►
From YouTube: Hyperledger FMSIG Mortgage Blockchain July 2022
Description
Take a look at the July edition of the Hyperledger FMSIG mortgage subgroup update.
Big thanks to Mike McCoy for his presentation on the new DeFi Subgroup, we look forward to collaborating together in the future.
And also, thanks to James Schoening and Casey Rock for the presentation on the "IAM Project", we look forward to learning more about your project in upcoming updates.
Timestamps:
00:00 Welcome and presentation
02:25 Community information
04:13 The state of Blockchain in the mortgage industry
15:31 Project IAM with James Schoening and Casey Rock
31:45 DeFi subgroup presentation with Mike McCoy
1:00:00 Future agenda items
Join the FMSIG Mortgage Subgroup Wiki: https://wiki.hyperledger.org/display/CMSIG/FMSIG+Mortgage+Industry+Subgroup
Subscribe to the mailing list to receive the latest updates: https://lists.hyperledger.org/g/financial-markets-sig
Follow the Hyperledger Financial Markets Special Interest Group LinkedIn page: https://www.linkedin.com/showcase/hyperledger-financial-markets-sig/
----
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
Discord: https://discord.gg/rVCn4j7UFd
Case Studies: https://www.hyperledger.org/learn/case-studies
Training & Certification: https://www.hyperledger.org/learn/training
Tutorials: https://www.hyperledger.org/use/tutorials
Webinars: https://www.hyperledger.org/learn/webinars
Events: https://www.hyperledger.org/events
Vendor Directory: https://www.hyperledger.org/use/vendor-directory
Subscribe to the Hyperledger Newsletter: https://www.hyperledger.org/newsletter
Follow-us on Twitter @Hyperledger
Learn about Hyperledger Membership: https://www.hyperledger.org/about/join
#Hyperledger #Blockchain
License
Creative Commons Attribution license (reuse allowed)
A
They
really
helped
us
out
and
get
this
group
off
the
ground
and
provide
continuing
support,
so
I
always
want
to
express
our
appreciation
at
the
beginning:
hey
as
always,
please
note
that
this
meeting
is
being
recorded
and
is
under
the
umbrella
of
the
hyperledger
foundation.
So
we
ask
that
everyone
abide
by
the
anti-trust
policy
and
code
of
contract.
Excuse
me
conduct
the
antitrust
policy
states
that
we
will
avoid
discussions
of
company,
specific
pricing
products
and
projects,
and
we
won't
make
negative
comments
about
other
companies
or
products.
A
A
We
fully
support
hyper
ledger's
policy
of
openness,
equity
and
inclusion
and
for
new
your
new
participants.
We
welcome
you
and,
if
you'd
like
to
introduce
yourself,
please
do
so
in
the
chat.
If
there's
anything
that
you're
interested
in
hearing
about
or
discussing,
please
do
so
in
the
chat.
We
want
to
make
this
as
open
a
forum
as
possible.
A
A
This
slide
we
always
cover
at
the
beginning
of
each
slide,
because
really
this
slide
underscores
the
purpose
of
this
group.
This
is
to
reinforce
that
we're
all
on
the
same
blockchain
path,
although
we
may
be
at
different
points
along
the
path.
This
approach
that
we
followed,
it
is
to
demonstrate
number
one.
The
feasibility
of
blockchain
through
mortgage
industry,
use
cases
and
define
potential
implementation
paths
for
the
mortgage
industry,
we're
all
on
the
same
path.
We
just
may
be
at
different
points
in
the
past,
so
one
this
is
one
of
our
basic
tenants.
A
I
I
wanted
to
have,
or
just
do
a
brief
psa
from
the
hyperledger
community.
I'm
sure
you
guys
noticed
in
the
slides
that
we
have
in
the
way
we've
been
mentioning
our
special
interest
group.
The
capital
markets.
Special
in
this
group
has
changed
its
name
to
the
financial
markets.
Special
interest
group,
the
wiki's
been
updated.
The
capital
markets
mailing
list
has
been
migrated.
If
you
have
not
moved
your
email
address
to
the
financial
markets
mailing
list,
please
do
so.
A
We
also
have
the
discord
and
the
linkedin,
so
all
of
those
items
have
been
changed
and
if
we
do
miss
anything
that
still
says
capital
markets,
please
let
us
know,
but
this
change
is
really
intended
to
underscore
the
more
a
much
broader
special
interest
group.
Although
capital
markets
is
still
a
key
area,
we're
now
the
financial
market
special
interest
group.
A
Okay,
the
next
three
slides
I
always
mention,
but
I
go
through
very
quickly.
These
slides
are
intended
to
help
new
people
get
an
introduction
to
who
we
are
and
to
provide
them
more
information.
So
this
slide
provides
the
different
resources
that
are
available
from
the
linux
foundation,
all
the
way
down
there
to
the
arrow
that
shows
our
wiki,
so
that
information
is
available,
and
these
are
great
resources.
A
B
Excellent,
thank
you,
marvin.
Let's
go
ahead
and
advance
on
to
the
next
slide.
So
yeah
here
is
our
global
market
blockchain
activity.
Again
this
is
updated,
showing
the
various
articles
we've
talked
about
in
the
previous
meetings,
along
with
the
two
new
ones
down
in
the
bottom
and
the
lower
right.
You
know
the
theme
for
today's
presentation
is
on
consortiums.
B
We've
talked
about
it
a
bit
before
and
you
know
just
a
level
set
for
everybody
if
you're
not
familiar
with
it.
So
consortiums
are
an
association
of
two
or
more
entities.
They
may
be
companies,
organizations
or
government
agencies
with
a
a
common
objective
of
participating
in
activities
or
pooling
their
resources
for
achieving
a
specific
goal,
go
ahead
and
move
on
to
the
next
slide
marvin.
B
So
you
know,
as
as
we
talk
about
consortiums,
you
know
one
of
the
big
things
I
wanted
to
open
up
with.
Is
you
know
what
are
the
different
considerations
that
you
should
think
about
mayor
brown
put
out
a
great
article
relevant
to
this,
and
I
thought
their
opening
actually
was
a
great
catch
statement
that
most
blockchain
technologies
are
developed
by
foundations
or
consortia,
the
members
of
which
are
often
representatives
of
the
industry,
hoping
to
create
and
successfully
deploy
the
technology.
