% <00:08:53.750>who <00:08:53.751>should <00:08:53.752>pay <00:08:53.753>for <00:08:53.755>the <00:08:53.756>damage, <00:08:53.757>but <00:08:53.759>we 00:08:53.760 --> 00:08:55.310 align:start position:0% <00:08:53.760>who <00:08:53.859>should <00:08:53.959>pay <00:08:54.058>for <00:08:54.158>the <00:08:54.258>damage, <00:08:54.357>but <00:08:54.457>we <00:08:54.557>can <00:08:54.656>at <00:08:54.756>least <00:08:54.856>know <00:08:54.955>where <00:08:55.055>the <00:08:55.155>damage 00:08:55.310 --> 00:08:55.320 align:start position:0% <00:08:55.310>can <00:08:55.311>at <00:08:55.313>least <00:08:55.314>know <00:08:55.316>where <00:08:55.317>the <00:08:55.319>damage 00:08:55.320 --> 00:08:57.310 align:start position:0% <00:08:55.320>can <00:08:55.420>at <00:08:55.520>least <00:08:55.620>know <00:08:55.720>where <00:08:55.820>the <00:08:55.920>damage <00:08:56.020>happened, <00:08:56.120>which <00:08:56.220>is <00:08:56.320>a <00:08:56.420>is <00:08:56.520>a <00:08:56.620>big <00:08:56.720>progress 00:08:57.310 --> 00:08:57.320 align:start position:0% <00:08:57.310>happened, <00:08:57.311>which <00:08:57.312>is <00:08:57.313>a <00:08:57.315>is <00:08:57.316>a <00:08:57.317>big <00:08:57.319>progress 00:08:57.320 --> 00:08:59.910 align:start position:0% <00:08:57.320>happened, <00:08:57.402>which <00:08:57.484>is <00:08:57.567>a <00:08:57.649>is <00:08:57.731>a <00:08:57.814>big <00:08:57.896>progress <00:08:57.978>as <00:08:58.061>as <00:08:58.143>I <00:08:58.225>said. <00:08:58.308>Um <00:08:58.390>can <00:08:58.472>you <00:08:58.555>talk <00:08:58.637>a <00:08:58.720>little 00:08:59.910 --> 00:08:59.920 align:start position:0% <00:08:59.910>as <00:08:59.911>as <00:08:59.911>I <00:08:59.913>said. <00:08:59.914>Um <00:08:59.915>can <00:08:59.915>you <00:08:59.916>talk <00:08:59.918>a <00:08:59.919>little 00:08:59.920 --> 00:09:00.430 align:start position:0% <00:08:59.920>as <00:08:59.961>as <00:09:00.003>I <00:09:00.045>said. <00:09:00.086>Um <00:09:00.128>can <00:09:00.170>you <00:09:00.212>talk <00:09:00.253>a <00:09:00.295>little <00:09:00.337>bit <00:09:00.378>more 00:09:00.430 --> 00:09:00.440 align:start position:0% <00:09:00.430>bit <00:09:00.439>more 00:09:00.440 --> 00:09:02.310 align:start position:0% <00:09:00.440>bit <00:09:00.580>more <00:09:00.720>>> <00:09:00.860>we <00:09:01.000>can <00:09:01.140>we <00:09:01.280>can <00:09:01.420>go <00:09:01.560>further, <00:09:01.700>right? <00:09:01.840>Because 00:09:02.310 --> 00:09:02.320 align:start position:0% <00:09:02.310>>> <00:09:02.311>we <00:09:02.312>can <00:09:02.313>we <00:09:02.314>can <00:09:02.315>go <00:09:02.316>further, <00:09:02.317>right? <00:09:02.319>Because 00:09:02.320 --> 00:09:03.829 align:start position:0% <00:09:02.320>>> <00:09:02.399>we <00:09:02.479>can <00:09:02.559>we <00:09:02.639>can <00:09:02.719>go <00:09:02.799>further, <00:09:02.879>right? <00:09:02.959>Because <00:09:03.038>what <00:09:03.118>we <00:09:03.198>can <00:09:03.278>even <00:09:03.358>do <00:09:03.438>now, <00:09:03.518>right? <00:09:03.598>And <00:09:03.678>what 00:09:03.829 --> 00:09:03.839 align:start position:0% <00:09:03.829>what <00:09:03.830>we <00:09:03.831>can <00:09:03.832>even <00:09:03.833>do <00:09:03.834>now, <00:09:03.835>right? <00:09:03.836>And <00:09:03.838>what 00:09:03.839 --> 00:09:05.070 align:start position:0% <00:09:03.839>what <00:09:03.912>we <00:09:03.986>can <00:09:04.060>even <00:09:04.134>do <00:09:04.208>now, <00:09:04.282>right? <00:09:04.356>And <00:09:04.429>what <00:09:04.503>is <00:09:04.577>being <00:09:04.651>done <00:09:04.725>now <00:09:04.799>with <00:09:04.873>for <00:09:04.946>instance 00:09:05.070 --> 00:09:05.080 align:start position:0% <00:09:05.070>is <00:09:05.071>being <00:09:05.073>done <00:09:05.074>now <00:09:05.076>with <00:09:05.077>for <00:09:05.079>instance 00:09:05.080 --> 00:09:06.829 align:start position:0% <00:09:05.080>is <00:09:05.187>being <00:09:05.295>done <00:09:05.403>now <00:09:05.510>with <00:09:05.618>for <00:09:05.726>instance <00:09:05.833>Statistica, <00:09:05.941>which <00:09:06.049>is <00:09:06.156>sort <00:09:06.264>of <00:09:06.372>a <00:09:06.480>payment 00:09:06.829 --> 00:09:06.839 align:start position:0% <00:09:06.829>Statistica, <00:09:06.830>which <00:09:06.832>is <00:09:06.833>sort <00:09:06.835>of <00:09:06.836>a <00:09:06.838>payment 00:09:06.839 --> 00:09:08.590 align:start position:0% <00:09:06.839>Statistica, <00:09:06.946>which <00:09:07.054>is <00:09:07.162>sort <00:09:07.269>of <00:09:07.377>a <00:09:07.485>payment <00:09:07.592>wall <00:09:07.700>to <00:09:07.808>give <00:09:07.915>you <00:09:08.023>certain <00:09:08.131>economic <00:09:08.239>data, 00:09:08.590 --> 00:09:08.600 align:start position:0% <00:09:08.590>wall <00:09:08.591>to <00:09:08.593>give <00:09:08.594>you <00:09:08.596>certain <00:09:08.597>economic <00:09:08.599>data, 00:09:08.600 --> 00:09:11.150 align:start position:0% <00:09:08.600>wall <00:09:08.693>to <00:09:08.786>give <00:09:08.880>you <00:09:08.973>certain <00:09:09.066>economic <00:09:09.160>data, <00:09:09.253>right? <00:09:09.346>Is <00:09:09.440>you <00:09:09.533>are <00:09:09.626>able <00:09:09.720>to <00:09:09.813>go <00:09:09.906>in <00:09:10.000>and 00:09:11.150 --> 00:09:11.160 align:start position:0% <00:09:11.150>right? <00:09:11.151>Is <00:09:11.152>you <00:09:11.153>are <00:09:11.154>able <00:09:11.155>to <00:09:11.156>go <00:09:11.157>in <00:09:11.159>and 00:09:11.160 --> 00:09:13.590 align:start position:0% <00:09:11.160>right? <00:09:11.287>Is <00:09:11.414>you <00:09:11.541>are <00:09:11.669>able <00:09:11.796>to <00:09:11.923>go <00:09:12.050>in <00:09:12.178>and <00:09:12.305>actually <00:09:12.432>put <00:09:12.560>some 00:09:13.590 --> 00:09:13.600 align:start position:0% <00:09:13.590>actually <00:09:13.594>put <00:09:13.599>some 00:09:13.600 --> 00:09:16.990 align:start position:0% <00:09:13.600>actually <00:09:13.755>put <00:09:13.911>some <00:09:14.066>some <00:09:14.222>some <00:09:14.377>level <00:09:14.533>of <00:09:14.688>certainty <00:09:14.844>of <00:09:15.000>the 00:09:16.990 --> 00:09:17.000 align:start position:0% <00:09:16.990>some <00:09:16.991>some <00:09:16.993>level <00:09:16.994>of <00:09:16.996>certainty <00:09:16.997>of <00:09:16.999>the 00:09:17.000 --> 00:09:18.870 align:start position:0% <00:09:17.000>some <00:09:17.107>some <00:09:17.215>level <00:09:17.323>of <00:09:17.430>certainty <00:09:17.538>of <00:09:17.646>the <00:09:17.753>accuracy <00:09:17.861>of <00:09:17.969>the <00:09:18.076>data. <00:09:18.184>Because <00:09:18.292>you <00:09:18.400>have 00:09:18.870 --> 00:09:18.880 align:start position:0% <00:09:18.870>accuracy <00:09:18.871>of <00:09:18.873>the <00:09:18.874>data. <00:09:18.876>Because <00:09:18.877>you <00:09:18.879>have 00:09:18.880 --> 00:09:20.670 align:start position:0% <00:09:18.880>accuracy <00:09:18.980>of <00:09:19.080>the <00:09:19.180>data. <00:09:19.280>Because <00:09:19.380>you <00:09:19.480>have <00:09:19.580>to <00:09:19.680>remember <00:09:19.780>you <00:09:19.880>cannot <00:09:19.980>in <00:09:20.080>many <00:09:20.180>cases <00:09:20.280>you 00:09:20.670 --> 00:09:20.680 align:start position:0% <00:09:20.670>to <00:09:20.671>remember <00:09:20.672>you <00:09:20.673>cannot <00:09:20.675>in <00:09:20.676>many <00:09:20.677>cases <00:09:20.679>you 00:09:20.680 --> 00:09:22.350 align:start position:0% <00:09:20.680>to <00:09:20.780>remember <00:09:20.880>you <00:09:20.979>cannot <00:09:21.079>in <00:09:21.180>many <00:09:21.280>cases <00:09:21.380>you <00:09:21.479>cannot <00:09:21.579>expose <00:09:21.680>the <00:09:21.780>core <00:09:21.880>of <00:09:21.979>the <00:09:22.079>data 00:09:22.350 --> 00:09:22.360 align:start position:0% <00:09:22.350>cannot <00:09:22.351>expose <00:09:22.353>the <00:09:22.354>core <00:09:22.356>of <00:09:22.357>the <00:09:22.359>data 00:09:22.360 --> 00:09:23.310 align:start position:0% <00:09:22.360>cannot <00:09:22.431>expose <00:09:22.502>the <00:09:22.573>core <00:09:22.645>of <00:09:22.716>the <00:09:22.787>data <00:09:22.858>because <00:09:22.930>then <00:09:23.001>you <00:09:23.072>breach <00:09:23.143>with <00:09:23.214>the 00:09:23.310 --> 00:09:23.320 align:start position:0% <00:09:23.310>because <00:09:23.311>then <00:09:23.313>you <00:09:23.315>breach <00:09:23.317>with <00:09:23.319>the 00:09:23.320 --> 00:09:25.350 align:start position:0% <00:09:23.320>because <00:09:23.447>then <00:09:23.574>you <00:09:23.701>breach <00:09:23.829>with <00:09:23.956>the <00:09:24.083>regulation, <00:09:24.210>right? <00:09:24.338>You <00:09:24.465>can <00:09:24.592>only <00:09:24.720>expose 00:09:25.350 --> 00:09:25.360 align:start position:0% <00:09:25.350>regulation, <00:09:25.351>right? <00:09:25.353>You <00:09:25.355>can <00:09:25.357>only <00:09:25.359>expose 00:09:25.360 --> 00:09:27.670 align:start position:0% <00:09:25.360>regulation, <00:09:25.467>right? <00:09:25.575>You <00:09:25.683>can <00:09:25.790>only <00:09:25.898>expose <00:09:26.006>the <00:09:26.113>output <00:09:26.221>of <00:09:26.329>the <00:09:26.436>data. <00:09:26.544>But, <00:09:26.652>then <00:09:26.760>you 00:09:27.670 --> 00:09:27.680 align:start position:0% <00:09:27.670>the <00:09:27.671>output <00:09:27.672>of <00:09:27.673>the <00:09:27.675>data. <00:09:27.676>But, <00:09:27.677>then <00:09:27.679>you 00:09:27.680 --> 00:09:29.310 align:start position:0% <00:09:27.680>the <00:09:27.773>output <00:09:27.866>of <00:09:27.959>the <00:09:28.053>data. <00:09:28.146>But, <00:09:28.239>then <00:09:28.333>you <00:09:28.426>have <00:09:28.520>to <00:09:28.613>need <00:09:28.706>to <00:09:28.800>trust <00:09:28.893>it. <00:09:28.986>And <00:09:29.079>that's 00:09:29.310 --> 00:09:29.320 align:start position:0% <00:09:29.310>have <00:09:29.311>to <00:09:29.312>need <00:09:29.313>to <00:09:29.315>trust <00:09:29.316>it. <00:09:29.317>And <00:09:29.319>that's 00:09:29.320 --> 00:09:30.990 align:start position:0% <00:09:29.320>have <00:09:29.427>to <00:09:29.535>need <00:09:29.643>to <00:09:29.750>trust <00:09:29.858>it. <00:09:29.966>And <00:09:30.073>that's <00:09:30.181>where <00:09:30.289>we <00:09:30.396>can <00:09:30.504>then <00:09:30.612>use <00:09:30.720>zero-knowledge 00:09:30.990 --> 00:09:31.000 align:start position:0% <00:09:30.990>where <00:09:30.991>we <00:09:30.993>can <00:09:30.995>then <00:09:30.997>use <00:09:30.999>zero-knowledge 00:09:31.000 --> 00:09:33.630 align:start position:0% <00:09:31.000>where <00:09:31.116>we <00:09:31.233>can <00:09:31.350>then <00:09:31.466>use <00:09:31.583>zero-knowledge <00:09:31.700>proof <00:09:31.816>and <00:09:31.933>other <00:09:32.050>types <00:09:32.166>of <00:09:32.283>technology <00:09:32.400>to 00:09:33.630 --> 00:09:33.640 align:start position:0% <00:09:33.630>proof <00:09:33.631>and <00:09:33.633>other <00:09:33.634>types <00:09:33.636>of <00:09:33.637>technology <00:09:33.639>to 00:09:33.640 --> 00:09:35.750 align:start position:0% <00:09:33.640>proof <00:09:33.740>and <00:09:33.840>other <00:09:33.939>types <00:09:34.040>of <00:09:34.140>technology <00:09:34.240>to <00:09:34.340>ensure <00:09:34.439>that <00:09:34.540>we <00:09:34.640>can <00:09:34.740>anchor <00:09:34.840>that <00:09:34.939>and <00:09:35.040>we 00:09:35.750 --> 00:09:35.760 align:start position:0% <00:09:35.750>ensure <00:09:35.751>that <00:09:35.752>we <00:09:35.753>can <00:09:35.755>anchor <00:09:35.756>that <00:09:35.757>and <00:09:35.759>we 00:09:35.760 --> 00:09:37.670 align:start position:0% <00:09:35.760>ensure <00:09:35.853>that <00:09:35.946>we <00:09:36.040>can <00:09:36.133>anchor <00:09:36.226>that <00:09:36.319>and <00:09:36.413>we <00:09:36.506>can <00:09:36.600>uh <00:09:36.693>basically <00:09:36.786>put <00:09:36.880>that <00:09:36.973>on <00:09:37.066>a <00:09:37.160>gradient, 00:09:37.670 --> 00:09:37.680 align:start position:0% <00:09:37.670>can <00:09:37.671>uh <00:09:37.672>basically <00:09:37.673>put <00:09:37.675>that <00:09:37.676>on <00:09:37.677>a <00:09:37.679>gradient, 00:09:37.680 --> 00:09:39.750 align:start position:0% <00:09:37.680>can <00:09:37.773>uh <00:09:37.866>basically <00:09:37.959>put <00:09:38.053>that <00:09:38.146>on <00:09:38.239>a <00:09:38.333>gradient, <00:09:38.426>how <00:09:38.520>much <00:09:38.613>can <00:09:38.706>you <00:09:38.800>actually <00:09:38.893>trust <00:09:38.986>that <00:09:39.079>the 00:09:39.750 --> 00:09:39.760 align:start position:0% <00:09:39.750>how <00:09:39.751>much <00:09:39.752>can <00:09:39.753>you <00:09:39.755>actually <00:09:39.756>trust <00:09:39.757>that <00:09:39.759>the 00:09:39.760 --> 00:09:42.150 align:start position:0% <00:09:39.760>how <00:09:39.860>much <00:09:39.960>can <00:09:40.060>you <00:09:40.160>actually <00:09:40.260>trust <00:09:40.360>that <00:09:40.460>the <00:09:40.560>data <00:09:40.660>we <00:09:40.760>are <00:09:40.860>taking <00:09:40.960>these <00:09:41.060>decisions <00:09:41.160>on 00:09:42.150 --> 00:09:42.160 align:start position:0% <00:09:42.150>data <00:09:42.151>we <00:09:42.153>are <00:09:42.154>taking <00:09:42.156>these <00:09:42.157>decisions <00:09:42.159>on 00:09:42.160 --> 00:09:44.990 align:start position:0% <00:09:42.160>data <00:09:42.276>we <00:09:42.393>are <00:09:42.510>taking <00:09:42.626>these <00:09:42.743>decisions <00:09:42.860>on <00:09:42.976>are <00:09:43.093>attested <00:09:43.209>and <00:09:43.326>maintained <00:09:43.443>and <00:09:43.560>correct, 00:09:44.990 --> 00:09:45.000 align:start position:0% <00:09:44.990>are <00:09:44.991>attested <00:09:44.993>and <00:09:44.995>maintained <00:09:44.997>and <00:09:44.999>correct, 00:09:45.000 --> 00:09:46.830 align:start position:0% <00:09:45.000>are <00:09:45.100>attested <00:09:45.200>and <00:09:45.300>maintained <00:09:45.400>and <00:09:45.500>correct, <00:09:45.600>right? <00:09:45.700>And <00:09:45.800>then <00:09:45.900>you <00:09:46.000>can <00:09:46.100>go <00:09:46.200>one <00:09:46.300>step <00:09:46.400>even 00:09:46.830 --> 00:09:46.840 align:start position:0% <00:09:46.830>right? <00:09:46.831>And <00:09:46.832>then <00:09:46.833>you <00:09:46.834>can <00:09:46.835>go <00:09:46.836>one <00:09:46.837>step <00:09:46.839>even 00:09:46.840 --> 00:09:48.310 align:start position:0% <00:09:46.840>right? <00:09:46.934>And <00:09:47.029>then <00:09:47.123>you <00:09:47.218>can <00:09:47.312>go <00:09:47.407>one <00:09:47.501>step <00:09:47.596>even <00:09:47.690>further, <00:09:47.785>right? <00:09:47.879>That <00:09:47.973>you <00:09:48.068>can <00:09:48.163>deploy 00:09:48.310 --> 00:09:48.320 align:start position:0% <00:09:48.310>further, <00:09:48.311>right? <00:09:48.313>That <00:09:48.315>you <00:09:48.317>can <00:09:48.319>deploy 00:09:48.320 --> 00:09:50.270 align:start position:0% <00:09:48.320>further, <00:09:48.447>right? <00:09:48.574>That <00:09:48.701>you <00:09:48.829>can <00:09:48.956>deploy <00:09:49.083>training <00:09:49.210>models <00:09:49.338>in <00:09:49.465>these <00:09:49.592>type <00:09:49.720>of 00:09:50.270 --> 00:09:50.280 align:start position:0% <00:09:50.270>training <00:09:50.271>models <00:09:50.273>in <00:09:50.275>these <00:09:50.277>type <00:09:50.279>of 00:09:50.280 --> 00:09:51.990 align:start position:0% <00:09:50.280>training <00:09:50.396>models <00:09:50.513>in <00:09:50.630>these <00:09:50.746>type <00:09:50.863>of <00:09:50.980>systems, <00:09:51.096>which <00:09:51.213>means <00:09:51.329>that <00:09:51.446>your <00:09:51.563>model <00:09:51.680>is 00:09:51.990 --> 00:09:52.000 align:start position:0% <00:09:51.990>systems, <00:09:51.991>which <00:09:51.993>means <00:09:51.994>that <00:09:51.996>your <00:09:51.997>model <00:09:51.999>is 00:09:52.000 --> 00:09:54.830 align:start position:0% <00:09:52.000>systems, <00:09:52.107>which <00:09:52.215>means <00:09:52.323>that <00:09:52.430>your <00:09:52.538>model <00:09:52.646>is <00:09:52.753>now <00:09:52.861>trained <00:09:52.969>on <00:09:53.076>verified <00:09:53.184>data <00:09:53.292>compared <00:09:53.400>to 00:09:54.830 --> 00:09:54.840 align:start position:0% <00:09:54.830>now <00:09:54.831>trained <00:09:54.833>on <00:09:54.834>verified <00:09:54.836>data <00:09:54.837>compared <00:09:54.839>to 00:09:54.840 --> 00:09:56.670 align:start position:0% <00:09:54.840>now <00:09:54.967>trained <00:09:55.094>on <00:09:55.221>verified <00:09:55.349>data <00:09:55.476>compared <00:09:55.603>to <00:09:55.730>trained <00:09:55.858>on <00:09:55.985>non-verified <00:09:56.112>data, <00:09:56.240>which 00:09:56.670 --> 00:09:56.680 align:start position:0% <00:09:56.670>trained <00:09:56.672>on <00:09:56.674>non-verified <00:09:56.676>data, <00:09:56.679>which 00:09:56.680 --> 00:09:59.230 align:start position:0% <00:09:56.680>trained <00:09:56.819>on <00:09:56.959>non-verified <00:09:57.099>data, <00:09:57.239>which <00:09:57.380>basically <00:09:57.520>ensures <00:09:57.660>the <00:09:57.800>accuracy <00:09:57.939>of <00:09:58.079>our 00:09:59.230 --> 00:09:59.240 align:start position:0% <00:09:59.230>basically <00:09:59.231>ensures <00:09:59.233>the <00:09:59.235>accuracy <00:09:59.237>of <00:09:59.239>our 00:09:59.240 --> 00:09:59.830 align:start position:0% <00:09:59.240>basically <00:09:59.328>ensures <00:09:59.417>the <00:09:59.505>accuracy <00:09:59.594>of <00:09:59.682>our <00:09:59.771>modeling. 00:09:59.830 --> 00:09:59.840 align:start position:0% modeling. 00:09:59.840 --> 00:10:01.590 align:start position:0% <00:09:59.840>modeling. <00:10:00.015>>> <00:10:00.190>I <00:10:00.365>totally <00:10:00.540>agree. <00:10:00.715>Like <00:10:00.890>the <00:10:01.065>the <00:10:01.240>issue 00:10:01.590 --> 00:10:01.600 align:start position:0% <00:10:01.590>>> <00:10:01.591>I <00:10:01.592>totally <00:10:01.593>agree. <00:10:01.595>Like <00:10:01.596>the <00:10:01.597>the <00:10:01.599>issue 00:10:01.600 --> 00:10:03.790 align:start position:0% <00:10:01.600>>> <00:10:01.700>I <00:10:01.800>totally <00:10:01.900>agree. <00:10:02.000>Like <00:10:02.100>the <00:10:02.200>the <00:10:02.300>issue <00:10:02.400>actually <00:10:02.500>is <00:10:02.600>at <00:10:02.700>the <00:10:02.800>legal <00:10:02.900>level, <00:10:03.000>because 00:10:03.790 --> 00:10:03.800 align:start position:0% <00:10:03.790>actually <00:10:03.791>is <00:10:03.793>at <00:10:03.794>the <00:10:03.795>legal <00:10:03.797>level, <00:10:03.799>because 00:10:03.800 --> 00:10:05.950 align:start position:0% <00:10:03.800>actually <00:10:03.887>is <00:10:03.974>at <00:10:04.062>the <00:10:04.150>legal <00:10:04.237>level, <00:10:04.324>because <00:10:04.412>you <00:10:04.500>can <00:10:04.587>have <00:10:04.675>the <00:10:04.762>data <00:10:04.849>of <00:10:04.937>who <00:10:05.025>did <00:10:05.112>it, <00:10:05.199>but 00:10:05.950 --> 00:10:05.960 align:start position:0% <00:10:05.950>you <00:10:05.951>can <00:10:05.952>have <00:10:05.953>the <00:10:05.954>data <00:10:05.955>of <00:10:05.956>who <00:10:05.957>did <00:10:05.958>it, <00:10:05.959>but 00:10:05.960 --> 00:10:07.630 align:start position:0% <00:10:05.960>you <00:10:06.047>can <00:10:06.135>have <00:10:06.222>the <00:10:06.310>data <00:10:06.397>of <00:10:06.485>who <00:10:06.572>did <00:10:06.660>it, <00:10:06.747>but <00:10:06.835>that <00:10:06.922>doesn't <00:10:07.010>mean <00:10:07.097>that <00:10:07.185>like <00:10:07.272>legally <00:10:07.360>that 00:10:07.630 --> 00:10:07.640 align:start position:0% <00:10:07.630>that <00:10:07.631>doesn't <00:10:07.633>mean <00:10:07.634>that <00:10:07.636>like <00:10:07.637>legally <00:10:07.639>that 00:10:07.640 --> 00:10:08.710 align:start position:0% <00:10:07.640>that <00:10:07.714>doesn't <00:10:07.788>mean <00:10:07.862>that <00:10:07.936>like <00:10:08.010>legally <00:10:08.084>that <00:10:08.158>person <00:10:08.232>is <00:10:08.306>the <00:10:08.380>one <00:10:08.454>that <00:10:08.528>will <00:10:08.603>be 00:10:08.710 --> 00:10:08.720 align:start position:0% <00:10:08.710>person <00:10:08.711>is <00:10:08.713>the <00:10:08.714>one <00:10:08.716>that <00:10:08.717>will <00:10:08.719>be 00:10:08.720 --> 00:10:10.670 align:start position:0% <00:10:08.720>person <00:10:08.827>is <00:10:08.935>the <00:10:09.043>one <00:10:09.150>that <00:10:09.258>will <00:10:09.366>be <00:10:09.473>responsible. <00:10:09.581>Let <00:10:09.689>me <00:10:09.796>explain. <00:10:09.904>So, <00:10:10.012>if <00:10:10.120>you 00:10:10.670 --> 00:10:10.680 align:start position:0% <00:10:10.670>responsible. <00:10:10.671>Let <00:10:10.673>me <00:10:10.674>explain. <00:10:10.675>So, <00:10:10.677>if <00:10:10.679>you 00:10:10.680 --> 00:10:12.590 align:start position:0% <00:10:10.680>responsible. <00:10:10.773>Let <00:10:10.866>me <00:10:10.959>explain. <00:10:11.053>So, <00:10:11.146>if <00:10:11.239>you <00:10:11.333>have <00:10:11.426>agent <00:10:11.520>A <00:10:11.613>and <00:10:11.706>B, <00:10:11.800>and <00:10:11.893>I <00:10:11.986>have <00:10:12.079>a 00:10:12.590 --> 00:10:12.600 align:start position:0% <00:10:12.590>have <00:10:12.591>agent <00:10:12.592>A <00:10:12.593>and <00:10:12.594>B, <00:10:12.595>and <00:10:12.596>I <00:10:12.597>have <00:10:12.599>a 00:10:12.600 --> 00:10:14.470 align:start position:0% <00:10:12.600>have <00:10:12.700>agent <00:10:12.800>A <00:10:12.900>and <00:10:13.000>B, <00:10:13.100>and <00:10:13.200>I <00:10:13.300>have <00:10:13.400>a <00:10:13.500>contract <00:10:13.600>with <00:10:13.700>the <00:10:13.800>company <00:10:13.900>that <00:10:14.000>deployed 00:10:14.470 --> 00:10:14.480 align:start position:0% <00:10:14.470>contract <00:10:14.471>with <00:10:14.473>the <00:10:14.475>company <00:10:14.477>that <00:10:14.479>deployed 00:10:14.480 --> 00:10:16.750 align:start position:0% <00:10:14.480>contract <00:10:14.580>with <00:10:14.680>the <00:10:14.780>company <00:10:14.880>that <00:10:14.980>deployed <00:10:15.080>agent <00:10:15.180>A, <00:10:15.280>I <00:10:15.380>have <00:10:15.480>a <00:10:15.580>contract <00:10:15.680>with <00:10:15.780>A, <00:10:15.880>but 00:10:16.750 --> 00:10:16.760 align:start position:0% <00:10:16.750>agent <00:10:16.751>A, <00:10:16.752>I <00:10:16.753>have <00:10:16.754>a <00:10:16.755>contract <00:10:16.756>with <00:10:16.757>A, <00:10:16.759>but 00:10:16.760 --> 00:10:18.590 align:start position:0% <00:10:16.760>agent <00:10:16.847>A, <00:10:16.935>I <00:10:17.022>have <00:10:17.110>a <00:10:17.197>contract <00:10:17.285>with <00:10:17.372>A, <00:10:17.460>but <00:10:17.547>not <00:10:17.635>with <00:10:17.722>B, <00:10:17.810>which <00:10:17.897>means <00:10:17.985>that <00:10:18.072>the <00:10:18.160>only 00:10:18.590 --> 00:10:18.600 align:start position:0% <00:10:18.590>not <00:10:18.591>with <00:10:18.592>B, <00:10:18.593>which <00:10:18.595>means <00:10:18.596>that <00:10:18.597>the <00:10:18.599>only 00:10:18.600 --> 00:10:20.750 align:start position:0% <00:10:18.600>not <00:10:18.687>with <00:10:18.775>B, <00:10:18.862>which <00:10:18.950>means <00:10:19.037>that <00:10:19.125>the <00:10:19.212>only <00:10:19.300>way <00:10:19.387>that <00:10:19.475>I <00:10:19.562>can <00:10:19.650>claim <00:10:19.737>liability <00:10:19.825>over <00:10:19.912>B <00:10:20.000>is 00:10:20.750 --> 00:10:20.760 align:start position:0% <00:10:20.750>way <00:10:20.751>that <00:10:20.752>I <00:10:20.753>can <00:10:20.754>claim <00:10:20.755>liability <00:10:20.756>over <00:10:20.757>B <00:10:20.759>is 00:10:20.760 --> 00:10:23.030 align:start position:0% <00:10:20.760>way <00:10:20.847>that <00:10:20.935>I <00:10:21.022>can <00:10:21.110>claim <00:10:21.197>liability <00:10:21.285>over <00:10:21.372>B <00:10:21.460>is <00:10:21.547>with <00:10:21.635>torn. <00:10:21.722>But <00:10:21.810>as <00:10:21.897>I <00:10:21.985>just <00:10:22.072>explained, <00:10:22.160>if 00:10:23.030 --> 00:10:23.040 align:start position:0% <00:10:23.030>with <00:10:23.031>torn. <00:10:23.032>But <00:10:23.033>as <00:10:23.035>I <00:10:23.036>just <00:10:23.037>explained, <00:10:23.039>if 00:10:23.040 --> 00:10:25.590 align:start position:0% <00:10:23.040>with <00:10:23.133>torn. <00:10:23.226>But <00:10:23.319>as <00:10:23.413>I <00:10:23.506>just <00:10:23.599>explained, <00:10:23.693>if <00:10:23.786>unless <00:10:23.880>that <00:10:23.973>like <00:10:24.066>if <00:10:24.160>it's <00:10:24.253>just <00:10:24.346>a <00:10:24.439>damage 00:10:25.590 --> 00:10:25.600 align:start position:0% <00:10:25.590>unless <00:10:25.591>that <00:10:25.592>like <00:10:25.593>if <00:10:25.595>it's <00:10:25.596>just <00:10:25.597>a <00:10:25.599>damage 00:10:25.600 --> 00:10:27.390 align:start position:0% <00:10:25.600>unless <00:10:25.700>that <00:10:25.800>like <00:10:25.900>if <00:10:26.000>it's <00:10:26.100>just <00:10:26.200>a <00:10:26.300>damage <00:10:26.400>on <00:10:26.500>your <00:10:26.600>capital, <00:10:26.700>you <00:10:26.800>just <00:10:26.900>lost <00:10:27.000>money, 00:10:27.390 --> 00:10:27.400 align:start position:0% <00:10:27.390>on <00:10:27.391>your <00:10:27.393>capital, <00:10:27.394>you <00:10:27.396>just <00:10:27.397>lost <00:10:27.399>money, 00:10:27.400 --> 00:10:29.150 align:start position:0% <00:10:27.400>on <00:10:27.507>your <00:10:27.615>capital, <00:10:27.723>you <00:10:27.830>just <00:10:27.938>lost <00:10:28.046>money, <00:10:28.153>torn <00:10:28.261>doesn't <00:10:28.369>apply. <00:10:28.476>And <00:10:28.584>that's <00:10:28.692>the <00:10:28.800>only 00:10:29.150 --> 00:10:29.160 align:start position:0% <00:10:29.150>torn <00:10:29.151>doesn't <00:10:29.153>apply. <00:10:29.154>And <00:10:29.156>that's <00:10:29.157>the <00:10:29.159>only 00:10:29.160 --> 00:10:30.950 align:start position:0% <00:10:29.160>torn <00:10:29.260>doesn't <00:10:29.360>apply. <00:10:29.459>And <00:10:29.560>that's <00:10:29.660>the <00:10:29.760>only <00:10:29.860>route <00:10:29.959>that <00:10:30.060>you <00:10:30.160>have <00:10:30.260>under <00:10:30.360>German <00:10:30.459>law <00:10:30.560>to 00:10:30.950 --> 00:10:30.960 align:start position:0% <00:10:30.950>route <00:10:30.951>that <00:10:30.952>you <00:10:30.953>have <00:10:30.955>under <00:10:30.956>German <00:10:30.957>law <00:10:30.959>to 00:10:30.960 --> 00:10:32.750 align:start position:0% <00:10:30.960>route <00:10:31.060>that <00:10:31.160>you <00:10:31.260>have <00:10:31.360>under <00:10:31.460>German <00:10:31.560>law <00:10:31.660>to <00:10:31.760>actually <00:10:31.860>like <00:10:31.960>claim <00:10:32.060>it. <00:10:32.160>So, <00:10:32.260>there's <00:10:32.360>a 00:10:32.750 --> 00:10:32.760 align:start position:0% <00:10:32.750>actually <00:10:32.751>like <00:10:32.753>claim <00:10:32.754>it. <00:10:32.756>So, <00:10:32.757>there's <00:10:32.759>a 00:10:32.760 --> 00:10:34.590 align:start position:0% <00:10:32.760>actually <00:10:32.960>like <00:10:33.160>claim <00:10:33.360>it. <00:10:33.560>So, <00:10:33.760>there's <00:10:33.960>a <00:10:34.160>completely 00:10:34.590 --> 00:10:34.600 align:start position:0% completely 00:10:34.600 --> 00:10:36.590 align:start position:0% <00:10:34.600>completely <00:10:34.775>a <00:10:34.950>gap <00:10:35.125>at <00:10:35.300>the <00:10:35.475>regulatory <00:10:35.650>level, <00:10:35.825>which <00:10:36.000>at 00:10:36.590 --> 00:10:36.600 align:start position:0% <00:10:36.590>a <00:10:36.591>gap <00:10:36.592>at <00:10:36.593>the <00:10:36.595>regulatory <00:10:36.596>level, <00:10:36.597>which <00:10:36.599>at 00:10:36.600 --> 00:10:38.470 align:start position:0% <00:10:36.600>a <00:10:36.693>gap <00:10:36.786>at <00:10:36.880>the <00:10:36.973>regulatory <00:10:37.066>level, <00:10:37.160>which <00:10:37.253>at <00:10:37.346>the <00:10:37.440>end <00:10:37.533>of <00:10:37.626>the <00:10:37.720>day <00:10:37.813>will <00:10:37.906>impact <00:10:38.000>the 00:10:38.470 --> 00:10:38.480 align:start position:0% <00:10:38.470>the <00:10:38.471>end <00:10:38.472>of <00:10:38.473>the <00:10:38.475>day <00:10:38.476>will <00:10:38.477>impact <00:10:38.479>the 00:10:38.480 --> 00:10:40.110 align:start position:0% <00:10:38.480>the <00:10:38.580>end <00:10:38.680>of <00:10:38.780>the <00:10:38.880>day <00:10:38.980>will <00:10:39.080>impact <00:10:39.180>the <00:10:39.280>consumers. <00:10:39.380>And <00:10:39.480>you <00:10:39.580>know, <00:10:39.680>when <00:10:39.780>we <00:10:39.880>impact 00:10:40.110 --> 00:10:40.120 align:start position:0% <00:10:40.110>consumers. <00:10:40.111>And <00:10:40.113>you <00:10:40.114>know, <00:10:40.116>when <00:10:40.117>we <00:10:40.119>impact 00:10:40.120 --> 00:10:41.630 align:start position:0% <00:10:40.120>consumers. <00:10:40.224>And <00:10:40.329>you <00:10:40.433>know, <00:10:40.538>when <00:10:40.642>we <00:10:40.747>impact <00:10:40.851>consumers, <00:10:40.956>then <00:10:41.060>they <00:10:41.165>don't <00:10:41.269>want <00:10:41.374>to <00:10:41.479>test 00:10:41.630 --> 00:10:41.640 align:start position:0% <00:10:41.630>consumers, <00:10:41.631>then <00:10:41.633>they <00:10:41.634>don't <00:10:41.636>want <00:10:41.637>to <00:10:41.639>test 00:10:41.640 --> 00:10:43.110 align:start position:0% <00:10:41.640>consumers, <00:10:41.728>then <00:10:41.816>they <00:10:41.904>don't <00:10:41.992>want <00:10:42.081>to <00:10:42.169>test <00:10:42.257>it <00:10:42.345>again, <00:10:42.433>and <00:10:42.522>then <00:10:42.610>that <00:10:42.698>is <00:10:42.786>a <00:10:42.874>loss <00:10:42.963>for 00:10:43.110 --> 00:10:43.120 align:start position:0% <00:10:43.110>it <00:10:43.111>again, <00:10:43.112>and <00:10:43.113>then <00:10:43.114>that <00:10:43.115>is <00:10:43.116>a <00:10:43.117>loss <00:10:43.119>for 00:10:43.120 --> 00:10:45.110 align:start position:0% <00:10:43.120>it <00:10:43.220>again, <00:10:43.320>and <00:10:43.420>then <00:10:43.520>that <00:10:43.620>is <00:10:43.720>a <00:10:43.820>loss <00:10:43.920>for <00:10:44.020>everyone. <00:10:44.120>So, <00:10:44.220>that's <00:10:44.320>what <00:10:44.420>I <00:10:44.520>was 00:10:45.110 --> 00:10:45.120 align:start position:0% <00:10:45.110>everyone. <00:10:45.111>So, <00:10:45.113>that's <00:10:45.115>what <00:10:45.117>I <00:10:45.119>was 00:10:45.120 --> 00:10:46.829 align:start position:0% <00:10:45.120>everyone. <00:10:45.236>So, <00:10:45.353>that's <00:10:45.470>what <00:10:45.586>I <00:10:45.703>was <00:10:45.820>interesting <00:10:45.936>to <00:10:46.053>see <00:10:46.170>because <00:10:46.286>you <00:10:46.403>are <00:10:46.520>just 00:10:46.829 --> 00:10:46.839 align:start position:0% <00:10:46.829>interesting <00:10:46.830>to <00:10:46.832>see <00:10:46.833>because <00:10:46.834>you <00:10:46.836>are <00:10:46.838>just 00:10:46.839 --> 00:10:48.190 align:start position:0% <00:10:46.839>interesting <00:10:46.940>to <00:10:47.041>see <00:10:47.142>because <00:10:47.244>you <00:10:47.345>are <00:10:47.446>just <00:10:47.548>mentioning <00:10:47.649>like <00:10:47.750>everything <00:10:47.852>that <00:10:47.953>we <00:10:48.054>can 00:10:48.190 --> 00:10:48.200 align:start position:0% <00:10:48.190>mentioning <00:10:48.191>like <00:10:48.193>everything <00:10:48.195>that <00:10:48.197>we <00:10:48.199>can 00:10:48.200 --> 00:10:49.670 align:start position:0% <00:10:48.200>mentioning <00:10:48.310>like <00:10:48.420>everything <00:10:48.530>that <00:10:48.641>we <00:10:48.751>can <00:10:48.861>do <00:10:48.971>with <00:10:49.082>this <00:10:49.192>data, <00:10:49.302>and <00:10:49.412>I <00:10:49.522>completely 00:10:49.670 --> 00:10:49.680 align:start position:0% <00:10:49.670>do <00:10:49.671>with <00:10:49.673>this <00:10:49.674>data, <00:10:49.675>and <00:10:49.677>I <00:10:49.679>completely 00:10:49.680 --> 00:10:51.110 align:start position:0% <00:10:49.680>do <00:10:49.779>with <00:10:49.877>this <00:10:49.977>data, <00:10:50.076>and <00:10:50.175>I <00:10:50.274>completely <00:10:50.372>agree <00:10:50.472>with <00:10:50.571>you. <00:10:50.670>If <00:10:50.769>there <00:10:50.868>is <00:10:50.967>traceability 00:10:51.110 --> 00:10:51.120 align:start position:0% <00:10:51.110>agree <00:10:51.111>with <00:10:51.113>you. <00:10:51.114>If <00:10:51.116>there <00:10:51.117>is <00:10:51.119>traceability 00:10:51.120 --> 00:10:53.270 align:start position:0% <00:10:51.120>agree <00:10:51.213>with <00:10:51.306>you. <00:10:51.400>If <00:10:51.493>there <00:10:51.586>is <00:10:51.680>traceability <00:10:51.773>of <00:10:51.866>the <00:10:51.960>data, <00:10:52.053>we <00:10:52.146>can <00:10:52.240>trust <00:10:52.333>the <00:10:52.426>data, <00:10:52.520>we 00:10:53.270 --> 00:10:53.280 align:start position:0% <00:10:53.270>of <00:10:53.271>the <00:10:53.272>data, <00:10:53.273>we <00:10:53.274>can <00:10:53.275>trust <00:10:53.276>the <00:10:53.277>data, <00:10:53.279>we 00:10:53.280 --> 00:10:54.950 align:start position:0% <00:10:53.280>of <00:10:53.367>the <00:10:53.454>data, <00:10:53.542>we <00:10:53.630>can <00:10:53.717>trust <00:10:53.805>the <00:10:53.892>data, <00:10:53.980>we <00:10:54.067>have <00:10:54.155>like <00:10:54.242>the <00:10:54.329>identities <00:10:54.417>not <00:10:54.505>only <00:10:54.592>at <00:10:54.680>the 00:10:54.950 --> 00:10:54.960 align:start position:0% <00:10:54.950>have <00:10:54.951>like <00:10:54.952>the <00:10:54.953>identities <00:10:54.955>not <00:10:54.956>only <00:10:54.957>at <00:10:54.959>the 00:10:54.960 --> 00:10:56.790 align:start position:0% <00:10:54.960>have <00:10:55.047>like <00:10:55.135>the <00:10:55.222>identities <00:10:55.310>not <00:10:55.397>only <00:10:55.485>at <00:10:55.572>the <00:10:55.660>level <00:10:55.747>of <00:10:55.835>the <00:10:55.922>agent, <00:10:56.010>but <00:10:56.097>at <00:10:56.185>the <00:10:56.272>entity <00:10:56.360>as 00:10:56.790 --> 00:10:56.800 align:start position:0% <00:10:56.790>level <00:10:56.791>of <00:10:56.792>the <00:10:56.793>agent, <00:10:56.794>but <00:10:56.795>at <00:10:56.796>the <00:10:56.797>entity <00:10:56.799>as 00:10:56.800 --> 00:10:58.790 align:start position:0% <00:10:56.800>level <00:10:56.893>of <00:10:56.986>the <00:10:57.079>agent, <00:10:57.173>but <00:10:57.266>at <00:10:57.359>the <00:10:57.453>entity <00:10:57.546>as <00:10:57.640>well, <00:10:57.733>we <00:10:57.826>we <00:10:57.920>know <00:10:58.013>exactly <00:10:58.106>what <00:10:58.199>happened. 00:10:58.790 --> 00:10:58.800 align:start position:0% <00:10:58.790>well, <00:10:58.791>we <00:10:58.793>we <00:10:58.794>know <00:10:58.795>exactly <00:10:58.797>what <00:10:58.799>happened. 00:10:58.800 --> 00:11:00.670 align:start position:0% <00:10:58.800>well, <00:10:58.893>we <00:10:58.986>we <00:10:59.079>know <00:10:59.173>exactly <00:10:59.266>what <00:10:59.359>happened. <00:10:59.453>We <00:10:59.546>can <00:10:59.640>see <00:10:59.733>it. <00:10:59.826>So, <00:10:59.920>what <00:11:00.013>I <00:11:00.106>will <00:11:00.199>be 00:11:00.670 --> 00:11:00.680 align:start position:0% <00:11:00.670>We <00:11:00.671>can <00:11:00.672>see <00:11:00.673>it. <00:11:00.674>So, <00:11:00.675>what <00:11:00.676>I <00:11:00.677>will <00:11:00.679>be 00:11:00.680 --> 00:11:02.630 align:start position:0% <00:11:00.680>We <00:11:00.780>can <00:11:00.880>see <00:11:00.979>it. <00:11:01.079>So, <00:11:01.180>what <00:11:01.280>I <00:11:01.380>will <00:11:01.479>be <00:11:01.579>interested <00:11:01.680>in <00:11:01.780>just <00:11:01.880>like <00:11:01.979>maybe <00:11:02.079>pushing 00:11:02.630 --> 00:11:02.640 align:start position:0% <00:11:02.630>interested <00:11:02.631>in <00:11:02.633>just <00:11:02.635>like <00:11:02.637>maybe <00:11:02.639>pushing 00:11:02.640 --> 00:11:04.550 align:start position:0% <00:11:02.640>interested <00:11:02.756>in <00:11:02.873>just <00:11:02.990>like <00:11:03.106>maybe <00:11:03.223>pushing <00:11:03.340>forward <00:11:03.456>a <00:11:03.573>little <00:11:03.689>bit <00:11:03.806>more <00:11:03.923>the <00:11:04.040>industry 00:11:04.550 --> 00:11:04.560 align:start position:0% <00:11:04.550>forward <00:11:04.551>a <00:11:04.553>little <00:11:04.554>bit <00:11:04.555>more <00:11:04.557>the <00:11:04.559>industry 00:11:04.560 --> 00:11:06.430 align:start position:0% <00:11:04.560>forward <00:11:04.667>a <00:11:04.775>little <00:11:04.883>bit <00:11:04.990>more <00:11:05.098>the <00:11:05.206>industry <00:11:05.313>to <00:11:05.421>be <00:11:05.529>more <00:11:05.636>innovative <00:11:05.744>and <00:11:05.852>also <00:11:05.959>like 00:11:06.430 --> 00:11:06.440 align:start position:0% <00:11:06.430>to <00:11:06.431>be <00:11:06.433>more <00:11:06.434>innovative <00:11:06.436>and <00:11:06.437>also <00:11:06.439>like 00:11:06.440 --> 00:11:08.390 align:start position:0% <00:11:06.440>to <00:11:06.547>be <00:11:06.655>more <00:11:06.763>innovative <00:11:06.870>and <00:11:06.978>also <00:11:07.086>like <00:11:07.193>presented <00:11:07.301>this <00:11:07.409>as <00:11:07.516>a <00:11:07.624>solution <00:11:07.732>to <00:11:07.840>the 00:11:08.390 --> 00:11:08.400 align:start position:0% <00:11:08.390>presented <00:11:08.391>this <00:11:08.393>as <00:11:08.394>a <00:11:08.396>solution <00:11:08.397>to <00:11:08.399>the 00:11:08.400 --> 00:11:10.510 align:start position:0% <00:11:08.400>presented <00:11:08.527>this <00:11:08.654>as <00:11:08.781>a <00:11:08.909>solution <00:11:09.036>to <00:11:09.163>the <00:11:09.290>regulator <00:11:09.418>on <00:11:09.545>the <00:11:09.672>understanding <00:11:09.800>that 00:11:10.510 --> 00:11:10.520 align:start position:0% <00:11:10.510>regulator <00:11:10.512>on <00:11:10.514>the <00:11:10.516>understanding <00:11:10.519>that 00:11:10.520 --> 00:11:12.670 align:start position:0% <00:11:10.520>regulator <00:11:10.627>on <00:11:10.735>the <00:11:10.843>understanding <00:11:10.950>that <00:11:11.058>there <00:11:11.166>is <00:11:11.273>a <00:11:11.381>gap, <00:11:11.489>and <00:11:11.596>then <00:11:11.704>maybe <00:11:11.812>use <00:11:11.920>this 00:11:12.670 --> 00:11:12.680 align:start position:0% <00:11:12.670>there <00:11:12.671>is <00:11:12.672>a <00:11:12.673>gap, <00:11:12.674>and <00:11:12.675>then <00:11:12.676>maybe <00:11:12.677>use <00:11:12.679>this 00:11:12.680 --> 00:11:14.470 align:start position:0% <00:11:12.680>there <00:11:12.762>is <00:11:12.844>a <00:11:12.927>gap, <00:11:13.009>and <00:11:13.091>then <00:11:13.174>maybe <00:11:13.256>use <00:11:13.338>this <00:11:13.421>as <00:11:13.503>an <00:11:13.585>as <00:11:13.668>a <00:11:13.750>great <00:11:13.832>example <00:11:13.915>of <00:11:13.997>how <00:11:14.079>to 00:11:14.470 --> 00:11:14.480 align:start position:0% <00:11:14.470>as <00:11:14.471>an <00:11:14.472>as <00:11:14.473>a <00:11:14.474>great <00:11:14.475>example <00:11:14.476>of <00:11:14.477>how <00:11:14.479>to 00:11:14.480 --> 00:11:16.270 align:start position:0% <00:11:14.480>as <00:11:14.635>an <00:11:14.791>as <00:11:14.946>a <00:11:15.102>great <00:11:15.257>example <00:11:15.413>of <00:11:15.568>how <00:11:15.724>to <00:11:15.880>implement 00:11:16.270 --> 00:11:16.280 align:start position:0% implement 00:11:16.280 --> 00:11:19.030 align:start position:0% <00:11:16.280>implement <00:11:16.480>a <00:11:16.680>smart <00:11:16.880>contract <00:11:17.079>that <00:11:17.280>can <00:11:17.480>allocate <00:11:17.680>a 00:11:19.030 --> 00:11:19.040 align:start position:0% <00:11:19.030>a <00:11:19.031>smart <00:11:19.033>contract <00:11:19.034>that <00:11:19.036>can <00:11:19.037>allocate <00:11:19.039>a 00:11:19.040 --> 00:11:22.510 align:start position:0% <00:11:19.040>a <00:11:19.195>smart <00:11:19.351>contract <00:11:19.506>that <00:11:19.662>can <00:11:19.817>allocate <00:11:19.973>a <00:11:20.128>pool <00:11:20.284>of <00:11:20.439>collateralized 00:11:22.510 --> 00:11:22.520 align:start position:0% <00:11:22.510>pool <00:11:22.514>of <00:11:22.519>collateralized 00:11:22.520 --> 00:11:25.310 align:start position:0% <00:11:22.520>pool <00:11:22.647>of <00:11:22.774>collateralized <00:11:22.901>money <00:11:23.029>that <00:11:23.156>has <00:11:23.283>been <00:11:23.410>put <00:11:23.538>there <00:11:23.665>by <00:11:23.792>the <00:11:23.920>one 00:11:25.310 --> 00:11:25.320 align:start position:0% <00:11:25.310>money <00:11:25.311>that <00:11:25.312>has <00:11:25.313>been <00:11:25.314>put <00:11:25.315>there <00:11:25.316>by <00:11:25.317>the <00:11:25.319>one 00:11:25.320 --> 00:11:27.550 align:start position:0% <00:11:25.320>money <00:11:25.413>that <00:11:25.506>has <00:11:25.600>been <00:11:25.693>put <00:11:25.786>there <00:11:25.880>by <00:11:25.973>the <00:11:26.066>one <00:11:26.160>that <00:11:26.253>deployed <00:11:26.346>the <00:11:26.440>agent <00:11:26.533>in <00:11:26.626>order <00:11:26.720>to 00:11:27.550 --> 00:11:27.560 align:start position:0% <00:11:27.550>that <00:11:27.551>deployed <00:11:27.553>the <00:11:27.554>agent <00:11:27.555>in <00:11:27.557>order <00:11:27.559>to 00:11:27.560 --> 00:11:29.470 align:start position:0% <00:11:27.560>that <00:11:27.676>deployed <00:11:27.793>the <00:11:27.910>agent <00:11:28.026>in <00:11:28.143>order <00:11:28.260>to <00:11:28.376>protect <00:11:28.493>consumers <00:11:28.609>in <00:11:28.726>case <00:11:28.843>that <00:11:28.959>something 00:11:29.470 --> 00:11:29.480 align:start position:0% <00:11:29.470>protect <00:11:29.471>consumers <00:11:29.473>in <00:11:29.475>case <00:11:29.477>that <00:11:29.479>something 00:11:29.480 --> 00:11:31.510 align:start position:0% <00:11:29.480>protect <00:11:29.596>consumers <00:11:29.713>in <00:11:29.830>case <00:11:29.946>that <00:11:30.063>something <00:11:30.180>happened. <00:11:30.296>Of <00:11:30.413>course, <00:11:30.530>that <00:11:30.646>will <00:11:30.763>need <00:11:30.880>like 00:11:31.510 --> 00:11:31.520 align:start position:0% <00:11:31.510>happened. <00:11:31.511>Of <00:11:31.513>course, <00:11:31.514>that <00:11:31.516>will <00:11:31.517>need <00:11:31.519>like 00:11:31.520 --> 00:11:33.990 align:start position:0% <00:11:31.520>happened. <00:11:31.627>Of <00:11:31.735>course, <00:11:31.843>that <00:11:31.950>will <00:11:32.058>need <00:11:32.166>like <00:11:32.273>a <00:11:32.381>console <00:11:32.489>that <00:11:32.596>determines <00:11:32.704>who <00:11:32.812>was <00:11:32.920>liable 00:11:33.990 --> 00:11:34.000 align:start position:0% <00:11:33.990>a <00:11:33.991>console <00:11:33.993>that <00:11:33.994>determines <00:11:33.996>who <00:11:33.997>was <00:11:33.999>liable 00:11:34.000 --> 00:11:35.830 align:start position:0% <00:11:34.000>a <00:11:34.093>console <00:11:34.186>that <00:11:34.280>determines <00:11:34.373>who <00:11:34.466>was <00:11:34.560>liable <00:11:34.653>and <00:11:34.746>at <00:11:34.840>what <00:11:34.933>point, <00:11:35.026>but <00:11:35.120>that <00:11:35.213>can <00:11:35.306>be <00:11:35.400>done 00:11:35.830 --> 00:11:35.840 align:start position:0% <00:11:35.830>and <00:11:35.831>at <00:11:35.832>what <00:11:35.833>point, <00:11:35.834>but <00:11:35.835>that <00:11:35.836>can <00:11:35.837>be <00:11:35.839>done 00:11:35.840 --> 00:11:38.830 align:start position:0% <00:11:35.840>and <00:11:35.922>at <00:11:36.004>what <00:11:36.087>point, <00:11:36.169>but <00:11:36.251>that <00:11:36.334>can <00:11:36.416>be <00:11:36.498>done <00:11:36.581>with <00:11:36.663>your <00:11:36.745>data. <00:11:36.828>But <00:11:36.910>also <00:11:36.992>we <00:11:37.075>we <00:11:37.157>go <00:11:37.240>one 00:11:38.830 --> 00:11:38.840 align:start position:0% <00:11:38.830>with <00:11:38.831>your <00:11:38.832>data. <00:11:38.833>But <00:11:38.834>also <00:11:38.835>we <00:11:38.836>we <00:11:38.837>go <00:11:38.839>one 00:11:38.840 --> 00:11:40.390 align:start position:0% <00:11:38.840>with <00:11:38.933>your <00:11:39.026>data. <00:11:39.119>But <00:11:39.212>also <00:11:39.305>we <00:11:39.398>we <00:11:39.491>go <00:11:39.584>one <00:11:39.677>step <00:11:39.770>forward <00:11:39.863>in <00:11:39.956>the <00:11:40.049>in <00:11:40.141>the <00:11:40.235>innovative 00:11:40.390 --> 00:11:40.400 align:start position:0% <00:11:40.390>step <00:11:40.391>forward <00:11:40.393>in <00:11:40.394>the <00:11:40.396>in <00:11:40.397>the <00:11:40.399>innovative 00:11:40.400 --> 00:11:41.230 align:start position:0% <00:11:40.400>step <00:11:40.506>forward <00:11:40.613>in <00:11:40.720>the <00:11:40.826>in <00:11:40.933>the <00:11:41.040>innovative <00:11:41.147>path. 00:11:41.230 --> 00:11:41.240 align:start position:0% path. 00:11:41.240 --> 00:11:42.550 align:start position:0% <00:11:41.240>path. <00:11:41.371>>> <00:11:41.502>But <00:11:41.633>I <00:11:41.764>think <00:11:41.895>you're <00:11:42.026>becoming <00:11:42.156>a <00:11:42.288>little <00:11:42.419>bit 00:11:42.550 --> 00:11:42.560 align:start position:0% <00:11:42.550>>> <00:11:42.551>But <00:11:42.552>I <00:11:42.553>think <00:11:42.554>you're <00:11:42.555>becoming <00:11:42.556>a <00:11:42.557>little <00:11:42.559>bit 00:11:42.560 --> 00:11:43.870 align:start position:0% <00:11:42.560>>> <00:11:42.667>But <00:11:42.774>I <00:11:42.881>think <00:11:42.988>you're <00:11:43.095>becoming <00:11:43.203>a <00:11:43.310>little <00:11:43.417>bit <00:11:43.524>too <00:11:43.631>German, <00:11:43.739>huh? 00:11:43.870 --> 00:11:43.880 align:start position:0% <00:11:43.870>too <00:11:43.874>German, <00:11:43.879>huh? 00:11:43.880 --> 00:11:46.070 align:start position:0% <00:11:43.880>too <00:11:44.020>German, <00:11:44.160>huh? <00:11:44.300>Um <00:11:44.439>I <00:11:44.580>I <00:11:44.720>know <00:11:44.860>we <00:11:45.000>aren't <00:11:45.140>Germany, <00:11:45.280>right? 