I’m here to talk about something really simple and I’ll start by talking about
simple and I’ll start by talking about
simple and I’ll start by talking about trust because something profound is
trust because something profound is
trust because something profound is happening in the world of technology
happening in the world of technology
happening in the world of technology that may have the solutions to India’s
that may have the solutions to India’s
that may have the solutions to India’s biggest problems and we’ll start with a
biggest problems and we’ll start with a
biggest problems and we’ll start with a few simple questions for all of you
few simple questions for all of you
few simple questions for all of you please raise your hands if you’ve ever
please raise your hands if you’ve ever
please raise your hands if you’ve ever been on an airplane okay very well if
been on an airplane okay very well if
been on an airplane okay very well if you knew that the pet that the pilot is
you knew that the pet that the pilot is
you knew that the pet that the pilot is flying the airplane didn’t know how to
flying the airplane didn’t know how to
flying the airplane didn’t know how to fly
fly
fly would you still take that flight fair
would you still take that flight fair
would you still take that flight fair enough
enough
enough how many of you look for reviews when
how many of you look for reviews when
how many of you look for reviews when buying something online it’s really
buying something online it’s really
buying something online it’s really greatly ok would you be ok with sending
greatly ok would you be ok with sending
greatly ok would you be ok with sending money online to a stranger please raise
money online to a stranger please raise
money online to a stranger please raise your hands I think the point is made
your hands I think the point is made
your hands I think the point is made trust is something that we seek when we
trust is something that we seek when we
trust is something that we seek when we interact and transact with one another
interact and transact with one another
interact and transact with one another but trust is also about a lot more Trust
but trust is also about a lot more Trust
but trust is also about a lot more Trust is the grease that allows our economic
is the grease that allows our economic
is the grease that allows our economic and political machines to function for
and political machines to function for
and political machines to function for instance we trust our democratic
instance we trust our democratic
instance we trust our democratic institutions to hold a free and fair
institutions to hold a free and fair
institutions to hold a free and fair election
election
election it’s what enabled the previous Indian
it’s what enabled the previous Indian
it’s what enabled the previous Indian general election to be the biggest
general election to be the biggest
general election to be the biggest Democratic exercise in human history we
Democratic exercise in human history we
Democratic exercise in human history we trust our lawmakers and our judiciary to
trust our lawmakers and our judiciary to
trust our lawmakers and our judiciary to uphold the rule of law then there are
uphold the rule of law then there are
uphold the rule of law then there are other institutions such as banks and
other institutions such as banks and
other institutions such as banks and corporations that we rely on for a
corporations that we rely on for a
corporations that we rely on for a multitude of things so suffice it to say
multitude of things so suffice it to say
multitude of things so suffice it to say then we depend on institutions for our
then we depend on institutions for our
then we depend on institutions for our most basic needs our rights our
most basic needs our rights our
most basic needs our rights our education our health our physical safety
education our health our physical safety
education our health our physical safety our prosperity and future are completely
our prosperity and future are completely
our prosperity and future are completely placed in the hands of our institutions
placed in the hands of our institutions
placed in the hands of our institutions suffice it to say also then that the
suffice it to say also then that the
suffice it to say also then that the cause for a lot of problems that we face
cause for a lot of problems that we face
cause for a lot of problems that we face in India today should be attributed to
in India today should be attributed to
in India today should be attributed to institutions a multitude of factors have
institutions a multitude of factors have
institutions a multitude of factors have compromised our institutions and
undermined our trust in them what are
undermined our trust in them what are those causes I think we can debate all
those causes I think we can debate all
those causes I think we can debate all we want but there is one rampant disease
we want but there is one rampant disease
we want but there is one rampant disease that I think all of us agree contributes
that I think all of us agree contributes
that I think all of us agree contributes to this more than anything else I’m
to this more than anything else I’m
to this more than anything else I’m speaking of course about corruption
India in the transparency international
India in the transparency international index ranks 79
index ranks 79
index ranks 79 that’s an abysmal eat low number and
that’s an abysmal eat low number and
that’s an abysmal eat low number and just to give you some context the lower
just to give you some context the lower
just to give you some context the lower the number the most the more corrupt the
the number the most the more corrupt the
the number the most the more corrupt the country is in a recent World Economic
country is in a recent World Economic
country is in a recent World Economic Forum’s survey 50% of young Indians said
Forum’s survey 50% of young Indians said
Forum’s survey 50% of young Indians said that corruption contributes most to
that corruption contributes most to
