title
How Blockchain can transform India | Jaspreet Bindra | TEDxChennai

description
Blockchain is currently at the peak of the Hype Cycle. It is a simple concept, yet difficult to understand and comprehend. It is also in the same place as the Internet was in 1995 – very early, with its major applications yet to be built. Blockchain is a much a philosophy as a technology, and has the potential to change the world as the Internet did. It promises to radically transform identity, agriculture, money, energy, governance, and pretty much everything else, especially in the emerging countries. This TEDx talk demystifies blockchain as never before, and explains how it can change the world around you… Jaspreet Bindra is a digital transformation and Blockchain expert. Until very recently, he was the Chief Digital Officer of $20bn Mahindra Group; and he continues as their Digital Adviser. He speaks, writes, teaches and consults on Digital Transformation and Blockchain, and is currently building a company around the same. This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at https://www.ted.com/tedx

detail
{'title': 'How Blockchain can transform India | Jaspreet Bindra | TEDxChennai', 'heatmap': [{'end': 125.792, 'start': 112.344, 'weight': 1}, {'end': 531.494, 'start': 515.342, 'weight': 0.761}], 'summary': "Exploring anand mahindra's discovery of blockchain's disruptive potential, likening it to the early internet days, and highlighting its ability to streamline transactions and reduce costs, potentially transforming india's economy, particularly in the agriculture sector, and addressing challenges in agriculture, energy, and financial sectors, ultimately creating a true peer-to-peer economy.", 'chapters': [{'end': 239.986, 'segs': [{'end': 125.792, 'src': 'heatmap', 'start': 7.577, 'weight': 0, 'content': [{'end': 11.318, 'text': 'So the man behind me looking over my shoulder is Anand Mahindra.', 'start': 7.577, 'duration': 3.741}, {'end': 13.398, 'text': 'He also happens to be my boss.', 'start': 11.958, 'duration': 1.44}, {'end': 22.881, 'text': 'Couple of years back, he was in New York in a car, in a cab actually, probably an Uber and he chanced upon this news item.', 'start': 14.199, 'duration': 8.682}, {'end': 26.942, 'text': 'And as he read it, he saw this new word there called blockchain.', 'start': 23.601, 'duration': 3.341}, {'end': 35.779, 'text': 'What intrigued him, however, was that blockchain promised to do and to disrupt companies like Uber the same way,', 'start': 28.393, 'duration': 7.386}, {'end': 37.841, 'text': 'companies like Uber were disrupting his company.', 'start': 35.779, 'duration': 2.062}, {'end': 43.417, 'text': "And so like many things that he doesn't understand, he passed this on to me to figure out.", 'start': 39.895, 'duration': 3.522}, {'end': 46.459, 'text': 'I obviously had never heard of the word blockchain before.', 'start': 44.338, 'duration': 2.121}, {'end': 53.824, 'text': 'And so, as I scrambled to figure out what it means, is it some kind of technology??', 'start': 47.52, 'duration': 6.304}, {'end': 55.385, 'text': 'How is it spelt?', 'start': 54.364, 'duration': 1.021}, {'end': 59.687, 'text': 'I chanced upon this particular conference called Consensus.', 'start': 56.805, 'duration': 2.882}, {'end': 61.608, 'text': 'It happens in New York every year.', 'start': 60.248, 'duration': 1.36}, {'end': 64.33, 'text': "It's the world's largest blockchain gathering.", 'start': 62.009, 'duration': 2.321}, {'end': 65.51, 'text': 'And I went there.', 'start': 64.95, 'duration': 0.56}, {'end': 70.4, 'text': 'And in two days there, I was completely blown away.', 'start': 67.239, 'duration': 3.161}, {'end': 72.942, 'text': 'I realized a few things.', 'start': 71.741, 'duration': 1.201}, {'end': 78.884, 'text': 'One, that blockchain was early like the internet in the 1990s.', 'start': 74.362, 'duration': 4.522}, {'end': 81.125, 'text': 'But it could be as big.', 'start': 80.045, 'duration': 1.08}, {'end': 90.15, 'text': "Two, that it wasn't a use case of the internet like e-commerce or social networking or email which are use cases of the internet.", 'start': 82.026, 'duration': 