 All right. Okay. So today what I'm going to go through is really just the very fundamental of blockchain. Like even though you see this Bitcoin here, but it's really about why does blockchain really exist? Because I feel like that's the fundamental key to when you think about a system, right? You're not thinking about like, this system is a very cool system. Oh, yeah. Like what problem are you exactly trying to solve? So that's the angle that I'm trying to go about today. So we're going to start with a bit of history of Bitcoin because Bitcoin is the first cryptocurrency. And then like we go into like, how did they try and attempt to solve the problem that they have? So I'm just going to show you this thing. Actually, if you're very interested in the whole cryptocurrency blockchain thing, I would suggest that reading this Bitcoin white paper. So they actually go through like the all the technical technicalities of what is it? And then wing, are you sharing a browser window? Yeah, I am. Oh, I'm only seeing your PowerPoint though. Is it? Yeah, I think you need to share your either the browser or the desktop. Okay, hang on. Sharing also it doesn't work like on the screen that I am at. You got to maybe share the desktop. Oh, hang on. Let me see. Okay. Yeah. So it's this. Yep. Can you see that? Yeah. So, okay. So this is actually the Bitcoin white paper. So it's mainly what I will be talking about. Like I will summarize it. But if you want more details, I like this is the first white paper that I read and I was quite mind blown about how they actually go about trying to solve the whole issue. But anyway, let's not go into that. We will talk about these. Okay, they both of the cryptocurrency, which is the Bitcoin, right? So we're going to bring you back to 2008. If you guys remember, that is the Lehman brother crisis, which was a very major global crisis that happens because of how they actually mismanaged certain financial products. So the gist of decentralization, right? I mean, if you think about it, like, they talk about Bitcoin, they talk about blockchain decentralization, like the core of it is actually really just decentralization. And then why do we need decentralization? We need to examine like, what exactly is it about centralization that might fail? So this is just a very simple diagram of what Lehman brother is doing. Like, if you recall, Lehman brother is actually the fourth bigger financial institution in the USA. So they will have actually really having some very dodgy financial products, right? So at that point in time, there was a property boom. So people want to borrow money, right? Like, want to buy house, they need to borrow money, right? So they will have a mortgage to Lehman brothers, right? Then Lehman brothers will give them the cash to purchase their property, right? And so when you have all this mortgage, all these papers sitting around, one way of them to earn money from it is obviously from the interest. But obviously, just doing it as a just earning it from interest alone is not sufficient because debt can be very good business as well. Right? So they will start to package all this mortgages, everything with probably they mix it up with some financial products, and then they will put it into major financial products and then break it down and then sell to the investor or they start to distribute that and then so that they can get more money in that sense. So other than earning interest, so they also earn, sorry, so they also earn from all this package invest investing products, right? So why this system might work will work, right? It's because your housing properties is assumed to increase in price. So let's say if you give a loan to say person A and person A try to default it, but because your property is rising, the bank will take hold of your take ownership of your home and then they will have an asset that is rising in price so that they can sell it as well or like they want to do something to it, I'm not sure, but in that sense, this is how they manage to hedge their risk. But then when the banks, but then there will always be a limited amount of good players who you can loan your money to, right? So when people start to demand more for all these financial products, this debt based financial products or however they have been packaging other financial products, then the bank need to think like, okay, because it's always the bottom line. So they will want to go and source for more people to lend the money to, right? Then once all these good actors actually exhaust out, you need to start to loan out your loan, our money to people who have a worse credit rating. So in that sense, you increase your risk, but you, because of the profit that you're looking at, sometimes big financial institution will be willing to take this risk. I mean, like you just seen in 2020 COVID year, I mean, not sure what you guys think about the fiscal policy, but that's another discussion. Anyway, so what happened is because of all these subprime loans, people start to default on their loans and then the bank layman brother is holding on to a lot of properties, but you don't have so many buyers, right? So it's a supply demanding when you have a lot of buyers, but you have limited sellers, the price of whatever the buyer want to get will increase because you have more buyer, but then if you have more seller than buyer, then the price of whatever thing you want to get will start to decrease, right? Because you want to quickly sell it off. So that triggers, that is how 2008 actually start to trigger the fall of the financial institution and then because they also have insurance and everything and it just start to become very messy. So six weeks after the layman brother collects, right, the Bitcoin White Paper, which I just showed you was actually published, so but still the bank institution, they play a part in order to manage trust, right? So so inherently we want to trust this centralized system in order to make transaction with people. So if you want to move away from a centralized system, you want to move to a decentralized system where you don't have, okay, let me just show you this. So this is a centralized system, which is the bank system, right? You have a single source of point where you need to trust, right? But when you move