Hyperledger Foundation Hyperledger Global Forum 2022, 6 Oct 2022

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From YouTube: Implementing SSI and Token Economics in Metaverse using Blockch... Vikram Sharma & Karthik Sukumaran

Description

Implementing SSI and Token Economics in Metaverse using Blockchain - Vikram Sharma & Karthik Sukumaran, HCL Technologies Ltd

Metaverse is still in its infancy but it is attributed with a lot of potential to change how we socialize, play games, or conduct business. Metaverses are created with real-life like scenes to provide the users with real-world like experience using a combination of technologies. Those primarily include AR/VR/MR, Blockchain, 3D Content Creation tools, IoT and Artificial Intelligence. Most of the Metaverse currently existing are siloes and the identities of Users are also limited to platform itself. Thus, any assets created, or acquired in one Metaverse cannot be moved to another. The focus however has started moving towards interoperability and it is therefore imperative that the identity is decentralized and allows user to maintain relationships with multiple Metaverse with one identity. Also, many use-cases require users to prove that they are who they claim they are. This emphasizes the need for Verified Credentials and SSI. In this session, we would cover, how we can implement a SSI to be used for decentralization and enable token economics using Hyperledger projects. The session will also include the architecture, challenges and learnings from the implementation.

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Hyperledger – Open Source Blockchain Technologies

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A

Hello, everyone, it's great to have you all here myself, Vikram I am a Solutions architect at HCL for blockchain technology, so I've been living blockchain for last four years. I, you know, try to be. You know active in the community as well uh being part of hypology India chapter, and you know so, and hypology Challenge and or hyperledger mentorship. So I've been you know, working in blockchain and you know trying to provide solutions to customers across the globe across the industry.

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And now you know this I I would say since last one year you know the metaverse has come up and you know I see it quite linked with blockchain, although you know uh so, we will talk about that. You know how metabolas is being perceived and how we perceive it, and you know how it can be. ah You know implemented uh with SSI tokenomics right using blockchain. So that is my topic for today.

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So I was supposed to be joined by my colleague, but due to some unforeseen circumstances, I'm sure that you know he is with us. You know virtually so to start with. How do we see metaverse, so we essentially perceive metaverse as a necessary step towards Evolution, so Enterprises, not organizations Enterprises, you know, have wanted to improve customer experience right. uh It started with in person. You know it's not easy to acquire customers, as you all know, right so Enterprises you know started.

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You know wanted to give better experience to their customers, so it started with in person. Then you know uh the mobile came into picture. The emails came into picture. The web came into picture so they had to you know customize that you know so they make their improve.

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You know experience better on those platforms and then came the chat Bots right, so uh that allowed those Enterprises to connect with their customers more in person right, but then the metaverse, which is actually you, know the next level of or the next evolution of, Channel applications right, because it provides them with an opportunity to connect with them in person without being limited by. You know their presence across the globe right wherever they are so essentially we are moving from flat screens to head mounted displays 2D applications to 3D environments.

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So- and you know here is the Market Outlook of how you know many of those analysts and experts see or perceive you know uh matter was growing right. So, for example, in uh 2021 itself you know 13 billion dollars were invested into. You know, Venture Capital funds. Format of us is this year itself. You know in the first five months there was about investment of 120 billion dollars. So that's a significant. You know improvement over the last year.

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Right and then you know, uh some analysts have, you know, uh put up as a figure as big as five trillion dollars by Twenty Thirty as an impact of metaverse right and when it comes to the users. You know whether it's Healthcare or gaming, 59 percent of the users want to experience uh metaverse, while 79 percent of the people spend their money. You know bought something just because they wanted to experience whatever, so they went into metaverse and they wanted to buy something so around 79 a big figure right. So that's what you know.

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Customers are being translated right, so they have bought something. And then you know it's also perceived that by 2030 50 of the events. Maybe you know by 2030 you know we all at global forum would be meeting virtually and in person I suppose right and connecting with each other. The networking would also happen that way. So that is how you know I believe you know it would move out. So when it comes to you know what all makes metaverse so there are, you know various components there could be.

