Blockchain - The New Language Of Trust
Good evening, everyone. warm welcome to all of you present here for the webinar today a brief introduction about myself. I am susan Thomas, I take care of the admissions of our advanced certification, blockchain and distributed ledger technologies. I have almost 10 years of experience into education. And prior to talentsprint, I was working with the Indian School of Business and works in School of Business helping students and professionals with better career decision. Now, coming to the topic of today, blockchain the new language of trust blockchains more than a technology and actually it is a movement to help redefine the most important business relationship to trust, transparency and newfound relationships. And the world has come to realize the immense potential of blockchain which is making its presence felt in finance, banking, legal supply chain, healthcare, and many other industries. Now, it has given a new platform for business relationships, combining ease of use low cost and high security. And with its application across industries, we are beginning to see how blockchain guides in a new form of trust for businesses. to dive deeper and understand about this new architecture of trust. We have Mr. Sunil Agarwal, who is a blockchain expert and lead faculty for the triple it has about talentsprint blockchain program. So Neil has spent two decades in three integrated areas of teaching research and blockchain startup ecosystem. These core areas of interest lies in digital business modeling online learning solution and blockchain technology startups. So in today's session, we would be also discussing about the triple it habits blockchain program and how we can sell professionals to transform their career with blockchain expertise. So with that, I would request Sunil to take it over. And Sunil, we can start with a brief introduction about yourself over to us.
Thank you, Susan. French, I'm in this ecosystem for now. Around 10 years, I ventured into blockchain domain in early 2012. So this is my 10th year in progress. And there was a very small incident that happened, and which actually made me jump into this particular scenario. Before 2012, I was doing some advanced research from international relations theory perspective. And my fundamental question was, can we have international at an international level global sound money, which means minimal inflation, can we have a form of money which is globally acceptable, and which is not issued by any single country? So this was a precise research problem, I was trying to research for quite a number of years. And I had literally lost hope in terms of finding a solution. And in early 2012, I happened to read a small article by a person called vitalik buterin. I had no idea who that person was, that that was a very small article, around 500 words, but it was an article on Bitcoin. And when I read this article, I could see a solution emerging a solution towards global sound money. And that was the point when I just ventured into this era and never looked back. And now it's my 10th year. In this journey, I happen to teach India's of India's first credit program in blockchain in January 2016. Then happened to write India's first comprehensive blockchain book, then happened to launch India's first blockchain executive program in October 2018. And, here I am. And as far as this particular program is concerned, we are already in the sixth cohort and the admission for which you will be coming into this program would be the sixth I would be the seventh cohort. So, in that sense about apart from teaching and researching in this particular area. I have been associated with roughly half a dozen different blockchain startups in last For five years, and currently apart from teaching assignments, I'm currently doing two projects. One is basically about a reputation economy for all the internet properties. And second is basically building a dating network for on blockchain. These are the two projects I'm currently doing, apart from doing my duties as the Dean of this particular program from talentsprint. So let's dive into what is blockchain. So friends, whenever we think of blockchain, the first problem that actually comes to our mind is that it is something of very, very deep technology. Of course, it's a deep technology, but it's being a deep technology doesn't make it problematic. Because the reality is that in certain sense, blockchain is a very, very simple thing, because blockchain just symbolizes trust. But the problem here is that we have been living in a world where the definition of trust is something which has gotten very, very problematic. For example, let me give you certain actual scenarios of the real world. For example, when it comes down to learning education.