B
The
article
goes
into
for
consortiums.
What
are
some
of
those
critical
aspects
that
you
need
to
you
know
pay
attention
to
as
companies
come
together
to
collectively
play
a
part.
They
talk
about
governance,
the
importance
of
it
to
define
the
goals,
the
number
of
participants,
the
levels
of
interest
and
roles
that
each
of
the
members
of
the
consortia
will
play
intellectual
property,
agreeing
who
will
own
or
be
able
to
utilize.
B
The
developed
technology
is
critical
to
the
cons,
the
success
of
a
consortia,
and
they
frequently
require
members
to
contribute
their
own
software
materials
and
know-how
to
the
project
and
there's
also
anti-trust
considerations.
So
to
avoid
information
being
shared
that
may
give
rise
to
anti-trust
claims.
It's
critical
to
ensure
that
anti-trust
rules
of
the
roads
are
documented
they're,
prepared,
they're
explained
at
regular
intervals
for
each
of
the
representatives.
B
You
know
in
summary,
for
this
article
there's
a
number
of
components
that
businesses
involved
in
a
consortia
will
need
to
determine
to
successfully
develop
and
implement
within
any
industry.
So
as
we
look
at
the
second
article,
this
is
a
great
example
coming
out
of
australia.
There's
a
new
platform
called
ligon.
B
It
started
as
a
pilot
back
in
2019
by
westpac
and
anz,
and
over
time
they
were
joined
by
commonwealth
bank
center
group,
along
with
ibm
over
the
last
three
years.
Ligon
digitizes,
previously
manual
paper-based
bank
guarantee
processes.
It
enables
its
enabling
processes
that
traditionally
would
take
a
month
to
complete.
They
can
now
complete
within
a
24-hour
period
in
australia,
bank
guarantees
are
used
to
secure
contracts
as
part
of
retail
property
lease
and
as
an
alternative
to
a
deposit
or
a
bond.
B
The
bank
provides
an
unconditional
undertaking
to
pay
one
party
in
the
event
of
another's
default.
Ligon
runs
on
ibm's
public
cloud
and
significantly
reduces
the
risk
of
fraud,
fraud
and
potential
for
errors.
Throughout
this
process,
you
know
as
an
additional
note.
The
lygon
platform
is
garnering
more
and
more
attention
across
australia,
not
only
within
the
finance
industry
but
within
the
retail
industries
as
well
on
to
the
next
slide
marvin.
B
So
you
know
here's
the
u.s
mortgage,
blockchain
activity
that
we've
discussed
before.
If
you
look
at
there
at
the
top
of
2022
back
in
our
january
meeting,
it
was
within
days
before
that
meeting
the
ustf
consortium
was
announced,
and
we
had
the
opportunity
to.
You
know
talk
about
what
is
their
purpose
and
their
goal,
and
what
were
they
looking
to
achieve
the
actual
the
two
next
articles
we're
going
to
talk
about
there
at
the
bottom,
actually
both
wrap
around
the
usdf
consortium,
let's
go
ahead
and
flip
to
the
next
slide
marvin.
B
B
On
a
blockchain
platform,
the
founding
bank,
members
of
this
consortium
included
new
york,
community
bank
nbh
bank,
first
bank
sterling
national
bank
and
synovus
bank
working
in
conjunction
with
conjunction
with
fintech
companies
from
figure
technologies
and
jam
fintop
back
in
january
on
the
19th
postar
meeting,
they
actually
completed
the
first
transaction
on
the
providence
blockchain,
where
nbh
banks
sent
self-minted
usdf
to
a
consumer,
a
customer
of
new
york
community
bank.
The
launch
of
the
usdf
consortium
is
one
of
the
latest
examples
of
community
banks
proactively,
exploring
technologies
to
strengthen
their
competitiveness.
B
This
article
also
discussed
the
costs
and
benefits
of
these
endeavors.
So
if
you're
interested
in,
what's,
if
you're
interested
in,
what's
going
on
in
this
area
or
you'd
like
to
learn
more
about
the
usdf
consortium,
take
a
look
at
this
article,
article
or
just
google
usdf
consortium,
and
you
can
go
directly
to
their
website.
But
they
are
actively
making
pros
progress.
And
it's
a
great
example
here
in
the
us
of
community
banks
that
are
getting
together
and
actually
developing
blockchains.
B
That
will
have
an
impact
for
the
mortgage
industry
and
then
the
last
article
that
I've
got
on
here
from
yahoo
finance.
You
know.
Last
month
we
had
a
variety
of
podcasts
that
we
shared
with
the
group
for
those
of
you
that
are
more
into
you
know,
getting
your
information
through
video.
I
wanted
to
include
this
one.
It
continues
on
with
the
usdf
consortium
discussion.
It's
a
seven
minute,
video,
an
interview
done
by
coindex
or
coindesk
tv
with
first
bank
chief
administrator
administrative
officer,
wade,
perry.
B
He
shares
his
insight
into
the
consortium
and
the
state
of
stable
coins.
He
discusses
how
stable
coins
are
designed
to
be
a
one-to-one
digital
marker
for
a
u.s
dollar
and
how
these
digital
markers
will
be
insured
by
fdic
and
consumer
protection
laws,
collaboration
of
technologies,
bankers
and
regulators,
including
the
occ
fdic
federal
reserve,
who
are
actively
contributing
feedback
to
the
usdf.
So
it's
a
great
interview.
I
highly
recommend
taking
the
time
it's
only
seven
minutes,
long
highly
recommend
taking
the
time
to
take
a
look.
B
All
of
these
articles
are
available
on
the
mortgage
subgroup,
page
in
fact,
marvin.
If
you'll
move
to
the
next
slide
on
that
one
and
I'm
going
to
drop
into
it,
looks
like
alma
actually
dropped
into
chat.
The
new
link
for
the
fmsig
mortgage
indices,
subgroup
page
what
you're
seeing
here
on
this
current
slide.
So
I
recommend
opening
up
a
chat
clicking
on
that
link,
making
it
a
favorite
you'll
see.
We've
got
the
new
articles
that
we've
discussed
here.
There's
links
to
them.
