►
From YouTube: Fnality: Towards a Wholesale Payment System
Description
The Hyperledger Capital Markets SIG is delighted to have Brett Winch & Jake Hartley speak on the Fnality project. Starting with roots in USC (Universal Settlement Coin) an early settlement coin idea they will cover an overview of Fnality and Fnality Global Payments, the rationale for a novel distributed financial market infrastructure, the technical design principles and decisions (including the use of Hyperledger Besu) to reach the goal of more efficient wholesale payments.
More details: https://wiki.hyperledger.org/display/CMSIG/2021-05-05
Join the SIG! https://lists.hyperledger.org/g/capital-markets-sig/editsub
----
Hyperledger – Open Source Blockchain Technologies
Hyperledger is an open source community focused on developing a suite of stable frameworks, tools and libraries for enterprise-grade blockchain deployments.
It serves as a neutral home for various distributed ledger frameworks including Hyperledger Besu, Fabric, Sawtooth, Indy, as well as tools like Hyperledger Avalon, Cactus and libraries like Hyperledger Aries, Ursa. Learn more about Hyperledger projects: https://www.hyperledger.org/use
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A
We
start
off
with
two
bits
of
administration.
One
is
basically,
we
are
gathered
here
under
the
ages
of
hyperledger,
which
is
under
the
linux
foundation,
so
we
have
to
abide
by
the
antitrust
policy
of
linux
foundation
and
wherever
you
are,
that
means
you're
not
engaging
in
anti-trust
policy.
That
is
contrary
to
counter
to
your
loss.
B
Thank
you
very
much.
Flippin
really
appreciate
your
time
and
for
everyone
on
the
call,
as
well,
thanks
for
joining
fantastic
to
take
the
opportunity
to
present
today
to
this
group
if
it
makes
sense
for
everyone
on
the
call.
The
running
order
for
today's
session
is
to
give
a
recap
of
some
of
the
work
that
finality
has
been
up
to
really
from
kind
of
the
the
early
days
of
the
of
the
usc
consortium.
B
C
B
B
First
and
foremost,
it
needed
to
be
available
in
multiple
currencies
to
enable
cross-border
payments.
It
needed
to
be
interoperable
with
other
systems
to
support
payment
versus
payment
and
delivery
versus
payment
transactions,
and
it
needed
to
be
a
digital
representation
of
money
held
in
a
central
bank
account
to
ensure
that
institutions
could
rely
upon
its
value.
So,
with
these
fundamentals,
having
been
proven,
the
consortium
members
that
you
can
see
on
the
right
there
brought
this
vision
closer
to
the
realm
of
reality.
B
With
these
fundamentals
in
place,
it
was
now
over
to
the
mason
finale
international,
to
focus
on
developing
a
series
of
peer-to-peer
payment
systems
built
using
dlt
and
supported
by
a
central
bank
money-backed
digital
cash
asset.
So
we
knew
from
the
very
start
that
this
could
only
be
achieved
through
regulator,
understanding
and
approval
a
robust
best-in-class
technology
build
which
we'll,
of
course
touch
on
quite
extensively
throughout
this
session
and
collaboration
with
business
partners
as
well
to
facilitate
a
variety
of
use.
B
Cases
on
the
regulator
point
we
adopted
and
we
always
have
adopted
an
ask
for
permission,
approach
with
regulators,
the
alternative,
presumably
being
to
beg
for
forgiveness.
After
the
fact,
and
as
a
result,
we've
made
significant
strides
in
education
and
collaborative
thinking
that
will
enable
each
of
the
central
banks
in
scope
to
to
grant
finality
an
account
from
which
we
can
operate
a
finality
payment
system
more
on
that
later,
on
all
of
the
terminology
and
the
general
structure
of
our
solution.
B
So
with
that
said,
from
an
introductory
perspective,
I'll
move
on
to
provide
a
overview
of
the
broader
financial
market
environment
in
which
we're
operating.
If
you
see
me
turning
away
from
the
screen,
it's
just
because
I've
got
a
second
one
to
set
up
sorry,
I'm
not
being
rude.
So
what
are
the
issues
in
today's
financial
markets
that
we
believe
a
novel
distributed?