8.124}, {'end': 93.811, 'text': 'But it was something as fundamental and parallel to the internet.', 'start': 90.39, 'duration': 3.421}, {'end': 102.137, 'text': 'Three, that it was, it sounded incredibly simple but was very complex to understand.', 'start': 95.052, 'duration': 7.085}, {'end': 112.344, 'text': 'Four, it had the potential to change our life in the next 20 years the same way that the internet has changed it in the last 20.', 'start': 102.998, 'duration': 9.346}, {'end': 119.708, 'text': 'And five, finally and most important, blockchain was not spelt B-I-T-C-O-I-N.', 'start': 112.344, 'duration': 7.364}, {'end': 125.792, 'text': 'So, therefore, what is blockchain??', 'start': 122.73, 'duration': 3.062}], 'summary': 'Anand mahindra discovered blockchain in new york, leading to a realization about its potential to disrupt industries and change lives.', 'duration': 118.215, 'max_score': 7.577, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/8fbhI1qVj0c/pics/8fbhI1qVj0c7577.jpg'}, {'end': 225.719, 'src': 'embed', 'start': 194.142, 'weight': 5, 'content': [{'end': 196.664, 'text': 'There are a bunch of ledgers owned by banks.', 'start': 194.142, 'duration': 2.522}, {'end': 202.848, 'text': 'there are bunches of ledgers owned by money transferring institutions, other financial institutions, regulators, insurance companies,', 'start': 196.664, 'duration': 6.184}, {'end': 207.051, 'text': 'and each of these ledgers have to be reconciled.', 'start': 202.848, 'duration': 4.203}, {'end': 212.971, 'text': 'changed, and because you have to change so many of them, it creates friction.', 'start': 208.388, 'duration': 4.583}, {'end': 218.114, 'text': 'and what this friction creates is a time delay and obviously cost.', 'start': 212.971, 'duration': 5.143}, {'end': 225.719, 'text': 'and so the hundred dollars sent by me to my friend in Zambia reaches her maybe five days, six days later, and only maybe 94 or 95 dollars reach her.', 'start': 218.114, 'duration': 7.605}], 'summary': 'Banks and financial institutions have multiple ledgers causing reconciliation delays, resulting in 5-6 day delay and loss of $5-6 for $100 transactions.', 'duration': 31.577, 'max_score': 194.142, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/8fbhI1qVj0c/pics/8fbhI1qVj0c194142.jpg'}], 'start': 7.577, 'title': "Anand mahindra's blockchain discovery", 'summary': "Narrates anand mahindra's discovery of blockchain and its potential disruption in the business world, sparked by a news item he encountered in new york, which led to his interest in the consensus conference. it also discusses the potential of blockchain, likening it to the early days of the internet, emphasizing its fundamental nature, and highlighting its ability to streamline transactions and reduce costs, ultimately changing lives in the next 20 years.", 'chapters': [{'end': 61.608, 'start': 7.577, 'title': 'Anand mahindra and the blockchain revolution', 'summary': "Narrates anand mahindra's discovery of blockchain and its potential disruption in the business world, sparked by a news item he encountered in new york, which led to his interest in the consensus conference.", 'duration': 54.031, 'highlights': ["Anand Mahindra, the narrator's boss, discovered the term 'blockchain' in a news item while in New York, igniting his interest in its disruptive potential.", "Blockchain was seen as a technology that promised to disrupt companies like Uber, similar to how Uber was disrupting Mahindra's company.", 'The narrator was tasked with understanding blockchain, leading him to discover the Consensus conference in New York.']}, {'end': 239.986, 'start': 62.009, 'title': 'Blockchain: the future ledger', 'summary': 'Discusses the potential of blockchain, likening it to the early days of the internet, emphasizing its fundamental nature, and highlighting its ability to streamline transactions and reduce costs, ultimately changing lives in the next 20 years.', 'duration': 177.977, 'highlights': ['Blockchain is compared to the early days of the internet, indicating its potential for massive growth. The speaker likens blockchain to the early internet in the 1990s, suggesting its potential to be as revolutionary.', 'Blockchain is described as fundamental and parallel to the internet, emphasizing its transformative nature. The chapter emphasizes that blockchain is not just a use case of the internet, but something fundamental and parallel to it.', 'The inefficiencies of the current ledger system are outlined, highlighting the time delays and costs involved. The speaker explains the inefficiencies of the current ledger system, citing time delays and costs as significant issues.']