►
Description
Kiran Garimella & Oscar Jofre, KoreConX
Financial instruments in the global private capital markets have specialized regulatory and company law requirements. These requirements increase in complexity due to the number of jurisdictions in which private companies can issue tokens and conduct business as well as the exemptions under which they issue tokenized securities. Another critical requirement is that all relevant corporate actions and events must be handled rather than just the one-time event of issuance or the secondary trading that is relatively infrequent.
These business needs help to determine the technical architectural decisions, including decentralization, security, access rights, consensus, validations, finality (both technical and legal), on-chain/off-chain considerations, and lifecycle management of smart contracts.
Kiran and Oscar describe the conditions for creating a safe, secure, and fully compliant platform.
----
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
Case Studies: https://www.hyperledger.org/learn/case-studies
Training & Certification: https://www.hyperledger.org/learn/training
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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
A
Hello,
guten,
morgen
and
all
that
good
stuff.
So
are
we
all
at
the
right
session?
I
just
want
to
make
sure
there's
no
confusion.
This
is
what
you're
expecting
I
hope
and
not
a
technical
presentation
thanks
for
all
attending,
and
my
name
is
Kieran
Gary,
Mela
and
I'll
be
talking
about
using
high
polish
of
fabric
to
create
a
tokenization
solution
for
the
private
securities
market.
A
So
one
of
my
core
speakers
he's
been
otherwise
engaged.
His
Oscar
Joffrey,
who
is
the
CEO
of
our
company,
called
Cole,
connects
and
I
am
kirron.
Kher,
Mela
and
I
am
the
chief
scientist
and
CTO
for
the
company.
Ok.
So
this
is
a
business
presentation,
so
if
any
of
you
are
here
hoping
to
learn
how
to
code
or
write
chain
code,
I'd
be
sorry
to
disappoint
you.
But
you
will
see
something
very
interesting
here.
This
is
a
very
rare
and
unusual
application
in
this
space.
A
I
know
there
are
a
lot
of
financial
applications
and
I'll
talk
more
about
that
later
and
if
my
CEO
and
co
speaker
is
able
to
join
he'll,
be
up
here
as
well,
but
I
will
cover
the
presentation
today,
and
you
know
how
it
is
right.
You
know
we
are
in
the
we're
a
private
company
and
based
out
of
Canada
Toronto
in
Canada,
and
you
know
we're
going
for
our
own
capital
raised.
A
Ok
in
the
sky
in
the
space
and
we've
been
around,
for
you
know
several
years,
I'll
talk
about
that
for
a
second,
but
you
know
how
it
is.
Whenever
the
capital
raised,
you
know
you
have
to
run
where
the
money
is
so
I'm
sure
he's
been
chasing
down
the
money
somewhere
so
which
is
good,
ok,
so
moving
on
so
I
just
want
to
cover.
You
know
how
we
create
our
architecture
and
what
it
actually
means.
A
The
the
vision
for
this
is
that
we
want
to
create
and
we're
actually
in
the
process
of
creating
the
first
highly
secure
and
permissioned
ecosystem
for
fully
compliant
issuance
in
the
Private
Securities
marketplace.
There
are
a
few
key
things
that
I
want
to
make
sure
that
people.
You
know
you
all
understand,
because
it
drives
a
lot
of
the
architectural
decisions
we
are
going
to
be
making.
So
you
all
heard
about
the
I
SEOs
right.
We
are
nothing
to
do
with
icos.
Thank
you
very
much.
So
we
are
not
kept.
Oh,
we
are
not
blockchain.
A
We
are
not
either
none,
no
gas,
no
hype.
Instance.
Even
though
it's
a
hyper
ledger,
it's
not
hype,
okay!
So
none
of
that
stuff.
The
other
thing
how
many
of
you
have
actually
heard
about
the
the
phrase
s
T
or
security
token
offering
thank
you.
So
we
are
about
stos.
