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From YouTube: Advances In Hyperledger Fabric For Innovative Financial Services & CBDC App with Oracle
Description
This is a Hyperledger Financial Markets SIG Meeting on “Advances In Hyperledger Fabric For Innovative Financial Services and CBDC Applications”
Our guests from Oracle - Mark Rakhmilevich and Balaji Kalyan - covered both the technical innovations, such as fine-grained access control for client-level confidentiality, tokenization support, reliable event callbacks, cross-channel atomic updates and ability to include blockchain in XA transactions with databases, as well as use case examples in banks and financial institutions, including cross-border funds transfer, brokerage window funds transfer, tokenized investment management, eKYC solutions, trade finance, and CBDC initiatives they are currently involved with.
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)
B
A
Being
live
streamed
so
hello,
everybody
on
youtube
as
well,
and
everyone
here
welcome
to
this
financial
markets,
special
interest
group,
and
I
think,
we've
got
a
bit
of
a
treat
today.
We
have
mark
and
bellagi
from
oracle
who
are
going
to
talk
a
little
bit
about
what
they're
doing
at
fabric
in
financial
services
and
cbdc
applications.
I
think,
shall
I
just
hand
over
to
you
now
mark
and,
and
you
can
take
over
and
then
please
everyone
have
questions
ready
and,
if
you're
on
youtube
I'll
be
watching
youtube
as
well.
C
We,
you
know,
covers
the
world,
so
we
have
a
couple
interesting
topics
on
the
agenda
today,
I'll
just
briefly
introduce
oracle's
kind
of
strategy,
and
our
blockchain
capabilities
obviously
are
platforms
that
we
built
around
hyperledger
fabric.
I've
been
a
member
of
hyperledger
for
a
long
time
listens,
I
believe
2017.
C
So,
let's
get
started,
you
know
oracle.
As
I
mentioned,
he
had
been
investing
quite
a
lot
in
this
space.
We
believe
that
there
is
a
very
significant
opportunities
for
enterprise
blockchain
and
I
emphasize
enterprise,
because
you
know
oracle,
customer
base
of
personal
consumers
right,
it's
other
companies,
government
organizations
etc.
So
we're
thinking
about
it
in
terms
of
business
and
organizational
networks,
helping
to
either
create
new
ones
or
significantly
optimize
existing
networks
by
using
blockchain
capabilities,
namely
single
source
of
truth,
distributed,
ledger,
trusted
transactions
and
all
the
rest
of
it
right.
C
But
it
is
a
complex
technology
that
has
a
lot
of
moving
parts,
so
our
focus
in
the
market
has
been
to
make
it
easy
and
quick
to
adopt,
provide
a
really
leading
enterprise
blockchain
from
a
kind
of
infrastructure
perspective
that
enterprise
at
can
get
behind,
but
also
something
that
developers
will
love
because
of
the
development
experience
and
automation
and
tutoring
available
for
it.
It's
a
platform
that's
available
in
a
cloud
environment
in
oracle
cloud
oci
as
well
as
on
premises.
C
So
we
cover
both
grounds
and
we
can,
of
course,
run
them
together
as
a
hybrid
network
as
well,
if
necessary,
we
have
built
also
some
sas
applications
focusing
on
the
most
common
supply
chain,
management,
use
cases,
intelligent
track
and
trace,
and
there's
been
some
interesting
adoption
in
supply
chain.
Space
was
a
platform
itself,
a
custom
solution
built
as
well
as
this
business
ready
solution
and
we've
been
doing
some
work
in
database
as
well.
C
C
So
you
know
very
quickly
our
platform,
as
I
said,
hyperledger
fabric,
but
as
a
managed
service
right
blockchain
as
a
service.
So
it's
all
pre-built
pre-assembled
with
all
of
the
underlying
dependencies
that
you
need
all
of
the
hyperledger
fabric,
components,
spear
nodes,
ordering
service
fabric
ca
membership
service,
but
we
also
provide
a
very
extensive
set
of
operations,
tooling,
web
console
and
devops
apis
api
gateway
for
integration,
events
subscription
and
event
delivery,
callback
delivery.
So
a
lot
of
integration
work
is
done
through
this
api
gateway.
C
A
lot
of
enterprise,
great
features
built
in
dynamic,
scalability,
high
availability,
resilience,
security,
auditability
many
other
things
that
over
the
years,
enterprise
customers
have
really
pushed
us
for
a
lot
of
automation
through
devops
and
then
last
couple
years
we
started
focusing
beyond
infrastructure
to
make
it
easier
for
developers
we're
actually
building
applications.
We've
created
the
stool
called
blocks
and
nut
builder,
which
provides
out
of
the
box
capability
to
automatically
generate
chain
code
from
templates
from
specifications,
and
that
way
you
don't
have
to
rely
on
expensive,
blockchain
developers.
C
You
can
actually
use
people
that,
maybe
you
know,
they're
comfortable
within
the
domain
space
and
some
basic
enterprise
kind
of
development
work,
but
you
can
in
fact
generate
chain
code
and
deploy
it
without
having
any
development
programming
experience.
Of
course
you
need
to
do
some
testing
with
it,
but
it's
all
exposed
through
the
apis,
the
rest
apis
for
integration,
pre-generated
from
the
app
builder,
based
on
the
templates
that
you
can
tailor
to
particular
use
cases
and
so
on.
C
So
it's
kind
of
a
low
code,
no
code
combination
and
we
have
added
support
for
tokenization
in
this
as
well.
So
you
now
have
fungible
tokens
and
non-fungible
tokens
nft
support
available
that
you
can
automatically
generate
from
the
blockchain
knob
builder
and
then
deploy
into
the
blockchain
platform.
C
We've
done
a
lot
of
work
over
the
years
to
not
only
exploit
fabric
but
to
improve
on
it
by
providing
a
lot
of
additional
capabilities
right.
So,
of
course,
we
make
it
run
in
the
cloud
environments
as
there
is
basic
provisioning
infrastructure
dependencies,
all
pre-integrated,
but
things
like
automatic
redundancy
and
replication.
You
can
select
an
enterprise
edition
and
you
will
get
that
out
of
the
box.
Enterprise
queue,
dynamic,
scale
up
and
scale
out
and
many
other
things.
It's
a
managed
service.
So
we
do
zero,
downtime,
patching
and
update
customers.
C
Don't
have
to
worry
about
any
of
the
maintenance
stuff.
It's
all
done
out
of
the
box.
We
provide
an
operations
console
which
is
a
web
ui,
but
also
rest
apis
for
all
kinds
of
administration
and
management.
It's
very
intuitive
and
very
easy
to
use
and
also
does
a
lot
of
monitoring
troubleshooting
as
well.
We've
done
a
lot
of
work
around
extended
security
as
well
as
auditability,
such
as
fundraising,
access
control
that
is
very
important
for
confidentiality.
C
C
So
we
use
owen
berkleydb,
which
is
in
oracle,
open
source,
key
value
store
it's
about
ten
times
faster
than
college
db
and
we've
integrated
it
under
the
in
a
peer
chain
and
under
the
peer
apis,
but
it
also
provides
sql
support.
So
in
our
chain
code
you
could
either
use
card
dubique,
video
language,
which
was
still
support
as
a
language,
or
you
could
do
straight.
Sql
select
statements
with
where
clauses,
which
is
much
easier
and
this
data
pump.