}], 'duration': 232.409, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/8fbhI1qVj0c/pics/8fbhI1qVj0c7577.jpg', 'highlights': ["Anand Mahindra discovered 'blockchain' in a news item, sparking his interest in its disruptive potential.", 'Blockchain is likened to the early days of the internet, indicating its potential for massive growth.', 'Blockchain is fundamental and parallel to the internet, emphasizing its transformative nature.', "Blockchain has the potential to disrupt companies like Uber, similar to how Uber was disrupting Mahindra's company.", 'The narrator discovered the Consensus conference in New York while tasked with understanding blockchain.', 'The inefficiencies of the current ledger system are outlined, highlighting time delays and costs involved.']}, {'end': 653.468, 'segs': [{'end': 336.017, 'src': 'embed', 'start': 263.5, 'weight': 2, 'content': [{'end': 273.127, 'text': 'whenever a new transaction happens it gets, or a set of transactions it gets added on as one more block in a chain of already existing transactions.', 'start': 263.5, 'duration': 9.627}, {'end': 279.733, 'text': "And obviously this transaction which has been added has been authenticated by everyone and it's kind of right.", 'start': 274.308, 'duration': 5.425}, {'end': 286.931, 'text': 'Also, this blockchain is protected by amongst the best cryptography algorithms available.', 'start': 280.948, 'duration': 5.983}, {'end': 288.912, 'text': 'So very difficult to hack.', 'start': 287.131, 'duration': 1.781}, {'end': 295.715, 'text': 'The other important thing is that every block added is immutably linked to the last block.', 'start': 289.792, 'duration': 5.923}, {'end': 298.248, 'text': 'and that block is linked to the last block.', 'start': 296.707, 'duration': 1.541}, {'end': 301.01, 'text': 'And so if you have to change one block?', 'start': 298.889, 'duration': 2.121}, {'end': 307.995, 'text': 'if a hacker comes and wants to change one transaction or a block, he or she has to change the entire chain, which is very difficult to do.', 'start': 301.01, 'duration': 6.985}, {'end': 312.519, 'text': 'And therefore, super security, driven by consensus, driven by this immutability.', 'start': 308.296, 'duration': 4.223}, {'end': 319.764, 'text': 'The other thing in a blockchain is that again, because this is a chain, so you can actually trace back any event.', 'start': 313.259, 'duration': 6.505}, {'end': 325.609, 'text': 'You know, something happened, you can trace back because you go back by block, by block, by block, you can trace it back.', 'start': 320.645, 'duration': 4.964}, {'end': 336.017, 'text': 'Blockchains also foster or have originated this thing called smart contracts, which is logic built in most blockchains,', 'start': 326.713, 'duration': 9.304}], 'summary': 'Blockchain adds transactions as immutable blocks, protected by advanced cryptography, fostering smart contracts and traceability.', 'duration': 72.517, 'max_score': 263.5, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/8fbhI1qVj0c/pics/8fbhI1qVj0c263500.jpg'}, {'end': 476.588, 'src': 'embed', 'start': 446.271, 'weight': 1, 'content': [{'end': 447.652, 'text': "There's not one superwoman there.", 'start': 446.271, 'duration': 1.381}, {'end': 449.692, 'text': "There's no bank.", 'start': 448.971, 'duration': 0.721}, {'end': 451.734, 'text': "I'm trusting all of them.", 'start': 450.813, 'duration': 0.921}, {'end': 460.764, 'text': "I'm also trusting the fact that if they want to defraud me, most or if not all of these women will have to be influenced.", 'start': 453.396, 'duration': 7.368}, {'end': 469.794, 'text': "And therefore, I'm changing the concept of