that corruption contributes most to India’s problems the upside though is
India’s problems the upside though is
India’s problems the upside though is that we are willing to do what it takes
that we are willing to do what it takes
that we are willing to do what it takes to fight with corruption and this was
to fight with corruption and this was
to fight with corruption and this was evident when in November of previous
evident when in November of previous
evident when in November of previous year our prime minister give us a
year our prime minister give us a
year our prime minister give us a pleasant surprise and said that 14
pleasant surprise and said that 14
pleasant surprise and said that 14 trillion rupees would be be monetized we
trillion rupees would be be monetized we
trillion rupees would be be monetized we didn’t go riding in the streets like we
didn’t go riding in the streets like we
didn’t go riding in the streets like we do when India once the World Cup what we
do when India once the World Cup what we
do when India once the World Cup what we did we became together as a country and
did we became together as a country and
did we became together as a country and supported the intention behind that move
supported the intention behind that move
supported the intention behind that move so that’s the good thing even if you
so that’s the good thing even if you
so that’s the good thing even if you don’t believe the statistics behind our
don’t believe the statistics behind our
don’t believe the statistics behind our corruption I think it’s evident to all
corruption I think it’s evident to all
corruption I think it’s evident to all of us that the social and political
of us that the social and political
of us that the social and political landscape has been dominated by moral
landscape has been dominated by moral
landscape has been dominated by moral outrage over corruption so we’re really
outrage over corruption so we’re really
outrage over corruption so we’re really angry about corruption and we’re dealing
angry about corruption and we’re dealing
angry about corruption and we’re dealing willing to do what it takes to eliminate
willing to do what it takes to eliminate
willing to do what it takes to eliminate it so why is it corruption still so
it so why is it corruption still so
it so why is it corruption still so dominant and what no new innovative ways
dominant and what no new innovative ways
dominant and what no new innovative ways can we find to deal with it a popular
can we find to deal with it a popular
can we find to deal with it a popular opinion has been that technology holds
opinion has been that technology holds
opinion has been that technology holds the solutions to corruption this is
the solutions to corruption this is
the solutions to corruption this is because we feel that through the use of
because we feel that through the use of
because we feel that through the use of technology we can eliminate middlemen
technology we can eliminate middlemen
technology we can eliminate middlemen and since the human element is to blame
and since the human element is to blame
and since the human element is to blame for corruption technology may bring
for corruption technology may bring
for corruption technology may bring about some change some ones
about some change some ones
about some change some ones that the average person today has more
that the average person today has more
that the average person today has more power in their hands than the US
power in their hands than the US
power in their hands than the US President did two decades ago that’s
President did two decades ago that’s
President did two decades ago that’s right all of you in an Information sense
right all of you in an Information sense
right all of you in an Information sense you have more power than the US
you have more power than the US
you have more power than the US president that about two decades ago and
president that about two decades ago and
president that about two decades ago and it is this immense power that fuels the
it is this immense power that fuels the
it is this immense power that fuels the opinion the technology can bring about
opinion the technology can bring about
opinion the technology can bring about change but even with the massive impact
change but even with the massive impact
change but even with the massive impact that technology has had on our lives and
that technology has had on our lives and
that technology has had on our lives and the way we’ve come to depend on it for a
the way we’ve come to depend on it for a
the way we’ve come to depend on it for a variety of things there’s been a
variety of things there’s been a
variety of things there’s been a fundamental missing element of
fundamental missing element of
fundamental missing element of internet-based technologies you see the
internet-based technologies you see the
internet-based technologies you see the technology of Internet has evolved over
technology of Internet has evolved over
technology of Internet has evolved over the previous three decades or so and it
the previous three decades or so and it
the previous three decades or so and it involved in layers with each layer new
involved in layers with each layer new
involved in layers with each layer new functionality was introduced we found
functionality was introduced we found
functionality was introduced we found new ways of using the Internet and also
new ways of using the Internet and also
new ways of using the Internet and also what each layer the Internet became more
what each layer the Internet became more
what each layer the Internet became more secure however one element was missing
secure however one element was missing
secure however one element was missing that is the layer of trust now the
that is the layer of trust now the
that is the layer of trust now the causes for that are the way we have
causes for that are the way we have
causes for that are the way we have structured our society for centuries
structured our society for centuries
structured our society for centuries we’ve held on to this idea that
we’ve held on to this idea that
