►
Description
Governing DLT Networks - David Treat, Accenture & Rob Palatnick, DTCC
Accenture and DTCC have co-authored a paper, Governing DLT Networks, and we would like to jointly conduct a presentation with David Treat, MD, Global Blockchain Lead at Accenture and member of the Hyperledger Board and Rob Palatnick, CTO of DTCC and Chair of the Hyperledger Board. In it we propose a governance operating model to address approaches to managing the activity, connectivity, software changes, contractual agreements and transaction finality for every participant across the network.
Our proposed DLT governance model is composed of eight high-level functional areas:
Governance, Participant Lifecycle, Runtime Operations, Data Governance, Third-Party Management, Platform Management, Infrastructure and Legal and Finance.
The paper marked the beginning of an important dialogue that we would like to continue driving across the ecosystem to determine how to leverage new technologies to drive DLT forward and benefit of the global blockchain ecosystem. Link to paper: https://www.accenture.com/us-en/insights/blockchain/dlt-governance
----
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 #HyperledgerGlobalForum2020 #Blockchain
A
All
right
welcome,
yeah,
good
all
right.
Well,
thanks,
so
much
for
joining
I
think
we'll
people
will
will
will
stream
in
I'm
sure,
but
we
want
to
be
respectful
of
time
and
so
kickoff.
So
my
name
is
Dave
treat
and
you
know
Rob
and
I
both
been
on
stage
already,
but
you
know,
Dave
treated,
lead,
Accenture
is
watching
business
globally
and
Rob.
B
Palenik
had
global
head
of
research
and
innovation
at
DTCC
for
the
last
12
years,
I
was
the
head
archetype
architect
for
DTCC,
but
now
I've
gotten
a
new
role
completely
focused
on
research
and
innovation,
which
actually
is
is
a
credit
to
an
organization
that
has
to
do
a
lot
of
support
and
maintenance
of
existing
systems
and
modernization
of
the
existing
systems.
And
now
we've
dedicated
a
segment
of
our
budget
directly
to
to
exploring
things
like
blockchain.
So.
A
The
LAT,
what
the
last
thing
we
wanted
to
do
because
it's
been
a
morning
full
of
transmit,
it
was
more
transmitted.
So
so
we
actually
want
to
have
a
little
bit
of
an
interactive
session,
but
we'll
just
start
with
just
a
few
minutes
of
context
setting
and
then
really
want
to
interact
with
you
around
touch
the
you
know,
the
the
the
challenges,
the
successes,
the
dynamics
that
you're
that
you
are
facing
as
as
you're
starting
to
experience.
What
does
governing
these
new
business
new
block
chain
based
ecosystems
entail.
So
do
you
want?
A
B
Sure
so
DTCC
started
in
I
think
it
was
2016
a
project
to
reap
lat
form
a
credit
default,
a
system
that
tracked
a
type
of
derivative
transactions
called
Trek
credit
default
swaps
from
our
mainframe
to
distributed
ledger
solution.
This
has
been
in
the
press,
so
you
know-
probably
most
of
you
have
heard
about-
or
many
of
you
may
have
heard
something
about
this
project.
B
Technology,
vendors:
that's
how
the
RFP
process
went.
We
selected
a
team
that
was
composed
of
a
company
called
X,
Oni,
IBM
and
r3,
and
were
at
the
point
where
we
finished
coding.
We
finished
the
solution
and
now
we're
working
with
the
industry
on
how
to
do
the
migration
and
the
cutover
early
in
the
process.
We
realized
that
each
firm
would
have
to
adopt
this
in
a
way
that
worked
in
their
ecosystem
and
meshed.
With
their
system.
The
traditional
model
had
been
passing
messages
through
file
transfer
or
FP
ml.
B
A
message
protocol
for
derivatives
using
using
I
think
it
was
using
fix
it
might
have
been
using
some
other
messaging
protocol
so
now
calling
an
API
getting
nodes
interacting
with
the
a
blockchain
model
and
connecting
it
with
their
system
to
both
transmit
data,
receive
data
and
make
sure
that
everyone
agreed
on
all
the
all
the
attributes
and
aspects
of
a
match.
