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- 00:00The financial sector is one of the first areas of application Blockchain technology, we remember Bitcoin.
- 00:07And since Bitcoin's been around, there are already very, very many crypto currencies,
- 00:11for example Litecoin, Ethereum, XMR from Monero, XRP from Ripple or Dash.
- 00:19These are current crypto currencies.
- 00:21And the energy you use in mining, to solve certain cryptographic problems, can also be used more sensibly.
- 00:36For example Gridcoin is also a crypto currency, but in mining, in this creation, in updating. the blockchain, packing the block into the chain,
- 00:46you don't just calculate any cryptographic tasks, not simply a hash, but uses it meaningfully,
- 00:55the miners take certain projects from the Boeing database, Berkeley database and solve these tasks.
- 01:04These tasks come, these projects come from researchers, from astronomy scientists, Mathematics, physics or chemistry,
- 01:12and the Miners then solve these projects, calculate these projects.
- 01:18You remember, there was this competition between the Miners, that a secret hash value had to be calculated,
- 01:26and who did it first, who could then place his block.
- 01:30And that's what this is about. These hash values, these tasks, that's nice, that's important for education, that that doesn't happen either,
- 01:41that someone always makes such blocks. and possibly manipulated them.
- 01:44And here it is simply that now really the projects from real life for it.
- 01:50The blockchain has also found its way into the stock markets in the meantime. So USA, Nasdaq and Australia use it.
- 01:59Is this also used for clearing? of certain transactions that take place there, i.e. for the operation, for the safe operation of stock exchanges.
- 02:10In banking, of course, that was the first application, for example, Deutsche Bank, Santander, Barclays, UBS have projects in their own house, have cooperations with start-ups
- 02:24to be able to work on very different levels to use this blockchain technology.
- 02:29Also not only for the proof of transactions, but also for customer contact, interaction with customers, the interaction between the customers.
- 02:40And exchange customer information like new customer.
- 02:44But consortia are also formed in the financial sector, which then rely on blockchain technology,
- 02:51for example the Japanese BCCC consortium already has over 100 members.
- 02:59Or the R3 consortium already has over 70 members, and a very large consortium is the Enterprise Ethereum Alliance, already has over 500 members.
- 03:13Of course you have to say that, what is the purpose of these consortia?
- 03:17The goal is the development of standards in the area of blockchain and finance.
- 03:24But also a Taiwanese consortium, which is supported by Microsoft, already counts a lot of participants.
- 03:32And these standards are natural, We'll see about that later, one of the difficult issues.
- 03:38As long as they're not there, as long as they're not established, it's just harder to exchange.
- 03:43So maybe in a nutshell, in finance, the use of blockchains is very strongly oriented in forms of secure exchange of securities,
- 03:57the safe exchange of money, information about it.
- 04:01And also a quite interesting area in the area of finance for the use of blockchain is crowdfunding.
- 04:12Technically, everything we have discussed is used.
- 04:17Those colored coins, you remember, that blockchains can then be used in different contexts,
- 04:24that are caused by the different colors, the metadata is described,
- 04:28so that's a big approach, which for these projects. plays a role in finance.
- 04:33The smart contracts, we were talking about state machines, if certain conditions are fulfilled, that certain conclusions are then automatically drawn.
- 04:44That's a very big subject, a very, very large number of application examples in financial accounting
- 04:49aim at the use of blockchains in the form of such smart contracts.
- 04:56And then, of course, the exploitation in the form of oracles, so information, oracle information, where it succeeds,
- 05:07then different players, different usage contexts about such an oracle.
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