►
Description
Project Genesis was carried out by the Bank for International Settlements in collaboration with the Hong Kong Monetary Authority. In this Capital Markets SIG meeting, Digital Asset team share how Hyperledger Fabric and Hyperledger Besu are being deployed in Project Genesis, provide a behind-the-scenes walkthrough on how they successfully delivered the first tokenization pilot to enable green investments, help issuers and governments meet environmental and sustainability goals with real time synchronization while preserving the privacy required by regulated bodies. The panel of experts discuss all of this, plus share how to resolve the problem of multiple sources of truths in an interconnected network with Digital Asset product, Canton.
----
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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#Hyperledger #Blockchain
License
Creative Commons Attribution license (reuse allowed)
A
All
right,
I
guess
it's
about
a
minute
past
the
hour
when
we
should
be
starting,
but
I
think
we
should
hang
around
for
a
minute
longer
before
we
let
these
damn.
Experts
take
the
stage
before
we
start.
We
have
only
a
couple
of
things
to
talk
about.
One
is
the
that
we
are
as
hyperledger.
We
are
part
of
the
linux
foundation
and
we
have
to
respect
the
antitrust
policy
of
the
next
foundation.
A
A
A
B
My
name
is
karen,
so
I'm
associate
director
looking
after
business,
development
for
capital
markets
for
digital
asset
based
in
hong
kong
also
joined.
I'm
very
glad.
Today,
I'm
joined
by
two
of
my
colleagues
in
the
same
room
also
in
hong
kong.
It's
dori
du
and
kc
10
from
our
technical
sales
engineering
team
and
they
are
both
the
real
heroes
behind
the
successful
project
genesis.
B
Before
we
went
on
to
talk
about
party
genesis,
we
thought
probably
we
can
just
take
a
moment
to
introduce
digital
asset
weeping.
We
hope
that
you
can
comment
on
the
history
and
development
and
involvement
of
the
entire
dlt
evolution
pass,
but
tissue
asset
was
really
established,
was
established
in
2014
and
at
the
very
early
stage,
as
you
mentioned
at
of
enterprise
blockchain.
B
We
are
very
proud.
Currently,
we
have
five
out
of
the
top
10
exchanges
in
the
world
that
adopting
this
next
generation
and
way
of
operating
their
business
and
utilizing
digital
assets
modeling
language
demo,
which
is
a
core
part
of
digital
asset,
which
dollar
is
going
to
explain
further
in
details
along
in
apac
right
now
we
have
three
of
the
exchanges
we're
working
quite
right
now
with
asx
to
bring
the
entire
cash
equity
settlement
on
to
blockchain
and
in
hong
kong.
B
We
are
also
building
with
hong
kong
stock
exchange,
a
settlement
accelerator
to
close
the
to
close
the
settlement
gap
in
between
hong
kong's
t
plus
two
and
china's
t
plus
zero
in
singapore.
We
have
worked
with
singapore
stock
exchange
and
hsbc
to
streamline
the
issuance
of
life
cycle
management
of
that
instruments.
B
B
On
the
highest
level,
there
are
three
key
features
that
we
have
implemented
for
protogenesis.
First,
it
is
about
tokenization
of
a
regulated
financial
instrument,
in
this
case
a
retail
government
green
bond
issued
by
the
hong
kong
government.
Second,
what
makes
the
poc
stand
out
globally?
Is
the
esg
transparency
enabled
by
demo
smart
contract
third
technology
wise?
We
are
very
happy
to
share
more
in
detail
and
the
two
ledgers
that
we
have
implemented
are
both
falling
under
the
hyperledger
big
umbrella
about
tokenization.
B
We
know
that
tokenization
is
a
buzzword
and
for
us,
at
digital
asset,
tokenization
is
not
just
about
digitizing
digitizing
security
securities
are,
after
all,
already
digitized
for
two
to
three
decades.
It's
also
not
just
about
maintaining
and
burning
and
slicing
tokens
for
liquidity
trading.
After
all,
if
we
compare
to
securities
that
are
digitized,
we
think
that
a
lot
of
the
benefits
have
already
been
realized
by
the
digitization
past
through
the
materialization
process.
B
What
we
think
the
industry
designs
is
standardization
and
ability
to
really
embed
lifecycle.
Events
onto
the
security
itself
so
ensure,
for
example,
for
if
we
take
bond
coupon
payment
as
for
example,
so
issuer.
Currently
is
your
paying
agent
depository
and
also
investors
need
to
keep
their
set
of
ledger
for
the
records
if
we
are
able
to
bring
all
the
process
onto
a
dlt
facilitated
infrastructure.
B
Second,
about
green
impact
and
traceability.
Why
financial
institutions
globally
have
been
trying
to
figure
out
how
green
data
can
be
standardized
captured
and
validated?