Trade
was
going
to
be
a
completely
different
model.
B
So,
early
on,
in
the
process,
we
set
up
an
oversight
Council
which,
at
that
point
we
just
called
a
technical
advisory
council
and
it
turned
out
to
be
a
group
that
ended
up
making
a
lot
of
the
decision
points
and
every
time
we
came
to
another
place,
we're
all
right.
Should
we
put
this
in
a
smart
contract?
Should
we
write
it
in
code?
What
does
it
mean,
whereas
the
Oracle
of
reference
data
going
to
be?
It
was
another
decision
point,
and
this
is
not
something
we
were
able
to
do
on
our
own.
B
We
needed
to
make
sure
we
were
going
to
be
interrupts
interoperating
with
the
rest
of
the
community.
Then
we
started
talking
about
things
like
onboarding
and
what
the
onboarding
model
was
going
to
be
point
after
point.
We
sort
we
soon
realized.
We
were
basically
establishing
an
overall
governance
model
for
our
entire
distributed.
Ledger
implementation.
B
We
actually
brought
in
Accenture
to
help
us
lead
the
project
of
building
out
that
governance
model
and,
as
we
were,
building
out,
we
realized
that
building
a
generalized
building,
a
specific
governance
model
for
this
project
was
was
really
the
framework
for
a
governance
model
for
almost
any
distributed
ledger
network.
You
needed
a
steering
committee.
You
needed
someone
to
be
in
charge
of
third
parties
because
there's
a
whole
new
set
of
third
parties,
the
the
the
myth
of
this
technology
as
it
gets
rid
of
intermediaries,
the
realities
it
brings
in
a
whole
new
set
of
intermediaries.
B
It
brings
in
network
operators
it
brings
in
software
providers.
It
brings
in
different
types
of
security,
security
models
and
experts
in
security,
so
understanding
how
to
control
that
ecosystem,
how
to
control
operations?
All
of
it
turned
into
a
framework,
and
we
decided
to
collaborate
and
share
this
information
with
the
broader
community,
which
is
what
we
have.
We
resulted
in
a
white
paper,
yeah.
A
So
the
white
papers
available
for
download
anyway,
you
can,
you
know,
can
go
download
if
you
I
think
the
quickest
way
I
always
get
there.
Is
you
Google,
DTCC,
Accenture,
DLT
governance?
That'll?
Do
it
and
or
we
can
we
can?
We
can
post
the
link
somewhere,
maybe
within
the
within
the
conference
space,
but
but
you
know,
if
I
you
part
of
the
reason
that
we
work
together
on
this
was
we
we
also
brought
into
the
discussion
a
lot
of
our
prior
wounds.
Scope,
scars,
agita
arounds.
A
You
know
some
of
the
early,
the
early
experiences
of
setting
up
and
operating
blockchain
based
ecosystems
and
just
just
to
kind
of
add
to
the
mix
right.
Just
everything
from
the
base
layer.
You
know
who's
good
who's,
gonna
do
key
management.
How
are
you
going
to
ensure,
within
the
network
that
all
the
nodes
stay
up
on
the
latest
versions?
How
do
we
not
have
version
control
issues
between
nodes?
How
do
we
do
onboarding?
A
How
do
we
do
off-boarding
policy
administration,
though
you
know
the
entire
stack
of
how
to
how
to
effectively
govern
a
brand-new
business
flow
with
Brent?
You
know
multiple
brand
new
partners,
you
know
on
a
new
technology
in
an
innovative
way
that
could
be.
You
know
that
can
meet
the
demands
of
that
use
case,
which
in
in
you
know,
Rob's
cases.
You
know
the
underpinnings
of
the
u.s.
entire
US
financial
infrastructure.
The
stakes
are
pretty
high,
so
so
so
we
we've
we've
been
focusing
on
that
for
a
while.
A
It
has
really
interesting
dimensions
and
I've
had
a
few
conversations,
even
just
one
walking
into
the
room
with
trying
to
see
if
you're
here,
a
legal,
startup
right.
The
whole
notion
of
how
do
you
brother?