Now,
let
me
say
a
word
about
stos
in
the
traditional
public
blockchain
markets,
very
bright
people
trying
to
change
a
lot
of
stuff
and
I
get
it.
I
am
very
sympathetic
to
that.
A
They
they
come
from
a
world
of
the
eye,
cos
the
Bitcoin
the
eye
cos,
and
then
the
government,
most
notably
the
SEC
in
the
United
States,
said:
thou
shalt
not
do
this
anymore
because
you
are
in
violation
of
securities
regulation.
So
a
lot
of
these
people,
they
took
ICO
and
they
changed
the
world
to
sto,
assuming
everything
is
going
to
be
pretty
pretty
much
the
same.
Unfortunately,
things
don't
work
like
that
right.
A
A
Kokin
X
has
been
in
the
compliance
space
for
many
many
years
right
since
about
2012
the
JOBS
Act
came
out.
We
have
been
in
that
space
and
since
about
2015,
we
have
had
compliance
solutions
in
the
private
capital
markets
around
the
planet.
In
multiple
countries,
not
public
companies,
but
not
the
public
listed
companies
like
on
the
NYC,
New,
York,
Stock,
Exchange
or
the
Nasdaq,
or
you
know
the
London
exchange
or
any
any
of
those.
It's
the
private
capital
markets.
A
What
we
call
the
SME
market,
a
small
to
medium
enterprises
right,
that's
what
we
specialize
in
and
cork
annex
II
is
an
SCC
registered,
a
transfer
agent,
which
is
an
important
part
of
the
financial
services
industry.
If
you
know
that
space
okay,
so
this
is
the
space
we
play
in
and
if
you
know
anything
about
private
securities
and
private
little
companies,
they
are
very
siloed
and
they're
technologically
challenged.
You
know
for
many
of
these
companies.
The
best
technology
they
have
is
the
the
little
laptop
spreadsheets
Word
documents
and
email
back
and
forth.
A
A
I
come
from
the
large
enterprise
systems,
myself
I
used
to
be
a
CIO
for
GE,
when
GE
was
very
good
at
that
time
and
I
know
that
space
extremely
well
and
these
companies
cannot
afford
multi-million
dollar
software
to
buy
integration
services
and
so
on
right,
so
they're
very
much
technology
challenged,
but
there's
also
a
fantastic
opportunity
for
the
right
people
to
come
and
say
how
can
we
take
all
these
newer
technologies,
predominantly
blockchain
or
distributed
ledger
technologies
and
make
significant
improvement
in
the
space
right?
So
I
won't
read
through
all
the
bullets.
A
A
So
moving
on
the
the
actual
solution
that
we
have
in
place
is
it's
an
all-in-one?
It's
an
AI
based
right,
I
used
to
deal
with
AI
back
in
the
mid-80s
right
expert
systems
in
the
financial
services
industry.
So
I
cut
my
teeth
in
in
AI
years
ago,
but
we
also
want
to
manage
the
what's
called
the
full
lifecycle
of
tokenized
securities.
You
know
when
people
talk
about
stos
they'll
say
we
want
to
issue.
We
want
to
help.
A
You
issue
your
tokens,
and
maybe
we
want
to
help
you
trade,
your
tokens
right,
it's
not
just
the
issuance
and
the
trading,
it's
a
full
life
cycle
of
how
these
things
are
managed.
So
after
trading
is
done,
how
do
you
distribute
dividends?
How
do
you
distribute
revenues?
What
happens
when
there
is
a
bankruptcy?
What
happens
in
a
rights
issue
and
the
warrant
options,
shareholder
meetings,
proxies
voting,
etc,
etc.
A
99
percent
of
the
life
of
a
security
is
spent
in
what
are
called
corporate
actions
being
a
citizen
of
a
company.
That's
a
predominant,
that's
what
we
have
to
support
in
this
ecosystem.
That's
what
we
are
all
about
right
and
that's
why
I
say
it's
a
full
lifecycle
system
and
the
reason
I'm
telling
you
all.