we’ve held on to this idea that institutions such as governments banks
institutions such as governments banks
institutions such as governments banks and corporations are centralized what
and corporations are centralized what
and corporations are centralized what centralized means is that the authority
centralized means is that the authority
centralized means is that the authority and power is in the hands of a few why
and power is in the hands of a few why
and power is in the hands of a few why is that a problem
is that a problem
is that a problem well if power is concentrated in a few
well if power is concentrated in a few
well if power is concentrated in a few hands and there is lack of transparency
hands and there is lack of transparency
hands and there is lack of transparency the system can be cheated and
the system can be cheated and
the system can be cheated and manipulated to serve the interest of
manipulated to serve the interest of
manipulated to serve the interest of those who are in power where we went
those who are in power where we went
those who are in power where we went wrong when developing technologies and
wrong when developing technologies and
wrong when developing technologies and solutions to interact in our economic
solutions to interact in our economic
solutions to interact in our economic and political systems was that we
and political systems was that we
and political systems was that we mirrored our technologies to match the
mirrored our technologies to match the
mirrored our technologies to match the structure our structure still dominates
structure our structure still dominates
structure our structure still dominates where power rests in the hand of whoever
where power rests in the hand of whoever
where power rests in the hand of whoever controls the technology our legal
controls the technology our legal
controls the technology our legal identities ownership of assets
identities ownership of assets
identities ownership of assets government records these are all highly
government records these are all highly
government records these are all highly centralized
centralized
centralized so when you think of centralized power
so when you think of centralized power
so when you think of centralized power on one hand and lack of transparency or
on one hand and lack of transparency or
on one hand and lack of transparency or the other it isn’t difficult to see why
the other it isn’t difficult to see why
the other it isn’t difficult to see why technology hasn’t been able to solve
technology hasn’t been able to solve
technology hasn’t been able to solve corruption but what if that could change
corruption but what if that could change
corruption but what if that could change what if there was a technology that
what if there was a technology that
what if there was a technology that could give us that missing trust layer
could give us that missing trust layer
could give us that missing trust layer of the Internet
of the Internet
of the Internet what if there was a technology by using
what if there was a technology by using
what if there was a technology by using which organizations and institutions
which organizations and institutions
which organizations and institutions could be mayor transparent secure and
could be mayor transparent secure and
could be mayor transparent secure and efficient that technology now exists and
efficient that technology now exists and
efficient that technology now exists and is called the blockchain some of you may
is called the blockchain some of you may
is called the blockchain some of you may heard of it some of you may have an
heard of it some of you may have an
heard of it some of you may have an blockchain not the most grandiose
blockchain not the most grandiose
blockchain not the most grandiose sounding word is it well neither is the
sounding word is it well neither is the
sounding word is it well neither is the technology behind blockchain but what
technology behind blockchain but what
technology behind blockchain but what I’m hoping for you to do today is not
I’m hoping for you to do today is not
I’m hoping for you to do today is not get behind the intricacies of blockchain
get behind the intricacies of blockchain
get behind the intricacies of blockchain but understand how it’s different from
but understand how it’s different from
but understand how it’s different from the existing structure and what we can
the existing structure and what we can
the existing structure and what we can do with it blockchain evolved during the
do with it blockchain evolved during the
do with it blockchain evolved during the 2008 financial crash it was invented by
2008 financial crash it was invented by
2008 financial crash it was invented by a guy or group we don’t know because the
a guy or group we don’t know because the
a guy or group we don’t know because the identity is anonymous called Satoshi
identity is anonymous called Satoshi
identity is anonymous called Satoshi Nakamoto blockchain at its core is just
Nakamoto blockchain at its core is just
Nakamoto blockchain at its core is just a record of transactions transactions
a record of transactions transactions
a record of transactions transactions can be anything of value it could be
can be anything of value it could be
can be anything of value it could be money it could be assets it could be
money it could be assets it could be
money it could be assets it could be legal documents or even votes so the
legal documents or even votes so the
legal documents or even votes so the next question that obviously comes to
next question that obviously comes to
next question that obviously comes to mind is how is that different record
mind is how is that different record
mind is how is that different record system record-keeping systems have been
system record-keeping systems have been
system record-keeping systems have been existing since civilizations well the
existing since civilizations well the
existing since civilizations well the difference is blockchain is a
difference is blockchain is a
difference is blockchain is a decentralized and distributed online