Most of our decisions are School Certificate, cbse or ICSC, then we move on to universities, university degrees B tech, BBA, MBA, MC all those degrees. Now, the issue here is that this degree is given to us by a third party, okay, this degree is not given to us by a teacher, it is given to us by a third party, which means that that party is the party over whom we trust, okay. Now move on to money. Whenever you make a transaction from your account to somebody account, you are the sender and that person is the recipient, but who is changing the end account entries, you're not changing the accountant risk, there is somebody involved here, who is that third party, that third party is a bank. Now, who controls banks, there is a separate body there is a pan India body which is called central bank, and it controls all the commercial banks of India and not just it controls all the banks, it also issues money, it standardizes money it decides how much currency to issue in a particular country, how much how many denominations to issue and which new denomination should have how much currency supply. So, whether it is education, whether it is transactions, whether it is money, there is always a third party over whom we are trusting, which means that between two actors, let's assume I am Person A or Person B. So between these two actors, there is a third party, which means if this third party collapses, the relationship between A and B collapses, if something happens to RBI, who will issue money, if something happens to a commercial bank, who will read the transactions, if something happens to university, then who will issue the decree and currently in the times of pandemic, all these anchors of trust, are now getting under very, very serious pressure. So before jumping into the world of blockchain, I want you to remember that the world of trust that we are living in is basically controlled by third parties. They may be banks, central banks, education institutions, parliament, politicians, political parties, stock exchanges, but fundamentally they are third parties. They are working on your behalf but in reality, they are more powerful than all of you because they control all the business relations, all the economic relations, all the legal relations between you and others, which means that the language of process that we have been living in is a language that is controlled by third parties. Naturally, when somebody comes in this kind of a scenario and tells you you don't need to depend upon a third party, the first reaction would be for you complete disbelief. Okay. That's what has always happened. anybody in the world I know. Know, most of Bitcoin pioneers, all the big Bitcoin people or crypto people or blockchain pioneers, whenever they, they shared their experiences and their first experience with Bitcoin and blockchain was a complete disbelief. Most of people tell me or tell to the public, that when they happen to see white paper of Bitcoin for the first time, they thought, it was sheerly a fake thing. It was a complete lie.
And they never looked, looked at that particular project for at least six months. And after six months, they looked at that project again. So the point here is that we all human beings, are living in a certain kind of operating system based upon trusting third parties. And this system has so much ingrained in us over generations, that we sometimes believe that this is the only perfect definition of trust. But the reality is not like that. Because if something happens to these centralized third parties, these institutional third parties, then we suffer very badly. For example, what happened during D monetization, we suffered very badly, what happened during poor implementation of GST? We suffered very badly and currently, as far as Coronavirus decisions are concerned, if the center central government is not doing advanced orders of vaccines, then we are suffering. So it means that if there is a single definition of trust, where we have to press the third parties, it means there is something wrong with that. But why we are not able to think of alternatives. The reason here is that we are basically living in this comfort system for so many generations, so many decades, rather centuries that we have got conditioned to it as a fish is conditioned to ocean. Fish doesn't challenge ocean, it doesn't even think of challenging ocean, because it assumes that there is no life outside ocean. Similarly, we also think that there is no life outside this operating system of trusting third parties. So that's why most of people, when they venture into the world of blockchain, they are not able to understand this predicament. That's why I'm saying that before you move into the world of blockchain, you need to question the model of trust that you have been living in. And that model tells you that for everything, there is a third party for transaction, there are banks for education, there are universities, schools, colleges, for the money, there is a central bank for law there is a parliament. But the reality is that blockchain says that, why do we need third parties? Trust can be between peer to peer actors. If I'm a peer actor, and you are a peer actor, then we are peer to peer actors. We can settle a transaction among both of us. Now, the moment you hear this kind of a thing, it simply creates a complete disbelief. And that's where I want you to move ahead with me with this disbelief. And start questioning and start learning. Because if you don't fill yourself with disbelief, you will not be able to ask genuine questions and I want you to ask serious questions to me and to yours. Okay, so with this disbelief, let's enter this domain okay. So, as far as today's structure of the session is concerned, I will be introducing then how blockchain is becoming mainstream and what is the structure of this executive program and then we will have q&a Okay. See
the fundamental question about every technology Be it blockchain Be it be it AI ml Be it IoT be distributed computing or whatever or cloud or whatever, every technology undergoes a certain kind of hype cycle and the most popular hype cycle is that of Gartner and basically, it, it moves like this. First of all, we basically undergo of very, very hyper bullish wave that everything would change, it does, it doesn't happen like that, then, when people are over expecting and infrastructure is not developing at that phase, then we basically undergo a crash. And then slowly and steadily, the technology starts moving. And I feel blockchain has already moved through this kind of a hype cycle because in 2017, it was a peak of expectations when an entire blockchain or crypto assets market Rose 30 times in less than six months, 30 times in less than six months, some coins rose around 1000 times, in less than six months, this was literally insane. And by the summer, January 2018, everything started crashing. And this happened like this. From 2018 to 2019 and 2020, this dissolute alien mind was basically