This
is
because
it
has
a
bearing
on
how
to
architect
our
solutions-
and
many
of
us
here
are
solution
providers
right.
We
are
in
the
space
as
technologists
for
us
to
understand
how
to
serve
that
particular
market.
Much
better.
A
A
So
this
is
where
we
come
in
to
so.
Let
me
tell
you
something:
I've
been
in
the
technology
space
for
almost
like
three
decades,
maybe
even
more
right.
If
there's
one
lesson
that
I've
learned,
it
is
that
you
do
not
take
the
latest
shiny
object
technology
and
try
to
solve
all
problems
with
that
right
and
as
technologists
and
these
right
many
of
us
are
technologists
here.
We
know
this
right.
We
get
enamored
with
this.
A
Oh
this
is
so
cool
object,
200,
200
CORBA,
all
this,
all
that
you
know
Java
and
we
try
to
do
everything
with
that.
It
unfortunate
what
happens
is
that
you
know
you
have
to
say:
okay,
what
does
the
business?
What
are
the
business
characteristics
of
the
problem
we
are
trying
to
solve?
What
does
the
ecosystem
look
like
and
then
how
do
you
solve
that
problem?
Right
and
so
I
tend
to
take
a
different
approach
for
me
when
I
look
at
blockchain,
it's
not
a
question
of
I
love.
A
It
cerium
that
oh,
that's
the
only
thing,
I'm
gonna
do
I
love,
Bitcoin,
know,
I
love
fabric,
that's
the
only
thing,
I'm
gonna
do!
No,
that's
not
what
it
is
all
about.
It
is.
Does
the
solution
fit
my
problem
domain?
That's
how
I
turn
to
approach
it
right,
and
so
you
can
see
that
the
business
drivers
are
pretty
heavy
right.
It's
very
distributed,
cross-jurisdictional,
multiple
regulations,
multiple
countries,
privacy,
private
securities,
right,
multiple
operators,
broker
dealers,
alternative
trading
system
or,
what's
called
the
secondary
80s
operators.
You've
got
legal
firms.
A
You've
got
marketing
firms,
you've
got
clients
all
over
the
place.
Right.
You've
got
accredited
investors,
multiple
regulations
across
the
globe.
Right
you
have
to
be
able
to
deal
that's
the
situation
we
are
facing.
It
is
not
peer-to-peer
lending,
it
is
more
than
that
right,
and
so
we
have
to
say:
okay,
fine
great.
So
what?
What
does
that
actually
mean
the
clients
that
come
to
us?
We've
got
55
towels
and
clients
on
our
accounts
today,
we're
55
more
than
55,000
clients.
A
Today,
right
all
of
them
predominantly
have
not
heard
about
blockchain
or
if
they've
heard
about
blockchain,
they
don't
care
about
it
right.
The
people
that
I
talked
to
the
CEOs,
the
chief
compliance
officer,
even
their
technology.
Folks
right
they
do
not
ask
about
what
cryptography
do
you
use
elliptic
curve
cryptography?
No,
they
don't
see
what
consensus
mechanism
pbft.
No,
they
don't
ask
me
that
they'll
say
all
my
funds
going
to
be
secure
or
my
investors
going
to
be
protected.
A
Hello,
that's
all
I
care
about,
and
I
have
to
answer
that
I
can't
say:
oh
I'm,
on
some
public
blockchain
with
somebody
in
Nigeria
who
will
authenticate
our
financial
transactions
of
somebody
in
Germany
or
somebody
in
Germany
authenticate
a
transaction
in
Australia.
It
can't
happen
like
that
guys
in
securities
regulation.
You
cannot
have
parties
who
are
not
people
who
are
not
parties
to
the
transaction.
A
A
People
know
the
Linux
Foundation
everybody's
heard
about
the
Linux
Foundation
they'll
love
it.