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You know these are some of them, because it's better hours right so better words, meaning it is a replica of the word of the real world. So that means you know. N number of components can come into picture, but essentially AI is important, because that would give you that you know human behavior, how you know you react in the real world. You know imitating the same uh in the virtual world, so that is where you need. You know artificial intelligence, because not everything can be coded right.

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Second part is you need arvr for the immersive experience to feel that you know real? Like you know image, then you need web3 right for decentralization. You need, ah you know, blockchain, to manage your assets, identify them. Identity is very important. It could be your centralized Identity or it could be a you know: self-solving identity, as we will talk about you know during the course of this, then you know, uh apart from you, know, managing assets. You need trust so that trust can come from blockchain because you could manage assets.

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You know we have been managing assets without blockchain as well, but with blockchain comes the trust right and then you know uh then comes the infrastructure. Part infrastructure would have your network. You know 5G. That would help us a lot. Then you we need those Edge devices and not just Edge devices. We need secure Edge devices, so maybe you know Bob will venture into confidential Computing trusted execution environments right and then you know we need 3D content creation right so these, so you would need tools to actually map out the spaces, the layouts right.

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So that's where the 3D content creation would come into picture and finally, human interface. Now human interface sounds a bit different, but why human interface, because that ux approach the human based ux approach, is required. If you are building uh this because you know when we started with you know: Web 2.0, when our you know, when we started creating applications, the idea was to sell okay, you know I'm selling you this or maybe the idea was that you know, because there are less middlemen involved or maybe no middlemen involved.

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You will get things for cheaper because you know the infrastructure cost was low, but then came the idea that okay, you know. Yes, you know we are doing that, but competition is also doing that. So we should provide them better experience right, so they started with human Centric approach or you know the the design thinking approach. So that is what is again needed when you're designing a metaverse components so now coming on to the world of possibilities. Obviously they are endless. You know what we can do in this world.

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I, don't think you know we can catalog it. It's not that easy to do, and you know if we start cataloging I think it would be years before you know we could catalog what all you know as people we can do and what are the opportunities. But at this juncture at this point you know looking at some of those sectors. uh Looking at you know, life sciences, so in life sciences, fastest collaborative working, so that is very much required, because you know collaboration would mean that you know you are again not limited by.

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You know with your jio presence, so collaboration would be quite easier and you know creating. You know: digital Twins and you know working with those health workers and then second is education. Getting education from a celebrate celebrity. You know surgeon or a celebrity doctor. We would all want that right, so you will have access to them. You know those experts, you will have access to and not just you know over a call or you know over a you know, video conference, but you could actually do things with them right using metaverse.

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You can actually operate on a you know, dummy right. You could actually do that. So you can learn from the expert that okay, how to go about this and that can't be just taught in 2D or flat screen videos. So that is where you know the application is coming up. You know we are working with. You know some of those companies towards these Solutions, then clinical care Wellness Wellness is you know very good example, because you know I know that I get. You know, call from my. You know.

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You know questions me: okay, how are you doing? Are you know? Are you maintaining your weight? Are you eating good? Are you doing this so I, don't know I, not all the questions. I answer. You know truthfully, because you know it's not easy to lie right so, but still you know we try to uh so that can be avoided. You know that you know because if you know it was happening in metaverse, you could actually see right. I'm, not saying that you know my avatar, but you know the real life. You know Persona either.

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If you could develop using iot and Edge devices, if the sensors were there, they would give her the True Value. So that is what I'm talking about that. You know my BMI, not what I am saying my BMI is, but my actual BMI, you know using Those sensors if that goes out to her, so that that way you know they can better Coach me. So my wellness coach can help me. But yes, right now we are limited. So that is a good scope.

A

You know when it comes to metaverse, then moving on to Banking and insurance banking. You know any new innovation that comes in you know. Finance, you know, FS industry is always there first right, so banking, you know because they they deal with. You know so much money. So essentially you know virtual banks are coming up, but yes, there are certain challenges. Also, uh you know not just that opportunities, but some of the you know banks have.

