Banking industry the Banking Industry has been rocked by one scandal after another and recent years. But this failure gave impetus to the emergence of new web based technologies such as the blocked chain. And god will forgive the currencies that could have the middleman and banks where there are no banking monopolies and were above all the state no longer has the sole derogative in the creation of money for form. But its about more than just catch. The option to change technology will completely revolutionize large parts of the many Many Industries tired of the senior. Staff from the executive floors of bank skyscrapers the block chain revolution has long since begun for example in berlin crisis back where Restaurant Owner a young plats has been pursuing his vision of a World Without banks for more than twenty years. He is fighting for an alternative Monetary System his weapon is bitcoin some of you and if you want to imagine a superhero currency and say hell with the money work that superman and batman might use you start fantasizing and you come up with Something Like that coil good among other things of us privately but corn. Bitcoin the money with alleged super powers is used here regularly the smartphone replaces the wallets. As we have its for well i already have better point on my phone in the form of its you now i have almost a whole bag calling on it and i click on send. Its already there its already there that the banks play absolutely no role zero in this transaction i just made a bank for repayment. Until now Money Transfers have usually involve several banks that costs both time and money because it doesnt need a back anymore its done directly through blocked Chain Technology and is encrypted that could even make Central Banks appear fillets. The block saying network regulates itself because all transactions are stored on numerous computers. Scammers have no chance at all setting record supporters. York plats the fifty year old restauranteur lost all trust in the Financial System long ago hes disillusioned with the Global Finance structure. I believe that our economic and Financial System is facing very Serious Problems and these are getting increasingly extreme. And also increasingly damaging to our society. They are widening the gap between rich and poor and weve also created a system we have a class of bankers who answer to nobody and bank on. The coin uses like platts are calling for change they say the people not the financial world should control the money this is with this currency nobody needs middlemen nobody needs banks nobody needs permission to use it you dont have to show an id card get a credit reference or fill out an application you just download a program or enough and then you can use a bit card and quite easily. The billionaire was the first Restaurant Owner in the world to accept big corn as a means of payment hes convinced Digital Currencies are already competing against the old ones. Isnt going to the economic and financial policies. Governments and the banks are driving people to bitcoin that core and the world is that simple the financial crisis doesnt seem to be really over so confidence in the euro is twinned ling was confidence and it kind is rising and you can see that clearly from the Exchange Rate as well because all. Austria is in the grip of cryptocurrency fever. Based at a prime location in downtown vienna magdalena plant exchanges hard cash for virtual money. Her clients are anything but computer and. Since your lot isnt there young people have teenagers who see it more as a lifestyle product and think bitcoin is cool i know that we have twenty to forty year old spa people who see it as an investment but also elderly people i had an eighty year old who also wanted to trade the coins i explained to him how you trade in crypto currency he got it and was super happy. For it the big cash machine is a customer magnet its one as youre a nurse and spits out digital coins into a smartphone based online oneness within seconds. The german business woman had good reason to choose vienna for her operation. And you get time austria sees it as a digital commodity and treats it Like Software that means you dont need a license from the Financial Markets supervisory bodies in contrast to germany where you need a financial intermediary license to trade in bitcoin. The austrian press has dubbed her the bitcoin queen. Marked elina is brand sells thousands of euros worth of bitcoin every day. Demand is strong. Of course people are interested in the returns they can get a lot of them want to get rich. Its no wonder bitcoins crazy price history is like something out of a hollywood movie. Erik film an an american teenager made headlines around the world after the one thousand dollars he invested in bitcoin when he was only twelve made him a millionaire just before his eighteenth birthday. But they have recently been some sharp falls east and advises her clients she has a very simple long term strategy. As for the whole new guard rather place my trust in mathematics cryptography and technology than any third parties our banks. Look tainted knology is a decentralized database a sort of register sums of money shares and contracts are recorded quickly cheaply and without intermediaries such as banks. Entries cannot be changed. A number of blocks of Digital Information form a data chain this is the socalled block chain and it is totally secure. Copies are stored on thousands of computers and any attempt to manipulate them would quickly attract attention. Because it is the best known block chain application. In japan it has already been accepted as an official means of payment china and russia are skeptical. But many uses are smitten but i. Think