Everybody
has
heard
about
IBM
IBM's
contribution
as
a
fabric
and
as
our
business
partners
right
I'm,
not
trying
to
sell
IBM
Orion
but
I'm,
just
simply
saying
what's
important
for
our
clients,
so
I
gotta
address
that
if
they're
fierce
that's
the
important
part
right,
we
have
private
data.
It's
permission
right.
Everything
is
on
chain.
There's
none
of
this
stuff
about
Oh
something
off
chain.
Something
will
be
on
chain
right,
so
good
off
chain
which
now
has
to
coordinate
with
the
on
chain.
A
What
happens
if
somebody
steals
a
lot
of
chain
data?
Where
do
you
stay?
No,
none
of
that
everything
is
on
chain
who
are
our
peers?
Who
are
our
endorsers?
Who
are
our
orders?
Who
are
our
anchor
nodes
right?
We
gotta
be
able
to
tell
them
who
these
people
are.
We
are
going
to
name
them
show
them.
We
got
to
show
that
they
actually
live
in
it
actual
building
right.
We
gotta
show
all
this
stuff
right
so
so
the
other
part
is,
of
course,
legal.
Recourse
right.
A
Legal
recourse
is
very,
very
important
if
I've
lost
my
shares
today
in
a
public
transaction
I
have
legal
recourse
right.
I
can
go
back
and
say
what
happened
if
I
lose
my
money
at
the
bank.
If
my
credit
card
has
been
tampered
with,
fraud,
I
can
stop
it
right.
I
can
recover
right.
You
cannot
do
that
in
some
of
the
public
block
chains-
I'm,
not
slamming
the
public
block
chains,
they're
great
for
many
many
things,
I
love
them.
A
They're,
geniuses,
I
love
these
guys,
but
you
have
to
address
important
fears
and
considerations
in
the
in
our
securities
world.
Ok,
so
what
we've
done
is
we
have
used
hyppolit
of
fabric
after
a
lot
of
careful
thought
and
consideration
and
said
that
is
our
foundation
foundational
blockchain!
That's
our
infrastructure!
That's
where
we
have
to
live.
Ok,
so
once
we
do
that,
we
know
it
is
enterprise-class.
It's
been
built
from
the
ground
up
with
financial
services
industry
in
mind
right.
A
It
is
not
a
general
platform
where
you
can
build
crypto,
kitties
and
everything
else,
it's
very
specific,
okay.
So
it's
industrial-strength.
We
know
that
we
know
its
high
performance.
Performance
is
really
not
an
issue
at
this
stage
in
the
game,
but
it's
an
important
thing
to
keep
in
mind
security.
Obviously-
and
you
heard
Brian
today-
talk
about
the
FIPS
140
fifths,
140
2
level,
4
security
facilities-
that
you
know
we
use
IBM
for
that
of
course,
but
you
know
people
can
use
Amazon,
Cloud
or
whatever
else
they
they
feel
like,
like.
A
A
The
ecosystem
that
we
are
part
of
is
very,
very
important.
Right
and
people
say
you
have
to
judge
a
person
by
the
friends
and
the
crowd
they
run
with
right.
So
we
run
with
a
very
a
very
fantastic
crowd.
You
guys
right
and
I'm
going
to
be
reaching
out
to
many
of
you.
Anybody
here
part
of
the
ledger,
connect
CLS
platform.
Have
you
guys
heard
about
the
ledger?
Connect
from
CLS?
You
will
hear
about
it.
It's
it's
a.
There
are
like
several
hundred
banks
as
part
of
that
ecosystem.
A
It's
all
built
on
hyper
ledger
technologies,
but
I
think
predominantly
fabric,
but
it's
a
huge
clearance
and
settlement
and
trade
financing
platform
by
a
bunch
of
different
companies.
It's
like
a
consortium
of
a
lot
of
people
right,
very,
very
credible
banks,
critical
financial
institutions,
intermediaries
broker,
dealers
and
so
on,
and
so
on.