We
have
project
genesis,
set
a
possible
solution
for
the
industry
to
capture
the
green
impact
data
using
iot
from
the
source,
and
also
embed
using
smart
contract
natively
onto
the
security
itself
for
protogenesis,
we
worked
with
all
infra
another
hong
kong
based
startup.
B
B
We
didn't
cut
out
any
of
the
intermediaries,
yet
we're
still
doing
we're
still
able
to
achieve
a
more
efficient
and,
at
the
same
time,
cost
reduction
through
the
entire
process.
So
we
have
included
more
of
the
details
in
our
report
that
it
can
find
on
the
bis
website.
I
will
also
provide
a
link
at
the
conclusion
of
this
call,
so
the
significant
benefits
can
be
achieved
and
we
estimate
around
50
percent
efficiency
improvement
from
the
current
assets
approach,
cutting
down
the
time
for
issuance
from
one
to
two
months
to
around
a
half
closing.
B
Technically,
we
can
cut
the
closing
of
the
set
of
closing
of
and
the
settlement
of,
the
bond
at
the
end
of
the
subscription
from
seven
days
to
in
theory,
zero
days
and
trading.
Again,
we
are
able
to
theoretically
cut
down
the
t
plus
two
or
t
plus
three
four
bonds,
two
t
plus
zero.
We
have
also
included
a
very
ambitious
quantitative
analysis
to
and
estimate
around
18
basis
points
improvement
that
can
be
achieved
by
this
prototype.
B
We
have
also
concluded
that
every
of
the
participant
is
able
to
realize
to
some
extent
and
benefits
for
compared
to
the
current
way
of
operation,
but
there
are
mainly
two
aspects:
I'm
hoping
to
highlight:
one
is
about
ownership
and
the
other
is
about
automation,
a
very
sweet
spot.
We
think
dlt
enterprise
dlt
use
cases
is
for
enterprise.
B
And
the
second
point
about
automation,
when
we
are
looking
at
the
evolution
of
the
bond
from
paper.
First,
we
have
the
paper
certificate
and
then
people
realize
that
if
we
centralize
every
of
the
record-keeping
into
a
centralized
into
a
central
security
depository,
a
csd,
we
are
able
to
derive
a
lot
of
efficiency
from
from
the
central
keeping
and
csd.
Also
through
the
past
two
to
three
decades
have
enforced
digital
record-keeping.
B
A
lot
of
liquidity
has
been
freed
from
the
ease
of
trading,
but
we
think
the
true
value
of
tokenization,
by
implement
by
implementing
dlt
and
smart
contract,
is
the
ability
to
encode
all
the
behaviors
and
the
rules
directly
into
the
token
itself,
so
again
take
coupon
payment.
As
an
example,
we
no
longer
need
to
keep
a
record,
or
as
an
investor
or
the
institution,
the
paying
agent
and
every
of
the
intermediaries
along
the
chain.
Everyone
can
rely
on
the
common
infrastructure,
for
example,.
B
So
our
conclusion
really
from
this
prototype
is
that
even
though
we
don't
cut
any
intermediaries
and
we
follow
the
as
is
process
and
just
by
being
very
fully
compliant
with
the
current
securities
regulation,
we
are
still
able
to
derive
a
lot
of
efficiency
and
cost
benefit
from
it.
And
our
colleague
dorit
is
going
to
tell
you
more
about
how
demo
smart
contract
enables
that
and
casey.
Looking
at
the
architecture,
side.
C
So
in
this
example,
or
in
the
slide,
we
actually
I'm
showing
you
how
we
tokenize
a
model
that
bond
with
the
demo
smart
contract
and
in
demo.
First
of
all,
you
can
see
here
we
define
the
bond
token
by
using
templates
template.
The
concept
is
similar
to
class
in
java,
and
a
template
defines
the
type
of
conscious
that
can
be
created
and,
in
contrast,
is
actually
the
instant
of
the
template
or
the
other
way
to
explain
would
be
the
object
in
java
weight
and
in
terms
of
the
rights
and
obligations.
C
C
The
first
one
is
controller
and
controller
which
is
they're
able
to
exercising
the
choices.
So
charges
is
quite
similar
to
functions
in
java.
Choices
are
part
of
the
contrast
templated.
It
is
a
permissions,
the
functions.
So
what
does
mean
by
for
permission
functions,
meaning
that
every
function
you
have
to
define
who
able
to
access
that
particular
choices?
C
So
in
this
example,
you
can
see
in
the
bone
tan
template
under
the
width
block.
We
have
data
models,
specify
who
is
the
issuer
owner
and
order
lifecycle,
details
of
that
phone,
and
then
you
can
see
some
of
the
assert
and
then
authorizations,
and
underneath
that
you
can
see
three
choices.
One
is
split,
merge
transfer,
so
these
activities,
actually
we
granting
the
owner,
who
can
do
these
choices,
and
we
didn't
include
it
in
this
in
this
slide.