settling down and good projects started coming up and we started moving towards a slope of enlightenment. And today, we are in this phase slope of enlightenment, which means that this is a phase of building solutions and more and more solutions are coming up and I will, I will share one or two solutions with you also with the live chart. So, basically, a blockchain has undergone its correction, a hype as well as reality it has undergone that kind of a correction. Now, the issue here is that why we are discussing blockchain as a very, very important technology because there are some very important things which have happened in last one year or so, which have made blockchain very, very important. The first very important point was that in March 2020, Supreme Court actually lifted the ban by RB, on crypto to feared and fear to crypto transactions, which means now you can make a deposit to the bank deposit to a cryptocurrency exchange. And today, you'll be surprised to know that there is exchange called was 0x 0x in Apple did five point billion dollar worth of trading? Of course, I'm not going into detail of cryptocurrencies, but in terms of interest, public interest, just one exchange did $5.2 billion worth of trading, just one exchange. There are dozens of exchanges such exchanges in India, and there are around 15 million crypto asset investors in India. Then, World Economic Forum, basically published a blockchain deployment kit. And then
People's Bank of China announced it announced it cbdc pilot and that pilot has now actually expanded to a few big cities with few million users. And not just that, PayPal has entered crypto world visa has entered the crypto world. And this startup, which started around three years back from Bangalore has crossed $10 billion network market $10 billion a blockchain startup from India has gone beyond $10 billion. And I and metic founders indeed nail Well, we have done a few corporate training workshops together. So what I'm trying to say here is that in this world, if you are Consistently working towards a certain goal, then that is rewarded. And now the issue here is that if we want to understand what blockchain is going to do to our life, our businesses, our economy, then we need to understand that what fundamental change in the definition of trust is going to bring. But for that, you need to basically understand past because if you understand the past, you will understand the future. And that's where the history of trust, or the model of trust within which you are living, must be understood. And that's where I would use ledger technology. See, in this world, there has been only three kinds of ledger technology. And there won't be any more if you start with invention of scripts. Along with that, we also started recording facts. And recording facts used to happen in a very, very typical fashion. People used to do single entry bookkeeping, what do you mean by that, in one, ledger, credit entries were kept in another ledger, debit entries were kept. And this kind of a system was there for quite a long period, around 5000 years, around 5000 years. So we'll be stuck with a ledger technology system for quite a long long period. And remember, in this period, the model of governance was more or less monarchy or you may call it them, empires, okay? No democracy and monarchies. Now, this system underwent a change around 500 years back, when the second model of ledger technology emerged, which was called double entry accounting system. Now, in double entry accounting system, we have a very interesting way of recording entries, we basically divide a single page into two parts. On one side, we basically write credit entries on one side, we write basically debit entries, and we make a total of all those entries at the bottom. Now, the next page basically starts with this, like this, which means, if you change one entry, at any point, the all the previous pages will be changed. Now, this double entry accounting system, when it was developed, it was not ever thought of that it would become the fundamental definition of trust, because when it was issued for the first time, people took time to believe it and slowly and steadily people started double entry accounting system on a massive basis. Now, when you say massive basis, what was the implications? Now, the most important implication was that we started believing in annual financial statement, which means that any business enterprise can issue its balance sheet to the public, and that balance sheet can be validated by all the experts. So profit and expenditure and what is the
cost, what is expenditure, what is appropriate and whether there has been any miscalculation, all those things could be verified by anybody else, when it happened for the first time, and in that world, people could see that if let's assume there is a company which is earning 80% there is a firm which is earning 80%. Naturally, somebody would think that if a firm is earning 80%, then somebody would like to become a part of this 80% profit share, which means that person will contribute to the capital. This particular thing created something which was called joint stock companies or private limited or public limited companies. East India Company was first joint stock company Most Powerful company of the world. And this was possible because it was the double entry accounting as a ledger technology which made that financial statement possible. And because of that, joint stock companies were created and all those joint stock companies then meta more forced into multiple kinds of corporations which moved into telecommunications, the railways, banking, insurance and so many other things, which means that when legit technology changes, everything changes, this was a period single entry accounting monarchies, but the moment double entry accounting system came there emerged democracies and in 2009, when Bitcoin King there happened something very very different, because Bitcoin basically did something very, very interesting. For example, if person a sense Bitcoin to Person B, okay. Now, he is basically doing a debit entry and this is automatically becoming a credit entry and B's end and the transaction is basically going to blockchain which neither a nor B can change, which means that now, A and B can remain completely satisfied with the status of the ledger that A has transferred X amount of Bitcoin to be and this was happening with a decentralized consensus, which means a is entry number one, B is entry number two, and blockchain is entry number three, and no human being is directly controlling all these transactions. And this decentralized consensus basically made triple entry accounting, the most important ledger technology of today's era. And that in a simple way, we say that this is the new language of trust, and blockchain becomes the harbinger of this new language of trust. Now, the issue here is that most of institutions that we have created, they are legit centric institutions, for example.