the whole thing is revolutionary somehow well i dont want to say that it challenges the state or banks or whatever but if you look at the whole Economic System you can see the problems that crop up time and time again. And then suddenly big client comes up with this idea complex because. You read it through when you go into it a bit deeper you start to look at bloodshed and the whole Technology Behind it and then you increasingly realize that this is an idea that can really work became really pay off really function. As a start its going very well we should be in the black by the end of the year and our goal now is to have thirty stores in three years with the next ones opening in london and stockholm later this year. And that is out. The end as Postal Service now even sells bitcoin vouches proof that the block chain revolution is even reaching traditional companies. But there is also a dark side particularly in its early days that coin was seen as gangster money because the anonymity of the transactions meant it could be used to launder cash and buy and sell weapons and drugs. Like james woods and parklands check have to cleared war on criminal activity they found at the internet start up but panda about two years ago in vienna. Today its grown into europes largest cryptocurrency exchange. Customers can change heroes and dollars to buy because and other critter currency. As of yet so we have in the region of a million in sales today both buying and selling the positives and withdrawals are even higher so that of course comes on top. Of pure sales or work just over one Million Euros a day. While many Crypto Exchanges operates in grey areas or prohibited the german Austrian Team is setting the highest standards. They want everything to be as secure as a bag. And im finding is that this year we said from the outset that we were serious about this. That i sometimes feel transfers from euros to bitcoin in vice versa must not be anonymised you see it and we must have verification for each customer. This is exactly the same sort of verification that you have in europe today when you open a bank account online. Customers can pay via credit card or online banking. But even guessing that fine has been a struggle. To keep banking. The banks gave us zero support they avoided us like the play it took it as. Now its the other way around but. Now they come to us and say hey why dont we do a project together so now we have the choice i never thought back then that things would turn around so fast that. Investors around the world up pumping billions into and as yet still unregulated markets. So is the superhero money a better method of payment compared to the euro or the old deutsche mark. Germanys central bank the bundesbank doesnt think so the guardians of the official currency have been watching their internet rivals closely. The banks management cant understand the hype around crypto currencies i was a bit of on them because we were warned against it coin looked to especially with regard to the speculative aspects of one bitcoin is worth anything from two hundred to two thousand euros so anything seems possible. Speculating and it may pay off but it can also go wrong so we would definitely advise against investing. In the problem the currency guardians have is obvious for decades they had sole control of the bank notes and coins. But they cant control blocked change. Bit love conduct will do and this is a race that controllers cannot win doctrine this point in block chains offer a whole new level of evasion and that is because its global because its international. Has no home. Mannheim out its beyond any regulatory reach into to. In order to understand the opportunities and risks the federal bank has are working with the German Stock Exchange to create their own block chain. Thats my im willing to admit that we may have already gone as far as we can with conventional technology in other words in the conventional Monetary System or at least getting close to it whereas with bitcoin or block change technology the limits arent yet clear. The current. And what about the banks have they underestimated the danger and fail to recognize the threats block taint acknowledge he poses to their Business Models why does one need a bank at all when one can transfer money without one the banks are now belatedly trying to get in on the act because its were looking at all these topics not because we want to defend ourselves against them but because we see opportunities to generate really new Business Models and new solutions for our customers. The potential of the blocked chain in the banking world is huge. It could make expensive financial supervisory bodies obsolete. If the banks were to cut out the middlemen they could save billions but the technology is still in its infancy. Block chain. Block chain as such cant yet provide the capacity for the rapid transfer of the millions of payments made every day. For you. This is tim is however already making some aspects of banking easy and fun. Chain is a lot more than just a bed point spread coin is a crypto currency its very well known and right now its very popular blog chains can also be used in many many other areas banks can use them in their lending business or in their trade finance business are big banks around the world are researching blocking technology because they want to keep up with its development they are particularly interested in block chains way they have sell access and can call the shots nobody has been on a committee i believe that well see a commercial solutions that will involve total anonymity just like the botching and well also see the sort of Regulatory Framework that will really allow us to use these things commercially