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You know, challenge around regulations that okay uh regulations are still not clear, but still you know there are workarounds and there are still you know things that Banks can achieve. For example, banks are coming up with lounges where they can. You know at least meet their clients. Greet their clients. Explain them few things not sell them. Maybe explain them right, so those lounges are helping them. Then you know, uh obviously you know the account opening can still be done.

A

Obviously, regulations are a challenge, but at least you know they can start giving that experience because they can start getting on board right. So with blockchain they have. You know option of kyc, so uh we'll see in a you know uh in a demo you know later during the you know this presentation, but essentially you could. They could do you know, use uh they can open up new accounts.

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They can do kyc, they can do Financial consultation, so opportunities are again endless, even mortgages based on metaverse real estate, not the real estate on the metaverse real estate. Right because you know I, you know, I was reading the news and then you know I saw that a meta was you know, value of land in a matter was doubled in a matter of you know, couple of months, so you know those can again be mortgage right, so that is again a good opportunity and then the product launch events right so product launch.

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Events like you know, for example, Apple had one right, so those kind of events can be done on metaverse and will be done on metabolism. I, don't think it's a matter of even you know years I suppose you know you know by next year or something you know. At least you would see some. You know product launches happening there.

A

There are, they are happening right now as well, but still you know on a very limited scale, but I see that you know happening a lot and then you know coming on to Media entertainment in public office. First thing you know that comes to mind is real estate development. You know develop property on Virtual lands, so that is happening, and you know that's a very good example of you know what can be achieved.

A

Then concerts and Live Events I know how hard it must be for all of us right uh when we were booking our hotels, especially around the global forum and with all those concerts happening. Won't we have loved that you know some of those Concepts were happening. Maybe you know virtually we would have easier gotten a you know nearby hotel right, then you know trade shows exhibitions and then you know public private office is coming up. You know uh yesterday, I was you know listening to someone. They were mentioning that you know there are.

A

You know players in the market who offer you office space where you can all sit together, work together virtually and you know if you switch off you know, and you can mention that you know it's a private conversation or a office conversation so that others can listen in right. So there are, you know so much Innovations are happening, then in terms of retail and cpg source. So in retails you know recently, you know with the Advent of nfts many of those you know organization.

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Many of the retail players have launched nfts, not for the purpose of selling those nfts. But as a you know, as increasing customer connect- or you know, customer you know in uh what I would say uh not connect, but uh engagement. Yes, for you know getting customer engagement, so they have launched. You know many of the. You know, Pizza players and you know others have launched nfts for their customers and then obviously you know buying selling or leasing products using crypto wallets. So that's again, you know one of the things.

A

Now, what are the problems? What problems do we see in metaverse? Right now? You know there are numerous meta verses. Everyone has their own way of working. Obviously you know metaverse is a new thing, so the standards you know, while there is a standards group, but it is still you know quite early I suppose and in the latest hype cycle you know, Gardener has put it at. You know, 10 years until it reaches maturity, but otherwise you know, in terms of you know, limitations to mention some of them would be centralized.

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You know meta verses, that you know lead to limited user experience, because you know the numerous have come up, but you know the opportunities for customers are still low right, because you know there is still a central party to it. Who is controlling your experience so whatever they can think of whatever they can innovate? You are limited by that right so, but if it was truly decentralized, think of the things that you could do and how many people could contribute to those experiences.

A

So that is one thing then non-universal identities that you know we foresee is again a challenge. So that is where you know. I came up with this topic that you know we should do self-solving identity, because right now, most of the meta verses they are relying on non-universal identities. If you want to come on my metaverse, you know, okay, create an account here. If you want to you, know, get on to the second metaverse create account there. So that's not really something that we would want to happen right. So we would want that.

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You know I, create my identity and I use my identity everywhere it should be Universal identity. Then you know siled and less secure, metaverse currencies, so within metaverse you know we spent a good fortune to buy those. You know currency in the right and in most cases it may be even more than you know the uh a US dollar right. So in that case we would want those currencies to be secure and it it's not always. You know based on a blockchain right now.