C
I
mentioned
early
integration
oracle
database
to
basically
stream
transactions,
as
I
come
in
to
the
history
database
into
oracle
database
in
parallel
for
analytics,
you
know,
machine
learning,
data,
warehousing
kind
of
things
and
so
on
been
very
popular
with
customers
to
be
able
to
do
live,
analytics
directly
on
the
blockchain
ledger
through
that
mechanism.
So
a
lot
of
this
infrastructure
work
was
great,
but
customers
have
said
you
know
we
now
have
to
spend
a
lot
of
time
on
applications
and
building
use
cases.
What
can
you
do
to
help
us?
C
C
It
manages
and
accelerates
the
development
life
cycle
in
terms
of
development,
testing
deployment,
automation
all
of
those
things,
but
one
of
the
critical
things
that
it
does
is
automatically
generating
smart
contracts
based
on
declarative,
specs
and
or
templates.
So
you
can
take
an
existing
template.
You
can
tailor
it
and
then-
or
you
can
add
your
own
from
scratch
and
will
automatically
generate
all
of
the
crowd
methods
necessary
to
do
persistence.
Operations
on
those
objects
that
you
define
in
a
template
with
all
the
validations
and
everything
else.
C
You
can
add
more
code
if
you
want
to
or
if
it's
a
simple
use
case,
and
you
just
need
the
persistence,
create
query,
update,
delete
kind
of
operations,
those
are
built
out
of
the
box
and
you
can
use
recipies
to
interact
with
them
when
we
initially
released
it.
This
was
all
for
generic
applications,
but
then
we
said:
let's
go
ahead
and
create
specific
templates
for
tokenizations,
with
the
generated
life
cycle,
methods
for
fungible
and
non-fungible
tokens.
C
So
I'll
talk
a
little
bit
about
that
as
well,
but
we
now
have
full
functional,
non-fungible
token
support
in
the
platform
based
on
this
automatically
generated
chaincode
methods
for
the
token
lifecycle,
that's
kind
of
a
very
quick
summary
been
rated
pretty
highly.
This
is
from
juniper
research,
putting
us
on
top
of
the
leaderboard,
and
you
know
some
other
analysts
have
also
been
idc
and
gartner
and
so
on.
Maybe
the
scholarly
a
lot
of
production
deployments.
C
You
know
we
weren't
the
first
to
come
out
with
an
enterprise
blockchain,
but
we
did
focus
on
getting
customers
to
production
into
live
deployments
and
making
it
as
straightforward
and
easy
as
possible
for
them
to
do
that.
So
you
see
examples
here
in
financial
services,
we'll
talk
through
some
of
this.
In
more
details,
b2b
platform,
you
know
diamond
stress
ability,
evolution
was
a
great
example
and
health
care
health
care
here,
education,
trade
services,
one
of
the
largest
networks
actually
based
out
of
asia,
pacific
or
global
shipping
business
networks.
C
It's
a
joint
ventures,
headquartered
in
hong
kong,
but
they
have,
I
think,
nine
or
ten.
Now
major
industry,
members
from
asia,
europe
and
u.s
participating
in
this
is
also
maritime
shipping
and
about
one
third
one.
Instead,
one
and
three
worldwide
containers
that
goes
from
maritime
shipping
goes
through
their
members
through
this
network.
C
So
it's
all
of
the
logistics
tracing
documents,
and
you
know
a
couple
really
unique
applications
in
this
particular
space:
food
manufacturing,
electric
vehicle
batteries,
there's
a
lot
of
materials
and
co2
emission
traceability
goes
along.
We
have
partner
solutions
built
by
circular
for
volvo,
mercedes-benz
and
others
loyalty
solutions.
C
This
is
again
farming
and
agriculture
for
milk,
and
so
just
a
bunch
of
different
examples.
Here
I
also
wanted
to
show
you
some
of
the
examples
of
the
partner
solutions
that
have
built
on
our
platform.
Some
in
pilots
and
others
in
yellowkey
are
running,
live
in
various
services.
This
is
financial
services.
Banking,
financial
services,
manufacturing
and
field
services,
solutions
in
retail
space,
food,
agriculture
and
cpg
logistics
and
transportation
some
are
based
in
well.
I
talked
about
this
one.
C
This
is
actually
built
by
kyogre
smart,
to
split
off
into
the
psychiatric
subsidiary
cargo
exchange,
a
larger
deployment
in
india
for
export
import,
business,
education,
solutions,
solution,
snapper,
future
tech
is
one
of
our
great
partners
in
india
as
well.
Who
else
guillaume
is
a
recent
partner
doing
ekyc
in
india?
C
I'm
just
trying
to
fix
the
partner
stack
mahindra?
Well,
this
one
coiners,
india
based
partner
with
markets
and
platforms
they
deployed
for
hindalco,
which
is
a
large
metals
manufacturer,
healthcare
solutions,
and
then
some
tokenization
and
a
few
solutions
as
well
from
partners
that
have
been
building
on
our
platform.
You
know
leveraging
the
nfc
support
that
we
have
so
just
a
quick
summary.
C
I
wanted
to
spend
a
few
minutes
going
through
some
of
the
technical
capabilities
we
have
added
to
make
this
a
go-to
platform
for
many,
particularly
in
financial
industry
right
so
fault.
Tolerance
is
really
important
in
an
oracle
cloud
that
deploys
a
blockchain
platform
across
multiple
availability
domains.
So
region
is
a
location
right,
it's
a
location
like
singapore
or
mumbai
in
india
or
tokyo,
and
so
on,
or
in
us
phoenix
and
ashburn
and
london
and
frankfurt,
and
each
one
has
multiple
data
centers,
usually
20,
kilometers
apart.
C
So
when
we
provision
enterprise
shape,
we
provision
it
automatically
across
the
three
availability
domains.
Right.
Customers
don't
have
to
worry
about
the
details
here,
it's
all
out
of
the
box,
but
you
have
resilience
right.
So
you
have
replicated
services
and
then
you
have
peers
and
orders
that
you
can
spread
and
if
your
application
is
going
to
need
high
availability,
then
you
make
sure
you
send
a
request
to
peers
in
separate
availability
domains
and
that
way,
you're
assured
that
even
if
one
of
the
three
availability
domains
goes
down,
you
still
have
high
availability.
C
We
can
also
do
this
thing
across
multiple
regions
in
multiple
locations,
creating
ordering
clusters
that
are
geo-redundant
and
can
spend
it.
You
can
also
do
dynamic
scale
up,
so
you
create
an
instance
for
particular
size,
and
then
you
say
I
need
to
add
more
capacity,
more
peers,
more
orders,
more
cpus,
more
storage.
All
of
that
is
dynamically
scalable.
On
requests
on
demand,
basically
pki
and
certificate
management
is
very
important,
particularly
for
banks
right,
so
you
know
you're
familiar
in
hyperledger
fabrics.
C
There
is
a
ca:
that's
used
to
issue
identity
certificates
and
manage
identity
for
all
of
the
peers
for
other
cervix
nodes
and
so
on
and
typically
by
default.
It
runs
in
the
self-side
mode,
but
many
banks
have
the
existing
cas
and
what
they
want
to
do
is
they
want
to
actually
run
our
ca
as
an
intermediate
ca.
They
already
have
intermediate
cas
for
different
application
areas,
so
they
basically
want
to
be
able
to
run
our
ca
here.
You
know
vp
as
intermediate
ca
under
their
uta.