Actually,
there
is
one
important
choices
which
is
from
the
issuer.
C
They
can
issue
the
coupon
payment
based
on
the
bond
unit
and
this
bond
token,
can
you
please
mix
that
yeah?
Thank
you.
So
in
this
slide,
actually
we
want
to
show
that
how
demo
deliver
a
sheer
state
of
machines
across
their
whole
ecosystem
and
then
so
each
of
the
transactions
that
make
up
of
one
or
more
choices
will
cause
a
contrast.
State
update
a
closed
or
affected
a
note
in
a
synchronized
will
synchronize
that
in
real
time
to
every
affected
node
as
well.
So
here
we
are
giving
we're
taking
free
example.
C
The
first
one
imagine
that
now
is
the
primary
issuance
phrase.
The
investor
joint
subscriber
bonds
and
then
hkma,
which
is
the
bone
register
in
this
case,
is
confirming
the
allocations
and
then
the
issuer
here
will
be
sending
a
transaction
to
create
a
bond
contract
with
the
owner
as
john.
So
you
can
see
in
the
slides,
it's
born
contract
number
45
and
then.
C
Secondly,
after
that,
when
imagines
that
now
in
in
the
secondary
trading
phrases,
john
wants
to
sell
partially
to
another,
invest
account
he
wants
to
sell,
because
the
original
unit
is
100
and
he
wants
to
sell
the
16
unit
to
joint.
So
what
need?
What's?
That
need
to
be
done?
The
step
first,
one
is
join,
need
to
send
transactions
exercising
the
choices,
to
split
the
original
bond,
which
is
100
units.
C
So
now,
in
the
second
one,
as
you
can
see,
the
conscious
number
46
and
47
got
splitted
and
once
contract
bond
contract
with
a
16
unit,
another
bond
contract
with
40
units.
So
this
is
the
the
first
step
in
the
second
trading.
The
second
step
is
actually
john
exercising
a
choice
to
transfer
the
bond,
which
is
he
want
to
transfer.
C
We
will
he
want
to
sell
that
to
another
investor
account,
so
it's
by
exercising
the
transfer
and
then
you
adding
the
parameter
which
is
the
new
owner,
and
then
the
previous
contract
will
be
archived
and
then
the
new
contract
bond
number
48
will
be
created
with
the
new
owner
kent.
So
this
is
showing
that
how
the
contract
emit
in
within
the
ecosystem.
C
The
last
example
that
we
want
to
show
is
the
issuer
is
at
the
cue
point
date
want
to
giving
to
pay
out
the
cue
point
so
because
that,
on
every
contract
the
signature
is
issuer.
So
asia
is
able
to
see
all
these
bond
tokens.
It
can
fetch
all
the
bond
token
at
the
coupon
date
and
then
exercising
the
choice,
pay
cue
point
under
the
bond
contract
to
to
give
out
the
cash.
C
So
when
the
issue
exercising
the
pay
cue
point,
actually
the
previous
coin
bond
contract
will
be
archived
and
new
set
of
the
contract
will
be
created
with
the
updated
remaining
coupon
data
and,
at
the
same
time
a
cash
token
will
be
also
transfer
from
issue
wallet
to
the
owner.
So
in
this
case
can't
and
join
as
well.
C
Okay,
the
next
step,
the
next
slides,
actually
want
to
show
you
all
the
example
I
showed
from
the
previous
two
slides.
Actually,
you
can
find
it
from
our
open
source,
the
finance
library.
What
does
the
this
open
source?
The
finance
library
contained
is
actually
some
of
the
fundamental
financial
instrument
definition
as
you
can
see
in
the
in
the
blue
box.
C
So
with
this
library
and
also
the
smart
contract,
the
demo
smart
contract
is
actually
giving
accelerate
the
time
to
market
and
then
giving
you
some
of
the
so-called
industry
framework.
Maybe
without
further
ado.
Let's
just
play
a
video
to
show
you
what
actually
we
did
for
this
project.
Genesis
yeah.
Thank
you.
Karen.
C
C
So
we
build
a
two
interface
for
this
poc
one.
Is
the
web
web
applications
for
institutional
participant
to
to
to
manage
the
the
bond,
as
well
as
managing
the
life
cycle?
And
now
the
screen
showing
is
the
mobile
app,
which
is
we
provided
for
the
retail
investor
to
onboard
and
then
subscribe,
and
then
also
monitoring
the
the
life
cycle
of
the
bond?
And
then
you
can
see.
We
also
do
the
mockup
of
the
kyc,
which
is
a
true
meal
and
then
yeah,
taking
the
photo
of
their
the
id
card,
etc.
C
C
C
C
Here
comes
to
the
subscription
phrase:
hkma
will
start
yeah,
maybe
a
little
bit
fast
here.
Yeah,
so
hkma
will
start
subscriptions.