Financial
market
infrastructure
can
solve
for
so
starting
from
the
on
the
top
row
there
in
terms
of
process
and
efficiency,
post
trade
costs
in
particular
remain
high.
B
There's
less
automation
at
the
back
end
than
the
front
end,
and
what
this
means
is
that
there
are
height
and
costs
associated
with
matching
clearing
settlement
and
reconciliations.
There
are
also
liquidity
constraints.
Liquidity
pools
are
fragmented
across
products
and
across
jurisdictions
to
support
a
range
of
disjointed
activities,
and
this
is
both
challenging
and
costly
to
manage
on
risk
management.
B
The
complexity
of
risk
management
due
to
this
fragmentation
and
the
need
to
use
multiple
other
intermediaries,
such
as
correspondent
banks,
there's
a
greater
risk
exposure,
whether
that's
counterparty
liquidity
or
settlement
risk,
and
all
of
this
means
that
margins
are
reducing
this.
You
know
due
to
all
of
that,
but
also
a
downwards
pressure
on
execution
revenues
caused
by
front-end
automation,
regulation,
demanding
greater
fee
transparency
and
pressures
from
from
customers
too.
B
The
fifth
point
on
the
top
row
there
and
you
know,
to
my
mind,
a
particularly
interesting
one.
New
markets,
particularly
those
in
tokenized
assets,
will
need
payment
rails
for
the
for
the
payment
leg
of
any
delivery
versus
payment
transaction,
and
at
the
moment
there
are
myriad
tokenized
assets
in
existence
and
plenty
of
exchanges
on
which
to
transact
in
them.
B
But
what's
missing
is
an
unchain
cash
asset
with
the
credit
characteristics
of
central
bank
money
and
that's
needed
to
really
bring
an
institutional
level
of
trust
to
these
nascent
markets
and
fully
unlock
the
potential
of
that
novel
asset
class
along
the
way.
So
on
to
the
second
row,
how
can
a
distributed
financial
market
infrastructure
address
these
challenges
and
create
new
opportunities
in
the
process?
B
Risk
reduction
also
comes
about
as
a
con
consequence
of
fear
of
reconciliation,
short
transaction
chains.
Disintermediation
a
reduction
in
costs
can
be
achieved
through
near
real-time
settlement,
the
disintermediated
peer-to-peer
nature
of
the
transaction,
in
greater
automation
of
post-trade
processes
and
on
the
enablement
of
new
products.
I
touched
on
the
specific
case
of
tokenized
markets
above,
but
enhanced
access
to
a
financial
market
infrastructure
of
this
nature
can
also
create
new
opportunities,
as
will
become
clear
on
the
next
slide.
B
So
moving
on
to
the
next
slide.
With
all
of
that
in
mind,
how
do
we
plan
to
bring
this
distributed
financial
market
infrastructure
or
dfmi
to
life
and
realize
the
benefits
that
it
brings?
Well,
we
plan
to
develop
a
group
of
payment
systems
that,
as
a
whole,
constitute
finality
global
payments.
Each
jurisdictional
finality
payment
system,
for
example
the
sterling
fmps,
is
illustrated
in
the
first
box.
B
There
will
utilize
a
settlement
asset
that
enables
real-time
wholesale
payments
with
near
instant
peer-to-peer
settlement
and
together
these
jurisdictional
finality
payment
systems
comprise
finality
global
payments,
illustrated
in
the
second
box
there,
which
is
a
network
of
interoperable
wholesale
payment
systems
that
enable
near
instant
ps,
pvp
settlement
on
a
cross-border
basis.
Initially,
then,
finality
global
payments
will
consist
of
a
network
of
five
fnps's
for
each
of
sterling
dollar.
B
Euro,
yen
and
canadian
dollar,
with
the
swiss
franc,
also
likely
to
be
an
initial
scope,
and
one
of
the
primary
positive
outcomes
of
this
network
of
networks
is
the
dramatic
reduction
in
risk.
Be
it
settlement
replacement,
cost
credit
counterparty
risk
that
t0
d
plus
zero
settlement
times
and
24
7
availability
will
provide.
B
So
it's
worth
noting
also
particularly
given.
Presumably
the
focus
and
interest
of
many
people
in
this
working
group
that
we're
architecting
our
payment
systems
with
both
forward
facing
and
backwards
facing
interoperability
in
mind,
as
touched
on.