How
do
you,
even
at
a
simple
level
as
you're,
starting
to
identify
the
use
cases
and
the
the
possibility
to
transform
even
just
the
getting
six
different
companies
legal
teams
together
to
agree
to
the
construct
by
which
you're
gonna
work
together
can
be
a
nightmare.
A
A
They
didn't
have
the
pipes
and
the
and
the
and
the
governor,
the
existing
operate
governance
responsibilities
so
different
dynamic,
and
then
you
take
a
whole
third
dynamic
of
true
just
peers
in
the
wild
meeting
in
a
room
you
know
trying
to
work
together,
one
of
the
one
of
the
things
from
a
governance
perspective
that
has
made
a
massive
difference
in
these
different
programs
is
the
difference
between
some
misapprehensions,
initially
of
going
in
and
operating
on,
a
direct
democracy
basis.
I'm
gonna
get
I
mean
to
get
seven
players
around
a
table.
A
What
has
been
incredibly
successful
and
and
actually
I
would
argue,
the
DTCC
in
as
being
one
of
the
most
successful
consortium
projects
ever
right
and
not
not
deal
T
related
per
se,
but
the
the
industry,
the
existing
of
the
the
existence
of
the
DTCC,
was
this
notion
of
within
a
multi-party
environment.
Having
a
brand
new
entity
stood
up
in
the
middle
to
serve
on
behalf
of
the
community
equally
right,
so
everyone
has
a
an
equal
chance
to
play
and
you
take
an
indirect
democracy.
Democratic
approach
where
that
community.
A
Those
players
in
the
ecosystem
are
empowering
that
new
central
entity
to
make
the
day-to-day
decisions
and
governance
choices
on
behalf
of
the
community.
They
can
be
fired,
they
can
be
changed.
You
know
they
can
be
replaced,
but
the
it's.
The
combination
of
fair
and
equal
play
for
everyone,
but
the
efficiency
of
a
small
group
driving
the
day-to-day
decision-making.
That
model
has
been
the
most
successful
as
we
look
at
the
different
ways
that
this
is
played
out
across
industries.
The
direct
democracies
have
almost
always
failed.
I
mean.
B
As
soon
as
there's
two
parties
to
any
transaction
or
any
decision,
you're
gonna
have
disagreements
it's
just
it's
it's
inevitable.
Everyone
has
their
own
interest
as
as
their
primary
focus
and
what's
in
it
for
them,
and
you
that
immediately
says
you
need
some
kind
of
model
as
soon
as
there's
two
parties.
Nonetheless,
you
know
six
parties
are
hundreds
and
you
heard
it
a
bit
from
Michael
de
Castillo's
panel
with
Honeywell
Walmart
and
American
Express
I.
Think
he
one
of
the
last
questions
he
had
put
out
there
was.
B
Is
it
a
dictatorial
model
of
governance
and
agreement?
Is
it
some
kind
of
consensus
based
model
or
smart
contracts
going
to
automatically
determine
governance
and
the
answer,
and
you
could
just
trust
the
math
and
trust
your
coders
I've
been
a
coder
and
nobody
trusts
me
and-
and
if
you
know
your
developers,
probably
you
know
half
half
your
securities
half
the
thing.
Keeping
your
security
people
up
at
night
are
malicious
insiders,
which
are
mainly
your
coders.
B
So,
starting
with
you
know,
the
premise
of
that
model.
I
think
in
the
long
term,
probably
has
some
weight
in
the
short-term
figuring
out.
You
know
how
to
articulate
this
in
contracts,
even
what
a
smart
contract
is,
because
it's
certainly
neither
smart
nor
a
contract
from
a
legal
perspective
and
every
platform
in
every
ecosystem
has
a
completely
different
smart
language.
Today,
new
ones
are
emerging
every
single
day.
B
We
are
unique
in
that
we
don't
have
public
stock.
We
have
literally
no
other
motivation
but
to
benefit
the
community
and
to
focus
on
risk
and
risk
reduction
and
safe
and
sound
markets
in
the
financial
industry.
The
regulator's
expect
that
of
us
all
of
our
owners
expect
that
of
us
and
our
motivation
and
our
compensation
is
directly
based
on
that.