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We trust you know blockchain, because you know it has proved itself it has. You know computationally trustworthy right, so that is where we trust blockchain right, the consensus mechanism of blockchain. So those meta verses. You know some majority of them are still not. You know blockchain based. So that is where we see that you know there is a challenge, then you know obviously interoperability, so interoperability, because you know this question I get from many customers and you know uh even in the community that okay, you know from the you know.

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Whoever is joining knew that okay, we are creating and like I'm playing a gun, you know I'm playing in a you know, meta verse, I got a gun. Why can't I use the same gun in my other? You know meta verse right. Obviously you know you can't do that and there are. There is logic behind it. But you know no one is stopping. You know from uh anyone from asking a question. So essentially you know I I always tell them.

A

Yes, you know you got a gun in, but you spend good amount of time playing a game and that's how you got that gun and if you take that gun on to the other, you know game, then you know how would they decide that which level you know you should be able to use? How would they be able to decide? So yes, you know those kind of things would always remain, but essentially, but if someone wanted to take that as a decoration and put it in their house in a different metaverse, so what's stopping them?

A

Why not right? So that is definitely you know one of the things that you know, interoperability, you know, could help them do and then previously in data security, so privacy and data security in terms of right now you know what I'm doing whatever my behavior is in metaverse gets collected and then based on that my Persona is created. You know. Obviously you know, as I mentioned. Ai is one of the important components which tells you that how I will react to a certain situation, but it's not always good that you know it gets noted.

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So it has to be based on my consent. It has to be based on numerous other factors, so those factors of privacy and data security are still lacking at this point. So these are some of the challenges, so we tried of you know to look at. You know: okay, some of the challenges exist, but can we solve them using blockchain? Can we solve them using a custom solution? So that is where you know we see. You know. The first question is: is blockchain really required when it comes to metaverse?

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If you ask me, definitely you need blockchain and without blockchain I you know, don't perceive it as metaverse. I still perceive it. As you know, an immersive experience or you know, an arvr application, because you need blockchain, that's where it becomes metaverse. You need web 3.0 to fuel that metaverse. So that is, you know our opinion right. So I'll, you know take that you know Point by Point. First of all what metaverse needs matter.

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You know the first thing that I said you know it is based on a centralized infrastructure based on you know that application. So that means that you know it was limited, but if it is decentralized, it can go beyond. So that is where you need blockchain, because blockchain provides you that you know decentralized nature, just like in a real world. You know you need you know: self-control identity.

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Web 3 can provide you that self-control identity, you need blockchain for that, provide that secure and trustworthy money to run virtual economy blockchain. You know based tokens are trusted because you know it. It goes to certain consensus mechanisms and they have proved themselves right. Then every asset can be traced identified and its ownership be tracked. So that is what you know. We need from a meta was correct. So blockchain again, you know in terms of supply chain in terms of nft. Blockchain has proved itself.

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That is where we believe that you know blockchain is required when you want to do metaverse.

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Ok, so I'll start with the solution approach that you know how we foresee that you know your solution should be. The very first should be your. You have to lay down a foundation. I know, 100 decentralization is still uh Utopia and I am presenting that Utopia, but part of it. We should aim for right. So my all my thought is that we should design with with that design, with the approach in mind, which would be that Utopia.

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Maybe we don't have the tools right now, it's okay to not have all the tools right now, but you should have lay down the foundation so that tomorrow, when you want to move, you should be able to move fast. Is you know you should have decentralized foundation, so that would mean that you know for any. You know true: metaverse The Blaze platform has to be decentralized right. So, whatever you know decentralized mechanism that you can use, you can use blockchain right, so you can use you know things like you know.

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Even your peer to appear, you know file systems, so those things you know we should rely on as a over. You know: decentralized. Foundation then, on top it should be decentralized. Identity I mean again based on blockchain, and then you know comes the metaverse part that you know where the metaverse is now already, where you have your arvr, your AI, but to fuel those transactions. You again need two economics that comes from blockchain.

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So this is the approach that you know we have taken when it comes to metaverse I'll, explain you how you know I perceive this how to implement it. That part. Also, you know I am going to cover in the upcoming slides.

