►
Description
Hyperledger member BondEvalue broke through barriers when it unveiled the world’s first blockchain-based bond exchange that allows investors to trade BondbloX Bond Exchange - $1,000 fractions of traditional wholesale bonds.
How did BondEvalue democratise corporate bond trading using enterprise blockchain? What’s next?
Join this highly anticipated Hyperledger member webinar today to hear firsthand from the team who solved the tech, regulatory and accessibility challenges to open this international, trillion-dollar market to ‘individual’ investors.
Panelists:
Arijit Das, SVP Digital Asset Innovation Technology, Northern Trust Corporation
Raj Kannan, co-founder and CTO, BondEvalue
Ryan Marsh Global Head, DLT & Digital Innovation, Securities Service, Citi
Julian Gordon, Vice President, Asia Pacific, Hyperledger, Linux Foundation APAC
----
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
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 #HyperledgerMeetups #Blockchain
A
All
right,
good
afternoon
and
evening
to
everyone
in
asia,
pacific
and
good
morning
to
all
in
europe
and
very
very
early
morning
to
some
of
those
from
the
us,
I'm
julian
gordon
I'm,
the
vp
for
asia,
pacific
for
hyperledger,
and
I'm
delighted
to
be
here
today
introducing
this
special,
in-depth
hyperledger
member
webinar,
with
bondi
value
on
their
bond
blocks.
Bond
exchange.
A
The
flow
for
today
is,
we
will
start
with
introductions,
then
a
special
presentation
on
bond
blocks
by
raj
khannan,
who
is
the
co-founder
and
cto
of
bondi
valley,
followed
by
a
distinguished
panel
with
q,
a
and
what
an
amazing
panel
we
have
with
us
today.
A
truly
expert
lineup
of
leaders
in
blockchain
and
capital
markets
and
they're.
All
part
of
the
team
that
made
the
world's
first
blockchain
based
bond
exchange
possible
bond
blocks
bond
exchange,
which
allows
investors
to
trade
thousand
dollar
fractions
of
traditional
wholesale
bonds.
A
If
you
have
any
questions
during
the
webinar,
please
use
the
q
a
function
in
the
root
zoom
chat
just
at
the
bottom
down
here
and
submit
them
there
and
we're
going
to
gather
questions
and
some
we
will
answer
during
the
during
the
discussion
and
and
then
we'll
also
have
a
q
a
at
the
end,
and
with
that
I'd
like
to
ask
each
panelist
to
briefly
introduce
yourselves
and
your
role
in
this
era
in
this
area,
we'll
go
alphabetically
so
starting
with
arjit.
So
arjek.
Could
you
please
introduce
yourself,
please
arajit.
B
B
Is
I've
been
in
the
industry
with
technology,
finance
and
banking
for
about
30
years
across
different
different
banks
have
had
different
roles,
but
what
I
currently
do
is
I
I
lead
a
team
of
developers
and
technologists
who
focus
on
emerging
technologies
and
how
it's
relevant
to
our
business
and
in
that
context
I've
had
the
pleasure
to
work
with
raj
and
rahul
and
the
others
in
the
team
to
come
up
with
what
you
were
describing
julian.
It's
been
an
exciting
journey
and
looking
forward
to
talking
more
about
it,.
A
C
C
I
have
worked
over
the
last,
maybe
25
years
across
various
technology
roles
in
finance,
across
both
technology
companies
and
financial
services
companies,
and
it
includes
from
hardcore
development,
architecting
solutioning,
all
the
way
through
to
more
business-focused
roles
like
product
management,
pre-sales
marketing
and,
ultimately,
my
last
role
is
to
head
treasury
markets,
technology
at
dbs
bank's
hyderabad
center,
so
at
bondi
value.
Of
course
I
manage
all
of
the
technology,
but
I
also
occasionally
wear
the
business
hack
as
needed.
A
D
Hi
everyone
great
to
be
here
good
morning
good
afternoon,
so
I'm
based
in
london
and
I'm
the
global
head
of
dlt
and
digital
innovation
at
citibank
security
services
division.
So
my
team
are
responsible
for
internal
and
external
initiatives
covering
a
broad
range
of
digital
technologies,
including
things
like
tokenization
and
digital
assets.
So
it's
really
good
to
be
here
today.
I
think
I'm
in
the
minority,
I'm
not
a
technologist.
A
Okay,
thank
you
ryan.
So
what
I
was
asked
to
do
now
is
to
start
an
event,
it's
kind
of
set
the
scene
by
giving
a
very
brief
explanation
of
blockchain
technology
and
why
it's
so
key
to
making
all
what
we're
going
to
talk
about
today
possible
where
hyperledger
fits
in
and
how
that
supports.
The
amazing
work
by
bondi
value
and
I'm
going
to
do
that
by
just
quickly
sharing
a
slide
or
two
yeah.
Then
there.
A
A
Blockchain
technologies
allow
multiple
different
parties
to
securely
interact
with
the
same
universal
source
of
truth
that
they
can
all
trust.
So
the
key
here
is
trust.
Once
you
have
trust
between
multiple
parties,
you
can
create
many
exciting
new
business
opportunities
and
you
can
vastly
improve
many
existing
operations.
A
A
The
ability
to
protect
against
fraud
and
accuracies
and
to
streamline
operations,
cut
costs
and
approve
efficiencies
is
revolutionary,
and
that's
what
we're
seeing
today
in
enterprise
blockchain
in
the
blind.