decentralized and distributed online
decentralized and distributed online database that anyone with an
database that anyone with an
database that anyone with an interconnection internet connection can
interconnection internet connection can
interconnection internet connection can be part of
a traditional database which is
a traditional database which is controlled by let’s say a government or
controlled by let’s say a government or
controlled by let’s say a government or a company the blockchain isn’t owned by
a company the blockchain isn’t owned by
a company the blockchain isn’t owned by anyone who owns it then all of you
anyone who owns it then all of you
anyone who owns it then all of you millions and millions of users who are
millions and millions of users who are
millions and millions of users who are part of the network on the blockchain
part of the network on the blockchain
part of the network on the blockchain and all of you can help run the
and all of you can help run the
and all of you can help run the blockchain and heyou own the information
blockchain and heyou own the information
blockchain and heyou own the information transactions made on a blockchain aren’t
transactions made on a blockchain aren’t
transactions made on a blockchain aren’t stored in one single source but across a
stored in one single source but across a
stored in one single source but across a network of millions of computers users
network of millions of computers users
network of millions of computers users who are part of the network use their
who are part of the network use their
who are part of the network use their own computers to store bundles of
own computers to store bundles of
own computers to store bundles of information these bundles can be
information these bundles can be
information these bundles can be referred to as blocks what each block
referred to as blocks what each block
referred to as blocks what each block basically is is a collection of
basically is is a collection of
basically is is a collection of transactions that were made in a
transactions that were made in a
transactions that were made in a specified time frame so to take one
specified time frame so to take one
specified time frame so to take one popular blockchain as an example which
popular blockchain as an example which
popular blockchain as an example which is the Bitcoin blockchain every block
is the Bitcoin blockchain every block
is the Bitcoin blockchain every block contains the transactions that happened
contains the transactions that happened
contains the transactions that happened in the previous ten minutes in addition
in the previous ten minutes in addition
in the previous ten minutes in addition to this each block that was created has
to this each block that was created has
to this each block that was created has a timestamp and a link to the previous
a timestamp and a link to the previous
a timestamp and a link to the previous block of information and all of these
block of information and all of these
block of information and all of these blocks are secured by the highest form
blocks are secured by the highest form
blocks are secured by the highest form of cryptography so that’s what it is
of cryptography so that’s what it is
of cryptography so that’s what it is that’s what the blockchain is it’s
that’s what the blockchain is it’s
that’s what the blockchain is it’s secure it’s transparent and it’s
secure it’s transparent and it’s
secure it’s transparent and it’s decentralized and basically any
decentralized and basically any
decentralized and basically any government function or economic function
government function or economic function
government function or economic function that is based on the blockchain would
that is based on the blockchain would
that is based on the blockchain would follow these characteristics so if you
follow these characteristics so if you
follow these characteristics so if you think about how this can be used for the
think about how this can be used for the
think about how this can be used for the Indian story think now of government
Indian story think now of government
Indian story think now of government spending and budgets being based on the
spending and budgets being based on the
spending and budgets being based on the blockchain every single public rupee
blockchain every single public rupee
blockchain every single public rupee that is spent would be open to scrutiny
that is spent would be open to scrutiny
that is spent would be open to scrutiny all of us here would be able to look at
all of us here would be able to look at
all of us here would be able to look at how much money was spent what it was
how much money was spent what it was
how much money was spent what it was spent on and when it was spent and all
spent on and when it was spent and all
spent on and when it was spent and all these records cannot be manipulated
these records cannot be manipulated
these records cannot be manipulated because their time stamp and secured by
because their time stamp and secured by
because their time stamp and secured by cryptography corruption isn’t the only
cryptography corruption isn’t the only
cryptography corruption isn’t the only aspect that blockchain can address
aspect that blockchain can address
aspect that blockchain can address there’s about 2.5 billion people here in
there’s about 2.5 billion people here in
there’s about 2.5 billion people here in the
the
the who don’t have bank accounts when you
who don’t have bank accounts when you
who don’t have bank accounts when you consider the implications on India if
consider the implications on India if
consider the implications on India if you take the number of Indian citizens
you take the number of Indian citizens
you take the number of Indian citizens who don’t have bank accounts it would be
who don’t have bank accounts it would be
who don’t have bank accounts it would be the eighth largest country in the world
the eighth largest country in the world
the eighth largest country in the world because these people don’t have bank
because these people don’t have bank