Finally,
in
the
third
box
there,
so
the
concept
of
a
you
know,
as
I
said,
quote,
unquote.
B
The
previous
point
around
emerging
tokenized
markets,
as
I
say,
requires
payment
rails
for
the
payment
leg
of
any
ddp
transaction
in
such
a
market,
and
that's
also
reiterated
there.
What
is
really
needed
is
an
on-chain
cash
asset
with
the
credit
characteristics
of
central
bank
money,
to
bring
trust
to
these
emerging
tokenized
markets
and
fully
unlock
the
potential
of
that
novel
asset
class.
B
So
on
to
the
design
principles
that
guide
the
delivery
of
this
vision
before
we
move
on
to
a
deeper
dive
into
you
know
our
technical
architecture,
choices
that
are
informed
by
this.
So,
as
mentioned,
each
jurisdictional
finale
payment
system
will
utilize
a
settlement
asset
that
enables
real-time
wholesale
payments
with
near
instant
settlement,
and
this
will
be
a
an
asset
of
the
highest
order
in
that
it's
fixed
one-to-one
with
central
bank
money
and
hence
has
a
very
favorable
risk
profile.
B
A
quick
terminology
point
to
eliminate
any
lingering
confusion.
I
know
we
touched
on
it
before
the
recording
started,
but
finality
started
its
life
as
a
research
project
which
grew
into
a
consortium
for
for
finance,
for
financial
institutions,
exploring
how
blockchain
and
dlt
could
use
digital
cash
assets
to
settle
securities
trade,
and
this
consortium
became
known
as
the
utility
settlement
coin
or
usc
project,
which
many
of
you
may
have
heard
of,
and
in
some
cases
that
might
be
how
you
came
to
know
about
finality
in
the
first
place.
B
In
parallel
of
course,
however,
the
broader
dlt
space
continued
to
develop,
with
the
result
that,
referring
to
a
token
or
a
coin
in
in
in
this
case
b,
enter
cause
quite
a
bit
of
confusion
in
the
market
and
made
regulatory
bodies
uneasy
too.
So
what
was
formally
referred
to
as
the
as
utility
settlement
coin
is
merely
the
settlement
asset
that
enables
atomic
and
final
settlement
in
on-chain
exchange
of
value
transactions.
B
It's
certainly
not
a
stable
coin,
and
as
such,
we
have
moved
away
from
references
to
usc
and
now
focus,
as
you
saw
on
the
previous
slide,
as
you
can
see
here,
on
finality
global
payments
as
the
group
of
payment
systems
and
finality
payment
system
to
refer
to
a
single
payment
system
within
that
network.
So
to
achieve
the
the
design
principles
that
you
see
here,
phenolic
global
payments
uses
dlt
as
its
foundational
technology.
C
C
Okay,
no
worries,
okay,
so
without
further
ado,
so
further
to
the
slides
that
jake
just
went
through
outlining
what
a
finality
payment
system
is
so
just
want
to
take
you
through
a
very
high
level
architecture
view
of
the
technology
stack
by
all
means.
If
anyone
wants
to
go
into
a
bit
more
of
the
lower
level
detail
offline,
we
we
can
certainly
have
those
discussions,
but
obviously
it
will
be
in
the
realms
of
what
finality
can
share
that's
publicly
available
but
yeah.
C
So
looking
at
the
the
diagram
in
front
of
you
from
the
bottom
up,
so
the
foundation
is
of
the
finality
payment
system.
It's
based
on
a
private
ethereum
network
of
blockchain
nodes
financially
has
chosen
hyperledger
bezu
as
the
enterprise
ethereum
client
of
choice
for
that
and
to
further
bolster
the
development
of
that
where
finale
is
an
active
member
of
the
enterprise
ethereum
alliance,
the
eea
and
the
reason
for
that
is
we
we
wish
to
continue
to
drive
towards
open
standards,
particularly
around
that
interoperability.
C
C
However,
with
with
that
close
eye
on
the
market,
we
have
started
to
look
at
the
implications
of
the
the
more
recent
qbft
consensus
mechanism
and
and
it's
something
that
we'll
be
watching
closely
to
understand
how
that
fits
into
our
technology
stack
as
it
progresses
sitting.