In
the
bond
blocks
case,
you
will
hear
from
raj
who's
going
out
going
to
present
after
me
on
the
on
bond
blocks,
the
many
benefits
of
using
blockchain,
including
the
ability
to
settle
at
t
plus
zero.
So
that's
instant
settlement
of
bond
transactions
is
no
read
for
reconciliation.
A
As
on
a
blockchain,
everyone
is
working
with
one
immutable,
universal
source
of
truth.
Second,
he
will
show
how
blockchain
gives
the
ability
to
create
new
products
such
as
fractionalized
bonds.
That's
that's
blockchain.
Also.
We
want
to
be
clear.
What
type
of
blockchain
we
are
discussing
today,
which
is
the
enterprise
blockchain,
is
what
we're
using
today,
I've
kind
of-
and
I
think
one
of
the
best
ways
to
do
that
is
to
look
at
the
at
the
history
of
blockchain.
A
So
I
kind
of
put
it
into
three
phases:
2008
was
bitcoin,
and
that
was
the
amazing
satoshi,
whoever
she
they
were.
We
don't
know
right
and
they
pulled
together
that
white
paper
and
created
a
bitcoin
which
is
a
cryptocurrency
and
then,
after
five
years
we
had
the
the
third.
The
second
kind
of
phase
I
look
at
was
a
theorem.
A
One
in
terms
of
regulatory
concerns,
one
in
terms
of
performance
at
that
time.
So
a
lot
of
businesses-
and
I
was
around
that
time-
2002
15
16
said
that
we'd
like
to
create
enterprise
blockchain,
which
has
a
kind
of
kyc.
We
know
who's
involved
in
it,
there's
no
mining
and
it's
fit
for
purpose
for
businesses
of
that
time.
A
At
that
time,
there
were
a
number
of
of
efforts
going
up
being
developed
around
the
world,
and
high
pleasure
became
a
place
along
within
linux
foundation,
where
people
came
together
and
started,
developing
dlts
or
enterprise
dlts.
What
we
call
in
permission,
so
it
has
the
kyc.
All
parties
are
known,
it's
in
a
controlled
environment,
improves
performance
and
is
is
better
from
a
regulatory
perspective.
A
So
I
just
want
to
make
sure-
and
we
understand
we're
not
looking
at
cryptocurrency
here-
we're
looking
at
at
enterprise
blockchain
and
I'm
just
going
to
show
you
very
quickly.
This
is
all
the
technologies
within
hyperledger,
ultimately
we're
an
open
source
software
initiative
from
the
linux
foundation,
and
we
have
a
number
of
different
platforms,
and
today
we're
going
to
be
looking
at
at
sawtooth,
which
you
can
see
up
on
the
top
right
hand
there
so
raj
that
was
a
quick
covering
of
blockchain
and
and
our
technologies
and
what
enterprise
blockchain
is.
C
So
with
that
I'll
just
get
into
who
we
are
at
bondi
value,
and
we
are
a
team
of
bond
market
experts
and
we
are
best
defined
by
our
vision,
which
is
a
world
where
more
investors
can
trade
bonds
on
the
go
without
restrictive
minimum
investments,
and
we'll
just
talk
a
little
bit
about
that
in
a
moment,
and
we
have
implemented
this
via
a
fully
regulated
bond
exchange.
That's
based
on
blockchain
and,
of
course,
we'll
talk
a
lot
more
about
this
as
we
go
forward.
C
So
some
of
the
key
pain
points
in
the
existing
bond
markets.
The
bond
market
technology
has
not
changed
significantly
in
the
last
several
decades.
Even
though
the
underlying
bonds
have
issuances
or
trading
of
bonds
has
exploded.
Like
you
know,
maybe
a
hundred
times
over
right
trading
still
happens
over
phone
calls.
The
minimum
ticket
sizes
of
bonds
are
typically
in
the
us
dollar
200
000
range,
which
makes
it
inaccessible
for
millions.
C
The
complexity
of
bonds
requires
deep
domain
and
technology.
So
that's
why
it
has
not
really
happened
to
the
extent
it
should
and
that's
where
the
bond
blocks
bond
exchange
comes
into
being
so
we
are
live
today.
We
are
an
electronic
exchange
that
allows
you
to
trade
bonds
like
equities,
it's
transparent
and
it's
fair
as
an
exchange.
C
C
C
C
So
how
does
this
work?
So?
I
I
wanted
to
use
a
couple
of
examples,
or
example
a
couple
of
the
flows
that
we
have
to
give
you
an
insight
into
how
this
works.
How
does
d
plus
zero
or
instant
settlement
work?
How
does
the
fractionalization
work
right
and
what
is
the
kind
of
anonymity
we
have?
So
with
that?
Let
me
start
by
talking
about
fractionalization,
so
the
fractionalization
of
bonds,
conceptually,
is
very
much
like
depository
receipts
if
you're
familiar
with
it.
C
So
if
you
look
at
what
happens
a
market
maker
who's,
a
member
on
our
exchange,
can
bring
in
a
bond,
let's
say,
200k
of
a
hsbc
perpetual
bond
by
transferring
it
to
to
our
custodians
and
and
then
the
custodians
then
custodialize
and
safeguard
the
bonds
and
the
confirmed
receipt
of
this
to
the
blockchain
right.
So
this
actually
is
in
the
form
of
a
transaction
to
the
blockchain,
and
they
just
confirm
it
to
their
nodes.