That
means
this
point
will
be
available
to
the
public
and
then
the
investor
they
can
come
to
the
mobile
app
and
then
seeing
these
are
bond
available
and
then
they
can
subscribe
by
using
fiat
or
the
stable
coin
or
fps.
C
At
the
closed
subscription
period,
hkm
may
come
here
and
then
stop
allocations
at
the
back.
Actually,
we
have
an
algorithm,
that's
which
written
in
demo
smart
contracts
as
well
to
do
the
allocations,
so
the
allocation
result
will
be
real
time
visible
to
the
placing
ban,
as
well
as
the
investor
at
the
settlement
stage.
C
C
D
Thanks
a
lot
thanks
for
the
introduction
on
on
the
demo
itself,
that's
very
important,
because
that
is
that's
the
sole
of
the
whole
project,
all
the
workflow.
Everything
in
fact
is
coded
in
the
demo,
but
we
need
an
infrastructure
to
support
this,
such
that
we
can.
We
can
implement
truthfully
what
we
promised
so
just
to
check
whether
my
screen
is
is
shared
and
everything
you
can
see.
Yeah.
D
Okay,
thanks
so
dura
has
has
mentioned
quite
a
lot
in
terms
of
the
demo,
the
language
itself
and
also
the
contracts
and,
in
fact,
everything.
Finally,
we
need
to
land
on
landing
on
the
infrastructure,
so
that
part
is
what
we
are
I'm
going
to
talk
about.
So
before
I
go
into
the
very
I
mean
before.
I
just
show
you
the
diagram
that
we're
building
for
this
project.
So
it's
many
stuff,
but
I
try
to
I
mean
in
the
in
the
coming
five
to
ten
minutes.
D
I
will
unlock
each
part
of
it
because
that's
important
to
show
that
how
we
always
mention
that
previously
is
the
most
important
part
how
the
contracts
are
being
placed
on
the
right
components.
That
part,
I
will
try
to.
I
mean,
use
this
diagram
to
to
make
our
and
by
the
way
we
see
our
friends
here
we
see
fabric
we
see
by
so
so
I'm
talking
about,
I
mean
how
infrastructure
I
mean
how
fabric
and
visual
is
contributing
to
into
this
whole
infrastructure.
D
D
We
call
it
canton-
and
you
probably
heard
about
this
for
quite
a
while
and
canton-
is
I
mean
I
we
can
use
canton
to
describe
many
things,
but
at
this
moment
this
infrastructure
is
the
canton
infrastructure
and
later
you
you,
you,
may
you
may
notice
that
I
talked
about
canton
as
the
ledger
distributed
ledger
in
particular,
but
let's
focus
on
the
on
the
infrastructure
first,
so
at
the
first
component
inside
the
canton,
it
requires
the
participant
notes.
You
see
that
here
there
are
six
participant
notes.
D
Once
the
inside
participant
knows
it's
very
important.
First,
all
the
demo
code,
the
financial
library
or
the
customized
code
are
uploaded
into
the
participant
notes.
That
means
all
the
participants
are
executing
the
same
business
logic
across
the
whole
network.
So
in
this
case
the
six
participant
notes
are
sharing
the
same
business
logic
written
in
demo.
Sometimes
we
call
it
dar
file.
That
is
the
the
right
term.
D
We
record
when
we
upload
the
data
file
to
the
participant
nodes
and
another
component
inside
the
participant
is
where
the
party
is
being
enabled
or
being
allocated,
and
I
will
talk
about
the
parties
later
in
face.
On
top
of
this
diagram,
you
see
hkma,
cmu
and
all
the
components
investor
core
range,
so
these
are
the
these.
D
Are
the
parties
that
you
just
saw
the
the
demonstration
and
those
are
the
party
interact
with
the
with
the
with
the
ledger,
that
is,
the
the
parties
the
parties
are
defined
and
or
enabled
inside
the
participant
notes.
That's
the
second
part
I
I
I
need
to
highlight.
The
third
part
is
what
we
call
the
contract,
that
is
the
actual
source
of
truth
for
everything.
D
If
someone,
if
a
issuer
has
issued
a
bond
unit,
that
an
investor
is
holding,
that
is
a
piece
of
contract
written
in
the
participant
notes-
and
this
information
will
always
be
true-
is
served
as
the
source
of
truth
since
the
every
parties,
I'm
I'm
very
comfortable
if
the
deck
contract
is
in
the
participant
notes.
So
these
are
the
components
inside
these
are
the
components
inside
every
participant
knows,
but
interesting.
Interesting
enough
is
not.
The
same
piece
of
information
will
exist
in
all
participant
nodes.
D
It
really
depends
on
whether
these
contracts
are
relevant
to
their
parties.
I'll
go
an
example
later,
but
let's,
let's
after
the
participant
note
you
can
see
in
the
upper
layer,
we
will
have
the
api.