Your stock exchanges, stock exchanges are basically Ledger's, those Ledger's basically, tell you who owns what, how much for example, you own HDFC shares, 1000 shares, you transferred 500 shares to Mr x. So, basically, most of stock exchanges are ledger centric institutions, banks, banks or ledger centric institutions, your custodians are basically ledger centric institutions, which means that all ledger centric institutions were built on double entry accounting system. So, if the accounting technology is changing to triple entry system, it means that now, these institutions will also change, banking will change, stock exchanges will change, central banking would change, it means that if this entire definition of trust is going to change, then what would be the form of that new society will be will that be the same society where India is fighting with Pakistan? Will that be same society where India is Pakistan, India and China are fighting will then be the same society where nuclear wars are our big threat? No, that will be a very, very different society.
So the issue here is, if you want to understand this new world, because triple entry accounting system, when this intermediate lots and lots of institutions, you don't need to create a bank with 200,000 employees. You can do the same job with literally zero number of people. You can make transactions with zero number of people. So the issue here is that we are moving into a new world and that new world is building a A new definition of trust. And now this this entire technological shift is going to replicate itself across multiple zones central bank, for example, China is launching its cbdc. Similarly, India has announced that it will launch its official district currency very soon, dates are not announced. Plans are not detailed out but it has announced that it is looking to to do official digital currency commercial banking. Today, I think eight or nine commercial banks in India are having a public relationship with ripple which is a blockchain platform for inter global inter banking transactions. Stock markets, a large number of stock markets are moving to moving from t plus three settlement to t plus zero settlement, which means almost instant settlement. And Australian Stock Exchange has already announced its plan and multiple other stock exchanges are moving into that kind of epic financial derivatives, debt derivatives, multiple other kinds of financial products are moving on to blockchain and identity and ownership records are also moving on to for example, for health care. Your patient records are moving on to blockchain. For example, in USA, a large number of digital health solutions have already moved to blockchain. So the reality here is that blockchain has actually grown to a very, very big sector in the last 10 years, and it started with multiple things. But after Bitcoin, the most important thing that happened was aetherium. aetherium is a new kind of blockchain, which introduced a very, very interesting thing, which was called smart contracts. smart contracts are basically a kind of code which can self execute, which means that here, you can create a decentralized organization, you can create a decentralized application, you just send a certain amount of tokens to that contract and it will execute a particular transaction. So today, you can build a decentralized exchange on aetherium. So there are lots of such solutions. There are more than 3000 deep decentralized apps on aetherium. And there are currently more than two dozen smart contract platforms like that of aetherium. So, the reality here is that this entire system has moved at such a big pace that now it has built solutions for multiple industries, you'll be surprised to know there are at present 10,000 different blockchains 10,000 different options. So, the fact here is that today, this entire thing has moved at such a pace that you name a sector and blockchain is being used by for example, banking and finance is a major adoption, government and public goods for example, recently, you will be surprised to know government of Maharashtra is issuing your testing reports on medic blockchain, media and entertainment, healthcare, technology, multiple other sectors. So in that sense, this is a very, very interesting system that is emerging here. Okay, so I'll stop here. And first I will take questions around blockchain this new language of trust, then I will move into second round about the program. Yeah, please raise your hand up the Go ahead. Please unmute yourself and ask. Abdo, please unmute yourself. Okay, anybody else? I think Abdul has some issue with unmuting.
Yeah, go ahead. Okay, and I mean, well, somebody else please raise your hand.
mean? Go ahead and hear me. Hear me Yeah, go ahead. Go ahead.
Yeah, I appreciate your insightful knowledge about our blockchain. As you mentioned in the earlier, when you highlighted the single entry accounting, the double entry accounting and triple entry accounting, you made mention of the system of government that each accounting, as brought brings into my manatee, the fourth entry evasion, monarchism. Government, the double entry, emission democracy. So the triple entry accounting, as a professor that have a deep understanding of this concept very well. What type of government system of government do you think this technology is going to bring to the world?