C
When,
when
that
happens,
I'm
just
going
to
segue
into
what
then
happens
under
the
hood,
so
we
use
hyperledger
sawtooth
and
what
then
happens
under
the
hood
is
that
the
transaction
gets
distributed
to
all
the
nodes
in
the
network.
One
of
the
nodes
we
use
pbft
consensus,
so
we've
looked
at
various
consensus
and
pbft
is
both.
C
C
Foreign,
the
node
one
of
the
nodes
plays
the
role
of
a
leader,
and
this
is
rotational
and
it
distributes
it
orders.
These
blocks
orders
these
transactions
into
blocks
and
distributes
it
to
all
nodes,
and
then
the
transactions
are
executed
by
all
nodes,
so
so
in
the
blockchain
system,
it
isn't
that
one
node
executes
the
transaction
and
just
sends
the
results
to
everyone.
All
nodes
actually
execute,
and
this
is
how
it
is
how
it
defends
itself
right.
C
Then
just
traditional
databases
where
data
can
just
get
passed
across
to
each
other
all
nodes
then
compare
results
with
each
other
and
a
node
will
then
begin
to
commit
only
if
two-thirds
of
the
network
greater
than
two-thirds
have
identical
results,
so
it
ensures
that
no
nodes
can
can
have
or
or
a
set
of
nodes.
If
they
have
change
the
way
transactions
are
processed
right,
the
network
can
still
defend
itself
against
that
right
and
each
node
then
comments
that
block
to
its
ledger.
C
So
if
you
go
back
to
our
use
case,
the
custodian
has
passed
this
transaction.
It's
gone
to
all
the
nodes,
the
consensus
process
has
run
and,
and
then
what
then
happens
is
that
the
ledger
gets
updated
and
one-to-one
back
bond
blocks
are
created
on
the
blockchain.
So
all
the
ledger,
all
the
ledger
and
all
the
nodes
update
and
you
can
see,
there's
an
anonymous
account
for
the
market
maker.
C
We
don't
store
bii
or
anything
else
on
on
the
blockchain,
and
this
is
200.
000
are
available
off
that
bond,
but
in
fractions
of
thousand
dollars
right
and
one
of
the
really
cool
things
about
about
some
of
the
blockchain
networks,
including
sawtooth,
is
that
you
can
each
node
will
then
send
out
events,
so
anybody
connected
to
that
node
will
actually
receive
that
update
instantaneously
via
events.
C
C
We
also
allow
for
bonds
to
be
funded
back,
so
we
call
it
a
dual
fungible
structure,
so
they
can
be
funded
in
and
in
a
similar
process.
If
a
market
maker
wants
to
take
the
200
000
back
to
the
secondary
market,
they
can
do
so,
and
the
custodian
then
confirms
the
transfer
to
the
to
the
network
and
all
the
nodes
update
and
the
ledger
is
again
updated.
C
So
we'll
take
a
look
also
at
the
trading
flow
right,
so
in
the
trading
flow.
Firstly,
I've
just
depicted
a
market
maker
account
and
under
member
who
can
be
a
bank
or
broker
who's,
allowing
indirect
access
to
their
clients.
So
the
client
now
has
founded
their
account
with
fifteen
hundred
dollars.
It's
all
there
on
the
blockchain.
The
market
maker
then
places
an
order,
and
they
can
they
don't
need
to
place
a
200k
big
order.
They
can
place
multiple
orders
in
as
low
as
one
game.
C
C
Is
this
right?
So
once
the
confirmation
comes
in
the
ledger
and
all
the
nodes
update
via
the
same
consensus
process
and
transaction
execution
process,
the
settlement
is
instantaneous
because
we
all
of
us
have
the
same
single
source
of
growth
and
immediately
the
market
makers
account
and
the
members
client
members
client
account
shows
those
updates
and,
as
always,
the
blockchain
can
efficiently
communicate
without
instantaneously
events
to
all
participants.
C
So
the
member
within
a
few
seconds
and
the
market
maker
within
a
few
seconds
then,
can
see
that
on
whatever
interface
there
is
in
connective
exchange
right.
So
from
our
perspective,
the
blockchain
basically
provides-
and
I
and
julian
had
spoken
about
it-
there's
the
single
source
of
record,
but
it's
just
the
way
that
a
single
source
of
record,
which
is
distributed
securely.
It
is
processed
accurately
it's
immutable,
etc,
and
you
know
for
us.
We
also
found
that
it's
really
super
efficient,
a
way
of
communicating
the
transactions
changes
to
the
ledger
to
all
participants.
C
C
C
Something
try
out
a
couple
of
transactions,
see
how
the
ledger,
updates
and
typical
small
proof
of
quick
proof
of
concepts
will
will
result
in
you
figuring
out
whether
it's
how
usable
it
is,
but
it
really
it's
not
usable
outside
of
the
group
of
concept
production-
is
really
hard
right.
So
why?
Why
is
production
hard?
What
you
want
is
this
screen.
What
you
want
your
clients
to
experience
is
something
like
this
right.
In
order
to
achieve
this,
you
you
need
to.
C
C
So
what
we
have
done
to
achieve
this-
and
this
is
where
it
then
took
us-
let's
say
a
couple
of
dozen
engineers
like
a
year
and
a
half
to
get
there
is-
is
to
build
this
and
we
use.
You
know
we
use
cutting-edge,
serverless
technology
on
top
of
our
blockchain
network,
to
to
synchronize
it
with
external
databases,
to
combine
data
to
provide.
You
know
rich.