That
is
the
how
the
external
world
is
talking
to
accessing
today
to
the
ledger
accessing
to
the
or
exercising
the
choice
as
what
mentioned
before
or
creating
contracts.
D
D
You
probably
will
see
that
hey
how
come
there
are,
so
many
are
putting
in
the
same
participle.
In
fact,
it's
quite
flexible
because
when
accessing
the
accessing
the
declining
environment
you
can
use,
as
you
can
just
use
as
a
party
to
connecting
to
a
participant,
or
in
many
cases
in
fact,
each
participant
or
each
company
or
each
organization
they
may
have
their
own
participant
knows.
But
just
for
for
this
poc
we
just
bring
up
six
participant
notes.
There's
no
limit
on
how
many
participants
they
are
going
to
deploy.
D
It's
really
up
to
the
business
needs
say,
for
example,
at
the
very
very
beginning,
if
hkma
and
cmu
they
try
to,
they
prefer
to
have
separate
participant
loop
and
hold
the
source
of
truth
on
that
on
their
premise.
Only
they
definitely
can
do
so,
but
I
mean
for
this
piece.
You
just
put
them
pretend
that
together
so
again,
we
have
that
flexibility
to
allocate
parties
on
different
participant
nodes.
But,
more
importantly,
once
your
allocated
participant
knows,
if
say,
there's
a
contract
between
the
co-arranger
and
the
investor.
D
So
this
piece
of
contract
finally
will
only
land
it
into
these
two
participant
nodes
for
others.
If
they
are
not
the
relevant
parties,
if
they
are
not
observers,
if
they
are
not
the
controllers,
they
won't
see
this
contract
that
is
guaranteed
by
demo
and
also
guaranteed
by
the
canton
system.
That
means,
if
somehow
you
break
into
this
note,
I'm
sure
you
cannot
break
it,
but
once
you
break
it,
you
cannot
find
this
piece
of
contract
because
the
contract
only
exists
on
these
two
participants.
D
Let's
see
what
what
the
cannot
technology
guarantee
on
this
part,
so
this
is
just
the
upper
part
of
this
diagram,
so
we
are
okay
with
the
position
note
how
many
participants,
depending
on
the
business
needs,
but
how
the
participants
are
talking
to
each
other.
They
need
to
exchange
message.
So
then
we
go
into
the
underlying
this
bottom
part
of
the
diagram.
It
is
what
we
call
the
domain.
So
in
this
diagram
you
see
there
are
two
domains
here
or
more
generic
term.
We
call
it
domain
operators.
D
So
in
this
case
we
have
two
domain
operators.
One
is
hkma,
one
is
hkex,
so
this
domain
is
responsible
to
link
the
participant
nodes
together
to
exchange
the
message
securely.
I
will
touch
on
why
it
is
securely,
but
the
most
important
part
is
this
domain
operator
is
always
the
one
I
mean
defining
the
the
application
you
are
going
to
use
and
also
the
domain
operator.
D
You
you
soon
you'll
see
very
soon
that
there
is
an
underlying
ledger
supporting
that,
but
before
you,
you
probably
see
that
in
six
participants
they
are
not
all
connecting
to
different
domains.
In
fact,
this
is
also
another
important
flexibility
canton
promise.
It
is
that
the
participant
can
connect
to
a
lot
of
domains
depending
on
the
business
say,
for
example,
in
this
case,
you
see
that
the
participant
knows
for
hkma
is
only
connected
to
hkma.
D
That
means
this
participant
is
not
participating
into
any
hkes
related
business
or
business
or
activities,
but
is
it
possible
to
have
more
than
multiple
connections?
Just
like
the
second
one,
the
new
council,
the
the
new
resource
participant,
though,
is
connecting
to
the
hkma
domain,
as
well
as
the
https
domain,
so
this
particular
can
interact
with
both
domain,
both
both
set
of
a
smart
contract.
So
again
whether
a
participant
is
connected
to
one
or
more
than
one
domain.
It
really
depends
on
the
business
needs
say
in
gen.
D
In
fact,
I
will
touch
this
after
this
infrastructure
introduction.
In
fact,
we
are
envisioning.
The
future
is.
There
are
a
lot
of
domains
that
a
lot
of
participants
can
join
based
on
the
business
needs,
but
let's
focus
on
this
infrastructure
first,
so
inside
the
domain
we
need
some
technology
to
synchronize
the
the
participant
nodes.
So
that's
where
the
the
underlying
dlt
is
being
introduced.
So
in
this
case
just
for
poc,
we
introduced
the
fabric
as
the
underlying
dlt
for
hkma
and
for
the
on
the
bezel
for
the
xkx
domain.
D
We
just
put
the
vessel
why
these
two
are
selected,
because
it's
hyperledger
community
right,
oh,
not
not
only
because
we
just
try
to
see
that
our
domain
can
interact
with
different
types
of
natural
technology,
and
in
this
case
I
would
just
choose
one
on
fabric
and
one
of
basil.