00:11:46.070 --> 00:11:46.080 align:start position:0% <00:11:46.070>Um <00:11:46.071>I <00:11:46.072>I <00:11:46.073>know <00:11:46.075>we <00:11:46.076>aren't <00:11:46.077>Germany, <00:11:46.079>right? 00:11:46.080 --> 00:11:47.310 align:start position:0% <00:11:46.080>Um <00:11:46.159>I <00:11:46.238>I <00:11:46.317>know <00:11:46.396>we <00:11:46.475>aren't <00:11:46.554>Germany, <00:11:46.633>right? <00:11:46.712>But <00:11:46.791>I <00:11:46.870>mean, <00:11:46.949>what's <00:11:47.028>really <00:11:47.107>happening <00:11:47.186>in 00:11:47.310 --> 00:11:47.320 align:start position:0% <00:11:47.310>But <00:11:47.311>I <00:11:47.313>mean, <00:11:47.314>what's <00:11:47.316>really <00:11:47.317>happening <00:11:47.319>in 00:11:47.320 --> 00:11:48.950 align:start position:0% <00:11:47.320>But <00:11:47.427>I <00:11:47.535>mean, <00:11:47.643>what's <00:11:47.750>really <00:11:47.858>happening <00:11:47.966>in <00:11:48.073>the <00:11:48.181>European <00:11:48.289>Union <00:11:48.396>right <00:11:48.504>now <00:11:48.612>is <00:11:48.720>we're 00:11:48.950 --> 00:11:48.960 align:start position:0% <00:11:48.950>the <00:11:48.951>European <00:11:48.953>Union <00:11:48.954>right <00:11:48.956>now <00:11:48.957>is <00:11:48.959>we're 00:11:48.960 --> 00:11:51.070 align:start position:0% <00:11:48.960>the <00:11:49.067>European <00:11:49.175>Union <00:11:49.283>right <00:11:49.390>now <00:11:49.498>is <00:11:49.606>we're <00:11:49.713>trying <00:11:49.821>to <00:11:49.929>protect <00:11:50.036>the <00:11:50.144>European <00:11:50.252>Union <00:11:50.360>so 00:11:51.070 --> 00:11:51.080 align:start position:0% <00:11:51.070>trying <00:11:51.071>to <00:11:51.073>protect <00:11:51.074>the <00:11:51.076>European <00:11:51.077>Union <00:11:51.079>so 00:11:51.080 --> 00:11:53.950 align:start position:0% <00:11:51.080>trying <00:11:51.187>to <00:11:51.295>protect <00:11:51.403>the <00:11:51.510>European <00:11:51.618>Union <00:11:51.726>so <00:11:51.833>much <00:11:51.941>by <00:11:52.049>restriction <00:11:52.156>and <00:11:52.264>and <00:11:52.372>putting <00:11:52.480>in 00:11:53.950 --> 00:11:53.960 align:start position:0% <00:11:53.950>much <00:11:53.951>by <00:11:53.953>restriction <00:11:53.954>and <00:11:53.956>and <00:11:53.957>putting <00:11:53.959>in 00:11:53.960 --> 00:11:55.870 align:start position:0% <00:11:53.960>much <00:11:54.060>by <00:11:54.160>restriction <00:11:54.260>and <00:11:54.360>and <00:11:54.460>putting <00:11:54.560>in <00:11:54.660>policies <00:11:54.760>and <00:11:54.860>how <00:11:54.960>to <00:11:55.060>restrict <00:11:55.160>how <00:11:55.260>we <00:11:55.360>use 00:11:55.870 --> 00:11:55.880 align:start position:0% <00:11:55.870>policies <00:11:55.871>and <00:11:55.872>how <00:11:55.873>to <00:11:55.875>restrict <00:11:55.876>how <00:11:55.877>we <00:11:55.879>use 00:11:55.880 --> 00:11:57.950 align:start position:0% <00:11:55.880>policies <00:11:55.996>and <00:11:56.113>how <00:11:56.230>to <00:11:56.346>restrict <00:11:56.463>how <00:11:56.580>we <00:11:56.696>use <00:11:56.813>technology <00:11:56.930>instead <00:11:57.046>of <00:11:57.163>actually <00:11:57.280>thinking 00:11:57.950 --> 00:11:57.960 align:start position:0% <00:11:57.950>technology <00:11:57.952>instead <00:11:57.954>of <00:11:57.956>actually <00:11:57.959>thinking 00:11:57.960 --> 00:11:59.630 align:start position:0% <00:11:57.960>technology <00:11:58.067>instead <00:11:58.175>of <00:11:58.283>actually <00:11:58.390>thinking <00:11:58.498>about <00:11:58.606>how <00:11:58.713>do <00:11:58.821>we <00:11:58.929>innovate <00:11:59.036>and <00:11:59.144>how <00:11:59.252>do <00:11:59.360>we 00:11:59.630 --> 00:11:59.640 align:start position:0% <00:11:59.630>about <00:11:59.631>how <00:11:59.632>do <00:11:59.633>we <00:11:59.634>innovate <00:11:59.635>and <00:11:59.636>how <00:11:59.637>do <00:11:59.639>we 00:11:59.640 --> 00:12:02.870 align:start position:0% <00:11:59.640>about <00:11:59.733>how <00:11:59.826>do <00:11:59.920>we <00:12:00.013>innovate <00:12:00.106>and <00:12:00.199>how <00:12:00.293>do <00:12:00.386>we <00:12:00.480>actually <00:12:00.573>use <00:12:00.666>the <00:12:00.760>the <00:12:00.853>technology <00:12:00.946>for <00:12:01.040>the 00:12:02.870 --> 00:12:02.880 align:start position:0% <00:12:02.870>actually <00:12:02.871>use <00:12:02.873>the <00:12:02.874>the <00:12:02.876>technology <00:12:02.877>for <00:12:02.879>the 00:12:02.880 --> 00:12:05.030 align:start position:0% <00:12:02.880>actually <00:12:02.980>use <00:12:03.080>the <00:12:03.180>the <00:12:03.280>technology <00:12:03.380>for <00:12:03.480>the <00:12:03.580>greater <00:12:03.680>good <00:12:03.780>and <00:12:03.880>for <00:12:03.980>jobs <00:12:04.080>and <00:12:04.180>for <00:12:04.280>GDP 00:12:05.030 --> 00:12:05.040 align:start position:0% <00:12:05.030>greater <00:12:05.031>good <00:12:05.032>and <00:12:05.033>for <00:12:05.035>jobs <00:12:05.036>and <00:12:05.037>for <00:12:05.039>GDP 00:12:05.040 --> 00:12:07.630 align:start position:0% <00:12:05.040>greater <00:12:05.140>good <00:12:05.240>and <00:12:05.339>for <00:12:05.439>jobs <00:12:05.540>and <00:12:05.640>for <00:12:05.740>GDP <00:12:05.839>growth <00:12:05.939>around, <00:12:06.040>right? <00:12:06.140>And <00:12:06.240>we <00:12:06.339>are <00:12:06.439>really 00:12:07.630 --> 00:12:07.640 align:start position:0% <00:12:07.630>growth <00:12:07.631>around, <00:12:07.633>right? <00:12:07.634>And <00:12:07.636>we <00:12:07.637>are <00:12:07.639>really 00:12:07.640 --> 00:12:09.550 align:start position:0% <00:12:07.640>growth <00:12:07.740>around, <00:12:07.840>right? <00:12:07.939>And <00:12:08.040>we <00:12:08.140>are <00:12:08.240>really <00:12:08.340>truly <00:12:08.439>are <00:12:08.540>dependent <00:12:08.640>on <00:12:08.740>the <00:12:08.840>US <00:12:08.939>and <00:12:09.040>on 00:12:09.550 --> 00:12:09.560 align:start position:0% <00:12:09.550>truly <00:12:09.551>are <00:12:09.552>dependent <00:12:09.553>on <00:12:09.555>the <00:12:09.556>US <00:12:09.557>and <00:12:09.559>on 00:12:09.560 --> 00:12:11.030 align:start position:0% <00:12:09.560>truly <00:12:09.654>are <00:12:09.748>dependent <00:12:09.843>on <00:12:09.938>the <00:12:10.032>US <00:12:10.127>and <00:12:10.221>on <00:12:10.315>China <00:12:10.410>and <00:12:10.505>some <00:12:10.599>of <00:12:10.694>these <00:12:10.788>things, <00:12:10.882>right? 00:12:11.030 --> 00:12:11.040 align:start position:0% <00:12:11.030>China <00:12:11.031>and <00:12:11.033>some <00:12:11.034>of <00:12:11.036>these <00:12:11.037>things, <00:12:11.039>right? 00:12:11.040 --> 00:12:13.430 align:start position:0% <00:12:11.040>China <00:12:11.140>and <00:12:11.240>some <00:12:11.339>of <00:12:11.439>these <00:12:11.540>things, <00:12:11.640>right? <00:12:11.740>And <00:12:11.839>we <00:12:11.939>really <00:12:12.040>need <00:12:12.140>to <00:12:12.240>rethink <00:12:12.339>that. <00:12:12.439>So, 00:12:13.430 --> 00:12:13.440 align:start position:0% <00:12:13.430>And <00:12:13.431>we <00:12:13.432>really <00:12:13.433>need <00:12:13.435>to <00:12:13.436>rethink <00:12:13.437>that. <00:12:13.439>So, 00:12:13.440 --> 00:12:15.270 align:start position:0% <00:12:13.440>And <00:12:13.527>we <00:12:13.615>really <00:12:13.702>need <00:12:13.790>to <00:12:13.877>rethink <00:12:13.965>that. <00:12:14.052>So, <00:12:14.140>I <00:12:14.227>think <00:12:14.315>the <00:12:14.402>first <00:12:14.490>step <00:12:14.577>we <00:12:14.665>really <00:12:14.752>need <00:12:14.840>to 00:12:15.270 --> 00:12:15.280 align:start position:0% <00:12:15.270>I <00:12:15.271>think <00:12:15.272>the <00:12:15.273>first <00:12:15.274>step <00:12:15.275>we <00:12:15.276>really <00:12:15.277>need <00:12:15.279>to 00:12:15.280 --> 00:12:18.270 align:start position:0% <00:12:15.280>I <00:12:15.362>think <00:12:15.444>the <00:12:15.527>first <00:12:15.609>step <00:12:15.691>we <00:12:15.774>really <00:12:15.856>need <00:12:15.938>to <00:12:16.021>get <00:12:16.103>to <00:12:16.185>is <00:12:16.268>that <00:12:16.350>we <00:12:16.432>redefine <00:12:16.515>how <00:12:16.597>we <00:12:16.680>speak 00:12:18.270 --> 00:12:18.280 align:start position:0% <00:12:18.270>get <00:12:18.271>to <00:12:18.272>is <00:12:18.273>that <00:12:18.274>we <00:12:18.275>redefine <00:12:18.276>how <00:12:18.277>we <00:12:18.279>speak 00:12:18.280 --> 00:12:20.630 align:start position:0% <00:12:18.280>get <00:12:18.367>to <00:12:18.454>is <00:12:18.542>that <00:12:18.630>we <00:12:18.717>redefine <00:12:18.805>how <00:12:18.892>we <00:12:18.980>speak <00:12:19.067>to <00:12:19.155>our <00:12:19.242>policy <00:12:19.329>makers <00:12:19.417>and <00:12:19.505>talk <00:12:19.592>about <00:12:19.680>yes, 00:12:20.630 --> 00:12:20.640 align:start position:0% <00:12:20.630>to <00:12:20.631>our <00:12:20.632>policy <00:12:20.633>makers <00:12:20.635>and <00:12:20.636>talk <00:12:20.637>about <00:12:20.639>yes, 00:12:20.640 --> 00:12:22.710 align:start position:0% <00:12:20.640>to <00:12:20.733>our <00:12:20.826>policy <00:12:20.920>makers <00:12:21.013>and <00:12:21.106>talk <00:12:21.199>about <00:12:21.293>yes, <00:12:21.386>we <00:12:21.480>actually <00:12:21.573>do <00:12:21.666>have <00:12:21.760>the <00:12:21.853>tools <00:12:21.946>to <00:12:22.040>create 00:12:22.710 --> 00:12:22.720 align:start position:0% <00:12:22.710>we <00:12:22.711>actually <00:12:22.712>do <00:12:22.713>have <00:12:22.715>the <00:12:22.716>tools <00:12:22.717>to <00:12:22.719>create 00:12:22.720 --> 00:12:24.790 align:start position:0% <00:12:22.720>we <00:12:22.860>actually <00:12:23.000>do <00:12:23.140>have <00:12:23.280>the <00:12:23.420>tools <00:12:23.560>to <00:12:23.700>create <00:12:23.840>these <00:12:23.980>forensic <00:12:24.120>evidence 00:12:24.790 --> 00:12:24.800 align:start position:0% <00:12:24.790>these <00:12:24.794>forensic <00:12:24.799>evidence 00:12:24.800 --> 00:12:26.790 align:start position:0% <00:12:24.800>these <00:12:24.955>forensic <00:12:25.111>evidence <00:12:25.266>trails, <00:12:25.422>right? <00:12:25.577>And <00:12:25.733>we <00:12:25.888>can <00:12:26.044>attest <00:12:26.199>and 00:12:26.790 --> 00:12:26.800 align:start position:0% <00:12:26.790>trails, <00:12:26.791>right? <00:12:26.793>And <00:12:26.794>we <00:12:26.795>can <00:12:26.797>attest <00:12:26.799>and 00:12:26.800 --> 00:12:28.190 align:start position:0% <00:12:26.800>trails, <00:12:26.956>right? <00:12:27.112>And <00:12:27.269>we <00:12:27.425>can <00:12:27.581>attest <00:12:27.738>and <00:12:27.894>anchor <00:12:28.051>that. 00:12:28.190 --> 00:12:28.200 align:start position:0% <00:12:28.190>anchor <00:12:28.199>that. 00:12:28.200 --> 00:12:31.270 align:start position:0% <00:12:28.200>anchor <00:12:28.400>that. <00:12:28.600>And <00:12:28.800>therefore, <00:12:29.000>we <00:12:29.200>can <00:12:29.400>continue <00:12:29.600>deploying 00:12:31.270 --> 00:12:31.280 align:start position:0% <00:12:31.270>And <00:12:31.271>therefore, <00:12:31.273>we <00:12:31.275>can <00:12:31.277>continue <00:12:31.279>deploying 00:12:31.280 --> 00:12:34.190 align:start position:0% <00:12:31.280>And <00:12:31.407>therefore, <00:12:31.534>we <00:12:31.661>can <00:12:31.789>continue <00:12:31.916>deploying <00:12:32.043>agenda <00:12:32.170>AI <00:12:32.298>across <00:12:32.425>these <00:12:32.552>barriers <00:12:32.680>you're 00:12:34.190 --> 00:12:34.200 align:start position:0% <00:12:34.190>agenda <00:12:34.191>AI <00:12:34.193>across <00:12:34.195>these <00:12:34.197>barriers <00:12:34.199>you're 00:12:34.200 --> 00:12:36.110 align:start position:0% <00:12:34.200>agenda <00:12:34.316>AI <00:12:34.433>across <00:12:34.550>these <00:12:34.666>barriers <00:12:34.783>you're <00:12:34.900>speaking <00:12:35.016>about. <00:12:35.133>And <00:12:35.250>then <00:12:35.366>if <00:12:35.483>we're <00:12:35.600>pushed 00:12:36.110 --> 00:12:36.120 align:start position:0% <00:12:36.110>speaking <00:12:36.111>about. <00:12:36.113>And <00:12:36.114>then <00:12:36.116>if <00:12:36.117>we're <00:12:36.119>pushed 00:12:36.120 --> 00:12:37.590 align:start position:0% <00:12:36.120>speaking <00:12:36.208>about. <00:12:36.296>And <00:12:36.384>then <00:12:36.472>if <00:12:36.561>we're <00:12:36.649>pushed <00:12:36.737>into <00:12:36.825>a <00:12:36.913>corner, <00:12:37.002>we <00:12:37.090>can <00:12:37.178>say <00:12:37.266>okay, <00:12:37.354>we <00:12:37.443>can 00:12:37.590 --> 00:12:37.600 align:start position:0% <00:12:37.590>into <00:12:37.591>a <00:12:37.592>corner, <00:12:37.593>we <00:12:37.594>can <00:12:37.595>say <00:12:37.596>okay, <00:12:37.597>we <00:12:37.599>can 00:12:37.600 --> 00:12:40.310 align:start position:0% <00:12:37.600>into <00:12:37.687>a <00:12:37.775>corner, <00:12:37.862>we <00:12:37.950>can <00:12:38.037>say <00:12:38.125>okay, <00:12:38.212>we <00:12:38.300>can <00:12:38.387>also <00:12:38.475>do <00:12:38.562>like <00:12:38.650>an <00:12:38.737>escrow <00:12:38.825>kind <00:12:38.912>of <00:12:39.000>thing 00:12:40.310 --> 00:12:40.320 align:start position:0% <00:12:40.310>also <00:12:40.311>do <00:12:40.312>like <00:12:40.313>an <00:12:40.315>escrow <00:12:40.316>kind <00:12:40.317>of <00:12:40.319>thing 00:12:40.320 --> 00:12:42.550 align:start position:0% <00:12:40.320>also <00:12:40.427>do <00:12:40.535>like <00:12:40.643>an <00:12:40.750>escrow <00:12:40.858>kind <00:12:40.966>of <00:12:41.073>thing <00:12:41.181>which <00:12:41.289>can <00:12:41.396>basically, <00:12:41.504>you <00:12:41.612>know, <00:12:41.720>extract 00:12:42.550 --> 00:12:42.560 align:start position:0% <00:12:42.550>which <00:12:42.551>can <00:12:42.553>basically, <00:12:42.555>you <00:12:42.557>know, <00:12:42.559>extract 00:12:42.560 --> 00:12:44.230 align:start position:0% <00:12:42.560>which <00:12:42.660>can <00:12:42.760>basically, <00:12:42.859>you <00:12:42.959>know, <00:12:43.060>extract <00:12:43.160>money <00:12:43.260>out <00:12:43.359>to <00:12:43.459>people <00:12:43.560>who <00:12:43.660>are <00:12:43.760>hurt <00:12:43.859>and <00:12:43.959>we 00:12:44.230 --> 00:12:44.240 align:start position:0% <00:12:44.230>money <00:12:44.231>out <00:12:44.232>to <00:12:44.233>people <00:12:44.234>who <00:12:44.235>are <00:12:44.236>hurt <00:12:44.237>and <00:12:44.239>we 00:12:44.240 --> 00:12:46.310 align:start position:0% <00:12:44.240>money <00:12:44.347>out <00:12:44.455>to <00:12:44.563>people <00:12:44.670>who <00:12:44.778>are <00:12:44.886>hurt <00:12:44.993>and <00:12:45.101>we <00:12:45.209>have <00:12:45.316>all <00:12:45.424>sorts <00:12:45.532>of <00:12:45.640>mitigation 00:12:46.310 --> 00:12:46.320 align:start position:0% <00:12:46.310>have <00:12:46.312>all <00:12:46.314>sorts <00:12:46.316>of <00:12:46.319>mitigation 00:12:46.320 --> 00:12:47.829 align:start position:0% <00:12:46.320>have <00:12:46.470>all <00:12:46.621>sorts <00:12:46.772>of <00:12:46.923>mitigation <00:12:47.074>opportunities <00:12:47.225>which <00:12:47.376>we've <00:12:47.527>been <00:12:47.678>testing 00:12:47.829 --> 00:12:47.839 align:start position:0% <00:12:47.829>opportunities <00:12:47.831>which <00:12:47.833>we've <00:12:47.835>been <00:12:47.838>testing 00:12:47.839 --> 00:12:49.470 align:start position:0% <00:12:47.839>opportunities <00:12:47.966>which <00:12:48.093>we've <00:12:48.220>been <00:12:48.348>testing <00:12:48.475>in <00:12:48.602>blockchain <00:12:48.729>for <00:12:48.857>the <00:12:48.984>last <00:12:49.111>10 <00:12:49.238>years, 00:12:49.470 --> 00:12:49.480 align:start position:0% <00:12:49.470>in <00:12:49.471>blockchain <00:12:49.473>for <00:12:49.474>the <00:12:49.476>last <00:12:49.477>10 <00:12:49.479>years, 00:12:49.480 --> 00:12:50.790 align:start position:0% <00:12:49.480>in <00:12:49.578>blockchain <00:12:49.676>for <00:12:49.774>the <00:12:49.873>last <00:12:49.971>10 <00:12:50.069>years, <00:12:50.167>right? <00:12:50.266>And <00:12:50.364>we <00:12:50.462>can <00:12:50.560>actually <00:12:50.659>start 00:12:50.790 --> 00:12:50.800 align:start position:0% <00:12:50.790>right? <00:12:50.791>And <00:12:50.793>we <00:12:50.795>can <00:12:50.797>actually <00:12:50.799>start 00:12:50.800 --> 00:12:52.550 align:start position:0% <00:12:50.800>right? <00:12:50.916>And <00:12:51.033>we <00:12:51.150>can <00:12:51.266>actually <00:12:51.383>start <00:12:51.500>deploying <00:12:51.616>that <00:12:51.733>on <00:12:51.849>a <00:12:51.966>state <00:12:52.083>level, <00:12:52.199>which 00:12:52.550 --> 00:12:52.560 align:start position:0% <00:12:52.550>deploying <00:12:52.551>that <00:12:52.553>on <00:12:52.554>a <00:12:52.555>state <00:12:52.557>level, <00:12:52.559>which 00:12:52.560 --> 00:12:54.190 align:start position:0% <00:12:52.560>deploying <00:12:52.667>that <00:12:52.775>on <00:12:52.883>a <00:12:52.990>state <00:12:53.098>level, <00:12:53.206>which <00:12:53.313>means <00:12:53.421>that, <00:12:53.529>you <00:12:53.636>know, <00:12:53.744>when <00:12:53.852>you <00:12:53.959>think 00:12:54.190 --> 00:12:54.200 align:start position:0% <00:12:54.190>means <00:12:54.191>that, <00:12:54.193>you <00:12:54.194>know, <00:12:54.196>when <00:12:54.197>you <00:12:54.199>think 00:12:54.200 --> 00:12:56.470 align:start position:0% <00:12:54.200>means <00:12:54.316>that, <00:12:54.433>you <00:12:54.550>know, <00:12:54.666>when <00:12:54.783>you <00:12:54.900>think <00:12:55.016>about <00:12:55.133>arbitraring <00:12:55.250>and <00:12:55.366>stuff <00:12:55.483>like <00:12:55.600>that, 00:12:56.470 --> 00:12:56.480 align:start position:0% <00:12:56.470>about <00:12:56.471>arbitraring <00:12:56.473>and <00:12:56.475>stuff <00:12:56.477>like <00:12:56.479>that, 00:12:56.480 --> 00:12:58.310 align:start position:0% <00:12:56.480>about <00:12:56.587>arbitraring <00:12:56.695>and <00:12:56.803>stuff <00:12:56.910>like <00:12:57.018>that, <00:12:57.126>uh <00:12:57.233>you <00:12:57.341>can <00:12:57.449>even <00:12:57.556>make <00:12:57.664>that <00:12:57.772>even <00:12:57.880>more 00:12:58.310 --> 00:12:58.320 align:start position:0% <00:12:58.310>uh <00:12:58.311>you <00:12:58.312>can <00:12:58.313>even <00:12:58.315>make <00:12:58.316>that <00:12:58.317>even <00:12:58.319>more 00:12:58.320 --> 00:12:59.510 align:start position:0% <00:12:58.320>uh <00:12:58.402>you <00:12:58.484>can <00:12:58.567>even <00:12:58.649>make <00:12:58.731>that <00:12:58.814>even <00:12:58.896>more <00:12:58.979>efficient, <00:12:59.061>which <00:12:59.143>means <00:12:59.226>that <00:12:59.308>the <00:12:59.391>German 00:12:59.510 --> 00:12:59.520 align:start position:0% <00:12:59.510>efficient, <00:12:59.511>which <00:12:59.513>means <00:12:59.515>that <00:12:59.517>the <00:12:59.519>German 00:12:59.520 --> 00:13:01.150 align:start position:0% <00:12:59.520>efficient, <00:12:59.660>which <00:12:59.800>means <00:12:59.939>that <00:13:00.079>the <00:13:00.220>German <00:13:00.360>state <00:13:00.500>can <00:13:00.640>save <00:13:00.780>money, <00:13:00.920>right? 00:13:01.150 --> 00:13:01.160 align:start position:0% <00:13:01.150>state <00:13:01.152>can <00:13:01.154>save <00:13:01.156>money, <00:13:01.159>right? 00:13:01.160 --> 00:13:01.750 align:start position:0% <00:13:01.160>state <00:13:01.226>can <00:13:01.292>save <00:13:01.359>money, <00:13:01.425>right? <00:13:01.491>>> <00:13:01.558>Yeah, <00:13:01.624>yeah, <00:13:01.691>indeed. 00:13:01.750 --> 00:13:01.760 align:start position:0% <00:13:01.750>>> <00:13:01.753>Yeah, <00:13:01.756>yeah, <00:13:01.759>indeed. 00:13:01.760 --> 00:13:04.150 align:start position:0% <00:13:01.760>>> <00:13:01.867>Yeah, <00:13:01.975>yeah, <00:13:02.083>indeed. <00:13:02.190>>> <00:13:02.298>So, <00:13:02.406>so <00:13:02.513>so <00:13:02.621>this <00:13:02.729>is <00:13:02.836>about, <00:13:02.944>you <00:13:03.052>know, <00:13:03.160>how 00:13:04.150 --> 00:13:04.160 align:start position:0% <00:13:04.150>>> <00:13:04.151>So, <00:13:04.151>so <00:13:04.153>so <00:13:04.154>this <00:13:04.155>is <00:13:04.156>about, <00:13:04.156>you <00:13:04.158>know, <00:13:04.159>how 00:13:04.160 --> 00:13:07.030 align:start position:0% <00:13:04.160>>> <00:13:04.237>So, <00:13:04.315>so <00:13:04.393>so <00:13:04.471>this <00:13:04.548>is <00:13:04.626>about, <00:13:04.704>you <00:13:04.782>know, <00:13:04.860>how <00:13:04.937>there <00:13:05.015>was <00:13:05.093>a <00:13:05.171>world <00:13:05.248>2 <00:13:05.326>years <00:13:05.404>ago, <00:13:05.482>if <00:13:05.560>you 00:13:07.030 --> 00:13:07.040 align:start position:0% <00:13:07.030>there <00:13:07.031>was <00:13:07.032>a <00:13:07.033>world <00:13:07.034>2 <00:13:07.035>years <00:13:07.036>ago, <00:13:07.037>if <00:13:07.039>you 00:13:07.040 --> 00:13:08.630 align:start position:0% <00:13:07.040>there <00:13:07.127>was <00:13:07.214>a <00:13:07.302>world <00:13:07.390>2 <00:13:07.477>years <00:13:07.564>ago, <00:13:07.652>if <00:13:07.740>you <00:13:07.827>did <00:13:07.915>it <00:13:08.002>on <00:13:08.089>a <00:13:08.177>blockchain, <00:13:08.265>it <00:13:08.352>would <00:13:08.439>be 00:13:08.630 --> 00:13:08.640 align:start position:0% <00:13:08.630>did <00:13:08.631>it <00:13:08.632>on <00:13:08.633>a <00:13:08.635>blockchain, <00:13:08.636>it <00:13:08.637>would <00:13:08.639>be 00:13:08.640 --> 00:13:11.790 align:start position:0% <00:13:08.640>did <00:13:08.740>it <00:13:08.840>on <00:13:08.939>a <00:13:09.040>blockchain, <00:13:09.140>it <00:13:09.240>would <00:13:09.340>be <00:13:09.439>slower <00:13:09.540>and <00:13:09.640>more <00:13:09.740>expensive <00:13:09.840>and <00:13:09.939>most <00:13:10.040>of 00:13:11.790 --> 00:13:11.800 align:start position:0% <00:13:11.790>slower <00:13:11.791>and <00:13:11.793>more <00:13:11.794>expensive <00:13:11.795>and <00:13:11.797>most <00:13:11.799>of 00:13:11.800 --> 00:13:14.230 align:start position:0% <00:13:11.800>slower <00:13:11.900>and <00:13:12.000>more <00:13:12.099>expensive <00:13:12.199>and <00:13:12.300>most <00:13:12.400>of <00:13:12.500>the <00:13:12.599>time <00:13:12.699>it <00:13:12.800>would <00:13:12.900>not <00:13:13.000>be <00:13:13.099>better, <00:13:13.199>right? 00:13:14.230 --> 00:13:14.240 align:start position:0% <00:13:14.230>the <00:13:14.231>time <00:13:14.232>it <00:13:14.233>would <00:13:14.235>not <00:13:14.236>be <00:13:14.237>better, <00:13:14.239>right? 00:13:14.240 --> 00:13:15.750 align:start position:0% <00:13:14.240>the <00:13:14.337>time <00:13:14.434>it <00:13:14.531>would <00:13:14.628>not <00:13:14.725>be <00:13:14.822>better, <00:13:14.919>right? <00:13:15.016>We're <00:13:15.113>now <00:13:15.210>living <00:13:15.307>actually <00:13:15.404>in <00:13:15.501>a <00:13:15.599>world 00:13:15.750 --> 00:13:15.760 align:start position:0% <00:13:15.750>We're <00:13:15.751>now <00:13:15.753>living <00:13:15.754>actually <00:13:15.756>in <00:13:15.757>a <00:13:15.759>world 00:13:15.760 --> 00:13:17.670 align:start position:0% <00:13:15.760>We're <00:13:15.867>now <00:13:15.975>living <00:13:16.083>actually <00:13:16.190>in <00:13:16.298>a <00:13:16.406>world <00:13:16.513>specifically <00:13:16.621>due <00:13:16.729>to <00:13:16.836>agenda <00:13:16.944>AI <00:13:17.052>and <00:13:17.160>how 00:13:17.670 --> 00:13:17.680 align:start position:0% <00:13:17.670>specifically <00:13:17.671>due <00:13:17.673>to <00:13:17.674>agenda <00:13:17.675>AI <00:13:17.677>and <00:13:17.679>how 00:13:17.680 --> 00:13:19.790 align:start position:0% <00:13:17.680>specifically <00:13:17.780>due <00:13:17.880>to <00:13:17.979>agenda <00:13:18.079>AI <00:13:18.180>and <00:13:18.280>how <00:13:18.380>that <00:13:18.479>works, <00:13:18.579>right? <00:13:18.680>Where <00:13:18.780>nine <00:13:18.880>out <00:13:18.979>of <00:13:19.079>10 00:13:19.790 --> 00:13:19.800 align:start position:0% <00:13:19.790>that <00:13:19.791>works, <00:13:19.792>right? <00:13:19.793>Where <00:13:19.795>nine <00:13:19.796>out <00:13:19.797>of <00:13:19.799>10 00:13:19.800 --> 00:13:22.710 align:start position:0% <00:13:19.800>that <00:13:19.927>works, <00:13:20.054>right? <00:13:20.181>Where <00:13:20.309>nine <00:13:20.436>out <00:13:20.563>of <00:13:20.690>10 <00:13:20.818>cases <00:13:20.945>is <00:13:21.072>actually <00:13:21.199>cheaper, 00:13:22.710 --> 00:13:22.720 align:start position:0% <00:13:22.710>cases <00:13:22.713>is <00:13:22.716>actually <00:13:22.719>cheaper, 00:13:22.720 --> 00:13:24.710 align:start position:0% <00:13:22.720>cases <00:13:22.827>is <00:13:22.935>actually <00:13:23.043>cheaper, <00:13:23.150>faster, <00:13:23.258>and <00:13:23.366>it <00:13:23.473>makes <00:13:23.581>a <00:13:23.689>hell <00:13:23.796>of <00:13:23.904>a <00:13:24.012>lot <00:13:24.120>of 00:13:24.710 --> 00:13:24.720 align:start position:0% <00:13:24.710>faster, <00:13:24.711>and <00:13:24.712>it <00:13:24.713>makes <00:13:24.714>a <00:13:24.715>hell <00:13:24.716>of <00:13:24.717>a <00:13:24.718>lot <00:13:24.719>of 00:13:24.720 --> 00:13:26.430 align:start position:0% <00:13:24.720>faster, <00:13:24.813>and <00:13:24.906>it <00:13:25.000>makes <00:13:25.093>a <00:13:25.186>hell <00:13:25.280>of <00:13:25.373>a <00:13:25.466>lot <00:13:25.560>of <00:13:25.653>sense <00:13:25.746>due <00:13:25.840>to <00:13:25.933>the <00:13:26.026>regulatory <00:13:26.120>environment 00:13:26.430 --> 00:13:26.440 align:start position:0% <00:13:26.430>sense <00:13:26.431>due <00:13:26.433>to <00:13:26.435>the <00:13:26.437>regulatory <00:13:26.439>environment 00:13:26.440 --> 00:13:28.550 align:start position:0% <00:13:26.440>sense <00:13:26.540>due <00:13:26.640>to <00:13:26.740>the <00:13:26.840>regulatory <00:13:26.940>environment <00:13:27.040>and <00:13:27.140>how <00:13:27.240>we <00:13:27.340>want <00:13:27.440>to <00:13:27.540>do <00:13:27.640>these <00:13:27.740>use <00:13:27.840>cases. 00:13:28.550 --> 00:13:28.560 align:start position:0% <00:13:28.550>and <00:13:28.551>how <00:13:28.552>we <00:13:28.553>want <00:13:28.554>to <00:13:28.555>do <00:13:28.556>these <00:13:28.557>use <00:13:28.559>cases. 00:13:28.560 --> 00:13:30.550 align:start position:0% <00:13:28.560>and <00:13:28.642>how <00:13:28.724>we <00:13:28.807>want <00:13:28.889>to <00:13:28.971>do <00:13:29.054>these <00:13:29.136>use <00:13:29.218>cases. <00:13:29.301>And <00:13:29.383>I <00:13:29.465>think <00:13:29.548>this <00:13:29.630>is <00:13:29.712>really <00:13:29.795>a <00:13:29.877>change <00:13:29.959>in 00:13:30.550 --> 00:13:30.560 align:start position:0% <00:13:30.550>And <00:13:30.551>I <00:13:30.552>think <00:13:30.553>this <00:13:30.554>is <00:13:30.555>really <00:13:30.556>a <00:13:30.557>change <00:13:30.559>in 00:13:30.560 --> 00:13:32.150 align:start position:0% <00:13:30.560>And <00:13:30.653>I <00:13:30.746>think <00:13:30.839>this <00:13:30.933>is <00:13:31.026>really <00:13:31.119>a <00:13:31.213>change <00:13:31.306>in <00:13:31.400>how <00:13:31.493>we <00:13:31.586>deploy <00:13:31.680>blockchain <00:13:31.773>and <00:13:31.866>how <00:13:31.959>we 00:13:32.150 --> 00:13:32.160 align:start position:0% <00:13:32.150>how <00:13:32.151>we <00:13:32.153>deploy <00:13:32.154>blockchain <00:13:32.156>and <00:13:32.157>how <00:13:32.159>we 00:13:32.160 --> 00:13:33.350 align:start position:0% <00:13:32.160>how <00:13:32.279>we <00:13:32.398>deploy <00:13:32.516>blockchain <00:13:32.636>and <00:13:32.755>how <00:13:32.874>we <00:13:32.993>think <00:13:33.112>about <00:13:33.231>blockchain. 00:13:33.350 --> 00:13:33.360 align:start position:0% <00:13:33.350>think <00:13:33.354>about <00:13:33.359>blockchain. 00:13:33.360 --> 00:13:34.590 align:start position:0% <00:13:33.360>think <00:13:33.470>about <00:13:33.581>blockchain. <00:13:33.692>>> <00:13:33.802>I <00:13:33.913>don't <00:13:34.024>think <00:13:34.134>that <00:13:34.245>we <00:13:34.356>say <00:13:34.467>anything 00:13:34.590 --> 00:13:34.600 align:start position:0% <00:13:34.590>>> <00:13:34.591>I <00:13:34.592>don't <00:13:34.593>think <00:13:34.595>that <00:13:34.596>we <00:13:34.597>say <00:13:34.599>anything 00:13:34.600 --> 00:13:36.310 align:start position:0% <00:13:34.600>>> <00:13:34.716>I <00:13:34.833>don't <00:13:34.950>think <00:13:35.066>that <00:13:35.183>we <00:13:35.300>say <00:13:35.416>anything <00:13:35.533>different. <00:13:35.650>I <00:13:35.766>basically <00:13:35.883>like <00:13:36.000>completely 00:13:36.310 --> 00:13:36.320 align:start position:0% <00:13:36.310>different. <00:13:36.312>I <00:13:36.314>basically <00:13:36.316>like <00:13:36.319>completely 00:13:36.320 --> 00:13:37.830 align:start position:0% <00:13:36.320>different. <00:13:36.424>I <00:13:36.529>basically <00:13:36.633>like <00:13:36.738>completely <00:13:36.842>agree <00:13:36.947>with <00:13:37.051>you <00:13:37.156>on <00:13:37.260>that <00:13:37.365>one <00:13:37.469>on <00:13:37.574>that <00:13:37.679>part. 00:13:37.830 --> 00:13:37.840 align:start position:0% <00:13:37.830>agree <00:13:37.831>with <00:13:37.832>you <00:13:37.833>on <00:13:37.834>that <00:13:37.835>one <00:13:37.836>on <00:13:37.837>that <00:13:37.839>part. 00:13:37.840 --> 00:13:38.950 align:start position:0% <00:13:37.840>agree <00:13:37.906>with <00:13:37.973>you <00:13:38.039>on <00:13:38.106>that <00:13:38.173>one <00:13:38.239>on <00:13:38.306>that <00:13:38.372>part. <00:13:38.439>Like <00:13:38.506>I <00:13:38.572>would <00:13:38.639>just <00:13:38.705>like <00:13:38.772>being <00:13:38.839>more 00:13:38.950 --> 00:13:38.960 align:start position:0% <00:13:38.950>Like <00:13:38.951>I <00:13:38.953>would <00:13:38.954>just <00:13:38.956>like <00:13:38.957>being <00:13:38.959>more 00:13:38.960 --> 00:13:40.750 align:start position:0% <00:13:38.960>Like <00:13:39.067>I <00:13:39.175>would <00:13:39.283>just <00:13:39.390>like <00:13:39.498>being <00:13:39.606>more <00:13:39.713>pragmatic <00:13:39.821>and <00:13:39.929>maybe <00:13:40.036>a <00:13:40.144>little <00:13:40.252>bit <00:13:40.360>more 00:13:40.750 --> 00:13:40.760 align:start position:0% <00:13:40.750>pragmatic <00:13:40.751>and <00:13:40.753>maybe <00:13:40.754>a <00:13:40.756>little <00:13:40.757>bit <00:13:40.759>more 00:13:40.760 --> 00:13:43.110 align:start position:0% <00:13:40.760>pragmatic <00:13:40.867>and <00:13:40.975>maybe <00:13:41.083>a <00:13:41.190>little <00:13:41.298>bit <00:13:41.406>more <00:13:41.513>ambitious. <00:13:41.621>So, <00:13:41.729>just <00:13:41.836>like <00:13:41.944>go <00:13:42.052>one <00:13:42.160>step 00:13:43.110 --> 00:13:43.120 align:start position:0% <00:13:43.110>ambitious. <00:13:43.111>So, <00:13:43.113>just <00:13:43.114>like <00:13:43.116>go <00:13:43.117>one <00:13:43.119>step 00:13:43.120 --> 00:13:44.550 align:start position:0% <00:13:43.120>ambitious. <00:13:43.211>So, <00:13:43.303>just <00:13:43.395>like <00:13:43.487>go <00:13:43.579>one <00:13:43.671>step <00:13:43.763>forward <00:13:43.855>as <00:13:43.947>well <00:13:44.039>cuz <00:13:44.131>I <00:13:44.223>do <00:13:44.315>believe <00:13:44.406>that 00:13:44.550 --> 00:13:44.560 align:start position:0% <00:13:44.550>forward <00:13:44.551>as <00:13:44.552>well <00:13:44.553>cuz <00:13:44.555>I <00:13:44.556>do <00:13:44.557>believe <00:13:44.559>that 00:13:44.560 --> 00:13:47.550 align:start position:0% <00:13:44.560>forward <00:13:44.660>as <00:13:44.760>well <00:13:44.859>cuz <00:13:44.959>I <00:13:45.060>do <00:13:45.160>believe <00:13:45.260>that <00:13:45.359>the <00:13:45.459>regulator <00:13:45.560>is <00:13:45.660>more <00:13:45.760>open <00:13:45.859>to <00:13:45.959>discuss 00:13:47.550 --> 00:13:47.560 align:start position:0% <00:13:47.550>the <00:13:47.551>regulator <00:13:47.553>is <00:13:47.554>more <00:13:47.555>open <00:13:47.557>to <00:13:47.559>discuss 00:13:47.560 --> 00:13:49.150 align:start position:0% <00:13:47.560>the <00:13:47.667>regulator <00:13:47.775>is <00:13:47.883>more <00:13:47.990>open <00:13:48.098>to <00:13:48.206>discuss <00:13:48.313>when <00:13:48.421>they <00:13:48.529>see <00:13:48.636>examples <00:13:48.744>of <00:13:48.852>things <00:13:48.959>that 00:13:49.150 --> 00:13:49.160 align:start position:0% <00:13:49.150>when <00:13:49.151>they <00:13:49.153>see <00:13:49.154>examples <00:13:49.156>of <00:13:49.157>things <00:13:49.159>that 00:13:49.160 --> 00:13:50.510 align:start position:0% <00:13:49.160>when <00:13:49.253>they <00:13:49.346>see <00:13:49.440>examples <00:13:49.533>of <00:13:49.627>things <00:13:49.720>that <00:13:49.814>actually <00:13:49.907>like <00:13:50.001>work <00:13:50.094>and <00:13:50.188>will <00:13:50.281>create <00:13:50.375>a 00:13:50.510 --> 00:13:50.520 align:start position:0% <00:13:50.510>actually <00:13:50.511>like <00:13:50.513>work <00:13:50.514>and <00:13:50.516>will <00:13:50.517>create <00:13:50.519>a 00:13:50.520 --> 00:13:51.910 align:start position:0% <00:13:50.520>actually <00:13:50.624>like <00:13:50.728>work <00:13:50.832>and <00:13:50.937>will <00:13:51.041>create <00:13:51.145>a <00:13:51.249>benefit. <00:13:51.353>Like <00:13:51.458>for <00:13:51.562>example, <00:13:51.666>like <00:13:51.771>the 00:13:51.910 --> 00:13:51.920 align:start position:0% <00:13:51.910>benefit. <00:13:51.911>Like <00:13:51.913>for <00:13:51.915>example, <00:13:51.917>like <00:13:51.919>the 00:13:51.920 --> 00:13:53.550 align:start position:0% <00:13:51.920>benefit. <00:13:52.036>Like <00:13:52.153>for <00:13:52.270>example, <00:13:52.386>like <00:13:52.503>the <00:13:52.620>police <00:13:52.736>cases <00:13:52.853>that <00:13:52.969>you <00:13:53.086>have <00:13:53.203>been <00:13:53.319>talking 00:13:53.550 --> 00:13:53.560 align:start position:0% <00:13:53.550>police <00:13:53.551>cases <00:13:53.553>that <00:13:53.554>you <00:13:53.555>have <00:13:53.557>been <00:13:53.559>talking 00:13:53.560 --> 00:13:55.790 align:start position:0% <00:13:53.560>police <00:13:53.699>cases <00:13:53.839>that <00:13:53.979>you <00:13:54.119>have <00:13:54.260>been <00:13:54.400>talking <00:13:54.540>about <00:13:54.680>like <00:13:54.819>custody <00:13:54.959>of 00:13:55.790 --> 00:13:55.800 align:start position:0% <00:13:55.790>about <00:13:55.793>like <00:13:55.795>custody <00:13:55.799>of 00:13:55.800 --> 00:13:57.750 align:start position:0% <00:13:55.800>about <00:13:55.907>like <00:13:56.015>custody <00:13:56.123>of <00:13:56.230>of <00:13:56.338>of <00:13:56.446>of <00:13:56.553>of <00:13:56.661>of <00:13:56.769>like <00:13:56.876>the <00:13:56.984>like <00:13:57.092>the <00:13:57.199>the 00:13:57.750 --> 00:13:57.760 align:start position:0% <00:13:57.750>of <00:13:57.751>of <00:13:57.752>of <00:13:57.753>of <00:13:57.754>of <00:13:57.755>like <00:13:57.756>the <00:13:57.757>like <00:13:57.758>the <00:13:57.759>the 00:13:57.760 --> 00:13:59.590 align:start position:0% <00:13:57.760>of <00:13:57.842>of <00:13:57.924>of <00:13:58.007>of <00:13:58.089>of <00:13:58.171>like <00:13:58.254>the <00:13:58.336>like <00:13:58.418>the <00:13:58.501>the <00:13:58.583>chain <00:13:58.665>of <00:13:58.748>custody <00:13:58.830>of <00:13:58.912>proof <00:13:58.995>that <00:13:59.077>are <00:13:59.160>being 00:13:59.590 --> 00:13:59.600 align:start position:0% <00:13:59.590>chain <00:13:59.591>of <00:13:59.592>custody <00:13:59.593>of <00:13:59.595>proof <00:13:59.596>that <00:13:59.597>are <00:13:59.599>being 00:13:59.600 --> 00:14:00.950 align:start position:0% <00:13:59.600>chain <00:13:59.701>of <00:13:59.802>custody <00:13:59.903>of <00:14:00.005>proof <00:14:00.106>that <00:14:00.207>are <00:14:00.308>being <00:14:00.410>used <00:14:00.511>by <00:14:00.612>them, <00:14:00.713>right? <00:14:00.815>So, 00:14:00.950 --> 00:14:00.960 align:start position:0% <00:14:00.950>used <00:14:00.952>by <00:14:00.954>them, <00:14:00.956>right? <00:14:00.959>So, 00:14:00.960 --> 00:14:02.030 align:start position:0% <00:14:00.960>used <00:14:01.028>by <00:14:01.097>them, <00:14:01.166>right? <00:14:01.235>So, <00:14:01.303>>> <00:14:01.372>But <00:14:01.441>I <00:14:01.510>think <00:14:01.579>the <00:14:01.647>first <00:14:01.716>thing <00:14:01.785>we <00:14:01.854>have <00:14:01.923>to 00:14:02.030 --> 00:14:02.040 align:start position:0% <00:14:02.030>>> <00:14:02.031>But <00:14:02.031>I <00:14:02.033>think <00:14:02.034>the <00:14:02.035>first <00:14:02.036>thing <00:14:02.036>we <00:14:02.038>have <00:14:02.039>to 00:14:02.040 --> 00:14:03.990 align:start position:0% <00:14:02.040>>> <00:14:02.122>But <00:14:02.204>I <00:14:02.287>think <00:14:02.369>the <00:14:02.451>first <00:14:02.534>thing <00:14:02.616>we <00:14:02.698>have <00:14:02.781>to <00:14:02.863>do <00:14:02.945>as <00:14:03.028>developers, <00:14:03.110>right? <00:14:03.192>Is <00:14:03.275>we <00:14:03.357>need <00:14:03.439>to 00:14:03.990 --> 00:14:04.000 align:start position:0% <00:14:03.990>do <00:14:03.991>as <00:14:03.992>developers, <00:14:03.993>right? <00:14:03.995>Is <00:14:03.996>we <00:14:03.997>need <00:14:03.999>to 00:14:04.000 --> 00:14:06.110 align:start position:0% <00:14:04.000>do <00:14:04.107>as <00:14:04.215>developers, <00:14:04.323>right? <00:14:04.430>Is <00:14:04.538>we <00:14:04.646>need <00:14:04.753>to <00:14:04.861>ensure <00:14:04.969>that <00:14:05.076>our <00:14:05.184>agenda <00:14:05.292>AI, <00:14:05.400>whether 00:14:06.110 --> 00:14:06.120 align:start position:0% <00:14:06.110>ensure <00:14:06.111>that <00:14:06.113>our <00:14:06.115>agenda <00:14:06.117>AI, <00:14:06.119>whether 00:14:06.120 --> 00:14:08.350 align:start position:0% <00:14:06.120>ensure <00:14:06.260>that <00:14:06.400>our <00:14:06.540>agenda <00:14:06.680>AI, <00:14:06.820>whether <00:14:06.960>that's <00:14:07.100>internally <00:14:07.240>in <00:14:07.380>a <00:14:07.520>database 00:14:08.350 --> 00:14:08.360 align:start position:0% <00:14:08.350>that's <00:14:08.352>internally <00:14:08.354>in <00:14:08.356>a <00:14:08.359>database 00:14:08.360 --> 00:14:11.190 align:start position:0% <00:14:08.360>that's <00:14:08.515>internally <00:14:08.671>in <00:14:08.826>a <00:14:08.982>database <00:14:09.137>environment <00:14:09.293>or <00:14:09.448>is <00:14:09.604>cross <00:14:09.760>organizational, 00:14:11.190 --> 00:14:11.200 align:start position:0% <00:14:11.190>environment <00:14:11.192>or <00:14:11.194>is <00:14:11.196>cross <00:14:11.199>organizational, 00:14:11.200 --> 00:14:13.190 align:start position:0% <00:14:11.200>environment <00:14:11.327>or <00:14:11.454>is <00:14:11.581>cross <00:14:11.709>organizational, <00:14:11.836>it <00:14:11.963>needs <00:14:12.090>to <00:14:12.218>have <00:14:12.345>a <00:14:12.472>digital <00:14:12.600>identity. 00:14:13.190 --> 00:14:13.200 align:start position:0% <00:14:13.190>it <00:14:13.191>needs <00:14:13.193>to <00:14:13.194>have <00:14:13.196>a <00:14:13.197>digital <00:14:13.199>identity. 00:14:13.200 --> 00:14:13.430 align:start position:0% <00:14:13.200>it <00:14:13.225>needs <00:14:13.251>to <00:14:13.277>have <00:14:13.303>a <00:14:13.329>digital <00:14:13.355>identity. <00:14:13.381>>> <00:14:13.406>Indeed. 00:14:13.430 --> 00:14:13.440 align:start position:0% <00:14:13.430>>> <00:14:13.439>Indeed. 