To be up to this is, I would rather say this is the most difficult question of the century. And I must be very honest in saying to you that I don't know the perfect answer to this particular question. But I can definitely share some of my speculations with you. My understanding here is that the most important political unit in the history of world has not been nations not being civilizations, the most important unit of governance has been city, if you if you go across the world, you can find some cities which are 5000 years old, 3000 years old, 2000 years old. So first, my understanding here is that we are going to move from number one territorial states to virtual states. Now, which means that most of our digital transactions will be on cloud number one. But the issue here is that everything cannot move to virtual cloud, which means, for example, how to handle your education, for example, school based education, how to handle transfer of land or other fixed assets. So in that sense, my understanding here is that we are going to move from a hybrid state of virtual states and cities, states cities would be the most important political unit in years and decades to come. That's my first prediction or speculation, I am not claiming that I'm right. I may be definitely wrong. But this is the first observation first speculation towards that. Second thing here is that we are going to see the emergence of both public money and private money. If you go around 100 years back before the launch of central banking in 1914, the world had lots of private currencies, for example, just America had more than 800 private currencies issued by different banks. So my understanding here is that we are moving into a dual world of public money issued by governments as well as private money issued by private actors, for example, you can regard Bitcoin or other cryptocurrencies, is private money, this the second major change, which I'm seeing in the world, the third major change, which I'm seeing here is that in terms of law, naturally, nations are the source of law, through Parliament's and through governments in kids, no doubt about it. But the issue here is that nations can make law only for their own jurisdiction. What about those things which are beyond your jurisdiction? Now, if nations cannot come together to build a global legal system, then who will build that that's where the notion of smart contracts is going to be very, very powerful. So my understanding here is we are going going from politically governed legal institutions to software governed legal states. So that these are my three predictions I hope you would like to answer.
Yes, yes. Very, very, very, very insightful, especially in a state where you've mentioned the issue of the emergence of public money. And a brief history about our US Federal Reserve have been both private and public collaboration in terms of printing money out of recent, the chairman of February sub derivable. You also highlighted that they still need significantly better public participation in the issuing of stable coins. So I think that's your prediction the switching is going is already into reality and and also about the issue of Due to reality, I think probably that is wisdom when you're having a different kind of changes among all governments, now, they're all talking about having a kind of data that they give same number to your counsel about all that. And also in terms of law, there is no way that we are going to have a kind of financial system that's unified or that we is, which is going to bring about a new financial in law that is going to govern all all the country is very, very enlightening, I think. Thank you. Thank you.
So let me go to next question. Praveen, go ahead. unmute yourself.
Okay. Can you hear me now? Yeah, go ahead. Okay. Thank you for having us today. And my question is not even a question just kind of clarification. The promissory note has been the biggest political instrument that probably has balanced powers over centuries, and which later translated into currency, right. But right now, what you are revealing is that even the currency was kind of modulated by a centralized agency, let it be the king, let it be the kingdom are now the central banks. But with blockchain, you are saying that this is going to create a mighty platform that it's going to erase all the boundaries, an individual can be a bank, and the bank can be an individual. So I'm guessing that's probably where blockchain might play a big role. But my question is this. The replacement of currency has been a pivotal actor at our pivotal job that all the centralized banking institutions and the power mongers have been trying to do but do you think black blockchain will be able to create devices where we can store whatever we are? And whatever we have, that can be reflected with the centralized servers? Is it something we can expect? Because I still cannot imagine living in a world without any form of tangible What can I say developed? Or maybe my question is all over the place? I'm sorry, but I just
tried to understand. First of all, have you ever used a cryptocurrency valid blockchain valid? No. Okay. That's why you're asking this question right? Yes, because all your information currently in this world there are more than more than 120 million blockchain blockchain asset investors number one, and there are more than 200 million blockchain valid to users when I say valid valid means, where you can make transactions between different players. Today, you name any blockchain whether it is Bitcoin, it aetherium, Solana z cash multiple all currencies are being used in a completely digital manner, which means it is a kind of an intangible thing. You can't touch it, but it's a software governed thing. For example, my son who is 16 years old, doesn't bother about banks. He uses cryptocurrencies on his wallet. He does he doesn't have even imagination of banks. He whenever he wants to make a birthday gift to his friends, do you know what is the most popular gift that he makes to his friends? v books? If you know about fortnight game on Yeah, yeah, he that is a gift that he says he says that vbox are far more important than your money. Oh, I get that. I'm not saying let me complete my issue here is that ultimately whatever asset you have that asset may be money, stock stocks, land records, or all other forms of promissory notes. Ultimately, those promissory notes are doing two things. Number one, they are basically proving your right to a property or right to use a particular balance of amount. And second thing they are doing is that they are being issued by somebody who is trustworthy. I'm saying both these functions are getting dis intermediated because on blockchain transaction is automatically a settlement number one, okay? Because when I'm sending my transaction to you, that transaction is automatically getting settlement settled on the blockchain itself. So blockchain is not just a payment network. It is also audit network. Number one, number two, you can create a token symbolizing currencies symbolizing identities symbolizing any kind of asset, which means that in this kind of a situation you can create any kind of promissory note. So, which means, since blockchain is nothing but a programmable ledger So, this makes blockchain a far more radical thing which can replace almost all the instruments of trust me we human beings have ever innovated.