In
real
life
they
may
choose
some
other
underlying
technology,
but
in
general
it
is
how
we
are
using
the
underlying
distribution
technology
like
fabric
liberation,
to
ensure
the
synchronization
across
the
the
participant
knows,
and
that's
why
you
see
that
I
mean
we
have.
D
We
are
using
the
dlt
on
on
this
infrastructure.
But
again
the
most
important
part
is
the
source
of
truth
is
always
on
participant
nodes
and
both
fabric
or
bezel
on
other
other
ledger.
Technology
will
supporting
this
to
make
this
happen,
and
these
are
how
the
infrastructure
looks
like.
So
I
hope
this
just
one
one
page
I
spend
I
mean
that
10
minutes
to
have
first
ideas,
so
I
hope
I
mean
the
takeaway.
D
Is
we
know
what
participant
note
is
how
domain
what
what
domain
is,
and
also
how
hybridization
fabric
and
also
hybrid
special,
will
be
part
of
our
infrastructure
to
support
what
we
have
built.
That
you'll
see
that
you,
you
saw
the
demo
and
you
also
the
the
demo
at
the
demo
code
and
financial
library
that
dory
just
introduced
so
with
that,
let's
go
a
little
bit
further,
see
why
we
are
introducing
the
canton
as
the
technology,
and
we
that
is
also.
D
How
do
you
see
how
the
world
the
dlt
is
being
evolving.
So
at
the
very
beginning,
we
all
know
that
the
first
member
coming
up
is
is
bitcoin,
and
that
is
what
we
call
the
public,
blockchain
and
also
ethereum.
So
in
this
case
it
is
something
really
changing
the
world
everyone's,
the
most
important
part
is.
D
We
call
it
safe
because
everyone
see
everything,
but
that
may
not
be
applicable
in
enterprise
environment,
because
an
enterprise
environment,
where
there's
still
something
that
only
the
relevant
parties
or
participants
will
will
know
each
other,
and
that's
why
we
we
see
some
of
our
our
our
friends
like
the
digital
digital
fabric,
bezel
coming
into
the
picture,
so
they
bring
up
some
framework
that
can
help
or
enable
a
consortium
of
companies
organizations
they
can
share.
They
can
exchange
information
very
comfortable
and
also
in
a
secure
way.
D
So
the
part
the
privacy
at
this
moment
is
between
the
com
between
the
organization,
so
but
but
again
in
this
type
of
setup
because
of
the
the
synchronization
and
also
the
consensus
requirement.
There's
still
some
party
can
see
something
on
it
so
and
that's
why
we
introduced
the
idea
about
canton.
It
is
a
mesh
idea,
so
in
general
you
can
consider
this
big
circle.
They
overlap
each
other.
The
idea
is,
these
big
circles
are
something
we
call
the
domain
so
inside
the
domain.
D
Just
like
I
showed
what
hkma
domain
aka
domain
and
we
are
envisioning
a
lot
of
domains
coming
up
in
the
future.
Some
investment
bank
are
building
their
own
domain,
so
these
type
of
domains
are
something
that
just
like
a
business
network
when
you
as
a
company,
try
to
join
this
network.
In
fact,
what
you
did
is
just
you
just
bring
up
your
participant
notes
and,
depending
on
your
needs,
you
can
connect
to
more
than
one
domain,
and
then
you
once
you
have
the
right
set
of
smart
contracts.
D
Then
you
will
be
part
of
that
that
environment
you
can
interact
with
other
parties
who
are
already
on
that
domain.
So
these
are
the
ideas
that
we
are
thinking
about.
Oh
in
fact,
I
missed
one
point
before
so.
If
you
don't
mind,
just
go
back
a
little
bit
so
when
the
participants
are
communicating
to
each
other,
say
the
participants,
don't
need
to
talk
to
communities
to
participant
note
too,
in
fact
physically
it
has
to
go
through
the
domain.
D
I
have
think
I
have
the
consensus
inside
the
underlying
ledger
and
then
the
partition
note2
will
receive
that
data,
but
the
most
important
is
this.
Data
is
encrypted
at
the
end-to-end
manner.
What
does
it
mean?
That
means
that
only
participant,
node,
1
and
node
2
can
see
the
actual
data
if
it
is
at
one
unit,
one
million
one
unit
that
one
million
bond
units
can
only
seen
by
these
two
participant
nodes,
although
physically
the
path
is
going
through
the
underlying
technology
underlying
a
distributed
technology.
D
If
you
duplicate
into
it,
you
only
see
the
encrypted
information,
so
that
is
important
because,
as
I
mentioned
before
in
the
future
world,
we
reach
this
type
of
the
multi-domain
setup.
We
still
enforce
certain
databases
across
them,
although
we
are
using
the
same
domain
like
you
and
I
are
using
the
hkma
domain,
but
all
the
communication
is
encrypted.