B
You
can
get
to
the
video
that
I
mentioned
in
addition
for
all
the
information
marvin
covered
up
front
with
those
various
links
how
to
set
up
your
lfid
etc.
We
do
include
those
monthly
in
each
one
of
these
presentations
and
over
on
the
far
left.
There
you'll
see
the
various
meeting
notes
from
each
of
our
presentations.
So
if
you
ever
need
those
links,
you
know
just
follow.
B
A
James,
I
I
did
have
a
question.
I
attended
a
presentation
by
the
hyperledger
foundation
yesterday,
where
they
were
talking
about
stable
coins
and,
and
one
of
the
key
concerns
that
was
raised
by
several
people
in
the
audience,
was
interoperability
of
those
stable
coins,
especially
when
they
were
being
advocated
by
a
particular
consortium.
A
So
one
of
the
questions
asked
and
I'm
going
to
pose
it
to
you
is:
do
you
see
any
issues
with
with
interoperability
across
these
consortiums,
and
do
you
see
any
type
of
of
convergence,
migration
towards
commonality
or
interoperability,
because,
for
example,
we're
part
of
the
hyperledger
foundation
but
stellar
a
different
blockchain?
They
have
their
own
foundation,
and
I
know
we
try
to
work
interoperability,
interoperable
if
that's
a
word
with
them.
So
I
I
wanted
to
get
your
thoughts
on
that.
B
It's
really
too
hard
to
tell
at
this
point
you
know
usdf,
it
is
tying
itself
to
the
u.s
dollar
and
usdf
is
only
being
traded
amongst
the
member
associations
within
the
usdf
consortia.
I
think,
as
that
continues
to
build,
I
think,
as
we
continue
to
see
what
happens
with
the
markets
and
with
other
you
know,
crypto
sources.
It
will
be
interesting
to
see
if
you
know
stablecoin
is
the
long-term
lasting.
A
A
Okay,
thanks
james
okay,
the
next
group
that
I
would
like
to
introduce
I'd
like
to
introduce
you
guys
to
james
shoning
and
casey
rock.
These
are
two
individuals
from
the
im
project.
The
I
am
project
is
a
hyperledger
fabric
project
whose
charter
is
to
develop
a
verifiable
data
registry
solution
that
will
provide
individuals
with
decentralized
identity,
including
a
digital
wallet.
So
james
casey,
welcome
to
the
group.
D
And
let
me
just
tell
you
where
what
our
sweet
spot
is.
You
know
we're
not
trying
to
reinvent
a
lot
of
people
are
working
on
digital
identity.
Things
like
that
and
we're
using
some
of
that,
but
but
our
sweet
spot
is
in
the
area
of
what
could
be
called
a
personal
data
store.
Okay,
so
so
we
heard
hear
terms
like
digital
wallet.
D
D
So
this
topic
we're
discussing
we're
discussing
the
idea
and
at
an
upcoming
meeting,
perhaps
in
a
couple
weeks
and
I
believe,
casey
casey,
who
is
developing
the
our
test
pad.
You
know
we
will
be
giving
a
technology
demonstration.
I
don't
know
that
that
would
be
rise
to
the
level
of
proof
of
concept,
but
it's
on
the
path.
D
It's
on
that
path
on
that
roadmap
and
our
goal
is
to
to
get
some
other
collaborators
within
this
mortgage
and
within
this
mortgage
use
case
and
to
you
know,
work
towards
a
proof
of
concept
and
then
maybe
even
a
pilot,
so
so
that
that
is
going
to
be
our
goal
to
say
a
bit
more
about
personal
data
systems.
There's
actually
a
consortium,
mostly
in
europe,
called
the
my
data
global
and
that's.
I
think
I
believe
they
have
37
startup
companies.
D
Most
of
them
are
building
personal
data
systems,
but
our
approach
we
feel,
is
unique
and
more
viable
than
the
other
37
players.
Because
data
you
can
have
data
from
100
different
sources,
but
you
bring
it
together.
It
doesn't
fit.
It
has
different
meaning
you
can't
automatically
bring
data
together
and
have
it
work
together,
because
it
was
it.
Each
has
its
own
unique
schema
and
it
has
different
semantics
and
the
semantics
usually
aren't
even
defined,
let
alone
documented.
D
D
We
have
a
very
mature
mid-level,
ontology
and
we're
ready
and
we
are
now
building
out
a
what
we
call
a
my
data
ontology
and
that
that
is
going
to
include
many
of
the
key
pieces
of
information
that
an
individual
needs
to
have
to
apply
for
a
mortgage.
So
I
think
one
of
the
strongest
cases
in
the
mortgage
field
is
if
a
person
can
collect
all
their
own
data
in
a
standard
format,
then
they
can.
They
can
take
bids
from
mortgage
lenders
and
they
may
be
able
to.
D
You
know
not
have
a
need
for
mortgage
brokers,
I'm
not
sure
if
there's
any
mortgage
brokers
on
this
call,
but
I
mean
we
all
know
what
happened
to
travel
agents.
You
know
when
the
internet
came
about
so
that
same
thing
couldn't
work
in
the
mortgage
area,
so
we
so
we'll
be
doing
a
demonstration
coming
up.
You
know
when
we
can
get
on
your
next
agenda
and
and
we'll
be
looking
for
cloud.
D
C
Yeah
absolutely
I'll
talk
about
the
data,
so
one
thing
that
you
mentioned
is
if
people
could
collect
their
own
data,
then
present
it
to
a
bank
who
could
offer
them
a
mortgage.
That
sounds
great,
but
one
of
the
problems
is
is
what,
if
somebody
for
forges
their
data
or
spews
their
data,
they
write
incorrect
information.
C
Well,
one
of
the
things
that
we've
realized
is
with
this
verifiable
credential
model,
we're
allowing
other
organizations
a
third
party
organization
to
digitally
sign
this
piece
of
information,
and
we
would
store
that
in
our
personal
data
store.
So
now,
when
we
go
to
present
the
data
to
the
bank
or
whoever
is
showing
out
the
the
loan
they'd
be
able
to
reference
that
verifiable
data
and
prove
who
the
owner
of
that
data
was
or
who
the
creator
or
issuer
of
that
data.