On
top
of
that,
so
the
the
digital
asset
that
holds
the
transferred
value
onto
the
blockchain
network
is
an
adaptation
of
erc20.
C
C
C
So
basically,
we
set
out
to
support
any
number
of
use
cases
with
our
consumers
and
our
participants,
so
specifically
in
the
multi-currency
payment
first
payment,
the
pvp
and
the
multi-asset
delivery.
First,
payment
dvd
dvp
settlement
space,
but
that's
yeah,
we're
really
trying
to
create
an
ecosystem
here
that
allows
us
to
to
greatly
increase
the
the
use
cases
of
the
the
underlying
financial
global
payments
network.
C
So
once
again,
going
back
to
the
the
core
technology
design
principles
that
talked
about
earlier,
in
that
everything
we
do
is
working
towards
a
decentralized
distributed
and
diverse
set
of
architectures,
and
I
think
it
goes
without
saying,
but
security.
So
it's
a
huge
consideration
in
everything
we
do
not
just
in
the
architectural
design,
but
also
the
build,
how
we
deploy
it
and
how
we
support
and
operate
on
a
day-to-day
basis.
Yeah
such
a
huge
aspect.
B
Perfect
cheers
brett,
so,
in
addition
to
those
key
areas
of,
I
suppose
technical
or
technology
related
benefits,
there
are
also
four
key
areas
of
operational
benefit
here
that
you
know,
we
think
are
worth
calling
out.
So
in
terms
of
payments,
the
primary
transformational
benefit
is
the
ability
to
complete
near
real-time
payments
on
a
24-7
basis.
There
will
be
possibilities
for
those
payments
to
be
used
for
interbank
and
into
company
transactions,
but
also
for
different
purposes.
B
Smart
contract
functionality
could
automate
parts
of
that
process
and
improve
capital
efficiency
along
the
way
as
well
and
enhanced
netting
can
also
serve
to
reduce
the
need
for
for
intraday
liquidity,
and
we
are
definitely
working
with
that
in
mind.
On
new
markets,
the
purple
quadrant,
there
we've
touched
on
the
capacity
for
the
on-chain
central
bank,
money-like
cash
asset
associated
with
finale
payment
systems
to
unlock
the
potential
of
tokenized
assets,
and
a
number
of
potential
avenues
for
development
in
the
space
are
articulated
here.
B
The
common
theme
for
all
of
these
is
that
there
already
exists
several
use
cases
for
tokenized
assets
across
securities,
commodity
property
and
multitude
of
capital
markets
related
spaces,
but
without
a
high
quality
credit
risk
free
cash
asset
in
which
to
transact
in
them
their
viability
and
uptake
crucially,
has
remained
niche
in
institutional
spaces
on
operational
resilience,
it's
inherent
that
the
distributed
architecture
that
underpins
our
payment
system.
That
brett
touched
on
just
a
minute
ago.
B
The
single
points
of
failure
and
the
capacity
for
cyber
attacks
are
reduced,
if
not
eliminated,
not
to
mention
the
already
discussed
cost
effectiveness.
That's
inherent
in
such
a
solution,
as
mentioned
we're
architecting
our
payment
systems
with
both
forward-facing
and
backwards-facing,
facing
interoperability
in
mind.
Yes,
we
want
to
enable
our
participants
to
leverage
the
potential
of
an
emerging
asset
class,
as
just
said,
but
we
also
recognize
that
it's
essential
to
remain
compatible
and
interoperable
with
legacy
systems
too.
B
So
this
this
is
all
well
and
good,
but
moving
on
to
the
final
slide,
ultimately,
all
all
our
ideas
use
cases
and
benefits.
Everything
we've
discussed
in
this
presentation
mean
little
without
tangible
action
to
make
them
a
reality,
but
fortunately
we
believe
we're
uniquely
placed
in
the
market
to
succeed.
B
Firstly,
and
perhaps
most
importantly,
we
have
close
and
long-standing
relationships
with
our
in-scope
central
banks.
Stretching
back
many
years
to
the
days
of
the
usc
research
project,
the
barrier
to
entry
for
any
prospective
competitor
is
necessarily
high.
