 Ysbytyd chi'n rai'r cyffredineth i'r pairedrfyniad llawer o'r tynnu a'r gweithio... ...a'r cyffredineth hyn sy'n ymgyrch yn ei bwysigol... ...y'i gyda gydig i lefainio'r gweithio'r gwasanaeth... ...ig ydych chi'n fwy�ch ar y broses yma? Ynogi nhw, gan hefyd, mae chi'n i'n bwysigol yn y gwaith i'r cyfa'i hefyd... a'r amser i'r ddod o'r ddechrau'saeth a'r cyfnodd ac i'n rhoi'r ddod. Yn rhai wneud o'r cyfnodd, yn ymlaen, yma, yn dda i'r UK, dyma'r ddod o'r erbyn sy'n ei fod yn rhanu'r cyfnodd llwyddiadol ac yn gyfnodd o'r ddod o'r cyfnodd, pan'r ddod o'r cyfnodd, yn ddod o'r ddod o'r ddod o'r cyfnodd, mae'r ddod o'r cyfnodd, dydyn ni'n ei ddod o'r ddod o'r cyfnodd, It will change a lot of things, but you still have people involved, and it's still going to require governance. It might require a different set of processes in the governance structure. It's not going to get rid of governments or get rid of governance, it just changes the way in which we might manage it. The centre itself, we have about 6-7 people working in it at the moment, the director is a Professor of Computer Science, We have a very interdisciplinary approach precisely because these technologies are so broadly applicable. We have people from medicine. We have people from social science. We have people from economics and business and people like myself who are split between both economics and technology. This is one of the reasons that I find this area so exciting is that actually I think this is the first truly digital economy piece of technology or solution we've actually ever seen. It combines technology with economics in a way that I don't think we've ever seen previously. You can't do technology research in this area without understanding the economics of the consensus protocol and you can't actually do good economics research without understanding how the consensus protocol works and what are the incentives behind those mechanisms. Within the centre we have two really broad areas of research. The first one is the engineering and computer science aspect. How do we ensure that the protocols are robust and scalable, for example, but also we're starting to look quite a lot at smart contracts and the concept of non-determinism. If you put a Turing complete computing language into a smart contract, this actually might create a really interesting situation where we have a non-deterministic smart contract, if you will, that is competing with what is effectively a deterministic world. When you look at the way that a contract is established by lawyers, it is deterministic and it has to be that because of the nature of people, if you will. For that reason we've started to move away from calling them smart contracts actually. They effectively are distributed applications. It's a new way of doing distributed applications and sharing data between them. I think there's a really fascinating piece of regulatory work that needs to be done there in order to understand what a smart contract really means. Who is legally responsible if somebody writes bad code? That contract, for example, then sits in a theorem or another smart contract mechanism and it never actually executes. Despite the fact that the service has been delivered, the person who's delivered the service doesn't get paid. Where does that responsibility lie? I think there's a parallel to be drawn with autonomous vehicles whereby if an autonomous vehicle crashes into someone or a bus or something, who's actually responsible for it, is the car manufacturer? Is it the person who owns the car? Is it potentially Google who may have forgotten to put a reference in or a pointer? It doesn't work very well so it's crashed. These are really challenging areas for society right now to understand how they work. The other area that I think is interesting for a lot of people in the room is that we also look at applications. Where can we try to build proofs of concept and actual working solutions in industry? We've done quite a few. We've done smart contracts or distributed applications for government where we were looking at how you can use these contracts to reduce the cost and create more transparency and efficiency for local authorities. We investigated specifically the case of waste management. Collecting garbage quite often is subcontracted from the council in the UK in local authorities. Quite often if a citizen has a problem with the way that the garbage is being maintained or collected, they have to ring their council and make a complaint. That process can take two to three weeks if there's not enough people to handle the request. Using the blockchain we built a solution whereby you could as a citizen register a complaint or even a positive remark if you wanted to, that's immediately transparent to everybody in that ecosystem. It's transparent to the contractor, it's transparent to other citizens in the area who might want to also say, hey this has been a problem for a very long time, but it's also transparent to the council. The idea then is the contractor could automatically come and pick something up if something's been missed and alternatively if the contract is not executed properly over a certain period of time, they might not get a penalty or not get paid. It's an