C
So
when
you
provision
our
blockchain,
you
can
specify
you
can
basically
upload
a
certificate
chain
from
your
root
ca,
and
then
we
will
use
that
in
our
ca
to
sign
the
generated,
leave,
certificates,
right,
identity
certificates
for
peers
onsens.
So
they
are
now
all
signed
and
roll
up
to
the
root
certificate
of
your
root
ca.
We
also
maintain
the
crl,
so
certificates
can
get
compromised
revoked
and
it's
important
to
be
able
to
notify
other
participants
in
the
network.
C
So
we
actually
have
a
mechanism
where
we
can
add
certificates
to
a
crl
and
then
distribute
the
crl.
So
everybody
is
aware
that
certificate's
been
revoked
on
security
front.
You
know
standard,
of
course,
cloud
security,
but
then
in
odp
oracle,
blockchain
platform,
instant
security.
We
have
role-based
access
controls
that
you've
added,
of
course,
standard
tls,
channel
security
message
signings
at
standard
fabric.
C
We
provide
audio
trail
for
life
cycle
configuration
changes
so
that
anytime,
you
make
a
change
in
the
configuration,
that's
logged
and
then,
of
course
you
have
blockchain
channel
level
articles
and
policies
and
fabric.
We
supplement
that
by
providing
fine-grained
on-chain
access
controls
lists
within
the
chain
code,
so
you
can
define
the
resources.
The
chain
code
relies
on
functions
or
data,
and
then
you
can
manage
that
based
on
identity
patterns
based
on
certificates,
attributes
groups
etc
and
essentially
implement
enterprise
level
access
control
for
fine
grain.
C
We
have
one
customer
who
is
building
a
solution
for
financial
trading.
Where
there's
going
to
be
multiple
clients,
multiple
organizations
sharing
some
resources
sharing
peers.
They
want
to
make
sure
that
they
cannot
get
into
each
other's
accounts
right.
Even
those
are
going
through.
The
same
peer
and
there's
multiple
clients,
and
so
on,
automation's
pretty
big.
You
know
so
there's
a
lot
of
automation,
tools
in
oracle
cloud.
C
You
use
all
of
that
with
obp,
because
we
provide
rest
apis
follows
a
platform
management
network
setup
and
all
of
the
applications
sending
transactions
creating
chain
code
event
subscriptions
to
rest
api.
So
you
could
essentially
take
all
of
this
and
you
can
automate
them
through
various
automation
tools
like
terraform
provider,
ansible
collections,
etc.
C
Another
thing
we've
done
is
this
concept
of
multi-member
nodes
right.
So
in
many
environments
the
concept
of
dedicated
node
for
a
particular
organization,
a
small
organization
is
too
expensive
or
technically
maybe
they're
not
able
to
manage
it.
So
you
can
run
a
shared
node
and
then,
of
course,
everybody
can
maintain
their
keys
outside
private
keys
through
our
kms
system
in
oracle
cloud,
and
then
still
you
know
signs
of
transactions
and
so
on,
but
this
multi-member
node
provides
a
lot
of
value
in
kind
of
a
long
tail.
C
C
I
talked
about
access
control
lists
already
right,
so
you
essentially
create
a
mechanism
that
allows
you
to
store
ankles
on
chains,
they're
part
of
the
world
state
and
any
node
on
the
channel
has
access
to
the
same
articles.
You
update
them
through
blockchain
transactions,
so
that's
all
recorded.
You
have
full
audit
history
etc,
and
then
you
can
invoke
basically
a
check
access
function
in
your
chain
code,
providing
specific
resources,
identity,
etc.
To
verify.
C
If
that
identity,
that's
involved
in
the
transaction,
has
access
to
the
resources
asking
to
update
or
read
or
query
you
can
specify.
The
type
of
access
auditing
has
been
important.
Some
customers
asked
for
it.
One
is
a
blockchain
integrity,
validation
right.
This
is
going
through
the
blocks
and
recalculating
the
hashes
and
whether
that
validating
the
data
format,
ensuring
blocks
have
not
been
tampered
with.
Basically
right,
so
we
all
know
that
that's
the
core
of
the
immutability.
C
You
know
that
we
claim
about
the
blockchain,
but
unless
you
check
the
blocks
and
verify
the
caches,
you
will
not
know
if
somebody
tampered
with
them,
so
we
provide
an
api
here
to
essentially
do
verification
at
the
peer
level.
There
is
return
success
of
failure
once
we
walk
through
the
chain
and
validate
the
caches
and
then
various
statistics
about
the
ledger.
C
We
also
do
on-chain
audit
of
configuration
changes
so
any
in
any
actions
related
to
channels,
organizations,
peer
nodes,
orders,
etc,
chain
code.
All
of
these
are
logged
again
as
blockchain
transactions
on
the
local
channels
that
we
create,
and
then
you
can.
You
get
apis
to
be
able
to
retrieve
this
as
a
full
log
or
you
can
subscribe
to
specific
events
with
callback
notifications.
C
So
if
you
want
to
know
when
chaincode's
been
installed
or
pierre
has
been
restarted
or
anything
like
that,
you
can
subscribe
to
those
kind
of
events,
a
lot
of
integration
capabilities.
So
of
course
standard
client
is
the
case
with
support,
but
we
also
have
this
rest
api,
which
you
talked
about
recently.
We've
added
this
reliable
callback
delivery,
so
we
make
a
call
back
on
an
event.
Sometimes
the
downstream
system
is
not
responding.
There
is
a
network
connection
issue.
C
We
want
to
make
sure
we
don't
lose
that
callback,
so
we
put
it
on
the
queue
and
retry
it
and
so
on.
We
have
a
lot
of
orchestrated
integrations
through
integration
cloud
as
well,
and
you
know
like
supply
chain
track
and
trace
application
and
others
built
a
lot
of
this
api
straight
in
one
of
the
more
recent
enhancements
is
to
solve
this
issue
of
transaction
ethnicity
right,
so
you
need
in
many
applications.
C
You
need
to
be
able
to
have
strong
consistency
and
we
tackled
it
in
two
ways:
forces
within
the
hyperledger
fabric
itself.
If
you
have
data,
if
you
have
transactions
chain
codes
and
multiple
channels,
let's
say
you
have
this
goods
channel
where
you're
trading
marbles
or
whatever,
and
then
you
have
a
wallet
channel
where
you're
doing
payment
transactions-
and
you
want
those
subjects
to
be
atomic
fabric-
does
not
allow
you
to
do
that
easily.
Actually,
natively.
You
cannot
do
that.
C
We
provided
a
two-phase
commit
implementation,
such
that
you
can,
through
our
rest,
api,
send
a
transaction
request,
an
array
of
operations
right
so
with
you
know,
triggering
marbles
chain
code
with
certain
arguments
on
channel
goods
and
example
o2.
This
is
a
standard
example,
for
you
know,
payments
in
channel
wallet
and
under
the
covers,
we
will
do
the
two-phase,
prepare
and
commit
in
such
a
way
that
they
are
committed
together
or
if
any
one
of
them
fails,
then
we'll
roll
back
whatever
they
prepared,
even
though,
from
the
ledger
perspective
right.
C
All
of
that
all
of
those
steps
are
on
the
ledger.
We
don't
update
the
actual
key
value
state
until
they
do
a
commit,
so
they
are
in
a
kind
of
a
pending
state
and
you
can
see
them,
but
as
they
look
so
you
cannot
update
or
do
anything
with
them
and
if
you
need
to
they
control
them
back
from
a
world
state
right
and
then
the
transaction
itself
one
chain
will
show
whether
it
was
committed
or
rolled
back.