into a decentralized system where every single one hold data inside, you sort of, you can trust, you can inherently trust the system because if one mode try to, so in this sense, like node will be like CPU. If one node try to change the data, the other nodes will, because they hold the same data, they will be able to see that, okay, like this node try to change the data, right? So this is how blockchain decentralized system enable people to transact with each other. Okay, I'm just going to go to this website where it provides a very good visualization of the whole system. So basically what blockchain is, right? If you think about it, like blockchain is really just a chain of block. So within all this block, there will be data that is being stored inside. So just now when we talk about transactions, so this are actually just transactions that is being recorded in the block. So when you look at this, all these nodes, they will actually contain data somewhat similar to this, right? So everything has to be made public in order for decentralized system to work because you want the data, you want there to be a check and balance for that system, right? But then in a way, then you will start to think, right? Like, okay, so I need to make this system public, okay? But how do you actually ensure that whatever information is being transferred around is a secure data, is the correct data, right? That is where all the hashing comes in. Okay, so if we go to, so I'm just briefly touched on like hashing. So it's like basically just for every data that you have, you will produce a different hash and this is how you actually can check on like, check whether there's any changes in the data. So, okay, let me just go to this, right? So how blockchain works, right? If you look at this, this hash, right? This hash is actually linked to the next block with the same hash, then you will generate a new hash after that. So when we look at all the distributed data, so when you have a blockchain, when you have a different node, right? So it's really about all these different parties running nodes together with the same data. So if you look at it, so they all have the same data here. And if I were to try to change something, let's say if I make a transaction over here and I try to change something, I will have a different hash from everyone else, right? So it becomes quite obvious that something has been changed, right? So how it works for the hashing, right? So there will be miners who will be, who will have a mathematical puzzle for them to solve. So if you look at, there's this my button here, it's because whenever there's a transaction that is being sent out, the miner will need to start to migrate. And then you will see that there's a hash change. And then when that happens, then they will need to mine the next block to ensure that the data integrity is being preserved in that sense, right? So this happens when, let's say someone tried to change the data as we have seen here, right? So this person, let's say PLA is a back actor, and then they are trying to change the data over here. They will see that there's now, now there's two different chain happening, right? So what blockchain really does, right? It always gets the, the longest chain as the chain of truth. Okay, so let's say if you try to change this, and then you can see that the further you, the further down you try to change the earlier data that you try to change, the more blocks you will have to start to mine, and then that will take the time for you to create the longest chain. So theoretically, it really cannot be done unless you're the honest actor, because if everyone is the honest actor, the chain that is the honest will always be the longest. So even in the, let me see, where's that Bitcoin? Yeah, so in this Bitcoin white paper, if very mathematically inclined, they actually calculate the probability of people trying to change the data in previous blocks. So the earlier you are, the harder it becomes, it becomes, the harder it is to change the data in series. So in that sense, so in that sense, it's also like, if you try to cheat a system like that, because you, so most of the time you will try to change your transaction, right? Because currently, currently that is what I would say most of the blockchain technology is being employed in like recording transaction and things like that. So if you try to sabotage this system, there's a tendency, there's a chance that your, the cryptocurrency that you hold might drop in value because people trust the blockchain less, right? So people, there's a, so this system is sort of inbuilt in the sense that there's an inherent trust in it. And that is why it becomes, that's why when you, when people talk about blockchain, they should talk about like it being a trustless system because it is actually mathematically secure in that sense. It's not like you need to trust a centralized system, like say for example, like this, right? So in this case, you need to really trust the centralized system to be a good actor. But because of the whole system, how it's being built up, right? You just need to have trust in the system that all the crypto, all the cryptography, all the nodes, they are going exactly doing what they are trying to do. I mean, is there a way to actually hack the system? There is, if you can actually gain like 51% of the mining power. But then the thing is, if you have a huge decentralized system like Bitcoin, then it becomes very difficult for people to actually have that kind of computer system, a computing system to change the transaction in the whole blockchain. Yes, I think that time they were actually calculating how much energy that's actually being used by the whole computing system is. It's actually very, very high in, actually quite energy-intensive and it doesn't actually make financial justification for you to cheat the system, right? But then, again, like when you think about it, right? So decentralized system gets more secure when there are more people participating as a node. Then you need to think about it like, but why are all these people maintaining all these nodes, right? So that's the problem that blockchain will try to solve. The next problem that blockchain will try to solve, right? So, I mean, like if you guys have been