solium can I yeah, okay. My question is Is that okay all this all this technology is basically stored on some sort of devices right? In case of Gaza and Hamas is where I'm little concerned about in a country is bombing another country and their servers or whatever they are store have gone normally a currency would be something that you can use to even get out of the country or do something the How would blockchain come into the picture if I have invested everything in coins or stuff? I mean, right now I have let us
say I have gotten First of all, let's assume this is your device clear? here and you have saved let's assume 10 ether on this particular device clear this device has a cryptocurrency wallet called meta mask on this meta mask you have been given a private key and public key pair clear. Okay. Now behind this private and public key pair there is something called a mnemonic key phrase for letter word. Yeah. Now, if you remember this 12 letter key word is very easy to remember any any anybody can remember, it's a very simple language a simple word, combination of words, okay, you can recover your assets in any part of the world even this is trashed and destroyed by a bomb explosion. So, basically, the blocks are all over the world. Because blockchain is not stored in in a single device, it is stored on 1000s of computer nodes spread across all parts of the world. Clear?
Yes, so his central banking system, but you have less trust, but here you you are incorporating a significant layer of trust into the
system. Nobody can keep nobody can destroy your asset in any way. Even nuclear bomb cannot destroy your assets. Okay. Well, let's not go to the Holocaust. Next Next question, please. Thank you, sir. Thank you very much. Thank God.
Hi smugly. Thanks, thanks for giving insights of this blockchain. So my question is about adaptability. So do we have any roadmap and adaptability. So when it comes to LA man, so he has a lot of property, but how can he head up and up this thing? This particular
Got it? First of all, adoption will not happen in just one group adoption will happen in multiple manners. And remember, most of the times people will never notice that they are using blockchain. For example, when Yes, let's assume kotak Mahindra bank kotak Mahindra bank today can make a global transaction in less than 10 seconds, which was earlier being done in five days. Okay. Now, that kind of a transaction when it is going to go into the account of a user user doesn't even know that blockchain is being used, but quoting when the bank is using ripple blockchain. So in most of the cases, since we are using most in the most cases, digital transactions routes, so most people would never notice that it is happening on blockchain. For example, when you are writing on your, in your in your cab or in your car, you never notice about what kind of technology is being used in the combustion in in 99% of cases, you will people users will never notice. Today you do you know in the world right now, right now, roughly 10 million blocks and transactions are happening every day. Every day
and the poor the confidentiality and all these things. How can we trust that confidentiality. Do we have anything
See, it depends upon what do you mean by confidential because confidentiality can have multiple definitions for example, it can be a selective privacy. It can be pseudo anonymity as it's read only Mr. Musk or it can be anonymous. Now, blockchain can be used for all these different contexts of confidentiality. For example, if you want a completely anonymous transaction use zero knowledge proof based blockchains. For example, z cash you can use that if you want a pseudo anonymous blockchain, then you can use aetherium or Bitcoin blockchain. If you want a selective kind of a block confidentiality, where for example, patient records are are involved, where you can share the records only with the doctor with nobody else. When that kind of case you can design an enterprise blockchain with selective REITs. Okay, all these options are available when good. Okay, so I have one more question. And I will not look after this. You guys. Go ahead.
Yeah, thank you, sonny. And the question, my question is very basic, I'm in I'm looking from the carrier standpoint. And what I'm trying to understand here is now that there's a booger on a lot of regarding the cloud AI as well as the Bitcoin. I have been reading a few articles and it says that it's good to know about the Bitcoin but really not to invest your career in this.
I'm not Yogesh, I'm not at all going to ask you ever in this cohort to invest your care into bitcoin? Yes. I'm going to ask you to invest your care into blockchain. blockchain is million times larger than Bitcoin remember. Okay, million times larger than Bitcoin. Don't ever forget this. See, ultimately, Bitcoin blockchain is a is a blockchain with just one use case that is a currency. But you can program smart contracts you can program multiple assets on on blockchain. So in that sense, you can make million uses of blockchain other than Bitcoin. So why do you focus on Bitcoin Bitcoin started blockchain, but that was rather blockchain 1.0. Today we are in the world of blockchain 3.0. Bitcoin two can do only seven transactions per second. Today, you have blockchains, which can do 10,000 transactions per second.
yourself. And just a follow up question on that. What do you see the future of blockchain? How do you see it and then 10 years down the line and 20 years?