C
The
other
things
that
we
did
was
extended
this
when
you
need
to
update
data
not
only
across
channels
and
fabric
but
across
blockchain
and
databases,
for
example,
there
is,
you
know,
often
the
need
to
have
off-chain
data
right.
You
might
have
very
you
know
large
volumes
of
data.
You
don't
want
to
put
on
a
blockchain
itself
documents.
What
have
you?
So
if
you
want
to
do
an
atomic
update
of
the
blockchain
metadata
record
and
the
off
chain
database
record
the
document
we
now
do
that
with
full
xa
support.
C
You
know
generally,
if
you're
familiar
with
xa
protocols
right
global
transactions.
This
is
the
concept
of
external
transaction
manager.
You
know
typically
like
web
logic.
Jboss
exceed
the
websphere
kind
of
solutions
right
and
they
coordinate
distributed
transactions
talking
to
the
xa
resource
manager
for
each
particular
repository.
C
So
we
created
a
resource
manager,
library
in
java
for
our
blockchain.
On
top
of
this
two
phase
commit
functionality
because
it
depends
on
it
to
then
allow
those
transactions
to
participate
in
global
transactions
orchestrated
by
transaction
managers-
and
you
know,
banks
and
financial
institutions
live
on
databases
right.
You
withdraw
money
from
one
account.
You
update
you,
you
know
credit
to
another
account,
that's
an
exciting
transaction.
You
sell
a
stock
and
you
pay
for
it.
That's
an
x8
transaction.
C
So,
in
all
of
those
cases,
strong
consistency
is
a
must
and
we
now
can
use
our
blockchain
as
part
of
that
strong
consistency,
kind
of
a
chain
with
whatever
other
resources
and
by
the
way
we
can
accommodate
other
blockchains
as
well,
even
those
who
don't
have
to
face
commit
because
in
xa
protocol
you
have
this
optimization
called
last
logging
resource
llr
that
allows
for
a
single
non-accessory
source
to
participate
in
xa
transaction
interoperability
is
pretty
important
right.
So
I
talked
about
interoperability
with
other
fabric
nodes.
We
do
that.
C
All
the
time,
interoperability
with
other
smart
contract
frameworks,
in
addition
to
our
native
fabric,
smart
contracts,
we
run
solidity
vm
and
can
support
solidity
chain
code,
the
swap
street
client
and
damo
as
well
right
so
d8
had
built
this
interface
where
they
can
run
download
across
multiple.
You
know
blocks
and
ledges.
So
we
support
that
as
well,
and
then
there
is
this
cross
ledger
integration.
C
Where
you
know
you
need
to
be
able
to
do
a
shipping
transaction
on,
let's
say
gsbn,
using
capital
as
a
fabric,
and
then
maybe
there
is
a
some
kind
of
payment
transaction
on
corridor.
Maybe
trade
finance
that
banks
use.
So
we
do
that
through
over
ledger,
but
we've
also
started
looking
at
hyperledger
cactus
right.
This
is
really
a
great
tool
that
the
community
put
together,
mostly
accenture
and
fuji.
So
if
I'm
not
mistaken-
and
we
think
hypotheticals
has
a
lot
of
promise,
so
we
are
exploring
it
trying
to
understand.
C
If
you
know
we
can
incorporate
it.
I
do
not
want
to
go
to.
I
actually
wanted
to
go
to
the
next
page
here.
So
you
know.
Basically,
this
is
kind
of
a
graphic
of
cartridge
fabric.
It
has
this
concept
of
verifiers
that
talks
to
different
blockchain
platforms
through
the
specific
apis
or
plugins,
and
then
it
also
has
kind
of
a
business
logic
plugin
to
orchestrate
multiple
transactions.
C
Without
writing
code
right
so
integrations
can
be
done.
Local.
This
blocks
are
not
builder
or
to
generate
a
smart
contract
so
low
code
we
have
a
ui
builders,
visual
builder,
which
is
local
tool,
analytics
low
code,
etc.
All
of
this
allows
you
to
very
rapidly
create
a
very
compelling
enterprise
application.
C
So
one
of
the
key
things
that
helps
that,
of
course,
is
this
automatic
chain
code
generation,
which
I
mentioned.
We
do
this
application
builder,
starting
with
a
specification
file,
yamaha
json
file.
You
can
edit
and
tailor
it
and
we
generate
automatically
as
a
code.
You
can
add
custom
methods
if
you
want
to
extend
it,
deploy
it
locally.
We
include
hyperledger
fabric,
insert
blockchain
up
builder
locally,
you
can
test
debug
and
then
you
can
package
and
deploy
into
your
running
fabric
network
and
doesn't
have
to
be
oracle
network.
C
By
the
way
you
could
deploy
nozzles
as
well.
You
can
package
the
chain
code,
deploy
it
anywhere
in
fabric,
so
this
speeds
up
things
quite
a
bit
and
we
use
it
for
tokenization
support,
so
we've
actually
created
fungible
token
support
using
token
taxonomy
framework
ttf.
It
originated
from
the
ethereum
world,
but
it's
really
a
good
spec
for
defining
different
types
of
tokens.
You
have
a
template
here
that
we
created
based
on
the
definitions
with
different
behaviors.
We
generate
the
life
cycle,
methods
from
those
behaviors.
C
We
have
custom
properties
and
so
on.
It's
account
based
token
system
and
we're
seeing
pretty
good
adoption.
There
is
course
decay
wrapper
functions
as
well.
That
we
create
is
built
in
security,
so
there
is
role
by
security
for
minting,
burning
as
grow
all
of
that
stuff,
and
it
can
be
used
in
currency
solutions,
digital
currencies,
that's
what
we
use
for
cbdc
as
well
as
in
loyalty
programs,
and
you
know
other
kind
of
things
and
we've
recently
released
our
erc721
base.
C
Nft
support
as
well
with
some
extensions
right,
so
we
also
generate
automatically
all
the
methods
we
added
burn
capability,
because
some
customers
need
to
burn
custom
properties
that
are
dynamic.
Any
nft
owner
can
extend
those
properties,
costfix
metadata
and
so
on,
and
so
this
is
now
full
on
nft
support.
That's
available.
C
C
B
So
the
if
you
look
at
it
blockchain
has
come
a
long
way
since
the
time
when
it
was
probably
a
technology
in
search
of
a
business
problem,
or
rather
it
has
been
flipped
the
other
way
around.
So
if
you
look
at
the
adoption
of
blockchain
today,
predominantly
50
percent
of
the
adoption
is
around
financial
services
and
the
plethora
of
use
cases.
Some
of
them
include
things
like
payments,
etcetera.
What
I'm
going
to
talk
to
you
about
see
today,
cross-border
fund
transfer
is
a
very
complex
process
and
very
it's.
B
It's
also
not
a
very
cost
effective
process.
Today,
if
you
look
at
it,
it
takes
about
more
than
three
days
for
money
to
move
from
one
destination
to
another
destination
and
through
a
variety
of
correspondent,
banks,
etcetera,
so
there's
a
cost
of
intermediation,
which
is
which
is
also
high,
and
the
other
thing
is
also
the
lack
of
visibility
as
to
where
we
are,
of
course,
swiftness
today
implemented
gpi
net
kind
of
frameworks
in
place,
but
also
then
done
it.
B
It's
not
a
very
easy
process
to
transfer
money,
everybody
if
you,
if
I
were
a
customer,
I
would
look
at
instantaneous
transfer.