So
all
these
people.
So
now
we
can
connect
with
these
people
and
say:
oh
I've
got
clients
here
who
have
a
tokenized
security
on
our
platform
and
they
want
to
you
know,
do
trade
finance.
A
They
want
a
letter
of
credit
from
somewhere
else
like
in
in
China
the
the
city
bank
right
that
Brian
was
talking
about.
So
we
can
now
connect
with
all
these
different
things
right
so
that
ecosystem
and
it's
our
ability
to
come
to
our
clients
and
say
it's
not
just
us
somewhere
in
Toronto
Canada.
We
have
this
whole
ecosystem
behind
us.
We
have
partnerships
with
them.
We
know
who
they
are
very
credible
and
we
have
a
way
to
provide
more
value
for
these
private
markets
right
and
that's
very
important
for
many
of
our
clients.
A
Now,
on
top
of
the
typology
fabric,
we
have
our
own
distributed
application
D
app
on
top
of
that,
it's
called
the
core
chain.
We're
like
a
word
core,
so
you
know
we
we
use.
The
word
quote
for
a
lot
of
our
branding,
so
the
cold
chain
is
a
permissioned
blockchain.
It's
completely
focused
on
Private
Securities,
as
I
said
right
and,
of
course,
there's
a
lot
of
technical
underpinnings
behind
that
you
know
but
which
I
won't
go
into,
but
they,
but
the
important
unit
of
transaction
within
our
core
chain
is
what's
called
the
core
contracts.
A
You
all
heard
about
the
word
smart
contracts
right.
How?
Many
of
you
believe
that
smart
contracts
are
actually
smart
and
they're
actually
contract.
Anybody
believe
that
so
so,
I
can
speak
for
a
couple
of
hours.
That
topic,
which
I
won't
try
to
do
now,
because
I'm
very
passionate
about
it,
but
the
smart
contracts
aren't
really
smart
or
or
they're,
not
really
contracts
at
this
stage
right.
What
we
want
to
ensure
is
that
our
contracts
are
in
fact,
contracts
and
legal
contract.
A
So
we'll
talk
about
that
in
a
second,
but
we
want
to
make
sure
that
these
contracts
are
like
that
right.
So
you've
got
this
template
of
contracts
out
of
which
a
court
tokens
which
are
security,
class
tokens
can
be
issued,
but
they
all
follow
that
protocol
right,
and
so
that's
how
we
take
care
of
that,
and
on
top
of
that,
of
course
we
have
the
actual
court
token
protocol.
Now,
if
you
see
the
court
organ
protocol
by
the
way,
how
many
of
you
are
familiar
with
the
ERC
20
standard
and
protocols?
A
Thank
you,
and
so
you
will
see
that
an
E
or
C.
They
started
with
a
very
fundamental
and
very
simple.
You
know:
I
want
to
exchange
trades
and
I
want
to
find
out
the
balance.
There
are
six
little
functions
that
they
do
and
there
are
ER
C
20
based.
You
know
there
are
1450
and
it
all
771
884
and
a
bunch
of
things
like
that,
so
they
all
add
more
and
more
functionality,
one
on
top
of
that
right.
A
So
what
we
have
done
is,
if
you
look
at
all
of
the
functionality
that
is
necessary
for
handling
the
complete
lifecycle
of
tokenized
securities.
You
will
see
that
it's
pretty
a
lot
of
things
to
consider
right,
and
so
we
do
incorporate
all
of
these
things
and
much
more
into
the
actual
protocol
itself.
Ok
and
again,
I
won't
go
into
details
about
how
it's
done.
Please,
approach
me
after
this
and
I'll
be
happy
to
answer
questions,
and
you
know
all
of
this
is
you
know,
managed
through
a
lot
of
this.
A
By
the
way
is
our
existing
business
right
now,
as
I
said,
we
have
55,000
plus
clients
on
the
platform
who
are
doing
all
these
things.