and securely since the current. Some of those working on this world of tomorrow can be found in berlins backyards Young Program is from all over the world. Thirty one year old kids stuff yet knows all about the new technologies and advises corporate bosses on their development and applications. The block chain revolution is like a steam roller and every day brings new projects and new worries. Respondents incredibly exciting but its also nerve racking watching the account balances go up and down or being responsible for the security of a system with billions its really scary. The block chain jaensch and others are working on goes way beyond bitcoin. It will not only revolutionize Money Transfer but contracts of all kinds. It will allow complete strangers to deal with each other directly when for all we rely on mathematics and cryptography as long as the system runs this program and we know exactly what will happen if you enter into a contract that specifies an amount of time and conditions then you can be certain of the outcome eliminates the need for trust. Trust in the code a revolutionary idea. But yet she wants to take things even further. We want to give things their own Bank Accounts for example i can go to a bank today and open an account as a private person or as a company but my car cant open one of my charging station cant get one either nor can my locks were connecting things through the block chain so that they can accept or make payments and enter into complex contracts. Is going to visit a test customer on behalf of a big energy provider. Per star sharon charge is trying to solve the most pressing problem facing electrum ability germany has too few charging stations sans charts. Sharon charges a way of allowing electric car drivers and charging station operators to make ad hoc virtual transactions. And they can do this without entering into a contract or even knowing each other before hand. That works through the block chain. There and estimated forty five thousand private charging stations in germany. In the future their owners should be able to provide energy to customers by an app directly without any credit card all Service Charges vehicles will be able to charge and pay autonomous levi preprogrammed contracts machines paying machines in other words. The echoes will communicate with their surroundings without any human agency. Their Digital World its will pay sensors to keep Parking Spaces free. Block trains will even allow them to top up their batteries and pay for the charge by induction loops at traffic lights. These might all be very small turn. Action. But without block Chain Technology they couldnt happen little. Bagatelle but its our fan thats why i believe this will become more and more important in the future even though theres still a great deal we dont know simply because we dont yet have the experience. And. The Reason Companies can trust machines to make autonomous transactions is down to the high level of Data Security in the block chain. Doesnt stand a chance against the Computing Power of the networks. Business sectors where fraud and mistrust are rife have great hopes will block tainted knology. The diamond industry for example loses billions every year because of counterfeiting and blood diamonds said to fits of authenticity are usually only available on paper and can easily be faked this illusion is to deposit an immutable fingerprint for each diamond in a block chain creating a digital citic it listing the unique identifying features for each stone. Meanwhile american i. T. Tyrant i. B. M. Is planning to introduce block Train Technology into super markets with the aim of increasing food safety. Block trains will be able to show the origin of meat for example. Or what temperatures it has been stored at. Some six hundred Million People worldwide fall ill every year after consuming contaminated food. The data chain can monitor steak and schnitzel supply chains at every step from the slaughterhouse to the refrigerated counter all you need is a smartphone. In the bavarian capital munich the United NationsWorld Food Program wants. To revolutionize the fight against hunger. Then how to cover and his International Team are already organizing donations and deliveries digitally. One particularly promising project is aimed at solving the huge problem that many refugees face. Millions have lost their families money and homes as they flee war and persecution. In places like the camp in the jordanian desert they are provided with the bare essentials for life. The aid organizations time is difficult and takes enormous effort luck taint acknowledged to offer a solution. Of the block train age of the refugees has a virtual account in the block instead of having this account with a bank we can use the block chain to handle individual transactions. The advantage for us is clear instead of making ten thousand individual transactions each month via banks for example we can simply settle up with various businesses once a week. And operate. The Syrian Refugees pay for their purchases by ice. The block chain compares the ration there with pre stored biometric data and also magically triggers the transaction. Before its gone through and were now trying to roll out the program for up to one hundred thousand people in jordan by the end of the year whilst also starting in other countries we believe we can save several Million Euros a year in bank charges in jordan alone which we can then use to buy more food. Its a new concept digital identities for people who have lost everything. The capability of the black chain is you could record a lot of different type of information on the back change so for example like a lot of refugees are displaced they