using big tolerance, right, you know, like all the seeding and sharing or whatever, like once you finish with your stuff, you just take down your seed or your node. And so in the blockchain system, right, if you actually hold a mine and then you are the first person to stop the mathematical puzzle of that block, you will actually get rewarded with cryptocurrency. So when you are a miner, so if you look at it, right, this system is quite beautifully designed in a way because if you want to break that system, you need to run a node, right? So if you were to run a node, you get rewarded if you are a good actor, more than if you are a bad actor most of the time, right? You can try to be a bad actor, but the repercussion of being a bad actor might be psychologically and financially higher than being a good actor. So it is in this case, in this system, they will try to make it such that like, so it has quite a bit of game theory behind this system where they actually try to think about like how do you actually make people, how do you actually incentivize people to follow this system? Like just because you have a blockchain system, you have a technological system that might be secure cryptographically, it doesn't mean that people might follow it, it doesn't mean that people might not gain it. So once you have like financial incentives to incentivize people to be an honest actor and chances are they might want to not break that system in a way up. So if you want to see like how transparent this whole thing is, there's actually this, so all blockchain like you have like Bitcoin, you have Ethereum, you have like some other blockchain, you can all see all the transaction that happens through an explorer. So if you're curious like you can just type Ethereum Explorer and then you will start to see like all this transaction that happens throughout the whole, I mean all the transaction history. Yeah, so actually this is my own wallet. So if you look at this right, this is the transaction of 009 BTC and that's happening on, there's a hash here 216F and it's happening on 2018. So if you look at this, yep, so 21811 and then it's a 0.09. I think if I just expand it, yep, so oh yeah, sorry, is this hash F780DD? So you can actually see the hash being recorded here. So everything is verifiable on a public blockchain. So everything you can actually see what is happening on a blockchain system. And like what kind of implication this is right? I mean for now, to be honest, I feel like it's still a bit speculative, but then if you think of the implication, I work in the oil and gas industry. So recently my boss, she actually said like that's what, that's an issue. I mean because of the Hing Leong, Hong Leong, I think Hing Leong issues, like banks, I think they are a bit more cautious in allowing credit, what is that called? Letter of credit, like giving letter of credit to the companies, right? It's because like they are afraid that this company will take their collaterals and go to another bank to get the same loan because right now there's no system that actually connects them, connects the different bank systems. So like trade finance might be like one issue where you can sort of share data but in a very secure manner and to check like what is what is being loaned out and that could be a good use case for blockchain where we're talking about like places where you really need to trust, you need to have certain trust but then you need like the kind of public trust where, yeah in that sense, okay I think I'm not putting it correctly, sorry, a bit cloudy now, my mind. So in a way, if you need a third party verification body and it costs a good amount of money for them to execute that, like blockchain might be a good use case, that's what I think. Okay I am done for now, so yeah if you guys have any questions, do ask me about that. Okay so financial general ledger application, you can actually check out N blockchain, I think they actually signed something with DBS and standard charter, I think standard chartered of, I'm not sure if India or US actually read it, they were trying out a POC, yeah but I think N blockchain, N blockchain DBS, yeah so yeah N group blockchain trade platform, yeah so there is actually, I think right now it felt like, I think it really, because I feel like trade finance, there's still a lot of friction so that is where, if you can sort of verify trust without trusting, you know like okay sorry I think I'm not putting it in the correct word, so if you can inherently trust that the data is correct, yeah. Hi Ving, excellent presentation, yeah and you was mentioning that all the blogs should be public, right, so then in that case how can we secure it, like does it mean that all my information, like anyone can see all those informations, like what exactly, like let's say I want to secure it, I don't want like, like if not, I don't want all the public to see those informations, so what kind of like security or things you know we can use to protect unauthorized people to view those information? Okay so actually right, blockchain although like Bitcoin is a public blockchain right, that's actually private blockchain and hybrid blockchain as well, but usually if the blockchain is meant to be public right, your transaction will be seen on the blockchain because that's how the system is being designed, but the thing about all this like wallet address right, so unless I tell you it's my wallet right, it's almost, I think it's almost impossible for people to actually link it to your account unless, I mean of course the caveat is the exchange actually holds your information, so they know, they sort of know who you are, but because of the whole KYC thing right, it's not, I'm not sure if there's a way to be totally anonymous in that sense, yeah wait do you know of anything like whether there's a anonymous like factor way off, because like I know like currently of course I think like government is always like trying to regulate and there's a lot of KYC being done, you can if you are interested in KYC which is a government regulation, you can check out travel rule, I'll type it in the chat, travel rule by FATF is pretty recent so now the US government they want to regulate anything that is higher than USD $250 in cryptocurrency transaction, so basically KYC