Obviously,
there's
no
way
to
develop
and
bring
to
market
a
regulated
payment
system
alongside
no
less
a
central
bank
money
back
to
settlement
asset
without
close
and
trusting
relationships
with
regulators
and
central
banks
themselves.
B
You
may
you
may
have
seen
quite
recently
that
there
was
a
major
milestone
in
the
market
that
you
know
finality
were
absolutely
absolutely
ecstatic
about.
We
were
delighted
that
the
bank
of
england
published
a
formal
policy
statement
outlining
the
omnibus
account
eligibility
criteria
for
for
innovative
payment
systems
like
finality
and
everyone
here
very
grateful
to
the
bank
for
their
clear
commitment
to
ongoing
industry,
innovation
and
and
having
already
submitted
our
application
to
the
to
the
bank
of
england.
B
Alongside
this
excuse
me,
we've
also
submitted
a
letter
of
intent
to
formally
initiate
the
opening
of
a
central
bank
account
at
another
major
in
scope,
central
bank
and
we're
in
collaboration
with
their
technical
teams.
Following
this
with
a
third
major
central
bank,
we
are
engaged
on
joint
account
requirements
and
we've
shared
drafts
of
our
rule
book
and
core
account
opening
documentation,
and
we
anticipate
that
the
the
recent
recently
released
policy
from
bank
of
england
will
do
much
to
open
similar
paths
to
approval
in
our
other
in-scope
jurisdictions.
B
Secondly,
then,
in
addition
to
that,
our
shareholder-led
consortium
model
is
another
major
differentiating
factor.
You
saw
them
all
on
the
first
slide
earlier.
All
of
our
shareholders
are
very
active
participants
in
the
in
the
governance,
technical
development
and
strategic
direction
of
finality
and
they've
been
instrumental
in
defining
our
core
use
cases,
the
first
of
which
are
now
in
active
development
bank
side.
B
A
B
I'm
happy
to
have
a
crack
at
that.
I
think
that's
a
it's
an
interesting
question,
quite
a
broad
one.
I
think
that
inherent
in
a
question
like
that.
One
thing
we
you
know
we
often
get
asked
is
that
you
know,
because
we
intend
to
settle
on
a
real-time
gross
basis.
Is
that
is
that
going
backwards?
You
know
we
want
to
be
able
to
net
payments
if
everything's
settled
gross
like
an
fmps
or
liking
an
rtgs
in
the
current
state.
B
Yeah,
absolutely
I
mean
I
I
cbdc's
is
a
particular
area
of
interest
for
me,
so
you've
just
set
me
off
flipping
so
I'll
I'll.
I
have
plenty
to
say
about
about
this,
so
please
feel
free
to
stop
me
at
any
time.
If
you
know
I've
taken
the
ball
and
run
with
running
with
it
too
far,
but
look
I
mean,
while
wow.
A
B
They
said
that
you
know
all
of
these
proofs
of
concept
that
have
been
done
so
far
despite
being
very
interesting
and
complying
with.
You
know:
existing
central
bank
system
requirements
relating
to
things
like
capacity
efficiency,
robustness,
they
look
broadly
similar
to
and
not
clearly
superior
to
existing
infrastructures.
So
the
the
absence
of
any
wholesale
cbd
solution
yet
live
indicates
that
you
know
public
sector
institutions
may
instead
wish
to
avail
themselves
of
certain
features
of
private
sector
innovations
that
such
solutions
wouldn't
possess
if
they
were
based
on
traditional
design
choices.
B
B
B
There
are
certain
things
that
we
might
say
that
the
private
sector
has
a
natural
advantage
for
things
like
cross-border
coordination,
technological
expertise,
facilitating
interoperability,
maintaining
the
integrity
of
a
dlt
protocol,
for
example
a
direct
cbdc
or
a
cbdc.
That's
issued,
you
know
by
a
central
bank,
will
find
difficulty
in
leveraging
any
cross-border
use
case,
including
multi-currency
pvp
solutions
and
even
in
the
domestic
context,
as
well
as
the
cross-border
context.
Interoperability
with
other
settlement
systems
for
delivery
versus
payment
use
cases.
B
We
can
anticipate
that
they'll
face
similar
challenges
if,
if
dlt-based,
maintaining
and
coordinating
a
community
of
nodes
or
participants-
and
you
know
ensuring
the
integrity
of
a
protocol-
that's
maintained
is
outside
the
traditional
expertise
of
central
banks
too.