C
They
are
very
enriched
data
to
the
front
end
and
all
of
this
from
the
back
all
the
way
from
the
blockchain
all
the
way
through
to
the
front
end
is
all
event
driven,
so
you
get
things
as
and
when
they
happen
instantaneously.
So
what
are
some
of
the
challenges?
And
lessons
learned
I
this
is
something
that's
really
critical.
C
This
technology
paradigm
is
still
new
right,
often
times
today,
with
a
lot
of
tech,
newish
technologies,
some
of
them
we
say
technologies-
are
new
they're,
five,
six
years
old
still
so
so,
if
you
take
on
the
front
end,
you
take
react.
Yes,
it
will
take
no
chairs,
so
you
take
java
right.
You
can
just
go
to
stack
overflow
and
you
find
almost
all
kinds
of
solutions
right.
This
paradigm
is
new.
C
There
isn't
there,
aren't
that
many
people
who
have
experienced
it
to
the
degree
that
that
you
actually
get
answers
easily.
So
so,
in
our
case
we
had
to,
we
have
actually
gone
through
several
hundreds
of
thousands
of
lines
of
of
logs
I've
gone
through
the
actual
code
have
compiled
and
built
the
underlying
platform,
because
it's
all
open
source
made
some
changes
and
seen
how
that
works
right.
So
we
you
need
to
have
that
level
of
commitment,
the
deployment
of
updates.
C
Again
it
requires
a
coordinated
effort,
because
now
every
transah,
every
node
operator
needs
to
have
the
same
transaction
processor
work
the
exact
same
way.
Otherwise
the
consensus
will
fail.
So
if
you
had
a
web
app,
you
could
simply
make
updates
anytime
either
if
you
find
it
effect
or
if
you
want
to
quickly
add
some
new
features,
but
in
the
case
of
a
blockchain
network,
you've
got
to
be
a
lot
more
deliberate
right.
C
So
what
you
need
to
have
is
really
good
robust
processes,
agreements,
guidelines
between
all
of
the
node
operators
and
also
ensure
you
have
to
take
double
care
that
your
smart
contracts
are
really
well
designed
reviewed,
tested
before
every
production
release,
there's
very
little
way
to
go
back
once
you
go
forward
right
on
this.
The
blockchain
may
not
be
the
best
execution
platform
for
very
complex
transactions,
so
it
all
depends
on
your
use
case,
of
course,
but
oftentimes.
C
We
get
asked
this
question
of
tps
right
and
it
kind
of
reminds
me
of
in
india.
We
always
ask
questions
when
whether
we
go
and
look
at
a
ferrari
or
whether
we
go
to
buy
you
know
like
your
family
sedan,
we
ask
how
much
mileage
does
it
give
right,
so
that
question
is,
is
probably
relevant
as
you
have
to
treat
it
as
horses
for
process.
But
having
said
that,
there
are
a
couple
of
things
to
note
right.
C
If
you
have
a
network
of,
if
you
have
five
nodes,
five
computers,
then
your
you
know
in
your
and
you
had
a
web
application.
You
can
actually
distribute
requests
across
all
fine
they'll
handle
different
requests
in
the
blockchain
network.
All
five
are
actually
executing
the
same
transaction,
but
having
said
that,
this
way
of
executing
the
same
transaction
and
then
updating
the
ledger
at
different,
that's
maintained
with
different
participants.
C
C
We
talked
about
that
the
data
in
our
network
is
anonymized,
so
we
need
to
be
able
to
combine
both
off
chain
data
and
enrich
it.
Sorry
on
chain
data
and
richard
of
chain
data.
We
need
to
be
able
to
integrate
it
with
our
existing
applications
existing
infrastructure.
So
you
need
to
account
for
that.
If
you
really
want
to
go
to
production
and,
lastly,
you
need
to
think
of
how
would
you
do
disaster
recovery?
How
would
you
maintain
availability
so
as
a
regulated
exchange?
C
We
have
certain
obligations
to
our
members
right,
so
a
certain
recovery
time
objective,
that
might
be,
let's
say
four
hours
at
the
most.
But
of
course,
if
anything
is
down,
then
our
entire
market
is
disrupted.
It
also
causes
other
issues
in
terms
of
trust
and
so
on.
So
you
need
to
plan
for
how
you
would
take
care
of
that.
How
do
you
monitor
your
network?
How
do
you
automate
recovery?
How
would
you
automate
reconciliations
if
you're,
using
your
external
database
and
and
the
ledger
and
so
on
so
this?
C
This
is
what
it
will
take
for
you
to
get
from
the
poc
2
production
right
that
I
would
like
to
stop
here
and
and
then
you
can
reach
me
at
this.
If
you
have
any
any
questions,
I'll
try
to
answer
a
few
during
the
course
of
the
panel
as
well,
but
I'd
like
to
get
back
to
julian
now
and
thank
everyone
for
for
listening
to.
A
What
would
you
exactly?
That
was
a
great
great
presentation,
thank
you
to
challenges
opportunities
while
using
using
sawtooth,
and
that
was
really
really
really
good.
Thank
you!
So
now
what
what
we're
going
to
do
in
the
next
15
20
minutes,
we've
got
we're
going
to
talk
to
the
panel
yeah
and
then
we're
going
to
take
some
q.
I
see
a
bunch
of
questions
coming
in
so
please
continue
those
questions.
A
Some
of
the
technical
sum
in
the
business
please
and
I'll
ask
the
panelists
those
questions
as
well,
but
I'm
going
to
first
start
with,
and
I
think
I'll
start
with
arajit
because
he's
more
fresh
and
early
than
all
of
us.
