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From YouTube: Hyperledger In-depth: An hour with Oracle: Enabling Tokenization Options on Hyperledger Fabric

Description

As tokenization use cases in the enterprise and beyond have become more real, the lack of built-in tokens in Hyperledger Fabric has become an issue. Hyperledger Member Oracle has developed an approach to implement fungible and non-fungible tokens on Fabric based on IWA’s Token Taxonomy Framework (TTF) model of token types and behaviors. In this webinar, Oracle will demo of generating Fungible Token (FT) chaincode and using it in an application based on the recently released version of Blockchain App Builder. You will learn how this accelerates the use of FTs and NFTs in a broad range of use cases. We’ll also discuss our plans to make use of tokens easy and quick on Hyperledger Fabric.

In the “Hyperledger In-depth: An hour with… .” series, Hyperledger members share learnings from their projects and try to answer all the hard questions about the pains of working with DLTs. It is not yet another webinar: participants will be encouraged to take part, come with prepared questions and voice opinions. Expect live demos and tutorials, stories from the battle field and hopefully some heated discussions. Let’s get out of the zoom fatigue and engage to share experiences and build a stronger community.

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A

A

Hi everyone thank you for joining us, we'll get started in just one minute.

A

Hello, everyone thank you for joining us today for this webinar, we will get started in just one minute, allowing people to kind of come in.

A

Hi everyone thank you for joining us today. um My name is karen otone, I'm the director of ecosystem at hyperledger, and um I will be hosting our hyperledger in depth an hour with oracle enabling tokenization options on hyperledger fabric. We have actually three presenters with us today, mark um gorov and luke, who you'll be hearing from throughout the hour today before we get started. I have a few housekeeping rules to just take us through. We um have an antitrust policy with all our meetings here at hyperledger.

A

Many of you are familiar with this, and so, if you are curious about this or want to learn more about it, you can look at it on our website, um our wiki or at this link below this is being recorded. um We are actually also currently live on youtube. That's another way. You can watch these webinars after the presentation.

A

The webinar recording, as well as the slides, will be available on the hyperledger.org website, so you'll be able to download things there. We do encourage participation in this session and we have quite a few of you joining us today. So thank you so much for making the time. um If you have a question, you can raise your hand, um we, you can use the q a box or you can use the chat. We will be monitoring this and we will leave time for some questions at the end as well.

A

We do have um another webinar coming up on september 15th, just so you know um these. We do these two times a month um with tallis, so keep an eye for that and make sure to register there as well. um For now, I will hand it off then, to mark.

B

All right, thank you very much. Karen. um We have an exciting session today and appreciate everybody joining taking the time to learn about technization options and how to enable them on hyperledger fabric. There is, of course, a lot of a lot of conversations about enterprise technician in particular, in addition to defy and all of the other things going on with tokens in blockchain space.

B

So I'm uh happy to have today with me, uh gurav zakar, who is going to show us a live demo of doing tokenization on oracle blockchain platform, which is hyperledger fabric based as well as luke riley from quant network who's, going to show us not only how you can use tokens, but how you can actually exchange them between oracle, blockchain or hyperledger fabric and other dlts as well. So, let's get started.

B

uh I will briefly touch on the tokenization kind of basics, uh very before review, I'm sure for many of you, this is not a new topic and then we'll delve into how we actually uh provide capabilities to automatically generate token chain code on hyperledger fabric, using some oracle tools. I will share some custom examples and then get into the demo and then have some time at the end for a brief, summary and q a so. Let me start with this brief.

B

What will use this brief summary- and this is largely based on the very good report from a forester- that I would recommend called invent the future with association.

B

Fundamentally, you know, tokenization is a mechanism that uh allows you to make assets. Enterprise assets trackable, makes them more useful and provide a lot of capabilities to automate actions and activities around those assets. So tokens can describe the kind of privileges, rights, attributes, obligations related to an asset, and then the systems that use those tokens can obviously apply those rules or control.

B

Who can do what with the assets if it's a digital asset uh tokens can, of course, leverage uh the dlt systems and enterprise blockchain or public blockchains, to support all kinds of multi-party processes right? So you have the benefits of tamper, resistance, multiple parties, time private and data immutability, all of those things that pertain to operations being done on top of tokens, which makes them extremely useful. For you know, processes around.

B

You know between different companies in the ecosystem or when there's consumers and, of course, uh if they're, a smart contract by stock and they're programmable. So you can implement a rich set of business logic. Capabilities to manage them in whatever way make sense, apply, validation, rules apply all kinds of you know, code around making those tokens useful. Now the benefits from an enterprise perspective in asset organization is that you can, if you're, dealing with a digital asset, you can actually, you know track it.

B

You know, obviously, across the enterprise across ecosystem, multiple enterprises and, if you're, dealing with a physical asset, then you're creating a digital twin of the target on a blockchain for tracking that vision as a better ecosystem or even btc, so the digital systems that actually then controls the operations can perform uh different things on the asset based on the state based on their grid rules based on the actor whose performance operations and so on, such as simple things transfer of ownership.