because these people don’t have bank accounts they are unable to participate
accounts they are unable to participate
accounts they are unable to participate in the global economy
in the global economy
in the global economy they don’t have bank accounts they
they don’t have bank accounts they
they don’t have bank accounts they cannot avail financial services they
cannot avail financial services they
cannot avail financial services they cannot get loans simple cell phone apps
cannot get loans simple cell phone apps
cannot get loans simple cell phone apps are now being used to give these people
are now being used to give these people
are now being used to give these people economic identities so they can be part
economic identities so they can be part
economic identities so they can be part of the global economy so we just saw
of the global economy so we just saw
of the global economy so we just saw that blockchain can also be a catalyst
that blockchain can also be a catalyst
that blockchain can also be a catalyst for Financial Inclusion but it doesn’t
for Financial Inclusion but it doesn’t
for Financial Inclusion but it doesn’t stop there much has been spoken about
stop there much has been spoken about
stop there much has been spoken about the ease of doing business in India
the ease of doing business in India
the ease of doing business in India there’s these things called smart
there’s these things called smart
there’s these things called smart contracts which are based on the
contracts which are based on the
contracts which are based on the blockchain technology individual
blockchain technology individual
blockchain technology individual businesses can transact and carry out
businesses can transact and carry out
businesses can transact and carry out business functions without the
business functions without the
business functions without the involvement for over third party another
involvement for over third party another
involvement for over third party another area is land registration which is
area is land registration which is
area is land registration which is archaic and inefficient and rife with
archaic and inefficient and rife with
archaic and inefficient and rife with corruption if we could base our land
corruption if we could base our land
corruption if we could base our land registration and real estate on the
registration and real estate on the
registration and real estate on the blockchain it would be a big boost to
blockchain it would be a big boost to
blockchain it would be a big boost to the economy and would also give property
the economy and would also give property
the economy and would also give property owners confidence around the ownership
owners confidence around the ownership
owners confidence around the ownership blockchain can impact democracy itself
blockchain can impact democracy itself
blockchain can impact democracy itself how many of you here vote can you please
how many of you here vote can you please
how many of you here vote can you please raise your hands are all of you certain
raise your hands are all of you certain
raise your hands are all of you certain that the vote that you casted went to
that the vote that you casted went to
that the vote that you casted went to the person that you intended it to
the person that you intended it to
the person that you intended it to is there any way for you to find out
is there any way for you to find out
is there any way for you to find out well blockchain can do that for us
well blockchain can do that for us
well blockchain can do that for us because a voting system based on the
because a voting system based on the
because a voting system based on the blockchain would be able to give you
blockchain would be able to give you
blockchain would be able to give you exactly who you voted for when you voted
exactly who you voted for when you voted
exactly who you voted for when you voted and those records cannot be manipulated
and those records cannot be manipulated
and those records cannot be manipulated by any government agency simply put the
by any government agency simply put the
by any government agency simply put the blockchain can transform the way we
blockchain can transform the way we
blockchain can transform the way we understand governance but with any other
understand governance but with any other
understand governance but with any other revolutionary technology the issue is
revolutionary technology the issue is
revolutionary technology the issue is with the rate of adoption as well as the
with the rate of adoption as well as the
with the rate of adoption as well as the resistance to change blockchain the way
resistance to change blockchain the way
resistance to change blockchain the way it’s designed is fighting again
it’s designed is fighting again
it’s designed is fighting again very old standing structures of power
very old standing structures of power
very old standing structures of power and that’s where all of us coming we
and that’s where all of us coming we
and that’s where all of us coming we need to establish a world to study how
need to establish a world to study how
need to establish a world to study how this technology could impact all of our
this technology could impact all of our
this technology could impact all of our lives we as Indians have been born into
lives we as Indians have been born into
lives we as Indians have been born into a country where the institutions were
a country where the institutions were
a country where the institutions were created for us we didn’t have to fight
created for us we didn’t have to fight
created for us we didn’t have to fight for them then we should take it upon us
for them then we should take it upon us
for them then we should take it upon us to look for new ways where we could
to look for new ways where we could
to look for new ways where we could establish trust back into our
establish trust back into our
establish trust back into our institutions thank you
institutions thank you
institutions thank you [Applause]
”
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