Would you like to inspect the original subtitles? These are the user uploaded subtitles that are being translated: 1 00:00:04,030 --> 00:00:08,090 What is Blockchain technology for bitcoin & Ethereum 2 00:00:10,890 --> 00:00:15,610 A Blockchain facilitate and secure online transaction. 3 00:00:15,990 --> 00:00:26,430 Basically it's a version or stuff that is foolproof and makes it secure Online transaction more secure 4 00:00:26,450 --> 00:00:30,860 then your existing bank. 5 00:00:30,860 --> 00:00:41,870 Blockchain is it de-centralized and digital Ledger in distributed form which is used to record transactions across 6 00:00:41,870 --> 00:00:43,870 multiple computers. 7 00:00:44,090 --> 00:00:47,150 So the record cannot be hacked. 8 00:00:47,150 --> 00:00:52,560 Now you would have heard on the news EBC bank was hacked. 9 00:00:52,760 --> 00:00:55,520 ABC News got hacked. 10 00:00:55,520 --> 00:01:00,260 Now what really happens is a hacker goes and hacks the computer. 11 00:01:00,260 --> 00:01:09,040 as the computer is associated with that organization because those computers are usually within a building of their 12 00:01:09,050 --> 00:01:15,370 company or its servers are based within a certain area. 13 00:01:15,380 --> 00:01:21,170 So once they attack they have all the information available to them because they have hacked 14 00:01:21,720 --> 00:01:31,580 all the computer available in there HQ. 15 00:01:31,580 --> 00:01:32,800 . 16 00:01:33,110 --> 00:01:40,670 Because these organizations keep their information on their own computers because they want it 17 00:01:40,820 --> 00:01:50,890 secure with there own key and stuff. Whereas Blockchain is different. 18 00:01:51,070 --> 00:01:58,310 They use a de-centralized network. What they do is they break the information data into 19 00:01:58,510 --> 00:02:06,550 100 different broken pieces and then they put them in different computers. 20 00:02:06,580 --> 00:02:13,180 So a person needs 1000s of computers to be hacked and then he needs to collect all that information into one 21 00:02:13,180 --> 00:02:17,200 form and then he would know what that information means. 22 00:02:17,200 --> 00:02:25,390 So it's something that is nearly impossible because you cannot have so many resources, so much time and 23 00:02:25,390 --> 00:02:28,120 understanding of systems. 24 00:02:28,160 --> 00:02:36,600 therefore its far more secure than your existing Bank. This block chain based service can be completed 25 00:02:36,600 --> 00:02:45,700 with blazing speed with extreme security and more cheaply than traditional systems what this means is 26 00:02:46,140 --> 00:02:50,190 your bank is 27 00:02:50,860 --> 00:02:53,460 not foolproof so it can be hacked. 28 00:02:53,470 --> 00:02:55,690 It has security flaws. 29 00:02:55,720 --> 00:03:01,200 Number one problem number two is those banks come under one umbrella. 30 00:03:01,540 --> 00:03:05,490 And you are subject to taxes and all other stuff. 31 00:03:05,830 --> 00:03:12,100 Whereas in block chain its spread across the world. 32 00:03:12,250 --> 00:03:18,010 So they don't come into the traditional sphere of 1 Government. 33 00:03:18,160 --> 00:03:28,440 They are really secure because if you sell anything through block chain to EBC person living in Thailand you can 34 00:03:28,440 --> 00:03:34,530 simply transfer it within seconds whereas if you go to your bank and asked him to transfer 35 00:03:34,530 --> 00:03:35,730 money to Thailand. 36 00:03:36,090 --> 00:03:44,840 It will take days and thousands of dollars of fees and it may require Government approval. 37 00:03:45,180 --> 00:03:53,640 So currently they are a lot of traditional system blockades that will stop you from doing business whereas 38 00:03:54,420 --> 00:03:57,240 Crypto-currencies don't have this issue. 39 00:04:01,770 --> 00:04:02,140 Thank you. 3898