Hyperledger Foundation DAVOS 22 Why Open Source for Financial Services, Digital Assets, & CBDCs, 9 Nov 2022

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From YouTube: DAVOS 22 Why Open Source for FS, Digital Assets, & CBDCs - Open Source in Financial Services

Description

Why Open Source for Financial Services, Digital Assets, & CBDCs

Hosted in partnership by the Hyperledger Foundation with the Filecoin Foundation and CNBC.

The financial services industry has awakened to the need of open source. Open source technologies are being leveraged more and more to underpin key infrastructure in both government and corporate systems. Here we bring experts in government–Central Bank, open source technology development and collaboration–Digital Dollar Project, Fintech Open Source, and Hyperledger Foundation–as well as market thought leader Accenture to share their views on why open source technology and collaboration is the key to accelerating progress on CBDC research, adoption in financial services and in government.

Speakers:
Jennifer B. Lassiter - Executive Director of Digital Dollar Project
Gabriele Columbro - Executive Director, FINOS
David Treat, Senior Managing Director, Accenture and Hyperledger Foundation Governing Board
Morten Bech, . Economist, Bank for International Settlement (BIS)
Moderator:
Karen Ottoni, Director of Ecosystem, Hyperledger Foundation

https://hub.fil.org/content/davos-agenda-db/915-am-hyperledger-programming-cbdc

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Hyperledger – Open Source Blockchain Technologies

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License
Creative Commons Attribution license (reuse allowed)

A

Yeah I would say open source, definitely from a central bank perspective uh journey and I think we are just at the halfway house. But if you look at it from paps perspective, BS is the Bank of central banks and central banks are the banks and Banks, and but we're clearly seeing is that the banks are really using uh open source and are embracing it and that's kind of like traveling upwards. Now so central banks are using it. Even bis is using it.

A

So so I think I think that's the journey that that we are seeing and I think just from the perspective of being in an Innovation Hub. You know we. We actually built most of our things at the moment in the cloud and there's a lot of Open Source things available and there's no way that we could do the things that we're doing uh without having access to all these great open source tools. So so, above our perspective, it's great I do hear the concerns about security and Longevity, and we need to figure those out and.

B

There's also been an open Tech initiative at bis, yeah.

A

So, very briefly, so so that's the halfway house I was talking about so we we will be sharing um our code that comes out of the Innovation Hub, with a at least initially with the limited number of of participants. So everything is it's a GitHub, it has governance, it has licenses, but but to begin with, it's a it's a it's a little bit of a invitation only but I think. Basically, the trajectory is that we want to go all the way and to an open source uh platform in terms of sharing our outputs.

B

Yeah, of course, because earlier Martin we were talking about also open source is a path to realizing our mission of financial infrastructure, really serving the public good.

A

B

I think this is really important to call out, because um it's what Morton just said is huge talking about central banks being comfortable with open source ethos in general, really represents this huge cultural shift in a traditionally conservative financial sector right and so I think again, starting to understand that what we build, collaboratively and transparently helps us serve our citizenry more directly is is really important so again that that underpinning of of Open Source, providing a path for social, good, I think is part of what has brought about, and we've started to realize this cultural shift not to take words out of your mind.

B

A

I I agree yeah, but but I think one has to remember. The central banks are conservative. So is this journey that I spoke about I. Think we're really about trying to move what I call the production, possibility frontiers of central banks and buy technology and I think open source is the best way to do that.

C

It's interesting when you say it's sort of leveling up uh sort of floating up from the the banks, the central banks, because, of course, I mean that experience has been with banks that is really original about talent and and cost reduction really the way they started. Looking at doing open source very much like you've seen other Industries. Do you know five to ten years ago, so not surprising that you know a regulated. Industry will take a little longer so to adopt technology Trends, but more and more you're.

C

Seeing that I'm really trying to drive faster Innovation or really solving long-standing challenges, and that's why we're seeing the move from uh you know: I'm, open sourcing, a project to really attract talent, to really I'm embarking into an openly governed shared initiatives which oftentimes involves Regulators. That's one of our big goals at Phoenix as well. So it's interesting to see that this is actually being perceived and sort of floating up as well at central banks. There's.

D

A there's a there's, a pragmatism to it as well. I.

C

D

Yet the bis report right of the number of central banks that are actively on the on the Journey of evaluating Central, Bank digital currency, and how to get there right. It would be incredibly dystopian if, if that was solved, you know you know 178, you know diff in different ways in different. You know in terms of thinking about the modernization of our Global infrastructure, that ability to have interoperability and have it all hang together.

D

You know that that ability to go through that journey together around some core foundational principles and- and you know and um and governance you know to you- know, to make sure that it's done in a way that meets the requirements of systemically important infrastructure at scale and security and and the like, you know, there's a pragmatic element of if you know, even if, even if this, if the community of global central banks were split into four or five different factions that rallied around four or five different, you know different vendor Solutions right, we'd, we'd still, you know there'd still be a significant effort that would be needed to to to weave together the Global Financial infrastructure in its new form.

D

You know, you know it's just incredibly pragmatic to say actually why don't we just have, you know, have a a you know, an open source. You know Community rallying around those common standards and then allowing the central banks to obviously configure for their own needs individually, but be confident in a foundation.