has to be done by the sender and also the receiver in different details, so totally anonymous one, I don't think, by definition I don't think there is a totally anonymous, but on the side note on privacy coins right, a lot of people are trying to do, but then on one hand you know the dark side people are trying to do, on the other hand the government will sit down because it's not the interests of the government, yeah. I should falsely say they might do taxation on crypto, I'm not sure, they might just say. In Japan they are ready to win it, that's why a lot of Japanese people they want to move the money out. So at least for Bitcoin for public blockchains, you can run your own, you can run your own client, hold your own private keys and run your own clients, then there's no KYC because you're running the client, just like you can run a BitTorrent client right, I mean you run a client on your machine and you can get files and stuff, so you can do the same on Bitcoin on your own clients, store your own secret keys and so on, then you don't have to submit your address or whatever, it's all on your own machine. Yeah you can actually do that, that's right you can actually do that, but then once you want to hit the exchange, I think once you want to move anything, then that will be an issue, unless you do a... Yeah if you want to get to your bank account, yeah, yeah, yeah, but you can, yeah, but definitely you can own a Bitcoin like that, good point, good point. Oh but also a quick mention, you can just create a lot of wallets actually, you can just create as many as you like, it's not like your bank can't have one bank account, you can make as many wallets as you like and spread your kind of wealth around. Yeah, yeah, I think that's actually what they do, like the wheels, they will like, if you track, you can see like they actually move things around quite a bit, yeah, there's actually API, like if you guys are interested in like how this actually flow, there's API, I think for, I think probably almost all the public blockchain, they will have their API because by right they are supposed to put their code on GitHub, because they want people to run their notes, so the code will always all be on GitHub and then they probably have API documents for you to see as well. I can take it if you don't want to take it, I think you're quite tired. I can take a more question on MAH because I'm talking to them. Oh, okay, yes please. Okay, we'll see if you look at MAH if I take your question. Okay, perfect. So MAH, in general, regulation and our emerging technology in general in Singapore, because I'm not in GTAC, so I can speak freely as I want. So the GTAC is around three to five years. So for a very, very concrete example, if you are currently using cryptocurrency and you're using Exchange or Wallet, so custodian wallets that are centralized like crypto.com, if you were to download, okay, crypto.com because Wing and I, we were talking two days ago about crypto.com because we had dinner together. So if you were to log in and download and log into crypto.com where you can buy, sell and exchange cryptocurrencies, right, you will see a sign, like a warning sign saying that okay, crypto.com, we are not regulated by MAHs, so please take note while you do your trading on crypto.com. So what MAH is doing is that currently because of the Payment Service Act, which is PSA, now Payment Service Act actually demands KYC from the sender and the receiver of the cryptocurrency to a certain degree. So as long as you are a custodian wallet or you have any form of Bitcoin or like cryptocurrency, right, you have to be licensed in Singapore. Currently MAH is giving all the crypto institutions a period of six months to one year to be licensed, starting from, if I'm not wrong, 201.9. So there is a list on it. So basically, let's say Binance, if you trade with Binance.sg, they are on the list, like they are either getting a license or they already got the license. So as long as you don't have the license, right, technically, you are not supposed to operate in Singapore, which is why probably crypto.com most, I think the tech side, they mostly out of Singapore. So their Singapore office is only marketing side. Basically, the tech side is like a third party and then they sort of like outsource it into some other countries that is like very crypto friendly in regulation. So the next question about how MAH is like pushing blockchain, right, through the recent Singapore FinTech festival, DBS actually set up their own cryptocurrency exchange, which is pretty big news because now it means that our DBS, they are actually storing and keeping their own cryptocurrency, which means that they can potentially be a crypto wheel and hence influence the movement and the prices, no not really prices, because they're so small there, maybe movements of cryptocurrency and because DBS is rather legal in a sense, and stakeholders are pretty much from, need to be careful here, let me think of how to do it. More legit people in Singapore, let's put it this way. So there is a form of control, more towards the centralised side. So wondering how the government is pushing this tech. I think you can, I mean, I don't know how to put it. The government is working on it, right? There's a few... I forget we've been, thanks for saving me. Even MPA is actually looking at it. I think there were, that time when I was doing a blockchain hackathon, I actually spoke to MPA, so they're actually trying to do up some, what is that, the one that you actually try to reconcile to blockchain, I can't remember that term. Interoperability. Yeah, correct. So they're actually looking at that. So there's a few projects that are ongoing on the government side, but I'm not sure if they actually go beyond the POC stage already or not. I haven't been, honestly haven't been following up, but I mean there's always like, if you go and Google, there's like project open, all those stuff as well. I think you can forget the government there, because I don't think that, okay, well I just forget it. Property hyperledger R3 corner. Yeah, I don't need you to care about MAS. Yeah, open sets, yeah. Cool, I think that's, if there's no other questions, then that's it. Thank you for wing and one way for the sharing. I'll stop the recording now.