That
means
only
you
and
I
will
will
see
what
the
actual
data
is
even
the
same,
a
domain
operator.
They
know
something
is
passing
through
it.
D
So
that
is
exactly
what
we're
building
right
now
and
you
see
our
we
have
different
participant
notes
and
also
some
banks
yeah
yeah
again.
This
is
just
the
admission.
So
in
there
are
a
lot
of
domains
here,
different
out
domain
operators.
They
are
running
their
own
set
of
smart
contracts,
but
when
these
two
I
mean
when
some
participants
try
to
interact
each
other
say
in
this
diagram
like
hsbc
and
special
event,
they
try
to
talk
to
each
other.
D
They
are
going
through
this
mesh
network,
and
these
are
what
I
mean
yba
bill,
cantor
and
also
we
are,
we
are
considering.
The
future
of
business
will
looks
like
this.
So
I
end
my
introduction
here
hope
is,
I
know,
there's
a
lot
of
information,
but
hopefully
you
can
get
some
idea
how
the
infrastructure
is
supporting
the
smart
contract
that
build
with
a
financial
library
and
also
the
customized
demo
contract
such
that
we
report
this
I
mean
the
privacy
enabled
in
the
demo
contract
will
be,
will
be
executed
faithfully
in
the
canton
infrastructure.
B
Okay,
see,
we
need
to
stop
you
there,
because
there
are
a
lot
of
questions
and
I
think
so
far
there
are
questions.
All
the
questions
are
related
to
canton
particle.
So
if
we
may
just
go
through
the
in
order,
so
there's
a
question
from
wei
chong.
May
I
know
if
the
canton
particle
is
recommended
for
production
use.
D
Yeah
yeah,
so
before
I
mean
when
we
do
the
plc,
in
fact,
we
are
using
the
pga
version,
but
you
can
see
that
it's
already
interacting
with
different
types
of
ledgers.
So
that
is
the
first
one,
and
the
second
point
in
fact,
is
most
clients
now
implementing
in
is
already
in
the
canton
setup.
So
I
won't
name,
I
mean
different
customers,
but
every
customers
now
are
using
the
canton
they're
building
up
right
now,
and
they
will
soon
they
will
be
in
production.
B
Yeah,
I
think
the
questions
are
all
related
or
of
all
focus
on
canton,
because
the
market,
or
probably
the
audience,
also
see
the
value
here.
Digital
asset
we
have
launched,
or
we
have
rolled
up
demo
2.0,
which
is
a
combination
of
demo,
smart
contract
and
also
the
underlying
protocol
interoperability
protocol
canton.
So
today
I
think
our
recession
is
also
very
naturally
divided.
B
D
Very
great
question
I
I
I
keep
receiving
this
question
every
time.
I
finish
my
my
introduction,
so
the
idea,
in
fact,
when
we
talk
about
the
interoperability
across
this,
these
ledger
technologies.
In
fact,
what
we
are
unifying
them
or
interpret
them
is
at
the
demo
level.
That
means
all
the
all.
The
assets
in
fact
are
defined
in
the
demo
as
the
active
contrast
and
we
are
using
the
underlying
technology
fabric
and
bezel
to
to
make
it
happen.
D
So
to
answer
your
question,
in
fact,
for
those
assets
already
defined
in
the
fabric
of
bezel,
we
we
need
some
external
mechanism
to
to
to
do
the
say
asset
swap,
for
example,
so
you
probably
heard
about
something
called
hashtag
contract
and
that
is
available
in
the
in
in
in
in
the
demo,
interacting
with
bezel
fabric.
Oh,
I
personally
test
both
as
well
and
but
but
but
back
to
the
question,
I
I
let
me
repeat
again:
we
are
not
interacting
directly
with
the
asset
here.
D
B
Yeah,
and
also
on
a
high
level,
I
think
the
reason
that
we
come
up
with
two
domains
for
this
pilot
is
because
bis
and
hkma
they
want
to
have
an
ambitious
tokenization
pilot
to
look
at
the
end-to-end
steps
for
the
retail
green
bonds.
So
we
start
with
hkma
governing.
So
we
start
with
the
primary
issuance
process
with
which
hkma
governs
all
the
business
logic,
and
they
are
the
validator
for
the
golden
source
of
choose
when
they
do
the
allocation
and
during
the
secondary
process,
when
the
tokenization
prototype
extends
to
the
secondary
process.
B
We
are
having
a
hong
kong
exchange
being
the
platform
that
the
securities
transact
on,
and
so
hong
kong
exchange
can
have
the
ultimate
say
to
the
transactions
and
they
validate
or
have
the
finality
to
all
the
trading
happening
on
the
platform.
So
we
think
in
a
real
world,
it's
probably
too
idealistic
for
one
of
the
domain
or
one
of
the
enterprise
blockchain
to
to
come
up
with
the
end-to-end
solution
in
in
practice.