trust from centralized trust to distributed trust.", 'start': 461.685, 'duration': 8.109}, {'end': 476.588, 'text': "It's this distributed trust which is actually the heart and soul of a blockchain.", 'start': 471.744, 'duration': 4.844}], 'summary': 'Transitioning from centralized to distributed trust in blockchain technology.', 'duration': 30.317, 'max_score': 446.271, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/8fbhI1qVj0c/pics/8fbhI1qVj0c446271.jpg'}, {'end': 538.58, 'src': 'heatmap', 'start': 515.342, 'weight': 0.761, 'content': [{'end': 522.587, 'text': 'So, blockchains and cryptocurrencies are actually, they feed off each other.', 'start': 515.342, 'duration': 7.245}, {'end': 526.43, 'text': "You cannot have a cryptocurrency unless there's a blockchain behind it.", 'start': 523.087, 'duration': 3.343}, {'end': 531.494, 'text': "But on the other hand, unless there's a cryptocurrency built incentive system, there's going to be no blockchain.", 'start': 526.811, 'duration': 4.683}, {'end': 538.58, 'text': 'But then our leaders and politicians and policy makers sometimes think a little differently.', 'start': 532.557, 'duration': 6.023}], 'summary': 'Blockchains and cryptocurrencies are interdependent for existence and incentive, but leaders may have differing views.', 'duration': 23.238, 'max_score': 515.342, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/8fbhI1qVj0c/pics/8fbhI1qVj0c515342.jpg'}, {'end': 598.509, 'src': 'embed', 'start': 567.724, 'weight': 0, 'content': [{'end': 574.186, 'text': 'They want to use blockchain to transform their own countries, to transform their own economies and more things beyond that.', 'start': 567.724, 'duration': 6.462}, {'end': 582.568, 'text': 'So how can you use blockchain to transform a country and a country like India? Let me start with agriculture.', 'start': 574.546, 'duration': 8.022}, {'end': 588.43, 'text': 'Look, agriculture, for us to do anything in transforming India, we first have to look at agriculture.', 'start': 583.248, 'duration': 5.182}, {'end': 591.231, 'text': 'Agriculture is 16% of our GDP.', 'start': 589.21, 'duration': 2.021}, {'end': 598.509, 'text': "120 million farmers, that's 12 crore farmers, are directly engaged in agriculture.", 'start': 594.306, 'duration': 4.203}], 'summary': "Blockchain can transform india's agriculture, which accounts for 16% of gdp, involving 120 million farmers.", 'duration': 30.785, 'max_score': 567.724, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/8fbhI1qVj0c/pics/8fbhI1qVj0c567724.jpg'}], 'start': 240.867, 'title': 'Blockchain technology and its economic transformation', 'summary': "Discusses the concept of blockchain as a universal ledger, its immutability, security, and decentralized maintenance. it also highlights the potential of blockchain technology in transforming india's economy, particularly in the agriculture sector, where 23 farmers commit suicide daily due to lack of resources and support.", 'chapters': [{'end': 443.809, 'start': 240.867, 'title': 'Blockchain technology', 'summary': 'Discusses the concept of a blockchain as a single universal ledger, its immutability, security, traceability, use of smart contracts, and the decentralized nature of maintenance, incentivized by the cryptocurrency bitcoin.', 'duration': 202.942, 'highlights': ['A blockchain is a single universal ledger, where every new transaction is added as a block in a chain, authenticated by all, and protected by advanced cryptography algorithms. The concept of a single universal ledger is at the heart of a blockchain, with every new transaction being authenticated and added as a block in a chain, protected by advanced cryptography algorithms.', 'Every block added is immutably linked to the last block, making it very difficult for a hacker to change one transaction or block without changing the entire chain. Every block added is immutably linked to the last block, making it very difficult for a hacker to change one transaction or block without changing the entire chain, ensuring super security and immutability.', 'Blockchains foster the concept of smart contracts, where logic triggers automatic events based on