So
that's
where
blockchain
comes
in
so
today,
if
you
look
at
it
predominantly
banks
can
look
at
implementing
this
across
the
variety
of
their
overseas
subsidiaries
or
between
banks
themselves.
The
cases
which
we
have
seen
today
we
have
worked
today
are
with
banks
who
want
to
essentially
look
at
adopting
blockchain
for
transfers
among
the
group
companies
and
among
their
ocs
networks.
B
So
a
it
could
be
a
money
transfer
related
issue
which
could
come
in,
but
predominantly
what
we
have
seen
today
is
around
non-monetary
part
of
the
money.
Transfer
is
where
the
adoption
has
been
there.
So
swift
has
got
a
700
series
message,
which
is
around
trade
finance,
which
also
where
there
are
also
number
of
confirmation,
messages
which
are
being
which
are
which
are
being
sent
so
today
by
routing
that,
through
a
blockchain
network,
you
essentially
look
at
faster
settlements
and
faster
and
at
a
lower
cost.
B
So
today,
if
you
look
at
it,
there
is
a
blockchain
adapter,
which
is,
which
is
there,
which
essentially
puts
a
message
on
blockchain
node,
which
generates
an
event
and
based
on
from
another
note
on
another
country
where,
where
it
resides
and
that
blockchain
connector,
essentially
retrieves,
that
message
does
the
validation
of
aml
etc.
Also,
therefore,
with
the
code
banking
check
and
essentially
looks
at
affecting
a
fund
transfer,
the
benefits
are
a
everything
is
structured
as
a
smart
contract,
so
the
entire
routing
mechanism
could
be
through
a
smart
contract.
B
You
have
more,
real-time
handling
settlement
is
instantaneous
without
without
without
any
intimidation
cost
and,
of
course,
there
is
a
full
auditability
and
traceability
available
to
clients
mark
next
one.
We
have
implemented
this
for
arab
jordan
about
one
of
the
large
clients
in
in
in
the
gulf,
the
other
cases
around
security
or
security
services.
Today,
asset
tokenization
is
an
important
area.
If
you
look
at
private
banking
of
wealth
management,
that's
also
I've
been
a
banker
in
my
earlier
author
prior
to
oracle.
B
So
so
there's
there
needs
to
be
a
democratization
of
wealth,
but
there
are
asset
classes
which
are
there,
which
typically
have
a
high
entry
entry
qualifiers
which
are
not
of
which
are
not
really
affordable
or
etc
by
a
number
of
other
segments.
So
if
you
look
at
wealth
management
as
a
segment,
there
is
a
master,
fluid,
there's
a
h,
hni,
vhni
and
ultra
hygienic.
Typically,
the
ultra
hnis
is
where
these
are.
B
These
asset
classes
are
for
the
portfolio
for
the
part
of
their
portfolio,
but
there's
a
good
possibility
to
essentially
look
at
tokenization
tokenizing,
these
asset
classes,
for
example
a
collectible,
something
like
a
picasso,
painting
or
or
let's
say
something
like
a
lunar
rock,
which
could
essentially
tokenize
that
and
look
at
creating
better
liquidity
and
better
price
discovery.
For
that
and
ensuring
there
is
fractional
ownership
and,
with
the
result,
you
are
able
to
offer
them
to
a
larger
section
of
customer
segments.
B
A
B
In
singapore-
I'm
sorry
my
apologies:
that's
in
singapore,
essentially
to
offer
better
more
smaller
size,
investments
to
a
number
of
their
mass
affluent
clients,
etc,
and
look
at
creating
better
put
for
diversifying
their
portfolio
and
creating
better
liquidity
for
them.
So
these,
essentially
they
are
once
the
the
these
asset
classes
are
tokenized.
B
They
are
sent
to
a
digital
exchange
where
they
are
updated
on
to
a
client
to
a
client
account,
and
essentially
these
are
connected
to
a
variety
of
other
other
platforms
and
a
customer
can
trade
in
that
and
with
the
result,
the
entire
settlement
process
and
and
the
execution
process
is
structured
in
smart,
smart
contracts
and
you
and
which
also
provides
atomic
view
of
those
transactions.
The
benefits
are
a
you:
have
enhanced
liquidity
for
a
client
by
creating
your
democratizing
wealth
management
to
a
larger
spectrum
of
customer
base
by
creating
fractional
ownership.
C
Yes,
this
one
was
in
us
actually
tiaa,
so
ka
is
a
large
investment,
retirement
pension
kind
of
a
you
know:
financial
services
provider
managing
a
lot
of
funds
primarily
for
teachers
at
college
and
school
level,
and
so
on
right.
So
it's
got
millions
of
members
and
they
are
offering,
in
addition
to
the
funds,
a
self-directed
brokerage
account
which
in
reality
is
managed
by
a
third-party
asset
manager.
C
But
if
you
want
to
sell
some
of
your
funds,
you
can
transfer
the
money
into
self-directed
brokerage
account
and
then
you
can
buy
stock.
So
it's
vice
versa.
You
can
sell
here
and
transfer
money
and
buy
funds.
Well.
This
process
is
something
that
was
very
painful
for
them,
because
it's
an
overnight
file
based
communication
between
them
and
the
third
party
asset
manager,
who's
providing
the
service,
and
they
have
a
certain
percentage
of
transactions,
whereas
the
account
information
does
not
match,
or
there
is
issues
of
some
sort.
C
You
know,
sell
instructions
from
the
fundaments
and
buy
instructions
for
particular
stock,
all
in
the
same
operation
right
the
same
day,
and
if,
in
fact,
you
could
do
this
multiple
times
a
day,
whereas
before
they
couldn't
so
this
is
the
pilot
they've
been
implementing
consumer
banking?
Okay
bella.
Do
you
want
to
talk
through
the
ck
vs
solution.
B
Yeah
max,
thank
you
so
much
so
if
you
look
at
it
today,
yeah
kyc
is
a
very
complex
process
in
most
banks
and
not
alone
in
india,
but
it's
the
same
same
case
everywhere
else
as
well.
In
india.
It
costs
about
at
least
a
thousand
five
hundred
thousand
two
hundred
two
thousand
five
hundred
rupees
for
a
bank
to
onboard
a
client,
and
there
are
multiple
verification
processes
which
are
involved.
So
we
did
this
one
of
our.
B
Rather
we
did
this
project
for
for
allele
jordan
bank,
which
is
today
the
existing
kyc
process
was,
was
very,
very
luxurious.
It
was
taking
more
than
10
days
of
time
to
sit
and
on
board
a
client.
So
using
a
blockchain
platform,
we
were
able
to
shorten
that
out
as
less
as
10
minutes.
Rather
so
today,
if
you
look
at
it,
a
customer
comes
in
and
he
scans
his
national
id
card
and
automatic.
B
The
id
card
verifies
that
with
the
national
database,
then
there's
a
completion
of
form.
Then
there's
a
scanning
of
required
documents
which
also
gets
validated
completely
and
with
the
result,
there
is
a
verification,
video
video
verification,
which
also
happens
to
activate
that
account.
All
these
things
essentially
are
instantaneous
or
structured
again.
The
entire
process
is
structured
as
well
as
smart
contracts
and
see.
B
Actually,
exchange
of
information
is
seamless
within
various
participants,
so
once
a
verification
call
has
been
completed,
then
the
digital
kyc
is
encrypted
and
it
is
stored
as
a
as
an
encrypted
file
where
access
to
other
parties
is
available
only
through
customer
consent.
