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From YouTube: Building the Global Economic Network for Web3 with Composable Applications - Alex Putkov
Description
Building the Global Economic Network for Web3 with Composable Applications - Alex Putkov, Digital Asset
Building composable applications is a key requirement for any ecosystem to thrive and grow organically. This is true even more for financial applications that rely on blockchains providing services that are extensible without having to rewrite/redeploy systems and software infrastructure. In this presentation, we’ll talk about how domain specific programming language alongside privacy-enabled blockchains can be leveraged to build composable applications that can form the building blocks of the next generation of global economic network, where transactions and assets flow seamlessly across organizational and national boundaries. We’ll share examples of stock exchanges and financial services organizations such as Australian Stock Exchange (ASX), Hong Kong Stock Exchange (HKEX), and Goldman Sachs among others, who have successful projects that are leading towards this future. We’ll also focus on the issues of trust and privacy which is paramount to a successful adoption of any enterprise blockchain, where privacy and authorizations have to be built into the application and code base from day one.
Sessions Details & Slides (if available): https://sched.co/17CXa
Access All Sessions: https://events.linuxfoundation.org/hyperledger-global-forum/program/schedule/
----
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License
Creative Commons Attribution license (reuse allowed)
A
Do
smart
contracts
and
blockchains
have
a
role
to
play
in
building
composable
applications
and
architecture
to
form
the
building
blocks
of
the
next
generation
of
global
economic
Network,
where
transactions
and
assets
flow
seamlessly
across
organizational
and
National
boundaries
in
this
presentation,
you'll
see
real
world
examples
of
how
this
is
happening
today
with
demo
digital
assets,
core
technology
that
is
used
by
numerous
institutions,
including
Goldman
Sachs.
That's
utilizing
demo
to
develop
its
end-to-end
asset,
tokenization
infrastructure,
Hong
Kong
exchange.
A
That's
using
demo
to
build
the
Next
Generation
security
settlement
platform,
connecting
Hong,
Kong
and
Western
markets
to
Mainland
China
expansive,
the
global
Marketplace
for
transacting
data-driven
commodity
products.
That
recently
got
a
400
million
dollar
investment
from
Blackstone,
and
that
is
creating
the
ESG
or
environmental,
social
and
governance.
Inclusive
Commodities
markets
of
the
future
with
demo
composability
has
numerous
faucets
when
for
most
people,
when
they
hear
the
word
composability,
they
think
modularity.
The
architecture
that
consists
of
reusable
building
blocks,
the
concept
of
modular
software
dates
back
to
the
dawn
of
the
software
era.
A
It's
always
been
there
today.
It
can
be
applied
to
applications
which
historically,
involve
from
monoliths.
The
services
to
microservices.
Open
source
has
been
a
great
facilitator
for
modularity,
encouraging
developers
to
work
on
shared
projects
which
are
then
used
by
many
more
developers
as
building
blocks
for
their
projects.
A
Gartner
published
a
white
paper
where
they
introduced
the
term
packaged
business
capabilities.
The
research
suggests
that
the
winning
organizations
of
the
future
will
be
the
ones
that
are
organized
around
producing
packaged
business
capabilities,
which
can
be
composed
to
create
desired
business
outcomes.
What
would
allow
this
package
business
capabilities
to
be
composable,
since
businesses
cannot
live
in
isolation?
The
whole
economy
is
a
complex
interaction
of
countless
business
entities.
A
The
composibility
of
packaged
business
capabilities
requires
architecture
that
can
support
multi-party
applications.
The
next
evolution
of
composability
is
making
applications.
Multi-Party,
ready
and
extensible
party
applications
are
apps
that
require
sharing
data
across
organizational
boundaries.
An
example
is
any
app
that
facilitates
B2B
Financial
transactions.
A
The
grand
stock
of
multi-party
apps
is
typically
built
built
as
bespulk
workflows,
with
various
entities
having
different
data
models
and
their
own
silos
for
their
system
of
Records.
This
results
in
massive
reconciliation
problem
between
organizations
there's
also
the
competing
issues
of
trust,
transparency,
privacy
and
scalability
or
throughput
to
deal
with
when
building
and
operating
such
systems
for
single-party
composable
applications.
Microservices
is
the
choice
of
technology.
Today,
the
microservices
architecture
on
a
public
network
is
optimized
for
composable
and
distributed
reading.
A
A
Today.
Applications
that
facilitate
workflows
spend
in
multiple
organizations
are
typically
built
on
some
sort
of
messaging
infrastructure.
Each
party
maintains
its
own
records
of
transaction
and
State.
These
records
are
synchronized
using
some
kind
of
messaging
scheme,
since
this
approach
is
inherently
not
fail
safe,
it
results
in
disputes
between
the
parties
and
necessitates
expensive
reconciliation
of
mismatched
records.