C
So
now
there's
this
trust
established,
because
a
lot
of
the
stuff
hyperledger
does
is
from
what
we
looked
at
on
our
end.
Is
you
use
the
blockchain
to
distribute
out
these
keys,
there's
rotation
processes,
but
ultimately
it
establishes
a
route
of
trust
where
we
can
prove
that
the
data
is
authentic
and
it
has
been
created
by
a
certain
issuer.
C
C
So
when
james
jim,
she
says
we're
collecting
data,
this
is
verifiable
data
that
somebody
could
then
use
to
check
the
authenticity
of
it.
So
that's
kind
of
our
claim
and
since
it's
a
standard
model
and
we're
trying
to
keep
interoperability
in
mind
at
first,
the
goal
is
that
more
and
more
people
start
to
conform
to
our
data
models
and
our
standards.
This
is
going
to
allow
the
interoperability
of
data
to
flow
from
one
system
to
the
other.
So
now
we
start
to
integrate
data
from
third-party
vendors.
A
Okay,
james
casey,
one
of
the
things
that
we've
already
done
is
I've
shared
with
you,
the
mismo
data
model
or
list
of
all
of
the
mismo
data
fields.
So
when
you
guys
take
a
look
at
that,
I
I've
highlighted
for
you
guys.
The
fields
that
I
thought
would
be
most
important
is
that
a
sufficient
starting
point
for
your
project
to
start
to
identify
the
common
data
fields,
because
I
only
highlighted
personal
information,
not
property,
information,
employment
information.
Anything
like
that
when
you
guys
start
talking
about
data,
that's
unique
to
an
individual.
A
How
far
or
what
are
some
of
those
common
data
fields
that
you
guys
are
utilizing
and
the
second
question:
what
are
you
guys
looking
for
in
terms
of
collaboration
volunteers?
You
guys
mentioned
that
companies.
I
mean
speak
a
little
bit
about
that,
because
the
this
is
going
to
be
the
the
group
of
people
that
I
think
would
ideally
be
able
to
collaborate
with.
D
Okay,
the
answer
to
as
to
which
data
fields
are
needed
and-
and
I
think
that
would
that
the
bank
who
wants
to
issue
a
mortgage
is
going
to
tell
you
what
data
they
need
and
and
that's
and
we
we
whatever
that
is,
we
can
build
it
into
our
standard,
ontologies
and
and
then
the
mismo
model
would
not
need
to
change.
We
can
map
to
any
other.
You
know
data,
that's
what
that's.
What
the
you
know,
big
benefit
of
ontologies
are
we
we
can
do
a
mapping
between
them.
D
So
when
we
do
this,
we're
not
doing
it
just
for
the
mortgage
use
case,
it'll
be,
for
you
know,
buying
insurance
or
you
know
you
buy
a
new
car,
you
get
all
the
data
about
your
car
and
then
it
tells
you
when
you
need
to
get
an
oil
change
or
whatever.
So
it
can
work
with
with
mismo,
but
now
to
your
other.
As
far
as
collaborators
go
subject
matter
experts
be
people
who
understand
the
mortgage
ecosystem.
D
We,
we
are
not
mortgage
experts,
I've,
I've
had
a
few
in
my
lifetime,
but
that's
my
level
of
expertise
so
just
subject
matter
experts
that
may
not
be
not
understand
our
technology
at
all.
People
who
understand
the
data
to
have
a
bank
that
would
be,
you
know,
willing
to
review
an
application
that
was
in
a
a
a
different
format.
You
know,
or
that
you
know.
Maybe
a
bank
shows
us
their
data
model,
and
then
we
map
our
data
and
then
transform.
D
C
No,
I
mean,
I
think
you
definitely
hit
the
nail
on
the
head
when
you
talked
about
the
different
models
that
we
can
integrate
to,
essentially
with
the
ontology's
facilitate.
Is
you
have
one
data
model
we
transform
it
into
ontology
and
then,
when
you
need
to
take
that
data
out,
you
can
use
the
previous
mapping
to
turn
it
back
into
the
proper
format.
So
if
you
can
imagine,
there's
10
different
data
models
that
all
have
been
mapped
to
our
ontology.
That
data
that
we
store
would
be
in
the
ontology
format.
C
A
Okay,
great
thank
you
and,
as
I
said,
this
is
the
audience
that
I
I
think
would
definitely
be
able
to
help
you
and
collaborate
with
you
and
serve
as
test
cases
so
to
the
rest
of
the
team.
One
of
the
things
that
I'm
trying
to
do
with
james
and
casey
is
get
them
on
one
of
our
future
meetings
so
that
they
can
do
the
actual
technical
demonstration
that
they
were
talking
about.
A
C
Perfect,
I'm
gonna,
I'm
gonna,
send
a
link
in
the
chat.
This
is
gonna
be
to
our
discord.
If
anybody
wants
to
join
and
feel
free
to
contact
us,
this
is
probably
the
best
way
to
do
it
and
then
I'll
put
a
link
into
our
github
page.
So
this
is
our
linux
foundation
project
as
well,
so
anybody
can
go
on
and
view
it
and
join
it
as
you'd
like
so
these
will
all
be
in
the
chat.
B
You
know
I'm
curious,
you
know
as
james
you
kind
of
called
out
marvin
talked
about
that
road
map
and
you
know
where
people
are
at
as
you
guys
have
been
going
along
with
your
journey.
Obviously,
industry
expertise
is
going
to
be
critical
for
your
needs,
but
I'm
curious
if
you
can
share
with
the
group
what
are
one
or
two
of
the
other
biggest
challenges
you
guys
have
faced,
and
how
did
you
go
about?
You
know
overcoming
those
hurdles.
C
Yeah,
I
think
the
biggest
thing
that
we've
faced
is
learning
the
the
aries
in
the
stack
I
mean
that's
what
a
lot
of
the
blockchain
technology
was
based
off
of.
We
came
into
this
new.
To
it
I
mean
our
claim
to
fame
was
standard
ontologies,
so
we
tried
to
figure
out
more
use
cases
for
it.
We
had
to
learn
a
whole
new
stack
to
do
so.