B

Of course, that's what we're all familiar with in cryptocurrency world right alice is going to send the payment to bob to transfer of ownership of some tokens, for example, but there could be all other kinds of rights right licenses and so on we'll talk about that more fundamentally, in our conversations with enterprise customers, uh what we find is that the tokenization in an enterprise provides significant capabilities to both affect the bottom line, which is cost savings right process efficiencies, fraud reduction, risk production, as well as stop line, create new revenue opportunities right where you could have uh complete multi-party process redesign and you can adopt new business models to help grow.

B

Your top line, uh so this is why technicians is interesting beyond the cryptocurrency world and in an enterprise context. Now, obviously you know uh you know. Cryptocurrencies and tokens came with you know. Forced blockchain was bitcoin and many of the chains after that, as well that are focused on that space. However, you know when ethereum pioneered programmable tokens between smart contracts, like here c2721 more recently, your c1155, they became much more useful because you could do more than just transfers them.

B

You could do all kinds of you know: applications built around tokenization and of course, now we see emerging networks, for example, flow there's a lot of nft marketplaces being built on that for digital arts for collectibles, et cetera. Right now, in an enterprise world, uh we have seen a number of interesting use cases for fungible tokens with fts, where fungible tokens are like money like dollars in your pocket. You could have different dollars, but they all mean the same thing or nft non-fungible tokens where it's actually unique and serializable.

B

In some sense they have a sequential serial number and those are useful for tracking parts ingredients. Doing inventory, financing we've seen some interesting cases around dsg investments, of course rights, management, ap monetization, so on now the challenge is that in a hyperledger fabric, like some of the other permission networks, there is no native token support in the infrastructure fabric has been built in the models that does not provide built-in tokenization.

B

However, many of our customers and some partners have built token-based applications by essentially emulating erc20 erc721 business logic as an application level chain code on hyperledger fabric, so this has been used as common building blocks. In fact, you know we have nfc marketplaces being built using that essentially near 721, that's emulated on fabric now that can be done, but that means everybody has to go through that process and creating the basic building block.

B

So we decided at oracle that what we really wanted to do is to provide a little bit more than that to our customers, because this was becoming a very popular uh application. Space right for blockchain, so uh tokenization implementation can, of course, as I mentioned, be provided as an application chain code, but in order to really scale it well, you have to optimize some of the peer transaction, validation, logic and fabric, uh because otherwise it will not scale very well. You couldn't do more than transact.

B

One transaction per block was- and this is c and so on. So we decided to make this possible and created a mechanism that allows us to provide standardized application chain code as a building block for customers to build upon.

B

We have a development tool, environment called blockchain, app builder, which is able to generate all of the chain code methods for basic persistence crowd operations. If you will create clearly update delete of the data assets from a specifications that define those assets, you're going to see that actually live in the demo.

B

So what we've done, then, is essentially created a sample specification based on what is the closest uh for token standards, currently at least available in the industry, and that is token taxonomy framework from the interwork alliance, token taxonomy framework provides templates and defines a meta model that defines different token types like fungible and non-fungible, their properties, behaviors, like transferable, vulnerable, mintable, etc, and we went ahead and optimized the peer logic, at least in the oracle blockchain platform, uh to make sure that when we validate organization transactions, we don't encounter mr sierras and so on.

B

So this was initially announced and released at hyperledger global forum in june, with fungible token support and available now, and we're also working to add support for non-fungible tokens for the token taxonomy framework specification.

B

Now, if you're not familiar with that specification, it basically provides a foundational spec for different types of tokens. It defines things like token units, whereas the front fraction of a whole or single tone.

B

Singleton, of course, applies to non-functional tokens, there's different value types, different representations, uh supply controls, how you control the supply of tokens and the different template types and they are defined through this sort of uh you know, quasi-mathematical formulas that include the base type behaviors additional group of behaviors and property set, and you can see some of the different behaviors properties, etc that are available based on their specification.

B

So uh when you are going to want to define a type of token the words you wanted to provide a simplified way of specifying that, and so I'm going to show you how this is something that we've implemented using our blocks in app builder, but first just a little bit about oracle. Blockchain platform, as I mentioned, based on hyperledger fabric, there's a lot of enterprise extensions to make it production ready and you know, meet a lot of enterprise requirements.

B

It's all pre-assembled it's available as a cloud option as well as on-premises uh sort of a software appliance, and uh it's open, of course, interoperates with other fabric nodes. We do a lot of that with ibm nodes with other clouds, microsoft, aws. What have you etc?

B

A lot of integration capabilities was fabric client, sdk standards, as well as adapters that we provide in our integration cloud rest apis as well, and a lot of features around enterprise grade manageability, automated devops and so on. And, as I said, there is a on-premise version available as well for customers who don't want to deploy. They cannot deploy in oracle cloud because of data sovereignty, data, residency requirements or industry issues, etc. So the same platform can be deployed basically as a virtual machine in vmware or virtualbox, and provides the same capabilities now.

B

The blockchain app builder is a developer environment, an ide that is available as an extension, basically in visual studio code. So you have full gui support or visual studio code available, as well as a command line interface cli for power users or for cd automation and based on having spec files. It essentially creates and generate uh automatically is a chain code and scaffolds, a project that you can use and to support all of the lifecycle operations related to packaging deployment, upgrade of chain code and so on.