So
the
slide
that
you
can
still
see
on
the
screen
is,
you
know
we
hope,
a
clear
indication
of
why
we
believe
we're
uniquely
positioned
to
succeed
and
ready
to
go
live.
A
A
Cash
coexists
with
commercial
bank
money
with
rtgs
systems
that
are
directly
implemented
with
the
with
the
reserves
fed.
Now
is
working
on
that
also
to
upgrade
that
various
you
know
so
that
that's
happening
and
also
your
omnibus
wallet
idea
is
already
implemented
in
rtgs
in
the
us
you
know
there
are.
There
are
mechanisms
for
do,
and
private
companies
in
fact
doing
that,
but
how
is
there
a
room
for
you
know
all
these
different.
You
know.
Basically,
it's
a
fragmentation
of
your
reserve
itself.
A
If
you
are
a
bank
that
you
will
have
to
participate
in
multiple
programs
in
order
to
you
know,
take
advantage
of
each
one
of
them.
But,
coming
back
to
your
point
about
the
whether
multiple
currencies
can
be
settled,
I
mean
you
know
that
the
bis
has
come
away
considerably
from
their
2018
position
in
multiple
ways,
including
the
project
called
mcbdc,
which
is
basically
something
similar
to
what
you
guys
are
attempting,
but
obviously
using
central
banks.
A
So
there
are,
you
know
anyway,
you
can
respond
to
those
questions,
but
there
are
also
others
who
are
asking
other
questions.
So
I
can,
I
can
go
either
we
could
we
pursue
that
line
of
inquiry
about
you
know
whether
whether
you
have
you
are
going
to
be
threatened
by
these
different.
You
know
different
moves
by
central
banks
or
whether
you're
going
to
coexist.
That
is,
of
course,
a
business
and
a
future.
You
know
prognosis
considerations
which
who.
B
B
B
Yeah,
absolutely
I'm
so
I
should
say
it's
actually
pretty
prescient
timing.
You
know
we're
we're
we're
currently
we're
we're
we're
authoring,
a
paper
blog
post
on
the
topic
of
multi
cbdc,
so
I'll
hold
my
tongue
on
that
for
now
just
keep
an
eye
on
the
you
know,
kind
of
finality
website
or
linkedin,
and
I'm
I'm
sure
that
you
know
that
will
be
released
to
the
world
soon,
which
has
our
thoughts
on
that,
but
just
to
address
the
fragmentation
point
that
you
made
that
vipin.
B
I
think
that's
one!
That's
worth
you
know
just
a
kind
of
a
short
response
to
you
know.
You
say
that
the
argument
of
you
know
banks
having
to
fund
an
extra
pot
of
liquidity
if
you
like,
you
know
to
participate
in
kind
of
novel
payment
system
initiatives,
and
if
that
creates
fragmentation
question
being
how
do
you
provide
efficiency
gains?
If
this
is
the
case
to
which
we
would
say
you
know,
typically,
a
new
payment
system
will
create
an
overhead
as
funds
are
transferred.
B
You
know
from
from
one
account
in
control
of
the
funds
provider
to
another
account
in
control
of
the
intermediary,
but
that's
not
actually
the
case
with
with
the
finality
payment
system.
At
all
times,
the
funds
provider
will
have
the
opportunity
to
instantly
transfer
funds
to
anyone
participating
in
the
local
rtgs
by
defunding,
and
that
will
be
on
an
instant
basis,
so
the
only
actual
overhead
will
be
to
track
the
separate
part
of
funds,
but
this
is
almost.
This
is
almost
certainly
something
that's
being
done
by
the
relevant
treasury
function.
A
More
about
this
instantly
transfer
money
from
you
know,
let's
say
the
finality
omnibus
wallet
to
the
you
know.
Let's
say
ach
omnibus
wallet,
some
other
omnibus
wallet,
then
you're.
You
know,
then
you
are
under
risk
of
liquidity,
starvation,
which
will
put
a
big
crimp
in
your
in
your
operations,
so
that's
probably
being
protected
by
some
other
means
by
saying,
okay,
you've
got
to
at
least
give
us
some
warning,
or
you
have
to
have
a
minimum
amount.
