Demonetisation in India and the new Aadhaar identity/ biometric management system. It should be called "Hack Me." The most important criteria is that the politicians who voted for it should be registered. The fundamental question is not the type of database, it is about centralisation vs. decentralisation. Blockchains do not solve the problem of centralisation.
Transcript
[AUDIENCE] Andreas, I have just come from Mumbai. As you are aware, our country went through [demonetisation], in which 86% of the currency... was [no longer deemed legal tender] by the government. In that time, the interest in bitcoin has surged.
On Friday, I had a meeting where I had a chance... to discuss the digital identity platform called Aadhaar, by which every Indian's biometrics [are collected]. [We are given] a unique number and they have a whole process of de-duplication. I had a chance to ask about how blockchain would fit into this system, and he said, "No, not right now." His opinion was that we already have database systems for identity available if you need [them], and the blockchain would not play a large role in that, so I just wanted your perspective on that [opinion].
[ANDREAS] For those who may have not heard the details the question, India recently had demonetization. About 86% of the currency was withdrawn with four hours notice. For some odd reason, interest in bitcoin skyrocketed thereafter. India is also building an identity and biometric management system called "Hack Me." [AUDIENCE] Aadhaar.
Oh, okay. [Laughter] [ANDREAS] It is not called "Hack Me, Please"? It should be called "Hack Me." Or "Bribe Me, And I Will Make You Whoever You Want." I can't wait. I think the most important criteria for systems like that is, everyone should be registered...
including the politicians who voted for it, and I hope they are the first people to be hacked. Then they will see why [such a system] is a bad idea. The fundamental problem with systems like [Aadhaar] is the same problem with all systems we're trying to fix. Whether it is stored on a database or a blockchain that is really a database (but with better chances of [attracting] venture capital) [the question is], is it centralized or decentralized?
All the identity systems managed by governments are centralized. They are the source of inequality, injustice, misery, and corruption on a massive scale. And you can't change that. [Applause]