B

Right and that's available, basically as a download tool from oracle. Blockchain platform, now the methodologies that we use, as I said, starts with creating a specification file and then generating the code automatically and scaffolding the project. You can, of course, add custom message, implementations on top or you can use the generated smart contracts and apis directly. You can deploy locally on a local fabric instance that the tool provides for you.

B

You can do testing debugging and then ultimately deploy it into the running uh blockchain network, using or in the cloud or obp, if you're, not using oracle blockchain platform for deployment. The code that we generate is pure hyperledger fabric, so you could certainly deploy it to another fabric uh implementations as well.

B

Now, in the app builder, we've created a specification based on the ttf model, as I mentioned talking extreme framework that defines the anatomy of a token specified type called tokens here. When you define the asset, you specify whether it's fungible fraction, alcohol, etc uh different, behaviors and properties associated with those behaviors, and then you can also add you know: custom properties, uh custom, attributes of surveillance and you can add custom methods and will generate appropriate signatures right.

B

So this is, you know, very much out of gtf just a simplified way using yaml or um you know other kind of specification files. You know json, etc. You can do that now. We generate then the token sdk, based on that that provides all of the implementation requirements and apis. It's based on an account based system and then based on the sdk. We generate additional 30 plus or upper functions for token lifecycle management, there's built-in security.

B

So there is ability to make to specifically assign roles like minting, burning, the notary, escrow roles to different accounts and then make sure they can be. You know the ones who can do those functions and nobody else can based on auto id of the actual. You know caller who's, invoking the function, so this is a functionality we defined in the sdk.

B

This is the basic uh if you will functions that are provided and you're going to see that in the demo and then we have the wrapper functions for initialization management of accounts, adding roles, a lot of querying and gets, of course, and then token operations underneath that actually handle minting transfer as growing things of that sort right, so you're going to see a lot of those capabilities in the demo, uh so the entire life cycle now becomes available once you've deployed this into the blockchain platform, um the setup that is done initially to initialize the token create accounts and that roles and then standard operations around issuing and transferring- and you know, burning tokens and so on.

B

Then we have of course, the whole dexicate escrow mechanism available as well all right. So this was just a very quick introduction of the approach, as I said, you're going to see in a demo. But just let me take a couple minutes and take you through a few custom examples right. We have seen a lot of interest and I try to summarize it by categories right. So uh the first one is around things like rewards programs using fungible tokens right, so you're all familiar with loyalty programs.

B

You know frequent flyer programs for airlines, but there's all kinds of rewards programs out there. For example, we've seen a project in the agriculture supply chain a rewards program to incent farmers to participate in reporting.

B

uh You know uh their data right, uh sustainability information and we have another project: we're working with uh manufacturing companies, collecting cnc factory machine data from you know their subsidiaries, as well as other companies and using tokens as a reward mechanism as well, so that they can get more data for machine learning based predictive maintenance.

B

um There are also use cases around digital currency, of course, or twins representing other kind of assets. um The perfect example is digital currency, of course, including central bank digital currencies, cbdc, which I'll talk a little bit about, but also things like, for example, royalty, accruals right. So this is basically representing a means of tracking royalties that they do in the supply chain. For example, there is some patented fabric supply chain customer and they collect royalties from everybody, who's participating or insurance back office payments.

B

Accounting, so this is not replacing the actual payments between the insurance company and the brokers or the reinsurer or the actual policy customers who are buying the policies, it's just providing in the digital twin to track all of that and provide better reporting in an environment where there is a lot of disparate systems and multiple organizations in the world- and you know it makes sense to track us on the blockchain faster than the current processes that they have in the back end um and then non-fungible tokens and, of course, you're all familiar with collectables.

B

But we see also things like ap rights for nfts, personalized media, video, etc. Those kind of things but interesting is going beyond that. You know uh ehg auditability and investing right, environmental, social governance, kind of focus, investing where people are trying to capture and quantify those things in a manner. That's a little bit more realistic and then track it using tokens. uh An inventory financing and then being able to essentially you know, use those nfts to get financing on digital exchanges is another good example, but I'm sure this is going to be an evolving area.

B

So uh let me jump through a few of these examples, so this is a customer in uh europe uh decathlon, which is a large sprint, sprint story, a large sports retailer. They have implemented a loyalty program in eastern europe built by a partner of ours.

B

The idea was to tie their stores in each country with a lot of sports teams, clubs and other organizations that provide variety of activities and participation, and so, if you buy things in the store, you get loyalty points which you can then go and have uh other organizations uh claim and exchange right. So now you buy a tennis racket.

B

You might want to sign up for tennis lessons and use the credits at loyalty point that you got for buying tennis racket to actually you know, get a credit for you know some tennis lessons as an example or no you're going to a you, know, soccer game or football game right, and uh you know you can get some points for the you know, tickets and then use those points and apply them in the store, and so this has been a very popular, very straightforward kind of retail loyalty program implemented on blockchain, because blockchain provides real-time visibility right.

B

Typically, those kind of balance updates between organizations would usually take at least a month, and people would not be able to see real-time data now, there's a blockchain environment. You can see this in real time. Here's another project. This was implemented by infosys for a sustainable agriculture project related to palm oil harvesting in indonesia.