A
This
leads
to
increased
counterparty
business
risks
that
are
expensive
to
mitigate
many
of
the
problems
I
mentioned
could
be
addressed
if
there
was
a
single
source
of
Truth
between
organizations,
thus
eliminating
the
need
for
reconciliation.
However,
having
a
centralized
storage
of
business
transaction
records
is
not
a
realistic
option
in
most
cases,
since
this
is
not
a
technical
or
technological
challenge,
challenge
of
decentralized
markets,
which
in
most
cases
cannot
be
centralized.
A
This
is
where
distributed
Ledger
Technologies
hold
promise
in
addressing
the
significant
issue
of
multi-party,
workflows,
trust
and
Reconciliation
of
Records
blockchains
allow
for
decentralized
and
trustless
interactions
using
applications
running
on
decentralized
and
synchronized.
Leisure
organizations
can
stay
in
sync
with
each
other
without
having
to
maintain
individual
silos
or
a
single
centralized
data
store.
A
There
are
numerous
challenges
which
have
been
affecting
the
Enterprise
adoption
of
DLT,
the
one
that
we
don't
think
has
been
sufficiently
addressed.
Yet
is
data
security
and
privacy,
which
means
that
only
the
part
is
required
to
see
the
data
should
be
able
to
see
it
in
countless
business
workflows.
A
mission
critical
requirement
is
to
distribute
data
on
a
strict
need
to
know
basis.
Consider,
for
example,
a
very
simple
financial
transaction
where
seller
sells
to
the
buyer,
100
shares
of
Acme
Inc.
A
The
settlement
of
this
transaction
requires
the
transfer
of
ownership
of
stocks
from
the
seller
to
the
buyer
and
the
cash
transfer
from
the
buyer
to
the
seller.
Apart
from
the
buyer
and
the
seller
that
are
private
to
all
the
details
of
this
transaction.
Other
parties
involved
in
the
settlement
are
at
the
very
minimum,
the
Securities
depository
and
a
bank
in
this
business
transaction.
The
share
and
the
cash
transfers
should
be
processed
atomically
so
that
the
entire
transaction
could
either
succeed
as
a
whole
or
fail
as
a
whole.
A
The
state
where
the
shares
have
been
transferred
and
the
cash
hasn't,
or
vice
versa,
should
never
be
possible.
In
other
words,
this
operation
should
be
committed
to
The
Ledger
as
a
single
transaction.
However,
the
bank
should
only
be
able
to
see
that
the
buyer
transfers
to
the
seller,
twelve
thousand
dollars
and
the
depository
should
only
know
that
the
seller
transfers
to
the
buyer
100
shares
affect
me.
Inc.
The
depositor
in
the
bank
should
not
be
priority
to
any
other
details
of
this
business
transaction.
A
A
This
is
also
hugely
simplified
example
in
real
world
there
are
many
more
parties
representing
layers
and
layers
of
intermediaries
involved
in
such
a
transaction,
and
unless
privacy
is
built
into
the
core
semantics
of
the
system,
ensuring
the
correct
functioning
and
of
privacy.
Restrictions
in
such
a
system
is
incredibly
difficult
and
I'd
say
bordering
on
Impossible.
A
A
We
can
accomplish
this
by
introducing
the
concept
of
networks
of
participants,
nodes
and
domains
that
constitute
the
network
and
smart
contracts
that
implement
the
business
logic
of
transactions
between
the
parties.
This
is
where
Technologies
such
as
demo
in
Canton
can
play
a
leading
role.
Demo
is
a
programming
language
for
building
smart
contract
applications
focused
on
business
transactions.
Workflows
in
Canton
is
a
privacy-enabled
distributed
Ledger
protocol
for
Distributing
Data,
Trust
and
execution
order
that
can
operate
independently
or
with
blockchains
using
timeline.
Canton.
You
can
build
multi-party,
back-end
demo
applications
running
with
different
storages.
A
You
can
create
front-end
applications
for
each
participant,
integrated
with
participants,
other
applications
and
systems,
adding
new
applications
and
participants
makes
the
applications
composable.
Adding
New,
Canton
domains
makes
the
network
composable.
Now,
let's
look
a
little
closer
at
demo
in
Canton
Devil,
Is,
An,
Open,
Source,
domain-specific
programming,
language,
which
is
purposely
built
to
create
and
operate
Smart
contracts.
It's
a
functional
programming
language
which
bodes
well
for
implementing
Atomic
transactions
that
facilitate
workflows
like
DVP
or
delivery
versus
payment
and
PVP
payment
versus
payment.
A
It's
based
on
Haskell,
which
is
a
tried
and
tested
functional
programming
language
that's
been
around
for
decades.