So
where
do
you
see
blockchain
being
imperative
and
proving
and
reinventing
the
financial
infrastructure?
It's
kind
of
like
what
we're
doing
that.
One
d
values
done.
B
Yeah,
thank
you
julian,
and
the
excellent
presentation
raj.
It
was
that's
just
great,
so
yeah
blockchain,
as
as
we
in
the
financial
industry,
all
recognize
it's
probably
a
game-changing
technology,
and
we
first
got
from
northern
trust
point
of
view
involved
in
this
five
plus
years
ago.
When
we
began
to
recognize
that
you
know
you
you're,
you
have
a
technology
which
gives
us
the
ability
to
to
share
information,
but
also
share
operational
processes
in
in
a
trusted
immutable
manner
across
various
parties.
B
And
if
you
really
look
at
a
macro
level,
financial
institutions
really
do
that.
They
have
established
operational
procedures,
they
have
data
and
they
share
that
amongst
different
parties
and
because
traditionally,
these
methods
of
sharing
has
had
to
have
a
reconciliation
layered.
On
top
of
it
and
and
other
operational
processes,
it
has
sometimes
been
cumbersome,
but
with
blockchain
we
recognize
that
there
is
perhaps
the
ability
to
do
that
very
efficiently
with
the
network
itself.
B
So
having
recognized
that
we,
we
made
our
first
foray
into
this
blockchain
world
with
the
with
an
application
in
the
private
equity
space,
and
then
we
used
hyperledger
fabric
to
develop
that
this
was.
I
don't
remember
exactly
what
five
or
five
or
so
years
ago
we
launched
it
live
with
with
you
know:
private
equity
funds
and
we
leveraged
this
capability
of
blockchains
to
bring
some
efficiencies
into
the
capital
call
process
for
private
defense.
B
Since
then,
obviously,
lots
of
different
things
have
happened,
and
and
when
raj
and
rahul
came
up
with
this
fantastic
use
case
for
blockchains,
we
were
very
excited
to
be
part
of
it.
But,
coming
back
to
your
question,
the
fundamental
disruption
that
we
see
here
is
at
least
I
see
here-
is
that
you,
for
the
first
time
you
have
the
ability
for
different
institutions
and
participants
to
trust
the
operational
processes
without
the
need
for
a
central
party
to
to
endorse
it.
B
So
once
you
have
all
the
different
participants
agree
that
they
are
going
to
operate
on
a
certain
set
of
data
in
a
certain
way
and
that
is
distributed
across
the
network.
The
the
role
of
the
central
party
is
is
somewhat
diminished,
and
that
gives
rise
to
lots
of
different
ways
in
which
we
can
get
operational
efficiencies.
B
We
can
we
we
do
not.
We
do
not
have
to
spend
so
much
time
and
effort
on
reconciliation
processes,
and
it
also
gives
rise
to
newer
products
like
the
fractionalization
of
bonds
that
that
raj
talked
about,
but
there's
other
products
that
that
has
that
is
going
to
come
up.
So
I
don't
think
this
is
a
game-changing
technology
and-
and
you
know
no
one
can
really
predict
the
future.
So
we'll
have
to
see
and
go
along
the
journey
of
this.
This
exciting
story,
as
it.
A
D
Yeah
sure
so
just
to
just
to
comment
on
erijit's
view
and
then
also
just
to
add
some
additional
views
from
me.
So
I
very
much
agree
with
arijit's
assessment
right.
So
blockchain
is
really
about
sharing
real-time
data
across
an
ecosystem
in
an
immutable
and
trusted
way,
because
it's
really
about
breaking
down
data
silos
and
if
we
can
move
to
a
world
where
a
a
value
chain
is
sharing
the
same
set
of
data,
then
we
can
start
to
synchronize
processes
across
us.
Okay,
so
processes
today
are
supported
sequentially
along
with
value
chain.
D
D
D
Clearly,
that
can
speed
up
informational
flow
speed
up
settlement
as
we're
seeing
in
bondi
value,
but
also
make
the
end-to-end
transaction
life
cycle
significantly
more
efficient
as
well
just
to
add
a
couple
of
additional
thoughts.
So
one
use
case
of
blockchain
is
tokenization,
as
we're
seeing
here
with
bondi
value
and
and
bond
value
are
really
leading
the
charge
here
with
regards
to
bonds,
but
that
that
concept
can
also
be
extremely
interesting
for
other
asset
classes.
Things
like
alternative
assets,
private
equity,
for
instance-
that
have
significantly
longer
and
less
efficient
transaction
life
cycles.
D
This
is
a
really
interesting
near-term
opportunity
to
make
those
kinds
of
investments
significantly
more
efficient,
and
I
think
the
final
thing
I'd
add
here
is
that
the
way
blockchain
is
being
deployed
in
some
use.
Cases
is
if
it
effectively
creates
a
always-on
24x7
cross-border
network
okay.
So
this
has
the
potential
to
really
change
market
structure
and
it's
it's
feasible.
In
the
medium
term,
we
could
start
to
see
markets
operating
cross-border
24
hours
a
day
and
settling
same
same
type
same
day,
maybe
even
real-time,
so
that
that
that's
a
really
interesting
concept.
D
A
A
C
A
So,
okay,
so
we
know
it's
it's
the
right
thing,
it's
happening
here
but
and
bonds,
but
I
think
lots
of
other
places.