We
do
portfolio
management
for
the
minute
ball,
capital
management,
all
of
that
automated
completely
integrated
right.
So
all
this
adds
value
to
our
clients.
It's
exactly
what
they
want
to
do
now
when
you
come
to
the
core
token
itself,
the
core
token,
as
a
technology
instrument,
has
four
layers
to
that
one.
The
public
interface,
of
course,
is
the
one
that
we
all
interact
with
right.
A
You
look
at
your
dashboard,
you
know
it's
there,
you'll
see
that
but
below
that
is
what's
called
the
business
layer,
all
the
trading
rights
and
restrictions
and
participation
in
revenues
and
dividends,
beneficiaries
and
transfers
and
gifts
and
exits
and
M&A
and
bankruptcies
and
yari
I
mean
there's
a
ton
of
stuff
that
happens.
That's
the
business
layer,
the
process
layer
is
all
the
corporate
events
that
happen.
The
annual
general
meetings,
the
directors
resolutions
meetings,
any
other
types
of
events
that
happen
that
affect
the
securities
world.
For
them
all
those
are
covered
within
the
process.
A
Layer
and,
of
course,
finally,
is
a
safety
security,
the
governance
and
the
compliance
auditing.
All
that
stuff
comes
as
part
of
the
core
token
protocol
right.
So
there
are
a
lot
of
really
interesting
use
cases
of
how
securities
transactions
occur
and
how
this
can
handle.
You
know
a
lot
of
that
stuff
right
which
I
won't
go
into
now,
because
it's
pretty
heavy,
so
the
core
to
core
protocols,
functions
and
again.
This
is
not
golang
code,
as
you
can
see,
but
there
is
golang
code
behind
all
of
this
stuff
and
is
more
being
developed
right.
A
So
all
of
these
items
are
part
of
what
we
call
the
protocol
functions
right
here
is
a
important
difference,
though,
from
a
lot
of
the
public
protocol
functions.
The
difference
is
that
within
private
securities
and
in
securities,
generally
speaking,
there
is
a
need-to-know
information,
a
right
to
know
and
a
need-to-know
information
right.
Everything
cannot
be
on
the
blockchain.
Everybody
can
see
everybody's
transactions.
No,
it
just
cannot
be
that
there
is
privacy
laws,
it
is
gdpr
we
have
to
think
about.
So
all
of
this
is
protected
in
a
very
complex
way
through
the
protocol
functions
right.
A
So
that's
pretty
important.
So
again,
this
is
just
to
give
you
a
flavor
of.
What's
out
there
now
remember.
I
said
there
is
a
strong
legal
foundation.
Our
contracts
are
actually
contracts,
unlike
the
more
trivial
smart
contracts
right.
So
there
is
a
League
of
doctrine
for
contracts
right
people,
don't
many
people
don't
realize?
This
years
and
years
ago,
I
I
was
studying
to
become
a
corporate
secretary.
Do
you
guys
know
what
a
corporate
secretary
is
any
of
you?
You
heard
that
world
this
is
very
popular
in
in
UK
in
India.
A
In
some
other
countries,
a
corporate
secretary
is
the
sort
of
the
chief
of
staff
kingpin
for
a
lot
of
the
compliance
activities
that
happen
in
in
the
company
right.
So
they
maintain
the
minute
book,
the
cap
tables
they
maintain
all
these
minutes
directors
or
evolutions.
It's
like
the
chief
of
staff.
They
control
the
meetings
and
a
lot
of
things
right,
so
they're
called
a
corporate
secretary
and
as
part
of
corporate
secretary,
you
have
to
know
law,
so
I
used
to
study
contract
law,
okay,
so
contracts
have
to
fulfill.
A
What's
called
the
legal
doctrine
for
contracts,
we
cannot
have
a
contract
to
kill
somebody,
it's
illegal,
that
it
does
not
constitute
a
current
legal
contract.
Right
contracts
must
have
due
consideration.