I won't tell you about next 10 years. Let me tell you the story of last 10 years. When I ventured into this blockchain world, there were only three blockchains and the total market cap of entire blockchain assets was $1 billion. Today, in my 10th year of blockchain life, this value has jumped from three blockchains to 10,000 blockchains. And total market cap has jumped from 1 billion to 1.7 trillion 1700 billion. So in 10 years, I have myself seen 1700 times growth. If this kind of a growth can happen in last 10 years. You can imagine what can happen next 10 years. Sure, thanks. Thank you. Okay, so let's move into the last part of our session. So about Sunil. Yeah. There are two questions in the chat Also, if you will be able to take it off. Okay, just a minute. Okay, we'll be on hand just noticing. Okay, just know. Proof of steak is most recently used and future proof consensus mechanism will cryptocurrency always be part of blockchain? Oh, no way. I'm already saying that. currency is just one kind of limited programmable tool you can program endless things. Remember, if you go across the world and calculate the total value of wealth, the actual amount of currency printed in this world would be just around 10 trillion, but stock market is what 300 trillion. And all the derivatives all the other assets comprise around 1000 600 trillion. So which means Just know that in reality currency usage in blockchain is a very very miniscule application okay? And yes a blockchain can definitely exist without a native coin but that would be called an enterprise blockchain okay wake How does one authenticate trust in crypto world with the with the traditional world we are physical audits take place and can authenticate the same way I've already mentioned that blockchain is not just a payment system it is also a real time audit system because here transaction is automatically centered and when transaction is settled it is basically settled in a certain manner let me showcase here see in sorry basically like this, there are multiple blocks and every block is cryptographically linked and within one block there are transaction like this and these transactions are are basically connected like this. So, like this Like this is a cryptographically structured which means that if you just change a one single transaction, the entire block an entire chain would be get disturbed, which means that here, blockchain is basically a tamper proof architecture, which means that blockchain cannot be tampered and anybody who tries to tamper would have to face a huge huge cost. Okay. You geisha, if blockchain is secure, distributed virtual, can it replace cloud and computing? And can we say it is just an orchestration in cloud? I would say that, what do you mean by cloud cloud is basically
aggregating the computing capability through a centralized node Emma right. Now, what is blockchain blockchain is doing the same thing, but in a completely distributed as well as D centralized manner. So, my prediction here is that in next 10 years, blockchain will replace cloud computing almost completely in another two years aetherium like blockchains would be able to do roughly 100,000 transactions per second. So, this is the kind of future that we are looking at, okay. So, let me let us go into the other part of the program. See about this particular program, this particular program is 24 weeks, which means around six months long program, and classes happen every Saturday and every Saturday we have three sessions every session is 90 minutes. And this entire program is focused both on public chains and private chains. So, as far as public chain is concerned, we will teach you aetherium and as far as private chain is concerned, we will teach you hyper ledger fabric, but before that, we will teach you foundations of blockchain, where we will discuss Bitcoin, crypto economics, history of ledger technologies, multiple other things. And we basically focus both on the business aspect, business mode, because blockchain is also a business model, as well as the tech aspect, which means the hands on aspect and where I mean, that you will be basically spending 5050 distribution of time in theory and practice. So, total time is 140 yards. And out of those 140 yards around 72 hours are basically practice based, and in that practice space to the three labs or concern lab based assignments are concerned hackathon, which is Capstone is concerned, which means this is not a theoretical course, only it is a practice based course. And in this, you will be having a learning management system and through that, you will be able to access your learning material, all the lectures will be recorded and they will be available to your LMS all the times you can use them on laptop on your phone anytime. And there will be a total number of roughly 10 plus faculty members half of those faculty members would be from triple IV Hyderabad and other half would be arranged by talentsprint. So and these faculty members would be The best of the industry and best of the academic field. So, in that sense, we can ensure that you will get the best of learning content.