certain conditions, providing useful functionality. Blockchains foster the concept of smart contracts, where logic triggers automatic events based on certain conditions, providing useful functionality for various applications.', 'The decentralized nature of maintaining the blockchain is incentivized by the cryptocurrency Bitcoin, where people maintaining the chain are rewarded, known as miners. The decentralized nature of maintaining the blockchain is incentivized by the cryptocurrency Bitcoin, where people maintaining the chain are rewarded, known as miners, driving the decentralized maintenance of the chain.', 'A blockchain can be likened to a kitty party, involving a group of people putting in money and trusting the system to fairly distribute the funds, highlighting the trust and decentralized nature of the blockchain. A blockchain can be likened to a kitty party, involving a group of people putting in money and trusting the system to fairly distribute the funds, highlighting the trust and decentralized nature of the blockchain.']}, {'end': 653.468, 'start': 446.271, 'title': "Blockchain for transforming india's economy", 'summary': "Highlights the concept of distributed trust in blockchain, the interdependence of blockchains and cryptocurrencies, and the potential of blockchain technology in transforming india's economy, particularly in the agriculture sector, where 23 farmers commit suicide daily due to lack of resources and support.", 'duration': 207.197, 'highlights': ['The concept of distributed trust in blockchain is highlighted, emphasizing its role in changing the traditional concept of centralized trust to distributed trust, which is essential for blockchain technology. ', "The interdependence of blockchains and cryptocurrencies is emphasized, highlighting that a cryptocurrency cannot exist without a blockchain behind it, and there will be no blockchain unless there's a cryptocurrency built incentive system. ", "The potential of blockchain technology in transforming India's economy, particularly in the agriculture sector, is discussed, pointing out the challenges faced by farmers, with 23 farmers committing suicide daily due to lack of resources and support. 23 farmers commit suicide every single day in India."]}], 'duration': 412.601, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/8fbhI1qVj0c/pics/8fbhI1qVj0c240867.jpg', 'highlights': ["The potential of blockchain technology in transforming India's economy, particularly in the agriculture sector, is discussed, pointing out the challenges faced by farmers, with 23 farmers committing suicide daily due to lack of resources and support.", 'The concept of distributed trust in blockchain is highlighted, emphasizing its role in changing the traditional concept of centralized trust to distributed trust, which is essential for blockchain technology.', 'A blockchain is a single universal ledger, where every new transaction is added as a block in a chain, authenticated by all, and protected by advanced cryptography algorithms.', 'Every block added is immutably linked to the last block, making it very difficult for a hacker to change one transaction or block without changing the entire chain, ensuring super security and immutability.', 'Blockchains foster the concept of smart contracts, where logic triggers automatic events based on certain conditions, providing useful functionality.']}, {'end': 1120.777, 'segs': [{'end': 700.858, 'src': 'embed', 'start': 675.804, 'weight': 0, 'content': [{'end': 682.909, 'text': 'to create a new Uber for tractors without actually an Uber being there and in fact we are creating that and where,', 'start': 675.804, 'duration': 7.105}, {'end': 689.349, 'text': 'where the costs become much lesser and smart contracts, provenance, lack of hackability, etc.', 'start': 684.045, 'duration': 5.304}, {'end': 690.91, 'text': 'makes it much easier.', 'start': 689.389, 'duration': 1.521}, {'end': 696.674, 'text': 'In fact, you can go a step further and blockchain is the ideal technology to create fractional ownership.', 'start': 691.651, 'duration': 5.023}, {'end': 700.858, 'text': 'And so 11 farmers can own one tractor, which is still