Actually
in
a
previous
webinar,
we
talked
about
that
bonds
are
kind
of
always
been
unrepresented
and
difficult
to
get
to
and
that's
what
this
is
obviously
enabling.
You
know
more
people
to
get
access
to
bonds,
but
it's
been
a
challenge.
Surely
you
know,
there's
there's
been
some
challenges,
so
what
what?
A
D
Yeah
I
mean
there
has
been
challenges.
Naturally,
I
think
one
of
the
one
of
the
key
challenges
for
us
all
is
just
the
sheer
fragmentation
of
use
cases
and
technologies
and
standards
across
across
the
globe
right.
So
as
an
industry,
we've
been
pretty
good
at
getting
to
standardized
messaging
and
workflows
and
market
practice
over
the
years
right.
D
So
what
we're
seeing
is
we're
seeing
a
huge
number
of
use
cases
with
a
a
large
number
of
implementation
types
and
large
number
of
protocols,
and
that
can
be
quite
daunting
right,
so
certainly
for
for
investors
that
that
might
just
want
to
get
access
to
the
asset
and
they're,
not
really
that
concerned
by
the
technology
right.
So
I
think
the
the
challenge
for
us
always
certainly
is.
D
The
service
providers
is
to
really
try
and
abstract
that
complexity
and
build
solutions
that
connect
our
clients
into
those
markets
in
a
scalable
and
streamlined
way
and
and
potentially
make
them
backward
compatible
as
well.
Okay.
So
if
clients
do
not
want
to
change
how
they
communicate,
they
do
not
want
to
change
the
formats
they
use
and
then
they
should
be
able
to
continue
with
them
changing
their
own
time,
but
still
get
access
to
the
markets.
D
D
What
we
need
to
try
and
differentiate
here
is
is
the
is
the
asset
class
and
the
services
that
are
being
provided
from
the
technology
itself.
Okay,
so
so
clearly,
if
the
asset
class
is
new,
if
the
service
is
being
provided
and
new,
that
should
require
an
in-depth
regulatory
dialogue.
But
actually,
if
just
the
technology
is
different,
okay,
then
actually
this
should.
There
should
be
a
very
close
discussion
with
regulators
to
help
them
understand.
D
Actually,
the
nature
of
the
services
are
are
the
same,
but
the
underlying
technology
may
be
different
and
helping
them
to
understand
what
that
means
right.
So
I
think
it's
incumbent
on
us
all
to
really
work
with
regulators,
as
this
ecosystem
evolves,
to
help
them
to
to
understand
really
where
the
key
risks
are
and
where
they
need
to
focus
their
their
minds.
A
B
B
But,
just
following
up
on
on
something
that
that
raj
said
that
you
know
lab
is
easy.
Production
is
hard,
I
mean,
and
why
did
we
find
that
out
when
we
were
trying
to
deploy
this
thing
right
and
also
for
our
private
equities
application
that
we
did
because
it
works
great
in
in
a
quote-unquote
sandbox
lab
environment?
B
But
the
moment
you
try,
even
installing
it
in
a
production,
environment
or
even
a
production-like
environment
enterprise
environment
is
very
challenging.
You
start
off
start
off
by
saying
that,
oh,
I
can't
connect
to
anything
because
all
my
firewalls
and
proxies
and
everything
block
all
connections.
I
you
know
what
I
try
to
install
hyperledger.
It
wants
to
go,
pull
something
down
from
github
and
you
know
can't
do
that
and
then
and
then
then
you
know
once
you
got
it
up
and
running,
etc.
Then
you
realize
that
you
know.
B
Oh
now
I
can't
just
let
it
run
in
isolation,
because
you
know,
if
you
remember
the
use
case,
there
are
two
legs
to
this.
There
is
the
real
world,
quote-unquote
reward
fiat
leg,
and
then
you
have
the
blockchain
leg
and
they
have
to
meet
somewhere
right.
So
so
now
you
can't
just
have
this
little
thing
on
the
side,
it's
going
to
become
part
of
your
enterprise,
you
know
overall
mesh
and-
and
you
know,
to
connect
them
together
again
because
extremely
challenging
from
a
technology
point
of
view,
while
maintaining
that
abstraction.
B
That
ryan
was
talking
about,
so
that
you
don't
have
to
redo
this,
for
every
single
different
type
of
watching
that
you
start
connecting
with
so
so
architecting.
All
of
that,
getting
it
through
the
information
security
groups,
understanding
all
the
different
protocol
subtleties
that
are
needed,
the
operational
oversight,
the
monitoring
the
triggers,
because
our
operational
groups
and
support
groups
have
to
understand.
B
You
know
what
triggers
are
relevant
in
the
in
this
environment
to
react
and
what
are
not,
because
it's
not
like
traditional
systems,
so
I
can
go
on
and
on
and
on,
but
but
there
were
a
lot
of
challenges.
So
anyone
who
wants
to
undertake
this
journey
and
if
you've
seen
something
that
works
great
in
a
demo
environment,
don't
be
fooled
when
you
take
it
into
a
real
production
environment.
You've
got
work
to
do
it
works
it
works
eventually,
but
there's
blood,
sweat
and
tears
involved.
A
Excellent
excellent,
so
it
is
a
challenge
right,
but
hopefully
a
worthwhile
challenge
right,
so
you've
learned
lots
and
lots
and
lots
of
lessons
from
there
and
actually
what
it
seems
to
be.
I
I
hear
again
is
integration.
Integration
seems
the
issue,
so
you
have
so
maybe
somebody
else
can
ask
this.