C
That's
something
that
we're
still
learning
and
if
anybody
is
an
expert
in
aries,
specifically
their
cloud
occupy,
it
was
the
cloud
python
aries
cloud
python,
controller
agent
we'd
definitely
be
interested
in
doing
that,
because,
ultimately,
all
of
these
transactions
that
we
take
place
are
going
to
be
using
aries
and
either
india's
the
blockchain
or
some
other
layer.
One
technology,
that's
kind
of
what
we
foresee
in
the
future
is
a
subject
matter
expert
that
we're
needing
now.
Ultimately,
like
I
said
we
are
standard
ontologies,
that's
our
bread
and
butter.
D
B
A
A
Okay,
our
next
speaker
is
mike
mccoy.
I
see
him
online.
He
is
the
senior
product
manager
for
d5
for
block
daemon.
He
is
starting
a
new
subgroup
in
the
the
financial
markets,
sig
focused
on
distributed
finance
or
d5.
I
saw
his
initial
proposal
to
the
financial
market
sig
and
I
immediately
saw
the
value
in
this
new
subgroup
and
the
synergies
with
our
mortgage
subgroup.
So
with
that
mike
take
it
away.
Welcome
to
our
group.
E
Hey
everyone
marvin
thanks
for
the
great
intro
and
a
pleasure
to
be
here
pleasure
to
be
here.
This
is
my
first
mortgage
sub
group
meeting.
Unfortunately,
but
hopefully
it
could
be
the
first
of
many
more
in
the
future,
so
so
yeah
a
little
bit
about
myself
before
I
share
my
screen,
I'm
I
work
at
block
dave
and
I've
been
here
since
march
1st.
I
am
a
product
manager
for
d5
and
our
staking
components.
So
we
do
two
things
at
the
company
I
work
at.
E
We
run
nodes
for
large
institutions
and
large
companies,
and
then
we
also
create
a
staking
and
a
financial
component
of
that
think
of
it
as
more
like
a
commodities
component
and
ability
to
trade
and
be
able
to
earn
yield
on
staking
and
blockchain
infrastructure.
But
I
really
wanted
to
I
for
years
I
actually
prior
to
proposing
for
this
d5
subgroup.
E
I
actually
ran
the
hyperledger
healthcare
special
interest
group
for
about
two
years
working
at
previous
healthcare
institutions
and
and
other
businesses,
and
I
felt
there
was
a
lot
of
similarities
in
healthcare
and
finance
and
these
type
of
applications,
and
right
now,
more
than
ever.
In
kind
of
my
presentation,
I
want
to
prove
out
why
defy
is
kind
of
a
more
promising
component
than
centralized
finances
today
for
our
traditional
financial
systems
and
how
I
kind
of
see
the
macro
and
everything
shipping
up
there.
So
I
will
share
my
screen.
A
B
E
E
E
But
crypto
is
more
than
just
those
centralized
components.
Crypto
is
a
or
and
defy
is
a
large
ecosystem,
and
this
is
just
the
ecosystem
on
ethereum
itself
on
the
evm
cluster,
there's
cosmos,
it's
a
benefit
and
tendermint
clusters
that
are
coming
out
as
beneficial
protocol
polygon
solana
and
all
these
are
becoming
very
other
valuable
clusters
beyond
just
the
ethereum
space,
and
so
one
personally,
I
believe
in
a
multi-chain
world.
E
But
I
also
believe
that
we're
shifting
in
a
crypto
and
a
defy
system
into
an
oligarchy
where
it
is
the
winner
of
its
winner,
take
most
not
win
or
take
all
where
there's
about
four
to
six,
maybe
five
large
companies
that
will
be
able
to
dominate
in
certain
services,
but
then
decentralize
access
so
that
there's
not
one
just
dominant
player
in
the
marketplace.
There
and
so
you're,
seeing
some
of
these
things
like
in
the
lido
liquid
staking
component
where
they
have
about
85
of
dominance.
E
Some
would
say
publicly
they
they
announced
that
they
have
about
33
of
all
ethereum
liquid
staking,
but
when
it
comes
to
all
liquid
staking
across
tokens
across
clusters,
they
have
about
85
percent,
and
so
you
know
talking
about
this
dominance
feature
and
talking
about
decentralization
as
much
as
possible.
I
think
we
need
to
get
a
little
bit
more
granular
on
how
and
what
we're
trying
to
promote
in
that
space,
and
so
I
just
wanted
to
show
a
couple
things
about
how
we
got
here
and
why
so.
D5
was
just
very
quick.
E
I
mean
I
remember
like
around
summer
of
18
and
even
in
the
spring
of
2019,
people
were
talking
about
decentralized
finance
and
it
was
coming
around
the
bend,
but
it
really
didn't
take
off
until
the
pandemic
and
people
were
a
little
bit
more
focused
online.
They
could
probably
read
a
little
bit
more
about
these
very
dense
topics,
and
so
we
got
to
about
a
value
of
nearly
300
billion
in
a
matter
of
about
a
year
and
then
now
in
the
recent
downturn,
we're
hovering
around
100
billion
to
111
billion
of
crypto
assets.
E
Now
around
this
time,
though,
we
had
peak
kind
of
crypto
assets
and
defined
numbers
coming
around
the
end
of
2021,
as
you
can
see
here
and
then,
when
the
terra
luna
crash
happened,
you
know
a
bunch
of
money.
People
took
their
money
out,
but
then
also
you
see
around
week,
18
and
week
20,
you
see
a
lot
more
institutions
buying
the
dip
kind
of
almost
mirroring
some
of
the
the
charts
and
the
prices
from
the
end
of
2021.
E
E
But
then,
I
think
a
lot
of
times
this
next
bear
and
bull
run
will
be
very
different.
There's
a
massive
increase
in
bc,
money
relative
to
the
prior
cycle
of
money
coming
in
before,
and
the
rece
in
the
prior
crashes
of
ethereum
and
crypto
in
general.
You
see
here
around
2018
2019.
That
was
when
you
know
there
wasn't
as
much
vc
money
and
there
wasn't
as
much
support
to
keep
some
of
these
companies
alive
and
the
blue
is
vc.
Money
invested.
E
The
orange
is
a
bitcoin
usd
that
is
produced
by
retailers
or
or
traders
et
cetera,
and
so
this
time
around,
though
we're
having
billions
and
billions
of
dollars
more
coming
into
the
space,
including
andrews
and
horowitz,
with
a
4.5
billion
dollar
fund.