Demo
adds
Primitives
that
Define
and
enforce
the
schema,
semantics
and
execution
of
transactions
between
parties.
It
allows
to
codify
programmatically
enforced
contractual
rights
and
obligations
between
parties.
A
A
Speed
in
canton's
topology
can
be
extended
without
friction
with
new
parties,
ledgers
and
applications
building
on
other
applications
without
requiring
essential
managing
entity
or
Global
consensus
within
the
network
in
Canton
parties
can
create
or
participating
distributed,
workflows
written
in
demo
a
party
can
be
a
legal
entity,
a
physical
person
or
just
one
of
many
accounts
for
a
person
or
an
entity.
Parties
registered
with
one
or
more
participant
nodes
and
nodes
can
hold,
can
host
multiple
parties
and
facilitate
party
access
to
The
Ledger.
A
Every
node
can
connect
through
Canton
to
multiple
demo
ledgers
and
each
demo,
Ledger
instance
is
called
The
Domain
in
Canton.
A
domain
can
be
implemented
in
different
ways,
depending
on
the
trust
requirements
for
low
trust
requirements
that
can
be
implemented
on
a
distributed
Ledger
or
an
enclave,
or
it
can
be
implemented
in
a
centralized
way.
If
a
trusted
operator
exists,
all
transactions,
data
transferred
between
participant
nodes
is
end-to-end
encrypted
and
only
selectively
shared
with
other
participants
nodes
on
a
strict
need
to
know
basis.
A
The
domains
do
not
learn
the
transactions
content
and
also
Canton
guarantees
the
Integrity
of
ledgers,
even
in
the
presence
of
malicious
participants.
Furthermore,
any
party
can
extend
The
Ledger
at
any
time
without
adversely
impacting
others
participant
nodes
can,
at
any
point
choose
to
connect
to
multiple
domains
and
transfer
workflows
between
those
domains.
Therefore,
the
means
do
not
impose
hard
boundaries
and
participant
nodes
effectively
participate
in
a
virtual
Global
Ledger,
which
is
composed
of
all
existing
domains.
A
The
virtual
Global
Ledger
is
the
underlying
concept.
It
doesn't
exist
physically,
but
it
is
the
result
of
the
Canton
synchronization
protocol
that
provides
the
Integrity
privacy
auditability
and
transparency
guarantees
demo
and
Canton
digital
assets.
Core
Technologies
enable
the
interface
across
networks.
They
provide
a
platform
for
building
multi-party
applications
that
can
run
seamlessly
across
infrastructures
with
different
trust
properties,
backed
by
databases,
private
or
public
blockchains.
A
It
is
the
first
system
to
fulfill
the
key
requirement
of
a
network
of
networks
for
transfer
of
value
in
global
Commerce,
which
leads
to
our
vision.
The
global
economic
network
of
seamlessly
interconnected
businesses
sounds
good
to
be
true.
Well,
our
vision
is
not
a
pie
in
the
sky.
It
is
happening
today.
One
example
of
the
evolution
in
composable
applications
for
global
economic
network
is
the
Australian
stock
exchange
and
their
newest
DLT
as
a
service
platform.
Symphony
modern
exchange
operators
position
themselves
as
infrastructure
providers
for
financial
markets.
A
Asx
is
replacing
its
aging
system
known
as
chess,
which
provides
clearing
and
settlement
for
the
entire
Australian
exchange
traded,
Securities
Market,
but
the
new
system
built
with
demo,
while
this
alone
will
hugely
improve
the
efficiency
of
asex
operations
with
Symphony
platform
built
on
demo
SX
achieved
a
foray
into
numerous
potential
new
lines
of
business
that
are
not
available
to
any
other
exchange
operator
in
the
world.
Today,
other
vendors
can
develop
customized
and
composable
applications
that
run
on
Symphony,
offering
service
to
other
participants
and
parties
who
are
part
of
this
network.
A
For
example,
KPMG
is
using
Symphony
to
help
create
and
operate
New
South
Wales
governments,
building
Assurance
solution
that
provides
a
trustworthy
index
for
buildings
based
on
the
source
and
the
quality
of
materials
and
contractors
used
in
its
construction.
This
will
enable
interested
parties
to
distinguish
between
compliant
resilient
buildings
and
non-compliant
problematic
buildings.
A
Other
Solutions,
being
built
on
Symphony
include
an
application
that
automates
off-market
transfers
in
the
equities
Market
by
brokerage
and
ownership
register
for
private
companies
by
Bolivar
and
drawbridge.
A
reg
stack
application
that
helps
companies
reduce
employee
and
directors,
Securities
trading
risks
by
automating
the
approval
process
developed
by
digital
X.