B

There's a lot of concern about burning uh jungle, burning forests and so on, and they wanted to make sure that farmers only collect from the land from the plots that already allocated and they created a tracking program where basically, individual farmers and all of the intermediaries involved were able to provide this information ultimately to the oil mills.

B

We were then able to consolidate and provide it to the clients who are buying the oil right, big cpg companies, so they included an incentive program in here using loyalty tokens to essentially uh provide digital wallets to all of the farmers and all the other participants here, whereas they were able to accrue points and they were able to either converge them to you know: cash payments with a local bank- or you know, use the loyalty points to you, know, get credit and buy some agricultural supplies and so on, and so this was a rewards program again.

B

You know nothing too unusual here a slightly different example. I mentioned the royalty payments in the supply chain ecosystem, so we've implemented a project for a customer that provides specific specialty chemicals that they use in patented fabrics. But before you can make the garments you have to go through the fiber production yarns and then into fabrics right. Those are converted into fabrics and then fabrics are used in garments.

B

So there is a royalty tracking system here, on top of the tracking of the actual inventory information, so inventory information, kind of flows out this way, royalty flows all the way up into the supply chain. uh You know ecosystem this licensing, companies, it's licenses and materials actually, and this was implemented using the token-based mechanism as well, and so the royalties are now able to be tracked in real time as opposed to waiting to get spreadsheets end of the month.

B

uh I mentioned insurance in the past right, so this is a partner of our super money that implemented an insurance back office payments in reconciliation where multiple organizations I mentioned, the insurance company itself, the brokers at sales insurance, which are typically external organizations, uh the clients who buy insurance and actually pay for the premiums and then reinsurance at the end of the day, as well, they're all able to trust us in real time, because all of those payments are visible in a single place on the blockchain platform using tokens.

B

um Central bank digital currency is a very interesting topic of conversations these days and uh what you find is that, of course, there is a lot of different implementations right, so we're working on some projects in this area, and we have been working with some partners to implement a solution. Of course, using tokens to represent the actual currency.

B

um There is a mechanism that allows us to basically use multiple channels to provide charging mechanism, uh there's also a wholesale channel, there's a central bank involved, and then there is what we call this narrow banks, the transaction and custody institutions tcis which actually provide user account management. Kycaml information, there is obviously things that need to be checked once the user are able to.

B

You know, make the payments in some cases anonymously, but depending on the amounts, depending on certain conditions, they may need to be anti-money laundering or other kind of checks that are done in the system. Maybe people get blacklisted things of that sort, so there is a contextual privacy mechanism as well. This is the topic of a whole separate presentation we might do someday, but just wanted to point out that tokens, of course, are very important aspect of uh distributed ledger for cbdc and another example.

B

Here I mentioned nfts in particular, so we're working with a partner wires, a company called zua that provides a local templatize based uh white label, nft marketplace capability on oracle blockchain and uh in order to implement it, they are using tokens as well right.

B

So there is nft tokens that are being implemented using grc 721, but in some of the scary cases, for example, you have a customer who is working on a live event streaming and fan community platform kind of a you know online theater experience if you will and they're going to have a fungible token reward system as well. That can then be used to purchase and fgs.

B

In addition to fear, uh there is a personalized video company, that's creating fan experiences uh from specific videos in sports or entertainment industry and so on, something similar and then finally, a news media. That's looking to enable um you know the freelance contributors to create and then sell nfts as well. So there is a lot of different, interesting applications here now. Let me um take a couple minutes and help set up the context for the demos that you're going to see and we're going to explain what the demo will look like.

B

So we are doing an airline loyalty program. Example here right, so we have an airline company and we have a frequent flyer. The frequent flyer gets some points of order. Then they want to use those points for a car rental right. So there is a current partner in the airline loyalty program and they're going to take the 500 loyalty points, they're going to spend 300 on the car rental um and then they're going to have 200 points left.

B

So what they want to do is actually want to transfer this into ethereum on your situation using years. 20 coin, that's provided by the airline right, so the airline provides this kind of capability and so you're going to see the first part of the demo, which is going to be done on oracle blockchain, followed by an exchange with ethereum here right, uh so just to be a little bit more specific here.

B

So the players, the actors- we have utopian airline, which is uh you know, airlines and setting this up, and they have an admin that handles initialization, setting up of accounts, adding roles and so on.

B

Then we have an airline manager who will actually issue tokens in the wardrobe, uh probably through a setup automated in a you, know, airlines, erp system right, so the airline manager going to issue tokens and then transfer it to a consumer flight traveler here, michael greg, who is actually a frequent flyer now michael greg, is going to use the tokens and he is going to redeem some of that with a car rental company.

B

So we have a car until manager user id for this fast travels and uh then they're going to burn tokens to actually cash out with airline company um and so you're going to see blockchain nodes for the airline and for the car. Rentals there's just two nodes in the simple network, but then, as a frequent flyer, michael gregg is going to look at his tokens, because here I have you know some tokens left here.