It
just
can't
mean
just
me
giving
money
to
somebody
that
would
give
me
back
something
a
product
or
a
service,
and
it
can't
be
just
somebody
giving
me
a
product
service.
I've
got
to
pay
them.
It's
called
mutual
consideration
right.
That
has
to
happen.
Also,
the
parties
must
be
a
sound
mind.
They
can't
be
minors,
young
kids,
and
they
cannot
be.
A
You
know
mentally
handicapped
people,
for
example,
so
they
had.
We
have
sound
mind
right,
so
there
are
about
five
or
six
of
such
what
is
called
legal
contract
doctrine.
That
needs
to
be
part.
Now
you
take
that
and
you
go
into
what
is
called
a
permissionless
open
public
blockchain
and
say:
do
I
know
how
my
counterparty
is
on
a
public
blockchain
on
a
Bitcoin
transaction.
No
I,
don't
I
have
to
give
me
a
due
consideration.
There's
no
way
of
checking
that
right.
A
So
so
the
the
the
so-called
contracts
on
an
unverifiable
public,
blockchain,
technically
they're,
beautiful,
I,
love
it,
but
from
business
perspective
they
don't
meet
the
standard
of
a
legal
contract.
That's
what
I
was
trying
to
tell
you
and
we
have
what
are
called
Ricardian
contracts.
You've
heard
of
reward
is
called
Ricardian
contracts.
By
the
way,
it
is
not
nothing
to
do
with
the
David
Ricardo
one
of
the
economists.
A
It
stands
for
a
system
called
Ricardo
that
somebody
built
you
know
way
back
and
basically
the
idea
is
that
every
contract
that
you
have
you
can
actually
digitize
that
and
key
tag
that
meta
tags
right
and
you
can
store
it,
and
but
you
take
that
whole
consequence
in
a
wait,
a
minute.
What,
if
I
take
that
physical
document
contract,
it's
a
PDF
or
a
word
document
and
I
create
the
meta
tags
out
of
that
one
and
then
I
digitally
silence
and
and
certify
that
right.
A
It's
there
it's
encrypted
it's
hashed,
so
you
can't
go
back
and
change
it
anymore
right,
but
that
same
data
fields
within
that
anything
that's
extracted
like
that
becomes
part
of
a
executable
contract
in
golang
or
in
solidity,
or
it
doesn't
matter
language
doesn't
matter,
but
you
can
create
an
executable
out
of
that
one
right,
but
every
time
it's
executed,
it
always
refers
back
to
the
mothership,
the
main
contract.
So
there
is
verifiability
and
connectivity
between
you
know
what
is
executed
versus.
A
What's
out
there
right
and
that's
the
whole
reason
you
need
to
have
Ricardian
contracts
and
that's
what
we
have
all
of
our
contracts
and
all
of
our
tokens
are
Ricardian
in
nature.
Okay,
any
questions
on
this
one,
I'm
coming
to
the
pretty
much
the
end
of
my
talk
here.
Remember
I
said
the
ecosystem
is
very
important.
This
is
the
ecosystem
that
I'm
talking
about.
Every
one
of
them
is
a
hyper
ledge
of
fabric
installation
and
I
didn't
find
space
to
put
all
of
them
right
only
a
few
of
them.
A
These
are
pretty
active
in
this
space
and
we've
spoken
to
many
of
them,
and
we
know
that
if
we
sit
at
the
table,
we
can
find
many
complementary
services
and
solutions.
We
can
offer
them
services,
they
can
offer
us
services
and
now
you
come.
It
is
very
interesting
dynamic
in
the
hyper,
let
your
fabric
world,
of
multiple
channels,
privacy,
cryptography.
How
do
you
sign
all
these
different
things?
Does
everybody
need
to
do?
We
need
pbft
everything.
No,
the
practical,
Byzantine
fault,
Holland's
consensus.
All
the
time
we
don't
write.
Do
you
need
cash
fault-tolerance?
A
Yes,
but
not
all
the
time.