A
B
Yeah
because
it
goes
to
governance
arrangements,
doesn't
it
I
think,
ultimately
to
to
to
you
know,
enforce
behavior,
that's
consistent
with
you
know,
access
requirements
promulgated
by
central
banks
and
also
behavior
that
you
know
isn't
detrimental
to
monetary
or
financial
stability,
and
I
think
that
you
know
by
working
very
closely
and
establishing
long-term
relationships
with
these
target
central
banks.
You
know
we
can
allow
them
to
at
all
times,
exercise
control
over
who
has
access
to
to
these
this.
B
B
I
feel
free
to
jump
in.
I
can
have
a
go
at
that.
I
perhaps
what's
that.
Let
me
I'm
sorry,
I'm
just
going
to
read
the
question
in
the
chat,
so
I
can
see
it
back.
It's
not
the
best
leverage,
it's
a
payment
system,
okay,
so
on
disruption.
Okay,
I'm
not
sure
this
is
going
to
answer
the
question
directly,
but
maybe
it's
around
is
finality.
B
You
know
on
on
the
subject
of
disrupting
potential
competitors
is
finality.
You
know
a
winner.
All
takes
play,
is
it
you
know?
Is
it
getting
to
the
heart
of
you
know?
Do
you
need
to
capture
the
vast
majority
of
payment
flows
or
risk
undermining
the
business
model?
Is
that
maybe
what
that
question
is
getting
at.
A
A
Really
I
mean,
if
you
think
about
it,
although
it
is
supposed
to
be
a
union
of
all
the
messaging
standards
and
the
bank
of
england
and
even
the
fed
and
others
have
voted
on
going
using
iso
20
or
22,
but
of
course
they
are
also
thinking
about
the
security
and
privacy
of
that
so
money
says
he
wants
to
ask
a
question
about
that.
I
would,
I
would
ask
him
to
you,
know,
ask
a
question
about
the
security
and
privacy
aspects,
because.
D
Thanks
guys,
this
is
manny
from
otc
digital.
Last
year
under
hyperledger
captain
marketing,
we
did
a
prototype
implementation
of
ethala.
I'm
not
sure
we've
discussed
this
before
it's
just
simply.
How
do
we
implement
cbdc
on
a
on
a
enterprise?
Ethereum
exact
same
thing,
as
you
guys
suggested,
hyperledger,
basu
and
ibft
protocol
will
be
implemented.
We
tested
it
with
participants.
D
The
issues
that
came
up
were
mostly
around
privacy
and
particularly
with
solidity,
because
any
node
participant
can
see
all
the
transactions
unless
it
is
completely
secured.
You
know
with
like
zero
knowledge,
proof
and
also
computation
using
you
know
more
secure
encryption
mechanisms,
all
participant,
node
node
participants
can
see
each
other's
activities.
C
D
I
mean
in
general
years
here
she
took
erc
contracts,
basically
any
solidity
contract,
any
all
node
participants
can
see,
since
this
is
being
a
decentralized
system
in
a
sense,
if
you
know
correct
me,
if
I'm
wrong,
if,
for
example,
if
barclays
wants
this,
you
know
is
interacting
with
state
street
ubs
can
listen
to
because
it
is
a
you
know.
This
is
a
erc2020
token.
C
Well,
at
the
moment,
for
most
of
the
the
transfer
data
we
we
don't.
We
did
quite
a
lot
of
analysis
as
part
of
the
research
project,
the
research
phases
of
the
project,
to
understand
that
most
of
that
data
is
is
not
going
to
be
able
to
facilitate
the
participants
changing
markets
with
but
jake.
I
don't
know
if
you've
got
anything
further
to
to
add
to
that.
B
A
D
A
C
A
D
A
D
A
C
B
Okay,
well,
that's
everything
that
we
have.
I
have
very
happy
to
obviously
take
any
questions
offline
as
well.
I
know
the
confines
of
an
hour
and
you
know
sometimes
not
enough.
It's
gone
very
dark
here
as
well.
Sorry,
if
you
can
barely
see
me
but
yeah,
we
happy
to
continue
the
conversation
elsewhere,
but
thank
you
for
the
opportunity
to
deliver
this
today.