B
So
it
is
an
unusual
experiment
and
a
front
in
a
company,
but
we've
been
doing
this
a
40
almost
50
years
and
the
other
unusual
thing
about
us,
which
is
probably
also
different
than
some
of
of
you
in
the
audience
and
some
others
in
this
ecosystem.
Is
we
don't
have
an
exit
strategy?
We
we,
you
know
you,
you
put
things
inside
of
DTC's,
vaults
and
ledgers,
and
we've
kept
them
for
the
last
50
years
and
we
expect
to
protect
your
pension
funds.
Your
your
retirement
accounts
mutual
funds.
You
know,
you
know,
teachers
funds,
you
know.
B
All
of
that
is
we
see
as
our
obligation
to
the
investing
public
so
when
you're
building
a
new
ecosystem,
that's
supposed
to
be
immutable
and
last
for
decades,
you're
building
the
new
pyramids
of
our
modern
era.
You've
got
to
have
that
long
range
future.
In
mind,
and
not
everyone
who's
starting
things
from
a
this
is
my
way.
This
is
the
way
I'm
gonna
operate.
It
is
going
to
take
that
long
perspective,
so
bringing
in
a
community
and
a
consensus
and
taking
that
long
view
is
really
important
to
do
to
benefit
an
entire
ecosystem.
B
C
B
B
That
that
is
a
great
question
and
and
I'll
say
the
number
one
starting
point
with
everything
we
do
with
our
regulators
is
education,
okay
and
and
I
can't
emphasize
that
enough,
because
and
any
of
you
who
are
in
regulated
companies
or
regulated
industries,
you're,
probably
on
a
similar
trajectory
and
and
not
just
with
distributed
ledger
with
cloud.
I
was
just
at
the
first
cloud
conference,
hosted
by
the
Federal
Reserve
in
Richmond
at
the
Fed
in
Richmond
in
Virginia,
and
it
was
basically
in
education
and
all
the
vendors
were
there.
B
But
it
was
a
lot
of
the
questions
from
the
regulators
were.
Why
can't
you
have
automatic
and
interoperability,
so
everything
I'm
running
on
one
cloud
if
it
fails
immediately,
fails
over
with
full
integrity
and
full
operating
hot
height
to
another
cloud
and
not
really
understanding
the
difficulty
involved
in
replicating
in
real
time
and
operating
at
high
volume
and
and
that
every
vendor
is
slightly
different,
so
I'll,
say
breadcrumbs
step
by
step.
A
lot
of
Education
is
the
very
first
part.
B
Second,
because
we
are
are
overseen
and
every
one
of
our
functions
is
overseen,
especially
what
we
we
have
our
highest
level:
transaction
processing,
regulated
environment,
and
then
we
have
what
we
call
our
lower
tiers,
which
are
not
over
directly
regulated
and
and
not
considered
critical
systemic
infrastructure,
but
most
of
our
clients
really
bucket
it
all
together.
They
think
anything
DTCC
is
operating
or
touches
is
going
to
be
fully
regulated
and
held
to
that
highest
bar.
Unfortunately,
that
means
even
when
we
do
proof
of
concepts.
B
I
have
to
spend
a
lot
of
time
with
our
business
continuity
team,
explaining
why
I
don't
need
you
know
triple
redundancy
on
a
proof
of
concept
and
it
does
MIT.
It
does
create
speed,
bumps
and
friction
and
everything,
but
the
perception
is,
are
all
around
our
brand
and
if
anything
does
go
wrong,
it
has
those
implications.
So
our
regulators
are
heavily
involved
in
everything
we
do.
We
present
constantly
to
them.
B
They
attend
to
our
board
meetings,
so
they
basically
have
complete
visibility
into
DTCC
and
a
number
of
them
actually
have
offices
in
dtc
sees
locations
so
they're
there
all
the
time.
I
guess
the
key
is
having
an
appropriate
operating
model
where
you
can
do
experimentation
and
we're
still
learning
on
this.
B
So
having
that
right,
operating
model
where
you
can
move
things
along
a
trajectory
from
idea
to
proof-of-concept,
to
pilot
to
testbed
with
user
acceptance
with
regulatory
oversight,
I'll
say.