You
are
in
a
you.
Have
your
own
corporate
enterprise,
kind
of
standards
and
blockchain
probably
doesn't
fit
sweetly
into
into
the
enterprise
architecture
framework?
Is
there
any
anything?
B
Yeah,
I
mean
lots
of
communication
and
education
of
the
different
enterprise
streams.
Early
in
the
process
is
helpful
because
you
know
in
a
larger
institution
and-
and
you
know,
northern
trust's-
a
fairly
large
institution
not
as
large
as
citibank,
but
but
we
have
lots
of
different
areas
which
have
oversight
about
different
things
and
not
all
of
them
have
the
same
level
of
understanding
of
the
technology.
B
I'm
talking
about
within
the
technology
groups
right
so
you've
got
the
information
security
group.
You've
got
the
network
group
et
cetera,
et
cetera,
so
so
lots
of
communication
education,
explanation
transparency
as
to
exactly
what
you're
trying
to
do
helps
alleviate
people's
concerns.
It's
like
you,
know,
really
shining
the
light
on
on
there's
no
mystery
here.
This
is
not
magic.
It's
not
witchcraft!
D
Comfortable,
that's
how
you
navigate
the
incorporated.
You
know
groups
and
just
to
add
to
that,
so
we've
got
the
way.
I
look
at
it.
There's
two
elements
here:
there's
the
technical
services
that
are
developed
to
connect
into
these
networks,
but
also
integrate
into
existing
enterprise
technology
that
that's
one
element
of
it,
and
that
takes
a
really.
We
need
to
really
engineer
that
stuff
right.
D
We
need
to
make
it
future
proof,
because
these
technologies
are
going
to
change
over
time,
but
the
second
part,
which
is
probably
slower,
is
understanding
how
existing
enterprise
policies
need
to
change
for
this
technology
and
that
that
takes
as
elijah
said,
that
takes
a
lot
of
blood,
sweat
and
tears
and
communication
with
key
stakeholders
across
the
firm.
So
they
understand
exactly
why
this
is
different.
This
is
not
bad.
C
I
think
origin
was
speaking.
You
know
I
was.
I
couldn't
help
smile
because
I'll
just
give
an
example
of
of
some
of
the
challenges
right.
So
almost
right
before
we
went
production
last
year
right
we
were
in
uat
for
quite
a
long
time
with
northern
trust
and-
and
we
heard
that
every
now
and
then
the
nodes
would
stop
syncing
up.
C
We
looked
at
the
network
configuration,
so
we
went
back
to
sort
of
the
usual
suspects
right,
but
but
it
took
us
literally
looking
at
you
know,
thousands
and
thousands
of
lines
and
logs
to
figure
out
that
there
was
a
version
difference
between
our
transaction
process
and
what
was
deployed
there
right
and
and
the
minute
we
sorted
that
out.
We
were
able
to
go
really
comfortably
into
production,
because
until
that
point
right,
there
was
always
this
thing
that
why
is
this
happening
right
and
we
never
had
answers?
C
C
Their
voluminous
and
you
really
need
that
volume
of
logs
to
have
the
level
of
detail
you
need
to
dig
in.
So
that's
that's.
That's
an
example
of
of
some
of
the
difficulties.
You
know
many
other
cases
like
I
said
you
can
just
type
into
stack
overflow
and
say
you
know.
This
is
what
is
happening
and
get
five
answers
and
we'll
be
able
to
figure
out,
but
in
this
there
are
no
answers
in
stock,
stack,
overflow
or
any
of
the
other
forums.
A
Exactly
this
is
all
new
right,
there's
no
new,
but
there's
no
book
to
refer
to
right,
we're
all
learning
as
we
go
as
we
go
along
right.
So
so,
actually,
I
think
we're
going
to
go
to
the
q
a
now
we
have
about
10
minutes
left.
So
actually,
if
you
guys
want
to
have
a
look
at
the
the
panelists
at
the
questions,
but
I
think
I
think
one
is
it
seems
to
come
up
is
specifically:
maybe
we
talk
specifically,
you
know
what
which
bonds
are?
What
kind
of
bonds
are
now
fractionalized
on
bond
blocks?.
C
C
C
We
look
at
bonds
that
are
are
have
a
reasonable
level
of
liquidity
in
the
second
secondary
market,
so
that
they
they
are
available
to
our
participants
on
as
needed,
and
we
also
look
at
you
know
the
investment,
the
creditworthiness
of
the
issuer,
the
kind
of
issuance,
obviously
the
currency,
the
sector
and
so
on
and
so
forth,
and
we
continuously
keep
adding
every
month
right.
So
our
goal
is
to
have
maybe
100
bonds
of
the
top
bonds
listed
on
on
the
exchange
over
the
course
of
the
year.
A
A
C
A
C
Maybe
I'll
take
the
first
tab
at
this
right,
so
so
certainly,
operations
and
settlement
efficiency
is
one
of
the
benefits
which
is
the
people
are
zero.
But
if
you
look
at
it,
we
spoke
about
many
of
these
bonds
being
at
a
minimum
trade
lot
trading
lot
size
of
200k
right
and
on
the
exchange
you
can
actually
trade
them,
buy
them
at
a
thousand
dollars
minimum,
which
we
believe
will
actually
significantly
increase
liquidity
as
well.
C
A
C
C
It
is
it's
very
peer
to
peer
in
the
way
it
works
right.