00:14:13.440 --> 00:14:14.950 align:start position:0% <00:14:13.440>>> <00:14:13.591>Indeed. <00:14:13.742>>> <00:14:13.893>And <00:14:14.044>it <00:14:14.195>needs <00:14:14.346>to <00:14:14.497>have <00:14:14.648>a <00:14:14.799>verifiable 00:14:14.950 --> 00:14:14.960 align:start position:0% <00:14:14.950>>> <00:14:14.951>And <00:14:14.952>it <00:14:14.953>needs <00:14:14.955>to <00:14:14.956>have <00:14:14.957>a <00:14:14.959>verifiable 00:14:14.960 --> 00:14:17.230 align:start position:0% <00:14:14.960>>> <00:14:15.076>And <00:14:15.193>it <00:14:15.310>needs <00:14:15.426>to <00:14:15.543>have <00:14:15.660>a <00:14:15.776>verifiable <00:14:15.893>digital <00:14:16.010>identity. <00:14:16.126>It's <00:14:16.243>not <00:14:16.360>sufficient 00:14:17.230 --> 00:14:17.240 align:start position:0% <00:14:17.230>digital <00:14:17.232>identity. <00:14:17.234>It's <00:14:17.236>not <00:14:17.239>sufficient 00:14:17.240 --> 00:14:21.630 align:start position:0% <00:14:17.240>digital <00:14:17.340>identity. <00:14:17.440>It's <00:14:17.540>not <00:14:17.640>sufficient <00:14:17.740>that <00:14:17.840>it <00:14:17.940>has <00:14:18.040>a <00:14:18.140>a <00:14:18.240>weak <00:14:18.340>did, <00:14:18.440>right? <00:14:18.540>And <00:14:18.640>by 00:14:21.630 --> 00:14:21.640 align:start position:0% <00:14:21.630>that <00:14:21.631>it <00:14:21.632>has <00:14:21.633>a <00:14:21.634>a <00:14:21.635>weak <00:14:21.636>did, <00:14:21.637>right? <00:14:21.638>And <00:14:21.639>by 00:14:21.640 --> 00:14:24.790 align:start position:0% <00:14:21.640>that <00:14:21.733>it <00:14:21.826>has <00:14:21.920>a <00:14:22.013>a <00:14:22.106>weak <00:14:22.199>did, <00:14:22.293>right? <00:14:22.386>And <00:14:22.480>by <00:14:22.573>already <00:14:22.666>thinking <00:14:22.760>through <00:14:22.853>that <00:14:22.946>when <00:14:23.040>the 00:14:24.790 --> 00:14:24.800 align:start position:0% <00:14:24.790>already <00:14:24.791>thinking <00:14:24.793>through <00:14:24.795>that <00:14:24.797>when <00:14:24.799>the 00:14:24.800 --> 00:14:26.270 align:start position:0% <00:14:24.800>already <00:14:24.947>thinking <00:14:25.093>through <00:14:25.241>that <00:14:25.387>when <00:14:25.535>the <00:14:25.682>policymakers <00:14:25.829>and <00:14:25.976>the <00:14:26.122>regulatory 00:14:26.270 --> 00:14:26.280 align:start position:0% <00:14:26.270>policymakers <00:14:26.273>and <00:14:26.276>the <00:14:26.279>regulatory 00:14:26.280 --> 00:14:27.630 align:start position:0% <00:14:26.280>policymakers <00:14:26.415>and <00:14:26.550>the <00:14:26.685>regulatory <00:14:26.819>environment <00:14:26.954>goes <00:14:27.090>into <00:14:27.225>the <00:14:27.360>company <00:14:27.495>say, 00:14:27.630 --> 00:14:27.640 align:start position:0% <00:14:27.630>environment <00:14:27.631>goes <00:14:27.633>into <00:14:27.635>the <00:14:27.637>company <00:14:27.639>say, 00:14:27.640 --> 00:14:28.750 align:start position:0% <00:14:27.640>environment <00:14:27.730>goes <00:14:27.821>into <00:14:27.912>the <00:14:28.003>company <00:14:28.094>say, <00:14:28.184>"How <00:14:28.275>are <00:14:28.366>we <00:14:28.457>actually <00:14:28.548>deploying <00:14:28.639>that 00:14:28.750 --> 00:14:28.760 align:start position:0% <00:14:28.750>"How <00:14:28.751>are <00:14:28.753>we <00:14:28.755>actually <00:14:28.757>deploying <00:14:28.759>that 00:14:28.760 --> 00:14:30.550 align:start position:0% <00:14:28.760>"How <00:14:28.887>are <00:14:29.014>we <00:14:29.141>actually <00:14:29.269>deploying <00:14:29.396>that <00:14:29.523>because <00:14:29.650>somebody <00:14:29.778>got <00:14:29.905>hurt?" <00:14:30.032>Right? <00:14:30.160>The 00:14:30.550 --> 00:14:30.560 align:start position:0% <00:14:30.550>because <00:14:30.551>somebody <00:14:30.553>got <00:14:30.555>hurt?" <00:14:30.557>Right? <00:14:30.559>The 00:14:30.560 --> 00:14:31.829 align:start position:0% <00:14:30.560>because <00:14:30.641>somebody <00:14:30.723>got <00:14:30.804>hurt?" <00:14:30.886>Right? <00:14:30.967>The <00:14:31.049>first <00:14:31.131>thing <00:14:31.212>you <00:14:31.294>need <00:14:31.375>to <00:14:31.457>be <00:14:31.538>able <00:14:31.620>to <00:14:31.702>then 00:14:31.829 --> 00:14:31.839 align:start position:0% <00:14:31.829>first <00:14:31.830>thing <00:14:31.831>you <00:14:31.832>need <00:14:31.833>to <00:14:31.834>be <00:14:31.835>able <00:14:31.836>to <00:14:31.838>then 00:14:31.839 --> 00:14:33.110 align:start position:0% <00:14:31.839>first <00:14:31.910>thing <00:14:31.981>you <00:14:32.053>need <00:14:32.124>to <00:14:32.196>be <00:14:32.267>able <00:14:32.339>to <00:14:32.410>then <00:14:32.482>do <00:14:32.553>and <00:14:32.625>say, <00:14:32.696>"Yeah, <00:14:32.768>well, <00:14:32.839>hold <00:14:32.911>on <00:14:32.982>a 00:14:33.110 --> 00:14:33.120 align:start position:0% <00:14:33.110>do <00:14:33.111>and <00:14:33.112>say, <00:14:33.113>"Yeah, <00:14:33.115>well, <00:14:33.116>hold <00:14:33.117>on <00:14:33.119>a 00:14:33.120 --> 00:14:35.550 align:start position:0% <00:14:33.120>do <00:14:33.260>and <00:14:33.400>say, <00:14:33.540>"Yeah, <00:14:33.680>well, <00:14:33.820>hold <00:14:33.960>on <00:14:34.100>a <00:14:34.240>second. <00:14:34.380>You <00:14:34.520>know, 00:14:35.550 --> 00:14:35.560 align:start position:0% <00:14:35.550>second. <00:14:35.554>You <00:14:35.559>know, 00:14:35.560 --> 00:14:37.870 align:start position:0% <00:14:35.560>second. <00:14:35.715>You <00:14:35.871>know, <00:14:36.026>the <00:14:36.182>agenda <00:14:36.337>AI <00:14:36.493>was <00:14:36.648>delegated <00:14:36.804>with <00:14:36.959>a 00:14:37.870 --> 00:14:37.880 align:start position:0% <00:14:37.870>the <00:14:37.871>agenda <00:14:37.873>AI <00:14:37.874>was <00:14:37.876>delegated <00:14:37.877>with <00:14:37.879>a 00:14:37.880 --> 00:14:41.070 align:start position:0% <00:14:37.880>the <00:14:37.987>agenda <00:14:38.095>AI <00:14:38.203>was <00:14:38.310>delegated <00:14:38.418>with <00:14:38.526>a <00:14:38.633>certain <00:14:38.741>task, <00:14:38.849>right? <00:14:38.956>And <00:14:39.064>that <00:14:39.172>task <00:14:39.280>has 00:14:41.070 --> 00:14:41.080 align:start position:0% <00:14:41.070>certain <00:14:41.071>task, <00:14:41.073>right? <00:14:41.074>And <00:14:41.076>that <00:14:41.077>task <00:14:41.079>has 00:14:41.080 --> 00:14:43.990 align:start position:0% <00:14:41.080>certain <00:14:41.173>task, <00:14:41.266>right? <00:14:41.360>And <00:14:41.453>that <00:14:41.546>task <00:14:41.640>has <00:14:41.733>to <00:14:41.826>be <00:14:41.920>written <00:14:42.013>down <00:14:42.106>not <00:14:42.200>only <00:14:42.293>in <00:14:42.386>the <00:14:42.480>code. 00:14:43.990 --> 00:14:44.000 align:start position:0% <00:14:43.990>to <00:14:43.991>be <00:14:43.992>written <00:14:43.993>down <00:14:43.994>not <00:14:43.995>only <00:14:43.996>in <00:14:43.997>the <00:14:43.999>code. 00:14:44.000 --> 00:14:45.829 align:start position:0% <00:14:44.000>to <00:14:44.087>be <00:14:44.175>written <00:14:44.262>down <00:14:44.350>not <00:14:44.437>only <00:14:44.525>in <00:14:44.612>the <00:14:44.700>code. <00:14:44.787>It <00:14:44.875>has <00:14:44.962>to <00:14:45.050>be <00:14:45.137>protected <00:14:45.225>in <00:14:45.312>another <00:14:45.400>type 00:14:45.829 --> 00:14:45.839 align:start position:0% <00:14:45.829>It <00:14:45.830>has <00:14:45.831>to <00:14:45.832>be <00:14:45.834>protected <00:14:45.835>in <00:14:45.836>another <00:14:45.838>type 00:14:45.839 --> 00:14:46.630 align:start position:0% <00:14:45.839>It <00:14:45.918>has <00:14:45.997>to <00:14:46.076>be <00:14:46.155>protected <00:14:46.234>in <00:14:46.313>another <00:14:46.392>type <00:14:46.471>of <00:14:46.550>database. 00:14:46.630 --> 00:14:46.640 align:start position:0% <00:14:46.630>of <00:14:46.639>database. 00:14:46.640 --> 00:14:46.990 align:start position:0% <00:14:46.640>of <00:14:46.745>database. <00:14:46.850>>> <00:14:46.955>Yep. 00:14:46.990 --> 00:14:47.000 align:start position:0% <00:14:46.990>>> <00:14:46.999>Yep. 00:14:47.000 --> 00:14:48.790 align:start position:0% <00:14:47.000>>> <00:14:47.127>Yep. <00:14:47.254>>> <00:14:47.381>So, <00:14:47.509>you <00:14:47.636>can <00:14:47.763>see <00:14:47.890>what <00:14:48.018>was <00:14:48.145>the <00:14:48.272>origin <00:14:48.400>or 00:14:48.790 --> 00:14:48.800 align:start position:0% <00:14:48.790>>> <00:14:48.790>So, <00:14:48.791>you <00:14:48.793>can <00:14:48.794>see <00:14:48.795>what <00:14:48.795>was <00:14:48.796>the <00:14:48.798>origin <00:14:48.799>or 00:14:48.800 --> 00:14:51.550 align:start position:0% <00:14:48.800>>> <00:14:48.882>So, <00:14:48.964>you <00:14:49.047>can <00:14:49.129>see <00:14:49.211>what <00:14:49.294>was <00:14:49.376>the <00:14:49.458>origin <00:14:49.541>or <00:14:49.623>what <00:14:49.705>was <00:14:49.788>the <00:14:49.870>intent <00:14:49.952>of <00:14:50.035>the <00:14:50.117>agenda <00:14:50.199>AI, 00:14:51.550 --> 00:14:51.560 align:start position:0% <00:14:51.550>what <00:14:51.551>was <00:14:51.552>the <00:14:51.553>intent <00:14:51.555>of <00:14:51.556>the <00:14:51.557>agenda <00:14:51.559>AI, 00:14:51.560 --> 00:14:52.910 align:start position:0% <00:14:51.560>what <00:14:51.641>was <00:14:51.722>the <00:14:51.803>intent <00:14:51.883>of <00:14:51.964>the <00:14:52.045>agenda <00:14:52.127>AI, <00:14:52.208>right? <00:14:52.289>And <00:14:52.370>it <00:14:52.450>has <00:14:52.531>to <00:14:52.613>have <00:14:52.694>a <00:14:52.775>digital 00:14:52.910 --> 00:14:52.920 align:start position:0% <00:14:52.910>right? <00:14:52.911>And <00:14:52.912>it <00:14:52.913>has <00:14:52.915>to <00:14:52.916>have <00:14:52.917>a <00:14:52.919>digital 00:14:52.920 --> 00:14:55.230 align:start position:0% <00:14:52.920>right? <00:14:53.027>And <00:14:53.135>it <00:14:53.243>has <00:14:53.350>to <00:14:53.458>have <00:14:53.566>a <00:14:53.673>digital <00:14:53.781>identity <00:14:53.889>around <00:14:53.996>that <00:14:54.104>because <00:14:54.212>we <00:14:54.319>see 00:14:55.230 --> 00:14:55.240 align:start position:0% <00:14:55.230>identity <00:14:55.231>around <00:14:55.233>that <00:14:55.235>because <00:14:55.237>we <00:14:55.239>see 00:14:55.240 --> 00:14:57.470 align:start position:0% <00:14:55.240>identity <00:14:55.380>around <00:14:55.520>that <00:14:55.660>because <00:14:55.800>we <00:14:55.940>see <00:14:56.080>arbitrary <00:14:56.220>movements <00:14:56.360>happening <00:14:56.500>in <00:14:56.640>the 00:14:57.470 --> 00:14:57.480 align:start position:0% <00:14:57.470>arbitrary <00:14:57.472>movements <00:14:57.474>happening <00:14:57.476>in <00:14:57.479>the 00:14:57.480 --> 00:14:59.990 align:start position:0% <00:14:57.480>arbitrary <00:14:57.596>movements <00:14:57.713>happening <00:14:57.830>in <00:14:57.946>the <00:14:58.063>code <00:14:58.180>base <00:14:58.296>of <00:14:58.413>agenda <00:14:58.530>AI <00:14:58.646>where <00:14:58.763>it <00:14:58.880>starts 00:14:59.990 --> 00:15:00.000 align:start position:0% <00:14:59.990>code <00:14:59.991>base <00:14:59.992>of <00:14:59.993>agenda <00:14:59.995>AI <00:14:59.996>where <00:14:59.997>it <00:14:59.999>starts 00:15:00.000 --> 00:15:03.230 align:start position:0% <00:15:00.000>code <00:15:00.100>base <00:15:00.200>of <00:15:00.300>agenda <00:15:00.400>AI <00:15:00.500>where <00:15:00.600>it <00:15:00.700>starts <00:15:00.800>redefining <00:15:00.900>what <00:15:01.000>is <00:15:01.100>my <00:15:01.200>purpose <00:15:01.300>based <00:15:01.400>on 00:15:03.230 --> 00:15:03.240 align:start position:0% <00:15:03.230>redefining <00:15:03.231>what <00:15:03.233>is <00:15:03.234>my <00:15:03.236>purpose <00:15:03.237>based <00:15:03.239>on 00:15:03.240 --> 00:15:04.950 align:start position:0% <00:15:03.240>redefining <00:15:03.347>what <00:15:03.455>is <00:15:03.563>my <00:15:03.670>purpose <00:15:03.778>based <00:15:03.886>on <00:15:03.993>routing <00:15:04.101>and <00:15:04.209>based <00:15:04.316>on <00:15:04.424>context <00:15:04.532>and <00:15:04.640>based 00:15:04.950 --> 00:15:04.960 align:start position:0% <00:15:04.950>routing <00:15:04.951>and <00:15:04.953>based <00:15:04.954>on <00:15:04.956>context <00:15:04.957>and <00:15:04.959>based 00:15:04.960 --> 00:15:06.310 align:start position:0% <00:15:04.960>routing <00:15:05.111>and <00:15:05.263>based <00:15:05.415>on <00:15:05.567>context <00:15:05.719>and <00:15:05.871>based <00:15:06.023>on <00:15:06.175>usage 00:15:06.310 --> 00:15:06.320 align:start position:0% <00:15:06.310>on <00:15:06.319>usage 00:15:06.320 --> 00:15:09.390 align:start position:0% <00:15:06.320>on <00:15:06.475>usage <00:15:06.631>over <00:15:06.786>just <00:15:06.942>weeks, <00:15:07.097>right? <00:15:07.253>So, <00:15:07.408>if <00:15:07.564>we <00:15:07.720>do 00:15:09.390 --> 00:15:09.400 align:start position:0% <00:15:09.390>over <00:15:09.391>just <00:15:09.392>weeks, <00:15:09.393>right? <00:15:09.395>So, <00:15:09.396>if <00:15:09.397>we <00:15:09.399>do 00:15:09.400 --> 00:15:12.230 align:start position:0% <00:15:09.400>over <00:15:09.500>just <00:15:09.600>weeks, <00:15:09.699>right? <00:15:09.800>So, <00:15:09.900>if <00:15:10.000>we <00:15:10.100>do <00:15:10.199>that <00:15:10.300>already <00:15:10.400>when <00:15:10.500>we <00:15:10.600>deploy <00:15:10.699>in <00:15:10.800>normal 00:15:12.230 --> 00:15:12.240 align:start position:0% <00:15:12.230>that <00:15:12.231>already <00:15:12.233>when <00:15:12.234>we <00:15:12.236>deploy <00:15:12.237>in <00:15:12.239>normal 00:15:12.240 --> 00:15:14.070 align:start position:0% <00:15:12.240>that <00:15:12.356>already <00:15:12.473>when <00:15:12.590>we <00:15:12.706>deploy <00:15:12.823>in <00:15:12.940>normal <00:15:13.056>inside <00:15:13.173>enterprises, <00:15:13.290>we <00:15:13.406>would <00:15:13.523>be <00:15:13.640>two 00:15:14.070 --> 00:15:14.080 align:start position:0% <00:15:14.070>inside <00:15:14.071>enterprises, <00:15:14.073>we <00:15:14.075>would <00:15:14.077>be <00:15:14.079>two 00:15:14.080 --> 00:15:15.550 align:start position:0% <00:15:14.080>inside <00:15:14.212>enterprises, <00:15:14.344>we <00:15:14.476>would <00:15:14.609>be <00:15:14.741>two <00:15:14.873>steps <00:15:15.006>ahead <00:15:15.138>of <00:15:15.270>the <00:15:15.403>regulatory 00:15:15.550 --> 00:15:15.560 align:start position:0% <00:15:15.550>steps <00:15:15.552>ahead <00:15:15.554>of <00:15:15.556>the <00:15:15.559>regulatory 00:15:15.560 --> 00:15:16.910 align:start position:0% <00:15:15.560>steps <00:15:15.670>ahead <00:15:15.780>of <00:15:15.891>the <00:15:16.001>regulatory <00:15:16.112>environment <00:15:16.222>and <00:15:16.333>then <00:15:16.443>we <00:15:16.554>can <00:15:16.664>do <00:15:16.775>these 00:15:16.910 --> 00:15:16.920 align:start position:0% <00:15:16.910>environment <00:15:16.911>and <00:15:16.913>then <00:15:16.914>we <00:15:16.915>can <00:15:16.917>do <00:15:16.919>these 00:15:16.920 --> 00:15:17.950 align:start position:0% <00:15:16.920>environment <00:15:17.004>and <00:15:17.088>then <00:15:17.172>we <00:15:17.257>can <00:15:17.341>do <00:15:17.425>these <00:15:17.509>beautiful <00:15:17.594>things <00:15:17.678>you <00:15:17.762>talked <00:15:17.847>about. 00:15:17.950 --> 00:15:17.960 align:start position:0% <00:15:17.950>beautiful <00:15:17.952>things <00:15:17.954>you <00:15:17.956>talked <00:15:17.959>about. 00:15:17.960 --> 00:15:19.430 align:start position:0% <00:15:17.960>beautiful <00:15:18.080>things <00:15:18.200>you <00:15:18.320>talked <00:15:18.441>about. <00:15:18.561>>> <00:15:18.681>Yeah, <00:15:18.801>absolutely. <00:15:18.922>I <00:15:19.042>have <00:15:19.162>always <00:15:19.282>saying 00:15:19.430 --> 00:15:19.440 align:start position:0% <00:15:19.430>>> <00:15:19.431>Yeah, <00:15:19.433>absolutely. <00:15:19.434>I <00:15:19.436>have <00:15:19.437>always <00:15:19.439>saying 00:15:19.440 --> 00:15:20.910 align:start position:0% <00:15:19.440>>> <00:15:19.534>Yeah, <00:15:19.629>absolutely. <00:15:19.723>I <00:15:19.818>have <00:15:19.912>always <00:15:20.007>saying <00:15:20.101>that <00:15:20.196>like <00:15:20.290>I <00:15:20.385>think <00:15:20.479>that <00:15:20.574>identities <00:15:20.668>is <00:15:20.762>the 00:15:20.910 --> 00:15:20.920 align:start position:0% <00:15:20.910>that <00:15:20.911>like <00:15:20.912>I <00:15:20.913>think <00:15:20.915>that <00:15:20.916>identities <00:15:20.917>is <00:15:20.919>the 00:15:20.920 --> 00:15:22.350 align:start position:0% <00:15:20.920>that <00:15:21.019>like <00:15:21.117>I <00:15:21.217>think <00:15:21.316>that <00:15:21.415>identities <00:15:21.514>is <00:15:21.613>the <00:15:21.712>cornerstone <00:15:21.811>of <00:15:21.910>everything <00:15:22.009>that <00:15:22.108>we <00:15:22.207>are 00:15:22.350 --> 00:15:22.360 align:start position:0% <00:15:22.350>cornerstone <00:15:22.351>of <00:15:22.353>everything <00:15:22.355>that <00:15:22.357>we <00:15:22.359>are 00:15:22.360 --> 00:15:24.350 align:start position:0% <00:15:22.360>cornerstone <00:15:22.460>of <00:15:22.560>everything <00:15:22.660>that <00:15:22.760>we <00:15:22.860>are <00:15:22.960>going <00:15:23.060>to <00:15:23.160>build <00:15:23.260>a <00:15:23.360>point, <00:15:23.460>right? <00:15:23.560>So, <00:15:23.660>but <00:15:23.760>I 00:15:24.350 --> 00:15:24.360 align:start position:0% <00:15:24.350>going <00:15:24.351>to <00:15:24.352>build <00:15:24.353>a <00:15:24.354>point, <00:15:24.355>right? <00:15:24.356>So, <00:15:24.357>but <00:15:24.359>I 00:15:24.360 --> 00:15:26.110 align:start position:0% <00:15:24.360>going <00:15:24.447>to <00:15:24.535>build <00:15:24.622>a <00:15:24.710>point, <00:15:24.797>right? <00:15:24.885>So, <00:15:24.972>but <00:15:25.060>I <00:15:25.147>will <00:15:25.235>not <00:15:25.322>only <00:15:25.410>like <00:15:25.497>do <00:15:25.585>the <00:15:25.672>identity <00:15:25.760>at 00:15:26.110 --> 00:15:26.120 align:start position:0% <00:15:26.110>will <00:15:26.111>not <00:15:26.112>only <00:15:26.113>like <00:15:26.115>do <00:15:26.116>the <00:15:26.117>identity <00:15:26.119>at 00:15:26.120 --> 00:15:27.950 align:start position:0% <00:15:26.120>will <00:15:26.207>not <00:15:26.295>only <00:15:26.382>like <00:15:26.470>do <00:15:26.557>the <00:15:26.645>identity <00:15:26.732>at <00:15:26.820>the <00:15:26.907>level <00:15:26.995>of <00:15:27.082>the <00:15:27.170>agent, <00:15:27.257>but <00:15:27.345>at <00:15:27.432>the <00:15:27.520>level 00:15:27.950 --> 00:15:27.960 align:start position:0% <00:15:27.950>the <00:15:27.951>level <00:15:27.952>of <00:15:27.953>the <00:15:27.954>agent, <00:15:27.955>but <00:15:27.956>at <00:15:27.957>the <00:15:27.959>level 00:15:27.960 --> 00:15:30.350 align:start position:0% <00:15:27.960>the <00:15:28.053>level <00:15:28.146>of <00:15:28.240>the <00:15:28.333>agent, <00:15:28.426>but <00:15:28.520>at <00:15:28.613>the <00:15:28.706>level <00:15:28.800>also <00:15:28.893>of <00:15:28.986>the <00:15:29.080>agencies <00:15:29.173>that <00:15:29.266>are <00:15:29.360>building 00:15:30.350 --> 00:15:30.360 align:start position:0% <00:15:30.350>also <00:15:30.351>of <00:15:30.353>the <00:15:30.354>agencies <00:15:30.356>that <00:15:30.357>are <00:15:30.359>building 00:15:30.360 --> 00:15:31.910 align:start position:0% <00:15:30.360>also <00:15:30.476>of <00:15:30.592>the <00:15:30.708>agencies <00:15:30.825>that <00:15:30.941>are <00:15:31.057>building <00:15:31.173>those <00:15:31.290>those <00:15:31.406>agents. <00:15:31.522>Because <00:15:31.638>you <00:15:31.755>will 00:15:31.910 --> 00:15:31.920 align:start position:0% <00:15:31.910>those <00:15:31.911>those <00:15:31.913>agents. <00:15:31.915>Because <00:15:31.917>you <00:15:31.919>will 00:15:31.920 --> 00:15:33.550 align:start position:0% <00:15:31.920>those <00:15:32.094>those <00:15:32.270>agents. <00:15:32.444>Because <00:15:32.620>you <00:15:32.795>will <00:15:32.969>need <00:15:33.145>to <00:15:33.319>like 00:15:33.550 --> 00:15:33.560 align:start position:0% <00:15:33.550>need <00:15:33.554>to <00:15:33.559>like 00:15:33.560 --> 00:15:36.110 align:start position:0% <00:15:33.560>need <00:15:33.699>to <00:15:33.839>like <00:15:33.979>I <00:15:34.119>will <00:15:34.260>be <00:15:34.400>really <00:15:34.540>careful <00:15:34.680>to <00:15:34.819>try <00:15:34.959>to 00:15:36.110 --> 00:15:36.120 align:start position:0% <00:15:36.110>I <00:15:36.111>will <00:15:36.112>be <00:15:36.113>really <00:15:36.115>careful <00:15:36.116>to <00:15:36.117>try <00:15:36.119>to 00:15:36.120 --> 00:15:37.830 align:start position:0% <00:15:36.120>I <00:15:36.236>will <00:15:36.353>be <00:15:36.470>really <00:15:36.586>careful <00:15:36.703>to <00:15:36.820>try <00:15:36.936>to <00:15:37.053>allocate <00:15:37.170>responsibility <00:15:37.286>to <00:15:37.403>the <00:15:37.520>agent 00:15:37.830 --> 00:15:37.840 align:start position:0% <00:15:37.830>allocate <00:15:37.832>responsibility <00:15:37.834>to <00:15:37.836>the <00:15:37.839>agent 00:15:37.840 --> 00:15:39.630 align:start position:0% <00:15:37.840>allocate <00:15:37.980>responsibility <00:15:38.120>to <00:15:38.260>the <00:15:38.400>agent <00:15:38.540>directly, <00:15:38.680>because <00:15:38.820>this <00:15:38.960>is <00:15:39.100>again <00:15:39.240>putting 00:15:39.630 --> 00:15:39.640 align:start position:0% <00:15:39.630>directly, <00:15:39.631>because <00:15:39.633>this <00:15:39.635>is <00:15:39.637>again <00:15:39.639>putting 00:15:39.640 --> 00:15:42.390 align:start position:0% <00:15:39.640>directly, <00:15:39.756>because <00:15:39.873>this <00:15:39.990>is <00:15:40.106>again <00:15:40.223>putting <00:15:40.340>responsibility <00:15:40.456>on <00:15:40.573>the <00:15:40.689>code. <00:15:40.806>Uh <00:15:40.923>I <00:15:41.040>will 00:15:42.390 --> 00:15:42.400 align:start position:0% <00:15:42.390>responsibility <00:15:42.391>on <00:15:42.393>the <00:15:42.394>code. <00:15:42.396>Uh <00:15:42.397>I <00:15:42.399>will 00:15:42.400 --> 00:15:43.910 align:start position:0% <00:15:42.400>responsibility <00:15:42.523>on <00:15:42.647>the <00:15:42.770>code. <00:15:42.894>Uh <00:15:43.017>I <00:15:43.141>will <00:15:43.264>just <00:15:43.388>like <00:15:43.511>transfer <00:15:43.635>that <00:15:43.759>responsibility 00:15:43.910 --> 00:15:43.920 align:start position:0% <00:15:43.910>just <00:15:43.912>like <00:15:43.914>transfer <00:15:43.916>that <00:15:43.919>responsibility 00:15:43.920 --> 00:15:45.470 align:start position:0% <00:15:43.920>just <00:15:44.046>like <00:15:44.173>transfer <00:15:44.300>that <00:15:44.427>responsibility <00:15:44.554>to <00:15:44.680>the <00:15:44.807>entity, <00:15:44.934>whether <00:15:45.061>it's <00:15:45.188>like <00:15:45.315>a 00:15:45.470 --> 00:15:45.480 align:start position:0% <00:15:45.470>to <00:15:45.471>the <00:15:45.473>entity, <00:15:45.474>whether <00:15:45.476>it's <00:15:45.477>like <00:15:45.479>a 00:15:45.480 --> 00:15:47.670 align:start position:0% <00:15:45.480>to <00:15:45.573>the <00:15:45.666>entity, <00:15:45.760>whether <00:15:45.853>it's <00:15:45.946>like <00:15:46.040>a <00:15:46.133>natural <00:15:46.226>person <00:15:46.320>on <00:15:46.413>a <00:15:46.506>on <00:15:46.600>a <00:15:46.693>or <00:15:46.786>a <00:15:46.880>company 00:15:47.670 --> 00:15:47.680 align:start position:0% <00:15:47.670>natural <00:15:47.671>person <00:15:47.672>on <00:15:47.673>a <00:15:47.674>on <00:15:47.675>a <00:15:47.676>or <00:15:47.677>a <00:15:47.679>company 00:15:47.680 --> 00:15:49.350 align:start position:0% <00:15:47.680>natural <00:15:47.767>person <00:15:47.854>on <00:15:47.942>a <00:15:48.030>on <00:15:48.117>a <00:15:48.204>or <00:15:48.292>a <00:15:48.380>company <00:15:48.467>that <00:15:48.555>is <00:15:48.642>behind <00:15:48.729>the <00:15:48.817>agent, <00:15:48.905>cuz <00:15:48.992>I <00:15:49.079>wouldn't 00:15:49.350 --> 00:15:49.360 align:start position:0% <00:15:49.350>that <00:15:49.351>is <00:15:49.352>behind <00:15:49.353>the <00:15:49.355>agent, <00:15:49.356>cuz <00:15:49.357>I <00:15:49.359>wouldn't 00:15:49.360 --> 00:15:51.070 align:start position:0% <00:15:49.360>that <00:15:49.453>is <00:15:49.546>behind <00:15:49.640>the <00:15:49.733>agent, <00:15:49.826>cuz <00:15:49.920>I <00:15:50.013>wouldn't <00:15:50.106>like <00:15:50.200>to <00:15:50.293>see <00:15:50.386>like <00:15:50.480>the <00:15:50.573>same <00:15:50.666>direction <00:15:50.760>that 00:15:51.070 --> 00:15:51.080 align:start position:0% <00:15:51.070>like <00:15:51.071>to <00:15:51.072>see <00:15:51.073>like <00:15:51.075>the <00:15:51.076>same <00:15:51.077>direction <00:15:51.079>that 00:15:51.080 --> 00:15:52.350 align:start position:0% <00:15:51.080>like <00:15:51.161>to <00:15:51.243>see <00:15:51.324>like <00:15:51.406>the <00:15:51.488>same <00:15:51.569>direction <00:15:51.651>that <00:15:51.733>we <00:15:51.814>are <00:15:51.896>seeing <00:15:51.978>in <00:15:52.059>the <00:15:52.141>Netherlands <00:15:52.223>with 00:15:52.350 --> 00:15:52.360 align:start position:0% <00:15:52.350>we <00:15:52.351>are <00:15:52.353>seeing <00:15:52.354>in <00:15:52.356>the <00:15:52.357>Netherlands <00:15:52.359>with 00:15:52.360 --> 00:15:54.710 align:start position:0% <00:15:52.360>we <00:15:52.467>are <00:15:52.575>seeing <00:15:52.683>in <00:15:52.790>the <00:15:52.898>Netherlands <00:15:53.006>with <00:15:53.113>Tornado <00:15:53.221>Cash <00:15:53.329>when <00:15:53.436>we <00:15:53.544>are <00:15:53.652>actually <00:15:53.760>like 00:15:54.710 --> 00:15:54.720 align:start position:0% <00:15:54.710>Tornado <00:15:54.711>Cash <00:15:54.713>when <00:15:54.714>we <00:15:54.716>are <00:15:54.717>actually <00:15:54.719>like 00:15:54.720 --> 00:15:55.910 align:start position:0% <00:15:54.720>Tornado <00:15:54.809>Cash <00:15:54.898>when <00:15:54.987>we <00:15:55.077>are <00:15:55.166>actually <00:15:55.255>like <00:15:55.344>going <00:15:55.434>[snorts] <00:15:55.523>into <00:15:55.612>liability <00:15:55.701>of <00:15:55.790>the 00:15:55.910 --> 00:15:55.920 align:start position:0% <00:15:55.910>going <00:15:55.911>[snorts] <00:15:55.913>into <00:15:55.915>liability <00:15:55.917>of <00:15:55.919>the 00:15:55.920 --> 00:15:57.950 align:start position:0% <00:15:55.920>going <00:15:56.027>[snorts] <00:15:56.135>into <00:15:56.243>liability <00:15:56.350>of <00:15:56.458>the <00:15:56.566>code. <00:15:56.673>So, <00:15:56.781>I <00:15:56.889>will <00:15:56.996>I <00:15:57.104>will <00:15:57.212>be <00:15:57.319>really 00:15:57.950 --> 00:15:57.960 align:start position:0% <00:15:57.950>code. <00:15:57.951>So, <00:15:57.952>I <00:15:57.953>will <00:15:57.955>I <00:15:57.956>will <00:15:57.957>be <00:15:57.959>really 00:15:57.960 --> 00:16:00.150 align:start position:0% <00:15:57.960>code. <00:15:58.076>So, <00:15:58.193>I <00:15:58.310>will <00:15:58.426>I <00:15:58.543>will <00:15:58.660>be <00:15:58.776>really <00:15:58.893>careful <00:15:59.010>on <00:15:59.126>those <00:15:59.243>on <00:15:59.360>on 00:16:00.150 --> 00:16:00.160 align:start position:0% <00:16:00.150>careful <00:16:00.152>on <00:16:00.154>those <00:16:00.156>on <00:16:00.159>on 00:16:00.160 --> 00:16:02.390 align:start position:0% <00:16:00.160>careful <00:16:00.276>on <00:16:00.393>those <00:16:00.510>on <00:16:00.626>on <00:16:00.743>what <00:16:00.860>will <00:16:00.976>be <00:16:01.093>the <00:16:01.209>purpose <00:16:01.326>of <00:16:01.443>the <00:16:01.560>identity 00:16:02.390 --> 00:16:02.400 align:start position:0% <00:16:02.390>what <00:16:02.391>will <00:16:02.392>be <00:16:02.393>the <00:16:02.395>purpose <00:16:02.396>of <00:16:02.397>the <00:16:02.399>identity 00:16:02.400 --> 00:16:03.630 align:start position:0% <00:16:02.400>what <00:16:02.479>will <00:16:02.558>be <00:16:02.637>the <00:16:02.716>purpose <00:16:02.795>of <00:16:02.874>the <00:16:02.953>identity <00:16:03.032>of <00:16:03.111>the <00:16:03.190>agent, <00:16:03.269>whether <00:16:03.348>it's <00:16:03.427>for <00:16:03.507>the 00:16:03.630 --> 00:16:03.640 align:start position:0% <00:16:03.630>of <00:16:03.631>the <00:16:03.633>agent, <00:16:03.634>whether <00:16:03.636>it's <00:16:03.637>for <00:16:03.639>the 00:16:03.640 --> 00:16:05.430 align:start position:0% <00:16:03.640>of <00:16:03.767>the <00:16:03.894>agent, <00:16:04.021>whether <00:16:04.149>it's <00:16:04.276>for <00:16:04.403>the <00:16:04.530>establishment <00:16:04.658>of <00:16:04.785>the <00:16:04.912>liability <00:16:05.040>or 00:16:05.430 --> 00:16:05.440 align:start position:0% <00:16:05.430>establishment <00:16:05.432>of <00:16:05.434>the <00:16:05.436>liability <00:16:05.439>or 00:16:05.440 --> 00:16:07.510 align:start position:0% <00:16:05.440>establishment <00:16:05.580>of <00:16:05.720>the <00:16:05.860>liability <00:16:06.000>or <00:16:06.140>whether <00:16:06.280>it's <00:16:06.420>to <00:16:06.560>understand <00:16:06.700>where <00:16:06.840>he 00:16:07.510 --> 00:16:07.520 align:start position:0% <00:16:07.510>whether <00:16:07.511>it's <00:16:07.513>to <00:16:07.515>understand <00:16:07.517>where <00:16:07.519>he 00:16:07.520 --> 00:16:09.910 align:start position:0% <00:16:07.520>whether <00:16:07.627>it's <00:16:07.735>to <00:16:07.843>understand <00:16:07.950>where <00:16:08.058>he <00:16:08.166>sits, <00:16:08.273>what <00:16:08.381>are <00:16:08.489>like <00:16:08.596>how <00:16:08.704>he <00:16:08.812>acts, <00:16:08.920>and 00:16:09.910 --> 00:16:09.920 align:start position:0% <00:16:09.910>sits, <00:16:09.911>what <00:16:09.912>are <00:16:09.913>like <00:16:09.915>how <00:16:09.916>he <00:16:09.917>acts, <00:16:09.919>and 00:16:09.920 --> 00:16:12.030 align:start position:0% <00:16:09.920>sits, <00:16:10.047>what <00:16:10.174>are <00:16:10.301>like <00:16:10.429>how <00:16:10.556>he <00:16:10.683>acts, <00:16:10.810>and <00:16:10.938>where <00:16:11.065>does <00:16:11.192>he <00:16:11.319>act. 00:16:12.030 --> 00:16:12.040 align:start position:0% <00:16:12.030>where <00:16:12.033>does <00:16:12.036>he <00:16:12.039>act. 00:16:12.040 --> 00:16:14.030 align:start position:0% <00:16:12.040>where <00:16:12.156>does <00:16:12.273>he <00:16:12.390>act. <00:16:12.506>>> <00:16:12.623>Yeah, <00:16:12.740>but <00:16:12.856>there's <00:16:12.973>two <00:16:13.089>ways <00:16:13.206>of <00:16:13.323>looking <00:16:13.439>at 00:16:14.030 --> 00:16:14.040 align:start position:0% <00:16:14.030>>> <00:16:14.031>Yeah, <00:16:14.032>but <00:16:14.033>there's <00:16:14.034>two <00:16:14.035>ways <00:16:14.036>of <00:16:14.037>looking <00:16:14.039>at 00:16:14.040 --> 00:16:15.470 align:start position:0% <00:16:14.040>>> <00:16:14.115>Yeah, <00:16:14.191>but <00:16:14.267>there's <00:16:14.342>two <00:16:14.418>ways <00:16:14.494>of <00:16:14.569>looking <00:16:14.645>at <00:16:14.721>it, <00:16:14.797>right? <00:16:14.872>One <00:16:14.948>is <00:16:15.024>sort <00:16:15.099>of <00:16:15.175>the <00:16:15.251>legal <00:16:15.327>way 00:16:15.470 --> 00:16:15.480 align:start position:0% <00:16:15.470>it, <00:16:15.471>right? <00:16:15.472>One <00:16:15.473>is <00:16:15.474>sort <00:16:15.475>of <00:16:15.476>the <00:16:15.477>legal <00:16:15.479>way 00:16:15.480 --> 00:16:16.710 align:start position:0% <00:16:15.480>it, <00:16:15.545>right? <00:16:15.610>One <00:16:15.675>is <00:16:15.740>sort <00:16:15.805>of <00:16:15.870>the <00:16:15.935>legal <00:16:16.000>way <00:16:16.066>you're <00:16:16.131>looking <00:16:16.196>at <00:16:16.261>it, <00:16:16.326>and <00:16:16.391>one <00:16:16.456>is <00:16:16.521>from <00:16:16.587>a 00:16:16.710 --> 00:16:16.720 align:start position:0% <00:16:16.710>you're <00:16:16.711>looking <00:16:16.712>at <00:16:16.713>it, <00:16:16.714>and <00:16:16.715>one <00:16:16.716>is <00:16:16.717>from <00:16:16.719>a 00:16:16.720 --> 00:16:18.310 align:start position:0% <00:16:16.720>you're <00:16:16.836>looking <00:16:16.953>at <00:16:17.070>it, <00:16:17.186>and <00:16:17.303>one <00:16:17.420>is <00:16:17.536>from <00:16:17.653>a <00:16:17.770>developer's <00:16:17.886>perspective. <00:16:18.003>Something <00:16:18.120>went 00:16:18.310 --> 00:16:18.320 align:start position:0% <00:16:18.310>developer's <00:16:18.313>perspective. <00:16:18.316>Something <00:16:18.319>went 00:16:18.320 --> 00:16:20.510 align:start position:0% <00:16:18.320>developer's <00:16:18.447>perspective. <00:16:18.574>Something <00:16:18.701>went <00:16:18.829>wrong, <00:16:18.956>I <00:16:19.083>need <00:16:19.210>to <00:16:19.338>check <00:16:19.465>that, <00:16:19.592>right? <00:16:19.720>But 00:16:20.510 --> 00:16:20.520 align:start position:0% <00:16:20.510>wrong, <00:16:20.511>I <00:16:20.512>need <00:16:20.513>to <00:16:20.515>check <00:16:20.516>that, <00:16:20.517>right? <00:16:20.519>But 00:16:20.520 --> 00:16:23.070 align:start position:0% <00:16:20.520>wrong, <00:16:20.620>I <00:16:20.720>need <00:16:20.819>to <00:16:20.920>check <00:16:21.020>that, <00:16:21.120>right? <00:16:21.220>But <00:16:21.319>when <00:16:21.420>you <00:16:21.520>check <00:16:21.620>the <00:16:21.720>the <00:16:21.819>neural <00:16:21.920>networks, 00:16:23.070 --> 00:16:23.080 align:start position:0% <00:16:23.070>when <00:16:23.071>you <00:16:23.073>check <00:16:23.074>the <00:16:23.076>the <00:16:23.077>neural <00:16:23.079>networks, 00:16:23.080 --> 00:16:24.990 align:start position:0% <00:16:23.080>when <00:16:23.187>you <00:16:23.295>check <00:16:23.403>the <00:16:23.510>the <00:16:23.618>neural <00:16:23.726>networks, <00:16:23.833>and <00:16:23.941>you <00:16:24.049>check <00:16:24.156>why <00:16:24.264>the <00:16:24.372>decision <00:16:24.480>actually 00:16:24.990 --> 00:16:25.000 align:start position:0% <00:16:24.990>and <00:16:24.991>you <00:16:24.993>check <00:16:24.994>why <00:16:24.996>the <00:16:24.997>decision <00:16:24.999>actually 00:16:25.000 --> 00:16:27.829 align:start position:0% <00:16:25.000>and <00:16:25.107>you <00:16:25.215>check <00:16:25.323>why <00:16:25.430>the <00:16:25.538>decision <00:16:25.646>actually <00:16:25.753>happened, <00:16:25.861>and <00:16:25.969>you <00:16:26.076>don't <00:16:26.184>have <00:16:26.292>that <00:16:26.400>data 00:16:27.829 --> 00:16:27.839 align:start position:0% <00:16:27.829>happened, <00:16:27.830>and <00:16:27.832>you <00:16:27.833>don't <00:16:27.834>have <00:16:27.836>that <00:16:27.838>data 00:16:27.839 --> 00:16:31.230 align:start position:0% <00:16:27.839>happened, <00:16:27.939>and <00:16:28.039>you <00:16:28.138>don't <00:16:28.238>have <00:16:28.339>that <00:16:28.439>data <00:16:28.539>like <00:16:28.638>in <00:16:28.738>a <00:16:28.839>locked <00:16:28.939>format, <00:16:29.039>right? <00:16:29.138>You <00:16:29.238>are 00:16:31.230 --> 00:16:31.240 align:start position:0% <00:16:31.230>like <00:16:31.231>in <00:16:31.232>a <00:16:31.233>locked <00:16:31.235>format, <00:16:31.236>right? <00:16:31.237>You <00:16:31.239>are 00:16:31.240 --> 00:16:32.790 align:start position:0% <00:16:31.240>like <00:16:31.339>in <00:16:31.439>a <00:16:31.538>locked <00:16:31.638>format, <00:16:31.738>right? <00:16:31.837>You <00:16:31.937>are <00:16:32.037>actually <00:16:32.136>have <00:16:32.236>an <00:16:32.336>issue <00:16:32.435>in <00:16:32.535>terms <00:16:32.635>of 00:16:32.790 --> 00:16:32.800 align:start position:0% <00:16:32.790>actually <00:16:32.791>have <00:16:32.793>an <00:16:32.794>issue <00:16:32.795>in <00:16:32.797>terms <00:16:32.799>of 00:16:32.800 --> 00:16:34.710 align:start position:0% <00:16:32.800>actually <00:16:32.907>have <00:16:33.015>an <00:16:33.123>issue <00:16:33.230>in <00:16:33.338>terms <00:16:33.446>of <00:16:33.553>trying <00:16:33.661>to <00:16:33.769>figure <00:16:33.876>out <00:16:33.984>where <00:16:34.092>you're <00:16:34.199>going. 00:16:34.710 --> 00:16:34.720 align:start position:0% <00:16:34.710>trying <00:16:34.711>to <00:16:34.713>figure <00:16:34.714>out <00:16:34.716>where <00:16:34.717>you're <00:16:34.719>going. 00:16:34.720 --> 00:16:36.870 align:start position:0% <00:16:34.720>trying <00:16:34.820>to <00:16:34.920>figure <00:16:35.020>out <00:16:35.120>where <00:16:35.220>you're <00:16:35.320>going. <00:16:35.420>And <00:16:35.520>the <00:16:35.620>other <00:16:35.720>thing <00:16:35.820>is <00:16:35.920>about <00:16:36.020>identity <00:16:36.120>is 00:16:36.870 --> 00:16:36.880 align:start position:0% <00:16:36.870>And <00:16:36.871>the <00:16:36.872>other <00:16:36.873>thing <00:16:36.875>is <00:16:36.876>about <00:16:36.877>identity <00:16:36.879>is 00:16:36.880 --> 00:16:39.710 align:start position:0% <00:16:36.880>And <00:16:36.980>the <00:16:37.080>other <00:16:37.180>thing <00:16:37.280>is <00:16:37.380>about <00:16:37.480>identity <00:16:37.580>is <00:16:37.680>we <00:16:37.780>we <00:16:37.880>actually <00:16:37.980>do <00:16:38.080>have <00:16:38.180>identity <00:16:38.280>systems 00:16:39.710 --> 00:16:39.720 align:start position:0% <00:16:39.710>we <00:16:39.711>we <00:16:39.713>actually <00:16:39.714>do <00:16:39.716>have <00:16:39.717>identity <00:16:39.719>systems 00:16:39.720 --> 00:16:42.190 align:start position:0% <00:16:39.720>we <00:16:39.820>we <00:16:39.920>actually <00:16:40.020>do <00:16:40.120>have <00:16:40.220>identity <00:16:40.320>systems <00:16:40.420>which <00:16:40.520>is <00:16:40.620>being <00:16:40.720>accepted <00:16:40.820>and <00:16:40.920>used <00:16:41.020>in <00:16:41.120>the 00:16:42.190 --> 00:16:42.200 align:start position:0% <00:16:42.190>which <00:16:42.191>is <00:16:42.192>being <00:16:42.193>accepted <00:16:42.195>and <00:16:42.196>used <00:16:42.197>in <00:16:42.199>the 00:16:42.200 --> 00:16:44.230 align:start position:0% <00:16:42.200>which <00:16:42.293>is <00:16:42.386>being <00:16:42.480>accepted <00:16:42.573>and <00:16:42.666>used <00:16:42.760>in <00:16:42.853>the <00:16:42.946>in <00:16:43.040>the <00:16:43.133>world <00:16:43.226>today, <00:16:43.320>which <00:16:43.413>we <00:16:43.506>can <00:16:43.600>port 00:16:44.230 --> 00:16:44.240 align:start position:0% <00:16:44.230>in <00:16:44.231>the <00:16:44.232>world <00:16:44.233>today, <00:16:44.235>which <00:16:44.236>we <00:16:44.237>can <00:16:44.239>port 00:16:44.240 --> 00:16:47.070 align:start position:0% <00:16:44.240>in <00:16:44.347>the <00:16:44.455>world <00:16:44.563>today, <00:16:44.670>which <00:16:44.778>we <00:16:44.886>can <00:16:44.993>port <00:16:45.101>down <00:16:45.209>through <00:16:45.316>the <00:16:45.424>organizational <00:16:45.532>level <00:16:45.640>to 00:16:47.070 --> 00:16:47.080 align:start position:0% <00:16:47.070>down <00:16:47.071>through <00:16:47.073>the <00:16:47.075>organizational <00:16:47.077>level <00:16:47.079>to 00:16:47.080 --> 00:16:49.870 align:start position:0% <00:16:47.080>down <00:16:47.196>through <00:16:47.313>the <00:16:47.430>organizational <00:16:47.546>level <00:16:47.663>to <00:16:47.780>the <00:16:47.896>agenda <00:16:48.013>AIs. <00:16:48.130>And <00:16:48.246>people <00:16:48.363>don't <00:16:48.480>realize 00:16:49.870 --> 00:16:49.880 align:start position:0% <00:16:49.870>the <00:16:49.871>agenda <00:16:49.873>AIs. <00:16:49.874>And <00:16:49.876>people <00:16:49.877>don't <00:16:49.879>realize 00:16:49.880 --> 00:16:52.070 align:start position:0% <00:16:49.880>the <00:16:49.987>agenda <00:16:50.095>AIs. <00:16:50.203>And <00:16:50.310>people <00:16:50.418>don't <00:16:50.526>realize <00:16:50.633>that, <00:16:50.741>right? <00:16:50.849>But <00:16:50.956>in <00:16:51.064>uh <00:16:51.172>transfer <00:16:51.280>or 00:16:52.070 --> 00:16:52.080 align:start position:0% <00:16:52.070>that, <00:16:52.071>right? <00:16:52.073>But <00:16:52.074>in <00:16:52.076>uh <00:16:52.077>transfer <00:16:52.079>or 00:16:52.080 --> 00:16:53.910 align:start position:0% <00:16:52.080>that, <00:16:52.207>right? <00:16:52.334>But <00:16:52.461>in <00:16:52.589>uh <00:16:52.716>transfer <00:16:52.843>or <00:16:52.970>traditional <00:16:53.098>finance, <00:16:53.225>we <00:16:53.352>use <00:16:53.480>something 00:16:53.910 --> 00:16:53.920 align:start position:0% <00:16:53.910>traditional <00:16:53.912>finance, <00:16:53.914>we <00:16:53.916>use <00:16:53.919>something 00:16:53.920 --> 00:16:56.110 align:start position:0% <00:16:53.920>traditional <00:16:54.060>finance, <00:16:54.199>we <00:16:54.339>use <00:16:54.479>something <00:16:54.620>called <00:16:54.760>the <00:16:54.900>legal <00:16:55.040>entity <00:16:55.180>identifier. <00:16:55.319>So, 00:16:56.110 --> 00:16:56.120 align:start position:0% <00:16:56.110>called <00:16:56.111>the <00:16:56.113>legal <00:16:56.115>entity <00:16:56.117>identifier. <00:16:56.119>So, 00:16:56.120 --> 00:16:57.430 align:start position:0% <00:16:56.120>called <00:16:56.204>the <00:16:56.288>legal <00:16:56.372>entity <00:16:56.456>identifier. <00:16:56.541>So, <00:16:56.625>just <00:16:56.709>to <00:16:56.793>give <00:16:56.877>you <00:16:56.962>sort <00:16:57.046>of <00:16:57.130>an <00:16:57.214>idea <00:16:57.299>about 00:16:57.430 --> 00:16:57.440 align:start position:0% <00:16:57.430>just <00:16:57.431>to <00:16:57.432>give <00:16:57.433>you <00:16:57.434>sort <00:16:57.435>of <00:16:57.436>an <00:16:57.437>idea <00:16:57.439>about 00:16:57.440 --> 00:17:00.110 align:start position:0% <00:16:57.440>just <00:16:57.527>to <00:16:57.615>give <00:16:57.702>you <00:16:57.790>sort <00:16:57.877>of <00:16:57.965>an <00:16:58.052>idea <00:16:58.140>about <00:16:58.227>it, <00:16:58.315>it <00:16:58.402>has <00:16:58.490>97% <00:16:58.577>adoption <00:16:58.665>rate. <00:16:58.752>That <00:16:58.840>means 00:17:00.110 --> 00:17:00.120 align:start position:0% <00:17:00.110>it, <00:17:00.111>it <00:17:00.112>has <00:17:00.113>97% <00:17:00.115>adoption <00:17:00.116>rate. <00:17:00.117>That <00:17:00.119>means 00:17:00.120 --> 00:17:01.790 align:start position:0% <00:17:00.120>it, <00:17:00.220>it <00:17:00.320>has <00:17:00.420>97% <00:17:00.520>adoption <00:17:00.620>rate. <00:17:00.720>That <00:17:00.820>means <00:17:00.920>that <00:17:01.020>every <00:17:01.120>single <00:17:01.220>bank <00:17:01.320>in <00:17:01.420>Germany <00:17:01.520>has 00:17:01.790 --> 00:17:01.800 align:start position:0% <00:17:01.790>that <00:17:01.791>every <00:17:01.793>single <00:17:01.794>bank <00:17:01.795>in <00:17:01.797>Germany <00:17:01.799>has 00:17:01.800 --> 00:17:03.270 align:start position:0% <00:17:01.800>that <00:17:01.910>every <00:17:02.020>single <00:17:02.130>bank <00:17:02.241>in <00:17:02.351>Germany <00:17:02.461>has <00:17:02.571>one <00:17:02.682>of <00:17:02.792>those. <00:17:02.902>Every <00:17:03.012>single <00:17:03.122>security 00:17:03.270 --> 00:17:03.280 align:start position:0% <00:17:03.270>one <00:17:03.271>of <00:17:03.273>those. <00:17:03.275>Every <00:17:03.277>single <00:17:03.279>security 00:17:03.280 --> 00:17:05.670 align:start position:0% <00:17:03.280>one <00:17:03.407>of <00:17:03.534>those. <00:17:03.661>Every <00:17:03.789>single <00:17:03.916>security <00:17:04.043>house, <00:17:04.170>every <00:17:04.298>single <00:17:04.425>broker, <00:17:04.552>most <00:17:04.680>people 00:17:05.670 --> 00:17:05.680 align:start position:0% <00:17:05.670>house, <00:17:05.671>every <00:17:05.673>single <00:17:05.675>broker, <00:17:05.677>most <00:17:05.679>people 00:17:05.680 --> 00:17:08.110 align:start position:0% <00:17:05.680>house, <00:17:05.796>every <00:17:05.913>single <00:17:06.030>broker, <00:17:06.146>most <00:17:06.263>people <00:17:06.380>who <00:17:06.496>deal <00:17:06.613>into <00:17:06.730>paper <00:17:06.846>uh <00:17:06.963>trades <00:17:07.080>or 00:17:08.110 --> 00:17:08.120 align:start position:0% <00:17:08.109>who <00:17:08.111>deal <00:17:08.112>into <00:17:08.114>paper <00:17:08.116>uh <00:17:08.117>trades <00:17:08.118>or 00:17:08.120 --> 00:17:09.270 align:start position:0% <00:17:08.119>who <00:17:08.206>deal <00:17:08.292>into <00:17:08.378>paper <00:17:08.464>uh <00:17:08.551>trades <00:17:08.637>or <00:17:08.723>physical <00:17:08.810>trades <00:17:08.896>they'll <00:17:08.982>have <00:17:09.068>one <00:17:09.155>of 00:17:09.270 --> 00:17:09.280 align:start position:0% <00:17:09.270>physical <00:17:09.271>trades <00:17:09.273>they'll <00:17:09.275>have <00:17:09.277>one <00:17:09.279>of 00:17:09.280 --> 00:17:11.829 align:start position:0% <00:17:09.280>physical <00:17:09.396>trades <00:17:09.513>they'll <00:17:09.629>have <00:17:09.746>one <00:17:09.863>of <00:17:09.980>those. <00:17:10.096>It's <00:17:10.213>about <00:17:10.329>400 <00:17:10.446>trillion <00:17:10.563>of <00:17:10.680>assets 00:17:11.829 --> 00:17:11.839 align:start position:0% <00:17:11.829>those. <00:17:11.830>It's <00:17:11.831>about <00:17:11.833>400 <00:17:11.835>trillion <00:17:11.836>of <00:17:11.838>assets 00:17:11.839 --> 00:17:13.990 align:start position:0% <00:17:11.839>those. <00:17:11.955>It's <00:17:12.072>about <00:17:12.188>400 <00:17:12.305>trillion <00:17:12.422>of <00:17:12.539>assets <00:17:12.655>which <00:17:12.772>is <00:17:12.888>safeguarded <00:17:13.005>by <00:17:13.122>this <00:17:13.239>system 00:17:13.990 --> 00:17:14.000 align:start position:0% <00:17:13.990>which <00:17:13.991>is <00:17:13.993>safeguarded <00:17:13.995>by <00:17:13.997>this <00:17:13.999>system 00:17:14.000 --> 00:17:15.910 align:start position:0% <00:17:14.000>which <00:17:14.107>is <00:17:14.215>safeguarded <00:17:14.323>by <00:17:14.430>this <00:17:14.538>system <00:17:14.646>today. <00:17:14.753>And <00:17:14.861>the <00:17:14.969>way <00:17:15.076>that <00:17:15.184>works <00:17:15.292>is <00:17:15.400>that 00:17:15.910 --> 00:17:15.920 align:start position:0% <00:17:15.910>today. <00:17:15.911>And <00:17:15.912>the <00:17:15.913>way <00:17:15.915>that <00:17:15.916>works <00:17:15.917>is <00:17:15.919>that 00:17:15.920 --> 00:17:19.270 align:start position:0% <00:17:15.920>today. <00:17:16.013>And <00:17:16.106>the <00:17:16.200>way <00:17:16.293>that <00:17:16.386>works <00:17:16.480>is <00:17:16.573>that <00:17:16.666>the <00:17:16.760>organization <00:17:16.853>has <00:17:16.946>a <00:17:17.040>a <00:17:17.133>superset <00:17:17.226>ID <00:17:17.320>on 00:17:19.270 --> 00:17:19.280 align:start position:0% <00:17:19.270>the <00:17:19.271>organization <00:17:19.272>has <00:17:19.273>a <00:17:19.275>a <00:17:19.276>superset <00:17:19.277>ID <00:17:19.279>on 00:17:19.280 --> 00:17:21.350 align:start position:0% <00:17:19.280>the <00:17:19.379>organization <00:17:19.480>has <00:17:19.579>a <00:17:19.680>a <00:17:19.780>superset <00:17:19.879>ID <00:17:19.980>on <00:17:20.079>something <00:17:20.180>called <00:17:20.280>ACD <00:17:20.379>CN <00:17:20.480>carry, <00:17:20.579>which <00:17:20.680>is 00:17:21.350 --> 00:17:21.360 align:start position:0% <00:17:21.349>something <00:17:21.351>called <00:17:21.352>ACD <00:17:21.354>CN <00:17:21.356>carry, <00:17:21.357>which <00:17:21.358>is 00:17:21.360 --> 00:17:23.110 align:start position:0% <00:17:21.359>something <00:17:21.476>called <00:17:21.593>ACD <00:17:21.709>CN <00:17:21.826>carry, <00:17:21.943>which <00:17:22.060>is <00:17:22.176>not <00:17:22.293>blockchain <00:17:22.409>based. <00:17:22.526>It <00:17:22.643>is <00:17:22.760>cryptography 00:17:23.110 --> 00:17:23.120 align:start position:0% <00:17:23.109>not <00:17:23.111>blockchain <00:17:23.113>based. <00:17:23.115>It <00:17:23.117>is <00:17:23.118>cryptography 00:17:23.120 --> 00:17:24.710 align:start position:0% <00:17:23.119>not <00:17:23.247>blockchain <00:17:23.374>based. <00:17:23.501>It <00:17:23.629>is <00:17:23.756>cryptography <00:17:23.883>but <00:17:24.010>not <00:17:24.138>blockchain <00:17:24.265>based, <00:17:24.392>right? <00:17:24.520>And 00:17:24.710 --> 00:17:24.720 align:start position:0% <00:17:24.710>but <00:17:24.711>not <00:17:24.713>blockchain <00:17:24.715>based, <00:17:24.717>right? <00:17:24.719>And 00:17:24.720 --> 00:17:27.230 align:start position:0% <00:17:24.720>but <00:17:24.836>not <00:17:24.953>blockchain <00:17:25.069>based, <00:17:25.186>right? <00:17:25.303>And <00:17:25.420>then <00:17:25.536>you <00:17:25.653>can <00:17:25.770>basically <00:17:25.886>assign <00:17:26.003>roles <00:17:26.120>to 00:17:27.230 --> 00:17:27.240 align:start position:0% <00:17:27.230>then <00:17:27.231>you <00:17:27.233>can <00:17:27.234>basically <00:17:27.236>assign <00:17:27.237>roles <00:17:27.239>to 00:17:27.240 --> 00:17:30.470 align:start position:0% <00:17:27.240>then <00:17:27.356>you <00:17:27.473>can <00:17:27.589>basically <00:17:27.706>assign <00:17:27.823>roles <00:17:27.940>to <00:17:28.056>humans <00:17:28.173>including <00:17:28.290>mandate. <00:17:28.406>But <00:17:28.523>the <00:17:28.640>next 00:17:30.470 --> 00:17:30.480 align:start position:0% <00:17:30.470>humans <00:17:30.471>including <00:17:30.473>mandate. <00:17:30.475>But <00:17:30.477>the <00:17:30.479>next 00:17:30.480 --> 00:17:32.030 align:start position:0% <00:17:30.480>humans <00:17:30.596>including <00:17:30.712>mandate. <00:17:30.828>But <00:17:30.945>the <00:17:31.061>next <00:17:31.177>generation <00:17:31.293>of <00:17:31.410>that <00:17:31.526>which <00:17:31.642>is <00:17:31.758>being <00:17:31.875>rolled 00:17:32.030 --> 00:17:32.040 align:start position:0% <00:17:32.030>generation <00:17:32.031>of <00:17:32.033>that <00:17:32.034>which <00:17:32.036>is <00:17:32.037>being <00:17:32.039>rolled 00:17:32.040 --> 00:17:33.590 align:start position:0% <00:17:32.040>generation <00:17:32.133>of <00:17:32.226>that <00:17:32.319>which <00:17:32.412>is <00:17:32.504>being <00:17:32.598>rolled <00:17:32.691>out <00:17:32.783>right <00:17:32.877>now, <00:17:32.970>which <00:17:33.062>we <00:17:33.156>are <00:17:33.249>using <00:17:33.341>in <00:17:33.435>the 00:17:33.590 --> 00:17:33.600 align:start position:0% <00:17:33.590>out <00:17:33.591>right <00:17:33.592>now, <00:17:33.593>which <00:17:33.594>we <00:17:33.595>are <00:17:33.596>using <00:17:33.597>in <00:17:33.599>the 00:17:33.600 --> 00:17:35.350 align:start position:0% <00:17:33.600>out <00:17:33.699>right <00:17:33.800>now, <00:17:33.899>which <00:17:34.000>we <00:17:34.100>are <00:17:34.199>using <00:17:34.300>in <00:17:34.399>the <00:17:34.500>Cardano <00:17:34.600>Foundation <00:17:34.699>but <00:17:34.800>also <00:17:34.899>others <00:17:35.000>are 00:17:35.350 --> 00:17:35.360 align:start position:0% <00:17:35.350>Cardano <00:17:35.351>Foundation <00:17:35.353>but <00:17:35.355>also <00:17:35.357>others <00:17:35.359>are 00:17:35.360 --> 00:17:36.830 align:start position:0% <00:17:35.360>Cardano <00:17:35.480>Foundation <00:17:35.600>but <00:17:35.720>also <00:17:35.841>others <00:17:35.961>are <00:17:36.081>using <00:17:36.201>like <00:17:36.322>Grant <00:17:36.442>Thornton, <00:17:36.562>the <00:17:36.683>big 00:17:36.830 --> 00:17:36.840 align:start position:0% <00:17:36.830>using <00:17:36.831>like <00:17:36.833>Grant <00:17:36.835>Thornton, <00:17:36.837>the <00:17:36.839>big 00:17:36.840 --> 00:17:39.390 align:start position:0% <00:17:36.840>using <00:17:36.939>like <00:17:37.040>Grant <00:17:37.139>Thornton, <00:17:37.240>the <00:17:37.340>big <00:17:37.439>auditor, <00:17:37.540>is <00:17:37.639>called <00:17:37.740>the <00:17:37.840>V <00:17:37.939>L <00:17:38.040>E <00:17:38.139>which <00:17:38.240>is 00:17:39.390 --> 00:17:39.400 align:start position:0% <00:17:39.390>auditor, <00:17:39.391>is <00:17:39.392>called <00:17:39.393>the <00:17:39.394>V <00:17:39.395>L <00:17:39.396>E <00:17:39.397>which <00:17:39.399>is 00:17:39.400 --> 00:17:41.510 align:start position:0% <00:17:39.400>auditor, <00:17:39.500>is <00:17:39.600>called <00:17:39.700>the <00:17:39.800>V <00:17:39.900>L <00:17:40.000>E <00:17:40.100>which <00:17:40.200>is <00:17:40.300>first <00:17:40.400>level <00:17:40.500>quantum <00:17:40.600>secure. <00:17:40.700>And <00:17:40.800>what 00:17:41.510 --> 00:17:41.520 align:start position:0% <00:17:41.510>first <00:17:41.511>level <00:17:41.513>quantum <00:17:41.515>secure. <00:17:41.517>And <00:17:41.519>what 00:17:41.520 --> 00:17:43.670 align:start position:0% <00:17:41.520>first <00:17:41.620>level <00:17:41.720>quantum <00:17:41.820>secure. <00:17:41.920>And <00:17:42.020>what <00:17:42.120>that <00:17:42.220>even <00:17:42.320>allows <00:17:42.420>us <00:17:42.520>to <00:17:42.620>do <00:17:42.720>is <00:17:42.820>allows <00:17:42.920>us 00:17:43.670 --> 00:17:43.680 align:start position:0% <00:17:43.670>that <00:17:43.671>even <00:17:43.672>allows <00:17:43.673>us <00:17:43.674>to <00:17:43.675>do <00:17:43.676>is <00:17:43.677>allows <00:17:43.679>us 00:17:43.680 --> 00:17:47.310 align:start position:0% <00:17:43.680>that <00:17:43.767>even <00:17:43.855>allows <00:17:43.942>us <00:17:44.030>to <00:17:44.117>do <00:17:44.205>is <00:17:44.292>allows <00:17:44.380>us <00:17:44.467>to <00:17:44.555>assign <00:17:44.642>identity <00:17:44.730>and <00:17:44.817>mandate <00:17:44.905>to <00:17:44.992>an <00:17:45.080>AI 00:17:47.310 --> 00:17:47.320 align:start position:0% <00:17:47.310>to <00:17:47.311>assign <00:17:47.312>identity <00:17:47.313>and <00:17:47.315>mandate <00:17:47.316>to <00:17:47.317>an <00:17:47.319>AI 00:17:47.320 --> 00:17:50.470 align:start position:0% <00:17:47.320>to <00:17:47.413>assign <00:17:47.506>identity <00:17:47.600>and <00:17:47.693>mandate <00:17:47.786>to <00:17:47.879>an <00:17:47.973>AI <00:17:48.066>agent. <00:17:48.159>Now, <00:17:48.253>it <00:17:48.346>won't <00:17:48.439>hold <00:17:48.533>in <00:17:48.626>the <00:17:48.720>court 00:17:50.470 --> 00:17:50.480 align:start position:0% <00:17:50.470>agent. <00:17:50.471>Now, <00:17:50.472>it <00:17:50.473>won't <00:17:50.475>hold <00:17:50.476>in <00:17:50.477>the <00:17:50.479>court 00:17:50.480 --> 00:17:52.910 align:start position:0% <00:17:50.480>agent. <00:17:50.587>Now, <00:17:50.695>it <00:17:50.803>won't <00:17:50.910>hold <00:17:51.018>in <00:17:51.126>the <00:17:51.233>court <00:17:51.341>of <00:17:51.449>law <00:17:51.556>because <00:17:51.664>we <00:17:51.772>cannot <00:17:51.880>assign 00:17:52.910 --> 00:17:52.920 align:start position:0% <00:17:52.910>of <00:17:52.911>law <00:17:52.913>because <00:17:52.915>we <00:17:52.917>cannot <00:17:52.919>assign 00:17:52.920 --> 00:17:55.030 align:start position:0% <00:17:52.920>of <00:17:53.036>law <00:17:53.153>because <00:17:53.270>we <00:17:53.386>cannot <00:17:53.503>assign <00:17:53.620>liability <00:17:53.736>to <00:17:53.853>the <00:17:53.970>agent <00:17:54.086>as <00:17:54.203>as <00:17:54.320>you're 00:17:55.030 --> 00:17:55.040 align:start position:0% <00:17:55.030>liability <00:17:55.031>to <00:17:55.033>the <00:17:55.034>agent <00:17:55.036>as <00:17:55.037>as <00:17:55.039>you're 00:17:55.040 --> 00:17:57.230 align:start position:0% <00:17:55.040>liability <00:17:55.139>to <00:17:55.240>the <00:17:55.340>agent <00:17:55.440>as <00:17:55.540>as <00:17:55.639>you're <00:17:55.740>saying, <00:17:55.840>right? <00:17:55.940>But <00:17:56.040>what <00:17:56.139>it <00:17:56.240>does <00:17:56.340>is <00:17:56.440>it 00:17:57.230 --> 00:17:57.240 align:start position:0% <00:17:57.230>saying, <00:17:57.231>right? <00:17:57.232>But <00:17:57.233>what <00:17:57.235>it <00:17:57.236>does <00:17:57.237>is <00:17:57.239>it 00:17:57.240 --> 00:17:59.550 align:start position:0% <00:17:57.240>saying, <00:17:57.340>right? <00:17:57.440>But <00:17:57.540>what <00:17:57.640>it <00:17:57.740>does <00:17:57.840>is <00:17:57.940>it <00:17:58.040>allows <00:17:58.140>us <00:17:58.240>to <00:17:58.340>control <00:17:58.440>what <00:17:58.540>is <00:17:58.640>happening. 00:17:59.550 --> 00:17:59.560 align:start position:0% <00:17:59.550>allows <00:17:59.551>us <00:17:59.553>to <00:17:59.554>control <00:17:59.556>what <00:17:59.557>is <00:17:59.559>happening. 00:17:59.560 --> 00:18:01.150 align:start position:0% <00:17:59.560>allows <00:17:59.676>us <00:17:59.793>to <00:17:59.909>control <00:18:00.026>what <00:18:00.143>is <00:18:00.260>happening. <00:18:00.376>So <00:18:00.493>when <00:18:00.610>we <00:18:00.726>are <00:18:00.843>rewinding <00:18:00.960>the 00:18:01.150 --> 00:18:01.160 align:start position:0% <00:18:01.150>So <00:18:01.151>when <00:18:01.153>we <00:18:01.155>are <00:18:01.157>rewinding <00:18:01.159>the 00:18:01.160 --> 00:18:03.470 align:start position:0% <00:18:01.160>So <00:18:01.287>when <00:18:01.414>we <00:18:01.541>are <00:18:01.669>rewinding <00:18:01.796>the <00:18:01.923>consequences <00:18:02.050>of <00:18:02.178>a <00:18:02.305>misbehavior <00:18:02.432>of <00:18:02.560>an 00:18:03.470 --> 00:18:03.480 align:start position:0% <00:18:03.470>consequences <00:18:03.471>of <00:18:03.473>a <00:18:03.475>misbehavior <00:18:03.477>of <00:18:03.479>an 00:18:03.480 --> 00:18:06.110 align:start position:0% <00:18:03.480>consequences <00:18:03.620>of <00:18:03.760>a <00:18:03.900>misbehavior <00:18:04.040>of <00:18:04.180>an <00:18:04.320>agent, <00:18:04.460>right? <00:18:04.600>We <00:18:04.740>have <00:18:04.880>that 00:18:06.110 --> 00:18:06.120 align:start position:0% <00:18:06.110>agent, <00:18:06.112>right? <00:18:06.114>We <00:18:06.116>have <00:18:06.119>that 00:18:06.120 --> 00:18:08.230 align:start position:0% <00:18:06.120>agent, <00:18:06.275>right? <00:18:06.431>We <00:18:06.586>have <00:18:06.742>that <00:18:06.897>in <00:18:07.053>a <00:18:07.208>tamper-proof <00:18:07.364>environment. <00:18:07.520>And 00:18:08.230 --> 00:18:08.240 align:start position:0% <00:18:08.230>in <00:18:08.232>a <00:18:08.234>tamper-proof <00:18:08.236>environment. <00:18:08.239>And 00:18:08.240 --> 00:18:09.830 align:start position:0% <00:18:08.240>in <00:18:08.380>a <00:18:08.520>tamper-proof <00:18:08.660>environment. <00:18:08.800>And <00:18:08.940>Cardano <00:18:09.080>actually <00:18:09.220>is <00:18:09.360>the <00:18:09.500>only <00:18:09.640>blockchain 00:18:09.830 --> 00:18:09.840 align:start position:0% <00:18:09.830>Cardano <00:18:09.831>actually <00:18:09.833>is <00:18:09.835>the <00:18:09.837>only <00:18:09.839>blockchain 00:18:09.840 --> 00:18:11.750 align:start position:0% <00:18:09.840>Cardano <00:18:09.939>actually <00:18:10.040>is <00:18:10.139>the <00:18:10.240>only <00:18:10.340>blockchain <00:18:10.439>today <00:18:10.540>who <00:18:10.639>is <00:18:10.740>able <00:18:10.840>to <00:18:10.939>deal <00:18:11.040>with <00:18:11.139>this <00:18:11.240>type 00:18:11.750 --> 00:18:11.760 align:start position:0% <00:18:11.750>today <00:18:11.751>who <00:18:11.752>is <00:18:11.753>able <00:18:11.754>to <00:18:11.755>deal <00:18:11.756>with <00:18:11.757>this <00:18:11.759>type 00:18:11.760 --> 00:18:14.790 align:start position:0% <00:18:11.760>today <00:18:11.860>who <00:18:11.960>is <00:18:12.060>able <00:18:12.160>to <00:18:12.260>deal <00:18:12.360>with <00:18:12.460>this <00:18:12.560>type <00:18:12.660>of <00:18:12.760>of <00:18:12.860>identities <00:18:12.960>with <00:18:13.060>43 <00:18:13.160>regulators 00:18:14.790 --> 00:18:14.800 align:start position:0% <00:18:14.790>of <00:18:14.791>of <00:18:14.793>identities <00:18:14.795>with <00:18:14.797>43 <00:18:14.799>regulators 00:18:14.800 --> 00:18:16.310 align:start position:0% <00:18:14.800>of <00:18:14.923>of <00:18:15.047>identities <00:18:15.170>with <00:18:15.294>43 <00:18:15.417>regulators <00:18:15.541>around <00:18:15.664>the <00:18:15.788>world <00:18:15.911>already <00:18:16.035>saying <00:18:16.158>it's 00:18:16.310 --> 00:18:16.320 align:start position:0% <00:18:16.310>around <00:18:16.311>the <00:18:16.313>world <00:18:16.315>already <00:18:16.317>saying <00:18:16.319>it's 00:18:16.320 --> 00:18:18.510 align:start position:0% <00:18:16.320>around <00:18:16.427>the <00:18:16.535>world <00:18:16.643>already <00:18:16.750>saying <00:18:16.858>it's <00:18:16.966>mandatory <00:18:17.073>if <00:18:17.181>you <00:18:17.289>want <00:18:17.396>to <00:18:17.504>do <00:18:17.612>this, <00:18:17.720>huh? 00:18:18.510 --> 00:18:18.520 align:start position:0% <00:18:18.510>mandatory <00:18:18.511>if <00:18:18.512>you <00:18:18.513>want <00:18:18.515>to <00:18:18.516>do <00:18:18.517>this, <00:18:18.519>huh? 00:18:18.520 --> 00:18:20.270 align:start position:0% <00:18:18.520>mandatory <00:18:18.627>if <00:18:18.735>you <00:18:18.843>want <00:18:18.950>to <00:18:19.058>do <00:18:19.166>this, <00:18:19.273>huh? <00:18:19.381>>> <00:18:19.489>Yeah, <00:18:19.596>that's <00:18:19.704>that's <00:18:19.812>fantastic <00:18:19.920>actually. 00:18:20.270 --> 00:18:20.280 align:start position:0% <00:18:20.270>>> <00:18:20.271>Yeah, <00:18:20.273>that's <00:18:20.275>that's <00:18:20.277>fantastic <00:18:20.279>actually. 00:18:20.280 --> 00:18:21.990 align:start position:0% <00:18:20.280>>> <00:18:20.387>Yeah, <00:18:20.495>that's <00:18:20.603>that's <00:18:20.710>fantastic <00:18:20.818>actually. <00:18:20.926>And <00:18:21.033>like <00:18:21.141>the <00:18:21.249>two <00:18:21.356>perspective <00:18:21.464>I <00:18:21.572>will <00:18:21.680>say 00:18:21.990 --> 00:18:22.000 align:start position:0% <00:18:21.990>And <00:18:21.991>like <00:18:21.992>the <00:18:21.993>two <00:18:21.995>perspective <00:18:21.996>I <00:18:21.997>will <00:18:21.999>say 00:18:22.000 --> 00:18:23.230 align:start position:0% <00:18:22.000>And <00:18:22.073>like <00:18:22.147>the <00:18:22.221>two <00:18:22.295>perspective <00:18:22.369>I <00:18:22.442>will <00:18:22.516>say <00:18:22.590>that <00:18:22.664>just <00:18:22.738>because <00:18:22.811>of <00:18:22.885>the <00:18:22.959>fact <00:18:23.033>that <00:18:23.107>we 00:18:23.230 --> 00:18:23.240 align:start position:0% <00:18:23.230>that <00:18:23.231>just <00:18:23.232>because <00:18:23.233>of <00:18:23.235>the <00:18:23.236>fact <00:18:23.237>that <00:18:23.239>we 00:18:23.240 --> 00:18:24.670 align:start position:0% <00:18:23.240>that <00:18:23.325>just <00:18:23.411>because <00:18:23.497>of <00:18:23.583>the <00:18:23.669>fact <00:18:23.754>that <00:18:23.840>we <00:18:23.926>can <00:18:24.012>do <00:18:24.098>it <00:18:24.183>doesn't <00:18:24.269>mean <00:18:24.355>that <00:18:24.441>we <00:18:24.527>always 00:18:24.670 --> 00:18:24.680 align:start position:0% <00:18:24.670>can <00:18:24.671>do <00:18:24.672>it <00:18:24.673>doesn't <00:18:24.675>mean <00:18:24.676>that <00:18:24.677>we <00:18:24.679>always 00:18:24.680 --> 00:18:26.190 align:start position:0% <00:18:24.680>can <00:18:24.770>do <00:18:24.861>it <00:18:24.951>doesn't <00:18:25.042>mean <00:18:25.133>that <00:18:25.223>we <00:18:25.314>always <00:18:25.404>need <00:18:25.495>to <00:18:25.586>go <00:18:25.676>in <00:18:25.767>that <00:18:25.857>direction, <00:18:25.948>which <00:18:26.039>is 00:18:26.190 --> 00:18:26.200 align:start position:0% <00:18:26.190>need <00:18:26.191>to <00:18:26.192>go <00:18:26.193>in <00:18:26.195>that <00:18:26.196>direction, <00:18:26.197>which <00:18:26.199>is 00:18:26.200 --> 00:18:27.510 align:start position:0% <00:18:26.200>need <00:18:26.273>to <00:18:26.347>go <00:18:26.421>in <00:18:26.494>that <00:18:26.568>direction, <00:18:26.642>which <00:18:26.715>is <00:18:26.789>in <00:18:26.863>this <00:18:26.936>case <00:18:27.010>what <00:18:27.084>I <00:18:27.157>will <00:18:27.231>tell <00:18:27.305>to <00:18:27.379>the 00:18:27.510 --> 00:18:27.520 align:start position:0% <00:18:27.510>in <00:18:27.511>this <00:18:27.512>case <00:18:27.513>what <00:18:27.514>I <00:18:27.515>will <00:18:27.516>tell <00:18:27.517>to <00:18:27.519>the 00:18:27.520 --> 00:18:30.150 align:start position:0% <00:18:27.520>in <00:18:27.620>this <00:18:27.720>case <00:18:27.820>what <00:18:27.920>I <00:18:28.020>will <00:18:28.120>tell <00:18:28.220>to <00:18:28.320>the <00:18:28.420>regulator <00:18:28.520>cuz <00:18:28.620>I <00:18:28.720>I <00:18:28.820>fundamentally <00:18:28.920>agree 00:18:30.150 --> 00:18:30.160 align:start position:0% <00:18:30.150>regulator <00:18:30.151>cuz <00:18:30.153>I <00:18:30.155>I <00:18:30.157>fundamentally <00:18:30.159>agree 00:18:30.160 --> 00:18:32.470 align:start position:0% <00:18:30.160>regulator <00:18:30.267>cuz <00:18:30.375>I <00:18:30.483>I <00:18:30.590>fundamentally <00:18:30.698>agree <00:18:30.806>with <00:18:30.913>you. <00:18:31.021>We <00:18:31.129>had <00:18:31.236>like <00:18:31.344>10 <00:18:31.452>more <00:18:31.560>minutes 00:18:32.470 --> 00:18:32.480 align:start position:0% <00:18:32.470>with <00:18:32.471>you. <00:18:32.472>We <00:18:32.473>had <00:18:32.475>like <00:18:32.476>10 <00:18:32.477>more <00:18:32.479>minutes 00:18:32.480 --> 00:18:34.950 align:start position:0% <00:18:32.480>with <00:18:32.562>you. <00:18:32.644>We <00:18:32.727>had <00:18:32.809>like <00:18:32.891>10 <00:18:32.974>more <00:18:33.056>minutes <00:18:33.138>but <00:18:33.221>I <00:18:33.303>also <00:18:33.385>wanted <00:18:33.468>to <00:18:33.550>ask <00:18:33.632>if <00:18:33.715>any <00:18:33.797>of <00:18:33.880>you 00:18:34.950 --> 00:18:34.960 align:start position:0% <00:18:34.950>but <00:18:34.951>I <00:18:34.952>also <00:18:34.953>wanted <00:18:34.954>to <00:18:34.955>ask <00:18:34.956>if <00:18:34.957>any <00:18:34.958>of <00:18:34.959>you 00:18:34.960 --> 00:18:49.150 align:start position:0% <00:18:34.960>but <00:18:35.076>I <00:18:35.193>also <00:18:35.310>wanted <00:18:35.426>to <00:18:35.543>ask <00:18:35.660>if <00:18:35.776>any <00:18:35.893>of <00:18:36.010>you <00:18:36.126>have <00:18:36.243>any <00:18:36.360>questions. 00:18:49.160 --> 00:18:50.590 align:start position:0% <00:18:49.160>>> <00:18:49.320>So <00:18:49.481>let <00:18:49.642>me <00:18:49.803>try <00:18:49.964>and <00:18:50.125>repeat <00:18:50.286>the <00:18:50.447>questions 00:18:50.590 --> 00:18:50.600 align:start position:0% <00:18:50.590>>> <00:18:50.591>So <00:18:50.592>let <00:18:50.593>me <00:18:50.594>try <00:18:50.595>and <00:18:50.596>repeat <00:18:50.597>the <00:18:50.599>questions 00:18:50.600 --> 00:18:52.110 align:start position:0% <00:18:50.600>>> <00:18:50.684>So <00:18:50.769>let <00:18:50.854>me <00:18:50.939>try <00:18:51.024>and <00:18:51.109>repeat <00:18:51.194>the <00:18:51.279>questions <00:18:51.364>everybody <00:18:51.449>can <00:18:51.534>hear <00:18:51.619>it. <00:18:51.704>I <00:18:51.789>think <00:18:51.874>what <00:18:51.958>I 00:18:52.110 --> 00:18:52.120 align:start position:0% <00:18:52.110>everybody <00:18:52.111>can <00:18:52.112>hear <00:18:52.113>it. <00:18:52.115>I <00:18:52.116>think <00:18:52.117>what <00:18:52.119>I 00:18:52.120 --> 00:18:54.270 align:start position:0% <00:18:52.120>everybody <00:18:52.213>can <00:18:52.306>hear <00:18:52.399>it. <00:18:52.493>I <00:18:52.586>think <00:18:52.679>what <00:18:52.773>I <00:18:52.866>understand <00:18:52.959>or <00:18:53.053>what <00:18:53.146>I'm <00:18:53.239>trying <00:18:53.333>to <00:18:53.426>hear <00:18:53.520>is 00:18:54.270 --> 00:18:54.280 align:start position:0% <00:18:54.270>understand <00:18:54.271>or <00:18:54.272>what <00:18:54.273>I'm <00:18:54.275>trying <00:18:54.276>to <00:18:54.277>hear <00:18:54.279>is 00:18:54.280 --> 00:18:56.470 align:start position:0% <00:18:54.280>understand <00:18:54.373>or <00:18:54.466>what <00:18:54.560>I'm <00:18:54.653>trying <00:18:54.746>to <00:18:54.840>hear <00:18:54.933>is <00:18:55.026>is <00:18:55.120>there <00:18:55.213>an <00:18:55.306>issue <00:18:55.399>that <00:18:55.493>most <00:18:55.586>stable <00:18:55.680>coins 00:18:56.470 --> 00:18:56.480 align:start position:0% <00:18:56.470>is <00:18:56.471>there <00:18:56.472>an <00:18:56.473>issue <00:18:56.475>that <00:18:56.476>most <00:18:56.477>stable <00:18:56.479>coins 00:18:56.480 --> 00:18:58.310 align:start position:0% <00:18:56.480>is <00:18:56.580>there <00:18:56.680>an <00:18:56.780>issue <00:18:56.880>that <00:18:56.980>most <00:18:57.080>stable <00:18:57.180>coins <00:18:57.280>are <00:18:57.380>dollar <00:18:57.480>denominated <00:18:57.580>and <00:18:57.680>what <00:18:57.780>is <00:18:57.880>the 00:18:58.310 --> 00:18:58.320 align:start position:0% <00:18:58.310>are <00:18:58.311>dollar <00:18:58.312>denominated <00:18:58.314>and <00:18:58.316>what <00:18:58.317>is <00:18:58.319>the 00:18:58.320 --> 00:19:01.350 align:start position:0% <00:18:58.320>are <00:18:58.495>dollar <00:18:58.669>denominated <00:18:58.845>and <00:18:59.020>what <00:18:59.195>is <00:18:59.370>the <00:18:59.544>regulatory <00:18:59.720>consequences? 00:19:01.350 --> 00:19:01.360 align:start position:0% <00:19:01.350>regulatory <00:19:01.359>consequences? 00:19:01.360 --> 00:19:03.070 align:start position:0% <00:19:01.360>regulatory <00:19:01.515>consequences? <00:19:01.671>So <00:19:01.826>yes, <00:19:01.982>there's <00:19:02.137>a <00:19:02.293>huge <00:19:02.448>issue <00:19:02.604>with <00:19:02.760>this, 00:19:03.070 --> 00:19:03.080 align:start position:0% <00:19:03.070>So <00:19:03.071>yes, <00:19:03.072>there's <00:19:03.073>a <00:19:03.075>huge <00:19:03.076>issue <00:19:03.077>with <00:19:03.079>this, 00:19:03.080 --> 00:19:05.630 align:start position:0% <00:19:03.080>So <00:19:03.179>yes, <00:19:03.280>there's <00:19:03.379>a <00:19:03.480>huge <00:19:03.580>issue <00:19:03.679>with <00:19:03.780>this, <00:19:03.879>right? <00:19:03.980>So <00:19:04.080>we <00:19:04.179>have <00:19:04.280>something <00:19:04.379>called <00:19:04.480>Mika 00:19:05.630 --> 00:19:05.640 align:start position:0% <00:19:05.630>right? <00:19:05.631>So <00:19:05.633>we <00:19:05.634>have <00:19:05.636>something <00:19:05.637>called <00:19:05.639>Mika 00:19:05.640 --> 00:19:08.030 align:start position:0% <00:19:05.640>right? <00:19:05.740>So <00:19:05.840>we <00:19:05.940>have <00:19:06.040>something <00:19:06.140>called <00:19:06.240>Mika <00:19:06.340>which <00:19:06.440>is <00:19:06.540>the <00:19:06.640>sort <00:19:06.740>of <00:19:06.840>the <00:19:06.940>stable <00:19:07.040>coin 00:19:08.030 --> 00:19:08.040 align:start position:0% <00:19:08.030>which <00:19:08.031>is <00:19:08.032>the <00:19:08.033>sort <00:19:08.035>of <00:19:08.036>the <00:19:08.037>stable <00:19:08.039>coin 00:19:08.040 --> 00:19:09.790 align:start position:0% <00:19:08.040>which <00:19:08.147>is <00:19:08.255>the <00:19:08.363>sort <00:19:08.470>of <00:19:08.578>the <00:19:08.686>stable <00:19:08.793>coin <00:19:08.901>policy <00:19:09.009>work <00:19:09.116>which <00:19:09.224>was <00:19:09.332>actually <00:19:09.440>amazing 00:19:09.790 --> 00:19:09.800 align:start position:0% <00:19:09.790>policy <00:19:09.791>work <00:19:09.793>which <00:19:09.795>was <00:19:09.797>actually <00:19:09.799>amazing 00:19:09.800 --> 00:19:11.510 align:start position:0% <00:19:09.800>policy <00:19:09.927>work <00:19:10.054>which <00:19:10.181>was <00:19:10.309>actually <00:19:10.436>amazing <00:19:10.563>work <00:19:10.690>from <00:19:10.818>the <00:19:10.945>European <00:19:11.072>Parliament. <00:19:11.200>What 00:19:11.510 --> 00:19:11.520 align:start position:0% <00:19:11.510>work <00:19:11.511>from <00:19:11.513>the <00:19:11.515>European <00:19:11.517>Parliament. <00:19:11.519>What 00:19:11.520 --> 00:19:13.030 align:start position:0% <00:19:11.520>work <00:19:11.633>from <00:19:11.746>the <00:19:11.859>European <00:19:11.973>Parliament. <00:19:12.086>What <00:19:12.199>then <00:19:12.312>happened <00:19:12.426>was <00:19:12.539>it <00:19:12.652>went <00:19:12.765>into <00:19:12.879>the 00:19:13.030 --> 00:19:13.040 align:start position:0% <00:19:13.030>then <00:19:13.031>happened <00:19:13.033>was <00:19:13.034>it <00:19:13.036>went <00:19:13.037>into <00:19:13.039>the 00:19:13.040 --> 00:19:14.350 align:start position:0% <00:19:13.040>then <00:19:13.147>happened <00:19:13.254>was <00:19:13.361>it <00:19:13.468>went <00:19:13.575>into <00:19:13.683>the <00:19:13.790>different <00:19:13.897>membership <00:19:14.004>states <00:19:14.111>and <00:19:14.218>the 00:19:14.350 --> 00:19:14.360 align:start position:0% <00:19:14.350>different <00:19:14.352>membership <00:19:14.354>states <00:19:14.356>and <00:19:14.359>the 00:19:14.360 --> 00:19:16.630 align:start position:0% <00:19:14.360>different <00:19:14.515>membership <00:19:14.671>states <00:19:14.826>and <00:19:14.982>the <00:19:15.137>implementation <00:19:15.293>of <00:19:15.448>that <00:19:15.604>was <00:19:15.760>not 00:19:16.630 --> 00:19:16.640 align:start position:0% <00:19:16.630>implementation <00:19:16.632>of <00:19:16.634>that <00:19:16.636>was <00:19:16.639>not 00:19:16.640 --> 00:19:18.310 align:start position:0% <00:19:16.640>implementation <00:19:16.756>of <00:19:16.873>that <00:19:16.990>was <00:19:17.106>not <00:19:17.223>exactly <00:19:17.340>what <00:19:17.456>we <00:19:17.573>were <00:19:17.690>looking <00:19:17.806>for <00:19:17.923>as <00:19:18.040>an 00:19:18.310 --> 00:19:18.320 align:start position:0% <00:19:18.310>exactly <00:19:18.311>what <00:19:18.312>we <00:19:18.313>were <00:19:18.315>looking <00:19:18.316>for <00:19:18.317>as <00:19:18.319>an 00:19:18.320 --> 00:19:21.150 align:start position:0% <00:19:18.320>exactly <00:19:18.413>what <00:19:18.506>we <00:19:18.600>were <00:19:18.693>looking <00:19:18.786>for <00:19:18.879>as <00:19:18.973>an <00:19:19.066>industry. <00:19:19.159>So <00:19:19.253>here <00:19:19.346>the <00:19:19.439>1st <00:19:19.533>of <00:19:19.626>July <00:19:19.720>that 00:19:21.150 --> 00:19:21.160 align:start position:0% <00:19:21.150>industry. <00:19:21.151>So <00:19:21.152>here <00:19:21.153>the <00:19:21.155>1st <00:19:21.156>of <00:19:21.157>July <00:19:21.159>that 00:19:21.160 --> 00:19:23.750 align:start position:0% <00:19:21.160>industry. <00:19:21.260>So <00:19:21.360>here <00:19:21.460>the <00:19:21.560>1st <00:19:21.660>of <00:19:21.760>July <00:19:21.860>that <00:19:21.960>that <00:19:22.060>came <00:19:22.160>fully <00:19:22.260>into <00:19:22.360>effect <00:19:22.460>and <00:19:22.560>several 00:19:23.750 --> 00:19:23.760 align:start position:0% <00:19:23.750>that <00:19:23.751>came <00:19:23.753>fully <00:19:23.754>into <00:19:23.756>effect <00:19:23.757>and <00:19:23.759>several 00:19:23.760 --> 00:19:26.030 align:start position:0% <00:19:23.760>that <00:19:23.876>came <00:19:23.993>fully <00:19:24.110>into <00:19:24.226>effect <00:19:24.343>and <00:19:24.460>several <00:19:24.576>hundred <00:19:24.693>companies <00:19:24.810>actually <00:19:24.926>had <00:19:25.043>to <00:19:25.160>stop 00:19:26.030 --> 00:19:26.040 align:start position:0% <00:19:26.030>hundred <00:19:26.031>companies <00:19:26.033>actually <00:19:26.035>had <00:19:26.037>to <00:19:26.039>stop 00:19:26.040 --> 00:19:27.870 align:start position:0% <00:19:26.040>hundred <00:19:26.156>companies <00:19:26.273>actually <00:19:26.389>had <00:19:26.506>to <00:19:26.623>stop <00:19:26.740>doing <00:19:26.856>business <00:19:26.973>in <00:19:27.090>the <00:19:27.206>European <00:19:27.323>Union <00:19:27.440>and 00:19:27.870 --> 00:19:27.880 align:start position:0% <00:19:27.870>doing <00:19:27.871>business <00:19:27.873>in <00:19:27.874>the <00:19:27.876>European <00:19:27.877>Union <00:19:27.879>and 00:19:27.880 --> 00:19:29.833 align:start position:0% <00:19:27.880>doing <00:19:28.007>business <00:19:28.134>in <00:19:28.261>the <00:19:28.389>European <00:19:28.516>Union <00:19:28.643>and <00:19:28.770>or <00:19:28.898>leave <00:19:29.025>the <00:19:29.152>European <00:19:29.280>Union. 00:19:29.833 --> 00:19:29.843 align:start position:0% <00:19:29.833>or <00:19:29.835>leave <00:19:29.837>the <00:19:29.839>European <00:19:29.842>Union. 00:19:29.843 --> 00:19:30.190 align:start position:0% <00:19:29.843>or <00:19:29.895>leave <00:19:29.947>the <00:19:29.999>European <00:19:30.051>Union. <00:19:30.103>>> <00:19:30.155>[gasps] 00:19:30.190 --> 00:19:30.200 align:start position:0% <00:19:30.190>>> <00:19:30.199>[gasps] 00:19:30.200 --> 00:19:32.670 align:start position:0% <00:19:30.200>>> <00:19:30.340>[gasps] <00:19:30.480>>> <00:19:30.620>Now <00:19:30.760>one <00:19:30.900>of <00:19:31.040>the <00:19:31.180>intense <00:19:31.320>about <00:19:31.460>having <00:19:31.600>that 00:19:32.670 --> 00:19:32.680 align:start position:0% <00:19:32.670>>> <00:19:32.671>Now <00:19:32.672>one <00:19:32.673>of <00:19:32.674>the <00:19:32.675>intense <00:19:32.676>about <00:19:32.677>having <00:19:32.679>that 00:19:32.680 --> 00:19:33.950 align:start position:0% <00:19:32.680>>> <00:19:32.807>Now <00:19:32.934>one <00:19:33.061>of <00:19:33.188>the <00:19:33.315>intense <00:19:33.442>about <00:19:33.569>having <00:19:33.696>that <00:19:33.823>Mika 00:19:33.950 --> 00:19:33.960 align:start position:0% Mika 00:19:33.960 --> 00:19:36.390 align:start position:0% <00:19:33.960>Mika <00:19:34.160>licensing <00:19:34.360>regime <00:19:34.560>was <00:19:34.760>that <00:19:34.960>we <00:19:35.160>wanted <00:19:35.360>to 00:19:36.390 --> 00:19:36.400 align:start position:0% <00:19:36.390>licensing <00:19:36.391>regime <00:19:36.393>was <00:19:36.394>that <00:19:36.396>we <00:19:36.397>wanted <00:19:36.399>to 00:19:36.400 --> 00:19:39.710 align:start position:0% <00:19:36.400>licensing <00:19:36.540>regime <00:19:36.680>was <00:19:36.820>that <00:19:36.960>we <00:19:37.100>wanted <00:19:37.240>to <00:19:37.380>kickstart <00:19:37.520>euro <00:19:37.660>denominated <00:19:37.800>stablecoins, 00:19:39.710 --> 00:19:39.720 align:start position:0% <00:19:39.710>kickstart <00:19:39.713>euro <00:19:39.716>denominated <00:19:39.719>stablecoins, 00:19:39.720 --> 00:19:41.190 align:start position:0% <00:19:39.720>kickstart <00:19:39.830>euro <00:19:39.940>denominated <00:19:40.050>stablecoins, <00:19:40.161>right? <00:19:40.271>So <00:19:40.381>we <00:19:40.491>don't <00:19:40.602>always <00:19:40.712>have <00:19:40.822>to <00:19:40.932>be <00:19:41.043>in 00:19:41.190 --> 00:19:41.200 align:start position:0% <00:19:41.190>right? <00:19:41.191>So <00:19:41.192>we <00:19:41.193>don't <00:19:41.194>always <00:19:41.195>have <00:19:41.196>to <00:19:41.197>be <00:19:41.199>in 00:19:41.200 --> 00:19:43.030 align:start position:0% <00:19:41.200>right? <00:19:41.293>So <00:19:41.386>we <00:19:41.480>don't <00:19:41.573>always <00:19:41.666>have <00:19:41.760>to <00:19:41.853>be <00:19:41.946>in <00:19:42.040>dollars, <00:19:42.133>right? <00:19:42.226>And <00:19:42.320>the <00:19:42.413>other <00:19:42.506>part <00:19:42.600>was 00:19:43.030 --> 00:19:43.040 align:start position:0% <00:19:43.030>dollars, <00:19:43.031>right? <00:19:43.033>And <00:19:43.034>the <00:19:43.036>other <00:19:43.037>part <00:19:43.039>was 00:19:43.040 --> 00:19:45.190 align:start position:0% <00:19:43.040>dollars, <00:19:43.139>right? <00:19:43.240>And <00:19:43.340>the <00:19:43.440>other <00:19:43.540>part <00:19:43.639>was <00:19:43.740>we <00:19:43.840>wanted <00:19:43.940>to <00:19:44.040>have <00:19:44.139>assert <00:19:44.240>some <00:19:44.340>type <00:19:44.440>of 00:19:45.190 --> 00:19:45.200 align:start position:0% <00:19:45.190>we <00:19:45.191>wanted <00:19:45.192>to <00:19:45.193>have <00:19:45.195>assert <00:19:45.196>some <00:19:45.197>type <00:19:45.199>of 00:19:45.200 --> 00:19:48.030 align:start position:0% <00:19:45.200>we <00:19:45.300>wanted <00:19:45.400>to <00:19:45.500>have <00:19:45.600>assert <00:19:45.700>some <00:19:45.800>type <00:19:45.900>of <00:19:46.000>control <00:19:46.100>over <00:19:46.200>euro <00:19:46.300>denominated <00:19:46.400>When <00:19:46.500>I <00:19:46.600>say 00:19:48.030 --> 00:19:48.040 align:start position:0% <00:19:48.030>control <00:19:48.031>over <00:19:48.033>euro <00:19:48.034>denominated <00:19:48.036>When <00:19:48.037>I <00:19:48.039>say 00:19:48.040 --> 00:19:50.230 align:start position:0% <00:19:48.040>control <00:19:48.156>over <00:19:48.273>euro <00:19:48.389>denominated <00:19:48.506>When <00:19:48.623>I <00:19:48.740>say <00:19:48.856>we <00:19:48.973>it <00:19:49.090>was <00:19:49.206>the <00:19:49.323>European <00:19:49.440>Union 00:19:50.230 --> 00:19:50.240 align:start position:0% <00:19:50.230>we <00:19:50.231>it <00:19:50.233>was <00:19:50.235>the <00:19:50.237>European <00:19:50.239>Union 00:19:50.240 --> 00:19:52.750 align:start position:0% <00:19:50.240>we <00:19:50.356>it <00:19:50.473>was <00:19:50.590>the <00:19:50.706>European <00:19:50.823>Union <00:19:50.940>policymakers, <00:19:51.056>but <00:19:51.173>I <00:19:51.290>was <00:19:51.406>a <00:19:51.523>part <00:19:51.640>of 00:19:52.750 --> 00:19:52.760 align:start position:0% <00:19:52.750>policymakers, <00:19:52.751>but <00:19:52.753>I <00:19:52.754>was <00:19:52.756>a <00:19:52.757>part <00:19:52.759>of 00:19:52.760 --> 00:19:54.990 align:start position:0% <00:19:52.760>policymakers, <00:19:52.867>but <00:19:52.975>I <00:19:53.083>was <00:19:53.190>a <00:19:53.298>part <00:19:53.406>of <00:19:53.513>pushing <00:19:53.621>that <00:19:53.729>very <00:19:53.836>heavily <00:19:53.944>because <00:19:54.052>we <00:19:54.160>do 00:19:54.990 --> 00:19:55.000 align:start position:0% <00:19:54.990>pushing <00:19:54.991>that <00:19:54.993>very <00:19:54.994>heavily <00:19:54.996>because <00:19:54.997>we <00:19:54.999>do 00:19:55.000 --> 00:19:56.590 align:start position:0% <00:19:55.000>pushing <00:19:55.116>that <00:19:55.233>very <00:19:55.350>heavily <00:19:55.466>because <00:19:55.583>we <00:19:55.700>do <00:19:55.816>need <00:19:55.933>capital <00:19:56.050>markets <00:19:56.166>in <00:19:56.283>the <00:19:56.400>European 00:19:56.590 --> 00:19:56.600 align:start position:0% <00:19:56.590>need <00:19:56.591>capital <00:19:56.593>markets <00:19:56.595>in <00:19:56.597>the <00:19:56.599>European 00:19:56.600 --> 00:19:58.550 align:start position:0% <00:19:56.600>need <00:19:56.740>capital <00:19:56.879>markets <00:19:57.020>in <00:19:57.159>the <00:19:57.300>European <00:19:57.439>Union, <00:19:57.580>effective <00:19:57.719>capital <00:19:57.860>markets <00:19:58.000>which 00:19:58.550 --> 00:19:58.560 align:start position:0% <00:19:58.550>Union, <00:19:58.552>effective <00:19:58.554>capital <00:19:58.556>markets <00:19:58.559>which 00:19:58.560 --> 00:20:00.670 align:start position:0% <00:19:58.560>Union, <00:19:58.676>effective <00:19:58.793>capital <00:19:58.909>markets <00:19:59.026>which <00:19:59.143>is <00:19:59.260>not <00:19:59.376>dependent <00:19:59.493>on <00:19:59.610>the <00:19:59.726>US, <00:19:59.843>right? <00:19:59.960>It 00:20:00.670 --> 00:20:00.680 align:start position:0% <00:20:00.670>is <00:20:00.671>not <00:20:00.672>dependent <00:20:00.673>on <00:20:00.675>the <00:20:00.676>US, <00:20:00.677>right? <00:20:00.679>It 00:20:00.680 --> 00:20:01.670 align:start position:0% <00:20:00.680>is <00:20:00.779>not <00:20:00.878>dependent <00:20:00.977>on <00:20:01.076>the <00:20:01.175>US, <00:20:01.274>right? <00:20:01.373>It <00:20:01.472>can <00:20:01.571>be 00:20:01.670 --> 00:20:01.680 align:start position:0% <00:20:01.670>can <00:20:01.679>be 00:20:01.680 --> 00:20:02.830 align:start position:0% <00:20:01.680>can <00:20:01.827>be <00:20:01.975>you <00:20:02.123>know, <00:20:02.271>working <00:20:02.419>together <00:20:02.567>with <00:20:02.715>but 00:20:02.830 --> 00:20:02.840 align:start position:0% <00:20:02.830>you <00:20:02.831>know, <00:20:02.833>working <00:20:02.835>together <00:20:02.837>with <00:20:02.839>but 00:20:02.840 --> 00:20:05.390 align:start position:0% <00:20:02.840>you <00:20:02.956>know, <00:20:03.073>working <00:20:03.189>together <00:20:03.306>with <00:20:03.423>but <00:20:03.540>should <00:20:03.656>not <00:20:03.773>be <00:20:03.889>dependent. <00:20:04.006>So <00:20:04.123>So <00:20:04.240>what's 00:20:05.390 --> 00:20:05.400 align:start position:0% <00:20:05.390>should <00:20:05.391>not <00:20:05.393>be <00:20:05.394>dependent. <00:20:05.396>So <00:20:05.397>So <00:20:05.399>what's 00:20:05.400 --> 00:20:07.590 align:start position:0% <00:20:05.400>should <00:20:05.507>not <00:20:05.615>be <00:20:05.723>dependent. <00:20:05.830>So <00:20:05.938>So <00:20:06.046>what's <00:20:06.153>happening <00:20:06.261>now, <00:20:06.369>right, <00:20:06.476>is <00:20:06.584>that <00:20:06.692>the <00:20:06.800>banks 00:20:07.590 --> 00:20:07.600 align:start position:0% <00:20:07.590>happening <00:20:07.591>now, <00:20:07.592>right, <00:20:07.594>is <00:20:07.596>that <00:20:07.597>the <00:20:07.599>banks 00:20:07.600 --> 00:20:10.350 align:start position:0% <00:20:07.600>happening <00:20:07.699>now, <00:20:07.800>right, <00:20:07.899>is <00:20:08.000>that <00:20:08.100>the <00:20:08.199>banks <00:20:08.300>actually <00:20:08.399>need <00:20:08.500>to <00:20:08.600>put <00:20:08.699>capital <00:20:08.800>up <00:20:08.899>for <00:20:09.000>the 00:20:10.350 --> 00:20:10.360 align:start position:0% <00:20:10.350>actually <00:20:10.351>need <00:20:10.352>to <00:20:10.353>put <00:20:10.355>capital <00:20:10.356>up <00:20:10.357>for <00:20:10.359>the 00:20:10.360 --> 00:20:12.190 align:start position:0% <00:20:10.360>actually <00:20:10.487>need <00:20:10.614>to <00:20:10.741>put <00:20:10.869>capital <00:20:10.996>up <00:20:11.123>for <00:20:11.250>the <00:20:11.378>dollar-based <00:20:11.505>stablecoins. <00:20:11.632>The <00:20:11.760>banks 00:20:12.190 --> 00:20:12.200 align:start position:0% <00:20:12.190>dollar-based <00:20:12.193>stablecoins. <00:20:12.196>The <00:20:12.199>banks 00:20:12.200 --> 00:20:13.870 align:start position:0% <00:20:12.200>dollar-based <00:20:12.355>stablecoins. <00:20:12.511>The <00:20:12.666>banks <00:20:12.822>won't <00:20:12.977>hold <00:20:13.133>a <00:20:13.288>dollar. <00:20:13.444>So <00:20:13.600>they're 00:20:13.870 --> 00:20:13.880 align:start position:0% <00:20:13.870>won't <00:20:13.871>hold <00:20:13.873>a <00:20:13.875>dollar. <00:20:13.877>So <00:20:13.879>they're 00:20:13.880 --> 00:20:16.150 align:start position:0% <00:20:13.880>won't <00:20:13.996>hold <00:20:14.113>a <00:20:14.230>dollar. <00:20:14.346>So <00:20:14.463>they're <00:20:14.580>basically <00:20:14.696>going <00:20:14.813>to <00:20:14.930>buy <00:20:15.046>T-bills <00:20:15.163>from <00:20:15.280>the 00:20:16.150 --> 00:20:16.160 align:start position:0% <00:20:16.150>basically <00:20:16.151>going <00:20:16.153>to <00:20:16.154>buy <00:20:16.156>T-bills <00:20:16.157>from <00:20:16.159>the 00:20:16.160 --> 00:20:17.990 align:start position:0% <00:20:16.160>basically <00:20:16.260>going <00:20:16.360>to <00:20:16.460>buy <00:20:16.560>T-bills <00:20:16.660>from <00:20:16.760>the <00:20:16.860>US. <00:20:16.960>So <00:20:17.060>every <00:20:17.160>time <00:20:17.260>you <00:20:17.360>actually <00:20:17.460>as <00:20:17.560>a 00:20:17.990 --> 00:20:18.000 align:start position:0% <00:20:17.990>US. <00:20:17.991>So <00:20:17.992>every <00:20:17.993>time <00:20:17.995>you <00:20:17.996>actually <00:20:17.997>as <00:20:17.999>a 00:20:18.000 --> 00:20:19.630 align:start position:0% <00:20:18.000>US. <00:20:18.107>So <00:20:18.215>every <00:20:18.323>time <00:20:18.430>you <00:20:18.538>actually <00:20:18.646>as <00:20:18.753>a <00:20:18.861>European <00:20:18.969>citizen <00:20:19.076>you're <00:20:19.184>using <00:20:19.292>a <00:20:19.400>dollar 00:20:19.630 --> 00:20:19.640 align:start position:0% <00:20:19.630>European <00:20:19.631>citizen <00:20:19.633>you're <00:20:19.635>using <00:20:19.637>a <00:20:19.639>dollar 00:20:19.640 --> 00:20:21.910 align:start position:0% <00:20:19.640>European <00:20:19.780>citizen <00:20:19.920>you're <00:20:20.060>using <00:20:20.200>a <00:20:20.340>dollar <00:20:20.480>denominated <00:20:20.620>stablecoin <00:20:20.760>out <00:20:20.900>of <00:20:21.040>the 00:20:21.910 --> 00:20:21.920 align:start position:0% <00:20:21.910>denominated <00:20:21.912>stablecoin <00:20:21.914>out <00:20:21.916>of <00:20:21.919>the 00:20:21.920 --> 00:20:24.110 align:start position:0% <00:20:21.920>denominated <00:20:22.047>stablecoin <00:20:22.174>out <00:20:22.301>of <00:20:22.429>the <00:20:22.556>European <00:20:22.683>Union <00:20:22.810>so <00:20:22.938>issued <00:20:23.065>in <00:20:23.192>the <00:20:23.320>European 00:20:24.110 --> 00:20:24.120 align:start position:0% <00:20:24.110>European <00:20:24.111>Union <00:20:24.112>so <00:20:24.114>issued <00:20:24.116>in <00:20:24.117>the <00:20:24.119>European 00:20:24.120 --> 00:20:26.430 align:start position:0% <00:20:24.120>European <00:20:24.275>Union <00:20:24.431>so <00:20:24.586>issued <00:20:24.742>in <00:20:24.897>the <00:20:25.053>European <00:20:25.208>Union, <00:20:25.364>you're <00:20:25.520>basically 00:20:26.430 --> 00:20:26.440 align:start position:0% <00:20:26.430>Union, <00:20:26.434>you're <00:20:26.439>basically 00:20:26.440 --> 00:20:29.110 align:start position:0% <00:20:26.440>Union, <00:20:26.580>you're <00:20:26.720>basically <00:20:26.860>refinancing <00:20:27.000>in <00:20:27.140>depth <00:20:27.280>of <00:20:27.420>the <00:20:27.560>US <00:20:27.700>state. <00:20:27.840>So 00:20:29.110 --> 00:20:29.120 align:start position:0% <00:20:29.110>refinancing <00:20:29.111>in <00:20:29.112>depth <00:20:29.113>of <00:20:29.115>the <00:20:29.116>US <00:20:29.117>state. <00:20:29.119>So 00:20:29.120 --> 00:20:31.350 align:start position:0% <00:20:29.120>refinancing <00:20:29.219>in <00:20:29.320>depth <00:20:29.419>of <00:20:29.520>the <00:20:29.620>US <00:20:29.719>state. <00:20:29.820>So <00:20:29.919>that <00:20:30.020>could <00:20:30.120>be <00:20:30.219>a <00:20:30.320>problem, <00:20:30.419>right? <00:20:30.520>Another 00:20:31.350 --> 00:20:31.360 align:start position:0% <00:20:31.350>that <00:20:31.351>could <00:20:31.352>be <00:20:31.354>a <00:20:31.356>problem, <00:20:31.357>right? <00:20:31.359>Another 00:20:31.360 --> 00:20:33.270 align:start position:0% <00:20:31.360>that <00:20:31.459>could <00:20:31.560>be <00:20:31.659>a <00:20:31.760>problem, <00:20:31.860>right? <00:20:31.959>Another <00:20:32.060>problem <00:20:32.159>is <00:20:32.260>of <00:20:32.360>course <00:20:32.459>that <00:20:32.560>the <00:20:32.659>genius <00:20:32.760>act 00:20:33.270 --> 00:20:33.280 align:start position:0% <00:20:33.270>problem <00:20:33.271>is <00:20:33.272>of <00:20:33.273>course <00:20:33.275>that <00:20:33.276>the <00:20:33.277>genius <00:20:33.279>act 00:20:33.280 --> 00:20:35.030 align:start position:0% <00:20:33.280>problem <00:20:33.373>is <00:20:33.466>of <00:20:33.560>course <00:20:33.653>that <00:20:33.746>the <00:20:33.840>genius <00:20:33.933>act <00:20:34.026>and <00:20:34.120>the <00:20:34.213>clarity <00:20:34.306>act <00:20:34.399>which <00:20:34.493>is <00:20:34.586>the <00:20:34.680>two 00:20:35.030 --> 00:20:35.040 align:start position:0% <00:20:35.030>and <00:20:35.031>the <00:20:35.032>clarity <00:20:35.033>act <00:20:35.035>which <00:20:35.036>is <00:20:35.037>the <00:20:35.039>two 00:20:35.040 --> 00:20:36.630 align:start position:0% <00:20:35.040>and <00:20:35.156>the <00:20:35.273>clarity <00:20:35.389>act <00:20:35.506>which <00:20:35.623>is <00:20:35.740>the <00:20:35.856>two <00:20:35.973>cornerstone <00:20:36.090>regulation <00:20:36.206>which <00:20:36.323>is <00:20:36.440>coming 00:20:36.630 --> 00:20:36.640 align:start position:0% <00:20:36.630>cornerstone <00:20:36.632>regulation <00:20:36.634>which <00:20:36.636>is <00:20:36.639>coming 00:20:36.640 --> 00:20:38.190 align:start position:0% <00:20:36.640>cornerstone <00:20:36.795>regulation <00:20:36.950>which <00:20:37.105>is <00:20:37.260>coming <00:20:37.415>in <00:20:37.570>the <00:20:37.725>US <00:20:37.880>right <00:20:38.035>now. 00:20:38.190 --> 00:20:38.200 align:start position:0% <00:20:38.190>in <00:20:38.192>the <00:20:38.194>US <00:20:38.196>right <00:20:38.199>now. 00:20:38.200 --> 00:20:41.030 align:start position:0% <00:20:38.200>in <00:20:38.327>the <00:20:38.454>US <00:20:38.581>right <00:20:38.709>now. <00:20:38.836>They <00:20:38.963>are <00:20:39.090>based <00:20:39.218>on <00:20:39.345>innovation <00:20:39.472>and <00:20:39.600>not 00:20:41.030 --> 00:20:41.040 align:start position:0% <00:20:41.030>They <00:20:41.031>are <00:20:41.033>based <00:20:41.034>on <00:20:41.036>innovation <00:20:41.037>and <00:20:41.039>not 00:20:41.040 --> 00:20:42.470 align:start position:0% <00:20:41.040>They <00:20:41.223>are <00:20:41.407>based <00:20:41.591>on <00:20:41.775>innovation <00:20:41.959>and <00:20:42.143>not <00:20:42.327>protectionism. 