Recently,
we
just
saw,
I
believe,
multi-coin
with
400
million
450
million
dollar
fund
coming
into
the
space
and
a
bunch
of
others
that
are
really
trying
to
support
these
startups.
E
Looking
at
this
next
build
season
and
what
are
the
tools
and
applications
and
automation
features
that
are
really
going
to
make
this
possible
for
us
to
onboard
everyone
into
this
space
and
defy
and
crypto
to
me,
at
least
in
my
opinion,
is
not
going
to
go
away.
One.
The
bank
of
international
sentiments
this
past
spring
released
some
features
about
how
defy
actually
brings
a
lot
of
operational
value
at
now,
as
I
have
here
imagine
using
d5
to
operate
a
globe,
24
7
infrastructure
with
almost
no
marginal
and
operational
labor
costs.
E
A
lot
of
financial
institutions
are
really
getting
into
these
type
of
mechanisms,
and
it's
going
to
save
the
space
a
ton
of
money
and
also
bring
a
ton
of
earnings
to
the
space
as
well.
But
with
that
you're
going
to
see
a
little
bit
more
survivor
like
tactics
one
so
in
centralized
finance
companies,
we
see
their
money
go
away
as
they've.
E
You
need
to
tell
people
why
dfi
is
actually
user,
valuable
and
a
lot
of
enterprises
and
a
lot
of
traditional
financial
institutions
may
not
be
fully
aware
of
this
yet
and
what
are
the
differences
between
d5
and
c5?
Well,
one
are
the
financial
assets
controlled
by
the
user
non-custodial,
if
not
that's,
definitely
centralized
finance.
E
Can
someone
single-handedly
censor
a
transaction
or
execution?
Can
a
third
party
be
able
to
stop
that?
Stop
withdrawal,
withdrawal
opportunities,
stop
deposit
opportunities?
If
that
is
that's,
centralized
finance
intermediary
and
they
do
defy
settlement
and
can
someone
single-handedly
censor
the
protocol
execution
like?
Can
someone
just
stop
the
bank
rather
than
the
actual
individual?
Can
they
stop
the
actual
bank?
If
so,
then,
that's
essentially
over
d5
protocol
such
as
block
fi
such
as
celsius
such
as
voyager,
and,
if
not
it's
a
truly
d5
component,
and
we
need
a
lot
more
education
in
the
space.
E
I
think
of,
is
crypto
as
an
asset
class
like
we
have
to
compare
crypto
to
the
traditional
financial
markets
such
as
cash
is
like
a
money
market
or
bonds,
fixed
income
and
what
you
all
are
probably
familiar
with,
is
real
assets
and
and
public
equities
and
private
equity.
And
so
we
need
to
be
able
to
get
real
world
assets
on
board
and
actually
traditional
financial
assets
into
this
type
of
decentralized
world.
To
really
see
if
this
brings
meaningful
value.
But
at
first
that's
a
little
bit
scary,
because
real
world
assets
into
decentralized
environments.
E
That
could
be
a
big
question
mark
for
a
lot
of
people.
Why
would
I
want
volatility
of
crypto
just
to
have
a
risk
of
making
money
and
not
have
the
security
there,
so
I
wanted
to
show
kind
of
a
little
bit
under
the
hood
of
when
d5
is
done
right,
so
in
maker
down
specifically,
this
is
as
of
july
2022.
They
have
about
3.5
billion
assets
in
crypto
assets,
specifically
in
their
price
stability
mechanism
vaults.
E
This
is
when,
if
you
have
a
proposal-
and
you
are
a
user
in
the
maker
dial
and
you
propose
to
join
the
consortia
or
sorry,
you
propose
to
join
the
dow,
your
money
and
your
funds
and
your
assets
get
pre
against
keep
get
get
stored.
Sorry
into
the
price
stability
mechanism,
vaults,
and
in
here
this
is
how
they
do
it
under
the
hood.
E
E
That's
kind
of
like
a
fee
structure,
if
you
want
to
think
of
it
that
are
trading
on
crypto
in
in
their
own
type
of
fund
that
they
strategically
have
to
get
approval
from
the
rest
of
the
group
to
actually
put
into,
and
then
they
also
have
liabilities
such
as
minting
and
providing
security
for
the
ethereum
network
and
the
more
mint
you
have
the
more
secure
your
network
is
generally
speaking,
and
they
also
have
system
surplus
for
there
as
well
for
the
staff
that's
part
of
their
as
well.
But
generally.
E
If
you
want
to
think
about
the
staff
that
supports
maker
dow,
it's
in
the
hundreds
of
people,
I
think
there
may
be
100
to
maybe
250
300
active
developers
and
active
users
that
are
keeping
this
afloat
and
they
have
a
a
positive
run
rate
of
3.5
billion.
So
that's
nothing
to
sneeze
at
that's,
less
people
more
power,
and
I
think
a
lot
of
people
in
finance
are
really
going
to
take
note
of
this.
A
E
Yeah
yeah,
of
course,
so
a
dow
is
a
decentralized
autonomous
organization.
That
is
the
definition
of
it.
But
dao
is
really
just
like
an
online
community
of
people
that
the
criteria
to
join
the
style
is
you
have
to
have
an
internet
connection.
You
need
to
be
able
to
review
proposals,
you
need
to
have
a
certain
amount
of
crypto
and
you
can
be
accepted
into
the
dow.
So
it's
a
group
of
community
individuals
that,
if
you
want
to
be
part
of
the
dow
you
propose
to
this
governance
board,
which
is
hundreds
of
people
on
the
internet.
E
They
accept
you.
You
connect
your
crypto
wallet
and
some
of
the
crypto
assets.
You
have
to
be
kept
in
the
price
stability
mechanism,
as
I
just
mentioned
here,
and
then
that
verifies
that
you
are
part
of
there.
You
have
certain
dues
and
certain
fees,
like
you
do
with
any
club
or
any
asset
group,
any
bank,
and
then
but
the
one
of
the
differences
in
the
dow
too,
is
that
in
order
to
vote
on
proposals,
you
vote
with
with
your
money.