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But what are the you know, hyperledger projects or tools that we believe can help us. The very first one is hyperledger fabric it. ha It is, you know, open source initiative that builds Trust, because you know first thing that you need is you should be able to trust, say: okay, whatever has been written right. So if it is a closed blockchain that you know you know you, you don't have the code, then you know that means you, you trust it less.

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It doesn't necessarily have to be free, but it has to be open source so that you know it builds that level of trust in what has been written right. The second part is purpose built, for you know, varied Enterprise needs it has to be purpose built. It should not be that you know I'm using a blockchain. That was meant for something else and I'm trying to do something else with that. So that should not be a case.

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Then you know uh hypologist fabric is by far a leader when it comes to Enterprise, blockchain implementations. So that's why you know I chose hyperledger fabric. Then the second part is hyperledger, Indie, again a purpose-built solution. Again an open source start right, so it provides you that decentralized identity and it was meant for that. It was exclusively built for that purpose of providing you decentralized identity. So that is where you know we choose.

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Indie and third is Aries, so Aries came out of Hindi, you know, Aries was you know initially part of India, Aries Ursa and the all were one. But then you know we bifurcated them. You know we decoupled them, but I said from and that spanned from the idea that Aries should act as a wallet for not just for your Indian identity requirements for other blockchains as well. So that was the idea behind Aries right.

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So that is where we have picked Aries and you know took it to the next level, where it can not only deal with your identity, but also with your tokens. So we'll talk about that in the upcoming slides. But before that you know we'll talk about, you know what all we use right uh again. You know some of the things you know I'll be repeating: ah hyperledger Indie, you know purposefully built for identity, decentralized identity, so we are using that.

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The second is, you know we created an IP for tokenization, so that IP, you know so this tokenization solution is compatible with multiple blockchains right, so hyperledger fabric being one of them for your tokenomics. All the token transactions bet are fungible tokens, non-fungible tokens, your utility tokens, your access tokens or even your data tokens. So it can take care of that part right so because, right now, if I look at the hype, you know people know about.

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You know non-fungible tokens a lot, although you know many of you sitting here, although you know you know about you know fungible tokens as well, which are equivalent to your fiat currency. Then we have our utility tokens. So if you own a token that means you can get that service right, so the they are meant for that. So, for example, you buy a subscription. Let's suppose you get a subscription for Netflix right, so that subscription essentially can be translated into a token. And if you possess it, that would mean that you can access.

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You know, Netflix Services. The fourth point would be four type of token. Is your data token, where you see that you know ah when we walk into maybe a hotel? Sometimes you know they take in a copy of your credit card for their, you know, needs right for their office records. So that definitely is a place. You know where your data and sensitive data becomes vulnerable, so that is We Are banks and other institutions have are investing into Data tokens so that when you have to store that information, you only store the token.

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Not the data link with the token and data resides somewhere secure in a secure place, but whatever you wanted to do with that sensitive data, you could still do with the token, but token will Ex. You know not expose all the details but give you that utility. So that is where data tokens are quite important right for that abstraction.

A

Then Aries wallet you know, so it is now not Aries anymore. It is now Aries plus, which means that it can handle your identity and token requirements and it will integrate with multiple blockchains, not just you know, hypology ND and then cross platform. You know connectivity as I mentioned that with Aries plus we will get. You know connectivity to multiple blockchain engines, not just one and then the thought process behind the solution that you know we call metaphinity. It's about.

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You know applicability across multiple universes, creating Avatar as a service, so I'll show you a demo where we, uh you know I. You know where we created an avatar for me as well bit more here. But yes, you know it's still me and then you know ah architected as a composition of reusable components right. So these were the you know, thought process. This was a thought process that we had in mind when we built that solution.

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Now, as I mentioned specialized blockchains that fit the purpose, so you have your users on one end. You know they are interacting with uh the Aries wallet. This is the Aries plus wallet where you have Aries, but you know it is taking care of your identity and token needs. It could be your you know personal smartphone or a device, or it could be a web agent right. Then you know uh for identity. You have your identity blockchain specifically built for purpose.