Another
thing,
which
is
a
little
bit
humorous,
is
that
we've
long
talked
about
providing
our
regulators
with
a
note.
Well,
it
turns
out
you
can't
provide
the
regulator's
with
a
gift.
Okay,
and-
and
this
is
this-
is
a
regulation.
B
The
regulators
can't
take
a
gift,
and
if
regulators
have
want
to
get
a
node,
they
actually
have
to
procure
it,
and
it
has
to
be
in
a
congressional
procurement.
You
know
request
so
we're
the
the
idea
of
just
providing
a
node
was
a
good
idea,
but
we're
still
working
through
the
mechanics
of
exactly
how
we
can
do
that
in
a
way
that
meets
all
of
our
rules.
The.
A
Other
side
of
that
coin,
though,
is
of
course,
if
you
take
the
US
regulators
right,
see
if
you
take
out
the
SEC
613
right,
which
was
what
it's
now
eight
nine
years
old,
ten
years
old,
maybe
so
SEC
613
consolidated
audit
trail,
it
was
the
it
was.
The
SE
C's
desire
to
basically
gather
every
bit
of
trade
information
in
capital
markets
from
the
pricing
available,
a
point
of
trade,
all
the
way
through
clear,
so
I'll
close
the
immediately
recognized
as
it
would
build
the
world's
largest
database
ever
right
and
be
just
this.
A
It's
and
it
has
been
this
gargantuan
thought
process
all
motivated
from
the
regulator's
desire
to
have
the
you
know
the
Trent.
You
know
transparency,
audit
ability,
control
mechanisms
which
are
just
inherent
in
what
it
is
that
we're
building
so
the
desire
there
and
the
engagement
is
there
and
I've
spent
more
time
in
DC
and
in
in
London,
and
you
know
with
the
with
the
regulators,
because
they're
excited
about
the
potential,
so
you
know
so
you
know
it.
I've
been
very
impressed
with
how
the
regulators
have
engaged
with
this
particular
wave
of
innovation.
A
That
they've
been
more.
You
know
more
proactive
and
and
engaged
than
prior
thought
and
then
the
other
thing
that
if
we
can
solve
it
right
and
and
I
having
great
not
having
spent
a
lot
of
my
career
in
capital
markets,
one
of
the
shouldn't
have
been
a
surprise
parts
of
the
use
case
and
the
business
value,
particularly
in
capital
markets,
but
I
think
it
applies
to
other
industries,
is
if
you
look
at.
A
If
you
look
at
the
wave
of
regulation
that
came
out
of
the
financial
crisis
in
2008,
the
every,
if
you,
if
you
were
in
it,
if
you
were
in
a
bank-
and
you
wanted
to
get
your
project
funded,
you
through
the
were
dragging
it,
and
you
know
that
more
than
90%
of
every
banks,
change
budget
went
to
risk
and
reg
for
I
mean
really
still
somewhat
the
dynamic.
But
it
was
four
or
five
years
of
that
was
where
all
the
spend
went
and
the
reason
was
with
every
new
regulation.
A
There
is
the
there
is
the
potential
and
the
or
the
or
the
you
know
the
the
real
live
opportunity
that
for
the
next
you
know
fast
forward.
We
have
you
know
you
know,
DTC
seized
up
and
with
certain
you
know,
products
enabled
by
DLT
the
next
regulation
that
comes
out
that
ability
to
read
absorb
code
tests
share
the
improvement
to
that
business
logic
being
done
once
because
it's
now
on
a
shared
basis
across
the
industry
could
save
tens
of
billions
of
dollars
and
so
that
that
use
case
is
very
much.
B
I
think,
to
a
large
degree
this
this
technology
will
enable
you
know
some
of
the
things
we've
been
working
on
for
the
last
ten
years
where
the
regulator's
had
initially
said.
After
the
credit
crisis
of
2008
give
us
the
data,
you
know,
show
us
so
the
consolidate.
You
know
what
a
trail
came
from
that
a
lot
of
the
regulatory
reporting
we've
done
around
the
world
has
come
from
that
and
we've
gone
through
multiple
iterations
of
well.
