Business Part 23: 10 potential uses of blockchain technology(3:30)

https://www.youtube.com/watch?v=LsqI69jpM38

—- ** FOR NEW STUDENTS ** —————————————- ———-

1. [responsivevoice voice = “US English Female” buttontext = “”] What industry do you work in and what is your role? [/responsivevoice]
2. [responsivevoice voice = “US English Female” buttontext = “”] What are your responses in your role / position? [/responsivevoice]
3. [responsivevoice voice = “US English Female” buttontext = “”] Can you describe to the function of your workplace / company? [/responsivevoice]
4. [responsivevoice voice = “US English Female” buttontext = “”] How many departments, how many offices. National or International? [/responsivevoice]
5. [responsivevoice voice = “US English Female” buttontext = “”] What is the Minimum requirements for employment ie Education or Experience? [/responsivevoice]
6. [responsivevoice voice = “US English Female” buttontext = “”] How many opportunities are there to ‘move up the ladder’? [/responsivevoice]
7. [responsivevoice voice = “US English Female” buttontext = “”] What is the process for changing job roles ie Interview? Test? [/responsivevoice]

——————————————————– ———————————————–

[responsivevoice voice = “US English Female” buttontext = “”] General discussion about your workweek: [/responsivevoice]

1. [responsivevoice voice = “US English Female” buttontext = “”] Current projects? Deadlines? Opportunities? [/responsivevoice]
2. [responsivevoice voice = “US English Female” buttontext = “”] Anything of interest happening? [/responsivevoice]

——————————————————– ———————————————-

Before we begin

1. [responsivevoice voice = “US English Female” buttontext = “”]Encrypt = convert (information or data) into a code, especially to prevent unauthorized access.[/responsivevoice]
2. [responsivevoice voice = “US English Female” buttontext = “”]Cryptography = Cryptography or cryptology is the practice and study of techniques for secure communication in the presence of third parties called adversaries.[/responsivevoice]
3. [responsivevoice voice = “US English Female” buttontext = “”]A blockchain = is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data.[/responsivevoice]
4. [responsivevoice voice = “US English Female” buttontext = “”]crypto currencies = a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.[/responsivevoice]

Listening Questions

1. [responsivevoice voice = “US English Female” buttontext = “”]Name 4 industries that blockchain has potential use in[/responsivevoice]
2. [responsivevoice voice = “US English Female” buttontext = “”]What do people fear about online voting?[/responsivevoice]
3. [responsivevoice voice = “US English Female” buttontext = “”]How will blockchain technology affect airlines?[/responsivevoice]

Script

1. [responsivevoice voice = “US English Female” buttontext = “”]blockchain, the open source digital ledger is known as the backbone of crypto currencies, but the tech community has been busy finding other innovative ways to apply the technology so let’s take a look at just some of its potential uses[/responsivevoice]
2. [responsivevoice voice = “US English Female” buttontext = “”]the first is banking. the existing banking system is complex and often slow due to multiple layers of intermediation, blockchain provides a secure way of sending digital assets without these third parties. not only could this simplify the banking process but it could also open the doors to those with no previous access to financial services.[/responsivevoice]
3. [responsivevoice voice = “US English Female” buttontext = “”]next is real estate. without the need for middlemen, this sector could also see vast changes. blockchain can process title deeds, facilitate transactions and even grant access to properties through smart keys. the technology could streamline property sales saving buyers time and money[/responsivevoice]
4. [responsivevoice voice = “US English Female” buttontext = “”]in third is legal services. in a similar way to real estate blockchain could disrupt the practice of law through smart contracts, these are legally binding contracts that are written in code so they can be executed exactly as intended.[/responsivevoice]
5. [responsivevoice voice = “US English Female” buttontext = “”]next we have online voting. blockchain companies are exploring the potential to digitalize voting systems, the fear of hackers manipulating online votes could be put to rest by encrypted block chains creating a transparent and secure voting system.[/responsivevoice]
6. [responsivevoice voice = “US English Female” buttontext = “”]the fifth potential use of blockchain is financial trading. The Nasdaq Stock Exchange announced it would consider blockchain as a means of recording transactions and data, if this system is successful it might be replicated in exchanges across the world.[/responsivevoice]
7. [responsivevoice voice = “US English Female” buttontext = “”]next up is food production. blockchain technology can also be used to simplify the way we produce food, tracking goods from farm to fork.  efficiency in the supply chain would mean more profit for companies, improved food safety and fresher produce[/responsivevoice]
8. [responsivevoice voice = “US English Female” buttontext = “”]in seventh is air-lines who are exploring the capacity of blockchain to speed up passenger identification and processing it could cut down the amount of time spent in queues and passports could be stored on the ledger itself[/responsivevoice]
9. [responsivevoice voice = “US English Female” buttontext = “”]following this is personal identification. blockchain could merge all sources of ID into one open source and secure record this would reduce theft and loss of documentation while protecting the individual’s right to privacy[/responsivevoice]
10. [responsivevoice voice = “US English Female” buttontext = “”]the ninth use is music rights, blockchain can be used to improve the rights of producers and musicians in an era of digital streaming the ledger could facilitate instant transmissions of artistic royalties each time a song is played online. And finally the healthcare industry it’s exploring the potential of blockchain in the exchange of data to improve transparency and patient privacy.[/responsivevoice]