E
As
you
know,
there's
a
lot
of
behavior
economic
theories
according
to
it,
but
generally,
I
think
it
makes
you
a
little
bit
more
truthful
and
a
little
bit
more
honest
when
it
comes
to
your
true
intentions
and
how
and
what
you
want
the
dow
and
the
network
to
to
perform
in
the
future
so
yeah.
I
hope
that's
a
good
example
of
it.
Excellent.
Thank
you
awesome
and
then
one
thing,
because
we
I
talked
about
tara
earlier
right
and
here's
more
things
under
the
hood
of
what
algo
stable
coins
are
compared
to
right.
E
So
there's
makerdale
the
one
I
just
mentioned
earlier.
There's
frax,
which
goes
in
this
function,
called
a
curve
pool
a
curve
pool
is
when
you
take
about
three
to
four,
sometimes
more
cryptos
into
this
this
pool,
and
then
they
average
out
the
the
price
of
the
curve
to
be
able
to
allow
you
to
lend
or
borrow
due
to
the
different
crypto
assets
you
have
as
an
individual
group.
So
frax
does
this
with
the
curve
pool
and
be
able
to
lend
and
borrow
and
hold
it
within
frax.
E
They
have
other
liquidity,
but
then
they
have
a
lot
of
intangible
assets.
Part
of
the
reason
that
tara
actually
really
fell
and
really
collapsed
was
because
they
had
way
too
many
intangible
assets.
They
were
giving
people
20
apy
in
anchor
anchor
was
this
protocol
where
you
could
just
park
your
money
receive
20
apy.
I
think
the
you
only
had
to
lock
up
your
tokens
for
about
28
days,
something
like
that
30
days,
and
then
you
get
your
20
apy,
which
was
very
concerning.
E
Sometimes,
if
you
had
enough
crypto,
I
believe
you
can
get
these
automatically
out
of
anchor
as
well,
so
tara,
just
like,
was
borrowing
all
this
money
without
actually
having
it
collateralized
and
that's
kind
of
what
screwed
them
in
the
end,
because
they
didn't
actually
have
reserves
to
keep
the
the
party
going
and
they
had
some
l1
reserves,
which
was
mostly
bitcoin,
some
ethereum,
but
that's
kind
of
what
came
to
their
their
fault.
So
on
here
in
the
top
right,
you
see
fiat
backed
crypto,
backed
and
algorithmic
stable
coins.
E
Here's
some
of
the
key
differences
between
them
and
fiat
back
stable
coins,
as
you
can
imagine,
have
stability
and
capital
efficiency,
but
cryptobacter
ones
have
some
sorts
of
decentralization
and
if
they're
stable
coins,
they
create
stability
for
you
as
well.
Algorithmic,
though
it's
kind
of
like
using
a
bot
to
try
and
predict
human
behavior
when
it
comes
to
trading
and
as
we
saw
on
this
last
run,
it's
never
perfect.
E
I
still
think
that
there
is
room
in
research
and
examples
where
algorithmic
stable
coins
can
be
truly
valuable,
maybe
in
administrative
functions
and
of
swapping
agreements
and
assets
via
smart
contracts.
But
we
still
have
a
long
way
to
go
in
that
field
and
on
the
bottom
right.
We
just
have
some
examples
of
how
an
algorithm,
algorithmic,
stable
coins
can
be
successful.
E
They
can
be
algorithm,
they
can
be
reflexive,
they
can
be
anchored
into
money,
and
I
think,
generally
speaking,
most
people
would
say
that
the
most
successful
version
of
algorithmic
stable
coins
is
die
as
a
as
a
particular
method.
Here
generally,
like
I'm,
not
a
financial
advisor,
you
know
this
is
not
financial
advice,
but
generally.
E
This
is
where
people
tend
to
see
most
success
within
these
marketplaces,
but
definitely
when
you
have
an
algorithmic,
stable
coin,
that's
very
reflexive
and
can
automatically
like
transfer
funds
whenever
they
want
to
it's
a
it's
a
little
bit
of
a
problem
there.
So
what
I'm
just
trying
to
get
as
we
need
to
do
a
lot
more
research
in
spaces.
E
We
need
to
take
more
time
and
find
the
best
examples
angles
here,
and
so
it's
part
of
like
what
I
want
to
do
within
a
d5
subgroup
in
hyperledger,
is
to
create
models
similar
to
this
of
what
can
we
think
of
a
better
model
for
algorithmic
stable
coins
when
we're
thinking
about
you
know
what
you
know,
what
makes
an
algo
stable
coin
successful.
I
think
it
is
velocity.
How
easy
easy
is
it
to
set
a
stable?
How
easy
is
it
for
is
stable
to
scale
up
solvency?
How
reliable
is
the
value
backing
the
currency?
E
What's
it
pegged
to?
What's
it
actually?
What's
the
main
storage
value?
Is
it
in
mining?
Is
it
in
building
up
the
network?
Is
it
security?
Is
it
in
holding
real
world
assets?
Is
it
holding
mortgages,
holding
equities
things
like
that
and
then
liquidity
as
well?
How
many
times
does
it
transfer?
Is
there
a
transfer
fee?
What
are
those
fees
look
like?
Are
they?
Is
it
mercenary
capital
where
you're
just
taking
it
from
retailers?
Is
it
more
institutional?
E
For
this,
and
as
I
said
before,
traffic
is
getting
into
these
products
and,
as
you
can
see
here
with
recent
research
that
came
out
this
past
may,
a
lot
of
banks
are
actually
using
crypto
when
it
comes
to
every
day
they're
using
crypto
products
for
their
traditional
uses.
Sorry
traditional
use
cases
such
as
one
tokenization
of
real
assets
like
potentially
mortgages,
pnb,
peribus,
deutsche
bank,
northern
trust
and
sg
are
all
working
on
tokenizing
real
assets.
They
formally
considered
it
and
working
in
pocs
for
it.
E
These
ones
that
are
fully
black
are
the
ones
that
are
actually
functional,
and
so
you
could
think
about
all
the
use
cases
within
mortgages.
That
could
really
be
useful
here.
Real-Time
payments
for
networks
using
crypto,
maybe
real-time
payment
on
your
mortgage,
real-time
payment
with
your
your
renters
and
things
like
that.