B

Why don't I exchange them within the ethereum coin and the only reason we're not doing it purely with ether, but with a you know, uh if you will a coin, a different coin is because just easier to set up a demo for that you can always do it directly with you know, ethereum ether, and you know you could do it with other coins as well, and this is the exchanges being facilitated by the quant networks and we're going to see that part of the demo as well uh the ways that exchange works.

B

It's using something called hash time, locked atomic swaps, which, if you're not familiar with I'll, briefly explain. So we have essentially uh two entities here. We have uh the traveler and we have the airline.

B

The traveler will generate a secret. You can think about it as a in a one-time. You know password, maybe they're, going to actually do an asgrow transfer to logs. If you know their fiat or their current, you know oracle blockchain tokens and on an escrow account, and then they will send the hash of that to an ethereum, smart contract.

B

That's provided here as an escrow.

B

The airline will lock the erc20 on ethereum and then, when the flight traveler claims it uh in step five they're going to actually provide that uh secret right in order to unlock the escrow.

B

At that point they have in their account on ethereum uh some amount of coins. The airline manager has a can retrieves its secret and then using that they can claim the tokens on rbp network and so you're going to see this exchange. This is a very classic hash time, lock mechanism, that's used for a lot of atomic swaps and can be used with in other kind of networks.

B

And what you're going to see is a quant network, overlogic gateway being used. It provides a front end to be able to interact with multiple types of blockchain different ledgers right, so they support a great number of them, not just ethereum but corda and quorum and ripple and stellar and so on, and they can support a number of different orchestration scenarios.

B

We are going to do the scrolls dlt asset ownership, swap that you'll go to see in a demo, but you can also do things like dual logging, where you're confirming, for example, transaction oracle, blockchain on the public network, we're putting a cache, maybe more complex orchestrations, where you have some kind of a business process with purchase order, invoice matching that's being done in oracle blockchain, and then there is maybe a payment to settlement on another network right. So there's all the different orchestrations that are possible through the rest apis that they provide all right.

B

So with that, let me turn it over to gurav who is going to take us through the demo.

C

Thanks mark, let me share my screen.

C

Yeah, please, let me know, wants you to see the screen.

C

Okay yeah, so uh what mark mentioned about the demo so I'll take care of the first part of the demo, where we will quickly uh implement the entire loyalty? uh Token implementation through the blockchain app builder, and then luke will take us through the exchange of the tokens with with the ethereum ese 20..

C

So before we jump into the blockchain app builder, I'd like to quickly touch upon on how the network is structured for the loyalty program. So for this we have uh two organizations which are forming the entire network blockchain network.

C

The first is the utopian airlines uh organization where which has so we we are using the oracle blockchain platform for creating this entire network uh over over here under the utopian airlines organization.

C

We uh european organization is on boarding three different users: the loyalty program, admin who would be having the admin privilege to initialize the token, create accounts and assign the mentor role to a specific user.

C

Then we have the airline manager who would be issuing or minting the token and rewarding the token to the flight traveler and the flight traveler user. Who would be redeeming the token with the car rental corporation?

C

uh This is the first organization that we have and the second organization is a car rental corporation, where we have the car rental manager, who would be burning the tokens uh uh from the airline company to get the cash out from the airlines. uh So let me quickly jump into uh the blockchain app builder. So, as mark mentioned, uh blockchain app builder comes up with two different flavors, so we are going to use oracle blockchain app builder, vsport extension.

C

uh This is where you will land up working with the blockchain app builder is very easy, so it's just a four-step process uh and the first step is to define the specification file so for the loyalty program we have defined the specification file over here you can, you can see that we have defined the assets under the specification file, so there are two different types of assets created under the specification file.

C

One is a token asset, and this is the loyal talk, token asset, which manages the complete life cycle of the loyalty token you can define what type of token it is, which is fungible non-fungible, whether it's fractional or whole, and you can define all the different behaviors uh suppose they're divisible, mintable, transferable, so on and so forth, and you can also define the different custom methods like I have defined over here as the as a currency, name or token to currency ratio or effective from date.

C

So this is the token asset and the second type of asset is a generic asset. So, under the generic asset we have two different assets created. The consumer loyalty is the generic asset, which maintains the entire flight. Traveler related account details and the second one is merchant details which contains the information about the airline manager and all the partner related details.

C

Along with that one. You can also define the custom methods so over here. For this specific use case, we have defined four different custom methods, uh initialize merchant, which would be initializing. The merchant related accounts initialize consumer, uh the flight traveler related accounts, reward loyalty tokens which would reward the loyalty token from the airline manager to the flight, traveler and redeem loyalty tokens where the flight traveler will be redeeming, the tokens uh with the car rental corporation.

C

So this is the first step. The second step is to scaffold the chain port and you can scaffold the chain code or auto, generate the code so very easily, so we can just mention it here as uh ill loyal, loyal one as uh as my first chain port and I can choose which kind of language I'd like to generate it on. Let's use, go and specification file. The specification file that I showed you over here so I'll just choose a specification file and then I will click on the create.

C

So it will auto generate the entire chain code and I can show you, after after it's auto generated. So basically it will create two very important files, so within uh within after after it is generated, one is a controller.go file. Another one is a model.profile.