D
From
dennis
I
I
like
these
questions,
because
the
first
is
talking
about
how
the
template
and
interacting
with
the
domain
and
the
second
one
is,
I
mean,
make
it
bigger
so
for
various
domain.
That
is
very
important
point.
You
help
me
to
elaborate
how
the
demo
slash
canton
is
different
from
other
distributor
technology
framework
like
fabric
official,
for
for
others.
I
mean
we
always
start
with
the
the
the
consensus,
the
mechanism
and
then
the
nose
and
then
the
smart
contract
language.
D
So
it
is
a
stack
of
the
of
each
framework.
You
see
the
fabric,
you
see
the
battery
and
also
others
as
well,
but
va
thinking
another
approach.
We
start
with
the
smart
contract
language
so
start
that
means,
in
fact
our
focusing
point
is
how
to
code
the
business
logic
meeting
the
right
business
relations
in
the
real
world.
So
that
part
is
purely
a
demo
language.
You
you,
you
don't
need
to
care,
I
mean
what
underlying
technology
you're
going
to
use.
D
So
that's
what
we
always
call
code
once
you
can
use
many
times
so
just
focusing
on
build
those
businesses
in
the
demo
and
once
the
demo,
the
templates.
Everything
is
successfully
you
can
test
it
and
in
your
environment,
and
then
it
will
be
converted
into
dark
cloud.
I
mentioned
this
before
that
dar
file
is
uploaded
in
the
canton
environment,
so
that
means
when
you
build
the
dark
file
or
the
demo
model,
you
don't
need
to
care
what
what
underlying
major
technology
we
are
using.
D
In
fact
this
is
the
canton
software
handle
this
for
you,
so
we
come
with
the
driver
interacting
with
those
those
laser
technologies.
So
so
short
answer,
is
you
don't
need
to
care?
I
mean
you're,
just
focusing
on
the
business
logic
in
the
demo
language.
So
this
is
one
part
in
fact.
There's
another
related
questions.
It's
about
when
the
fabric
level
is
already
running,
I
mean
do
we
need
to
write
something
additional
on
top
of
it.
I
know
you
don't
need
to.
D
The
idea
is
when
canton
comes
with
the
driver,
we
come
with
the
we
come
with
a
set
of
chain
code
already
and
that
trinket
is
just
deployed
on
the
channel
somewhere
that
I'm
just
not
going
to
some
fabric
terminology.
So
once
the
fabric
is
is
running,
you
just
allocate
one
channel
and
deploy
our
chain
code,
then
our
driver
will
interact
with
the
with
the
the
train
code
we
provide.
So
the
short
answer
is:
no.
You
don't
need
to
touch
everything
you
have
today.
D
C
C
Actually,
we
are
writing
the
business
logic
of
the
primary
issuance,
which
is
we're
creating
one
davao
and
another
davar
is
more
related
to
the
secondary
trading.
So
that's
why
it's
related
to
the
hkex
and
both
that
file
is
actually
uploaded
into
the
participant
node,
and
so
that's
why
the
business
logic
is
actually
interacted
within
the
canton
protocol,
but
not
in
the
underlying
blockchain.
D
Okay,
I
saw
a
question
about
the
solution:
employee
demo
hub
for
deployment-
another
good
point
here,
so
the
demo
code
itself.
Again,
as
I
keep
mentioning
that
the
demo
code,
you
just
keep,
focusing
it
whether
it's
deployed
on
demo
hub
or
deployed
on
a
canton
environment
or
maybe
just
deploy
a
sandbox.
In
fact,
you
don't
need
to
touch
on
the
demo
codes,
but
for
this
deployment
we
are
deploying
all
the
components
you
see
in
the
infrastructure
in
an
aws
environment.
D
So-
and
this
is
just
for
for
this
poc,
but
it
doesn't
mean
that
you
cannot
do
it
on
the
demo
hub,
but
make
sure
I
mean
you
follow
what
demo
provides
say.
For
example,
you
may
not
have
be
able
to
have
more
than
one
participant
notes,
etc,
but
that
is
I
mean
from
the
demo
language
or
the
code.
The
templates,
everything
as
well,
that
set
of
demo
code
can
be,
can
be
used
in
demo,
hub
same
box
and
also
the
environment
that
I
I
I
showed
you
before.
B
Yeah,
and
also
for
everyone's
benefits,
we
can
probably
explain
about
the
demo
hub,
so
demo
hub
is
a
managed
service
provided
by
digital
asset
and
it's
running
on
a
cloud
environment.
So
we
take
care
of
every
of
the
like
the
authorization
of
the
access
control
and
also
all
so.
You
can
literally,
I
think,
as
our
co-founder
eric
puts
it,
you
can
literally
have
a
marketplace
within
15
minutes
from
the
start
to
the
launch,
so
it's
a
great
way
to
accelerate
and
also
act
as
a
sandbox.