Again,
this
is
also
something
which
is
structured
as
a
smart
contract.
With
the
result,
it's
a
compliant
kyc
business
which
rla
jordan
bank
runs
in
the
process
of
they
are
creating
better
productivity
or
automation,
efficiencies
which
are
which
are
kicked
in
and
also
better
customer
experience.
B
B
So
again,
if
you
for
those
of
us
who
are
familiar
at
least
I
as
a
customer,
have
gone
through
the
spain,
so
we
all
have
our
own
loyalty
program.
Many
of
the
institutions
offer
loyalty
program.
For
example,
many
of
the
banks
offer
a
loyalty
program
both
on
their
credit
cards
or
debit
card.
While
they
all
help
you
earn
points,
but
the
pain
point
comes
when
you
want
to
burn
those
points.
So,
with
the
result,
your
ax,
your
avenues
to
burn
those
points
are
very
limited.
B
For
example,
I,
as
a
as
a
customer
of
a
leading
bank,
I've
never
utilized
this
point,
because
the
burn
avenues
which
are
there
just
does
not
is
not
of
interest
to
me.
What?
If
you
could
probably
look
at
creating
a
more
broader
network
of
merchant
ecosystem
for
both
which
helps
you
both
earn
both
helps
a
customer
earn
earn
points
as
well
as
provides
them
a
plethora
of
opportunities
to
essentially
redeem
those
points.
This
is
what
a
korean
bank
hannah
bank
did.
This
was
actually
they
structured
this
for
their
winter
olympics.
B
They
created
a
global
network
program
where
essentially,
they
created
a
blockchain
based
global
loyalty,
loyalty
program
which,
which
was
a
unified
loyalty
program
where
they
onboarded
number
of
other
banks,
has
spent
and
also
number
of
other
merchants,
not
alone
in
korea,
also
across
the
globe.
In
fact,
they
had
come
down
to
india
as
well
talk
to
some
of
the
indian
some
of
the
indian
banks
as
well.
For
this
and
with
the
result,
a
customer
is
able
to
earn
points.
B
Likewise,
when
it
comes
to
when
it
comes
to
redeeming
points,
he
has
a
number
of
avenues
which
he
can
do
he
can
swap
exchange.
He
can
even
look
at
putting.
Of
course,
cryptocurrency
is
a
bad
word
nowadays,
but
typically
he
can
also
look
at
converting
that
to
points.
He
can
look
at
redeeming
that,
across
a
variety
of
across
a
variety
of
avenues
which
are
available
to
him
with
the
result
today,
as
a
customer,
there
is
better
delight
and
there's
more
better
stickiness
and
loyalty.
B
There
is
a
die
as
a
customer
to
perform
more
transactions
with
the
bank.
Then
there
is,
of
course,
there
is
no
verification
process.
Today,
redemption
is
not
a
very
real-time
process
in
in
the
in
the
industry.
Networks
like
this
create
greater
written
risk
of
failures,
ensure
that
risk
of
failure
is
slow.
B
Risk
of
fraud
is
low
and
create
more
real-time
experience
for
for
redemption
and
with
the
result,
there
is
a
better
business
value
which
is
coming
in
typically,
when
I
carry
forward
my
loyalty
program,
there's
a
cost
associated
with
that
in
the
in
the
banks
in
the
bank's
balance
sheet,
that
cost
is
also
essentially
reduced
and,
with
the
result,
you
are
able
to
look
at
more
transaction
customers
doing
more
transactions
with
you.
We
are
looking
at
more
uptake
around
payment
payment
services,
as
well
as
your
merchant
fees
or
for
a
bank
has
also
typically
increased.
B
So
this
is
what
now
they,
the
korean
bank
did,
is
a
very
innovative
project
and
while,
for
example,
a
geography
like
india,
what
I
personally
feel
is,
while
banks
may
have
their
own
loyalty
banks
for
them
at
any
other
institution,
they
have
their
own
loyalty
programs.
What
if
they
could
come
together
and
create
an
industry-wide
platform
as
a
reductio,
a
reduction
platform
which
gives
more
alternatives
and
better
choice
to
a
customer?
B
C
Thanks
for
watching
so
a
few
examples
in
business,
banking,
credit
finance
and
the
like,
this
was
a
solution.
This
was
in
india,
built
by
cargo
exchange,
a
partner
of
ours
for
ministry
of
commerce
around
secure
logistics
document
exchange.
So
there
is
a
there
was
a
significant
problem,
particularly
during
the
pandemic,
when
export
import
business
involved
a
lot
of
paper
documents
handling.
C
There
is
36
common
documents.
80
percent
of
these
invasions,
physical
copies,
a
lot
of
time,
delays.
Of
course,
you
know
potential
for
fakes,
which
means
you
have
to
have
kind,
inspection
rates,
and
all
of
that,
so
they
created
the
platform
which
has
kind
of
become
an
industry
standard
in
india
because
it
integrates
with
a
national
stack
adder
for
identity,
identity,
verification
and
new
signatures,
and
so
on.
They
have
this
concept
of
a
digilocker
where
any
organization
you
know
whether
it's
a
carrier,
bank,
export
importer,
customs
etc.
C
C
So
banks
need
to
have
a
lot
of
software
to
manage
those
loans
and
they've
worked
with
a
lot
of
banks
over
the
years,
but
they
decided
to
create
a
marketplace
because
banks
want
to
sell
those
non-performing
loan
portfolios,
offload
them,
but
buyers
need
access
to
information
that
is
secure
and
there
is
what's
called
the
sloan
data
tape,
which
is
basically
all
of
the
collateral
information
that
goes
along
with
the
loan.
So
that's
uploaded
from
the
bank
to
the
marketplace
they
can.
C
Anybody
who
wants
to
bid
can
examine
that
information,
ensure
that
it's
fully
secure
they
can
do
portfolio
scoring,
etc
auditing,
and
then
they
could
do
bids
and
then
based
on
the
bids.
As
a
you
know,
selling
bank
and
set
some
rules
like
the
highest
wins
or
some
other
rules
they
can
set
as
well,
depending
on
which
bids,
depending
on
the
rules
which
bid
will
be
accepted,
is
decided
by
smart
contract
with
full
transparency.
C
C
Another
example
is
also
in
italy
by
the
way
smart
insurance,
where
they
wanted
to
create
a
very
low
cost
policies
for
things
like
flight
delay,
the
baggage
delay
and
so
on.
Based
on
this
concept
of
parametric
insurance,
where
a
smart
contract
can
execute
and
determine
quickly,
if
somebody,
if
somebody's
policy,
actually
he
has
to
pay
a
claim
or
not.
So
you
know
you
can
check.
C
Financial
accounting
reconciliation
has
been
an
interesting
use
case
started
actually
in
the
companies
that
had
multiple
erp
systems,
multiple
lines
of
business
in
the
manufacturing
manufacturing
conglomerate.
Actually
we
publicly
talked
about
the
general
electric,
but
we
very
quickly
found
that
financial
companies
really
like
the
solution
as
well,
so
this
is
being
done
now
by
a
top
10
bank
in
europe.
Well,
it's
based
in
headquartered
in
europe,
but
it's
global
bank.
They
have
multiple
erp
systems,
financials
erp
people
sold
oracle,
fusion
therapy
and
others
in
different
lines
of
businesses.
C
They
have
a
large
number
of
entries
around
the
world.