And this is total of five modules foundations, as I told you, then the second module is dedicated to aetherium. At the conclusion of it, there would be lapped, same hyper ledger at the conclusion there will be a lab in blockchain election, there would be assignments of case studies. And then here again, would be a lab. So in this sense, we have distributed this entire program into 140 hours and 24 weeks. And as far as participants are concerned, most of our participants are fairly experienced people 10 or 15 years is the average experience. And a large percentage of those people are interested in their own startups or building the separate vertical for their own existing organizations. And currently, this program has produced four startups and two more are in pipeline. And not just startups, people from this program has have moved on to better carriers different companies. So in that sense program has helped a number of people. And these start these other startups. The first startup that we this program has created is called a sleep medicine, which is basically building a use case on avoiding how to avoid counterfeit medicines. And this startup emerged from our first cohort. This is the second standard, which is called farm block, it produced a product called trail ledger, which basically focuses on advanced high value diagnostic solutions, ensuring their transparency of supply chain. And this is a third startup, which is basically dedicated to real estate solutions, which will basically build fractional tokens of your real estate projects. And then there is a fourth startup, which is not actually a startup, which is a policy group. And this policy group published a white paper on corporate currencies in blockchain era. So the moment they published this white paper, after a month of that published publication, Facebook announced its Project llibre, which is now called Project dime. So in that sense, our people, our alumni could see a very larger picture coming out of blockchain universe and they could they can see the future and current cohort which will which is six cohort, and we are now going to start cohort seven in September, and applications are open and we have only 75 seats and 15 enrollments have already happened. So this is for all for today. I would like to see more questions, please raise your hand.
By the time Can I launch the poll as well? Yeah, please go ahead. Okay, I would request everyone to just participate in this poll.
Yeah, please raise your hand. Anybody who has yet not as I would like to give that person an opportunity?
Okay, Yogesh, go ahead. My question is, from the, from the development standpoint, are there any language prerequisites and that will be covered as part of
your case, the issue here is that most of people who join our program, they have average of 15 to 20 years of experience and most of them are B techs, but this did get coding in early part of their life. But in last four or five years, they have literally moved into complete business and functional zone where they don't do coding on it on a daily basis. So these people have moved into this program and learn from this program quite well. So I would say that even if you don't know coding, if you have love for coding, You are most welcome. And don't forget, in both the labs we have two tracks developer track and management track so you can opt for either of these tracks. Okay, sure. Thank you, sir. up don't go ahead.
Can you hear me? Yes. So, okay. You mentioned that blockchain, it's very difficult to hack, a 31% attack. But what about if we currently have the invention of blockchain? And that is the reason why scientists and programmers agree that it cannot be hacked? Or what about when we have a superior technology, probably likely quantum technology that have a superior or wasn't good. Already, you know, blockchain is just about SDG 256 action algorithm. So what about we have a superior technology like quantum algorithms? So what becomes of blockchain? is a Are we going to say it's going to be centralized because it's government that is going to make use of the court?
This question is a very, very vital, a live question in blockchain community because lots of blockchains particularly the block, first generation blockchains, like that of Bitcoin, which depend upon Sha 256 kind of cryptographic algorithm, they do feel that there is a possibility of a quantum computers taking over these kinds of blockchains First of all, quantum computing as of now, is not a mainstream technology which at present, it is not being used or it cannot be used for industrial purposes at a scale Why? The reason here is to create a come quantum computer you need to create us a specific kind of atmosphere, which is basically minus 273 degrees Celsius, which is absolute zero temperature. Now, this is the kind of situation which is not easy to create, which means only in that kind of a situation you can easily create superconducting fluids and in that kind of a situation quantum computing can be created. Yes, in a lab environment, quantum computing can definitely be created, but in a real industrial situation, quantum computing is still at least two decades away, this is a scientific fact. Now, the issue here is that what happens to blockchain if this becomes a reality in another two decades, for your information, all the blockchains which are existing today, they are already preparing themselves for building themselves into a post quantum cryptographic domain. For example, in Bitcoin, if you have if you have noticed recently that Bitcoin has activated a very important taproot protocol, taproot protocol basically uses a very new signature scheme which is called schnoor signature signature. The issue here is that not just Bitcoin, other blockchains are also introduced multiple such cryptographic innovations, for example, z cash is already introducing something called z k stock VK stock is completely quantum resistant blockchains tool. So in that sense, most of blockchains are basically innovating on these cryptographic things, and that would safeguard them from all future possibilities of quantum computers. Is that final? Well, okay, friends, it's time to say, bye.
I hope so. We don't have a question. Yes, sir. Okay, during okay friends, during during your during your explanation, and wanted to ask a question for your continuous. Thank you.
Thanks. So, thank you, everyone, for joining us today for this session. As soon as I told you that the next batch of our program is going to start by September. You can reach out to us for any queries or doubts regarding the program. We'll be there to help you out. Thanks, everyone.
Watch the entire interview here https://www.youtube.com/watch?v=0FcQEESIxpU