So
issuance
of
stable
coins,
a
ton
of
use
cases
that
are
definitely
beneficial
for
the
group
and
my
last.
My
last
side
here
slide
here
is
that
d5
is
moving
towards
legitimacy
right
now
we
have
compounds
enterprise
arm
residual
s,
p
credit
score.
E
It
was
a
b
minus
grade
which
is
not
great
overall,
but
I
think
some
of
the
measuring
characteristics
when
it
came
to
d5
in
this
example,
were
a
little
bit
too
early
and
may
not
get
the
full
picture.
Yes,
it's
a
little
bit
risky,
but
that's
because
it's
decentralized
and
you're,
using
you're,
interacting
with
anonymous
users,
but
with
those
anonymous
users
comes
a
governance
board
and
a
consortium
like
that
also
makerdale
approved
100
million
dollar
stablecoin
loan
for
151
year
old
u.s
bank.
E
The
way
I
ran.
It
was
mostly
kind
of
like
this
in
this
format,
where
we
went
over
industry
news,
research,
action
items
on
a
bi-weekly
basis,
and
then
I
showed
educational
videos
and
links
that
people
could
learn
on
the
these
type
of
concepts
on
the
fly,
and
these
are
more
like
newer
articles,
research
papers,
etc.
That
really
brought
up
more
education
brought
up
more
adoption,
and
so
I
proposed
this
to
the
financial
market
sig.
E
But
hyperledger
definitely
is
aware
that
they
want
they
need
to
do
more
in
defy
and
they
want
to
create
more
tools
and
and
open
source
technologies
to
connect
the
fi
into
the
hands
of
everyday
people,
and
this
is
something
I
work
on
on
a
daily
basis
with
my
employer
and
sorry
for
the
branded
deck
here.
I
just
these
are
the
slides
I
had
from
other
presentations.
So
I
put
it
on
there.
E
I
don't
mean
to
show
anything
block
data,
but
I
would
love
to
have
the
mortgage
subgroup
and
other
people
that
are
part
of
this
community
as
as
as
members
of
the
d5
sub
group.
If
anything,
if
you
follow
the
financial
market,
sig
you'll
be
able
to
see
updates
on
when
this
comes
around.
Hopefully
we
have
our
first
meeting
in
august,
but
love
to
see
you
all
there.
If
there's
any
questions,
I'm
open
for.
A
Okay,
thanks
mike
that
was
a
fantastic
presentation.
I
love
the
information
that
you're
talking
about.
I
I
love
them
from
the
way
that
you
want
to
run
the
defy
subgroup.
It
mimics
a
lot
of
things
that
we're
trying
to
do
within
the
mortgage
sub
group
and
definitely
see
the
overlaps
between
the
two
so
any
way
that
we
can
collaborate
any
way
that
we
can
support
your
group,
please
let
us
know.
I
think
this
is
a
fantastic
idea
and
then
there
are
a
ton
of
questions
going
through
my
mind.
A
I
mean
that
velocity
solvency
liquidity
slide
in.
I
think
you
definitely
need
to
expand
the
solvency
circle.
It's
not
equal.
I
I
just
have
all
these
thoughts
going
in
my
mind,
but
I
don't
wanna.
I
don't
wanna
monopolize
this,
so
let's
turn
it
over
to
the
rest
of
the
team
and
see
if
there
are
any
questions
or
feedback
for
you.
A
Okay,
if
there
aren't
any
questions
from
the
team,
I
know
some
of
the
questions
that
I
had
that
I
wrote
down
while
you
were
going
through.
It
is
a
lot
of
the
information
that
you're
walking
through
a
lot
of
the
use.
Cases
are
u.s
centric,
there's
a
ton
of
stuff
going
on
in
d5
in
europe
in
asia,
and
in
fact,
if
you
take
a
look
at
what's
going
on
from
an
overall
blockchain
perspective,
oftentimes
they're
further
ahead
than
we
are.
E
A
E
Yeah,
so
from
approval
worker
proof
of
stake,
it's
going
to
mean
the
validators
of
the
network
are
a
lot
more
important
than
just
the
miners,
so
I
think
mev,
minor
extractable
value
is
going
to
be
very
key
in
so
here's.
The
thing
like
lido,
as
I
mentioned
before,
is
one
of
the
largest
liquid
staking
providers.
E
They
have
about
33
of
the
eth
market,
but
then
85
percent
of
overall
crypto
liquid
staking
across
protocols,
and
so
they
also
are
partnered
with
this
group
very
closely
their
investors
and
they
know
them
in
flash
bots,
which
creates
a
lot
of
mev
research
and
within
minor
extractable
value.
It's
either
you're
part
of
the
team.
That's
showcasing
and
understanding
where
the
extractable
value
is
coming
from,
or
it's
either
you're
the
hunter
or
the
hunted,
and
so
a
lot
of
times.
E
People
are
creating
the
tools
to
become
the
hunter,
and
you
may
have
to
go
to
a
certain
protocol
and
work
with
a
certain
group.
So
you
aren't
the
hunted
in
these
dark
forests
of
ethereum
or
even
other
protocols
such
as
cosmos,
tendermint,
polka,
dot,
et
cetera,
and
so
I
believe
that
mev
now
is
the
big
difference
between
proof
of
work
and
proof
of
stake.
E
A
A
A
We
have
karen
and
I
apologize
if
I
mispronounced
her
last
name,
bellaza
from
the
renieri
solutions
group
she's
going
to
be
speaking
about
blockchain
and
mortgage
servicing.
I'm
really
excited
about
this
presentation.
They're
going
to
demo
their
new
solution
called
mentor,
so
I
highly
encourage
everyone
to
participate
or
or
to
attend
the
august
11th
meeting.
I
think
that's
going
to
be
fantastic
and
really
insightful.
I
don't
know
if
karen
is
still
on.
I
thought
I
saw
her
as
a
participant.
A
A
Awesome,
thank
you
karen.
I
know
we've
gone
past
the
hour,
so
apologies
to
everyone
for
running
long,
but
I
think
this
was
a
great
series
of
presentations.
We
will
be
making
the
recording
for
this
and
the
presentation
available
to
everyone
on
our
subgroup.
Wiki
with
that.
Thank
you
to
everyone
for
attending
and
have
a
great
day.