They
operate
in
many
countries.
Each
one
of
those
is
a
regular
entity
with
separate
accounting
and
when
they
transfer
funds
back
and
forth
that
reconciliation
process
becomes
very
complex
and
things
often
don't
match.
So
they
have
people
at
the
end
of
each
reporting
period
on
a
quarterly
basis
or
annual
basis
pouring
through
the
spreadsheets
and
trying
to
reconcile
things.
C
Another
company
actually
said:
let's
apply
it
to
external
invoices,
so
they
have
a
lot
of
vendors
suppliers
that
send
invoices
for,
like
you
know,
I.t
consultants
and
such
right.
They
have
time
sheets
that
they
collect
right.
So
the
consultant
will,
you
know,
enter
weekly
timesheet
data.
It
has
to
go
through
the
internal
approval
process.
C
Then
they
see
it's
basically
saying.
Yes,
it's
matching
approved
goes
into
arriba
system
where
purchase
orders
are
to
generate
receipts,
and
then
the
vendor
still
has
to
submit
a
separate
invoice
into
arriba,
which
will
then
generate
a
payment
request.
Oracle,
the
business
suite
and
the
payment
will
be
generated.
Then
they
have
to
get
the
payment
report
back
and
see
who's
been
paid
and
who
hasn't
been
how
to
take
this
gross
level
payment
and
break
it
down
across
all
of
this
individual
consultants,
so
very
complex
system
there's
a
lot
of
overhead
we
created.
C
This
is
a
blockchain
implementation,
the
supply
nodes,
internal
nodes
for
the
approvers
and
then
an
erp
node,
and
essentially
handling
all
those
data
ingestion
and
matching
across
the
different
erp
systems,
approvers
and
time
sheets,
all
using
smart
contracts.
So
I
think
this
is
going
to
have
a
lot
of
value
in
any
kind
of
external.
You
know:
invoicing
and
complex
cross,
erp
kind
of
environments,
a
couple
things
in
tokenization
we
have.
I
mentioned
our
fungible
tokens
right,
so
we
have
this.
One
partner
created
a
ticketing
platform.
C
This
was
for
a
christmas
event.
They
lay
out
this
huge
christmas
tree,
made
out
of
lights
on
the
lake
a
couple
kilometers
long.
They
wanted
to
control
access,
sell
tickets.
So
this
is
basically
a
ticketing
solution
and
then
we
have
another
one.
That's
interesting
in
the
freight
management
transportation
you
know
tracking
and
such
right.
There
is
a
lot
of
issues
with
disputes
in
transportation,
industry.
A
lot
of
administration
costs
a
lot
of
intermediates,
because
most
carriers
are
very
small
providers,
and
so
you
have
brokers
and
freight
forwarders
and
so
on.
C
Intermediaries
involved
tracking
these
things
difficult.
So
there
is
this
companies,
it's
a
major
industry
player,
basically
a
manufacturing
company,
but
there
was
a
provider
of
you
know:
trucks
to
the
carriers.
They
have
relationships,
there's
a
supplier
of
shipping
orders
because
they
ship
a
lot
of
stuff
for
their
manufacturing
business.
So
they've
implemented
this
basically
logistics
ecosystem.
C
But
what's
interesting
is
that
they're,
using
our
fungible
tokens
to
charge
using
on-chain
custodial
wallets
for
all
of
the
services
in
that
environment
and
using
micropayment,
essentially
to
monetize
us
at
different
levels:
infrastructure
providers,
network-operated
service
operators
and
all
those
payments
through
our
wallets
on
chain
integrated
into
europe,
financials
where
they
could
do
you
know
that
value-added
taxes
and
reporting
calculations,
and
so
on?
It's
a
pretty
cool
tokenization
use
case.
A
C
A
C
B
So
if
you
look
at
it
today,
a
digital
currency
is
the
same
as
a
physical
currency,
so
ultimately
it
should
be
a
medium
of
exchange.
In
other
words,
somebody
can
exchange
that
with
something
else.
It
could
be
a
store
of
value.
That
means
it
has
to
read
its
value
over
a
period
of
time
and
unit
of
account
where
it
could
be
measured.
So
that's
what
sets
it
apart
from
typically
your
cryptocurrencies.
B
Now,
why
are
companies
launching?
Why
are
your
countries
charging
digital
currency
today,
one
they
want
to
defend
sovereign
financial
sovereignty
against
cryptocurrencies.
It
offers
a
more
effective
and
cheaper
currency
management
system.
That's
what
our
finance
minister
has
said.
It
reduces
cash
usage
today
in
india,
the
17
percent
of
the
gdp
is
on
is
on
cash,
which
gets
reduced
and,
of
course,
they
promote
the
financial
inclusion.
The
barriers
of
adoption
are
around
the
concerns
around
citizen
privacy.
Nobody
wants
big
brother
watching
you.
Cyber
security
and
counterfeiting
are
a
major
issue.
B
A
lot
of
non-state
actors
also
coming
in
and,
of
course
there
is,
it
could
also
possibly
disrupt
the
banking
model,
which
essentially
works
on
banks
taking
deposit
from
from
customers
and
on
lending
it
and
earning
earning
a
spread,
so
everybody
banks
with
the
central
central
bank.
Obviously
the
deposit
base
of
existing
commercial
banks
will
be
eroded,
but
of
course,
models
may
be
different.
So
if
you
look
at
what
are
the
business
models,
what
are
the
key
criteria
and
operational
considerations
which,
which
needs
to
be
looked
at?
B
What
is
the
business
model,
whether
it's
going
to
be
a
direct
model
or
an
indirect
model?
Is
it
going
to
the
traditional
banking
route,
or
is
it
going
to
be
a
change
in
model?
Is
that
what
will
be
the
delivery?
Is
it
going
to
be
token
based
or
account
based?
What
could
be
an
adoption?
Where
is
it
going
to
be
driven?
Is
it
going
to
be
driven
on
the
retail
side
or
on
sale
side?
What
would
be
the
technology
adoption,
whether
it's
conventional
technology
or
it
could
be
a
distributed
ledger
technology?
B
The
key
operational
frameworks
are
around.
Can
I
digit
when
we
look
at
a
digital
currency?
What
a
central
bank
would
ask
is:
can
I
control
the
money
supply?
Can
it
coexist
with
my
existing
existing
currencies?
Will
it
ensure
there
is?
Can
I
ensure
that
there
is
safety
and
cyber
resilience
which
is
built
in
and
of
course,
where
can
I?
B
So
if
you
look
at
from
whatever
our
experience,
what
has
been
the
typical
cbdc
roadmap,
but
what
could
be
patrol,
I
think
most
of
the
countries
are
starting
out
on
the
wholesale
side
and
possibly
moving
towards
the
retail
side.
Again
wholesale
side
is
has
a
lot
of
in
a
lot
of
costs,
which
has
involved
essentially
interbank
settlement.
B
It
reduces
evidence,
costs
and
reduces
the
body,
dependence
and-
and
subsequently
I
guess
toward
the
latest
stage
they
may
companies
may
look
after
some
countries
are
also
adopted
both
but
majority
in
the
countries
are
looking
at
wholesale
and
then
going
to
retail
retail,
where
government
to
citizen
payment
will
be
your
first
target
and
and
peer-to-peer
payment
may
be
another
target
mark.
The
next
one.
B
So
if
you
look
at
technology
implications,
the
technology
implications
of
this
are
across
a
variety
of
areas.