So
so,
if
two
participants
want
to
exchange
assets,
they
they
actually
each
sign
that
contract
and
then
and
then
the
you
know,
there's
a
no
network
of
notaries
that
will
then
ensure
that
they're
not
burning,
burning,
more
assets
than
they
have
and
then,
and
both
of
them
then
can
settle
that
so
there
is,
it
is
it's
very
peer-to-peer,
it's
very
for
me.
C
It's
like
how
the
otc
markets
were
open
right
so
for
an
exchange
traded.
We
needed
some
a
blockchain
platform
that
will
allow
us
to
have
this
all
to
all
kind
of
platform
right,
so
you're
not
going
peer-to-peer,
and
so
the
hyperledger
family
in
general
accomplishes
that
but
sought
to
just
to
talk
about
sawtooth
right.
Why
we
chose
sawtooth.
C
I
think
we're
also
lucky
on
a
couple
of
runs
on
sawtooth
a
it
went
to
version
one
which
is
so
when
it
starts
getting
somewhat
stable
at
the
time
we
started
working
on
it
and
then
pbft
on
sawtooth
also
came
out
around
the
same
time,
but
fundamentally
sort
of
this
relative
to
many
of
the
other
blockchain
networks.
It's
very
simple
to
simpler
to
deploy
right.
C
It's
got
only
one
node
type,
so
I
mean
you
don't
have
to
fight
about
what
kind
of
nodes
you
you're
going
to
install
and
allocate
to
whom,
but
also
that
one
kind
of
node
and
there's
one
point
of
connection
to
other
nodes.
So
if
you
take
fabric,
then
you
you,
you
have
peers.
The
peers
have
to
connect
with
each
of
the
other
peers
to
get
agreement
to
get
validation
of
the
transaction,
and
then
they
send
it
for
ordering
and
then
they're
committing
care.
C
So
you,
you
kind
of,
have
a
lot
of
points
where
you
have
to
open
up
the
networks,
not
so
in
in
sawtooth
much
simpler
to
install
god.
It's
got
inbuilt,
you
know
it's
got
permission.
A
lot
of
these
blockchains
already
do
have
so
it's
got
good
support
for
permission.
It's
got
a
good
event
framework
and
it's
got
a
good
transaction
processing
framework
as
well.
A
B
A
Okay,
I
think
that
makes
sense.
Definitely
so
we've
got
another
four
minutes
left,
so
I'm
going
to
start
with
with
a
kind
of
round
robin
question
right
kind
of
mark
out
of
10..
So
how
far
are
we
on
this
journey?
I
mean
this
journey
specifically
for
for
for
bond
blocks
is
about
providing
comprehensive
access
for
retail
investors
to
the
global
bond
markets
out
of
10?
Where
do
you
think
we
are
today,
and
actually
this
is
something
else
in
five
or
ten
for
10
years
time?
B
So
specifically,
for
for
this
use
case
and
in
blockchain
in
general,
I
would
say
we
are.
We
are
at
a
one
because
we
are
just
getting
started.
We
haven't
quite
hit
the
inflection
point
of
where
you
have
enough
participants
to
really
start
changing
the
way
the
entire
market
behaves
so
I'll,
see
other
one,
and
your
second
question
was
five
years
from
now.
It's
hard
to
say
I
mean,
but
but
it's
probably
going
to
be
a
five.
If
I
were
to
guess.
D
All
right,
yeah,
yeah,
I'd,
agree
with
that.
I
think
we're
one.
I
think
what
we're
starting
to
see
now
is
we're
starting
to
see
real
interesting
use
cases
in
production
such
as
bond
value,
we're
also
starting
to
see
some
countries
change
issue,
a
law
to
allow
native
digital
assets
to
be
issued
rather
than
tokenizing
assets.
That
already
exist.
So
that's
a
really
interesting
evolution,
I'm
probably
not
as
optimistic
as
arijit
in
five
years
time.
I
think
we'll
probably
still
be
around
three,
maybe
four.
A
C
I
guess
this
is
the
one
it's
a
bit
dicey,
to
ask:
that's
under
the
current
circumstances,
but
yeah,
I
I
think
I'm
net
positive
on
where
blockchain
is
is
so
I
think
today
we
are
of
course
at
you
know
in
the
early
stages
of
that,
and
we
also
have
to
remember
that
this
is
technology
that
that
many
of
the
fundamentals
have
been
there.
The
algorithms
for
many
of
these
have
been
there
from
the
70s
or
80s
right.
C
So
I
think
we
sometimes,
if
you
take
a
five
5-10
year,
look
at
it.
We
are
already
40
years
since,
when
some
of
the
building
blocks
have
come
in
right-
and
I
think
our
progress
in
various
other
fields
will
also
influence
this,
but
I
think
we
are
somewhere
in
the
you
know
two
to
three
mark
right
now
and
you
know
if
we
get
to
six
in
a
few
years
from
now,
we
are
doing
pretty
well.
B
A
This
is
all
good,
so
this
is
progression
right
so
and
I
think
it's
it's
a
great
it's
a
great
story,
and
you
know
an
amazing
thing
to
have
this
live,
and
thank
you
everybody
here.
You
know.
Obviously
this
is
for
attending
this.
This
webinar.
Thank
you,
raj.
Thank
you,
arajit.
Thank
you,
ryan.
Thank
you.
Everybody
for
attending
we've
got
tons
of
questions
we'll
see
whether
we
can
get
to
all
of
those
afterwards,
so
I
think
I'm
going
to
wrap
it
up
here.
Thank
you.