Can
you
give
us
more
clean
data?
Can
you
give
us
data
that
actually
correlates
across
asset
classes?
B
Can
you
give
us?
You
know,
data
that
doesn't
have
exceptions
and
so
I'll
say
the
different
iterations
we've
all
gone
through
because
of
I'll
say
the
the
evolution
of
clarity
in
requirements,
but
also
our
own
evolution
of
taking
high
speed,
highly
scaled
transaction
processing
systems.
But
now
making
them
have
that
additional
portal
of
visibility
distributed.
Ledger
answers
a
lot
of
that
built
in
and
to
a
degree
that
demand
is
starting
to
to
I,
don't
want
to
say
quiesce,
but
starting
to
harmonize
or
align
with
the
way.
B
We
were
all
building
systems
and
that's
why
a
lot
of
the
work
we're
doing
with
this
distributed
ledger
we
recognize
what
that
next
step
is,
and
we
can
see
a
model
for
engagement
with
regulators
and
having
those
conversations
and
maybe
once
they
start
actually
getting
data
and
seeing
they
could
have.
Api
is
Intuit
and
potentially
working
with
some
rec
tech.
B
Vendors
on
on
using
those
api's
they'll
probably
have
more
substantial
requirements
and
instead
of
just
just
show
me,
the
data
where
we
see
probably
a
bigger
shift
of
effort
is
going
to
be
on
the
security
side,
and
you
know
meeting
the
resilient
the
security
requirements
of
the
industry
in
a
technology
where,
as
security
models
are
still
somewhat
evolving,
so
we've
we've
recently
framework
document
on
how
to
think
about
security
in
and
I.
Think
that's
going
to
be
an
ongoing
conversation.
D
D
D
B
B
The
number
of
people
who
are
using
the
different
projects
and
contributing
to
the
different
projects
continues
to
grow,
and,
if
you
just
you
know
we're
four
years
into
this
part
of
the
ecosystem,
and
if
you
think
about
being
you
know,
four
years
into
the
internet
or
four
years
into
distributed
databases
or
four
years
into
almost
any
technology,
it's
you
know,
you're
still
well
before
that.
That
tipping
point
and
I
think
the
amount
of
progress
we've
made
over
the
last
few
years
is
is
phenomenal.
B
It's
getting
the
communities
together
and
getting
those
groups
together
to
say
this
is
the
right
model
and
that
there
are
opportunities,
like
we
heard
in
that
last
panel,
about
the
food
trust
network
and
everybody,
no
one's,
arguing
that
there
should
be
different
models
about.
You
know
that
tainted
a
head
of
lettuce
or
whatever
food
safety
is
everyone's
concerned.
Presumably
safety
and
sound
markets
and
across
any
of
the
industries
that
are
involved.
B
Integrity
is
is
important
to
everyone
and,
as
a
result,
everyone's
got
to
make
a
little
bit
of
sacrifice
to
get
to
that
harmonized
community
model,
that's
where
the
governance
and
the
the
oversight
come
in
is
really
the
first
step
of
establishing
a
community
and
figuring
out
what
the
path
for
it
is
and
that's
where
open
source
comes
in
as
well.
I.
A
You
know
that
puts
and
takes
around
that
value
who
you
wit,
not
not
winners
and
losers,
but
there
will
implicitly
be
in
any
one
of
these
implementations,
a
variable
degree
of
value
that
each
player
will
get
the
more
candid
and
upfront
you
are
about
that
and
you're
making
it
valuable
for
each
participant
in
their
own
context,
the
better
and
certainly
at
the
other
end
of
the
spectrum,
the
the
kind
of
predatory
you
know
more,
predatory,
I
want
to
get
there
first
and
I.
Want
you
to
use
my
thing
and
I'm
gonna
charge
a
toll.
A
You
know,
that's
you
know
that
the
leg
has
been
swept
out
from
from
most
of
those
efforts
so
being
able
to
have
a
clear
articulation
of
the
value
case.
Upfront
is
you
know
it's
the
right
thing
to
do,
no
matter
what,
but
it's
been
the
bay
is.