C

The controller.profile will actually contain the entire information or the all the methods which are required to implement the token chain code, so it will contain all the information about it and the model dot profile will contain the enter asset structure. Whatever we have defined in the specification file, it will create the asset structure. So now it has auto generated the chain code here. So let us quickly check uh you can see it over here that under this the controller dot go file.

C

It has all all the methods related to the tokens are auto generated, based on the behaviors that we have set and at the end we have all these custom methods which, uh where, where you can key in your custom logic so for the ease we have already keyed in all the custom logic here, so I'll quickly switch on to the controller file where we have keyed in the custom logic for for for those four different methods you can see. So we have just entered the custom logic here, so you can.

C

You can actually define the custom logic and once you have defined it, you can deploy it. So we can quickly deploy it either on the local hyperledger fabric, uh the blockchain app builder comes up with the local hyperledger in the environment or you can define the oracle blockchain platform environment so I'll quickly, deploy it on the utopian airlines organization.

C

The channel is loyalty program and you can define the ear. That would be the admin for this. So for this we uh we we. We want the token admin to be defined here during the initialization process. So I just mentioned it as a utopian airline and the user. Id is loyalty, proof from admin, so you can just define it here and then once they deploy it, so it will.

C

It will start the deployment on the oracle blockchain platform on the utopian airlines organization and it will first install on the piers and then instantiate on this specific channel. So by the time it is uh getting uh instantiated installed and instantiated on the channel, we'll quickly check uh that how the model file is structured here. So you can see that, as I mentioned in the specification file, we have uh the two different types of assets defined.

C

One is loyal, talk which maintains the entire token life cycle, and you can see that all the assets, what all the attributes, whatever we have defined in the specification file these are mentioned here itself and and uh the the second type of asset, is the generic asset where this consumer loyalty and the merchant details are already mentioned here. So you can see that this these are already mentioned, and you can also define the different validation, so I have defined a validation as active or inactive.

C

So if you see her here, these are something which are defined in the specification file, so you can also uh do that so now, by the way it has been deployed on the uh oracle blockchain platform and uh we can execute the rest apis uh for the token through the through the postman.

C

So, as mark mentioned in the flow, we have these four different personas the admin would be initializing the token and then you create the accounts and add the roles, uh airline manager issue or the mint. The token reward the tokens and flight traveler redeem, the tokens and car rental manager to burn the tokens, so I'll go one by one, so the the first is uh the initialization of the token. So we can just initialize the token here, so uh it you can.

C

You can see that this token uh loyalty ltop2 has been initialized with all the behaviors. Whatever we have set in the specification file, the second one is to initialize the account manager, so airline manager, user id uh with the cal energy user id will create the account and we're just creating the account for the ln manager. So we have already created it. The next one is to create the account for the card rental manager and we'll just use the postman to execute it.

C

So it has also also created the uh uh merchants that car rental manager generated details. The next one is the flight traveler and the flight traveler is michael craig, so we'll create the account for michael greg, and so so so now we have uh initialized the token and created the accounts. The next one is to add the mentor role to a specific user and we are going to give the mentor role to airline manager, so airline manager would now be the minter, so I'll just uh add the minter role to the lm manager.

C

So now you can see that ln manager has been added with the major role uh and and at any point of time, if you'd like to check that uh what uh details we have entered so we can actually query it. So all these are auto generated uh codes, so auto auto generated methods. You can also execute it to check the consumer related details, so we we have already achieved about. We have already completed admin related operation and will slowly move towards the airline manager where he would be issuing the tokens or minting the token.

C

uh So he is going to mint 500 tokens and we will just execute it, and you can see that after the execution, the 500 tokens are minted. Now he would be rewarding those 500 tokens to the flight traveler. So we'll just execute the next one to uh execute uh to to just transfer it to the flight traveler. So he rewarded 500 tokens and you can check his account balance or the account transaction details.

C

So you can see that 500 tokens was initially minted by him and now 500 token is debited because he just transferred it to the flight traveler. His current account balance is zero, uh and now we have also achieved the the flow for the airline manager and then we'll go to the flight traveler, so flight traveler will uh will transfer or redeem 300 tokens so 300 tokens he he just gave it to the car rental manager.

C

And if you check the transaction history, you can check that 500 was initially uh credited to his account by the airline manager and then he burned he uh transferred 300. So his account balance is now 200 over here and uh then the car rental manager, who is the last uh persona in this flow, and he will be burning the token. So you can see that uh he uh once once it burns this 300 tokens. So he just burned the 300 tokens. This 300 tokens burn and you can check the transaction details.

C

You will find that 300 token he received before through the credit, and then he burned 300 tokens now, uh so his account balance is zero. So this is the overall flow with the with a very uh short span of time. We just uh created the token chain code and implemented the entire flow, which is actually all this token check code is almost auto generated, so with this I'll just hand it over to luke. Who would be showing that?

C

How that uh how the tokens, how the leftover tokens can be exchanged with the ethereum esc-21 over to your leave.

D

Thank you very much gorov and I will share my screen desktop 2 and great. So here we are. I just noticed that, of course, our ethereum blockchain is running very slow today, so we'll get through as much as we can live and then we'll switch to uh our last valid run. If we need to so what we're going to do with the remaining loyalty tokens, we are going to swap them on uh to a more liquid asset on the ethereum block chain, so we're going to put them into escrow um and by the well.