There
are,
you
can
be
felt
in
central
banks
which
are
the
primary
players,
the
the
banks,
the
famous
service
providers
and
transaction
custody.
These
are
specialized
institutions
which,
essentially,
depending
on
the
model
service,
the
cbs
do
the
client
servicing
on
cbdc
and
the
financial
regulator.
B
So,
of
course,
the
bottom
most
layer
is
a
technology
layer
where
people
need
to
what
should
be
the
infrastructure,
whether
it
should
be
cloud
or
on-prem,
and
that
impacts
all
the
three
segments.
What
should
be
the
distributed?
Ledger
technology
or
the
transaction
layer,
whether
it
could
be
a
distribute,
whether
it
should
be
a
distributed
technology
or
a
conventional
database
technology
oversight
and
and
regulatory
surveillance
are,
are
very
important,
especially
when
more
and
more
things
are
getting
digital.
Obviously,
the
tendency
to
for
financial
crimes
and
other
things
goes
multifold.
B
So
so
that's
where
central
banks
need
to
really
really
look
at
revamping
their
existing
oversight
and
mechanism
and
bank
surveillance
mechanism,
and
the
same
same
goes
with
the
financial
within
with
other
financial
regulators
as
well
and
applications.
That's
a
very
interesting
area
today,
a
lot
of
applications,
the
application
may
be.
Banks
may
need
to
look
at
better
currency
management
system,
refresh
their
aml
platforms
and
and
and
and
and
a
host
of
other
and
deploy
better
marketing
tools,
etc.
B
And,
of
course,
there's
also
user
experience
layer
where
they
need
to
build
in
better
user
user
experience,
applications
to
ensure
better
adopt
adoption
of
central
bank
digital
currency.
So
if
you
look
at
it
broad
spectrum
net
net,
every
single
election
is
impacted
and
there
is
going
to
be
a
real
technology
refresh.
We
should
need
to
be
looked
at
there
mark.
Would
you.
C
Yeah,
thank
you,
so
yeah
we've
actually
been
working
in
the
space
and
talking
with
some
of
the
major
banks
across
you
know.
Europe,
and
you
know
asia,
africa,
us
and
we've
created
the
sandbox.
Basically,
it's
a
bdc
sandbox
approach
where
we
can
work
with
some
of
the
central
banks
as
well
as
commercial,
some
of
the
large
commercial
banks
on
leveraging
cbc
cpc-like
capabilities.
C
There
is
in
obviously
capabilities
around
the
infrastructure
of
the
blockchain
platform
and
all
of
the
surrounding
services
that
we
can
bring
together.
But
then
there
is
core
functional
requirements
right
which
generally
breaks
them
into
four
areas
like
onboarding
setting
up
the
accounts,
kyc,
etc.
There
is
money,
supply
issuing
and
burning
money
and
monitoring
the
status
of
the
systems,
monetary
statistics,
velocity,
etc.
C
The
actual
transactions
payments
between
participants,
and
then
there
is
regulatory
aspect,
fraud,
prevention,
mlcft
monitoring,
our
tokenization
solution
in
obps
is
built
leveraging
fabric,
but
also
integrated
with
a
number
of
other
things,
basically
provides
a
lot
of
those
capabilities
out
of
the
box.
From
an
api
perspective,
we
can
manage
the
token
life
cycle
for
creation
and
roles
management
of
tokens.
We
do
need
to
integrate
various
ekyc
processes,
which
is
not
a
kind
of
country
specific
step.
C
The
basic
process
to
create
you
know,
burn
or
mint
currency
integration
with
analytics
I
mentioned
earlier,
provides
a
lot
of
the
monitoring
and
reporting
transfer,
nesgrow
methods
for
actual
payment
and
the
ability
to
then
integrate.
Also
this
back-end
core
banking
systems-
and
you
know
central
bank
systems
etc.
You
know
maybe
rtgs
systems
is
there
as
well
and
then,
of
course,
you
know,
we
have
full
transaction
history
on
ledger.
C
Regulators
could
have
read-only
nodes,
and
then
we
have
a
lot
of
live
auditing
capabilities
that
we
can
deploy
as
well,
based
on
in
a
variety
of
specific,
you
know
central
bank
requirements
and
we
actually
prototype
the
sandbox
and
prototype
an
application.
We
can
talk
about
it
the
next
time
in
more
details,
but
you
know
it
includes
some
of
those
components
that
we
talked
about
earlier
and
it
provides
essentially
core
capabilities
that
the
bank
needs
to
be
successful
in
not
only
deploying
this
on
a
dlt
platform
but
being
able
to
manage
integrate.
C
You
know
his
own
systems.
Financial
participants
can
integrate
with
their
co-banking
system.
Regulators
can
integrate
with
theirs
and
provide
bi-directional
integration
and
so
on.
So
the
sandbox
provides
a
lot
of
out-of-the-box
capabilities
for
central
banks
and
we'll
report
more
as
we
get
deeper
into
some
of
these
engagements,
and
you
know
some
of
the
banks
being
a
little,
you
know
quiet
and
that
some
may
be
able
to
talk
more
publicly.
C
So
as
time
goes
just
as
a
summary
to
finish
off,
I
mean
we
also
have
a
lot
of
you
know,
resources
that
help
us
out
in
the
field,
and
we
have
kind
of
ways
of
engaging
with
the
customers
throughout
their
life
cycle,
sometimes
early
ones,
who
don't
really
know
what
they
want
to
do.
They're
just
interested.
We
can
service
discovery
in
other
cases.
They
have
a
use
case
ready
to
go,
they
can
help
them
design
and
implement
it
and
prototype
it
as
well,
using
our
own
resources,
consulting
partners,
etc.
C
I
like
this
quote
from
don
tapscott.
You
know
was
done
in
a
number
of
conferences.
He
you
know
always
gets
asked
about
predictions
right,
and
his
stock
answer
is
don't
ask
about
predictions
right.
Future
is
not
something
to
be
predicted,
something
to
be
achieved,
so
go
and
achieve
it
right
and
so
we've
been
trying.
We've
been
trying
to
build
a
lot
of
capabilities
to
meet
the
needs
of
those
customers
versus
general
enterprises,
or
particular
financial
institutions
or
even
central
banks.
A
Very
richer,
you
know
list
of
things.
So,
fifth,
one
do
you
want
to
say
hi.
I
see
griffin's
online
right.
I
know
it's
very
late
for
you
vipin,
but
I
think
we're
nearly
over
time.
If
anyone
has
any
questions
that
please
do
do
ask,
but
I
think,
as
you
said,
I
think
we
need
to
do.
We
can
do
another
session
on
cbdc's
as
a
follow-up,
too.
It
looks
like
you're
doing
some
really
interesting
stuff
there
right
yeah,
but
we
covered
everything
from
trade
finance
to
just
bank
reconciliation.
A
A
C
C
A
C
So
when
we
talk
about
auction,
we
have
to
sing
us
two
cases
right:
one
is
the
transactions
come
in
into
the
blockchain
ledger
and
we
then
synchronize
them
into
an
external
database
and
that's
oracle
database.
We
use
oracle
database
for
that
and
have
specifically
built
up
if
you're
talking
about
storing
incoming
data
separately
from
the
blockchain
transactions.
That's
your
choice.
You
can
use
any
database
that
you
want
for
incoming
data,
but
if
you're
talking
about
replicating
transaction
history
into
an
off-chain
database,
then
you
know
that
will
come
to
oracle
database.