So
there
is
a
dynamic
adaptive
and
flexible
way
that
all
of
this
can
be
done
and
that's
where
the
AI
artificial
intelligence
component
also
comes
into
play.
But,
as
you
can
see,
I
mean
if
you
were
any
sure
you
knew
nothing
about
technology.
Just
looking
at
this
stuff
should
stun
you
and
impress
you
and
say
where
do
I
sign?
Okay
and
that's
the
intent
of
you
know
showing
this,
because
it
is
a
very
involved
and
dynamic
community.
A
So
where
we
are
at
this
stage,
is
that
it
as
it
is
a
commercially
available
platform
in
the
business
today
with
over
55,000
clients?
And
now
we
are
completing
the
automation
of
our
core
contracts
and
I
me
personally,
I'm
getting
into
a
lot
of
conversations
with
issuers
and
other
clients
across
the
globe
having
one-on-one
conversations
and
walking
them
through
a
very
structured
process
of
helping
them
understand,
what's
involved
in
tokenizing
their
securities
and
then,
of
course,
the
development
team
then
will
tokenize
their
securities
for
them.
A
So
that
is
the
roadmap
that
we
have
kind
of
going
forward.
It's
pretty
exciting
because
we've
got
people
just
lined
up
to
do
this
stuff.
All
the
time
right
so
with
that
I'm
gonna
conclude
this,
and
hopefully
this
has
been
very
informative
and
if
there's
one
takeaway
I
want
to
tell
you
that
it's
it's
a
very
serious
business,
we
cannot
be
monkeying
around
with
unverified
participants.
A
This
is
secure
at
the
end
of
the
day.
Right
investor
protection
is
the
most
important
thing.
You
guys
are
the
investors
by
the
way,
whether
you
know
it
or
not,
through
directly
stock
market
trading
and
tomorrow,
in
private
companies.
Pension
funds,
wherever
you
are
the
investors.
Are
you
comfortable
with
this
approach?
That's
the
key
right!
If
you
can't
do
that
and
forget
it
I
ask
people
this
all
the
time.
A
I'll
say:
oh
you,
like
Bitcoin
great,
would
you
put
all
of
her
grandmother's
funds
in
Bitcoin,
hello,
no,
okay,
even
the
most
odd,
even
the
most
ardent
fan
in
Bitcoin
or
some
of
the
cryptocurrency
I've
talked
to
them.
They
said:
oh
yeah,
we're
a
big
Bitcoin.
Now
we're
a
big
supporter.
Oh
I
got
all
my
money
tied
up.
I
said
how
much
do
I
need.
You
have
tied
up
in
there.
So
I
got
almost
like
five
percent
of
my
net
worth
tied
up.
A
I
mean
the
guy
makes
like
you
know,
thirty
thousand
dollars
a
year
he's
got
five
percent
of
his
net
worth
tied
up
in
Bitcoin,
hello.
Okay,
that's
not
exactly
a
word
of
confidence.
How
much
of
my
network
do
I
have
tied
up
in
the
current
ecosystem,
100
percent
of
it
it
sees
in
the
bank.
It's
a
brokerage.
It's
in
a
pension
fund.
It's
a
mutual
fund.
It's
you
know
in
an
ETF,
it's
there,
100
percent
of
mine.
That's
how
a
contract
I
am
right.
That's
a
level
of
and
I'm
not
saying.
A
Bitcoin
is
bad
I'm,
just
simply
making
a
point.
The
point
is
that
the
real
test
of
the
maturity
of
a
technology
or
of
an
ecosystem
is:
are
you
willing
to
take
your
widowed
grandmother's
money
and
put
it
there
safely
and
sleep
at
night
comfortably?
Can
you
do
that
right
and
and
that's
the
reason
why
this
is
such
a
serious
business,
and
we
have
a
lot
of
interesting
things
to
do
ahead
of
us.
We
have
a
lot
of
technical
challenges.