D

The flight traveler is going to put them into escrow the oracle blockchain. The airline manager is then going to escrow some erc 20 coins on the ethereum and then we're going to atomically, swap them using our hash, timelock method.

D

So just to keep in mind that the escrow contract and the oracle token contract were created by the blockchain app builder and then the escrow contract on ethereum and the erc20 token controls is um more standard solidity. So, let's move ahead to step one step. One is the flight traveler, with his remaining uh 200 loyalty tokens he's gonna unlock them for a specific time, uh using a specific secret, and only the flight traveler has this secret, um and should the secret be revealed on the oracle blockchain, then the airline manager will receive these coins.

D

So this step one is creating the escrow object, so you can see that all the parameters have made it into the escrow and then step two is to move the tokens into the escrow. So we need to. We need the same escrow id into the body.

D

Which will move the the the tokens into the escrow? So now the loyal tokens have have left the flight traveler gone into a smart, contra escrow and is awaiting the airline manager to create the corresponding escrow on ethereum.

D

We should note that you can connect to both blockchains with overledger uh or you can connect direct to the oracle blockchain using the oracle rest proxy. So here number one on the postman is using the oracle rest proxy, as you might be more familiar with that native method.

D

So let's switch to the airline manager on the ethereum blockchain, and this is the airline manager's id in the corresponding escrow and ethereum. We need the same um escrow id. We need the same hash um and we need to put in the token amount, so let's prep this transaction using all the ledger version two.

D

So we have a generic um generic blockchain message that we've sent to overledger over there just come back with the native data, and then I need to sign this native data uh off well off chain client side and to not to not pass the private key to any middleman. So I'm just signing that now. I'm going to bring back the signed transaction one second,.

D

Okay, so I've got the signed, create escrow request and now we're going to execute the create escrow request, so we'll send that back to overladger and overledger will give us a transaction id that relates um to that request. So let's have a look for it on this third-party block explorer.

D

So we can see yeah, it has appeared on the third-party block. Explorer has gone through over ledger to the node in the native data um style. Let's have a little bit more look at this native data. It's the same information that we saw on the oracle blockchain side same escrow id same hash.

D

This is for 60 tokens on the ethereum side, because it's got two decimal places. That's the token contract address, so I'm going to now uh switch to the last run, because yeah these blocks have not been confirmed for a long time.

D

So um what would happen live is that this crate escrow order is with step five on this screen. It would get confirmed on the blockchain. Then the flight traveler would read the escrow information to check its corresponds to the escrow created on the oracle blockchain side, and if that is true, then the flight traveler would release the secrets on the etherium side, to close the escrow to move the erc20 coins from uh the esco smart contract to himself.

D

So let's have a look at the last one that where this occurred, so this was um a crate. uh This was a crate escrow request and it was going from the airline manager to the escrow smart contract for for four coins and um then on the second transaction.

D

We had the close escrow request and it was going from the escort smart contract back to the flight traveler's address after the unlock, after the reveal of the secret phrase, and the secret phrase was the oracle demo of secrets.

D

So if we use that secret phrase on the oracle side, we'll be able to close the escrow on the oracle side to move the tokens to the airline manager.

D

So we can see the secret phrases has gone um into a transaction, that's broadcast on the oracle blockchain and these tokens have been claimed.

D

So I think I think that that's completes this demo. I think we've got a few minutes for questions.

B

Yeah great thanks, luke appreciate it uh yeah. Let me just uh bring up a summary and then we'll take a few questions and I'll also go through uh live some of the questions we heard on q and, as there are some really great questions here, but you know just as a summary. What you saw here basically is the mechanism that first of all supports straightforward implementation, easy to use implementation of tokens for variety of enterprise, use cases allowing you to generate the code out of the box, which means you have faster developer productivity.

B

You can use low code approach, you can easily go and tweak specification. It will automatically regenerate and redeploy all of the smart contracts. It follows ttf standard in that space and, of course, we've also been able to show you how you can then exchange those tokens with other dlts like ethereum.

B

The idea here again is to make all of this easy without requiring very complex skills. There is obviously a dose of development, chenco development expertise out there for all kinds of enterprises that are looking to build something and by providing a pre-assembled blockchain infrastructure based on hyperledger fabric, with all of the capabilities that we have added for enterprise kind of requirements, rapid development using up-build, the tokenization support it's now available and optimizations in fabric itself to actually make the organization scale.

B

I think this is a great set of capabilities that can be leveraged to actually allow people to build broad range of organization use cases. What we've actually done recently is uh in addition to providing this in the blockchain up builder. uh We have actually integrated a sample in our blockchain platform.

B

So if you happen to be using oracle, blockchain platform or you can go into cloud and provision a free instance free trials available once you provision it in our console, you can go on the developer tools, samples page- and you will see towards the bottom here samples that we provide called fiat money token, where you can actually deploy instantiate. You can invoke the token functions automatically, so you don't even have to go through the app builder if you just want to play with the sample it's already built in as a platform right with that.