easier to do,', 'start': 697.415, 'duration': 3.443}], 'summary': 'Creating uber for tractors with blockchain tech, enabling 11 farmers to own one tractor.', 'duration': 25.054, 'max_score': 675.804, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/8fbhI1qVj0c/pics/8fbhI1qVj0c675804.jpg'}, {'end': 770.295, 'src': 'embed', 'start': 738.495, 'weight': 1, 'content': [{'end': 740.737, 'text': 'In fact, Andhra Pradesh has already started doing so in India.', 'start': 738.495, 'duration': 2.242}, {'end': 744.6, 'text': 'They have started moving their agricultural land records to blockchains.', 'start': 741.137, 'duration': 3.463}, {'end': 747.983, 'text': 'And finally, what excites me the most, frankly,', 'start': 745.261, 'duration': 2.722}, {'end': 756.691, 'text': 'is the fact that you can actually use blockchain better than any other technology to do consolidation of these small plots into one larger plot,', 'start': 747.983, 'duration': 8.708}, {'end': 757.391, 'text': 'larger acreage.', 'start': 756.691, 'duration': 0.7}, {'end': 762.37, 'text': 'And so, you know, you can then do the harvesters on that and the tractors on that and inputs on that.', 'start': 758.348, 'duration': 4.022}, {'end': 770.295, 'text': 'And the blockchain can actually take care of whose land, how much input happened, where, how much output happened.', 'start': 762.751, 'duration': 7.544}], 'summary': 'Andhra pradesh in india has moved agricultural land records to blockchain, enabling consolidation of small plots into larger ones.', 'duration': 31.8, 'max_score': 738.495, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/8fbhI1qVj0c/pics/8fbhI1qVj0c738495.jpg'}, {'end': 836.277, 'src': 'embed', 'start': 811.377, 'weight': 2, 'content': [{'end': 816.94, 'text': "But then the problem is how do you make it economically viable? There will be certain houses which will be producing more power, they don't need it.", 'start': 811.377, 'duration': 5.563}, {'end': 819.221, 'text': 'There will be certain places which will not be producing power.', 'start': 816.96, 'duration': 2.261}, {'end': 828.175, 'text': 'And so if you again use blockchain and a little bit of IoT and link all of these houses with solar panels on them,', 'start': 819.721, 'duration': 8.454}, {'end': 832.676, 'text': 'automatically excess power can be transferred to deficit power.', 'start': 828.175, 'duration': 4.501}, {'end': 836.277, 'text': 'money from the deficit power guy can be transferred to the excess power guy.', 'start': 832.676, 'duration': 3.601}], 'summary': 'Blockchain and iot can enable transfer of excess power to deficit power, ensuring economic viability.', 'duration': 24.9, 'max_score': 811.377, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/8fbhI1qVj0c/pics/8fbhI1qVj0c811377.jpg'}, {'end': 967.359, 'src': 'embed', 'start': 909.235, 'weight': 3, 'content': [{'end': 914.138, 'text': 'And what do you get? What you get is a chit fund.', 'start': 909.235, 'duration': 4.903}, {'end': 919.702, 'text': 'Chit funds operate on the same principle as kitty parties.', 'start': 915.839, 'duration': 3.863}, {'end': 921.712, 'text': 'distributed trust.', 'start': 920.771, 'duration': 0.941}, {'end': 928.781, 'text': "You're trusting a community rather than trusting a central authority or a bank like Punjab National Bank, for example.", 'start': 922.433, 'duration': 6.348}, {'end': 935.869, 'text': "It's actually a parallel banking system which exists in our country.", 'start': 929.902, 'duration': 5.967}, {'end': 940.735, 'text': "In fact, 10% of India's savings go into chit funds.", 'start': 936.61, 'duration': 4.125}, {'end': 947.741, 'text': 'The problem is that the amount of fraud in Chit funds is actually estimated at $10 billion.', 'start': 941.616, 'duration': 6.125}, {'end': 949.763, 'text': 'Forget the size of the industry.', 'start': 948.362, 'duration': 1.401}, {'end': 951.545, 'text': 'The fraud is $10 billion.', 'start': 950.144, 'duration': 1.401}, {'end': 954.047, 'text': 'The reason is the principle is right.', 'start': 952.005, 'duration': 2.042}, {'end': 954.968, 'text': 'The principle is perfect.', 'start': 954.087, 'duration': 0.881}, {'end': 