It
has
been
the
hallmark
of
the
more
successful
you
know
successful
engagements
than
than
the
rest
I.
B
Is
you
know
from
our
perspective,
is
not
the
intent
of
this
model?
You
know
the
the
the
intent
has
got
to
be
durability
and
resiliency,
which
means
you
know
we
we
have
in
the
cloud.
We
have
exit
strategies.
We
have
a
bunch
of
things.
The
regulators
are
properly
putting
on
all
of
our
heads
to
say:
what's
what's
your
exit
strategy,
what
if
it
goes
wrong?
What
are
you
gonna?
B
Do
we're
applying
that
same
lens
to
what
we're
doing
in
in
distributed
ledger
if
we've
got
to
move
to
another
model,
if
we've
got
to,
you
know,
expand
the
number
of
vendors.
If
the
vendor
has
its
own
exit
strategy
and
you
know,
goes
goes
away,
they
over
they've
all
cashed
out
and
now
the
two
experts
in
crypto
have
gone
off
somewhere
or
died
and
died
with
the
secrets
in
their
head.
B
A
A
A
What
you
know,
I
think,
is
more
in
common
than
less
around
these,
the
Milton
multi-party
ecosystems
and
some
standards
around
that
I
think
it
will
be
incredibly
helpful,
so
that
was
that
was
part
of
what
I
meant
by
that
the
way
around
it
one
way
around.
It
is
if
you
do
stand
up
a
brand
new
legal
entity
structure
to
serve
on
behalf
of
the
rest,
at
least
your
your
cutting
out
one
factors
worth
of
legal.
B
If
it's
not
a
legal
and
today
getting
two
or
more
parties
to
agree
on
a
shared
structure
of
governance
is,
is
where
the
friction
is,
and
legal
entity
is
kind
of
a
you
know,
an
option
doesn't
have
to
be
a
legal
entity.
It
could
be
a
council
committee,
a
working
group,
it
you
know,
there's
lots
of
different
structures,
getting
agreement
on
what
that
shared
model
is
going
to
be.
Who
owns
the
IP?
Is
it
going?
Is
there
gonna
be
IP?
You
know
who
governs
do
the
decision
making
process
who
turns
on
things?
B
A
A
Yeah,
so
in
again
the
most
successful
ones
invest
it.
Someone
chose
to
invest
the
time
upfront.
You
know
frequently
it's
it's
something:
we're
willing
to
invest
in
to
define
the
vet
that
the
deep
value
pool
for
the
ecosystem
present
it
to
the
ecosystem
as
a
reason
to
come
to
the
table,
and
if
you
do
that
well
enough,
you
know
it
should
be
a
relatively
straightforward.
Conversation
of
you
know
it
again
if
I
take
the
first
use
case
that
went
live
for
the
restraint
collaborative
you
know
is
a
two
billion
dollar
use
case
for
the
industry.
A
B
The
I
guess
the
other
side
of
that
is,
and
we
see
we
see
it
because
we're
very
wired
and-
and
you
know,
for
better
or
worse-
we've
got
40
almost
50
years
of
you
know,
networks
and
mq
and
messaging
and
iso
protocols
and,
and
that
were
deeply
wired
into
an
existing
ecosystem
and
equity
processing
is
a
great
example.
So
stock
clearing
and
settling
on
a
per
trade
basis
is
much
less.
It
costs
the
industry
much
less
than
one
penny:
a
trade
okay
on
to
clear
and
settle
security,
and
it
can
be
done
in
real
time.
B
But
you
know
everyone
does
it
in
a
two
day
process,
because
people
sell
what
they
don't
know
and
buy
what
they
can't
pay
for.
So
you
know,
there's
a
lot
of
funding
and
and
pre
funding
issues,
so
you
have
an
ecosystem.
That's
tightly
wired
that
in
in
a
long
view,
model
could
probably
benefit
from
this,
but
the
technology
itself
is
going
to
cost
a
lot
more
to
implement
than
what
exists
today,
and
then
everybody
has
to
change.