interesting trial of that smart contract idea. The other one that is quite interesting as well is we've been looking at some ID management issues. Blockchain is often referred to as a really great mechanism for ID management. I think the United Nations were talking about it even last week or the week before. It was a method to create universal identity. We've looked at it from a university perspective. How do we prove the identity and the qualifications of our students? For example, we're often asked for universities across the UK and across the world reference requests come in quite often. You'll find that people lie either about the exact degree that they had or the marks that they got. By registering all of those things onto the blockchain, you can remove a lot of delay in the hiring process. For example, at some universities in the UK, it was so delayed getting the identity check done or the qualification check done that they missed the job because the reference didn't come through in time. It removes costs for the hiring person, so the company who's trying to hire, because they don't need to pay the reference check fee, it makes students' lives a lot easier, they don't need to constantly ask the university to get that reference, and the university doesn't need to constantly file through what are effectively paper records. That's quite a neat solution, and also it's one of those good examples of blockchain which you can run in parallel. I think what we're going to see is systems running in parallel, rather than necessarily completely obliterating the established system. You can still have your paper graduation certificates alongside a blockchain one. We're also looking at the peer-to-peer economy, sharing economy. We've also been looking quite a lot at humanitarian solutions, so how can blockchain be used in humanitarian situations. Another interesting one is looking at the distributed ledgers for the protection of critical infrastructure. As I'm sure everyone's aware, we've got the concept of a smart city, which requires much the same as a smart contract. It's a bit of a misnomer, but it requires the embedding of sensors into critical infrastructure across the cities. If we do that, actually you're allowing critical infrastructure to be exposed to hacking. One of the good things that you can do with a distributed ledger is register on or hash into the distributed ledger the current firmware of a particular device. There are obviously scalability issues that need to be thought about in order to address that properly, but we've built a demo solution whereby you're able to see or get an early warning on when something has been tampered with in the network. You don't fix the security problem, but you know that something has changed, so you need to actually change something there. Some of the other projects that we're looking at from a purely research and theoretical perspective is if we think about digital technologies and in particular this idea of the distributed ledger, becoming a new form of economic structure, a thing that's very important to understand from a regulatory perspective is the power relationships. What are the power relationships actually in the Bitcoin network? That requires looking at both the monetary flows but also the actual distribution of nodes in the network. If any of you have been watching the debate going on in the Bitcoin network, a lot of people are saying this is now a Chinese currency because so many of the nodes actually sit in China. Is it really? The mining might be sitting there, but there are other transactions sitting there. We're currently looking at some of those power relationships and trying to understand how governments can work within those new frameworks. We're also looking quite a lot at the barriers and opportunities, so we're doing some social science research in order to understand what are the real organisational barriers in order to implement these technologies. I think quite obviously one of the big problems with distributed ledgers is the fact that you have to get so many people to agree before you can build the ledger itself. You can also see in the Bitcoin network there's arguments about block size, so they can achieve consensus technically, but again people can't achieve consensus when they're talking to each other, so it's an interesting conundrum there. Finally, we're running a bunch of game theory experiments obviously because this is a fascinating place to do incentives. It's a really interesting place to study incentives and how they're working. All of these statistical and game theoretical analysis will use to improve the protocol. We'll take the economics learning in order to develop and improve protocols in the blockchain area. From a regulation perspective, as I said, it's just a technology, and I personally think that every industry will be having to regulate this in a different way because industries have different requirements, different needs. Financial services will have no your customer or all these kind of activities, but in supply chain management, it really depends on what's in your supply chain, how you'll be regulated. Other than that, I really enjoy it, so I'm happy to talk to anyone about it afterwards. Thanks.