955.668, 'text': 'It used to work.', 'start': 955.008, 'duration': 0.66}, {'end': 958.311, 'text': "It's a classical peer-to-peer system.", 'start': 955.708, 'duration': 2.603}, {'end': 965.257, 'text': 'The problem is that there has been no framework, no technology so far which could manage it.', 'start': 958.631, 'duration': 6.626}, {'end': 967.359, 'text': 'And here comes blockchain.', 'start': 966.518, 'duration': 0.841}], 'summary': 'Chit funds in india hold $10 billion in fraud due to lack of framework, but blockchain offers a solution.', 'duration': 58.124, 'max_score': 909.235, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/8fbhI1qVj0c/pics/8fbhI1qVj0c909235.jpg'}, {'end': 1020.882, 'src': 'embed', 'start': 992.771, 'weight': 5, 'content': [{'end': 998.601, 'text': "So if we just elevate ourselves, my friends, blockchain is not as much a technology as it's a philosophy.", 'start': 992.771, 'duration': 5.83}, {'end': 1004.951, 'text': 'And we talked about how it is similar yet different from the internet.', 'start': 1000.103, 'duration': 4.848}, {'end': 1010.234, 'text': 'The internet solved many problems for us, many big problems for us.', 'start': 1005.871, 'duration': 4.363}, {'end': 1012.716, 'text': 'It solved our information problem with search.', 'start': 1010.815, 'duration': 1.901}, {'end': 1020.882, 'text': 'It solved our distribution problem with Amazon and YouTube and, you know, video and music and digital files, etc.', 'start': 1013.537, 'duration': 7.345}], 'summary': 'Blockchain: more a philosophy than a technology, solving big problems like the internet.', 'duration': 28.111, 'max_score': 992.771, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/8fbhI1qVj0c/pics/8fbhI1qVj0c992771.jpg'}, {'end': 1119.735, 'src': 'embed', 'start': 1087.912, 'weight': 6, 'content': [{'end': 1091.313, 'text': 'Taxi ride sharing was supposed to be peer-to-peer, rider to driver.', 'start': 1087.912, 'duration': 3.401}, {'end': 1094.495, 'text': "But now it's actually not peer-to-peer, it's peer to Uber to peer.", 'start': 1091.713, 'duration': 2.782}, {'end': 1097.516, 'text': 'And you know, you can take this anywhere.', 'start': 1095.655, 'duration': 1.861}, {'end': 1102.118, 'text': 'Why people are so excited, including me and Anand,', 'start': 1098.556, 'duration': 3.562}, {'end': 1109.22, 'text': 'about blockchain is the fact that it promises to solve the two problems that the internet could not.', 'start': 1102.118, 'duration': 7.102}, {'end': 1113.302, 'text': 'The trust problem and the intermediation problem.', 'start': 1110.081, 'duration': 3.221}, {'end': 1119.735, 'text': 'And bring back actually a true honest to goodness, peer to peer economy.', 'start': 1113.962, 'duration': 5.773}], 'summary': 'Blockchain offers solution for trust and intermediation in peer-to-peer economy.', 'duration': 31.823, 'max_score': 1087.912, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/8fbhI1qVj0c/pics/8fbhI1qVj0c1087912.jpg'}], 'start': 654.309, 'title': 'Blockchain transformations', 'summary': 'Delves into how blockchain can revolutionize agriculture and energy sectors, enabling fractional ownership of tractors, digitization of land records, creating micro small grids for efficient power distribution, potentially transforming agricultural practices, and addressing the $10 billion fraud in chit funds, trust, and intermediation problems faced by the internet, and creating a true peer-to-peer economy.', 'chapters': [{'end': 940.735, 'start': 654.309, 'title': 'Blockchain in agriculture and energy', 'summary': 'Discusses how blockchain technology can revolutionize agriculture and energy sectors, enabling fractional ownership of tractors, digitization of land records, and creation of micro small grids for efficient power distribution, potentially transforming agricultural practices and making decentralized energy production economically viable.', 'duration': 286.426, 'highlights': ['Blockchain can enable fractional ownership, allowing 11 farmers to own one tractor, reducing costs and complications. This highlights the potential for blockchain to facilitate efficient resource sharing and reduce financial