B
So
the
funding
when
you
have
you're
gonna,
ask
everybody
to
spend
a
couple
of
billion
dollars
in
changing
their
ecosystem,
as
opposed
to
picking,
as
we
heard
in
the
panel
for
aerospace
parts,
picking
a
green
field
where
there
is
no
technology,
there
is
no
answer,
there's
only
expense.
There's
only
paperwork,
there's
only
probably
reconciliation
issues,
problems
and
friction,
and
you
know
that
they
created
a
brand
new
community
of
liquidity
and
the
ability
to
trade
parts
and
create
markets
that
just
didn't
exist
before
so
you're
talking
about
from
zero
to
one.
B
D
D
B
At
first
question-
and
that
was
a
cloud
conference
and-
and
they
were
fifty
to
a
hundred
financial
industry,
companies
and
I-
think
some
card
companies,
some
some
payment
processors
were
there.
We
were
there
a
lot
of
custodian
banks
and
and
broker
dealers.
Were
there
basically
all
talking
about
their
journey
there
their
experience.
What
we,
what
they've
seen
in
the
cloud,
their
view
on
resiliency.
There
was
a
panel
where
it
was
a
number
of
the
the
three-letter
agencies,
and
on
that
panel
they
would
only
give
their
first
name.
They
wouldn't
even
give
their
last
name.
B
Well,
it's
it's
it's
published
for
the
public
because
they
that
now
actually
it
was
quite
the
opposite,
their
their
fear
and
not
to
turn
this
into
a
cloud
conference,
but
their
fear
was
that
people
would
be
afraid
of
that
Bugaboo.
You
know
that
that
you
know
that
you
know
Godzilla
lurking
somewhere,
underneath
it
and
not
use
the
cloud
and
the
amount
of
value
well.
Well,
that
was
their
view.
B
Is
the
amount
of
value
in
the
amount
of
security,
whether
its
privacy
or
just
capabilities
that
you
get
from
cloud,
was
so
much
higher
than
most
people
have
on
Prem?
They
don't
want
people
to
be
afraid
of
it,
but
here's
here's
what
you
need
to
think
about,
because
if
you
don't
manage
your
credentials,
you
don't
manage
your
entitlements.
If
you
don't
have
oversight
and
control
and
governance
of
your
ecosystem
and
your
controls,
you
could
get
into
more
trouble
than
on
Prem.
B
But
if
you
do
it's
even
better,
so
the
bottom
line
is
the
regulators
listened,
and
that
was
the
purpose
of
this
conference
was
to
get
everyone
to
tell
they
had
some
of
their
their
focus
on
real-time
interoperability.
Every
panel,
even
I,
think
one
of
the
larger
vendors
and
all
the
vendors
were
there.
One
of
the
larger
vendors
says:
that's
chasing
unicorns.
It
doesn't
exist
and
trying
to
make
the
same
application
interoperate
on
multiple
cloud.
Why
are
you
even
moving
to
the
cloud?
B
Just
keep
it
in
your
data
center,
but
there
you
know
they
they
poked
and
prodded
at
different
bottles
and
we're
regulators
can
help
and
we're
you
know:
do
vendors
need
to
be
regulated
and
right
now
we're
the
regulated
entity
if
we're
using
as
a
cloud
do,
does
that
ecosystem
not
need
to
be
regulated
so
they're
asking
the
right
level
of
questions.
Your
second
question.
B
David
can
go
into
more
detail,
I.
Think
there's
there's
going
to
be
multiple
tactical
answers
that
could
address
their
problem.
It's
just
they
have
requirements,
you
know
and
the
the
flippant
lets
they've
give
them
a
node
isn't
is
an
answer
to
requirement,
but
here
are
the
requirements.
You
know
we.
C
A
It
we
have
to,
we
have
to
wrap
up,
but
I
guess
I
would
just
summarize
to
say
that
the
value
pool
for
them
also
pretty
deep
I,
will
fight
we'll
figure
out
a
way
right,
he'll
fit.
If
we
have
to
you
know.
Obviously,
changing
federal
procurement
processes
is
not
the
easiest
thing
in
the
world,
but
but
you
know,
the
value
pool
is
deep
enough
that
the
motivation
will
be
there.