Discussion

1. [responsivevoice voice = “US English Female” buttontext = “”]Is your company involved in any of the above technologies?[/responsivevoice]
2. [responsivevoice voice = “US English Female” buttontext = “”]In what ways could this technology benefit your company / or yourself personally?[/responsivevoice]
3. [responsivevoice voice = “US English Female” buttontext = “”]Which industries do you think will be impacted by this technology the most?[/responsivevoice]

Answers

1. [responsivevoice voice = “US English Female” buttontext = “”]banking, real estate, legal services, online voting, financial trading, food production, airlines, personal identification, music rights[/responsivevoice]
2. [responsivevoice voice = “US English Female” buttontext = “”]Hacking[/responsivevoice]
3. [responsivevoice voice = “US English Female” buttontext = “”]speed up passenger identification and processing it could cut down the amount of time spent in queues and passports could be stored on the ledger itself[/responsivevoice]

Keywords

1. [responsivevoice voice = “US English Female” buttontext = “”]open source = software which the original source code is made freely available and may be redistributed and modified.[/responsivevoice]
2. [responsivevoice voice = “US English Female” buttontext = “”]digital ledger = a book or other collection of financial accounts.[/responsivevoice]
3. [responsivevoice voice = “US English Female” buttontext = “”]backbone = the chief support of a system or organization. / cornerstone / foundation[/responsivevoice]
4. [responsivevoice voice = “US English Female” buttontext = “”]innovative = (of a product, idea, etc.) featuring new methods; advanced and original. (of a person) introducing new ideas; original and creative in thinking.[/responsivevoice]
5. [responsivevoice voice = “US English Female” buttontext = “”]complex = not easy to analyze or understand; complicated or intricate[/responsivevoice]
6. [responsivevoice voice = “US English Female” buttontext = “”]intermediation = Intermediation involves the “matching” of lenders with savings to borrowers who need money by an agent or third party, such as a bank.[/responsivevoice]
7. [responsivevoice voice = “US English Female” buttontext = “”]Mediation = intervention in a dispute in order to resolve it.[/responsivevoice]
8. [responsivevoice voice = “US English Female” buttontext = “”]digital assets = an item of property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.[/responsivevoice]
9. [responsivevoice voice = “US English Female” buttontext = “”]third parties = a person or group besides the two primarily involved in a situation, especially a dispute.[/responsivevoice]
10. [responsivevoice voice = “US English Female” buttontext = “”]“open the doors” = introducing a new idea or situation or making something new possible[/responsivevoice]
11. [responsivevoice voice = “US English Female” buttontext = “”]middlemen = a person who buys goods from producers and sells them to retailers or consumers. a person who arranges business or political deals between other people.[/responsivevoice]
12. [responsivevoice voice = “US English Female” buttontext = “”]sector / section / zone / branch / division / department[/responsivevoice]
13. [responsivevoice voice = “US English Female” buttontext = “”]vast/  wide / expansive[/responsivevoice]
14. [responsivevoice voice = “US English Female” buttontext = “”]title deeds = a legal deed or document constituting evidence of a right, especially to ownership of property.[/responsivevoice]
15. [responsivevoice voice = “US English Female” buttontext = “”]facilitate = make (an action or process) easy or easier.[/responsivevoice]
16. [responsivevoice voice = “US English Female” buttontext = “”]streamline = make (an organization or system) more efficient and effective / making simpler[/responsivevoice]
17. [responsivevoice voice = “US English Female” buttontext = “”]“in third” = race reference[/responsivevoice]
18. [responsivevoice voice = “US English Female” buttontext = “”]executed / finalised / finished / done[/responsivevoice]
19. [responsivevoice voice = “US English Female” buttontext = “”]digitalize = use of digital technologies / Digitize = changing from analog to digital[/responsivevoice]
20. [responsivevoice voice = “US English Female” buttontext = “”]transparent = (of an organization or its activities) open to public[/responsivevoice] scrutiny. honest, direct, forthright/straightforward[/responsivevoice]
21. [responsivevoice voice = “US English Female” buttontext = “”]“as a means of” = using as a method.[/responsivevoice]
22. [responsivevoice voice = “US English Female” buttontext = “”]capacity = maximum amount something can hold / ability[/responsivevoice]
23. [responsivevoice voice = “US English Female” buttontext = “”]royalties = a sum paid for the use of a patent or to an author or composer for each copy of a book sold or for each public performance of a work.[/responsivevoice]