burdens for small-scale farmers.', 'Andhra Pradesh has started moving agricultural land records to blockchains, demonstrating the practical implementation of blockchain technology in digitizing land records. This highlights a real-world application of blockchain in digitizing and securing land records, showcasing its potential for widespread adoption.', 'Blockchain technology can facilitate the creation of micro small grids for decentralized power distribution, potentially making decentralized energy production economically viable. This emphasizes the transformative potential of blockchain in revolutionizing energy distribution and making decentralized power production economically feasible for rural areas.', 'Chit funds operate on the same principle as kitty parties, demonstrating the potential for blockchain to create a distributed trust system for financial transactions. This highlights the parallel banking system in India and showcases the potential for blockchain to revolutionize financial transactions and trust systems.']}, {'end': 1120.777, 'start': 941.616, 'title': 'Blockchain: solving trust and intermediation problems', 'summary': 'Discusses the potential of blockchain to address the $10 billion fraud in chit funds, the trust and intermediation problems faced by the internet, and its power to create a true peer-to-peer economy by solving these issues.', 'duration': 179.161, 'highlights': ["Blockchain's potential to address the $10 billion fraud in Chit funds is highlighted, emphasizing its power of consensus and non-hackability.", 'The discussion on blockchain as a philosophy rather than just a technology is emphasized, focusing on its ability to solve the trust and intermediation problems faced by the internet, creating a true peer-to-peer economy.', 'The comparison of blockchain to the internet and its promise to solve the trust and intermediation problems, creating a true peer-to-peer economy, is highlighted.']}], 'duration': 466.468, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/8fbhI1qVj0c/pics/8fbhI1qVj0c654309.jpg', 'highlights': ['Blockchain can enable fractional ownership, allowing 11 farmers to own one tractor, reducing costs and complications.', 'Andhra Pradesh has started moving agricultural land records to blockchains, demonstrating the practical implementation of blockchain technology in digitizing land records.', 'Blockchain technology can facilitate the creation of micro small grids for decentralized power distribution, potentially making decentralized energy production economically viable.', 'Chit funds operate on the same principle as kitty parties, demonstrating the potential for blockchain to create a distributed trust system for financial transactions.', "Blockchain's potential to address the $10 billion fraud in Chit funds is highlighted, emphasizing its power of consensus and non-hackability.", 'The discussion on blockchain as a philosophy rather than just a technology is emphasized, focusing on its ability to solve the trust and intermediation problems faced by the internet, creating a true peer-to-peer economy.', 'The comparison of blockchain to the internet and its promise to solve the trust and intermediation problems, creating a true peer-to-peer economy, is highlighted.']}], 'highlights': ['Blockchain likened to early internet days, indicating massive growth potential.', "Blockchain's transformative nature emphasized, parallel to the internet.", "Blockchain's potential to disrupt companies like Uber and current ledger system inefficiencies outlined.", "Blockchain's potential in transforming India's economy, particularly in agriculture, discussed.", "Distributed trust in blockchain highlighted, essential for technology's role.", "Blockchain's immutability and security features outlined, fostering smart contracts concept.", 'Blockchain enabling fractional ownership, practical implementation in digitizing land records discussed.', "Blockchain's potential in creating decentralized power distribution and trust system for financial transactions highlighted.", "Blockchain's ability to solve trust and intermediation problems, creating a true peer-to-peer economy emphasized."]}