A

Then you have your token and transaction Ledger blockchains it could be fabric, it could be called a quorum or even ethereum. The possibilities are endless, but they all were built in a different way: right, hyperledger fabric Works in a completely different manner, from how ethereum Works same goes for karda. Corda has a completely different architecture, completely different Outlook when it comes to blockchain right, but Aries plus. That's why we call it Aries, plus it can connect with all these different platforms and give you still give you the power of Indie.

A

It can connect all of them using Indie. It could be a scenario where using all of them, you could be using all of them- maybe you know not with within single meta words, but maybe with different metaverses having the one identity coming from Indie and connecting all of your meta verses being. You know used in different ah blockchain protocols at the bottom, so this is a double click of the same image, but here we are talking about not.

A

ah We have taken the example of Indie Aries and fabric with metaverse, so I left out the part of you know of rest of the blockchains so concentrating here. You would see that at the bottom, at the base, which is common, which is hyperledger ND and then on top you have ER metaverse right and that metaverse is using hyperledger fabric. Now you could replace hyperledger fabric with any other blockchain, but Indie will remain your constant. That will be your identity.

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Your identity has to be common rest things, you know, can change what tokens who is offering on which blockchain doesn't really matter. What matters is, if you have one identity, if I am one person which shop I walk into, doesn't really matter right, so that is the idea behind this one, and then we have Aries Plus.

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This is you know the Aries wallet right, Aries plus wallet it has at the bottom. It has hyperledger Aries all the features which it has. You know its direct integration with hyperledger Indie, and in addition to that, we have built. You know various plugins uh for the purpose, for example, for fabric there is a plug-in specific for fabric for Coda there is a authorization plug-in go Quorum again. You know there is an authorization, plugin and custodial wallet integration for your public blockchain requirements.

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So that is what you know we have built into this and that you know this is how you know. We see that a solution for a metaverse can be built.

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Now, for example, you know if I talk about go, Quorum gokoram has a you know, feature for multi. You know for multi tenancy, where you can have you know one server being used by multiple Enterprises right, so that is what they have multi-tenancy you know, so that can be connected using this wallet via a authorization server.

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If you talk about Coda again, the same logic Hub, you know could be that that you know you can connect using your oauth Technologies. You can connect to that authorization server using this wallet, and then you know that it gets connected to your card or node right it could. You could be using accounts encoder right.

A

So that is what you know. You could do with this. Now how it happens. How will it happen? How will a flow of transaction happen in this case? So, first of all, as a Aries wallet user? Let's suppose I am there. So what I'll do is I'll connect with hyperledger Indie right, so that part is given I'll. You know, connect with an organization. Let's say you know: I have in a relationship with a bank. Let us for the sake of example: let's call it old bank, so there is an old Bank.

A

You know where I'm an existing customer I can walk up to them and I can you know, get verified credentials from them? How it happens. I'll install an application on my mobile phone. That would be the my mobile agent using that I'll establish a relationship with that old bank and, obviously you know I would have maybe a portal where I can login to that Bank application and they would have a you know: option for, say, block kyc, that you know blockchain base, kyc I'll click over there and you know they'll, give me a QR code.

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I scan it. My relationship is established on the Indie wall on this Aries wallet, I request for credentials. They send me I, accept it right. The job done, I get my verifiable credentials. That's the first part. Second, is how do I connect with hyperledger fabric? So that's what happens in The, Next Step, where the bank or the metaverse is also connected with India. They have also published their public debate on Indie. They have given you an option.

A

Okay, how you can connect with me so I connect with that bank on that using Aries and Indie platform till now fabric is not there. But the moment my credentials are verified by the new bank, or maybe you know the bank at the metaverse completely different bank. Call it a new bank once there they have been established. Then they can. You know, register me with fabric and then Aries wallet would now hold. The key.

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Aries wallet will hold my certificate so that you know I can sign the transactions. Aries wallet will have that right, not with the bank, not with anyone else, but my wallet in my mobile mobile will have that you know key and then once that is that part is done.

