Milken PROBLEM SOLVING


Thank you for joining us we are here to talk
about the block chain my name is Satoshi Nakamoto I’m actually I’m Mark Hochstein I’m
the editor in chief of American banker Before we dive in how many people here in
the room first heard the word blockchain within the last 12 months? pretty good number of people
Leanne My names Leanne Kemp I’m the founder and
CEO of everledger. We’re a startup based in London that is
digitising diamonds onto the blockchain as a way to reduce fraud in insurance and open
networks Sir
The whole discussion here is about blockchain is all about a whole lot of other applications
So how in these other applications is that problem of incentivizing somebody to actually
verify what’s on the distributed ledger how does that get solved in these other use cases? Leanne since you’re actually out there in
the wild with this talk about, talk about how you do that. We use the token that’s a very bad word to
use but I’ll use it for simplicity. I’ve seen I saw your face Brian I’m sorry
to do that it’s blasphemy… We’ve used the token as a way to transfer
the value and peg the item digitally to the transfer of that token. It’s a vehicle an electronic vehicle to exchange
ownership or, or enable a part of… for example if we had a number of banks involved in supply
chain finance between two or three parties in the supply chain, it would be remiss of
them to prolificate unethical trade and so as a part of the transfer of funds there must
be accompanied with that transfer of funds a Kimberley certificate and so as a part of
that process at the moment it’s completely paper laiden and neither parties are able
to ensure that there has been a consensus around each of those validation points to
be a part of that financial transaction. So we’re using the token, again I did the
bad word but I’m going to prolificate it, as a mechanism of being able to do that. We’re not trading diamonds with bitcoin
or using crypto currency in that fashion because our world in diamonds is still being used
in the Fiat Currency sense and there’s still you know Swift payments and transfers but
we’re using the transfer of all of those Fiat transactions and Embedding the into an
ethical source across its validation point.

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