00:20:42.470 --> 00:20:42.480 align:start position:0% protectionism. 00:20:42.480 --> 00:20:44.550 align:start position:0% <00:20:42.480>protectionism. <00:20:42.655>So <00:20:42.830>they <00:20:43.005>want <00:20:43.180>to <00:20:43.355>be <00:20:43.530>the <00:20:43.705>leaders <00:20:43.880>of 00:20:44.550 --> 00:20:44.560 align:start position:0% <00:20:44.550>So <00:20:44.551>they <00:20:44.552>want <00:20:44.553>to <00:20:44.555>be <00:20:44.556>the <00:20:44.557>leaders <00:20:44.559>of 00:20:44.560 --> 00:20:46.350 align:start position:0% <00:20:44.560>So <00:20:44.715>they <00:20:44.871>want <00:20:45.026>to <00:20:45.182>be <00:20:45.337>the <00:20:45.493>leaders <00:20:45.648>of <00:20:45.804>stablecoins <00:20:45.960>globally. 00:20:46.350 --> 00:20:46.360 align:start position:0% <00:20:46.350>stablecoins <00:20:46.359>globally. 00:20:46.360 --> 00:20:47.630 align:start position:0% <00:20:46.360>stablecoins <00:20:46.502>globally. <00:20:46.645>And <00:20:46.788>what <00:20:46.931>we're <00:20:47.074>saying <00:20:47.217>here <00:20:47.360>in <00:20:47.503>the 00:20:47.630 --> 00:20:47.640 align:start position:0% <00:20:47.630>And <00:20:47.631>what <00:20:47.633>we're <00:20:47.634>saying <00:20:47.636>here <00:20:47.637>in <00:20:47.639>the 00:20:47.640 --> 00:20:49.190 align:start position:0% <00:20:47.640>And <00:20:47.747>what <00:20:47.854>we're <00:20:47.961>saying <00:20:48.069>here <00:20:48.176>in <00:20:48.283>the <00:20:48.391>European <00:20:48.498>Union <00:20:48.605>is <00:20:48.713>we're <00:20:48.820>really <00:20:48.927>trying <00:20:49.035>to 00:20:49.190 --> 00:20:49.200 align:start position:0% <00:20:49.190>European <00:20:49.191>Union <00:20:49.193>is <00:20:49.194>we're <00:20:49.196>really <00:20:49.197>trying <00:20:49.199>to 00:20:49.200 --> 00:20:50.830 align:start position:0% <00:20:49.200>European <00:20:49.375>Union <00:20:49.550>is <00:20:49.725>we're <00:20:49.900>really <00:20:50.075>trying <00:20:50.250>to <00:20:50.425>play <00:20:50.600>defense. 00:20:50.830 --> 00:20:50.840 align:start position:0% <00:20:50.830>play <00:20:50.839>defense. 00:20:50.840 --> 00:20:53.310 align:start position:0% <00:20:50.840>play <00:20:51.040>defense. <00:20:51.240>Right? <00:20:51.439>So <00:20:51.639>already <00:20:51.840>now <00:20:52.040>capital <00:20:52.240>markets 00:20:53.310 --> 00:20:53.320 align:start position:0% <00:20:53.310>Right? <00:20:53.311>So <00:20:53.313>already <00:20:53.315>now <00:20:53.317>capital <00:20:53.319>markets 00:20:53.320 --> 00:20:54.830 align:start position:0% <00:20:53.320>Right? <00:20:53.443>So <00:20:53.567>already <00:20:53.690>now <00:20:53.814>capital <00:20:53.937>markets <00:20:54.061>are <00:20:54.184>denominated <00:20:54.308>in <00:20:54.431>dollar, <00:20:54.555>crypto <00:20:54.678>is 00:20:54.830 --> 00:20:54.840 align:start position:0% <00:20:54.830>are <00:20:54.831>denominated <00:20:54.833>in <00:20:54.835>dollar, <00:20:54.837>crypto <00:20:54.839>is 00:20:54.840 --> 00:20:57.110 align:start position:0% <00:20:54.840>are <00:20:54.956>denominated <00:20:55.073>in <00:20:55.189>dollar, <00:20:55.306>crypto <00:20:55.423>is <00:20:55.540>denominated <00:20:55.656>in <00:20:55.773>dollar, <00:20:55.889>but <00:20:56.006>right <00:20:56.123>now <00:20:56.240>is 00:20:57.110 --> 00:20:57.120 align:start position:0% <00:20:57.110>denominated <00:20:57.111>in <00:20:57.112>dollar, <00:20:57.114>but <00:20:57.116>right <00:20:57.117>now <00:20:57.119>is 00:20:57.120 --> 00:20:58.710 align:start position:0% <00:20:57.120>denominated <00:20:57.275>in <00:20:57.431>dollar, <00:20:57.586>but <00:20:57.742>right <00:20:57.897>now <00:20:58.053>is <00:20:58.208>actually <00:20:58.364>hurting <00:20:58.520>us. 00:20:58.710 --> 00:20:58.720 align:start position:0% <00:20:58.710>actually <00:20:58.714>hurting <00:20:58.719>us. 00:20:58.720 --> 00:21:00.990 align:start position:0% <00:20:58.720>actually <00:20:58.895>hurting <00:20:59.070>us. <00:20:59.245>It's <00:20:59.420>not <00:20:59.595>benefiting <00:20:59.770>us <00:20:59.945>right <00:21:00.120>now. 00:21:00.990 --> 00:21:01.000 align:start position:0% <00:21:00.990>It's <00:21:00.991>not <00:21:00.993>benefiting <00:21:00.995>us <00:21:00.997>right <00:21:00.999>now. 00:21:01.000 --> 00:21:02.790 align:start position:0% <00:21:01.000>It's <00:21:01.127>not <00:21:01.254>benefiting <00:21:01.381>us <00:21:01.509>right <00:21:01.636>now. <00:21:01.763>But <00:21:01.890>from <00:21:02.018>a <00:21:02.145>regulatory <00:21:02.272>perspective <00:21:02.400>it's 00:21:02.790 --> 00:21:02.800 align:start position:0% <00:21:02.790>But <00:21:02.791>from <00:21:02.793>a <00:21:02.795>regulatory <00:21:02.797>perspective <00:21:02.799>it's 00:21:02.800 --> 00:21:04.750 align:start position:0% <00:21:02.800>But <00:21:02.899>from <00:21:03.000>a <00:21:03.100>regulatory <00:21:03.200>perspective <00:21:03.300>it's <00:21:03.399>not <00:21:03.500>a <00:21:03.600>big <00:21:03.700>problem. <00:21:03.800>We <00:21:03.899>can <00:21:04.000>we <00:21:04.100>can <00:21:04.200>hedge 00:21:04.750 --> 00:21:04.760 align:start position:0% <00:21:04.750>not <00:21:04.751>a <00:21:04.752>big <00:21:04.753>problem. <00:21:04.754>We <00:21:04.755>can <00:21:04.756>we <00:21:04.757>can <00:21:04.759>hedge 00:21:04.760 --> 00:21:06.550 align:start position:0% <00:21:04.760>not <00:21:04.842>a <00:21:04.924>big <00:21:05.007>problem. <00:21:05.089>We <00:21:05.171>can <00:21:05.254>we <00:21:05.336>can <00:21:05.418>hedge <00:21:05.501>ourselves <00:21:05.583>out <00:21:05.665>of <00:21:05.748>it <00:21:05.830>and <00:21:05.912>so <00:21:05.995>on. <00:21:06.077>It's <00:21:06.160>just 00:21:06.550 --> 00:21:06.560 align:start position:0% <00:21:06.550>ourselves <00:21:06.551>out <00:21:06.552>of <00:21:06.553>it <00:21:06.554>and <00:21:06.555>so <00:21:06.556>on. <00:21:06.557>It's <00:21:06.559>just 00:21:06.560 --> 00:21:08.310 align:start position:0% <00:21:06.560>ourselves <00:21:06.659>out <00:21:06.760>of <00:21:06.860>it <00:21:06.960>and <00:21:07.060>so <00:21:07.159>on. <00:21:07.260>It's <00:21:07.360>just <00:21:07.460>a <00:21:07.560>missed <00:21:07.659>opportunity <00:21:07.760>for <00:21:07.860>for <00:21:07.960>the 00:21:08.310 --> 00:21:08.320 align:start position:0% <00:21:08.310>a <00:21:08.311>missed <00:21:08.313>opportunity <00:21:08.315>for <00:21:08.317>for <00:21:08.319>the 00:21:08.320 --> 00:21:09.150 align:start position:0% <00:21:08.320>a <00:21:08.426>missed <00:21:08.533>opportunity <00:21:08.640>for <00:21:08.746>for <00:21:08.853>the <00:21:08.960>European <00:21:09.067>Union. 00:21:09.150 --> 00:21:09.160 align:start position:0% <00:21:09.150>European <00:21:09.159>Union. 00:21:09.160 --> 00:21:10.670 align:start position:0% <00:21:09.160>European <00:21:09.283>Union. <00:21:09.407>>> <00:21:09.530>But <00:21:09.654>also <00:21:09.777>it's <00:21:09.901>not <00:21:10.024>as <00:21:10.148>simple <00:21:10.271>as <00:21:10.395>they <00:21:10.519>can 00:21:10.670 --> 00:21:10.680 align:start position:0% <00:21:10.670>>> <00:21:10.671>But <00:21:10.672>also <00:21:10.673>it's <00:21:10.674>not <00:21:10.675>as <00:21:10.676>simple <00:21:10.677>as <00:21:10.678>they <00:21:10.679>can 00:21:10.680 --> 00:21:12.110 align:start position:0% <00:21:10.680>>> <00:21:10.751>But <00:21:10.823>also <00:21:10.894>it's <00:21:10.966>not <00:21:11.037>as <00:21:11.109>simple <00:21:11.180>as <00:21:11.252>they <00:21:11.323>can <00:21:11.395>just <00:21:11.466>come <00:21:11.538>right <00:21:11.609>like <00:21:11.681>they <00:21:11.752>need <00:21:11.823>to <00:21:11.895>get <00:21:11.966>a 00:21:12.110 --> 00:21:12.120 align:start position:0% <00:21:12.110>just <00:21:12.111>come <00:21:12.112>right <00:21:12.113>like <00:21:12.114>they <00:21:12.115>need <00:21:12.116>to <00:21:12.117>get <00:21:12.119>a 00:21:12.120 --> 00:21:14.030 align:start position:0% <00:21:12.120>just <00:21:12.213>come <00:21:12.306>right <00:21:12.399>like <00:21:12.493>they <00:21:12.586>need <00:21:12.679>to <00:21:12.773>get <00:21:12.866>a <00:21:12.959>license <00:21:13.053>which <00:21:13.146>is <00:21:13.239>exactly <00:21:13.333>why <00:21:13.426>like <00:21:13.520>the 00:21:14.030 --> 00:21:14.040 align:start position:0% <00:21:14.030>license <00:21:14.031>which <00:21:14.033>is <00:21:14.034>exactly <00:21:14.036>why <00:21:14.037>like <00:21:14.039>the 00:21:14.040 --> 00:21:16.150 align:start position:0% <00:21:14.040>license <00:21:14.133>which <00:21:14.226>is <00:21:14.320>exactly <00:21:14.413>why <00:21:14.506>like <00:21:14.600>the <00:21:14.693>USDT <00:21:14.786>is <00:21:14.879>like <00:21:14.973>now <00:21:15.066>out <00:21:15.159>of <00:21:15.253>the <00:21:15.346>market <00:21:15.440>is 00:21:16.150 --> 00:21:16.160 align:start position:0% <00:21:16.150>USDT <00:21:16.151>is <00:21:16.152>like <00:21:16.153>now <00:21:16.154>out <00:21:16.155>of <00:21:16.156>the <00:21:16.157>market <00:21:16.159>is 00:21:16.160 --> 00:21:18.150 align:start position:0% <00:21:16.160>USDT <00:21:16.247>is <00:21:16.335>like <00:21:16.422>now <00:21:16.510>out <00:21:16.597>of <00:21:16.685>the <00:21:16.772>market <00:21:16.860>is <00:21:16.947>because <00:21:17.035>they <00:21:17.122>decided <00:21:17.210>not <00:21:17.297>to <00:21:17.385>do <00:21:17.472>it. <00:21:17.560>They 00:21:18.150 --> 00:21:18.160 align:start position:0% <00:21:18.150>because <00:21:18.151>they <00:21:18.152>decided <00:21:18.153>not <00:21:18.155>to <00:21:18.156>do <00:21:18.157>it. <00:21:18.159>They 00:21:18.160 --> 00:21:20.510 align:start position:0% <00:21:18.160>because <00:21:18.260>they <00:21:18.360>decided <00:21:18.460>not <00:21:18.560>to <00:21:18.660>do <00:21:18.760>it. <00:21:18.860>They <00:21:18.960>need <00:21:19.060>an <00:21:19.160>e-money <00:21:19.260>token <00:21:19.360>like <00:21:19.460>an <00:21:19.560>e-money 00:21:20.510 --> 00:21:20.520 align:start position:0% <00:21:20.510>need <00:21:20.511>an <00:21:20.513>e-money <00:21:20.514>token <00:21:20.516>like <00:21:20.517>an <00:21:20.519>e-money 00:21:20.520 --> 00:21:22.750 align:start position:0% <00:21:20.520>need <00:21:20.627>an <00:21:20.735>e-money <00:21:20.843>token <00:21:20.950>like <00:21:21.058>an <00:21:21.166>e-money <00:21:21.273>license <00:21:21.381>which <00:21:21.489>is <00:21:21.596>a <00:21:21.704>parallel <00:21:21.812>regime <00:21:21.920>from 00:21:22.750 --> 00:21:22.760 align:start position:0% <00:21:22.750>license <00:21:22.751>which <00:21:22.753>is <00:21:22.754>a <00:21:22.756>parallel <00:21:22.757>regime <00:21:22.759>from 00:21:22.760 --> 00:21:25.030 align:start position:0% <00:21:22.760>license <00:21:22.876>which <00:21:22.993>is <00:21:23.110>a <00:21:23.226>parallel <00:21:23.343>regime <00:21:23.460>from <00:21:23.576>the <00:21:23.693>Mika <00:21:23.810>license. <00:21:23.926>Mika <00:21:24.043>regulates <00:21:24.160>like 00:21:25.030 --> 00:21:25.040 align:start position:0% <00:21:25.030>the <00:21:25.031>Mika <00:21:25.033>license. <00:21:25.035>Mika <00:21:25.037>regulates <00:21:25.039>like 00:21:25.040 --> 00:21:27.230 align:start position:0% <00:21:25.040>the <00:21:25.167>Mika <00:21:25.294>license. <00:21:25.421>Mika <00:21:25.549>regulates <00:21:25.676>like <00:21:25.803>three <00:21:25.930>different <00:21:26.058>kind <00:21:26.185>of <00:21:26.312>assets <00:21:26.440>e-money 00:21:27.230 --> 00:21:27.240 align:start position:0% <00:21:27.230>three <00:21:27.231>different <00:21:27.233>kind <00:21:27.235>of <00:21:27.237>assets <00:21:27.239>e-money 00:21:27.240 --> 00:21:28.430 align:start position:0% <00:21:27.240>three <00:21:27.322>different <00:21:27.404>kind <00:21:27.487>of <00:21:27.569>assets <00:21:27.651>e-money <00:21:27.734>being <00:21:27.816>one <00:21:27.899>of <00:21:27.981>them <00:21:28.063>and <00:21:28.146>then <00:21:28.228>there's <00:21:28.311>a 00:21:28.430 --> 00:21:28.440 align:start position:0% <00:21:28.430>being <00:21:28.431>one <00:21:28.432>of <00:21:28.433>them <00:21:28.435>and <00:21:28.436>then <00:21:28.437>there's <00:21:28.439>a 00:21:28.440 --> 00:21:31.430 align:start position:0% <00:21:28.440>being <00:21:28.567>one <00:21:28.694>of <00:21:28.821>them <00:21:28.949>and <00:21:29.076>then <00:21:29.203>there's <00:21:29.330>a <00:21:29.458>specific <00:21:29.585>requirements <00:21:29.712>if <00:21:29.840>the 00:21:31.430 --> 00:21:31.440 align:start position:0% <00:21:31.430>specific <00:21:31.433>requirements <00:21:31.436>if <00:21:31.439>the 00:21:31.440 --> 00:21:35.190 align:start position:0% <00:21:31.440>specific <00:21:31.567>requirements <00:21:31.694>if <00:21:31.821>the <00:21:31.949>the <00:21:32.076>fiat <00:21:32.203>currency <00:21:32.330>is <00:21:32.458>not <00:21:32.585>euro <00:21:32.712>but <00:21:32.840>is 00:21:35.190 --> 00:21:35.200 align:start position:0% <00:21:35.190>the <00:21:35.191>fiat <00:21:35.192>currency <00:21:35.193>is <00:21:35.195>not <00:21:35.196>euro <00:21:35.197>but <00:21:35.199>is 00:21:35.200 --> 00:21:38.230 align:start position:0% <00:21:35.200>the <00:21:35.293>fiat <00:21:35.386>currency <00:21:35.480>is <00:21:35.573>not <00:21:35.666>euro <00:21:35.760>but <00:21:35.853>is <00:21:35.946>backed <00:21:36.040>by <00:21:36.133>other <00:21:36.226>fiat. <00:21:36.320>I <00:21:36.413>will <00:21:36.506>also <00:21:36.600>say 00:21:38.230 --> 00:21:38.240 align:start position:0% <00:21:38.230>backed <00:21:38.231>by <00:21:38.232>other <00:21:38.233>fiat. <00:21:38.235>I <00:21:38.236>will <00:21:38.237>also <00:21:38.239>say 00:21:38.240 --> 00:21:39.710 align:start position:0% <00:21:38.240>backed <00:21:38.328>by <00:21:38.416>other <00:21:38.504>fiat. <00:21:38.592>I <00:21:38.681>will <00:21:38.769>also <00:21:38.857>say <00:21:38.945>that <00:21:39.033>one <00:21:39.122>of <00:21:39.210>the <00:21:39.298>reasons <00:21:39.386>that <00:21:39.474>like <00:21:39.563>that 00:21:39.710 --> 00:21:39.720 align:start position:0% <00:21:39.710>that <00:21:39.711>one <00:21:39.712>of <00:21:39.713>the <00:21:39.715>reasons <00:21:39.716>that <00:21:39.717>like <00:21:39.719>that 00:21:39.720 --> 00:21:41.190 align:start position:0% <00:21:39.720>that <00:21:39.814>one <00:21:39.909>of <00:21:40.003>the <00:21:40.098>reasons <00:21:40.192>that <00:21:40.287>like <00:21:40.381>that <00:21:40.476>we <00:21:40.570>have <00:21:40.665>like <00:21:40.759>different <00:21:40.854>approach <00:21:40.948>to <00:21:41.043>this 00:21:41.190 --> 00:21:41.200 align:start position:0% <00:21:41.190>we <00:21:41.191>have <00:21:41.193>like <00:21:41.194>different <00:21:41.196>approach <00:21:41.197>to <00:21:41.199>this 00:21:41.200 --> 00:21:42.750 align:start position:0% <00:21:41.200>we <00:21:41.307>have <00:21:41.414>like <00:21:41.521>different <00:21:41.629>approach <00:21:41.736>to <00:21:41.843>this <00:21:41.951>regime <00:21:42.058>is <00:21:42.165>because <00:21:42.273>of <00:21:42.380>course <00:21:42.487>like <00:21:42.595>Europe 00:21:42.750 --> 00:21:42.760 align:start position:0% <00:21:42.750>regime <00:21:42.751>is <00:21:42.753>because <00:21:42.754>of <00:21:42.756>course <00:21:42.757>like <00:21:42.759>Europe 00:21:42.760 --> 00:21:44.750 align:start position:0% <00:21:42.760>regime <00:21:42.860>is <00:21:42.960>because <00:21:43.060>of <00:21:43.160>course <00:21:43.260>like <00:21:43.360>Europe <00:21:43.460>is <00:21:43.560>trying <00:21:43.660>to <00:21:43.760>be <00:21:43.860>protective <00:21:43.960>but <00:21:44.060>what <00:21:44.160>is 00:21:44.750 --> 00:21:44.760 align:start position:0% <00:21:44.750>is <00:21:44.751>trying <00:21:44.752>to <00:21:44.753>be <00:21:44.755>protective <00:21:44.756>but <00:21:44.757>what <00:21:44.759>is 00:21:44.760 --> 00:21:47.150 align:start position:0% <00:21:44.760>is <00:21:44.853>trying <00:21:44.946>to <00:21:45.040>be <00:21:45.133>protective <00:21:45.226>but <00:21:45.320>what <00:21:45.413>is <00:21:45.506>interesting <00:21:45.600>for <00:21:45.693>the <00:21:45.786>US <00:21:45.879>is <00:21:45.973>just <00:21:46.066>like <00:21:46.160>get 00:21:47.150 --> 00:21:47.160 align:start position:0% <00:21:47.150>interesting <00:21:47.151>for <00:21:47.152>the <00:21:47.153>US <00:21:47.155>is <00:21:47.156>just <00:21:47.157>like <00:21:47.159>get 00:21:47.160 --> 00:21:49.830 align:start position:0% <00:21:47.160>interesting <00:21:47.260>for <00:21:47.360>the <00:21:47.460>US <00:21:47.560>is <00:21:47.660>just <00:21:47.760>like <00:21:47.860>get <00:21:47.960>the <00:21:48.060>dollar <00:21:48.160>in <00:21:48.260>places <00:21:48.360>where <00:21:48.460>they <00:21:48.560>didn't 00:21:49.830 --> 00:21:49.840 align:start position:0% <00:21:49.830>the <00:21:49.831>dollar <00:21:49.832>in <00:21:49.834>places <00:21:49.836>where <00:21:49.837>they <00:21:49.839>didn't 00:21:49.840 --> 00:21:53.710 align:start position:0% <00:21:49.840>the <00:21:49.939>dollar <00:21:50.040>in <00:21:50.139>places <00:21:50.240>where <00:21:50.340>they <00:21:50.439>didn't <00:21:50.540>have <00:21:50.639>it <00:21:50.740>before <00:21:50.840>or <00:21:50.939>because <00:21:51.040>of <00:21:51.139>the <00:21:51.240>same 00:21:53.710 --> 00:21:53.720 align:start position:0% <00:21:53.710>have <00:21:53.711>it <00:21:53.712>before <00:21:53.713>or <00:21:53.715>because <00:21:53.716>of <00:21:53.717>the <00:21:53.719>same 00:21:53.720 --> 00:21:55.750 align:start position:0% <00:21:53.720>have <00:21:53.827>it <00:21:53.935>before <00:21:54.043>or <00:21:54.150>because <00:21:54.258>of <00:21:54.366>the <00:21:54.473>same <00:21:54.581>monetary <00:21:54.689>policy <00:21:54.796>of <00:21:54.904>like <00:21:55.012>the <00:21:55.120>different 00:21:55.750 --> 00:21:55.760 align:start position:0% <00:21:55.750>monetary <00:21:55.751>policy <00:21:55.753>of <00:21:55.755>like <00:21:55.757>the <00:21:55.759>different 00:21:55.760 --> 00:21:57.390 align:start position:0% <00:21:55.760>monetary <00:21:55.876>policy <00:21:55.993>of <00:21:56.110>like <00:21:56.226>the <00:21:56.343>different <00:21:56.460>countries <00:21:56.576>that <00:21:56.693>they <00:21:56.810>want <00:21:56.926>to <00:21:57.043>enter <00:21:57.160>they 00:21:57.390 --> 00:21:57.400 align:start position:0% <00:21:57.390>countries <00:21:57.391>that <00:21:57.393>they <00:21:57.394>want <00:21:57.396>to <00:21:57.397>enter <00:21:57.399>they 00:21:57.400 --> 00:21:59.270 align:start position:0% <00:21:57.400>countries <00:21:57.487>that <00:21:57.575>they <00:21:57.662>want <00:21:57.750>to <00:21:57.837>enter <00:21:57.925>they <00:21:58.012>will <00:21:58.100>not <00:21:58.187>be <00:21:58.275>able <00:21:58.362>to <00:21:58.450>do <00:21:58.537>it <00:21:58.625>that <00:21:58.712>easy. <00:21:58.800>So 00:21:59.270 --> 00:21:59.280 align:start position:0% <00:21:59.270>will <00:21:59.271>not <00:21:59.272>be <00:21:59.273>able <00:21:59.274>to <00:21:59.275>do <00:21:59.276>it <00:21:59.277>that <00:21:59.278>easy. <00:21:59.279>So 00:21:59.280 --> 00:22:01.750 align:start position:0% <00:21:59.280>will <00:21:59.362>not <00:21:59.444>be <00:21:59.527>able <00:21:59.609>to <00:21:59.691>do <00:21:59.774>it <00:21:59.856>that <00:21:59.938>easy. <00:22:00.021>So <00:22:00.103>of <00:22:00.185>course <00:22:00.268>they <00:22:00.350>have <00:22:00.432>an <00:22:00.515>interest <00:22:00.597>and <00:22:00.680>as 00:22:01.750 --> 00:22:01.760 align:start position:0% <00:22:01.750>of <00:22:01.751>course <00:22:01.752>they <00:22:01.753>have <00:22:01.755>an <00:22:01.756>interest <00:22:01.757>and <00:22:01.759>as 00:22:01.760 --> 00:22:03.590 align:start position:0% <00:22:01.760>of <00:22:01.860>course <00:22:01.960>they <00:22:02.060>have <00:22:02.160>an <00:22:02.260>interest <00:22:02.360>and <00:22:02.460>as <00:22:02.560>the <00:22:02.660>stable <00:22:02.760>coins <00:22:02.860>have <00:22:02.960>been <00:22:03.060>like <00:22:03.160>primary 00:22:03.590 --> 00:22:03.600 align:start position:0% <00:22:03.590>the <00:22:03.591>stable <00:22:03.592>coins <00:22:03.594>have <00:22:03.596>been <00:22:03.597>like <00:22:03.599>primary 00:22:03.600 --> 00:22:06.910 align:start position:0% <00:22:03.600>the <00:22:03.699>stable <00:22:03.800>coins <00:22:03.899>have <00:22:04.000>been <00:22:04.100>like <00:22:04.199>primary <00:22:04.300>based <00:22:04.399>on <00:22:04.500>USDC <00:22:04.600>on <00:22:04.699>USD <00:22:04.800>sorry <00:22:04.899>they <00:22:05.000>they 00:22:06.910 --> 00:22:06.920 align:start position:0% <00:22:06.910>based <00:22:06.911>on <00:22:06.912>USDC <00:22:06.913>on <00:22:06.915>USD <00:22:06.916>sorry <00:22:06.917>they <00:22:06.919>they 00:22:06.920 --> 00:22:09.550 align:start position:0% <00:22:06.920>based <00:22:07.007>on <00:22:07.095>USDC <00:22:07.182>on <00:22:07.270>USD <00:22:07.357>sorry <00:22:07.445>they <00:22:07.532>they <00:22:07.620>push <00:22:07.707>it <00:22:07.795>really <00:22:07.882>hard <00:22:07.970>to <00:22:08.057>to <00:22:08.145>to <00:22:08.232>get <00:22:08.320>out 00:22:09.550 --> 00:22:09.560 align:start position:0% <00:22:09.550>push <00:22:09.551>it <00:22:09.552>really <00:22:09.553>hard <00:22:09.554>to <00:22:09.555>to <00:22:09.556>to <00:22:09.557>get <00:22:09.559>out 00:22:09.560 --> 00:22:12.030 align:start position:0% <00:22:09.560>push <00:22:09.659>it <00:22:09.760>really <00:22:09.860>hard <00:22:09.960>to <00:22:10.060>to <00:22:10.159>to <00:22:10.260>get <00:22:10.360>out <00:22:10.460>there. <00:22:10.560>That's <00:22:10.659>why <00:22:10.760>also <00:22:10.860>they <00:22:10.960>have 00:22:12.030 --> 00:22:12.040 align:start position:0% <00:22:12.030>there. <00:22:12.031>That's <00:22:12.033>why <00:22:12.035>also <00:22:12.037>they <00:22:12.039>have 00:22:12.040 --> 00:22:13.990 align:start position:0% <00:22:12.040>there. <00:22:12.167>That's <00:22:12.294>why <00:22:12.421>also <00:22:12.549>they <00:22:12.676>have <00:22:12.803>completely <00:22:12.930>separate <00:22:13.058>like <00:22:13.185>regime <00:22:13.312>like <00:22:13.440>we 00:22:13.990 --> 00:22:14.000 align:start position:0% <00:22:13.990>completely <00:22:13.991>separate <00:22:13.993>like <00:22:13.995>regime <00:22:13.997>like <00:22:13.999>we 00:22:14.000 --> 00:22:16.470 align:start position:0% <00:22:14.000>completely <00:22:14.116>separate <00:22:14.233>like <00:22:14.350>regime <00:22:14.466>like <00:22:14.583>we <00:22:14.700>do <00:22:14.816>not <00:22:14.933>have <00:22:15.050>what <00:22:15.166>we <00:22:15.283>call <00:22:15.400>equivalence 00:22:16.470 --> 00:22:16.480 align:start position:0% <00:22:16.470>do <00:22:16.471>not <00:22:16.473>have <00:22:16.474>what <00:22:16.476>we <00:22:16.477>call <00:22:16.479>equivalence 00:22:16.480 --> 00:22:18.070 align:start position:0% <00:22:16.480>do <00:22:16.596>not <00:22:16.713>have <00:22:16.830>what <00:22:16.946>we <00:22:17.063>call <00:22:17.180>equivalence <00:22:17.296>regimes <00:22:17.413>which <00:22:17.530>basically <00:22:17.646>will <00:22:17.763>mean <00:22:17.880>that 00:22:18.070 --> 00:22:18.080 align:start position:0% <00:22:18.070>regimes <00:22:18.071>which <00:22:18.073>basically <00:22:18.075>will <00:22:18.077>mean <00:22:18.079>that 00:22:18.080 --> 00:22:19.670 align:start position:0% <00:22:18.080>regimes <00:22:18.207>which <00:22:18.334>basically <00:22:18.461>will <00:22:18.589>mean <00:22:18.716>that <00:22:18.843>if <00:22:18.970>someone <00:22:19.098>has <00:22:19.225>a <00:22:19.352>regulatory <00:22:19.480>regime 00:22:19.670 --> 00:22:19.680 align:start position:0% <00:22:19.670>if <00:22:19.671>someone <00:22:19.673>has <00:22:19.675>a <00:22:19.677>regulatory <00:22:19.679>regime 00:22:19.680 --> 00:22:22.590 align:start position:0% <00:22:19.680>if <00:22:19.796>someone <00:22:19.913>has <00:22:20.030>a <00:22:20.146>regulatory <00:22:20.263>regime <00:22:20.380>similar <00:22:20.496>to <00:22:20.613>ours <00:22:20.730>we <00:22:20.846>will <00:22:20.963>easy <00:22:21.080>the 00:22:22.590 --> 00:22:22.600 align:start position:0% <00:22:22.590>similar <00:22:22.591>to <00:22:22.592>ours <00:22:22.594>we <00:22:22.596>will <00:22:22.597>easy <00:22:22.599>the 00:22:22.600 --> 00:22:24.470 align:start position:0% <00:22:22.600>similar <00:22:22.716>to <00:22:22.833>ours <00:22:22.949>we <00:22:23.066>will <00:22:23.183>easy <00:22:23.300>the <00:22:23.416>entrance <00:22:23.533>to <00:22:23.649>the <00:22:23.766>market. <00:22:23.883>That's <00:22:24.000>what 00:22:24.470 --> 00:22:24.480 align:start position:0% <00:22:24.470>entrance <00:22:24.471>to <00:22:24.473>the <00:22:24.475>market. <00:22:24.477>That's <00:22:24.479>what 00:22:24.480 --> 00:22:26.630 align:start position:0% <00:22:24.480>entrance <00:22:24.596>to <00:22:24.713>the <00:22:24.830>market. <00:22:24.946>That's <00:22:25.063>what <00:22:25.180>genius <00:22:25.296>has <00:22:25.413>that's <00:22:25.530>what <00:22:25.646>also <00:22:25.763>Brazil <00:22:25.880>is 00:22:26.630 --> 00:22:26.640 align:start position:0% <00:22:26.630>genius <00:22:26.631>has <00:22:26.633>that's <00:22:26.634>what <00:22:26.636>also <00:22:26.637>Brazil <00:22:26.639>is 00:22:26.640 --> 00:22:28.110 align:start position:0% <00:22:26.640>genius <00:22:26.750>has <00:22:26.860>that's <00:22:26.970>what <00:22:27.081>also <00:22:27.191>Brazil <00:22:27.301>is <00:22:27.411>looking <00:22:27.522>at <00:22:27.632>it <00:22:27.742>actually <00:22:27.852>Brazil <00:22:27.963>push 00:22:28.110 --> 00:22:28.120 align:start position:0% <00:22:28.110>looking <00:22:28.111>at <00:22:28.113>it <00:22:28.115>actually <00:22:28.117>Brazil <00:22:28.119>push 00:22:28.120 --> 00:22:29.990 align:start position:0% <00:22:28.120>looking <00:22:28.236>at <00:22:28.353>it <00:22:28.469>actually <00:22:28.586>Brazil <00:22:28.703>push <00:22:28.820>forward <00:22:28.936>really <00:22:29.053>really <00:22:29.169>hard <00:22:29.286>as <00:22:29.403>well. <00:22:29.520>This 00:22:29.990 --> 00:22:30.000 align:start position:0% <00:22:29.990>forward <00:22:29.991>really <00:22:29.993>really <00:22:29.994>hard <00:22:29.996>as <00:22:29.997>well. <00:22:29.999>This 00:22:30.000 --> 00:22:32.230 align:start position:0% <00:22:30.000>forward <00:22:30.107>really <00:22:30.215>really <00:22:30.323>hard <00:22:30.430>as <00:22:30.538>well. <00:22:30.646>This <00:22:30.753>is <00:22:30.861>not <00:22:30.969>official <00:22:31.076>this <00:22:31.184>has <00:22:31.292>been <00:22:31.400>like 00:22:32.230 --> 00:22:32.240 align:start position:0% <00:22:32.230>is <00:22:32.231>not <00:22:32.233>official <00:22:32.234>this <00:22:32.236>has <00:22:32.237>been <00:22:32.239>like 00:22:32.240 --> 00:22:33.430 align:start position:0% <00:22:32.240>is <00:22:32.393>not <00:22:32.546>official <00:22:32.699>this <00:22:32.852>has <00:22:33.005>been <00:22:33.158>like <00:22:33.311>commented 00:22:33.430 --> 00:22:33.440 align:start position:0% commented 00:22:33.440 --> 00:22:35.110 align:start position:0% <00:22:33.440>commented <00:22:33.615>but <00:22:33.790>they <00:22:33.965>also <00:22:34.140>push <00:22:34.315>it <00:22:34.490>really <00:22:34.665>far <00:22:34.840>because 00:22:35.110 --> 00:22:35.120 align:start position:0% <00:22:35.110>but <00:22:35.111>they <00:22:35.112>also <00:22:35.113>push <00:22:35.115>it <00:22:35.116>really <00:22:35.117>far <00:22:35.119>because 00:22:35.120 --> 00:22:36.790 align:start position:0% <00:22:35.120>but <00:22:35.213>they <00:22:35.306>also <00:22:35.399>push <00:22:35.493>it <00:22:35.586>really <00:22:35.679>far <00:22:35.773>because <00:22:35.866>basically <00:22:35.959>if <00:22:36.053>you <00:22:36.146>do <00:22:36.239>not <00:22:36.333>have <00:22:36.426>an <00:22:36.520>stable 00:22:36.790 --> 00:22:36.800 align:start position:0% <00:22:36.790>basically <00:22:36.791>if <00:22:36.792>you <00:22:36.793>do <00:22:36.795>not <00:22:36.796>have <00:22:36.797>an <00:22:36.799>stable 00:22:36.800 --> 00:22:38.550 align:start position:0% <00:22:36.800>basically <00:22:36.893>if <00:22:36.986>you <00:22:37.080>do <00:22:37.173>not <00:22:37.266>have <00:22:37.360>an <00:22:37.453>stable <00:22:37.546>coin <00:22:37.639>the <00:22:37.733>entrance <00:22:37.826>to <00:22:37.919>the <00:22:38.013>US <00:22:38.106>market <00:22:38.200>is 00:22:38.550 --> 00:22:38.560 align:start position:0% <00:22:38.550>coin <00:22:38.551>the <00:22:38.552>entrance <00:22:38.553>to <00:22:38.555>the <00:22:38.556>US <00:22:38.557>market <00:22:38.559>is 00:22:38.560 --> 00:22:40.830 align:start position:0% <00:22:38.560>coin <00:22:38.653>the <00:22:38.746>entrance <00:22:38.840>to <00:22:38.933>the <00:22:39.026>US <00:22:39.120>market <00:22:39.213>is <00:22:39.306>going <00:22:39.399>to <00:22:39.493>be <00:22:39.586>much <00:22:39.679>difficult. <00:22:39.773>If <00:22:39.866>you <00:22:39.960>have 00:22:40.830 --> 00:22:40.840 align:start position:0% <00:22:40.830>going <00:22:40.831>to <00:22:40.832>be <00:22:40.833>much <00:22:40.835>difficult. <00:22:40.836>If <00:22:40.837>you <00:22:40.839>have 00:22:40.840 --> 00:22:42.830 align:start position:0% <00:22:40.840>going <00:22:40.939>to <00:22:41.040>be <00:22:41.139>much <00:22:41.240>difficult. <00:22:41.340>If <00:22:41.439>you <00:22:41.540>have <00:22:41.639>a <00:22:41.740>regime <00:22:41.840>that <00:22:41.939>they <00:22:42.040>recognize <00:22:42.139>as <00:22:42.240>similar 00:22:42.830 --> 00:22:42.840 align:start position:0% <00:22:42.830>a <00:22:42.831>regime <00:22:42.832>that <00:22:42.834>they <00:22:42.836>recognize <00:22:42.837>as <00:22:42.839>similar 00:22:42.840 --> 00:22:44.870 align:start position:0% <00:22:42.840>a <00:22:42.939>regime <00:22:43.040>that <00:22:43.139>they <00:22:43.240>recognize <00:22:43.340>as <00:22:43.439>similar <00:22:43.540>then <00:22:43.639>the <00:22:43.740>entrance <00:22:43.840>might <00:22:43.939>be <00:22:44.040>a <00:22:44.139>little <00:22:44.240>bit 00:22:44.870 --> 00:22:44.880 align:start position:0% <00:22:44.870>then <00:22:44.871>the <00:22:44.872>entrance <00:22:44.873>might <00:22:44.875>be <00:22:44.876>a <00:22:44.877>little <00:22:44.879>bit 00:22:44.880 --> 00:22:45.630 align:start position:0% <00:22:44.880>then <00:22:44.964>the <00:22:45.048>entrance <00:22:45.133>might <00:22:45.217>be <00:22:45.301>a <00:22:45.386>little <00:22:45.470>bit <00:22:45.555>easier. 00:22:45.630 --> 00:22:45.640 align:start position:0% easier. 00:22:45.640 --> 00:22:46.550 align:start position:0% <00:22:45.640>easier. <00:22:45.844>>> <00:22:46.049>A <00:22:46.254>lot <00:22:46.459>easier. 00:22:46.550 --> 00:22:46.560 align:start position:0% <00:22:46.550>>> <00:22:46.553>A <00:22:46.556>lot <00:22:46.559>easier. 00:22:46.560 --> 00:22:47.710 align:start position:0% <00:22:46.560>>> <00:22:46.767>A <00:22:46.974>lot <00:22:47.181>easier. <00:22:47.388>>> <00:22:47.595>Yeah. 00:22:47.710 --> 00:22:47.720 align:start position:0% <00:22:47.710>>> <00:22:47.719>Yeah. 00:22:47.720 --> 00:22:48.830 align:start position:0% <00:22:47.720>>> <00:22:47.969>Yeah. <00:22:48.219>Um <00:22:48.469>but <00:22:48.719>I 00:22:48.830 --> 00:22:48.840 align:start position:0% <00:22:48.830>Um <00:22:48.834>but <00:22:48.839>I 00:22:48.840 --> 00:22:51.390 align:start position:0% <00:22:48.840>Um <00:22:48.947>but <00:22:49.055>I <00:22:49.163>>> <00:22:49.270>on <00:22:49.378>your <00:22:49.486>use <00:22:49.593>case <00:22:49.701>right <00:22:49.809>so <00:22:49.916>for <00:22:50.024>our <00:22:50.132>for <00:22:50.240>in 00:22:51.390 --> 00:22:51.400 align:start position:0% <00:22:51.390>>> <00:22:51.390>on <00:22:51.391>your <00:22:51.392>use <00:22:51.393>case <00:22:51.394>right <00:22:51.395>so <00:22:51.396>for <00:22:51.397>our <00:22:51.398>for <00:22:51.399>in 00:22:51.400 --> 00:22:53.310 align:start position:0% <00:22:51.400>>> <00:22:51.482>on <00:22:51.564>your <00:22:51.647>use <00:22:51.729>case <00:22:51.811>right <00:22:51.894>so <00:22:51.976>for <00:22:52.058>our <00:22:52.141>for <00:22:52.223>in <00:22:52.305>Germany <00:22:52.388>with <00:22:52.470>Sukuk <00:22:52.552>Sumi <00:22:52.635>and <00:22:52.717>Wasumi <00:22:52.800>which 00:22:53.310 --> 00:22:53.320 align:start position:0% <00:22:53.310>Germany <00:22:53.311>with <00:22:53.312>Sukuk <00:22:53.314>Sumi <00:22:53.316>and <00:22:53.317>Wasumi <00:22:53.319>which 00:22:53.320 --> 00:22:55.510 align:start position:0% <00:22:53.320>Germany <00:22:53.419>with <00:22:53.520>Sukuk <00:22:53.620>Sumi <00:22:53.720>and <00:22:53.820>Wasumi <00:22:53.919>which <00:22:54.020>is <00:22:54.120>the <00:22:54.220>the <00:22:54.320>500 <00:22:54.419>companies <00:22:54.520>we <00:22:54.620>are <00:22:54.720>speaking 00:22:55.510 --> 00:22:55.520 align:start position:0% <00:22:55.510>is <00:22:55.511>the <00:22:55.512>the <00:22:55.513>500 <00:22:55.515>companies <00:22:55.516>we <00:22:55.517>are <00:22:55.519>speaking 00:22:55.520 --> 00:22:57.390 align:start position:0% <00:22:55.520>is <00:22:55.620>the <00:22:55.720>the <00:22:55.820>500 <00:22:55.920>companies <00:22:56.020>we <00:22:56.120>are <00:22:56.220>speaking <00:22:56.320>about <00:22:56.420>today <00:22:56.520>right? <00:22:56.620>We <00:22:56.720>are <00:22:56.820>actually <00:22:56.920>at 00:22:57.390 --> 00:22:57.400 align:start position:0% <00:22:57.390>about <00:22:57.391>today <00:22:57.393>right? <00:22:57.394>We <00:22:57.396>are <00:22:57.397>actually <00:22:57.399>at 00:22:57.400 --> 00:23:00.510 align:start position:0% <00:22:57.400>about <00:22:57.507>today <00:22:57.615>right? <00:22:57.723>We <00:22:57.830>are <00:22:57.938>actually <00:22:58.046>at <00:22:58.153>the <00:22:58.261>current <00:22:58.369>state <00:22:58.476>using <00:22:58.584>a <00:22:58.692>Mika <00:22:58.800>compliant 00:23:00.510 --> 00:23:00.520 align:start position:0% <00:23:00.510>the <00:23:00.511>current <00:23:00.513>state <00:23:00.514>using <00:23:00.516>a <00:23:00.517>Mika <00:23:00.519>compliant 00:23:00.520 --> 00:23:03.270 align:start position:0% <00:23:00.520>the <00:23:00.636>current <00:23:00.753>state <00:23:00.870>using <00:23:00.986>a <00:23:01.103>Mika <00:23:01.220>compliant <00:23:01.336>dollar <00:23:01.453>based <00:23:01.570>stable <00:23:01.686>coin <00:23:01.803>called <00:23:01.920>USDM. 00:23:03.270 --> 00:23:03.280 align:start position:0% <00:23:03.270>dollar <00:23:03.271>based <00:23:03.273>stable <00:23:03.275>coin <00:23:03.277>called <00:23:03.279>USDM. 00:23:03.280 --> 00:23:04.870 align:start position:0% <00:23:03.280>dollar <00:23:03.396>based <00:23:03.513>stable <00:23:03.629>coin <00:23:03.746>called <00:23:03.863>USDM. <00:23:03.980>And <00:23:04.096>that <00:23:04.213>fits <00:23:04.330>well <00:23:04.446>for <00:23:04.563>our <00:23:04.680>purposes 00:23:04.870 --> 00:23:04.880 align:start position:0% <00:23:04.870>And <00:23:04.871>that <00:23:04.873>fits <00:23:04.874>well <00:23:04.876>for <00:23:04.877>our <00:23:04.879>purposes 00:23:04.880 --> 00:23:06.510 align:start position:0% <00:23:04.880>And <00:23:04.987>that <00:23:05.095>fits <00:23:05.203>well <00:23:05.310>for <00:23:05.418>our <00:23:05.526>purposes <00:23:05.633>because <00:23:05.741>the <00:23:05.849>companies <00:23:05.956>don't <00:23:06.064>want <00:23:06.172>to <00:23:06.280>pay 00:23:06.510 --> 00:23:06.520 align:start position:0% <00:23:06.510>because <00:23:06.511>the <00:23:06.513>companies <00:23:06.514>don't <00:23:06.516>want <00:23:06.517>to <00:23:06.519>pay 00:23:06.520 --> 00:23:07.710 align:start position:0% <00:23:06.520>because <00:23:06.653>the <00:23:06.787>companies <00:23:06.921>don't <00:23:07.055>want <00:23:07.189>to <00:23:07.323>pay <00:23:07.457>in <00:23:07.591>crypto. 00:23:07.710 --> 00:23:07.720 align:start position:0% <00:23:07.710>in <00:23:07.719>crypto. 00:23:07.720 --> 00:23:09.470 align:start position:0% <00:23:07.720>in <00:23:07.860>crypto. <00:23:08.000>So, <00:23:08.140>they <00:23:08.280>basically <00:23:08.420>pay <00:23:08.560>in <00:23:08.700>euro <00:23:08.840>and <00:23:08.980>we <00:23:09.120>do 00:23:09.470 --> 00:23:09.480 align:start position:0% <00:23:09.470>So, <00:23:09.471>they <00:23:09.472>basically <00:23:09.473>pay <00:23:09.474>in <00:23:09.475>euro <00:23:09.476>and <00:23:09.477>we <00:23:09.479>do 00:23:09.480 --> 00:23:10.710 align:start position:0% <00:23:09.480>So, <00:23:09.553>they <00:23:09.627>basically <00:23:09.701>pay <00:23:09.775>in <00:23:09.849>euro <00:23:09.922>and <00:23:09.996>we <00:23:10.070>do <00:23:10.144>a <00:23:10.218>conversion, <00:23:10.291>right? <00:23:10.365>Or <00:23:10.439>they <00:23:10.513>pay <00:23:10.587>in 00:23:10.710 --> 00:23:10.720 align:start position:0% <00:23:10.710>a <00:23:10.711>conversion, <00:23:10.713>right? <00:23:10.714>Or <00:23:10.716>they <00:23:10.717>pay <00:23:10.719>in 00:23:10.720 --> 00:23:12.550 align:start position:0% <00:23:10.720>a <00:23:10.820>conversion, <00:23:10.920>right? <00:23:11.020>Or <00:23:11.120>they <00:23:11.220>pay <00:23:11.320>in <00:23:11.420>dollars <00:23:11.520>and <00:23:11.620>we <00:23:11.720>do <00:23:11.820>a <00:23:11.920>conversion <00:23:12.020>based <00:23:12.120>on 00:23:12.550 --> 00:23:12.560 align:start position:0% <00:23:12.550>dollars <00:23:12.551>and <00:23:12.552>we <00:23:12.553>do <00:23:12.555>a <00:23:12.556>conversion <00:23:12.557>based <00:23:12.559>on 00:23:12.560 --> 00:23:13.830 align:start position:0% <00:23:12.560>dollars <00:23:12.641>and <00:23:12.723>we <00:23:12.804>do <00:23:12.886>a <00:23:12.968>conversion <00:23:13.049>based <00:23:13.131>on <00:23:13.213>the <00:23:13.294>usage. <00:23:13.376>And <00:23:13.458>the <00:23:13.539>same <00:23:13.621>is <00:23:13.703>actually 00:23:13.830 --> 00:23:13.840 align:start position:0% <00:23:13.830>the <00:23:13.831>usage. <00:23:13.832>And <00:23:13.834>the <00:23:13.836>same <00:23:13.837>is <00:23:13.839>actually 00:23:13.840 --> 00:23:15.790 align:start position:0% <00:23:13.840>the <00:23:13.947>usage. <00:23:14.055>And <00:23:14.163>the <00:23:14.270>same <00:23:14.378>is <00:23:14.486>actually <00:23:14.593>happening <00:23:14.701>in <00:23:14.809>India. <00:23:14.916>So, <00:23:15.024>in <00:23:15.132>India <00:23:15.240>there 00:23:15.790 --> 00:23:15.800 align:start position:0% <00:23:15.790>happening <00:23:15.791>in <00:23:15.793>India. <00:23:15.794>So, <00:23:15.796>in <00:23:15.797>India <00:23:15.799>there 00:23:15.800 --> 00:23:18.510 align:start position:0% <00:23:15.800>happening <00:23:15.899>in <00:23:16.000>India. <00:23:16.100>So, <00:23:16.200>in <00:23:16.300>India <00:23:16.399>there <00:23:16.500>is <00:23:16.600>a <00:23:16.700>the <00:23:16.800>the <00:23:16.899>crypto <00:23:17.000>regulation <00:23:17.100>is <00:23:17.200>very 00:23:18.510 --> 00:23:18.520 align:start position:0% <00:23:18.510>is <00:23:18.511>a <00:23:18.512>the <00:23:18.513>the <00:23:18.515>crypto <00:23:18.516>regulation <00:23:18.517>is <00:23:18.519>very 00:23:18.520 --> 00:23:19.750 align:start position:0% <00:23:18.520>is <00:23:18.643>a <00:23:18.766>the <00:23:18.889>the <00:23:19.012>crypto <00:23:19.135>regulation <00:23:19.258>is <00:23:19.381>very <00:23:19.504>very <00:23:19.627>tough. 