00:16So decentralization is basically the core around blockchain technologies. If two parties want to
00:21interact in what you call either a trustless or a trustful environment, they don't need a third
00:26party to be able to verify or validate or talk about this transaction. They can trust the
00:30technology. They can know that if this other transaction has been signed by the party they're
00:34dealing with, and if it's put onto the blockchain, that's sufficient for them to be able to have faith
00:39in the transaction. And effectively, that looks at taking away middlemen. So in Bitcoin, it's banking.
00:43You can transact with anyone internationally with a relatively low fee without having to go through
00:47banks, and it's in a pretty instant manner. And most of the other transactional platforms are on top of
00:51that. Peer-to-peer loans, microfinancing, anything where you've got an organization that carries
00:56out administrative tasks. We've got multiple groups of parties who are getting involved and requiring
01:01processing or administration on behalf of others. If you can automate that through contracts, which so
01:05much can, you'll see a massive reduction of inefficiencies, which brings down the cost to
01:10consumers. The barriers to entry that are removed are huge. If you look at the simple ones like
01:14Bitcoin, anyone who's got access to a smartphone, which is a huge proportion of the world these days,
01:19you get them at $30, $40, can store funds and send funds. To get access to a transactional bank
01:23account, let alone a savings account or a loan, it's a pretty small percentage of the world's
01:27population that can do that at the moment. It's very difficult to overestimate the potential
01:32of blockchain technology. Every industry in the next five or 10 years is going to be turned
01:36upside down, and it's starting with banking.
01:53is going to be turned upside down, which is going to be turned upside down, and this one is going
01:54to be turned
01:54over on a four-week journey. The one is going to be turned upside down, and this one is going
01:54to be turned
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