B

uh We'll take some questions. I'll leave up this page for additional resources. If you want to look at variety of things that you have available, you can go read up more on oracle blockchain. We have a post yesterday, guru and I put on our blockchain blog. There is a detailed video on how to use app builder and variety of other things, and then you can go to actually our blockchain platform and sign up for free tier as well.

B

But uh let's take some additional questions here, um so uh let me go and actually ask a few go back to some of the questions I've answered. You know online, um so there's an interesting question here: what is the biggest concerns or difficulties for enterprises to actually implement tokenization?

B

um I think there's two fundamental issues. One is, of course you know the skills involved. You have to make sure that you know you can bring the right skills at the business level and technical level, but then the other questions and becomes is, if you're doing this on a public blockchain right. There is all kinds of issues with scalability performance uh response times, as well as legal liabilities.

B

Right I mean, and all of the uncertainties there, depending on who you're dealing with if you're doing this, for a b2b use case and the permission blockchain provides a much better platform.

B

So there was a question about the demo who owns admin, rights to blockchain network carolina, carrento dan says neither they both do the boss of nodes and they participate equally in the operation of the network. Of course, other partners can be added and there's different governance models for things like consortiums and other things like that.

B

Okay, um let's see there was a question about uh sharing public use cases uh for some of the saying, so um we are going to share once available oracle kind of take customer confidentiality, pretty you know seriously, and some customers are not ready to talk publicly until they have something deployed in life. Some of these capabilities are fairly new over legend integration and certification was done uh a few months ago in the spring.

B

That organization came out in june, so we're still working with customers who are in flight, but certainly uh hopefully, in a few months, we'll be able to announce some public references as well.

B

um Let's see anybody wants to raise a hand, and you know we can also take some questions live. uh You know if we can open up the lines for that.

B

uh Yeah, I see nathan, phillips um karen conveyant and mute nation. I guess.

E

B

Yes, don't yeah, I can hear you.

E

Oh great uh yeah, first off. um Thank you karen mark uh gaurav and luke for uh talking today. uh I just have a question. um In the demo uh we saw that ethereum was having a little difficulty confirming the transactions.

E

um I was just wondering: what do you suggest your or enterprise clients uh when difficulties like this happen?.

B

So maybe this is something we can comment on as well, but we were using test net version. Obviously, so this is not the actual. You know main net itself, um but you know with ethereum. You obviously you know might want to uh wait certain amount of time so the number of blocks and uh then you might want to retry the transaction redrive it right. You know that's uh the basic mechanism with public chains.

D

So sure you could retry the transaction with a higher fee, um but yeah just keep keep replacing the gas fee. The problem there we're just having a low amount of blocks really because it is a test that so there's less miners on on the network, um but yeah, that's probably gas fee is the only thing you can do really or um just be familiar with. You have to wait.

A

Thanks so much nathan, third question.

B

A second question here: if I can just read uh from somebody: do you have programs for startups to join? Actually we do you can go to oracle.com, startup, startup or startups plural. Try both, and there is a program where we work with a lot of startups and there is a particular kind of a you know lane in there for blockchain related startups as well, because more closely with that team. So yes.

B

There's a question here about internetwork alliance uh joining or merging with global blocks and business council. I cannot, you know, seen all of the details yet, but we'll certainly be watching that space. I think the token taxonomy framework is an evolving standard. Of course you know it's not a kind of the george standard, but it provides from what we've seen at least in the industry over the last year, to probably one of the best starting points, so we feel comfortable using it and, of course, as it changes evolves, you know uh follow that.

A

And there was there was one question here mark on why why use uh ethereum for a token exchange, if they're, using.

B

Temperature, uh you know uh we just wanted to show a demo of israel non. You know, non-hyperledger network people are always concerned about interoperability. Ethereum is, of course, you know pretty popular. They are well known so since we could only fit one in the demo time available depict ethereum, but you know I'm sure that look and comment on that they could do the same thing with score the quorum.

B

You know anything else out there.

D

Yeah with many others and uh well, the advantage that we had here using the public ethereum network was that we could use the the block explorer. That's already was already familiar to many people, uh but yeah. We can do many of the chains I'll stay on the website.

B

Yeah, I mean you, don't even need to do token. Exchanges. Of course I mean you can just keep the tokens on. You know hyperledger fabric and just use them there. It's just that. It's a question that often comes up, so we wanted to cover that as well as a possibility.

A

All right, thank you so much mark luke and gaurav, and thank you everyone um for the fascinating question. This has been um a really informative session. um I would like to invite everyone to go to our events page, to find the I can get the screen to share.

B

Yeah, let me stop sharing here yeah there you go.

A

There we go um like I mentioned um earlier. We have um another one of these webinars coming up in a couple of weeks and.

A

You can always engage with our community um on our wiki.hyperledger.org or also um on our website as well. Look at our events, page you'll find the slides for this session, where you can download them um and uh on our youtube page. This session was streamed live.

A

We also have many many more sessions related to tokenization, um just many of the use cases that were touched upon from our recent global forum back in june that you can also find on our youtube page and finally, like I said, there's many different ways you can get involved both on our website events and our wiki page as well. So we look forward to seeing you there and seeing you at a future session. Thank you. Everybody have a great rest of your day.

B

Thanks everybody.