00:23:19.750 --> 00:23:19.760 align:start position:0% <00:23:19.750>very <00:23:19.759>tough. 00:23:19.760 --> 00:23:22.070 align:start position:0% <00:23:19.760>very <00:23:20.040>tough. <00:23:20.320>But <00:23:20.600>they <00:23:20.879>love <00:23:21.160>blockchain. 00:23:22.070 --> 00:23:22.080 align:start position:0% <00:23:22.070>But <00:23:22.072>they <00:23:22.076>love <00:23:22.079>blockchain. 00:23:22.080 --> 00:23:24.230 align:start position:0% <00:23:22.080>But <00:23:22.187>they <00:23:22.295>love <00:23:22.403>blockchain. <00:23:22.510>So, <00:23:22.618>the <00:23:22.726>way <00:23:22.833>to <00:23:22.941>get <00:23:23.049>out <00:23:23.156>of <00:23:23.264>that <00:23:23.372>is, <00:23:23.480>you 00:23:24.230 --> 00:23:24.240 align:start position:0% <00:23:24.230>So, <00:23:24.231>the <00:23:24.232>way <00:23:24.233>to <00:23:24.234>get <00:23:24.235>out <00:23:24.236>of <00:23:24.237>that <00:23:24.238>is, <00:23:24.239>you 00:23:24.240 --> 00:23:25.630 align:start position:0% <00:23:24.240>So, <00:23:24.323>the <00:23:24.406>way <00:23:24.490>to <00:23:24.573>get <00:23:24.657>out <00:23:24.740>of <00:23:24.823>that <00:23:24.907>is, <00:23:24.990>you <00:23:25.074>know, <00:23:25.157>basically <00:23:25.240>ensuring <00:23:25.324>that <00:23:25.407>you <00:23:25.491>have 00:23:25.630 --> 00:23:25.640 align:start position:0% <00:23:25.630>know, <00:23:25.631>basically <00:23:25.633>ensuring <00:23:25.635>that <00:23:25.637>you <00:23:25.639>have 00:23:25.640 --> 00:23:27.110 align:start position:0% <00:23:25.640>know, <00:23:25.760>basically <00:23:25.880>ensuring <00:23:26.000>that <00:23:26.121>you <00:23:26.241>have <00:23:26.361>something <00:23:26.481>called <00:23:26.602>gas <00:23:26.722>stations <00:23:26.842>which <00:23:26.963>the 00:23:27.110 --> 00:23:27.120 align:start position:0% <00:23:27.110>something <00:23:27.111>called <00:23:27.113>gas <00:23:27.115>stations <00:23:27.117>which <00:23:27.119>the 00:23:27.120 --> 00:23:29.230 align:start position:0% <00:23:27.120>something <00:23:27.247>called <00:23:27.374>gas <00:23:27.501>stations <00:23:27.629>which <00:23:27.756>the <00:23:27.883>Ethereum <00:23:28.010>sort <00:23:28.138>of <00:23:28.265>introduced <00:23:28.392>years <00:23:28.520>ago, 00:23:29.230 --> 00:23:29.240 align:start position:0% <00:23:29.230>Ethereum <00:23:29.231>sort <00:23:29.233>of <00:23:29.235>introduced <00:23:29.237>years <00:23:29.239>ago, 00:23:29.240 --> 00:23:31.470 align:start position:0% <00:23:29.240>Ethereum <00:23:29.356>sort <00:23:29.473>of <00:23:29.590>introduced <00:23:29.706>years <00:23:29.823>ago, <00:23:29.940>right? <00:23:30.056>So, <00:23:30.173>they, <00:23:30.290>you <00:23:30.406>know, <00:23:30.523>you <00:23:30.640>just 00:23:31.470 --> 00:23:31.480 align:start position:0% <00:23:31.470>right? <00:23:31.471>So, <00:23:31.473>they, <00:23:31.474>you <00:23:31.476>know, <00:23:31.477>you <00:23:31.479>just 00:23:31.480 --> 00:23:33.230 align:start position:0% <00:23:31.480>right? <00:23:31.587>So, <00:23:31.695>they, <00:23:31.803>you <00:23:31.910>know, <00:23:32.018>you <00:23:32.126>just <00:23:32.233>basically <00:23:32.341>bill <00:23:32.449>them <00:23:32.556>as <00:23:32.664>software <00:23:32.772>as <00:23:32.880>a 00:23:33.230 --> 00:23:33.240 align:start position:0% <00:23:33.230>basically <00:23:33.231>bill <00:23:33.233>them <00:23:33.234>as <00:23:33.236>software <00:23:33.237>as <00:23:33.239>a 00:23:33.240 --> 00:23:36.030 align:start position:0% <00:23:33.240>basically <00:23:33.347>bill <00:23:33.455>them <00:23:33.563>as <00:23:33.670>software <00:23:33.778>as <00:23:33.886>a <00:23:33.993>service <00:23:34.101>or <00:23:34.209>time <00:23:34.316>and <00:23:34.424>material, <00:23:34.532>right? <00:23:34.640>Um 00:23:36.030 --> 00:23:36.040 align:start position:0% <00:23:36.030>service <00:23:36.031>or <00:23:36.033>time <00:23:36.034>and <00:23:36.036>material, <00:23:36.037>right? <00:23:36.039>Um 00:23:36.040 --> 00:23:38.190 align:start position:0% <00:23:36.040>service <00:23:36.147>or <00:23:36.255>time <00:23:36.363>and <00:23:36.470>material, <00:23:36.578>right? <00:23:36.686>Um <00:23:36.793>which <00:23:36.901>is <00:23:37.009>a <00:23:37.116>bit <00:23:37.224>of <00:23:37.332>a <00:23:37.440>shame. 00:23:38.190 --> 00:23:38.200 align:start position:0% <00:23:38.190>which <00:23:38.191>is <00:23:38.193>a <00:23:38.194>bit <00:23:38.196>of <00:23:38.197>a <00:23:38.199>shame. 00:23:38.200 --> 00:23:40.670 align:start position:0% <00:23:38.200>which <00:23:38.307>is <00:23:38.415>a <00:23:38.523>bit <00:23:38.630>of <00:23:38.738>a <00:23:38.846>shame. <00:23:38.953>Being <00:23:39.061>a <00:23:39.169>blockchain <00:23:39.276>guy, <00:23:39.384>right? <00:23:39.492>But <00:23:39.600>today 00:23:40.670 --> 00:23:40.680 align:start position:0% <00:23:40.670>Being <00:23:40.671>a <00:23:40.673>blockchain <00:23:40.674>guy, <00:23:40.676>right? <00:23:40.677>But <00:23:40.679>today 00:23:40.680 --> 00:23:42.550 align:start position:0% <00:23:40.680>Being <00:23:40.773>a <00:23:40.866>blockchain <00:23:40.960>guy, <00:23:41.053>right? <00:23:41.146>But <00:23:41.240>today <00:23:41.333>we <00:23:41.426>are <00:23:41.520>just <00:23:41.613>in <00:23:41.706>a <00:23:41.800>way <00:23:41.893>where <00:23:41.986>in <00:23:42.080>blockchain 00:23:42.550 --> 00:23:42.560 align:start position:0% <00:23:42.550>we <00:23:42.551>are <00:23:42.552>just <00:23:42.553>in <00:23:42.554>a <00:23:42.555>way <00:23:42.556>where <00:23:42.557>in <00:23:42.559>blockchain 00:23:42.560 --> 00:23:45.310 align:start position:0% <00:23:42.560>we <00:23:42.659>are <00:23:42.760>just <00:23:42.860>in <00:23:42.960>a <00:23:43.060>way <00:23:43.159>where <00:23:43.260>in <00:23:43.360>blockchain <00:23:43.460>is <00:23:43.560>just <00:23:43.659>seeing <00:23:43.760>massive <00:23:43.860>adoption <00:23:43.960>mainly 00:23:45.310 --> 00:23:45.320 align:start position:0% <00:23:45.310>is <00:23:45.311>just <00:23:45.313>seeing <00:23:45.315>massive <00:23:45.317>adoption <00:23:45.319>mainly 00:23:45.320 --> 00:23:47.590 align:start position:0% <00:23:45.320>is <00:23:45.427>just <00:23:45.535>seeing <00:23:45.643>massive <00:23:45.750>adoption <00:23:45.858>mainly <00:23:45.966>due <00:23:46.073>to <00:23:46.181>some <00:23:46.289>of <00:23:46.396>these <00:23:46.504>AI <00:23:46.612>use <00:23:46.720>cases. 00:23:47.590 --> 00:23:47.600 align:start position:0% <00:23:47.590>due <00:23:47.591>to <00:23:47.592>some <00:23:47.593>of <00:23:47.595>these <00:23:47.596>AI <00:23:47.597>use <00:23:47.599>cases. 00:23:47.600 --> 00:23:49.310 align:start position:0% <00:23:47.600>due <00:23:47.682>to <00:23:47.764>some <00:23:47.847>of <00:23:47.929>these <00:23:48.011>AI <00:23:48.094>use <00:23:48.176>cases. <00:23:48.258>>> <00:23:48.341>Yeah, <00:23:48.423>but <00:23:48.505>also <00:23:48.588>I <00:23:48.670>will <00:23:48.752>say <00:23:48.835>that <00:23:48.917>in <00:23:49.000>the 00:23:49.310 --> 00:23:49.320 align:start position:0% <00:23:49.310>>> <00:23:49.311>Yeah, <00:23:49.312>but <00:23:49.312>also <00:23:49.313>I <00:23:49.315>will <00:23:49.316>say <00:23:49.317>that <00:23:49.318>in <00:23:49.319>the 00:23:49.320 --> 00:23:50.870 align:start position:0% <00:23:49.320>>> <00:23:49.419>Yeah, <00:23:49.519>but <00:23:49.618>also <00:23:49.718>I <00:23:49.818>will <00:23:49.917>say <00:23:50.017>that <00:23:50.117>in <00:23:50.216>the <00:23:50.316>development <00:23:50.416>well, <00:23:50.515>development <00:23:50.615>sector <00:23:50.715>I 00:23:50.870 --> 00:23:50.880 align:start position:0% <00:23:50.870>development <00:23:50.872>well, <00:23:50.874>development <00:23:50.876>sector <00:23:50.879>I 00:23:50.880 --> 00:23:53.070 align:start position:0% <00:23:50.880>development <00:23:50.996>well, <00:23:51.113>development <00:23:51.230>sector <00:23:51.346>I <00:23:51.463>think <00:23:51.580>is <00:23:51.696>the <00:23:51.813>wrong <00:23:51.930>word <00:23:52.046>but <00:23:52.163>in <00:23:52.280>countries 00:23:53.070 --> 00:23:53.080 align:start position:0% <00:23:53.070>think <00:23:53.071>is <00:23:53.072>the <00:23:53.073>wrong <00:23:53.075>word <00:23:53.076>but <00:23:53.077>in <00:23:53.079>countries 00:23:53.080 --> 00:23:55.070 align:start position:0% <00:23:53.080>think <00:23:53.173>is <00:23:53.266>the <00:23:53.360>wrong <00:23:53.453>word <00:23:53.546>but <00:23:53.639>in <00:23:53.733>countries <00:23:53.826>where <00:23:53.919>they <00:23:54.013>don't <00:23:54.106>have <00:23:54.199>a <00:23:54.293>really <00:23:54.386>a <00:23:54.480>strong 00:23:55.070 --> 00:23:55.080 align:start position:0% <00:23:55.070>where <00:23:55.071>they <00:23:55.072>don't <00:23:55.073>have <00:23:55.075>a <00:23:55.076>really <00:23:55.077>a <00:23:55.079>strong 00:23:55.080 --> 00:23:57.510 align:start position:0% <00:23:55.080>where <00:23:55.187>they <00:23:55.295>don't <00:23:55.403>have <00:23:55.510>a <00:23:55.618>really <00:23:55.726>a <00:23:55.833>strong <00:23:55.941>currency <00:23:56.049>or <00:23:56.156>devaluated <00:23:56.264>currency, <00:23:56.372>the <00:23:56.480>use 00:23:57.510 --> 00:23:57.520 align:start position:0% <00:23:57.510>currency <00:23:57.511>or <00:23:57.513>devaluated <00:23:57.515>currency, <00:23:57.517>the <00:23:57.519>use 00:23:57.520 --> 00:23:59.110 align:start position:0% <00:23:57.520>currency <00:23:57.636>or <00:23:57.753>devaluated <00:23:57.870>currency, <00:23:57.986>the <00:23:58.103>use <00:23:58.220>cases <00:23:58.336>that <00:23:58.453>we're <00:23:58.570>seeing <00:23:58.686>are <00:23:58.803>much <00:23:58.920>more 00:23:59.110 --> 00:23:59.120 align:start position:0% <00:23:59.110>cases <00:23:59.111>that <00:23:59.112>we're <00:23:59.114>seeing <00:23:59.116>are <00:23:59.117>much <00:23:59.119>more 00:23:59.120 --> 00:24:01.150 align:start position:0% <00:23:59.120>cases <00:23:59.227>that <00:23:59.335>we're <00:23:59.443>seeing <00:23:59.550>are <00:23:59.658>much <00:23:59.766>more <00:23:59.873>innovative <00:23:59.981>and <00:24:00.089>the <00:24:00.196>regulator <00:24:00.304>is <00:24:00.412>my <00:24:00.520>much 00:24:01.150 --> 00:24:01.160 align:start position:0% <00:24:01.150>innovative <00:24:01.151>and <00:24:01.153>the <00:24:01.154>regulator <00:24:01.156>is <00:24:01.157>my <00:24:01.159>much 00:24:01.160 --> 00:24:02.230 align:start position:0% <00:24:01.160>innovative <00:24:01.297>and <00:24:01.435>the <00:24:01.572>regulator <00:24:01.710>is <00:24:01.847>my <00:24:01.985>much <00:24:02.123>open 00:24:02.230 --> 00:24:02.240 align:start position:0% open 00:24:02.240 --> 00:24:03.870 align:start position:0% <00:24:02.240>open <00:24:02.440>because <00:24:02.640>they <00:24:02.840>needed <00:24:03.040>India. <00:24:03.240>I <00:24:03.440>I <00:24:03.640>think 00:24:03.870 --> 00:24:03.880 align:start position:0% <00:24:03.870>because <00:24:03.871>they <00:24:03.873>needed <00:24:03.874>India. <00:24:03.876>I <00:24:03.877>I <00:24:03.879>think 00:24:03.880 --> 00:24:05.550 align:start position:0% <00:24:03.880>because <00:24:03.973>they <00:24:04.066>needed <00:24:04.160>India. <00:24:04.253>I <00:24:04.346>I <00:24:04.440>think <00:24:04.533>it's <00:24:04.626>you <00:24:04.720>guys <00:24:04.813>the <00:24:04.906>ones <00:24:05.000>that <00:24:05.093>I <00:24:05.186>just <00:24:05.280>like 00:24:05.550 --> 00:24:05.560 align:start position:0% <00:24:05.550>it's <00:24:05.551>you <00:24:05.552>guys <00:24:05.553>the <00:24:05.554>ones <00:24:05.555>that <00:24:05.556>I <00:24:05.557>just <00:24:05.559>like 00:24:05.560 --> 00:24:07.230 align:start position:0% <00:24:05.560>it's <00:24:05.659>you <00:24:05.760>guys <00:24:05.860>the <00:24:05.960>ones <00:24:06.060>that <00:24:06.159>I <00:24:06.260>just <00:24:06.360>like <00:24:06.460>have <00:24:06.560>the <00:24:06.659>agriculture <00:24:06.760>project <00:24:06.860>there. <00:24:06.960>Is 00:24:07.230 --> 00:24:07.240 align:start position:0% <00:24:07.230>have <00:24:07.231>the <00:24:07.233>agriculture <00:24:07.235>project <00:24:07.237>there. <00:24:07.239>Is 00:24:07.240 --> 00:24:08.990 align:start position:0% <00:24:07.240>have <00:24:07.356>the <00:24:07.473>agriculture <00:24:07.590>project <00:24:07.706>there. <00:24:07.823>Is <00:24:07.940>not <00:24:08.056>Joram? <00:24:08.173>I <00:24:08.290>think <00:24:08.406>it's <00:24:08.523>Joram. <00:24:08.640>That 00:24:08.990 --> 00:24:09.000 align:start position:0% <00:24:08.990>not <00:24:08.991>Joram? <00:24:08.993>I <00:24:08.994>think <00:24:08.996>it's <00:24:08.997>Joram. <00:24:08.999>That 00:24:09.000 --> 00:24:10.910 align:start position:0% <00:24:09.000>not <00:24:09.107>Joram? <00:24:09.215>I <00:24:09.323>think <00:24:09.430>it's <00:24:09.538>Joram. <00:24:09.646>That <00:24:09.753>project <00:24:09.861>is <00:24:09.969>fantastic. <00:24:10.076>It's <00:24:10.184>like <00:24:10.292>how <00:24:10.400>we 00:24:10.910 --> 00:24:10.920 align:start position:0% <00:24:10.910>project <00:24:10.911>is <00:24:10.913>fantastic. <00:24:10.914>It's <00:24:10.916>like <00:24:10.917>how <00:24:10.919>we 00:24:10.920 --> 00:24:14.430 align:start position:0% <00:24:10.920>project <00:24:11.036>is <00:24:11.153>fantastic. <00:24:11.270>It's <00:24:11.386>like <00:24:11.503>how <00:24:11.620>we <00:24:11.736>empower <00:24:11.853>farmers <00:24:11.970>by <00:24:12.086>using <00:24:12.203>blockchain <00:24:12.320>and 00:24:14.430 --> 00:24:14.440 align:start position:0% <00:24:14.430>empower <00:24:14.431>farmers <00:24:14.433>by <00:24:14.435>using <00:24:14.437>blockchain <00:24:14.439>and 00:24:14.440 --> 00:24:16.230 align:start position:0% <00:24:14.440>empower <00:24:14.567>farmers <00:24:14.694>by <00:24:14.821>using <00:24:14.949>blockchain <00:24:15.076>and <00:24:15.203>also <00:24:15.330>like <00:24:15.458>investing <00:24:15.585>in <00:24:15.712>them <00:24:15.840>via 00:24:16.230 --> 00:24:16.240 align:start position:0% <00:24:16.230>also <00:24:16.231>like <00:24:16.233>investing <00:24:16.235>in <00:24:16.237>them <00:24:16.239>via 00:24:16.240 --> 00:24:18.230 align:start position:0% <00:24:16.240>also <00:24:16.356>like <00:24:16.473>investing <00:24:16.590>in <00:24:16.706>them <00:24:16.823>via <00:24:16.940>blockchain. <00:24:17.056>And <00:24:17.173>these <00:24:17.290>are <00:24:17.406>things <00:24:17.523>that <00:24:17.640>I 00:24:18.230 --> 00:24:18.240 align:start position:0% <00:24:18.230>blockchain. <00:24:18.231>And <00:24:18.233>these <00:24:18.234>are <00:24:18.236>things <00:24:18.237>that <00:24:18.239>I 00:24:18.240 --> 00:24:20.470 align:start position:0% <00:24:18.240>blockchain. <00:24:18.340>And <00:24:18.440>these <00:24:18.540>are <00:24:18.640>things <00:24:18.740>that <00:24:18.840>I <00:24:18.940>maybe <00:24:19.040>when <00:24:19.140>we <00:24:19.240>are <00:24:19.340>in <00:24:19.440>economies <00:24:19.540>like <00:24:19.640>the 00:24:20.470 --> 00:24:20.480 align:start position:0% <00:24:20.470>maybe <00:24:20.471>when <00:24:20.472>we <00:24:20.473>are <00:24:20.475>in <00:24:20.476>economies <00:24:20.477>like <00:24:20.479>the 00:24:20.480 --> 00:24:21.870 align:start position:0% <00:24:20.480>maybe <00:24:20.569>when <00:24:20.658>we <00:24:20.748>are <00:24:20.837>in <00:24:20.926>economies <00:24:21.016>like <00:24:21.105>the <00:24:21.194>German <00:24:21.284>one, <00:24:21.373>well, <00:24:21.462>we <00:24:21.552>don't <00:24:21.641>need <00:24:21.731>it, 00:24:21.870 --> 00:24:21.880 align:start position:0% <00:24:21.870>German <00:24:21.871>one, <00:24:21.873>well, <00:24:21.874>we <00:24:21.876>don't <00:24:21.877>need <00:24:21.879>it, 00:24:21.880 --> 00:24:23.110 align:start position:0% <00:24:21.880>German <00:24:21.965>one, <00:24:22.050>well, <00:24:22.135>we <00:24:22.220>don't <00:24:22.305>need <00:24:22.390>it, <00:24:22.476>right? <00:24:22.561>Like <00:24:22.646>and <00:24:22.731>also <00:24:22.816>like <00:24:22.901>the <00:24:22.986>payment 00:24:23.110 --> 00:24:23.120 align:start position:0% <00:24:23.110>right? <00:24:23.111>Like <00:24:23.112>and <00:24:23.114>also <00:24:23.116>like <00:24:23.117>the <00:24:23.119>payment 00:24:23.120 --> 00:24:25.950 align:start position:0% <00:24:23.120>right? <00:24:23.213>Like <00:24:23.306>and <00:24:23.399>also <00:24:23.493>like <00:24:23.586>the <00:24:23.679>payment <00:24:23.773>rails <00:24:23.866>work <00:24:23.959>so <00:24:24.053>well <00:24:24.146>then <00:24:24.239>the <00:24:24.333>use <00:24:24.426>use <00:24:24.520>case 00:24:25.950 --> 00:24:25.960 align:start position:0% <00:24:25.950>rails <00:24:25.951>work <00:24:25.952>so <00:24:25.953>well <00:24:25.954>then <00:24:25.955>the <00:24:25.956>use <00:24:25.957>use <00:24:25.959>case 00:24:25.960 --> 00:24:28.190 align:start position:0% <00:24:25.960>rails <00:24:26.037>work <00:24:26.115>so <00:24:26.193>well <00:24:26.271>then <00:24:26.348>the <00:24:26.426>use <00:24:26.504>use <00:24:26.582>case <00:24:26.660>of <00:24:26.737>a <00:24:26.815>stable <00:24:26.893>is <00:24:26.971>like <00:24:27.048>not <00:24:27.126>so <00:24:27.204>like <00:24:27.282>I <00:24:27.360>will 00:24:28.190 --> 00:24:28.200 align:start position:0% <00:24:28.190>of <00:24:28.191>a <00:24:28.192>stable <00:24:28.193>is <00:24:28.194>like <00:24:28.195>not <00:24:28.196>so <00:24:28.197>like <00:24:28.198>I <00:24:28.199>will 00:24:28.200 --> 00:24:29.590 align:start position:0% <00:24:28.200>of <00:24:28.269>a <00:24:28.339>stable <00:24:28.408>is <00:24:28.478>like <00:24:28.547>not <00:24:28.617>so <00:24:28.686>like <00:24:28.756>I <00:24:28.825>will <00:24:28.895>say <00:24:28.964>like <00:24:29.033>for <00:24:29.103>me <00:24:29.173>it's <00:24:29.242>like <00:24:29.312>only <00:24:29.381>like <00:24:29.451>the 00:24:29.590 --> 00:24:29.600 align:start position:0% <00:24:29.590>say <00:24:29.591>like <00:24:29.592>for <00:24:29.593>me <00:24:29.594>it's <00:24:29.595>like <00:24:29.596>only <00:24:29.597>like <00:24:29.599>the 00:24:29.600 --> 00:24:30.950 align:start position:0% <00:24:29.600>say <00:24:29.693>like <00:24:29.786>for <00:24:29.880>me <00:24:29.973>it's <00:24:30.067>like <00:24:30.160>only <00:24:30.254>like <00:24:30.347>the <00:24:30.441>settlement <00:24:30.534>of <00:24:30.628>securities <00:24:30.721>could <00:24:30.815>be 00:24:30.950 --> 00:24:30.960 align:start position:0% <00:24:30.950>settlement <00:24:30.952>of <00:24:30.954>securities <00:24:30.956>could <00:24:30.959>be 00:24:30.960 --> 00:24:32.750 align:start position:0% <00:24:30.960>settlement <00:24:31.076>of <00:24:31.193>securities <00:24:31.310>could <00:24:31.426>be <00:24:31.543>interesting <00:24:31.660>or <00:24:31.776>maybe <00:24:31.893>at <00:24:32.010>the <00:24:32.126>level <00:24:32.243>of <00:24:32.360>the 00:24:32.750 --> 00:24:32.760 align:start position:0% <00:24:32.750>interesting <00:24:32.751>or <00:24:32.752>maybe <00:24:32.753>at <00:24:32.755>the <00:24:32.756>level <00:24:32.757>of <00:24:32.759>the 00:24:32.760 --> 00:24:34.270 align:start position:0% <00:24:32.760>interesting <00:24:32.857>or <00:24:32.954>maybe <00:24:33.051>at <00:24:33.148>the <00:24:33.245>level <00:24:33.342>of <00:24:33.439>the <00:24:33.536>merchants <00:24:33.633>to <00:24:33.730>don't <00:24:33.827>pay <00:24:33.924>to <00:24:34.021>Visa <00:24:34.119>and 00:24:34.270 --> 00:24:34.280 align:start position:0% <00:24:34.270>merchants <00:24:34.271>to <00:24:34.273>don't <00:24:34.274>pay <00:24:34.276>to <00:24:34.277>Visa <00:24:34.279>and 00:24:34.280 --> 00:24:35.710 align:start position:0% <00:24:34.280>merchants <00:24:34.397>to <00:24:34.514>don't <00:24:34.631>pay <00:24:34.748>to <00:24:34.865>Visa <00:24:34.982>and <00:24:35.099>MasterCard <00:24:35.216>when <00:24:35.333>someone <00:24:35.450>make <00:24:35.567>payments 00:24:35.710 --> 00:24:35.720 align:start position:0% <00:24:35.710>MasterCard <00:24:35.712>when <00:24:35.714>someone <00:24:35.716>make <00:24:35.719>payments 00:24:35.720 --> 00:24:37.550 align:start position:0% <00:24:35.720>MasterCard <00:24:35.847>when <00:24:35.974>someone <00:24:36.101>make <00:24:36.229>payments <00:24:36.356>with <00:24:36.483>credit <00:24:36.610>cards, <00:24:36.738>right? <00:24:36.865>But <00:24:36.992>in <00:24:37.120>the 00:24:37.550 --> 00:24:37.560 align:start position:0% <00:24:37.550>with <00:24:37.551>credit <00:24:37.553>cards, <00:24:37.554>right? <00:24:37.556>But <00:24:37.557>in <00:24:37.559>the 00:24:37.560 --> 00:24:39.750 align:start position:0% <00:24:37.560>with <00:24:37.659>credit <00:24:37.760>cards, <00:24:37.860>right? <00:24:37.960>But <00:24:38.060>in <00:24:38.159>the <00:24:38.260>global <00:24:38.360>south <00:24:38.460>like <00:24:38.560>the <00:24:38.659>the <00:24:38.760>use <00:24:38.860>of <00:24:38.960>a 00:24:39.750 --> 00:24:39.760 align:start position:0% <00:24:39.750>global <00:24:39.751>south <00:24:39.752>like <00:24:39.753>the <00:24:39.755>the <00:24:39.756>use <00:24:39.757>of <00:24:39.759>a 00:24:39.760 --> 00:24:42.190 align:start position:0% <00:24:39.760>global <00:24:39.867>south <00:24:39.975>like <00:24:40.083>the <00:24:40.190>the <00:24:40.298>use <00:24:40.406>of <00:24:40.513>a <00:24:40.621>stable <00:24:40.729>for <00:24:40.836>empowerment <00:24:40.944>of <00:24:41.052>like <00:24:41.160>people 00:24:42.190 --> 00:24:42.200 align:start position:0% <00:24:42.190>stable <00:24:42.191>for <00:24:42.193>empowerment <00:24:42.195>of <00:24:42.197>like <00:24:42.199>people 00:24:42.200 --> 00:24:43.710 align:start position:0% <00:24:42.200>stable <00:24:42.335>for <00:24:42.471>empowerment <00:24:42.607>of <00:24:42.743>like <00:24:42.879>people <00:24:43.015>outside <00:24:43.151>of <00:24:43.287>the <00:24:43.423>traditional <00:24:43.559>financial 00:24:43.710 --> 00:24:43.720 align:start position:0% <00:24:43.710>outside <00:24:43.712>of <00:24:43.714>the <00:24:43.716>traditional <00:24:43.719>financial 00:24:43.720 --> 00:24:45.910 align:start position:0% <00:24:43.720>outside <00:24:43.847>of <00:24:43.974>the <00:24:44.101>traditional <00:24:44.229>financial <00:24:44.356>system <00:24:44.483>or <00:24:44.610>the <00:24:44.738>economies <00:24:44.865>themselves <00:24:44.992>is <00:24:45.120>is 00:24:45.910 --> 00:24:45.920 align:start position:0% <00:24:45.910>system <00:24:45.911>or <00:24:45.913>the <00:24:45.914>economies <00:24:45.916>themselves <00:24:45.917>is <00:24:45.919>is 00:24:45.920 --> 00:24:46.950 align:start position:0% <00:24:45.920>system <00:24:46.052>or <00:24:46.184>the <00:24:46.317>economies <00:24:46.449>themselves <00:24:46.582>is <00:24:46.714>is <00:24:46.847>massive. 00:24:46.950 --> 00:24:46.960 align:start position:0% massive. 00:24:46.960 --> 00:24:48.790 align:start position:0% <00:24:46.960>massive. <00:24:47.135>>> <00:24:47.310>I <00:24:47.485>think <00:24:47.660>what <00:24:47.835>blockchain <00:24:48.010>is <00:24:48.185>really <00:24:48.360>good 00:24:48.790 --> 00:24:48.800 align:start position:0% <00:24:48.790>>> <00:24:48.791>I <00:24:48.792>think <00:24:48.793>what <00:24:48.795>blockchain <00:24:48.796>is <00:24:48.797>really <00:24:48.799>good 00:24:48.800 --> 00:24:51.150 align:start position:0% <00:24:48.800>>> <00:24:48.927>I <00:24:49.054>think <00:24:49.181>what <00:24:49.309>blockchain <00:24:49.436>is <00:24:49.563>really <00:24:49.690>good <00:24:49.818>at, <00:24:49.945>right? <00:24:50.072>Is <00:24:50.200>to 00:24:51.150 --> 00:24:51.160 align:start position:0% <00:24:51.150>at, <00:24:51.153>right? <00:24:51.156>Is <00:24:51.159>to 00:24:51.160 --> 00:24:52.750 align:start position:0% <00:24:51.160>at, <00:24:51.440>right? <00:24:51.720>Is <00:24:52.000>to <00:24:52.280>to <00:24:52.560>share 00:24:52.750 --> 00:24:52.760 align:start position:0% <00:24:52.750>to <00:24:52.759>share 00:24:52.760 --> 00:24:55.070 align:start position:0% <00:24:52.760>to <00:24:52.993>share <00:24:53.226>attest <00:24:53.460>and <00:24:53.693>verify <00:24:53.926>information <00:24:54.160>across 00:24:55.070 --> 00:24:55.080 align:start position:0% <00:24:55.070>attest <00:24:55.072>and <00:24:55.074>verify <00:24:55.076>information <00:24:55.079>across 00:24:55.080 --> 00:24:57.110 align:start position:0% <00:24:55.080>attest <00:24:55.220>and <00:24:55.360>verify <00:24:55.500>information <00:24:55.639>across <00:24:55.780>multiple <00:24:55.919>different <00:24:56.060>entities. <00:24:56.199>And <00:24:56.340>some <00:24:56.480>of 00:24:57.110 --> 00:24:57.120 align:start position:0% <00:24:57.110>multiple <00:24:57.111>different <00:24:57.113>entities. <00:24:57.115>And <00:24:57.117>some <00:24:57.119>of 00:24:57.120 --> 00:24:58.590 align:start position:0% <00:24:57.120>multiple <00:24:57.230>different <00:24:57.340>entities. <00:24:57.450>And <00:24:57.561>some <00:24:57.671>of <00:24:57.781>those <00:24:57.891>use <00:24:58.002>cases <00:24:58.112>have <00:24:58.222>been <00:24:58.332>really <00:24:58.443>hard. 00:24:58.590 --> 00:24:58.600 align:start position:0% <00:24:58.590>those <00:24:58.591>use <00:24:58.592>cases <00:24:58.594>have <00:24:58.596>been <00:24:58.597>really <00:24:58.599>hard. 00:24:58.600 --> 00:24:59.950 align:start position:0% <00:24:58.600>those <00:24:58.680>use <00:24:58.762>cases <00:24:58.842>have <00:24:58.924>been <00:24:59.004>really <00:24:59.086>hard. <00:24:59.167>So, <00:24:59.248>what <00:24:59.329>we <00:24:59.410>do <00:24:59.491>in <00:24:59.572>India <00:24:59.653>is <00:24:59.734>we <00:24:59.815>actually 00:24:59.950 --> 00:24:59.960 align:start position:0% <00:24:59.950>So, <00:24:59.951>what <00:24:59.952>we <00:24:59.953>do <00:24:59.954>in <00:24:59.955>India <00:24:59.956>is <00:24:59.957>we <00:24:59.959>actually 00:24:59.960 --> 00:25:03.710 align:start position:0% <00:24:59.960>So, <00:25:00.053>what <00:25:00.146>we <00:25:00.240>do <00:25:00.333>in <00:25:00.426>India <00:25:00.520>is <00:25:00.613>we <00:25:00.706>actually <00:25:00.800>have <00:25:00.893>25,000 <00:25:00.986>farmers <00:25:01.080>live <00:25:01.173>in <00:25:01.266>a <00:25:01.360>very 00:25:03.710 --> 00:25:03.720 align:start position:0% <00:25:03.710>have <00:25:03.711>25,000 <00:25:03.713>farmers <00:25:03.714>live <00:25:03.716>in <00:25:03.717>a <00:25:03.719>very 00:25:03.720 --> 00:25:06.070 align:start position:0% <00:25:03.720>have <00:25:03.827>25,000 <00:25:03.935>farmers <00:25:04.043>live <00:25:04.150>in <00:25:04.258>a <00:25:04.366>very <00:25:04.473>particular <00:25:04.581>use <00:25:04.689>case. <00:25:04.796>So, <00:25:04.904>we <00:25:05.012>have <00:25:05.120>low 00:25:06.070 --> 00:25:06.080 align:start position:0% <00:25:06.070>particular <00:25:06.071>use <00:25:06.072>case. <00:25:06.074>So, <00:25:06.076>we <00:25:06.077>have <00:25:06.079>low 00:25:06.080 --> 00:25:08.030 align:start position:0% <00:25:06.080>particular <00:25:06.207>use <00:25:06.334>case. <00:25:06.461>So, <00:25:06.589>we <00:25:06.716>have <00:25:06.843>low <00:25:06.970>orbit <00:25:07.098>satellites <00:25:07.225>which <00:25:07.352>is <00:25:07.480>basically 00:25:08.030 --> 00:25:08.040 align:start position:0% <00:25:08.030>orbit <00:25:08.032>satellites <00:25:08.034>which <00:25:08.036>is <00:25:08.039>basically 00:25:08.040 --> 00:25:11.030 align:start position:0% <00:25:08.040>orbit <00:25:08.167>satellites <00:25:08.294>which <00:25:08.421>is <00:25:08.549>basically <00:25:08.676>taking <00:25:08.803>imagery <00:25:08.930>every <00:25:09.058>time <00:25:09.185>they <00:25:09.312>fly <00:25:09.440>over. 00:25:11.030 --> 00:25:11.040 align:start position:0% <00:25:11.030>taking <00:25:11.031>imagery <00:25:11.033>every <00:25:11.034>time <00:25:11.036>they <00:25:11.037>fly <00:25:11.039>over. 00:25:11.040 --> 00:25:12.470 align:start position:0% <00:25:11.040>taking <00:25:11.131>imagery <00:25:11.223>every <00:25:11.315>time <00:25:11.407>they <00:25:11.499>fly <00:25:11.591>over. <00:25:11.683>Then <00:25:11.775>we <00:25:11.867>have <00:25:11.959>Syngenta, <00:25:12.051>which <00:25:12.143>is <00:25:12.235>a <00:25:12.327>very 00:25:12.470 --> 00:25:12.480 align:start position:0% <00:25:12.470>Then <00:25:12.471>we <00:25:12.472>have <00:25:12.473>Syngenta, <00:25:12.475>which <00:25:12.476>is <00:25:12.477>a <00:25:12.479>very 00:25:12.480 --> 00:25:14.790 align:start position:0% <00:25:12.480>Then <00:25:12.596>we <00:25:12.713>have <00:25:12.830>Syngenta, <00:25:12.946>which <00:25:13.063>is <00:25:13.180>a <00:25:13.296>very <00:25:13.413>large <00:25:13.530>Chinese-Swiss <00:25:13.646>company, <00:25:13.763>which <00:25:13.880>is 00:25:14.790 --> 00:25:14.800 align:start position:0% <00:25:14.790>large <00:25:14.792>Chinese-Swiss <00:25:14.794>company, <00:25:14.796>which <00:25:14.799>is 00:25:14.800 --> 00:25:17.030 align:start position:0% <00:25:14.800>large <00:25:14.927>Chinese-Swiss <00:25:15.054>company, <00:25:15.181>which <00:25:15.309>is <00:25:15.436>into <00:25:15.563>fertilizers <00:25:15.690>and <00:25:15.818>so <00:25:15.945>on. <00:25:16.072>And <00:25:16.200>they 00:25:17.030 --> 00:25:17.040 align:start position:0% <00:25:17.030>into <00:25:17.031>fertilizers <00:25:17.033>and <00:25:17.034>so <00:25:17.036>on. <00:25:17.037>And <00:25:17.039>they 00:25:17.040 --> 00:25:19.150 align:start position:0% <00:25:17.040>into <00:25:17.156>fertilizers <00:25:17.273>and <00:25:17.389>so <00:25:17.506>on. <00:25:17.623>And <00:25:17.740>they <00:25:17.856>have <00:25:17.973>a <00:25:18.090>little <00:25:18.206>bit <00:25:18.323>of <00:25:18.440>um 00:25:19.150 --> 00:25:19.160 align:start position:0% <00:25:19.150>have <00:25:19.151>a <00:25:19.153>little <00:25:19.155>bit <00:25:19.157>of <00:25:19.159>um 00:25:19.160 --> 00:25:20.270 align:start position:0% <00:25:19.160>have <00:25:19.243>a <00:25:19.326>little <00:25:19.409>bit <00:25:19.493>of <00:25:19.576>um <00:25:19.659>They <00:25:19.742>used <00:25:19.826>to <00:25:19.909>have <00:25:19.992>a <00:25:20.075>very <00:25:20.159>good 00:25:20.270 --> 00:25:20.280 align:start position:0% <00:25:20.270>They <00:25:20.271>used <00:25:20.273>to <00:25:20.274>have <00:25:20.276>a <00:25:20.277>very <00:25:20.279>good 00:25:20.280 --> 00:25:22.110 align:start position:0% <00:25:20.280>They <00:25:20.379>used <00:25:20.480>to <00:25:20.580>have <00:25:20.680>a <00:25:20.780>very <00:25:20.879>good <00:25:20.980>reputation, <00:25:21.080>but <00:25:21.180>due <00:25:21.280>to <00:25:21.379>them <00:25:21.480>being <00:25:21.580>in <00:25:21.680>the 00:25:22.110 --> 00:25:22.120 align:start position:0% <00:25:22.110>reputation, <00:25:22.111>but <00:25:22.112>due <00:25:22.113>to <00:25:22.115>them <00:25:22.116>being <00:25:22.117>in <00:25:22.119>the 00:25:22.120 --> 00:25:23.830 align:start position:0% <00:25:22.120>reputation, <00:25:22.227>but <00:25:22.335>due <00:25:22.443>to <00:25:22.550>them <00:25:22.658>being <00:25:22.766>in <00:25:22.873>the <00:25:22.981>fertilizer <00:25:23.089>business, <00:25:23.196>as <00:25:23.304>you <00:25:23.412>can <00:25:23.520>imagine, 00:25:23.830 --> 00:25:23.840 align:start position:0% <00:25:23.830>fertilizer <00:25:23.831>business, <00:25:23.833>as <00:25:23.835>you <00:25:23.837>can <00:25:23.839>imagine, 00:25:23.840 --> 00:25:25.070 align:start position:0% <00:25:23.840>fertilizer <00:25:23.925>business, <00:25:24.010>as <00:25:24.095>you <00:25:24.180>can <00:25:24.265>imagine, <00:25:24.350>you <00:25:24.436>know, <00:25:24.521>some <00:25:24.606>of <00:25:24.691>that <00:25:24.776>seeps <00:25:24.861>into <00:25:24.947>the 00:25:25.070 --> 00:25:25.080 align:start position:0% <00:25:25.070>you <00:25:25.071>know, <00:25:25.072>some <00:25:25.073>of <00:25:25.075>that <00:25:25.076>seeps <00:25:25.077>into <00:25:25.079>the 00:25:25.080 --> 00:25:26.710 align:start position:0% <00:25:25.080>you <00:25:25.173>know, <00:25:25.266>some <00:25:25.360>of <00:25:25.453>that <00:25:25.546>seeps <00:25:25.639>into <00:25:25.733>the <00:25:25.826>ground <00:25:25.919>water, <00:25:26.013>and <00:25:26.106>then <00:25:26.199>we <00:25:26.293>have <00:25:26.386>an <00:25:26.480>ESG 00:25:26.710 --> 00:25:26.720 align:start position:0% <00:25:26.710>ground <00:25:26.711>water, <00:25:26.712>and <00:25:26.713>then <00:25:26.715>we <00:25:26.716>have <00:25:26.717>an <00:25:26.719>ESG 00:25:26.720 --> 00:25:28.550 align:start position:0% <00:25:26.720>ground <00:25:26.847>water, <00:25:26.974>and <00:25:27.101>then <00:25:27.229>we <00:25:27.356>have <00:25:27.483>an <00:25:27.610>ESG <00:25:27.738>component <00:25:27.865>to <00:25:27.992>it, <00:25:28.120>right? 00:25:28.550 --> 00:25:28.560 align:start position:0% <00:25:28.550>component <00:25:28.553>to <00:25:28.556>it, <00:25:28.559>right? 00:25:28.560 --> 00:25:30.150 align:start position:0% <00:25:28.560>component <00:25:28.715>to <00:25:28.871>it, <00:25:29.026>right? <00:25:29.182>So, <00:25:29.337>they're <00:25:29.493>very <00:25:29.648>good <00:25:29.804>at <00:25:29.960>actually 00:25:30.150 --> 00:25:30.160 align:start position:0% <00:25:30.150>So, <00:25:30.151>they're <00:25:30.153>very <00:25:30.155>good <00:25:30.157>at <00:25:30.159>actually 00:25:30.160 --> 00:25:31.550 align:start position:0% <00:25:30.160>So, <00:25:30.273>they're <00:25:30.387>very <00:25:30.501>good <00:25:30.614>at <00:25:30.728>actually <00:25:30.842>looking <00:25:30.956>at <00:25:31.069>the <00:25:31.183>imagery <00:25:31.297>and <00:25:31.411>saying, 00:25:31.550 --> 00:25:31.560 align:start position:0% <00:25:31.550>looking <00:25:31.551>at <00:25:31.553>the <00:25:31.555>imagery <00:25:31.557>and <00:25:31.559>saying, 00:25:31.560 --> 00:25:33.150 align:start position:0% <00:25:31.560>looking <00:25:31.659>at <00:25:31.760>the <00:25:31.860>imagery <00:25:31.960>and <00:25:32.060>saying, <00:25:32.159>"Okay, <00:25:32.260>if <00:25:32.360>this <00:25:32.460>is <00:25:32.560>a <00:25:32.659>little <00:25:32.760>bit <00:25:32.860>more <00:25:32.960>gray 00:25:33.150 --> 00:25:33.160 align:start position:0% <00:25:33.150>"Okay, <00:25:33.151>if <00:25:33.152>this <00:25:33.153>is <00:25:33.154>a <00:25:33.155>little <00:25:33.156>bit <00:25:33.157>more <00:25:33.159>gray 00:25:33.160 --> 00:25:34.830 align:start position:0% <00:25:33.160>"Okay, <00:25:33.247>if <00:25:33.335>this <00:25:33.422>is <00:25:33.510>a <00:25:33.597>little <00:25:33.685>bit <00:25:33.772>more <00:25:33.860>gray <00:25:33.947>than <00:25:34.035>it's <00:25:34.122>green, <00:25:34.210>then <00:25:34.297>it <00:25:34.385>must <00:25:34.472>be <00:25:34.560>a 00:25:34.830 --> 00:25:34.840 align:start position:0% <00:25:34.830>than <00:25:34.831>it's <00:25:34.832>green, <00:25:34.833>then <00:25:34.835>it <00:25:34.836>must <00:25:34.837>be <00:25:34.839>a 00:25:34.840 --> 00:25:37.550 align:start position:0% <00:25:34.840>than <00:25:34.933>it's <00:25:35.026>green, <00:25:35.120>then <00:25:35.213>it <00:25:35.306>must <00:25:35.399>be <00:25:35.493>a <00:25:35.586>fungus <00:25:35.679>and <00:25:35.773>not <00:25:35.866>a <00:25:35.959>worm." <00:25:36.053>And <00:25:36.146>because <00:25:36.240>we 00:25:37.550 --> 00:25:37.560 align:start position:0% <00:25:37.550>fungus <00:25:37.551>and <00:25:37.552>not <00:25:37.553>a <00:25:37.555>worm." <00:25:37.556>And <00:25:37.557>because <00:25:37.559>we 00:25:37.560 --> 00:25:39.430 align:start position:0% <00:25:37.560>fungus <00:25:37.653>and <00:25:37.746>not <00:25:37.840>a <00:25:37.933>worm." <00:25:38.026>And <00:25:38.120>because <00:25:38.213>we <00:25:38.306>flew <00:25:38.399>we <00:25:38.493>have <00:25:38.586>the <00:25:38.679>data <00:25:38.773>from <00:25:38.866>the <00:25:38.960>company 00:25:39.430 --> 00:25:39.440 align:start position:0% <00:25:39.430>flew <00:25:39.431>we <00:25:39.432>have <00:25:39.433>the <00:25:39.435>data <00:25:39.436>from <00:25:39.437>the <00:25:39.439>company 00:25:39.440 --> 00:25:41.190 align:start position:0% <00:25:39.440>flew <00:25:39.540>we <00:25:39.640>have <00:25:39.740>the <00:25:39.840>data <00:25:39.940>from <00:25:40.040>the <00:25:40.140>company <00:25:40.240>who <00:25:40.340>flew <00:25:40.440>over <00:25:40.540>several <00:25:40.640>times, <00:25:40.740>we <00:25:40.840>can 00:25:41.190 --> 00:25:41.200 align:start position:0% <00:25:41.190>who <00:25:41.191>flew <00:25:41.193>over <00:25:41.194>several <00:25:41.196>times, <00:25:41.197>we <00:25:41.199>can 00:25:41.200 --> 00:25:44.150 align:start position:0% <00:25:41.200>who <00:25:41.307>flew <00:25:41.415>over <00:25:41.523>several <00:25:41.630>times, <00:25:41.738>we <00:25:41.846>can <00:25:41.953>actually <00:25:42.061>say, <00:25:42.169>"If <00:25:42.276>you <00:25:42.384>use <00:25:42.492>saltpeter <00:25:42.600>here 00:25:44.150 --> 00:25:44.160 align:start position:0% <00:25:44.150>actually <00:25:44.151>say, <00:25:44.153>"If <00:25:44.154>you <00:25:44.156>use <00:25:44.157>saltpeter <00:25:44.159>here 00:25:44.160 --> 00:25:47.190 align:start position:0% <00:25:44.160>actually <00:25:44.253>say, <00:25:44.346>"If <00:25:44.440>you <00:25:44.533>use <00:25:44.626>saltpeter <00:25:44.720>here <00:25:44.813>in <00:25:44.906>that <00:25:45.000>corner <00:25:45.093>of <00:25:45.186>the <00:25:45.280>field, <00:25:45.373>you <00:25:45.466>get <00:25:45.560>15% 00:25:47.190 --> 00:25:47.200 align:start position:0% <00:25:47.190>in <00:25:47.191>that <00:25:47.192>corner <00:25:47.193>of <00:25:47.194>the <00:25:47.195>field, <00:25:47.196>you <00:25:47.197>get <00:25:47.199>15% 00:25:47.200 --> 00:25:48.950 align:start position:0% <00:25:47.200>in <00:25:47.300>that <00:25:47.400>corner <00:25:47.500>of <00:25:47.600>the <00:25:47.700>field, <00:25:47.800>you <00:25:47.900>get <00:25:48.000>15% <00:25:48.100>more <00:25:48.200>output, <00:25:48.300>which <00:25:48.400>means <00:25:48.500>it's <00:25:48.600>actually 00:25:48.950 --> 00:25:48.960 align:start position:0% <00:25:48.950>more <00:25:48.951>output, <00:25:48.953>which <00:25:48.955>means <00:25:48.957>it's <00:25:48.959>actually 00:25:48.960 --> 00:25:50.710 align:start position:0% <00:25:48.960>more <00:25:49.060>output, <00:25:49.160>which <00:25:49.260>means <00:25:49.360>it's <00:25:49.460>actually <00:25:49.560>worth <00:25:49.660>it, <00:25:49.760>and <00:25:49.860>this <00:25:49.960>is <00:25:50.060>how <00:25:50.160>much <00:25:50.260>that <00:25:50.360>will 00:25:50.710 --> 00:25:50.720 align:start position:0% <00:25:50.710>worth <00:25:50.711>it, <00:25:50.712>and <00:25:50.713>this <00:25:50.714>is <00:25:50.715>how <00:25:50.716>much <00:25:50.717>that <00:25:50.719>will 00:25:50.720 --> 00:25:51.710 align:start position:0% <00:25:50.720>worth <00:25:50.819>it, <00:25:50.918>and <00:25:51.017>this <00:25:51.116>is <00:25:51.215>how <00:25:51.314>much <00:25:51.413>that <00:25:51.512>will <00:25:51.611>be." 00:25:51.710 --> 00:25:51.720 align:start position:0% be." 00:25:51.720 --> 00:25:53.910 align:start position:0% <00:25:51.720>be." <00:25:51.895>Then <00:25:52.070>we <00:25:52.245>have <00:25:52.420>these <00:25:52.595>Indians <00:25:52.770>who <00:25:52.945>did <00:25:53.120>not 00:25:53.910 --> 00:25:53.920 align:start position:0% <00:25:53.910>Then <00:25:53.911>we <00:25:53.912>have <00:25:53.913>these <00:25:53.915>Indians <00:25:53.916>who <00:25:53.917>did <00:25:53.919>not 00:25:53.920 --> 00:25:55.830 align:start position:0% <00:25:53.920>Then <00:25:54.020>we <00:25:54.120>have <00:25:54.220>these <00:25:54.320>Indians <00:25:54.420>who <00:25:54.520>did <00:25:54.620>not <00:25:54.720>get <00:25:54.820>the <00:25:54.920>farm. <00:25:55.020>The <00:25:55.120>oldest <00:25:55.220>person <00:25:55.320>always 00:25:55.830 --> 00:25:55.840 align:start position:0% <00:25:55.830>get <00:25:55.831>the <00:25:55.832>farm. <00:25:55.834>The <00:25:55.836>oldest <00:25:55.837>person <00:25:55.839>always 00:25:55.840 --> 00:25:57.350 align:start position:0% <00:25:55.840>get <00:25:55.937>the <00:25:56.034>farm. <00:25:56.131>The <00:25:56.228>oldest <00:25:56.325>person <00:25:56.422>always <00:25:56.519>get <00:25:56.616>the <00:25:56.713>farm, <00:25:56.810>so <00:25:56.907>the <00:25:57.004>oldest <00:25:57.101>boy, <00:25:57.198>the 00:25:57.350 --> 00:25:57.360 align:start position:0% <00:25:57.350>get <00:25:57.351>the <00:25:57.352>farm, <00:25:57.353>so <00:25:57.355>the <00:25:57.356>oldest <00:25:57.357>boy, <00:25:57.359>the 00:25:57.360 --> 00:25:58.750 align:start position:0% <00:25:57.360>get <00:25:57.443>the <00:25:57.526>farm, <00:25:57.610>so <00:25:57.693>the <00:25:57.777>oldest <00:25:57.860>boy, <00:25:57.943>the <00:25:58.027>youngest <00:25:58.110>goes <00:25:58.194>to <00:25:58.277>church, <00:25:58.360>and <00:25:58.444>the <00:25:58.527>one <00:25:58.610>in 00:25:58.750 --> 00:25:58.760 align:start position:0% <00:25:58.750>youngest <00:25:58.751>goes <00:25:58.752>to <00:25:58.753>church, <00:25:58.755>and <00:25:58.756>the <00:25:58.757>one <00:25:58.759>in 00:25:58.760 --> 00:26:00.390 align:start position:0% <00:25:58.760>youngest <00:25:58.860>goes <00:25:58.960>to <00:25:59.060>church, <00:25:59.160>and <00:25:59.260>the <00:25:59.360>one <00:25:59.460>in <00:25:59.560>the <00:25:59.660>middle <00:25:59.760>they're <00:25:59.860>sort <00:25:59.960>of <00:26:00.060>helping <00:26:00.160>on 00:26:00.390 --> 00:26:00.400 align:start position:0% <00:26:00.390>the <00:26:00.391>middle <00:26:00.393>they're <00:26:00.394>sort <00:26:00.396>of <00:26:00.397>helping <00:26:00.399>on 00:26:00.400 --> 00:26:01.750 align:start position:0% <00:26:00.400>the <00:26:00.493>middle <00:26:00.586>they're <00:26:00.680>sort <00:26:00.773>of <00:26:00.867>helping <00:26:00.960>on <00:26:01.054>the <00:26:01.147>farm. <00:26:01.241>So, <00:26:01.334>they <00:26:01.428>don't <00:26:01.521>have <00:26:01.615>any 00:26:01.750 --> 00:26:01.760 align:start position:0% <00:26:01.750>the <00:26:01.751>farm. <00:26:01.753>So, <00:26:01.754>they <00:26:01.756>don't <00:26:01.757>have <00:26:01.759>any 00:26:01.760 --> 00:26:03.190 align:start position:0% <00:26:01.760>the <00:26:01.859>farm. <00:26:01.958>So, <00:26:02.057>they <00:26:02.156>don't <00:26:02.255>have <00:26:02.354>any <00:26:02.453>assets, <00:26:02.552>and <00:26:02.651>they <00:26:02.750>would <00:26:02.849>have <00:26:02.948>very <00:26:03.047>limited 00:26:03.190 --> 00:26:03.200 align:start position:0% <00:26:03.190>assets, <00:26:03.191>and <00:26:03.193>they <00:26:03.194>would <00:26:03.196>have <00:26:03.197>very <00:26:03.199>limited 00:26:03.200 --> 00:26:05.710 align:start position:0% <00:26:03.200>assets, <00:26:03.327>and <00:26:03.454>they <00:26:03.581>would <00:26:03.709>have <00:26:03.836>very <00:26:03.963>limited <00:26:04.090>education. <00:26:04.218>So, <00:26:04.345>we're <00:26:04.472>basically <00:26:04.600>educating 00:26:05.710 --> 00:26:05.720 align:start position:0% <00:26:05.710>education. <00:26:05.712>So, <00:26:05.714>we're <00:26:05.716>basically <00:26:05.719>educating 00:26:05.720 --> 00:26:07.670 align:start position:0% <00:26:05.720>education. <00:26:05.847>So, <00:26:05.974>we're <00:26:06.101>basically <00:26:06.229>educating <00:26:06.356>them <00:26:06.483>to <00:26:06.610>give <00:26:06.738>them <00:26:06.865>a <00:26:06.992>new <00:26:07.120>profession, 00:26:07.670 --> 00:26:07.680 align:start position:0% <00:26:07.670>them <00:26:07.671>to <00:26:07.673>give <00:26:07.674>them <00:26:07.676>a <00:26:07.677>new <00:26:07.679>profession, 00:26:07.680 --> 00:26:09.190 align:start position:0% <00:26:07.680>them <00:26:07.815>to <00:26:07.951>give <00:26:08.087>them <00:26:08.223>a <00:26:08.359>new <00:26:08.495>profession, <00:26:08.631>which <00:26:08.767>is <00:26:08.903>basically <00:26:09.039>agricultural 00:26:09.190 --> 00:26:09.200 align:start position:0% <00:26:09.190>which <00:26:09.193>is <00:26:09.196>basically <00:26:09.199>agricultural 00:26:09.200 --> 00:26:11.230 align:start position:0% <00:26:09.200>which <00:26:09.355>is <00:26:09.511>basically <00:26:09.666>agricultural <00:26:09.822>consultants, <00:26:09.977>where <00:26:10.133>they <00:26:10.288>get <00:26:10.444>access <00:26:10.600>to 00:26:11.230 --> 00:26:11.240 align:start position:0% <00:26:11.230>consultants, <00:26:11.231>where <00:26:11.233>they <00:26:11.235>get <00:26:11.237>access <00:26:11.239>to 00:26:11.240 --> 00:26:13.510 align:start position:0% <00:26:11.240>consultants, <00:26:11.380>where <00:26:11.520>they <00:26:11.660>get <00:26:11.800>access <00:26:11.940>to <00:26:12.080>these <00:26:12.220>emergent <00:26:12.360>technologies, <00:26:12.500>low <00:26:12.640>orbit 00:26:13.510 --> 00:26:13.520 align:start position:0% <00:26:13.510>these <00:26:13.512>emergent <00:26:13.514>technologies, <00:26:13.516>low <00:26:13.519>orbit 00:26:13.520 --> 00:26:17.110 align:start position:0% <00:26:13.520>these <00:26:13.675>emergent <00:26:13.831>technologies, <00:26:13.986>low <00:26:14.142>orbit <00:26:14.297>satellite <00:26:14.453>imagery, <00:26:14.608>using <00:26:14.764>AI, <00:26:14.920>blockchain 00:26:17.110 --> 00:26:17.120 align:start position:0% <00:26:17.110>satellite <00:26:17.112>imagery, <00:26:17.114>using <00:26:17.116>AI, <00:26:17.119>blockchain 00:26:17.120 --> 00:26:19.510 align:start position:0% <00:26:17.120>satellite <00:26:17.275>imagery, <00:26:17.431>using <00:26:17.586>AI, <00:26:17.742>blockchain <00:26:17.897>components, <00:26:18.053>stablecoins, <00:26:18.208>right? <00:26:18.364>But <00:26:18.520>they 00:26:19.510 --> 00:26:19.520 align:start position:0% <00:26:19.510>components, <00:26:19.512>stablecoins, <00:26:19.514>right? <00:26:19.516>But <00:26:19.519>they 00:26:19.520 --> 00:26:21.630 align:start position:0% <00:26:19.520>components, <00:26:19.627>stablecoins, <00:26:19.735>right? <00:26:19.843>But <00:26:19.950>they <00:26:20.058>know <00:26:20.166>the <00:26:20.273>area <00:26:20.381>of <00:26:20.489>the <00:26:20.596>of <00:26:20.704>of <00:26:20.812>the <00:26:20.920>valley 00:26:21.630 --> 00:26:21.640 align:start position:0% <00:26:21.630>know <00:26:21.631>the <00:26:21.632>area <00:26:21.633>of <00:26:21.634>the <00:26:21.635>of <00:26:21.636>of <00:26:21.637>the <00:26:21.639>valley 00:26:21.640 --> 00:26:23.350 align:start position:0% <00:26:21.640>know <00:26:21.727>the <00:26:21.815>area <00:26:21.902>of <00:26:21.990>the <00:26:22.077>of <00:26:22.165>of <00:26:22.252>the <00:26:22.340>valley <00:26:22.427>they <00:26:22.515>live <00:26:22.602>in, <00:26:22.690>right? <00:26:22.777>So, <00:26:22.865>when <00:26:22.952>they <00:26:23.040>go 00:26:23.350 --> 00:26:23.360 align:start position:0% <00:26:23.350>they <00:26:23.351>live <00:26:23.352>in, <00:26:23.353>right? <00:26:23.355>So, <00:26:23.356>when <00:26:23.357>they <00:26:23.359>go 00:26:23.360 --> 00:26:25.110 align:start position:0% <00:26:23.360>they <00:26:23.453>live <00:26:23.546>in, <00:26:23.639>right? <00:26:23.733>So, <00:26:23.826>when <00:26:23.919>they <00:26:24.013>go <00:26:24.106>out <00:26:24.199>then <00:26:24.293>and <00:26:24.386>then <00:26:24.479>they <00:26:24.573>help <00:26:24.666>you <00:26:24.760>know, 00:26:25.110 --> 00:26:25.120 align:start position:0% <00:26:25.110>out <00:26:25.111>then <00:26:25.112>and <00:26:25.113>then <00:26:25.115>they <00:26:25.116>help <00:26:25.117>you <00:26:25.119>know, 00:26:25.120 --> 00:26:27.030 align:start position:0% <00:26:25.120>out <00:26:25.219>then <00:26:25.320>and <00:26:25.419>then <00:26:25.520>they <00:26:25.620>help <00:26:25.719>you <00:26:25.820>know, <00:26:25.919>the <00:26:26.020>uncles <00:26:26.120>who <00:26:26.219>has <00:26:26.320>this <00:26:26.419>little <00:26:26.520>edge 00:26:27.030 --> 00:26:27.040 align:start position:0% <00:26:27.030>the <00:26:27.031>uncles <00:26:27.033>who <00:26:27.034>has <00:26:27.036>this <00:26:27.037>little <00:26:27.039>edge 00:26:27.040 --> 00:26:28.750 align:start position:0% <00:26:27.040>the <00:26:27.133>uncles <00:26:27.226>who <00:26:27.320>has <00:26:27.413>this <00:26:27.506>little <00:26:27.600>edge <00:26:27.693>where <00:26:27.786>they <00:26:27.879>can <00:26:27.973>get <00:26:28.066>more <00:26:28.159>out <00:26:28.253>of <00:26:28.346>the <00:26:28.440>the 00:26:28.750 --> 00:26:28.760 align:start position:0% <00:26:28.750>where <00:26:28.751>they <00:26:28.752>can <00:26:28.753>get <00:26:28.754>more <00:26:28.755>out <00:26:28.756>of <00:26:28.757>the <00:26:28.759>the 00:26:28.760 --> 00:26:31.390 align:start position:0% <00:26:28.760>where <00:26:28.853>they <00:26:28.946>can <00:26:29.040>get <00:26:29.133>more <00:26:29.226>out <00:26:29.320>of <00:26:29.413>the <00:26:29.506>the <00:26:29.600>crops, <00:26:29.693>right? <00:26:29.786>They <00:26:29.879>also <00:26:29.973>just <00:26:30.066>check <00:26:30.160>using 00:26:31.390 --> 00:26:31.400 align:start position:0% <00:26:31.390>crops, <00:26:31.391>right? <00:26:31.393>They <00:26:31.394>also <00:26:31.396>just <00:26:31.397>check <00:26:31.399>using 00:26:31.400 --> 00:26:34.310 align:start position:0% <00:26:31.400>crops, <00:26:31.500>right? <00:26:31.600>They <00:26:31.700>also <00:26:31.800>just <00:26:31.900>check <00:26:32.000>using <00:26:32.100>GPS <00:26:32.200>the <00:26:32.300>boundary <00:26:32.400>lines <00:26:32.500>of <00:26:32.600>the <00:26:32.700>field, <00:26:32.800>and 00:26:34.310 --> 00:26:34.320 align:start position:0% <00:26:34.310>GPS <00:26:34.311>the <00:26:34.312>boundary <00:26:34.313>lines <00:26:34.315>of <00:26:34.316>the <00:26:34.317>field, <00:26:34.319>and 00:26:34.320 --> 00:26:35.990 align:start position:0% <00:26:34.320>GPS <00:26:34.419>the <00:26:34.520>boundary <00:26:34.620>lines <00:26:34.720>of <00:26:34.820>the <00:26:34.919>field, <00:26:35.020>and <00:26:35.120>they <00:26:35.220>log <00:26:35.320>that <00:26:35.419>on <00:26:35.520>the <00:26:35.620>blockchain, <00:26:35.720>which 00:26:35.990 --> 00:26:36.000 align:start position:0% <00:26:35.990>they <00:26:35.991>log <00:26:35.993>that <00:26:35.994>on <00:26:35.996>the <00:26:35.997>blockchain, <00:26:35.999>which 00:26:36.000 --> 00:26:39.790 align:start position:0% <00:26:36.000>they <00:26:36.093>log <00:26:36.186>that <00:26:36.280>on <00:26:36.373>the <00:26:36.466>blockchain, <00:26:36.560>which <00:26:36.653>allows <00:26:36.746>us <00:26:36.840>to <00:26:36.933>use <00:26:37.026>that <00:26:37.120>um <00:26:37.213>against <00:26:37.306>a <00:26:37.400>loan 00:26:39.790 --> 00:26:39.800 align:start position:0% <00:26:39.790>allows <00:26:39.791>us <00:26:39.792>to <00:26:39.793>use <00:26:39.794>that <00:26:39.795>um <00:26:39.796>against <00:26:39.797>a <00:26:39.799>loan 00:26:39.800 --> 00:26:41.790 align:start position:0% <00:26:39.800>allows <00:26:39.899>us <00:26:40.000>to <00:26:40.100>use <00:26:40.200>that <00:26:40.300>um <00:26:40.399>against <00:26:40.500>a <00:26:40.600>loan <00:26:40.700>uh <00:26:40.800>for <00:26:40.899>machinery, <00:26:41.000>right? <00:26:41.100>And <00:26:41.200>that 00:26:41.790 --> 00:26:41.800 align:start position:0% <00:26:41.790>uh <00:26:41.791>for <00:26:41.793>machinery, <00:26:41.795>right? <00:26:41.797>And <00:26:41.799>that 00:26:41.800 --> 00:26:43.670 align:start position:0% <00:26:41.800>uh <00:26:41.907>for <00:26:42.015>machinery, <00:26:42.123>right? <00:26:42.230>And <00:26:42.338>that <00:26:42.446>suddenly <00:26:42.553>this <00:26:42.661>person <00:26:42.769>who <00:26:42.876>was <00:26:42.984>sort <00:26:43.092>of <00:26:43.200>in 00:26:43.670 --> 00:26:43.680 align:start position:0% <00:26:43.670>suddenly <00:26:43.671>this <00:26:43.672>person <00:26:43.673>who <00:26:43.675>was <00:26:43.676>sort <00:26:43.677>of <00:26:43.679>in 00:26:43.680 --> 00:26:44.910 align:start position:0% <00:26:43.680>suddenly <00:26:43.753>this <00:26:43.827>person <00:26:43.901>who <00:26:43.975>was <00:26:44.049>sort <00:26:44.122>of <00:26:44.196>in <00:26:44.270>the <00:26:44.344>middle <00:26:44.418>and <00:26:44.491>was <00:26:44.565>sort <00:26:44.639>of <00:26:44.713>the <00:26:44.787>strong 00:26:44.910 --> 00:26:44.920 align:start position:0% <00:26:44.910>the <00:26:44.911>middle <00:26:44.912>and <00:26:44.913>was <00:26:44.915>sort <00:26:44.916>of <00:26:44.917>the <00:26:44.919>strong 00:26:44.920 --> 00:26:47.230 align:start position:0% <00:26:44.920>the <00:26:45.013>middle <00:26:45.106>and <00:26:45.200>was <00:26:45.293>sort <00:26:45.386>of <00:26:45.480>the <00:26:45.573>strong <00:26:45.666>boy <00:26:45.760>and <00:26:45.853>was <00:26:45.946>helping <00:26:46.040>on <00:26:46.133>the <00:26:46.226>farm <00:26:46.320>becomes 00:26:47.230 --> 00:26:47.240 align:start position:0% <00:26:47.230>boy <00:26:47.231>and <00:26:47.232>was <00:26:47.233>helping <00:26:47.235>on <00:26:47.236>the <00:26:47.237>farm <00:26:47.239>becomes 00:26:47.240 --> 00:26:49.270 align:start position:0% <00:26:47.240>boy <00:26:47.347>and <00:26:47.455>was <00:26:47.563>helping <00:26:47.670>on <00:26:47.778>the <00:26:47.886>farm <00:26:47.993>becomes <00:26:48.101>a <00:26:48.209>digital <00:26:48.316>consultant <00:26:48.424>in <00:26:48.532>agriculture, <00:26:48.640>but 00:26:49.270 --> 00:26:49.280 align:start position:0% <00:26:49.270>a <00:26:49.271>digital <00:26:49.273>consultant <00:26:49.275>in <00:26:49.277>agriculture, <00:26:49.279>but 00:26:49.280 --> 00:26:52.830 align:start position:0% <00:26:49.280>a <00:26:49.407>digital <00:26:49.534>consultant <00:26:49.661>in <00:26:49.789>agriculture, <00:26:49.916>but <00:26:50.043>also <00:26:50.170>uh <00:26:50.298>crypto <00:26:50.425>{slash} <00:26:50.552>loan <00:26:50.680>expert, 00:26:52.830 --> 00:26:52.840 align:start position:0% <00:26:52.830>also <00:26:52.831>uh <00:26:52.833>crypto <00:26:52.835>{slash} <00:26:52.837>loan <00:26:52.839>expert, 00:26:52.840 --> 00:26:55.070 align:start position:0% <00:26:52.840>also <00:26:52.947>uh <00:26:53.055>crypto <00:26:53.163>{slash} <00:26:53.270>loan <00:26:53.378>expert, <00:26:53.486>right? <00:26:53.593>And <00:26:53.701>that <00:26:53.809>means <00:26:53.916>that <00:26:54.024>right <00:26:54.132>now <00:26:54.240>we 00:26:55.070 --> 00:26:55.080 align:start position:0% <00:26:55.070>right? <00:26:55.071>And <00:26:55.072>that <00:26:55.073>means <00:26:55.075>that <00:26:55.076>right <00:26:55.077>now <00:26:55.079>we 00:26:55.080 --> 00:26:56.790 align:start position:0% <00:26:55.080>right? <00:26:55.179>And <00:26:55.280>that <00:26:55.379>means <00:26:55.480>that <00:26:55.580>right <00:26:55.679>now <00:26:55.780>we <00:26:55.879>have <00:26:55.980>a <00:26:56.080>super <00:26:56.179>El <00:26:56.280>Nino, <00:26:56.379>right? <00:26:56.480>Where 00:26:56.790 --> 00:26:56.800 align:start position:0% <00:26:56.790>have <00:26:56.791>a <00:26:56.793>super <00:26:56.794>El <00:26:56.796>Nino, <00:26:56.797>right? <00:26:56.799>Where 00:26:56.800 --> 00:26:58.590 align:start position:0% <00:26:56.800>have <00:26:56.907>a <00:26:57.015>super <00:26:57.123>El <00:26:57.230>Nino, <00:26:57.338>right? <00:26:57.446>Where <00:26:57.553>there's <00:26:57.661>already <00:26:57.769>a <00:26:57.876>drought <00:26:57.984>going <00:26:58.092>on <00:26:58.200>and 00:26:58.590 --> 00:26:58.600 align:start position:0% <00:26:58.590>there's <00:26:58.591>already <00:26:58.592>a <00:26:58.594>drought <00:26:58.596>going <00:26:58.597>on <00:26:58.599>and 00:26:58.600 --> 00:27:00.270 align:start position:0% <00:26:58.600>there's <00:26:58.693>already <00:26:58.786>a <00:26:58.879>drought <00:26:58.973>going <00:26:59.066>on <00:26:59.159>and <00:26:59.253>the <00:26:59.346>state <00:26:59.439>will <00:26:59.533>have <00:26:59.626>to <00:26:59.719>go <00:26:59.813>in <00:26:59.906>and <00:27:00.000>and 00:27:00.270 --> 00:27:00.280 align:start position:0% <00:27:00.270>the <00:27:00.271>state <00:27:00.272>will <00:27:00.273>have <00:27:00.274>to <00:27:00.275>go <00:27:00.276>in <00:27:00.277>and <00:27:00.279>and 00:27:00.280 --> 00:27:02.750 align:start position:0% <00:27:00.280>the <00:27:00.373>state <00:27:00.466>will <00:27:00.560>have <00:27:00.653>to <00:27:00.746>go <00:27:00.840>in <00:27:00.933>and <00:27:01.026>and <00:27:01.120>subsidize. <00:27:01.213>The <00:27:01.306>state <00:27:01.399>was <00:27:01.493>kind <00:27:01.586>of <00:27:01.680>against 00:27:02.750 --> 00:27:02.760 align:start position:0% <00:27:02.750>subsidize. <00:27:02.751>The <00:27:02.753>state <00:27:02.754>was <00:27:02.756>kind <00:27:02.757>of <00:27:02.759>against 00:27:02.760 --> 00:27:04.110 align:start position:0% <00:27:02.760>subsidize. <00:27:02.861>The <00:27:02.962>state <00:27:03.063>was <00:27:03.165>kind <00:27:03.266>of <00:27:03.367>against <00:27:03.468>this <00:27:03.570>idea, <00:27:03.671>right? <00:27:03.772>But <00:27:03.873>now <00:27:03.975>they're 00:27:04.110 --> 00:27:04.120 align:start position:0% <00:27:04.110>this <00:27:04.111>idea, <00:27:04.113>right? <00:27:04.115>But <00:27:04.117>now <00:27:04.119>they're 00:27:04.120 --> 00:27:05.510 align:start position:0% <00:27:04.120>this <00:27:04.216>idea, <00:27:04.312>right? <00:27:04.408>But <00:27:04.504>now <00:27:04.601>they're <00:27:04.697>seeing, <00:27:04.793>"Oh, <00:27:04.889>we <00:27:04.986>don't <00:27:05.082>have <00:27:05.178>to <00:27:05.274>pay <00:27:05.371>these 00:27:05.510 --> 00:27:05.520 align:start position:0% <00:27:05.510>seeing, <00:27:05.511>"Oh, <00:27:05.512>we <00:27:05.513>don't <00:27:05.515>have <00:27:05.516>to <00:27:05.517>pay <00:27:05.519>these 00:27:05.520 --> 00:27:07.430 align:start position:0% <00:27:05.520>seeing, <00:27:05.620>"Oh, <00:27:05.720>we <00:27:05.820>don't <00:27:05.920>have <00:27:06.020>to <00:27:06.120>pay <00:27:06.220>these <00:27:06.320>people <00:27:06.420>because <00:27:06.520>they <00:27:06.620>have <00:27:06.720>a <00:27:06.820>paying <00:27:06.920>job 00:27:07.430 --> 00:27:07.440 align:start position:0% <00:27:07.430>people <00:27:07.431>because <00:27:07.433>they <00:27:07.434>have <00:27:07.436>a <00:27:07.437>paying <00:27:07.439>job 00:27:07.440 --> 00:27:08.950 align:start position:0% <00:27:07.440>people <00:27:07.537>because <00:27:07.634>they <00:27:07.731>have <00:27:07.828>a <00:27:07.925>paying <00:27:08.022>job <00:27:08.119>because <00:27:08.216>they <00:27:08.313>got <00:27:08.410>exposed <00:27:08.507>to <00:27:08.604>this <00:27:08.701>type <00:27:08.799>of 00:27:08.950 --> 00:27:08.960 align:start position:0% <00:27:08.950>because <00:27:08.951>they <00:27:08.952>got <00:27:08.953>exposed <00:27:08.955>to <00:27:08.956>this <00:27:08.957>type <00:27:08.959>of 00:27:08.960 --> 00:27:11.150 align:start position:0% <00:27:08.960>because <00:27:09.060>they <00:27:09.160>got <00:27:09.260>exposed <00:27:09.360>to <00:27:09.460>this <00:27:09.560>type <00:27:09.660>of <00:27:09.760>technology <00:27:09.860>we <00:27:09.960>take <00:27:10.060>for <00:27:10.160>granted." <00:27:10.260>But <00:27:10.360>the 00:27:11.150 --> 00:27:11.160 align:start position:0% <00:27:11.150>technology <00:27:11.151>we <00:27:11.153>take <00:27:11.154>for <00:27:11.156>granted." <00:27:11.157>But <00:27:11.159>the 00:27:11.160 --> 00:27:12.710 align:start position:0% <00:27:11.160>technology <00:27:11.267>we <00:27:11.374>take <00:27:11.481>for <00:27:11.589>granted." <00:27:11.696>But <00:27:11.803>the <00:27:11.911>core <00:27:12.018>of <00:27:12.125>this <00:27:12.233>is <00:27:12.340>the <00:27:12.447>blockchain <00:27:12.555>because 00:27:12.710 --> 00:27:12.720 align:start position:0% <00:27:12.710>core <00:27:12.711>of <00:27:12.713>this <00:27:12.714>is <00:27:12.716>the <00:27:12.717>blockchain <00:27:12.719>because 00:27:12.720 --> 00:27:14.270 align:start position:0% <00:27:12.720>core <00:27:12.819>of <00:27:12.919>this <00:27:13.018>is <00:27:13.118>the <00:27:13.218>blockchain <00:27:13.317>because <00:27:13.417>you <00:27:13.517>have <00:27:13.616>so <00:27:13.716>many <00:27:13.816>parties <00:27:13.915>who <00:27:14.015>don't <00:27:14.115>trust 00:27:14.270 --> 00:27:14.280 align:start position:0% <00:27:14.270>you <00:27:14.271>have <00:27:14.272>so <00:27:14.273>many <00:27:14.275>parties <00:27:14.276>who <00:27:14.277>don't <00:27:14.279>trust 00:27:14.280 --> 00:27:16.110 align:start position:0% <00:27:14.280>you <00:27:14.387>have <00:27:14.495>so <00:27:14.603>many <00:27:14.710>parties <00:27:14.818>who <00:27:14.926>don't <00:27:15.033>trust <00:27:15.141>each <00:27:15.249>other, <00:27:15.356>right? <00:27:15.464>And <00:27:15.572>the <00:27:15.680>whole 00:27:16.110 --> 00:27:16.120 align:start position:0% <00:27:16.110>each <00:27:16.111>other, <00:27:16.113>right? <00:27:16.115>And <00:27:16.117>the <00:27:16.119>whole 00:27:16.120 --> 00:27:17.830 align:start position:0% <00:27:16.120>each <00:27:16.247>other, <00:27:16.374>right? <00:27:16.501>And <00:27:16.629>the <00:27:16.756>whole <00:27:16.883>incentive <00:27:17.010>model <00:27:17.138>and <00:27:17.265>whole <00:27:17.392>anchoring <00:27:17.520>of 00:27:17.830 --> 00:27:17.840 align:start position:0% <00:27:17.830>incentive <00:27:17.831>model <00:27:17.833>and <00:27:17.835>whole <00:27:17.837>anchoring <00:27:17.839>of 00:27:17.840 --> 00:27:19.350 align:start position:0% <00:27:17.840>incentive <00:27:17.953>model <00:27:18.066>and <00:27:18.179>whole <00:27:18.293>anchoring <00:27:18.406>of <00:27:18.519>data <00:27:18.632>that <00:27:18.745>lies <00:27:18.859>in <00:27:18.972>the <00:27:19.085>blockchain <00:27:19.198>and 00:27:19.350 --> 00:27:19.360 align:start position:0% <00:27:19.350>data <00:27:19.351>that <00:27:19.352>lies <00:27:19.354>in <00:27:19.356>the <00:27:19.357>blockchain <00:27:19.359>and 00:27:19.360 --> 00:27:21.950 align:start position:0% <00:27:19.360>data <00:27:19.453>that <00:27:19.546>lies <00:27:19.639>in <00:27:19.733>the <00:27:19.826>blockchain <00:27:19.919>and <00:27:20.013>allows <00:27:20.106>us <00:27:20.199>to <00:27:20.293>And <00:27:20.386>we <00:27:20.479>all <00:27:20.573>bought <00:27:20.666>about <00:27:20.760>700 00:27:21.950 --> 00:27:21.960 align:start position:0% <00:27:21.950>allows <00:27:21.951>us <00:27:21.952>to <00:27:21.953>And <00:27:21.954>we <00:27:21.955>all <00:27:21.956>bought <00:27:21.957>about <00:27:21.959>700 00:27:21.960 --> 00:27:24.910 align:start position:0% <00:27:21.960>allows <00:27:22.053>us <00:27:22.146>to <00:27:22.240>And <00:27:22.333>we <00:27:22.426>all <00:27:22.520>bought <00:27:22.613>about <00:27:22.706>700 <00:27:22.800>of <00:27:22.893>those <00:27:22.986>uh, <00:27:23.080>farmer <00:27:23.173>specialists <00:27:23.266>a <00:27:23.360>month. 00:27:24.910 --> 00:27:24.920 align:start position:0% <00:27:24.910>of <00:27:24.911>those <00:27:24.913>uh, <00:27:24.914>farmer <00:27:24.916>specialists <00:27:24.917>a <00:27:24.919>month. 00:27:24.920 --> 00:27:27.030 align:start position:0% <00:27:24.920>of <00:27:25.013>those <00:27:25.106>uh, <00:27:25.200>farmer <00:27:25.293>specialists <00:27:25.386>a <00:27:25.480>month. <00:27:25.573>Uh, <00:27:25.666>sorry, <00:27:25.760>a <00:27:25.853>week <00:27:25.946>at <00:27:26.040>the <00:27:26.133>moment. <00:27:26.226>Um, <00:27:26.320>and 00:27:27.030 --> 00:27:27.040 align:start position:0% <00:27:27.030>Uh, <00:27:27.031>sorry, <00:27:27.032>a <00:27:27.033>week <00:27:27.034>at <00:27:27.035>the <00:27:27.036>moment. <00:27:27.037>Um, <00:27:27.039>and 00:27:27.040 --> 00:27:28.270 align:start position:0% <00:27:27.040>Uh, <00:27:27.113>sorry, <00:27:27.187>a <00:27:27.261>week <00:27:27.335>at <00:27:27.408>the <00:27:27.482>moment. <00:27:27.556>Um, <00:27:27.630>and <00:27:27.704>we're <00:27:27.778>we're <00:27:27.851>aiming <00:27:27.925>at <00:27:27.999>a, <00:27:28.073>you <00:27:28.147>know, 00:27:28.270 --> 00:27:28.280 align:start position:0% <00:27:28.270>we're <00:27:28.271>we're <00:27:28.273>aiming <00:27:28.274>at <00:27:28.276>a, <00:27:28.277>you <00:27:28.279>know, 00:27:28.280 --> 00:27:30.030 align:start position:0% <00:27:28.280>we're <00:27:28.396>we're <00:27:28.513>aiming <00:27:28.629>at <00:27:28.746>a, <00:27:28.863>you <00:27:28.980>know, <00:27:29.096>getting <00:27:29.213>to <00:27:29.330>100,000 <00:27:29.446>so <00:27:29.563>they're <00:27:29.680>fairly 00:27:30.030 --> 00:27:30.040 align:start position:0% <00:27:30.030>getting <00:27:30.031>to <00:27:30.033>100,000 <00:27:30.035>so <00:27:30.037>they're <00:27:30.039>fairly 00:27:30.040 --> 00:27:31.190 align:start position:0% <00:27:30.040>getting <00:27:30.212>to <00:27:30.385>100,000 <00:27:30.557>so <00:27:30.730>they're <00:27:30.902>fairly <00:27:31.075>close. 00:27:31.190 --> 00:27:31.200 align:start position:0% close. 00:27:31.200 --> 00:27:32.910 align:start position:0% <00:27:31.200>close. <00:27:31.355>Um, <00:27:31.511>and <00:27:31.666>it <00:27:31.822>it <00:27:31.977>it <00:27:32.133>it <00:27:32.288>looks <00:27:32.444>it <00:27:32.600>looks 00:27:32.910 --> 00:27:32.920 align:start position:0% <00:27:32.910>Um, <00:27:32.911>and <00:27:32.912>it <00:27:32.913>it <00:27:32.914>it <00:27:32.915>it <00:27:32.916>looks <00:27:32.917>it <00:27:32.919>looks 00:27:32.920 --> 00:27:34.630 align:start position:0% <00:27:32.920>Um, <00:27:33.020>and <00:27:33.120>it <00:27:33.220>it <00:27:33.320>it <00:27:33.420>it <00:27:33.520>looks <00:27:33.620>it <00:27:33.720>looks <00:27:33.820>really <00:27:33.920>promising. <00:27:34.020>But <00:27:34.120>this <00:27:34.220>could <00:27:34.320>not 00:27:34.630 --> 00:27:34.640 align:start position:0% <00:27:34.630>really <00:27:34.631>promising. <00:27:34.633>But <00:27:34.635>this <00:27:34.637>could <00:27:34.639>not 00:27:34.640 --> 00:27:35.990 align:start position:0% <00:27:34.640>really <00:27:34.761>promising. <00:27:34.883>But <00:27:35.004>this <00:27:35.126>could <00:27:35.247>not <00:27:35.369>have <00:27:35.490>been <00:27:35.612>done <00:27:35.733>without <00:27:35.855>blockchain 00:27:35.990 --> 00:27:36.000 align:start position:0% <00:27:35.990>have <00:27:35.992>been <00:27:35.994>done <00:27:35.996>without <00:27:35.999>blockchain 00:27:36.000 --> 00:27:37.830 align:start position:0% <00:27:36.000>have <00:27:36.116>been <00:27:36.233>done <00:27:36.350>without <00:27:36.466>blockchain <00:27:36.583>because <00:27:36.700>then <00:27:36.816>you <00:27:36.933>would <00:27:37.050>have <00:27:37.166>to <00:27:37.283>work <00:27:37.400>on 00:27:37.830 --> 00:27:37.840 align:start position:0% <00:27:37.830>because <00:27:37.831>then <00:27:37.832>you <00:27:37.833>would <00:27:37.835>have <00:27:37.836>to <00:27:37.837>work <00:27:37.839>on 00:27:37.840 --> 00:27:39.870 align:start position:0% <00:27:37.840>because <00:27:37.947>then <00:27:38.055>you <00:27:38.163>would <00:27:38.270>have <00:27:38.378>to <00:27:38.486>work <00:27:38.593>on <00:27:38.701>the <00:27:38.809>Syngenta <00:27:38.916>database <00:27:39.024>and <00:27:39.132>then <00:27:39.240>you're 00:27:39.870 --> 00:27:39.880 align:start position:0% <00:27:39.870>the <00:27:39.871>Syngenta <00:27:39.873>database <00:27:39.875>and <00:27:39.877>then <00:27:39.879>you're 00:27:39.880 --> 00:27:41.350 align:start position:0% <00:27:39.880>the <00:27:39.974>Syngenta <00:27:40.069>database <00:27:40.163>and <00:27:40.258>then <00:27:40.352>you're <00:27:40.447>like, <00:27:40.541>"Ooh, <00:27:40.636>or <00:27:40.730>you <00:27:40.825>had <00:27:40.919>to <00:27:41.014>work <00:27:41.108>on <00:27:41.203>the 00:27:41.350 --> 00:27:41.360 align:start position:0% <00:27:41.350>like, <00:27:41.351>"Ooh, <00:27:41.352>or <00:27:41.353>you <00:27:41.354>had <00:27:41.355>to <00:27:41.356>work <00:27:41.357>on <00:27:41.359>the 00:27:41.360 --> 00:27:42.790 align:start position:0% <00:27:41.360>like, <00:27:41.458>"Ooh, <00:27:41.558>or <00:27:41.657>you <00:27:41.755>had <00:27:41.855>to <00:27:41.954>work <00:27:42.053>on <00:27:42.152>the <00:27:42.251>satellite <00:27:42.350>database, <00:27:42.448>right?" <00:27:42.548>You <00:27:42.647>were 00:27:42.790 --> 00:27:42.800 align:start position:0% <00:27:42.790>satellite <00:27:42.792>database, <00:27:42.794>right?" <00:27:42.796>You <00:27:42.799>were 00:27:42.800 --> 00:27:44.830 align:start position:0% <00:27:42.800>satellite <00:27:42.927>database, <00:27:43.054>right?" <00:27:43.181>You <00:27:43.309>were <00:27:43.436>kind <00:27:43.563>of <00:27:43.690>there <00:27:43.818>was <00:27:43.945>no <00:27:44.072>environment <00:27:44.200>where 00:27:44.830 --> 00:27:44.840 align:start position:0% <00:27:44.830>kind <00:27:44.831>of <00:27:44.832>there <00:27:44.834>was <00:27:44.836>no <00:27:44.837>environment <00:27:44.839>where 00:27:44.840 --> 00:27:46.390 align:start position:0% <00:27:44.840>kind <00:27:44.939>of <00:27:45.039>there <00:27:45.138>was <00:27:45.238>no <00:27:45.338>environment <00:27:45.437>where <00:27:45.537>you <00:27:45.637>can <00:27:45.736>come <00:27:45.836>together <00:27:45.936>with <00:27:46.035>a <00:27:46.135>common <00:27:46.235>set 00:27:46.390 --> 00:27:46.400 align:start position:0% <00:27:46.390>you <00:27:46.391>can <00:27:46.392>come <00:27:46.393>together <00:27:46.395>with <00:27:46.396>a <00:27:46.397>common <00:27:46.399>set 00:27:46.400 --> 00:27:48.110 align:start position:0% <00:27:46.400>you <00:27:46.540>can <00:27:46.680>come <00:27:46.820>together <00:27:46.960>with <00:27:47.100>a <00:27:47.240>common <00:27:47.380>set <00:27:47.520>of <00:27:47.660>rules, <00:27:47.800>huh? 00:27:48.110 --> 00:27:48.120 align:start position:0% <00:27:48.110>of <00:27:48.114>rules, <00:27:48.119>huh? 00:27:48.120 --> 00:27:49.990 align:start position:0% <00:27:48.120>of <00:27:48.236>rules, <00:27:48.353>huh? <00:27:48.469>>> <00:27:48.586>I <00:27:48.703>don't <00:27:48.820>know <00:27:48.936>how <00:27:49.053>we <00:27:49.169>always <00:27:49.286>manage <00:27:49.403>to <00:27:49.520>get 00:27:49.990 --> 00:27:50.000 align:start position:0% <00:27:49.990>>> <00:27:49.991>I <00:27:49.992>don't <00:27:49.993>know <00:27:49.994>how <00:27:49.995>we <00:27:49.996>always <00:27:49.997>manage <00:27:49.998>to <00:27:49.999>get 00:27:50.000 --> 00:27:51.830 align:start position:0% <00:27:50.000>>> <00:27:50.077>I <00:27:50.155>don't <00:27:50.233>know <00:27:50.311>how <00:27:50.388>we <00:27:50.466>always <00:27:50.544>manage <00:27:50.622>to <00:27:50.700>get <00:27:50.777>into <00:27:50.855>this <00:27:50.933>one, <00:27:51.011>but <00:27:51.088>like <00:27:51.166>Fred <00:27:51.244>and <00:27:51.322>I <00:27:51.400>just 00:27:51.830 --> 00:27:51.840 align:start position:0% <00:27:51.830>into <00:27:51.831>this <00:27:51.832>one, <00:27:51.833>but <00:27:51.834>like <00:27:51.835>Fred <00:27:51.836>and <00:27:51.837>I <00:27:51.839>just 00:27:51.840 --> 00:27:53.430 align:start position:0% <00:27:51.840>into <00:27:51.947>this <00:27:52.055>one, <00:27:52.163>but <00:27:52.270>like <00:27:52.378>Fred <00:27:52.486>and <00:27:52.593>I <00:27:52.701>just <00:27:52.809>like <00:27:52.916>always <00:27:53.024>participating <00:27:53.132>like <00:27:53.240>different 00:27:53.430 --> 00:27:53.440 align:start position:0% <00:27:53.430>like <00:27:53.432>always <00:27:53.434>participating <00:27:53.436>like <00:27:53.439>different 00:27:53.440 --> 00:27:55.550 align:start position:0% <00:27:53.440>like <00:27:53.567>always <00:27:53.694>participating <00:27:53.821>like <00:27:53.949>different <00:27:54.076>regulatory <00:27:54.203>round <00:27:54.330>tables <00:27:54.458>and <00:27:54.585>for <00:27:54.712>some <00:27:54.840>way 00:27:55.550 --> 00:27:55.560 align:start position:0% <00:27:55.550>regulatory <00:27:55.551>round <00:27:55.553>tables <00:27:55.554>and <00:27:55.556>for <00:27:55.557>some <00:27:55.559>way 00:27:55.560 --> 00:27:57.470 align:start position:0% <00:27:55.560>regulatory <00:27:55.659>round <00:27:55.760>tables <00:27:55.860>and <00:27:55.960>for <00:27:56.060>some <00:27:56.159>way <00:27:56.260>or <00:27:56.360>another <00:27:56.460>we <00:27:56.560>always <00:27:56.659>get <00:27:56.760>pulled <00:27:56.860>into <00:27:56.960>the 00:27:57.470 --> 00:27:57.480 align:start position:0% <00:27:57.470>or <00:27:57.471>another <00:27:57.472>we <00:27:57.473>always <00:27:57.475>get <00:27:57.476>pulled <00:27:57.477>into <00:27:57.479>the 00:27:57.480 --> 00:27:59.910 align:start position:0% <00:27:57.480>or <00:27:57.573>another <00:27:57.666>we <00:27:57.760>always <00:27:57.853>get <00:27:57.946>pulled <00:27:58.040>into <00:27:58.133>the <00:27:58.226>impact <00:27:58.320>side, <00:27:58.413>which <00:27:58.506>I <00:27:58.600>think <00:27:58.693>is <00:27:58.786>where <00:27:58.880>we 00:27:59.910 --> 00:27:59.920 align:start position:0% <00:27:59.910>impact <00:27:59.911>side, <00:27:59.912>which <00:27:59.913>I <00:27:59.915>think <00:27:59.916>is <00:27:59.917>where <00:27:59.919>we 00:27:59.920 --> 00:28:01.990 align:start position:0% <00:27:59.920>impact <00:28:00.020>side, <00:28:00.120>which <00:28:00.220>I <00:28:00.320>think <00:28:00.420>is <00:28:00.520>where <00:28:00.620>we <00:28:00.720>uh, <00:28:00.820>both <00:28:00.920>like <00:28:01.020>are <00:28:01.120>passionate <00:28:01.220>about <00:28:01.320>about 00:28:01.990 --> 00:28:02.000 align:start position:0% <00:28:01.990>uh, <00:28:01.991>both <00:28:01.993>like <00:28:01.994>are <00:28:01.996>passionate <00:28:01.997>about <00:28:01.999>about 00:28:02.000 --> 00:28:04.470 align:start position:0% <00:28:02.000>uh, <00:28:02.116>both <00:28:02.233>like <00:28:02.350>are <00:28:02.466>passionate <00:28:02.583>about <00:28:02.700>about <00:28:02.816>blockchain. <00:28:02.933>Um, <00:28:03.050>just <00:28:03.166>another <00:28:03.283>example <00:28:03.400>on 00:28:04.470 --> 00:28:04.480 align:start position:0% <00:28:04.470>blockchain. <00:28:04.471>Um, <00:28:04.473>just <00:28:04.475>another <00:28:04.477>example <00:28:04.479>on 00:28:04.480 --> 00:28:06.350 align:start position:0% <00:28:04.480>blockchain. <00:28:04.587>Um, <00:28:04.695>just <00:28:04.803>another <00:28:04.910>example <00:28:05.018>on <00:28:05.126>this <00:28:05.233>one, <00:28:05.341>uh, <00:28:05.449>which <00:28:05.556>is <00:28:05.664>really <00:28:05.772>similar <00:28:05.880>to 00:28:06.350 --> 00:28:06.360 align:start position:0% <00:28:06.350>this <00:28:06.351>one, <00:28:06.352>uh, <00:28:06.353>which <00:28:06.355>is <00:28:06.356>really <00:28:06.357>similar <00:28:06.359>to 00:28:06.360 --> 00:28:07.830 align:start position:0% <00:28:06.360>this <00:28:06.454>one, <00:28:06.549>uh, <00:28:06.643>which <00:28:06.737>is <00:28:06.832>really <00:28:06.927>similar <00:28:07.021>to <00:28:07.116>the <00:28:07.210>Indian <00:28:07.304>example. <00:28:07.399>I <00:28:07.494>I <00:28:07.588>was <00:28:07.683>in 00:28:07.830 --> 00:28:07.840 align:start position:0% <00:28:07.830>the <00:28:07.831>Indian <00:28:07.832>example. <00:28:07.834>I <00:28:07.836>I <00:28:07.837>was <00:28:07.839>in 00:28:07.840 --> 00:28:09.310 align:start position:0% <00:28:07.840>the <00:28:07.941>Indian <00:28:08.043>example. <00:28:08.145>I <00:28:08.247>I <00:28:08.348>was <00:28:08.450>in <00:28:08.552>Kazakhstan <00:28:08.654>like <00:28:08.755>a <00:28:08.857>couple <00:28:08.959>of <00:28:09.061>weeks <00:28:09.163>ago 00:28:09.310 --> 00:28:09.320 align:start position:0% <00:28:09.310>Kazakhstan <00:28:09.311>like <00:28:09.312>a <00:28:09.314>couple <00:28:09.316>of <00:28:09.317>weeks <00:28:09.319>ago 00:28:09.320 --> 00:28:10.790 align:start position:0% <00:28:09.320>Kazakhstan <00:28:09.421>like <00:28:09.523>a <00:28:09.625>couple <00:28:09.727>of <00:28:09.828>weeks <00:28:09.930>ago <00:28:10.032>and <00:28:10.134>this <00:28:10.235>is <00:28:10.337>a <00:28:10.439>project <00:28:10.541>also <00:28:10.643>implemented 00:28:10.790 --> 00:28:10.800 align:start position:0% <00:28:10.790>and <00:28:10.791>this <00:28:10.793>is <00:28:10.794>a <00:28:10.796>project <00:28:10.797>also <00:28:10.799>implemented 00:28:10.800 --> 00:28:12.510 align:start position:0% <00:28:10.800>and <00:28:10.916>this <00:28:11.033>is <00:28:11.149>a <00:28:11.266>project <00:28:11.383>also <00:28:11.500>implemented <00:28:11.616>directly <00:28:11.733>by <00:28:11.850>the <00:28:11.966>government <00:28:12.083>where <00:28:12.200>they're 00:28:12.510 --> 00:28:12.520 align:start position:0% <00:28:12.510>directly <00:28:12.511>by <00:28:12.513>the <00:28:12.515>government <00:28:12.517>where <00:28:12.519>they're 00:28:12.520 --> 00:28:14.030 align:start position:0% <00:28:12.520>directly <00:28:12.643>by <00:28:12.767>the <00:28:12.890>government <00:28:13.014>where <00:28:13.137>they're <00:28:13.261>doing <00:28:13.384>something <00:28:13.508>really <00:28:13.631>similar <00:28:13.755>but <00:28:13.879>with 00:28:14.030 --> 00:28:14.040 align:start position:0% <00:28:14.030>doing <00:28:14.031>something <00:28:14.033>really <00:28:14.035>similar <00:28:14.037>but <00:28:14.039>with 00:28:14.040 --> 00:28:15.990 align:start position:0% <00:28:14.040>doing <00:28:14.156>something <00:28:14.273>really <00:28:14.389>similar <00:28:14.506>but <00:28:14.623>with <00:28:14.740>grain <00:28:14.856>and <00:28:14.973>what <00:28:15.090>they're <00:28:15.206>trying <00:28:15.323>to <00:28:15.440>create 00:28:15.990 --> 00:28:16.000 align:start position:0% <00:28:15.990>grain <00:28:15.991>and <00:28:15.993>what <00:28:15.994>they're <00:28:15.996>trying <00:28:15.997>to <00:28:15.999>create 00:28:16.000 --> 00:28:17.950 align:start position:0% <00:28:16.000>grain <00:28:16.107>and <00:28:16.215>what <00:28:16.323>they're <00:28:16.430>trying <00:28:16.538>to <00:28:16.646>create <00:28:16.753>also <00:28:16.861>with <00:28:16.969>satellite <00:28:17.076>images <00:28:17.184>is <00:28:17.292>to <00:28:17.400>prove 00:28:17.950 --> 00:28:17.960 align:start position:0% <00:28:17.950>also <00:28:17.951>with <00:28:17.953>satellite <00:28:17.954>images <00:28:17.956>is <00:28:17.957>to <00:28:17.959>prove 00:28:17.960 --> 00:28:19.990 align:start position:0% <00:28:17.960>also <00:28:18.067>with <00:28:18.175>satellite <00:28:18.283>images <00:28:18.390>is <00:28:18.498>to <00:28:18.606>prove <00:28:18.713>that <00:28:18.821>that <00:28:18.929>grain <00:28:19.036>was <00:28:19.144>created <00:28:19.252>or <00:28:19.360>like 00:28:19.990 --> 00:28:20.000 align:start position:0% <00:28:19.990>that <00:28:19.991>that <00:28:19.993>grain <00:28:19.994>was <00:28:19.996>created <00:28:19.997>or <00:28:19.999>like 00:28:20.000 --> 00:28:22.950 align:start position:0% <00:28:20.000>that <00:28:20.107>that <00:28:20.215>grain <00:28:20.323>was <00:28:20.430>created <00:28:20.538>or <00:28:20.646>like <00:28:20.753>wrote <00:28:20.861>in <00:28:20.969>certain <00:28:21.076>um, <00:28:21.184>land <00:28:21.292>via <00:28:21.400>the 00:28:22.950 --> 00:28:22.960 align:start position:0% <00:28:22.950>wrote <00:28:22.951>in <00:28:22.953>certain <00:28:22.954>um, <00:28:22.956>land <00:28:22.957>via <00:28:22.959>the 00:28:22.960 --> 00:28:24.590 align:start position:0% <00:28:22.960>wrote <00:28:23.060>in <00:28:23.160>certain <00:28:23.260>um, <00:28:23.360>land <00:28:23.460>via <00:28:23.560>the <00:28:23.660>satellite <00:28:23.760>so <00:28:23.860>they <00:28:23.960>can <00:28:24.060>just <00:28:24.160>like <00:28:24.260>see <00:28:24.360>if 00:28:24.590 --> 00:28:24.600 align:start position:0% <00:28:24.590>satellite <00:28:24.591>so <00:28:24.592>they <00:28:24.593>can <00:28:24.595>just <00:28:24.596>like <00:28:24.597>see <00:28:24.599>if 00:28:24.600 --> 00:28:26.270 align:start position:0% <00:28:24.600>satellite <00:28:24.693>so <00:28:24.786>they <00:28:24.879>can <00:28:24.973>just <00:28:25.066>like <00:28:25.159>see <00:28:25.253>if <00:28:25.346>that <00:28:25.439>actually <00:28:25.533>was <00:28:25.626>work <00:28:25.719>or <00:28:25.813>not <00:28:25.906>in <00:28:26.000>the 00:28:26.270 --> 00:28:26.280 align:start position:0% <00:28:26.270>that <00:28:26.271>actually <00:28:26.272>was <00:28:26.273>work <00:28:26.275>or <00:28:26.276>not <00:28:26.277>in <00:28:26.279>the 00:28:26.280 --> 00:28:27.950 align:start position:0% <00:28:26.280>that <00:28:26.387>actually <00:28:26.495>was <00:28:26.603>work <00:28:26.710>or <00:28:26.818>not <00:28:26.926>in <00:28:27.033>the <00:28:27.141>land <00:28:27.249>and <00:28:27.356>then <00:28:27.464>therefore <00:28:27.572>they're <00:28:27.680>also 00:28:27.950 --> 00:28:27.960 align:start position:0% <00:28:27.950>land <00:28:27.951>and <00:28:27.953>then <00:28:27.955>therefore <00:28:27.957>they're <00:28:27.959>also 00:28:27.960 --> 00:28:30.350 align:start position:0% <00:28:27.960>land <00:28:28.076>and <00:28:28.193>then <00:28:28.310>therefore <00:28:28.426>they're <00:28:28.543>also <00:28:28.660>trying <00:28:28.776>to <00:28:28.893>create <00:28:29.010>futures <00:28:29.126>uh, <00:28:29.243>to <00:28:29.360>reinvest 00:28:30.350 --> 00:28:30.360 align:start position:0% <00:28:30.350>trying <00:28:30.351>to <00:28:30.352>create <00:28:30.354>futures <00:28:30.356>uh, <00:28:30.357>to <00:28:30.359>reinvest 00:28:30.360 --> 00:28:31.950 align:start position:0% <00:28:30.360>trying <00:28:30.459>to <00:28:30.560>create <00:28:30.659>futures <00:28:30.760>uh, <00:28:30.860>to <00:28:30.959>reinvest <00:28:31.060>on <00:28:31.159>on <00:28:31.260>the <00:28:31.360>farmers. <00:28:31.459>So <00:28:31.560>it's <00:28:31.659>really <00:28:31.760>good 00:28:31.950 --> 00:28:31.960 align:start position:0% <00:28:31.950>on <00:28:31.951>on <00:28:31.952>the <00:28:31.953>farmers. <00:28:31.955>So <00:28:31.956>it's <00:28:31.957>really <00:28:31.959>good 00:28:31.960 --> 00:28:34.670 align:start position:0% <00:28:31.960>on <00:28:32.053>on <00:28:32.146>the <00:28:32.240>farmers. <00:28:32.333>So <00:28:32.426>it's <00:28:32.520>really <00:28:32.613>good <00:28:32.706>to <00:28:32.800>see <00:28:32.893>that <00:28:32.986>there <00:28:33.080>is <00:28:33.173>like <00:28:33.266>different <00:28:33.360>um, 00:28:34.670 --> 00:28:34.680 align:start position:0% <00:28:34.670>to <00:28:34.671>see <00:28:34.672>that <00:28:34.673>there <00:28:34.675>is <00:28:34.676>like <00:28:34.677>different <00:28:34.679>um, 00:28:34.680 --> 00:28:36.230 align:start position:0% <00:28:34.680>to <00:28:34.787>see <00:28:34.894>that <00:28:35.001>there <00:28:35.109>is <00:28:35.216>like <00:28:35.323>different <00:28:35.431>um, <00:28:35.538>jurisdictions <00:28:35.645>trying <00:28:35.753>to <00:28:35.860>go <00:28:35.967>in <00:28:36.075>this 00:28:36.230 --> 00:28:36.240 align:start position:0% <00:28:36.230>jurisdictions <00:28:36.231>trying <00:28:36.233>to <00:28:36.235>go <00:28:36.237>in <00:28:36.239>this 00:28:36.240 --> 00:28:37.750 align:start position:0% <00:28:36.240>jurisdictions <00:28:36.353>trying <00:28:36.466>to <00:28:36.579>go <00:28:36.693>in <00:28:36.806>this <00:28:36.919>direction, <00:28:37.032>which <00:28:37.146>I <00:28:37.259>think <00:28:37.372>that <00:28:37.485>for <00:28:37.599>like 00:28:37.750 --> 00:28:37.760 align:start position:0% <00:28:37.750>direction, <00:28:37.751>which <00:28:37.753>I <00:28:37.754>think <00:28:37.756>that <00:28:37.757>for <00:28:37.759>like 00:28:37.760 --> 00:28:39.470 align:start position:0% <00:28:37.760>direction, <00:28:37.876>which <00:28:37.993>I <00:28:38.110>think <00:28:38.226>that <00:28:38.343>for <00:28:38.460>like <00:28:38.576>the <00:28:38.693>blockchain <00:28:38.810>adoption <00:28:38.926>is <00:28:39.043>great <00:28:39.160>cuz 00:28:39.470 --> 00:28:39.480 align:start position:0% <00:28:39.470>the <00:28:39.471>blockchain <00:28:39.473>adoption <00:28:39.475>is <00:28:39.477>great <00:28:39.479>cuz 00:28:39.480 --> 00:28:41.030 align:start position:0% <00:28:39.480>the <00:28:39.573>blockchain <00:28:39.666>adoption <00:28:39.759>is <00:28:39.852>great <00:28:39.945>cuz <00:28:40.038>then <00:28:40.131>we <00:28:40.224>get <00:28:40.317>a <00:28:40.410>little <00:28:40.503>bit <00:28:40.596>of <00:28:40.689>step <00:28:40.782>out <00:28:40.875>of 00:28:41.030 --> 00:28:41.040 align:start position:0% <00:28:41.030>then <00:28:41.031>we <00:28:41.032>get <00:28:41.033>a <00:28:41.033>little <00:28:41.034>bit <00:28:41.036>of <00:28:41.037>step <00:28:41.038>out <00:28:41.039>of 00:28:41.040 --> 00:28:42.790 align:start position:0% <00:28:41.040>then <00:28:41.127>we <00:28:41.215>get <00:28:41.302>a <00:28:41.389>little <00:28:41.477>bit <00:28:41.565>of <00:28:41.652>step <00:28:41.740>out <00:28:41.827>of <00:28:41.915>like <00:28:42.002>the <00:28:42.090>crypto <00:28:42.177>bubble <00:28:42.264>and <00:28:42.352>then <00:28:42.440>we 00:28:42.790 --> 00:28:42.800 align:start position:0% <00:28:42.790>like <00:28:42.791>the <00:28:42.793>crypto <00:28:42.794>bubble <00:28:42.796>and <00:28:42.797>then <00:28:42.799>we 00:28:42.800 --> 00:28:44.910 align:start position:0% <00:28:42.800>like <00:28:42.916>the <00:28:43.033>crypto <00:28:43.149>bubble <00:28:43.266>and <00:28:43.383>then <00:28:43.500>we <00:28:43.616>actually <00:28:43.733>start <00:28:43.850>using <00:28:43.966>the <00:28:44.083>technology <00:28:44.200>for 00:28:44.910 --> 00:28:44.920 align:start position:0% <00:28:44.910>actually <00:28:44.911>start <00:28:44.913>using <00:28:44.915>the <00:28:44.917>technology <00:28:44.919>for 00:28:44.920 --> 00:28:46.390 align:start position:0% <00:28:44.920>actually <00:28:45.030>start <00:28:45.140>using <00:28:45.250>the <00:28:45.361>technology <00:28:45.471>for <00:28:45.581>the <00:28:45.691>purpose <00:28:45.802>that <00:28:45.912>it <00:28:46.022>was <00:28:46.132>actually <00:28:46.243>like 00:28:46.390 --> 00:28:46.400 align:start position:0% <00:28:46.390>the <00:28:46.391>purpose <00:28:46.393>that <00:28:46.394>it <00:28:46.396>was <00:28:46.397>actually <00:28:46.399>like 00:28:46.400 --> 00:28:49.070 align:start position:0% <00:28:46.400>the <00:28:46.507>purpose <00:28:46.615>that <00:28:46.723>it <00:28:46.830>was <00:28:46.938>actually <00:28:47.046>like <00:28:47.153>built, <00:28:47.261>right <00:28:47.369>to <00:28:47.476>just <00:28:47.584>bring <00:28:47.692>those <00:28:47.800>outside 00:28:49.070 --> 00:28:49.080 align:start position:0% <00:28:49.070>built, <00:28:49.071>right <00:28:49.072>to <00:28:49.074>just <00:28:49.076>bring <00:28:49.077>those <00:28:49.079>outside 00:28:49.080 --> 00:28:51.750 align:start position:0% <00:28:49.080>built, <00:28:49.196>right <00:28:49.313>to <00:28:49.429>just <00:28:49.546>bring <00:28:49.663>those <00:28:49.780>outside <00:28:49.896>of <00:28:50.013>the <00:28:50.129>traditional <00:28:50.246>economic <00:28:50.363>system <00:28:50.480>into 00:28:51.750 --> 00:28:51.760 align:start position:0% <00:28:51.750>of <00:28:51.751>the <00:28:51.753>traditional <00:28:51.755>economic <00:28:51.757>system <00:28:51.759>into 00:28:51.760 --> 00:28:53.590 align:start position:0% <00:28:51.760>of <00:28:51.876>the <00:28:51.993>traditional <00:28:52.110>economic <00:28:52.226>system <00:28:52.343>into <00:28:52.460>getting <00:28:52.576>them <00:28:52.693>the <00:28:52.810>access <00:28:52.926>to <00:28:53.043>the <00:28:53.160>capital 00:28:53.590 --> 00:28:53.600 align:start position:0% <00:28:53.590>getting <00:28:53.591>them <00:28:53.592>the <00:28:53.594>access <00:28:53.596>to <00:28:53.597>the <00:28:53.599>capital 00:28:53.600 --> 00:28:54.630 align:start position:0% <00:28:53.600>getting <00:28:53.703>them <00:28:53.806>the <00:28:53.908>access <00:28:54.012>to <00:28:54.115>the <00:28:54.218>capital <00:28:54.321>they <00:28:54.424>will <00:28:54.527>need. 00:28:54.630 --> 00:28:54.640 align:start position:0% <00:28:54.630>they <00:28:54.634>will <00:28:54.639>need. 00:28:54.640 --> 00:28:56.430 align:start position:0% <00:28:54.640>they <00:28:54.780>will <00:28:54.920>need. <00:28:55.060>>> <00:28:55.200>But <00:28:55.340>that's <00:28:55.480>actually <00:28:55.620>sort <00:28:55.760>of <00:28:55.900>really <00:28:56.040>when 00:28:56.430 --> 00:28:56.440 align:start position:0% <00:28:56.430>>> <00:28:56.431>But <00:28:56.432>that's <00:28:56.433>actually <00:28:56.435>sort <00:28:56.436>of <00:28:56.437>really <00:28:56.439>when 00:28:56.440 --> 00:28:57.550 align:start position:0% <00:28:56.440>>> <00:28:56.511>But <00:28:56.582>that's <00:28:56.654>actually <00:28:56.725>sort <00:28:56.796>of <00:28:56.868>really <00:28:56.939>when <00:28:57.010>you <00:28:57.082>kind <00:28:57.153>of <00:28:57.224>think <00:28:57.296>about <00:28:57.367>that, <00:28:57.438>what's 00:28:57.550 --> 00:28:57.560 align:start position:0% <00:28:57.550>you <00:28:57.551>kind <00:28:57.553>of <00:28:57.554>think <00:28:57.556>about <00:28:57.557>that, <00:28:57.559>what's 00:28:57.560 --> 00:28:59.270 align:start position:0% <00:28:57.560>you <00:28:57.676>kind <00:28:57.793>of <00:28:57.909>think <00:28:58.026>about <00:28:58.143>that, <00:28:58.260>what's <00:28:58.376>really <00:28:58.493>needed <00:28:58.610>is <00:28:58.726>that <00:28:58.843>developers <00:28:58.960>gets 00:28:59.270 --> 00:28:59.280 align:start position:0% <00:28:59.270>really <00:28:59.271>needed <00:28:59.273>is <00:28:59.275>that <00:28:59.277>developers <00:28:59.279>gets 00:28:59.280 --> 00:29:01.150 align:start position:0% <00:28:59.280>really <00:28:59.407>needed <00:28:59.534>is <00:28:59.661>that <00:28:59.789>developers <00:28:59.916>gets <00:29:00.043>the <00:29:00.170>MD <00:29:00.298>files, <00:29:00.425>right? <00:29:00.552>Because <00:29:00.680>blockchains 00:29:01.150 --> 00:29:01.160 align:start position:0% <00:29:01.150>the <00:29:01.151>MD <00:29:01.153>files, <00:29:01.155>right? <00:29:01.157>Because <00:29:01.159>blockchains 00:29:01.160 --> 00:29:02.150 align:start position:0% <00:29:01.160>the <00:29:01.234>MD <00:29:01.308>files, <00:29:01.382>right? <00:29:01.457>Because <00:29:01.531>blockchains <00:29:01.605>are <00:29:01.679>actually <00:29:01.754>kind <00:29:01.828>of <00:29:01.902>a <00:29:01.976>little <00:29:02.051>bit 00:29:02.150 --> 00:29:02.160 align:start position:0% <00:29:02.150>are <00:29:02.151>actually <00:29:02.153>kind <00:29:02.154>of <00:29:02.156>a <00:29:02.157>little <00:29:02.159>bit 00:29:02.160 --> 00:29:04.150 align:start position:0% <00:29:02.160>are <00:29:02.260>actually <00:29:02.360>kind <00:29:02.460>of <00:29:02.560>a <00:29:02.660>little <00:29:02.760>bit <00:29:02.860>complicated <00:29:02.960>to <00:29:03.060>do <00:29:03.160>things <00:29:03.260>on. <00:29:03.360>And <00:29:03.460>what <00:29:03.560>we 00:29:04.150 --> 00:29:04.160 align:start position:0% <00:29:04.150>complicated <00:29:04.151>to <00:29:04.152>do <00:29:04.153>things <00:29:04.155>on. <00:29:04.156>And <00:29:04.157>what <00:29:04.159>we 00:29:04.160 --> 00:29:05.790 align:start position:0% <00:29:04.160>complicated <00:29:04.260>to <00:29:04.360>do <00:29:04.460>things <00:29:04.560>on. <00:29:04.660>And <00:29:04.760>what <00:29:04.860>we <00:29:04.960>deliver <00:29:05.060>as <00:29:05.160>the <00:29:05.260>Cardano <00:29:05.360>Foundation <00:29:05.460>is <00:29:05.560>we 00:29:05.790 --> 00:29:05.800 align:start position:0% <00:29:05.790>deliver <00:29:05.791>as <00:29:05.793>the <00:29:05.794>Cardano <00:29:05.796>Foundation <00:29:05.797>is <00:29:05.799>we 00:29:05.800 --> 00:29:07.910 align:start position:0% <00:29:05.800>deliver <00:29:05.899>as <00:29:06.000>the <00:29:06.100>Cardano <00:29:06.200>Foundation <00:29:06.300>is <00:29:06.399>we <00:29:06.500>deliver <00:29:06.600>the <00:29:06.700>full <00:29:06.800>MD <00:29:06.899>files <00:29:07.000>for <00:29:07.100>all <00:29:07.200>the 00:29:07.910 --> 00:29:07.920 align:start position:0% <00:29:07.910>deliver <00:29:07.911>the <00:29:07.912>full <00:29:07.913>MD <00:29:07.915>files <00:29:07.916>for <00:29:07.917>all <00:29:07.919>the 00:29:07.920 --> 00:29:09.950 align:start position:0% <00:29:07.920>deliver <00:29:08.027>the <00:29:08.135>full <00:29:08.243>MD <00:29:08.350>files <00:29:08.458>for <00:29:08.566>all <00:29:08.673>the <00:29:08.781>application <00:29:08.889>layer <00:29:08.996>including <00:29:09.104>the <00:29:09.212>node <00:29:09.320>and 00:29:09.950 --> 00:29:09.960 align:start position:0% <00:29:09.950>application <00:29:09.951>layer <00:29:09.953>including <00:29:09.955>the <00:29:09.957>node <00:29:09.959>and 00:29:09.960 --> 00:29:11.790 align:start position:0% <00:29:09.960>application <00:29:10.076>layer <00:29:10.193>including <00:29:10.310>the <00:29:10.426>node <00:29:10.543>and <00:29:10.660>the <00:29:10.776>network <00:29:10.893>stack, <00:29:11.010>which <00:29:11.126>allows <00:29:11.243>you <00:29:11.360>to 00:29:11.790 --> 00:29:11.800 align:start position:0% <00:29:11.790>the <00:29:11.791>network <00:29:11.793>stack, <00:29:11.794>which <00:29:11.796>allows <00:29:11.797>you <00:29:11.799>to 00:29:11.800 --> 00:29:13.670 align:start position:0% <00:29:11.800>the <00:29:11.916>network <00:29:12.033>stack, <00:29:12.149>which <00:29:12.266>allows <00:29:12.383>you <00:29:12.500>to <00:29:12.616>bring <00:29:12.733>the <00:29:12.850>context <00:29:12.966>into <00:29:13.083>your <00:29:13.200>favorite 00:29:13.670 --> 00:29:13.680 align:start position:0% <00:29:13.670>bring <00:29:13.671>the <00:29:13.673>context <00:29:13.675>into <00:29:13.677>your <00:29:13.679>favorite 00:29:13.680 --> 00:29:15.590 align:start position:0% <00:29:13.680>bring <00:29:13.807>the <00:29:13.934>context <00:29:14.061>into <00:29:14.189>your <00:29:14.316>favorite <00:29:14.443>model <00:29:14.570>which <00:29:14.698>you're <00:29:14.825>using, <00:29:14.952>right? <00:29:15.080>And 00:29:15.590 --> 00:29:15.600 align:start position:0% <00:29:15.590>model <00:29:15.591>which <00:29:15.593>you're <00:29:15.595>using, <00:29:15.597>right? <00:29:15.599>And 00:29:15.600 --> 00:29:18.030 align:start position:0% <00:29:15.600>model <00:29:15.716>which <00:29:15.833>you're <00:29:15.949>using, <00:29:16.066>right? <00:29:16.183>And <00:29:16.300>what <00:29:16.416>we <00:29:16.533>did <00:29:16.649>in <00:29:16.766>Brasilia <00:29:16.883>in <00:29:17.000>Brazil, 00:29:18.030 --> 00:29:18.040 align:start position:0% <00:29:18.030>what <00:29:18.031>we <00:29:18.033>did <00:29:18.034>in <00:29:18.036>Brasilia <00:29:18.037>in <00:29:18.039>Brazil, 00:29:18.040 --> 00:29:20.030 align:start position:0% <00:29:18.040>what <00:29:18.139>we <00:29:18.240>did <00:29:18.340>in <00:29:18.440>Brasilia <00:29:18.540>in <00:29:18.639>Brazil, <00:29:18.740>right? <00:29:18.840>Is <00:29:18.940>we <00:29:19.040>had <00:29:19.139>a <00:29:19.240>couple <00:29:19.340>of <00:29:19.440>students 00:29:20.030 --> 00:29:20.040 align:start position:0% <00:29:20.030>right? <00:29:20.031>Is <00:29:20.032>we <00:29:20.033>had <00:29:20.035>a <00:29:20.036>couple <00:29:20.037>of <00:29:20.039>students 00:29:20.040 --> 00:29:22.270 align:start position:0% <00:29:20.040>right? <00:29:20.133>Is <00:29:20.226>we <00:29:20.320>had <00:29:20.413>a <00:29:20.506>couple <00:29:20.600>of <00:29:20.693>students <00:29:20.786>who <00:29:20.879>is <00:29:20.973>looking <00:29:21.066>at <00:29:21.159>that <00:29:21.253>for <00:29:21.346>2 <00:29:21.440>weeks, 00:29:22.270 --> 00:29:22.280 align:start position:0% <00:29:22.270>who <00:29:22.271>is <00:29:22.272>looking <00:29:22.273>at <00:29:22.275>that <00:29:22.276>for <00:29:22.277>2 <00:29:22.279>weeks, 00:29:22.280 --> 00:29:24.390 align:start position:0% <00:29:22.280>who <00:29:22.367>is <00:29:22.455>looking <00:29:22.542>at <00:29:22.629>that <00:29:22.717>for <00:29:22.805>2 <00:29:22.892>weeks, <00:29:22.980>right? <00:29:23.067>And <00:29:23.155>what <00:29:23.242>they <00:29:23.330>were <00:29:23.417>able <00:29:23.504>to <00:29:23.592>do <00:29:23.680>in 00:29:24.390 --> 00:29:24.400 align:start position:0% <00:29:24.390>right? <00:29:24.391>And <00:29:24.392>what <00:29:24.393>they <00:29:24.394>were <00:29:24.395>able <00:29:24.396>to <00:29:24.397>do <00:29:24.399>in 00:29:24.400 --> 00:29:26.070 align:start position:0% <00:29:24.400>right? <00:29:24.487>And <00:29:24.575>what <00:29:24.662>they <00:29:24.750>were <00:29:24.837>able <00:29:24.925>to <00:29:25.012>do <00:29:25.100>in <00:29:25.187>deep <00:29:25.275>tech <00:29:25.362>is <00:29:25.450>that <00:29:25.537>they're <00:29:25.625>able <00:29:25.712>to <00:29:25.800>look 00:29:26.070 --> 00:29:26.080 align:start position:0% <00:29:26.070>deep <00:29:26.071>tech <00:29:26.072>is <00:29:26.073>that <00:29:26.075>they're <00:29:26.076>able <00:29:26.077>to <00:29:26.079>look 00:29:26.080 --> 00:29:28.910 align:start position:0% <00:29:26.080>deep <00:29:26.179>tech <00:29:26.280>is <00:29:26.379>that <00:29:26.480>they're <00:29:26.580>able <00:29:26.679>to <00:29:26.780>look <00:29:26.879>at <00:29:26.980>the <00:29:27.080>electricity <00:29:27.179>current. <00:29:27.280>And <00:29:27.379>that <00:29:27.480>has 00:29:28.910 --> 00:29:28.920 align:start position:0% <00:29:28.910>at <00:29:28.911>the <00:29:28.913>electricity <00:29:28.914>current. <00:29:28.916>And <00:29:28.917>that <00:29:28.919>has 00:29:28.920 --> 00:29:30.790 align:start position:0% <00:29:28.920>at <00:29:29.095>the <00:29:29.270>electricity <00:29:29.445>current. <00:29:29.620>And <00:29:29.795>that <00:29:29.970>has <00:29:30.145>a <00:29:30.320>unique 00:29:30.790 --> 00:29:30.800 align:start position:0% <00:29:30.790>a <00:29:30.799>unique 00:29:30.800 --> 00:29:33.230 align:start position:0% <00:29:30.800>a <00:29:31.033>unique <00:29:31.266>footprint <00:29:31.500>in <00:29:31.733>the <00:29:31.966>electricity <00:29:32.200>current, 00:29:33.230 --> 00:29:33.240 align:start position:0% <00:29:33.230>footprint <00:29:33.232>in <00:29:33.234>the <00:29:33.236>electricity <00:29:33.239>current, 00:29:33.240 --> 00:29:36.110 align:start position:0% <00:29:33.240>footprint <00:29:33.367>in <00:29:33.494>the <00:29:33.621>electricity <00:29:33.749>current, <00:29:33.876>right? <00:29:34.003>So <00:29:34.130>they <00:29:34.258>can <00:29:34.385>see, <00:29:34.512>oh <00:29:34.640>this 00:29:36.110 --> 00:29:36.120 align:start position:0% <00:29:36.110>right? <00:29:36.111>So <00:29:36.112>they <00:29:36.114>can <00:29:36.116>see, <00:29:36.117>oh <00:29:36.119>this 00:29:36.120 --> 00:29:37.390 align:start position:0% <00:29:36.120>right? <00:29:36.215>So <00:29:36.310>they <00:29:36.405>can <00:29:36.501>see, <00:29:36.596>oh <00:29:36.691>this <00:29:36.786>you <00:29:36.882>know, <00:29:36.977>normally <00:29:37.072>we <00:29:37.167>think <00:29:37.263>electricity 00:29:37.390 --> 00:29:37.400 align:start position:0% <00:29:37.390>you <00:29:37.391>know, <00:29:37.393>normally <00:29:37.395>we <00:29:37.397>think <00:29:37.399>electricity 00:29:37.400 --> 00:29:39.190 align:start position:0% <00:29:37.400>you <00:29:37.527>know, <00:29:37.654>normally <00:29:37.781>we <00:29:37.909>think <00:29:38.036>electricity <00:29:38.163>is <00:29:38.290>electricity, <00:29:38.418>right? <00:29:38.545>But <00:29:38.672>it's <00:29:38.800>not, 00:29:39.190 --> 00:29:39.200 align:start position:0% <00:29:39.190>is <00:29:39.191>electricity, <00:29:39.193>right? <00:29:39.195>But <00:29:39.197>it's <00:29:39.199>not, 00:29:39.200 --> 00:29:41.150 align:start position:0% <00:29:39.200>is <00:29:39.316>electricity, <00:29:39.433>right? <00:29:39.550>But <00:29:39.666>it's <00:29:39.783>not, <00:29:39.900>right? <00:29:40.016>So <00:29:40.133>they <00:29:40.250>can <00:29:40.366>actually <00:29:40.483>measure <00:29:40.600>if 00:29:41.150 --> 00:29:41.160 align:start position:0% <00:29:41.150>right? <00:29:41.151>So <00:29:41.153>they <00:29:41.154>can <00:29:41.156>actually <00:29:41.157>measure <00:29:41.159>if 00:29:41.160 --> 00:29:43.110 align:start position:0% <00:29:41.160>right? <00:29:41.267>So <00:29:41.375>they <00:29:41.483>can <00:29:41.590>actually <00:29:41.698>measure <00:29:41.806>if <00:29:41.913>that <00:29:42.021>comes <00:29:42.129>from <00:29:42.236>that <00:29:42.344>windmill <00:29:42.452>or <00:29:42.560>it 00:29:43.110 --> 00:29:43.120 align:start position:0% <00:29:43.110>that <00:29:43.111>comes <00:29:43.112>from <00:29:43.114>that <00:29:43.116>windmill <00:29:43.117>or <00:29:43.119>it 00:29:43.120 --> 00:29:44.670 align:start position:0% <00:29:43.120>that <00:29:43.227>comes <00:29:43.334>from <00:29:43.441>that <00:29:43.549>windmill <00:29:43.656>or <00:29:43.763>it <00:29:43.871>comes <00:29:43.978>from <00:29:44.085>that <00:29:44.193>coal <00:29:44.300>plant <00:29:44.407>or <00:29:44.515>wherever 00:29:44.670 --> 00:29:44.680 align:start position:0% <00:29:44.670>comes <00:29:44.671>from <00:29:44.673>that <00:29:44.674>coal <00:29:44.676>plant <00:29:44.677>or <00:29:44.679>wherever 00:29:44.680 --> 00:29:46.510 align:start position:0% <00:29:44.680>comes <00:29:44.780>from <00:29:44.880>that <00:29:44.980>coal <00:29:45.080>plant <00:29:45.180>or <00:29:45.280>wherever <00:29:45.380>it <00:29:45.480>comes <00:29:45.580>from. <00:29:45.680>And <00:29:45.780>then <00:29:45.880>they <00:29:45.980>can <00:29:46.080>measure 00:29:46.510 --> 00:29:46.520 align:start position:0% <00:29:46.510>it <00:29:46.511>comes <00:29:46.512>from. <00:29:46.513>And <00:29:46.515>then <00:29:46.516>they <00:29:46.517>can <00:29:46.519>measure 00:29:46.520 --> 00:29:48.430 align:start position:0% <00:29:46.520>it <00:29:46.620>comes <00:29:46.720>from. <00:29:46.820>And <00:29:46.920>then <00:29:47.020>they <00:29:47.120>can <00:29:47.220>measure <00:29:47.320>that <00:29:47.420>in <00:29:47.520>the <00:29:47.620>pole. <00:29:47.720>And <00:29:47.820>then <00:29:47.920>it's 00:29:48.430 --> 00:29:48.440 align:start position:0% <00:29:48.430>that <00:29:48.431>in <00:29:48.433>the <00:29:48.434>pole. <00:29:48.436>And <00:29:48.437>then <00:29:48.439>it's 00:29:48.440 --> 00:29:50.990 align:start position:0% <00:29:48.440>that <00:29:48.547>in <00:29:48.655>the <00:29:48.763>pole. <00:29:48.870>And <00:29:48.978>then <00:29:49.086>it's <00:29:49.193>anchored. <00:29:49.301>So <00:29:49.409>the <00:29:49.516>the <00:29:49.624>image <00:29:49.732>or <00:29:49.840>the 00:29:50.990 --> 00:29:51.000 align:start position:0% <00:29:50.990>anchored. <00:29:50.991>So <00:29:50.993>the <00:29:50.994>the <00:29:50.996>image <00:29:50.997>or <00:29:50.999>the 00:29:51.000 --> 00:29:53.030 align:start position:0% <00:29:51.000>anchored. <00:29:51.116>So <00:29:51.233>the <00:29:51.350>the <00:29:51.466>image <00:29:51.583>or <00:29:51.700>the <00:29:51.816>metadata <00:29:51.933>of <00:29:52.050>the <00:29:52.166>electricity <00:29:52.283>is <00:29:52.400>anchored 00:29:53.030 --> 00:29:53.040 align:start position:0% <00:29:53.030>metadata <00:29:53.031>of <00:29:53.033>the <00:29:53.035>electricity <00:29:53.037>is <00:29:53.039>anchored 00:29:53.040 --> 00:29:54.790 align:start position:0% <00:29:53.040>metadata <00:29:53.156>of <00:29:53.273>the <00:29:53.389>electricity <00:29:53.506>is <00:29:53.623>anchored <00:29:53.740>on <00:29:53.856>Cardano, <00:29:53.973>right? <00:29:54.090>Plus <00:29:54.206>it's <00:29:54.323>then <00:29:54.440>being 00:29:54.790 --> 00:29:54.800 align:start position:0% <00:29:54.790>on <00:29:54.791>Cardano, <00:29:54.793>right? <00:29:54.794>Plus <00:29:54.796>it's <00:29:54.797>then <00:29:54.799>being 00:29:54.800 --> 00:29:56.510 align:start position:0% <00:29:54.800>on <00:29:54.907>Cardano, <00:29:55.015>right? <00:29:55.123>Plus <00:29:55.230>it's <00:29:55.338>then <00:29:55.446>being <00:29:55.553>measured <00:29:55.661>when <00:29:55.769>it <00:29:55.876>comes <00:29:55.984>to <00:29:56.092>the <00:29:56.200>actual 00:29:56.510 --> 00:29:56.520 align:start position:0% <00:29:56.510>measured <00:29:56.511>when <00:29:56.513>it <00:29:56.514>comes <00:29:56.516>to <00:29:56.517>the <00:29:56.519>actual 00:29:56.520 --> 00:29:58.790 align:start position:0% <00:29:56.520>measured <00:29:56.627>when <00:29:56.735>it <00:29:56.843>comes <00:29:56.950>to <00:29:57.058>the <00:29:57.166>actual <00:29:57.273>pole <00:29:57.381>where <00:29:57.489>it's <00:29:57.596>being <00:29:57.704>tapped <00:29:57.812>from. <00:29:57.920>And 00:29:58.790 --> 00:29:58.800 align:start position:0% <00:29:58.790>pole <00:29:58.791>where <00:29:58.793>it's <00:29:58.794>being <00:29:58.796>tapped <00:29:58.797>from. <00:29:58.799>And 00:29:58.800 --> 00:30:00.710 align:start position:0% <00:29:58.800>pole <00:29:58.907>where <00:29:59.015>it's <00:29:59.123>being <00:29:59.230>tapped <00:29:59.338>from. <00:29:59.446>And <00:29:59.553>in <00:29:59.661>this <00:29:59.769>way <00:29:59.876>they <00:29:59.984>can <00:30:00.092>actually <00:30:00.200>100% 00:30:00.710 --> 00:30:00.720 align:start position:0% <00:30:00.710>in <00:30:00.711>this <00:30:00.713>way <00:30:00.714>they <00:30:00.716>can <00:30:00.717>actually <00:30:00.719>100% 00:30:00.720 --> 00:30:03.470 align:start position:0% <00:30:00.720>in <00:30:00.847>this <00:30:00.974>way <00:30:01.101>they <00:30:01.229>can <00:30:01.356>actually <00:30:01.483>100% <00:30:01.610>assert <00:30:01.738>that <00:30:01.865>this <00:30:01.992>electricity <00:30:02.120>was 00:30:03.470 --> 00:30:03.480 align:start position:0% <00:30:03.470>assert <00:30:03.472>that <00:30:03.474>this <00:30:03.476>electricity <00:30:03.479>was 00:30:03.480 --> 00:30:05.150 align:start position:0% <00:30:03.480>assert <00:30:03.635>that <00:30:03.791>this <00:30:03.946>electricity <00:30:04.102>was <00:30:04.257>environmentally <00:30:04.413>friendly <00:30:04.568>or <00:30:04.724>this <00:30:04.880>was 00:30:05.150 --> 00:30:05.160 align:start position:0% <00:30:05.150>environmentally <00:30:05.152>friendly <00:30:05.154>or <00:30:05.156>this <00:30:05.159>was 00:30:05.160 --> 00:30:07.070 align:start position:0% <00:30:05.160>environmentally <00:30:05.276>friendly <00:30:05.393>or <00:30:05.510>this <00:30:05.626>was <00:30:05.743>coming <00:30:05.860>from <00:30:05.976>a <00:30:06.093>coal <00:30:06.210>or <00:30:06.326>a <00:30:06.443>nuclear <00:30:06.560>plant. 00:30:07.070 --> 00:30:07.080 align:start position:0% <00:30:07.070>coming <00:30:07.071>from <00:30:07.072>a <00:30:07.073>coal <00:30:07.075>or <00:30:07.076>a <00:30:07.077>nuclear <00:30:07.079>plant. 00:30:07.080 --> 00:30:09.470 align:start position:0% <00:30:07.080>coming <00:30:07.167>from <00:30:07.254>a <00:30:07.342>coal <00:30:07.429>or <00:30:07.517>a <00:30:07.605>nuclear <00:30:07.692>plant. <00:30:07.780>And <00:30:07.867>this <00:30:07.955>was <00:30:08.042>coming <00:30:08.129>not <00:30:08.217>from <00:30:08.304>A <00:30:08.392>but <00:30:08.480>that 00:30:09.470 --> 00:30:09.480 align:start position:0% <00:30:09.470>And <00:30:09.471>this <00:30:09.472>was <00:30:09.473>coming <00:30:09.474>not <00:30:09.475>from <00:30:09.476>A <00:30:09.477>but <00:30:09.479>that 00:30:09.480 --> 00:30:10.750 align:start position:0% <00:30:09.480>And <00:30:09.607>this <00:30:09.734>was <00:30:09.861>coming <00:30:09.988>not <00:30:10.115>from <00:30:10.242>A <00:30:10.369>but <00:30:10.496>that <00:30:10.623>one. 00:30:10.750 --> 00:30:10.760 align:start position:0% one. 00:30:10.760 --> 00:30:12.510 align:start position:0% <00:30:10.760>one. <00:30:10.960>So <00:30:11.160>when <00:30:11.360>you <00:30:11.560>start <00:30:11.760>merging <00:30:11.960>internet <00:30:12.160>of 00:30:12.510 --> 00:30:12.520 align:start position:0% <00:30:12.510>So <00:30:12.511>when <00:30:12.513>you <00:30:12.514>start <00:30:12.516>merging <00:30:12.517>internet <00:30:12.519>of 00:30:12.520 --> 00:30:15.190 align:start position:0% <00:30:12.520>So <00:30:12.627>when <00:30:12.735>you <00:30:12.843>start <00:30:12.950>merging <00:30:13.058>internet <00:30:13.166>of <00:30:13.273>things <00:30:13.381>and <00:30:13.489>you <00:30:13.596>start <00:30:13.704>merging <00:30:13.812>AI, <00:30:13.920>right? 00:30:15.190 --> 00:30:15.200 align:start position:0% <00:30:15.190>things <00:30:15.191>and <00:30:15.193>you <00:30:15.194>start <00:30:15.196>merging <00:30:15.197>AI, <00:30:15.199>right? 00:30:15.200 --> 00:30:17.470 align:start position:0% <00:30:15.200>things <00:30:15.300>and <00:30:15.400>you <00:30:15.500>start <00:30:15.600>merging <00:30:15.700>AI, <00:30:15.800>right? <00:30:15.900>Uh <00:30:16.000>and <00:30:16.100>blockchain, <00:30:16.200>you <00:30:16.300>actually <00:30:16.400>get <00:30:16.500>to <00:30:16.600>a 00:30:17.470 --> 00:30:17.480 align:start position:0% <00:30:17.470>Uh <00:30:17.471>and <00:30:17.472>blockchain, <00:30:17.473>you <00:30:17.475>actually <00:30:17.476>get <00:30:17.477>to <00:30:17.479>a 00:30:17.480 --> 00:30:20.790 align:start position:0% <00:30:17.480>Uh <00:30:17.580>and <00:30:17.680>blockchain, <00:30:17.780>you <00:30:17.880>actually <00:30:17.980>get <00:30:18.080>to <00:30:18.180>a <00:30:18.280>complete <00:30:18.380>new <00:30:18.480>um <00:30:18.580>era <00:30:18.680>of <00:30:18.780>discovery <00:30:18.880>and 00:30:20.790 --> 00:30:20.800 align:start position:0% <00:30:20.790>complete <00:30:20.791>new <00:30:20.793>um <00:30:20.794>era <00:30:20.796>of <00:30:20.797>discovery <00:30:20.799>and 00:30:20.800 --> 00:30:23.030 align:start position:0% <00:30:20.800>complete <00:30:20.907>new <00:30:21.015>um <00:30:21.123>era <00:30:21.230>of <00:30:21.338>discovery <00:30:21.446>and <00:30:21.553>then <00:30:21.661>and <00:30:21.769>problem <00:30:21.876>solving. <00:30:21.984>And <00:30:22.092>because <00:30:22.200>we 00:30:23.030 --> 00:30:23.040 align:start position:0% <00:30:23.030>then <00:30:23.031>and <00:30:23.033>problem <00:30:23.034>solving. <00:30:23.036>And <00:30:23.037>because <00:30:23.039>we 00:30:23.040 --> 00:30:24.750 align:start position:0% <00:30:23.040>then <00:30:23.147>and <00:30:23.255>problem <00:30:23.363>solving. <00:30:23.470>And <00:30:23.578>because <00:30:23.686>we <00:30:23.793>give <00:30:23.901>all <00:30:24.009>these <00:30:24.116>MD <00:30:24.224>files <00:30:24.332>away, <00:30:24.440>it 00:30:24.750 --> 00:30:24.760 align:start position:0% <00:30:24.750>give <00:30:24.751>all <00:30:24.753>these <00:30:24.754>MD <00:30:24.756>files <00:30:24.757>away, <00:30:24.759>it 00:30:24.760 --> 00:30:25.950 align:start position:0% <00:30:24.760>give <00:30:24.842>all <00:30:24.924>these <00:30:25.007>MD <00:30:25.089>files <00:30:25.171>away, <00:30:25.254>it <00:30:25.336>actually <00:30:25.419>allows <00:30:25.501>you <00:30:25.583>not <00:30:25.666>to <00:30:25.748>be <00:30:25.831>a 00:30:25.950 --> 00:30:25.960 align:start position:0% <00:30:25.950>actually <00:30:25.951>allows <00:30:25.953>you <00:30:25.954>not <00:30:25.956>to <00:30:25.957>be <00:30:25.959>a 00:30:25.960 --> 00:30:27.630 align:start position:0% <00:30:25.960>actually <00:30:26.076>allows <00:30:26.193>you <00:30:26.310>not <00:30:26.426>to <00:30:26.543>be <00:30:26.660>a <00:30:26.776>blockchain <00:30:26.893>expert <00:30:27.010>anymore. <00:30:27.126>You <00:30:27.243>just <00:30:27.360>need 00:30:27.630 --> 00:30:27.640 align:start position:0% <00:30:27.630>blockchain <00:30:27.631>expert <00:30:27.633>anymore. <00:30:27.635>You <00:30:27.637>just <00:30:27.639>need 00:30:27.640 --> 00:30:30.510 align:start position:0% <00:30:27.640>blockchain <00:30:27.747>expert <00:30:27.855>anymore. <00:30:27.963>You <00:30:28.070>just <00:30:28.178>need <00:30:28.286>to <00:30:28.393>be <00:30:28.501>able <00:30:28.609>to <00:30:28.716>root <00:30:28.824>uh <00:30:28.932>properly, <00:30:29.040>right? 00:30:30.510 --> 00:30:30.520 align:start position:0% <00:30:30.510>to <00:30:30.511>be <00:30:30.512>able <00:30:30.513>to <00:30:30.515>root <00:30:30.516>uh <00:30:30.517>properly, <00:30:30.519>right? 00:30:30.520 --> 00:30:32.110 align:start position:0% <00:30:30.520>to <00:30:30.607>be <00:30:30.695>able <00:30:30.782>to <00:30:30.870>root <00:30:30.957>uh <00:30:31.045>properly, <00:30:31.132>right? <00:30:31.220>And <00:30:31.307>if <00:30:31.395>you <00:30:31.482>can <00:30:31.570>root <00:30:31.657>properly <00:30:31.745>and <00:30:31.832>set <00:30:31.920>up 00:30:32.110 --> 00:30:32.120 align:start position:0% <00:30:32.110>And <00:30:32.111>if <00:30:32.112>you <00:30:32.113>can <00:30:32.114>root <00:30:32.115>properly <00:30:32.116>and <00:30:32.117>set <00:30:32.119>up 00:30:32.120 --> 00:30:33.230 align:start position:0% <00:30:32.120>And <00:30:32.219>if <00:30:32.319>you <00:30:32.419>can <00:30:32.519>root <00:30:32.619>properly <00:30:32.719>and <00:30:32.819>set <00:30:32.919>up <00:30:33.019>your <00:30:33.119>model, 00:30:33.230 --> 00:30:33.240 align:start position:0% <00:30:33.230>your <00:30:33.239>model, 00:30:33.240 --> 00:30:34.790 align:start position:0% <00:30:33.240>your <00:30:33.588>model, <00:30:33.937>uh <00:30:34.286>you <00:30:34.635>know, 00:30:34.790 --> 00:30:34.800 align:start position:0% <00:30:34.790>uh <00:30:34.794>you <00:30:34.799>know, 00:30:34.800 --> 00:30:37.230 align:start position:0% <00:30:34.800>uh <00:30:34.955>you <00:30:35.111>know, <00:30:35.266>it's <00:30:35.422>it's <00:30:35.577>it's <00:30:35.733>really <00:30:35.888>easy <00:30:36.044>to <00:30:36.200>deploy 00:30:37.230 --> 00:30:37.240 align:start position:0% <00:30:37.230>it's <00:30:37.231>it's <00:30:37.233>it's <00:30:37.234>really <00:30:37.236>easy <00:30:37.237>to <00:30:37.239>deploy 00:30:37.240 --> 00:30:39.190 align:start position:0% <00:30:37.240>it's <00:30:37.347>it's <00:30:37.455>it's <00:30:37.563>really <00:30:37.670>easy <00:30:37.778>to <00:30:37.886>deploy <00:30:37.993>now, <00:30:38.101>huh? <00:30:38.209>So <00:30:38.316>this <00:30:38.424>was <00:30:38.532>students <00:30:38.640>who 00:30:39.190 --> 00:30:39.200 align:start position:0% <00:30:39.190>now, <00:30:39.191>huh? <00:30:39.193>So <00:30:39.194>this <00:30:39.196>was <00:30:39.197>students <00:30:39.199>who 00:30:39.200 --> 00:30:41.390 align:start position:0% <00:30:39.200>now, <00:30:39.307>huh? <00:30:39.415>So <00:30:39.523>this <00:30:39.630>was <00:30:39.738>students <00:30:39.846>who <00:30:39.953>actually <00:30:40.061>And <00:30:40.169>the <00:30:40.276>output <00:30:40.384>after <00:30:40.492>3 <00:30:40.600>weeks 00:30:41.390 --> 00:30:41.400 align:start position:0% <00:30:41.390>actually <00:30:41.391>And <00:30:41.393>the <00:30:41.394>output <00:30:41.396>after <00:30:41.397>3 <00:30:41.399>weeks 00:30:41.400 --> 00:30:44.310 align:start position:0% <00:30:41.400>actually <00:30:41.493>And <00:30:41.586>the <00:30:41.680>output <00:30:41.773>after <00:30:41.866>3 <00:30:41.960>weeks <00:30:42.053>was <00:30:42.146>uh <00:30:42.240>the <00:30:42.333>local <00:30:42.426>city <00:30:42.520>state <00:30:42.613>bought <00:30:42.706>a <00:30:42.800>100 00:30:44.310 --> 00:30:44.320 align:start position:0% <00:30:44.310>was <00:30:44.311>uh <00:30:44.312>the <00:30:44.313>local <00:30:44.314>city <00:30:44.315>state <00:30:44.316>bought <00:30:44.317>a <00:30:44.319>100 00:30:44.320 --> 00:30:46.110 align:start position:0% <00:30:44.320>was <00:30:44.407>uh <00:30:44.495>the <00:30:44.582>local <00:30:44.669>city <00:30:44.757>state <00:30:44.845>bought <00:30:44.932>a <00:30:45.020>100 <00:30:45.107>poles, <00:30:45.195>which <00:30:45.282>is <00:30:45.370>now <00:30:45.457>being <00:30:45.544>set <00:30:45.632>up. <00:30:45.720>So, 00:30:46.110 --> 00:30:46.120 align:start position:0% <00:30:46.110>poles, <00:30:46.111>which <00:30:46.112>is <00:30:46.113>now <00:30:46.115>being <00:30:46.116>set <00:30:46.117>up. <00:30:46.119>So, 00:30:46.120 --> 00:30:47.510 align:start position:0% <00:30:46.120>poles, <00:30:46.216>which <00:30:46.312>is <00:30:46.408>now <00:30:46.504>being <00:30:46.601>set <00:30:46.697>up. <00:30:46.793>So, <00:30:46.889>this <00:30:46.986>is <00:30:47.082>electricity <00:30:47.178>poles <00:30:47.274>with <00:30:47.371>this 00:30:47.510 --> 00:30:47.520 align:start position:0% <00:30:47.510>this <00:30:47.511>is <00:30:47.513>electricity <00:30:47.515>poles <00:30:47.517>with <00:30:47.519>this 00:30:47.520 --> 00:30:49.230 align:start position:0% <00:30:47.520>this <00:30:47.660>is <00:30:47.800>electricity <00:30:47.940>poles <00:30:48.080>with <00:30:48.220>this <00:30:48.360>little <00:30:48.500>measuring <00:30:48.639>thing <00:30:48.780>on, <00:30:48.920>plus 00:30:49.230 --> 00:30:49.240 align:start position:0% <00:30:49.230>little <00:30:49.232>measuring <00:30:49.234>thing <00:30:49.236>on, <00:30:49.239>plus 00:30:49.240 --> 00:30:51.710 align:start position:0% <00:30:49.240>little <00:30:49.380>measuring <00:30:49.520>thing <00:30:49.660>on, <00:30:49.800>plus <00:30:49.940>measuring <00:30:50.080>boxes <00:30:50.220>at <00:30:50.360>the <00:30:50.500>power <00:30:50.640>plant. 00:30:51.710 --> 00:30:51.720 align:start position:0% <00:30:51.710>measuring <00:30:51.711>boxes <00:30:51.713>at <00:30:51.715>the <00:30:51.717>power <00:30:51.719>plant. 00:30:51.720 --> 00:30:52.270 align:start position:0% <00:30:51.720>measuring <00:30:51.802>boxes <00:30:51.885>at <00:30:51.967>the <00:30:52.050>power <00:30:52.132>plant. <00:30:52.215>Um 00:30:52.270 --> 00:30:52.280 align:start position:0% Um 00:30:52.280 --> 00:30:53.790 align:start position:0% <00:30:52.280>Um <00:30:52.474>and <00:30:52.668>that's <00:30:52.862>2 <00:30:53.056>weeks, <00:30:53.250>huh? <00:30:53.444>So, <00:30:53.639>imagine 00:30:53.790 --> 00:30:53.800 align:start position:0% <00:30:53.790>and <00:30:53.791>that's <00:30:53.793>2 <00:30:53.794>weeks, <00:30:53.796>huh? <00:30:53.797>So, <00:30:53.799>imagine 00:30:53.800 --> 00:30:55.430 align:start position:0% <00:30:53.800>and <00:30:53.887>that's <00:30:53.975>2 <00:30:54.062>weeks, <00:30:54.149>huh? <00:30:54.237>So, <00:30:54.325>imagine <00:30:54.412>what <00:30:54.500>you <00:30:54.587>guys <00:30:54.675>can <00:30:54.762>do <00:30:54.850>in <00:30:54.937>a <00:30:55.024>month <00:30:55.112>or <00:30:55.200>two, 00:30:55.430 --> 00:30:55.440 align:start position:0% <00:30:55.430>what <00:30:55.431>you <00:30:55.432>guys <00:30:55.433>can <00:30:55.434>do <00:30:55.435>in <00:30:55.436>a <00:30:55.437>month <00:30:55.438>or <00:30:55.439>two, 00:30:55.440 --> 00:30:56.110 align:start position:0% <00:30:55.440>what <00:30:55.500>you <00:30:55.560>guys <00:30:55.620>can <00:30:55.681>do <00:30:55.741>in <00:30:55.801>a <00:30:55.862>month <00:30:55.922>or <00:30:55.982>two, <00:30:56.043>huh? 00:30:56.110 --> 00:30:56.120 align:start position:0% huh? 00:30:56.120 --> 00:30:58.710 align:start position:0% <00:30:56.120>huh? <00:30:56.275>>> <00:30:56.431>Yeah, <00:30:56.586>I <00:30:56.742>thought <00:30:56.897>like <00:30:57.053>the <00:30:57.208>energy <00:30:57.364>um <00:30:57.520>the 00:30:58.710 --> 00:30:58.720 align:start position:0% <00:30:58.710>>> <00:30:58.711>Yeah, <00:30:58.712>I <00:30:58.713>thought <00:30:58.714>like <00:30:58.715>the <00:30:58.716>energy <00:30:58.717>um <00:30:58.719>the 00:30:58.720 --> 00:31:00.830 align:start position:0% <00:30:58.720>>> <00:30:58.813>Yeah, <00:30:58.906>I <00:30:59.000>thought <00:30:59.093>like <00:30:59.186>the <00:30:59.280>energy <00:30:59.373>um <00:30:59.466>the <00:30:59.560>energy <00:30:59.653>efficiency <00:30:59.746>is <00:30:59.840>one <00:30:59.933>of <00:31:00.026>my <00:31:00.120>favorite 00:31:00.830 --> 00:31:00.840 align:start position:0% <00:31:00.830>energy <00:31:00.831>efficiency <00:31:00.832>is <00:31:00.834>one <00:31:00.836>of <00:31:00.837>my <00:31:00.839>favorite 00:31:00.840 --> 00:31:02.550 align:start position:0% <00:31:00.840>energy <00:31:00.947>efficiency <00:31:01.055>is <00:31:01.163>one <00:31:01.270>of <00:31:01.378>my <00:31:01.486>favorite <00:31:01.593>topics <00:31:01.701>when <00:31:01.809>it <00:31:01.916>comes <00:31:02.024>to <00:31:02.132>IoT. <00:31:02.240>Sadly, 00:31:02.550 --> 00:31:02.560 align:start position:0% <00:31:02.550>topics <00:31:02.551>when <00:31:02.553>it <00:31:02.554>comes <00:31:02.556>to <00:31:02.557>IoT. <00:31:02.559>Sadly, 00:31:02.560 --> 00:31:03.630 align:start position:0% <00:31:02.560>topics <00:31:02.647>when <00:31:02.735>it <00:31:02.822>comes <00:31:02.910>to <00:31:02.997>IoT. <00:31:03.085>Sadly, <00:31:03.172>there <00:31:03.260>is <00:31:03.347>also <00:31:03.435>like <00:31:03.523>regulatory 00:31:03.630 --> 00:31:03.640 align:start position:0% <00:31:03.630>there <00:31:03.632>is <00:31:03.634>also <00:31:03.636>like <00:31:03.639>regulatory 00:31:03.640 --> 00:31:05.190 align:start position:0% <00:31:03.640>there <00:31:03.779>is <00:31:03.919>also <00:31:04.058>like <00:31:04.198>regulatory <00:31:04.337>limitations <00:31:04.477>and <00:31:04.616>you <00:31:04.756>cannot <00:31:04.895>like <00:31:05.035>have 00:31:05.190 --> 00:31:05.200 align:start position:0% <00:31:05.190>limitations <00:31:05.191>and <00:31:05.193>you <00:31:05.195>cannot <00:31:05.197>like <00:31:05.199>have 00:31:05.200 --> 00:31:07.110 align:start position:0% <00:31:05.200>limitations <00:31:05.340>and <00:31:05.480>you <00:31:05.620>cannot <00:31:05.760>like <00:31:05.900>have <00:31:06.040>like <00:31:06.180>peer-to-peer <00:31:06.320>selling <00:31:06.460>of <00:31:06.600>energy, 00:31:07.110 --> 00:31:07.120 align:start position:0% <00:31:07.110>like <00:31:07.112>peer-to-peer <00:31:07.114>selling <00:31:07.116>of <00:31:07.119>energy, 00:31:07.120 --> 00:31:08.750 align:start position:0% <00:31:07.120>like <00:31:07.236>peer-to-peer <00:31:07.353>selling <00:31:07.469>of <00:31:07.586>energy, <00:31:07.703>which <00:31:07.820>we <00:31:07.936>hope <00:31:08.053>that <00:31:08.169>at <00:31:08.286>some <00:31:08.403>point <00:31:08.520>that 00:31:08.750 --> 00:31:08.760 align:start position:0% <00:31:08.750>which <00:31:08.751>we <00:31:08.752>hope <00:31:08.753>that <00:31:08.755>at <00:31:08.756>some <00:31:08.757>point <00:31:08.759>that 00:31:08.760 --> 00:31:10.310 align:start position:0% <00:31:08.760>which <00:31:08.859>we <00:31:08.959>hope <00:31:09.058>that <00:31:09.158>at <00:31:09.258>some <00:31:09.357>point <00:31:09.457>that <00:31:09.557>will <00:31:09.656>change. <00:31:09.756>But, <00:31:09.856>like <00:31:09.955>systems <00:31:10.055>like <00:31:10.155>this 00:31:10.310 --> 00:31:10.320 align:start position:0% <00:31:10.310>will <00:31:10.311>change. <00:31:10.312>But, <00:31:10.314>like <00:31:10.316>systems <00:31:10.317>like <00:31:10.319>this 00:31:10.320 --> 00:31:10.910 align:start position:0% <00:31:10.320>will <00:31:10.373>change. <00:31:10.426>But, <00:31:10.479>like <00:31:10.532>systems <00:31:10.585>like <00:31:10.638>this <00:31:10.691>is <00:31:10.744>a <00:31:10.797>really <00:31:10.851>nice 00:31:10.910 --> 00:31:10.920 align:start position:0% <00:31:10.910>is <00:31:10.913>a <00:31:10.916>really <00:31:10.919>nice 00:31:10.920 --> 00:31:12.750 align:start position:0% <00:31:10.920>is <00:31:11.027>a <00:31:11.135>really <00:31:11.243>nice <00:31:11.350>>> <00:31:11.458>you <00:31:11.566>can <00:31:11.673>do, <00:31:11.781>but <00:31:11.889>just <00:31:11.996>not <00:31:12.104>in <00:31:12.212>the <00:31:12.320>European 00:31:12.750 --> 00:31:12.760 align:start position:0% <00:31:12.750>>> <00:31:12.751>you <00:31:12.752>can <00:31:12.753>do, <00:31:12.754>but <00:31:12.755>just <00:31:12.756>not <00:31:12.757>in <00:31:12.758>the <00:31:12.759>European 00:31:12.760 --> 00:31:12.950 align:start position:0% <00:31:12.760>>> <00:31:12.777>you <00:31:12.794>can <00:31:12.811>do, <00:31:12.828>but <00:31:12.845>just <00:31:12.862>not <00:31:12.879>in <00:31:12.896>the <00:31:12.913>European <00:31:12.931>Union. 00:31:12.950 --> 00:31:12.960 align:start position:0% Union. 00:31:12.960 --> 00:31:14.510 align:start position:0% <00:31:12.960>Union. <00:31:13.134>>> <00:31:13.308>in <00:31:13.483>Europe. <00:31:13.657>Yeah, <00:31:13.831>right. <00:31:14.006>Like <00:31:14.180>I <00:31:14.355>keep 00:31:14.510 --> 00:31:14.520 align:start position:0% <00:31:14.510>>> <00:31:14.511>in <00:31:14.512>Europe. <00:31:14.513>Yeah, <00:31:14.515>right. <00:31:14.516>Like <00:31:14.517>I <00:31:14.519>keep 00:31:14.520 --> 00:31:15.830 align:start position:0% <00:31:14.520>>> <00:31:14.610>in <00:31:14.701>Europe. <00:31:14.792>Yeah, <00:31:14.882>right. <00:31:14.973>Like <00:31:15.064>I <00:31:15.154>keep <00:31:15.245>pushing <00:31:15.336>like <00:31:15.426>to <00:31:15.517>the <00:31:15.608>regulator <00:31:15.698>[laughter] 00:31:15.830 --> 00:31:15.840 align:start position:0% <00:31:15.830>pushing <00:31:15.831>like <00:31:15.833>to <00:31:15.835>the <00:31:15.837>regulator <00:31:15.839>[laughter] 00:31:15.840 --> 00:31:17.710 align:start position:0% <00:31:15.840>pushing <00:31:15.956>like <00:31:16.073>to <00:31:16.189>the <00:31:16.306>regulator <00:31:16.423>[laughter] <00:31:16.540>to <00:31:16.656>be <00:31:16.773>more <00:31:16.889>innovative. <00:31:17.006>But, <00:31:17.123>thank <00:31:17.240>you 00:31:17.710 --> 00:31:17.720 align:start position:0% <00:31:17.710>to <00:31:17.711>be <00:31:17.713>more <00:31:17.714>innovative. <00:31:17.716>But, <00:31:17.717>thank <00:31:17.719>you 00:31:17.720 --> 00:31:18.910 align:start position:0% <00:31:17.720>to <00:31:17.796>be <00:31:17.873>more <00:31:17.949>innovative. <00:31:18.026>But, <00:31:18.102>thank <00:31:18.179>you <00:31:18.255>everyone. <00:31:18.332>I <00:31:18.408>think <00:31:18.485>that <00:31:18.561>we <00:31:18.638>run <00:31:18.714>out <00:31:18.791>of 00:31:18.910 --> 00:31:18.920 align:start position:0% <00:31:18.910>everyone. <00:31:18.911>I <00:31:18.912>think <00:31:18.913>that <00:31:18.915>we <00:31:18.916>run <00:31:18.917>out <00:31:18.919>of 00:31:18.920 --> 00:31:20.310 align:start position:0% <00:31:18.920>everyone. <00:31:18.998>I <00:31:19.076>think <00:31:19.154>that <00:31:19.232>we <00:31:19.310>run <00:31:19.389>out <00:31:19.467>of <00:31:19.545>time, <00:31:19.623>but <00:31:19.701>we <00:31:19.780>are <00:31:19.858>going <00:31:19.936>to <00:31:20.014>be <00:31:20.092>around <00:31:20.171>if 00:31:20.310 --> 00:31:20.320 align:start position:0% <00:31:20.310>time, <00:31:20.311>but <00:31:20.312>we <00:31:20.313>are <00:31:20.314>going <00:31:20.315>to <00:31:20.316>be <00:31:20.317>around <00:31:20.319>if 00:31:20.320 --> 00:31:21.950 align:start position:0% <00:31:20.320>time, <00:31:20.413>but <00:31:20.506>we <00:31:20.600>are <00:31:20.693>going <00:31:20.786>to <00:31:20.879>be <00:31:20.973>around <00:31:21.066>if <00:31:21.159>you <00:31:21.253>have <00:31:21.346>more <00:31:21.439>questions. <00:31:21.533>Thank <00:31:21.626>you <00:31:21.720>for 00:31:21.950 --> 00:31:21.960 align:start position:0% <00:31:21.950>you <00:31:21.951>have <00:31:21.953>more <00:31:21.954>questions. <00:31:21.956>Thank <00:31:21.957>you <00:31:21.959>for 00:31:21.960 --> 00:31:23.136 align:start position:0% <00:31:21.960>you <00:31:22.111>have <00:31:22.262>more <00:31:22.413>questions. <00:31:22.564>Thank <00:31:22.716>you <00:31:22.867>for <00:31:23.018>it. 00:31:23.136 --> 00:31:23.146 align:start position:0% it. 00:31:23.146 --> 00:31:23.510 align:start position:0% <00:31:23.146>it. <00:31:23.309>>> <00:31:23.473>[applause] 00:31:23.510 --> 00:31:23.520 align:start position:0% <00:31:23.510>>> <00:31:23.519>[applause] 00:31:23.520 --> 00:31:26.520 align:start position:0% <00:31:23.520>>> <00:31:23.753>[applause] <00:31:23.986>>> <00:31:24.220>Thank <00:31:24.453>you <00:31:24.686>very <00:31:24.920>much.