A

Then next part is I want to buy an nft. So what I'll do is I'll walk into that bank I'll say: I want to buy this nft or or maybe I'm, not walking into a bank. You know maybe walking virtually right I'm still sitting at my home, but getting the feel that I'm walked into a bank. I want to buy an ft so that a bank will create a draft proposal of a transaction and send to my Aries wallet. They will hit me and then you know once I have received that.

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Okay, you know if I want to buy I need to approve it. I need to sign this transaction, so that is what Aries will do and send it directly to fabric, and once the hyperledger fabric has received your transaction, we are, you know, a client, then your transaction happens and you get that you know nft.

A

So this is how you know we perceive that you know the solution for metaverse can be done using hyperledger in the metaverse and fabric. This is how Aries connects all of them.

A

So for some of you, you know getting bit more, you know into detail of how it happens. Technically, so first part is a transaction has to be initiated, so it is wallet you know. Using that you know. Hypology fabric plugin would initiate a transaction that would say: Okay I want to buy this nft, it would have those details, then you know, a transaction proposal would be created.

A

A proposal gets signed, unsigned transaction comes to us, the transaction gets you know, sent back, so it's a three-step process here at least so then the after you know, I have initiated that. Yes, after I've, given my you know, concern that I want to do this, so then transaction you know, is created or submitted. Then. Finally, you know I have to sign. The you know committed, signed, committed transaction has to flow into hyperledger Fabric and finally, you would have your nft.

A

It may be in a bit more detail than you know the business you know session at the hall you know set, but yes, so this is how it happens. Coming on to key benefits again, you know repeating the same thing that it is trustworthy, unique and Universal SSI, which I have been talking about. Then you know the transparency and decentralization is a must. When you're creating a you know, metaverse, it has to be secure.

A

It has to be that a trustworthy it has to be fraudless right, so that is where we need blockchain and finally, it has to be. It has a immutable proof of digital ownership. So I don't want to, you know, spend millions of dollars buying an nft in tomorrow figuring out. Oh sorry, I made a mistake or there was a hack at that. You know a place, so I lost my nft, so you don't want to do that right.

A

So that is where you know you need blockchain and it can be easily done via blockchain, nothing to prove there right and then. Finally, you know what were the key challenges and takeaways. So key first challenge was: there was no out of the box solution available to connect. You know these different uh blockchains, two Ledger Aries right so Aries is there. It connects with Indie beautifully there are you know certain people who have done some?

A

You know experiments on it connected with with fabric, but we need a common solution, a standard solution that was not there. So you know we had to come up with that approach. Okay, how you know it's about, you know inventing the wheel, I, don't know if I reinvented it, but you know I would consider inventing a wheel. Then the second part is, you know, creating those plugins and connectors that are required again. You know the standardization does not exist at the moment, so we created a design and obviously it can go through.

A

You know several evolvement cycle, but otherwise you know we created that design and it works. I'll show you a you know working demo of the same, then you know different skill set required for different blockchains hyperledger fabric. If I'm working I need, you know, maybe Java go or not. Js I, move on to Corda I need kotlin or Java again. If I move on to ethereum I need solidity. If I move on to go Quorum again, you know I need solidity and go so with each blockchain.

A

You know the skill set required is different, so that is you know again. You know one of the challenges you one could face and finally, extending Aries, so Aries has a key management solution in build right. Aries manages your key when it already so extending that to manage. You know your other keys, so, for example, if I am working with, let's suppose ethereum I'm connecting Aries with ethereum. So how would it go about?

A

I would need to manage that key I could use a custodial wallet and with custodial wallet you know they give you the feature that okay, you know you need three keys to actually do a transaction. While you know two of the keys may be kept with the custodial Pro custody provider and you need one key. Obviously, you'll have a master key. So so so you, you know, save that. You know key in your part of the key in the Aries wallet. So that is how you know you can go about it.

A

Then you know uh takeaways, obviously, no matter versus the future. You know uh some may say that you know it may take you know few years to be to materialize, but definitely it is something that businesses or Enterprises cannot live without when I say Enterprise I, don't just mean you know your e-commerce portals or you do detail change. Even you are in a social media apps right, so they can't.

A

They also can't live without metaverse, because you know we have tested the you know metaverse and now we can't live without then you know you need, ah then. Obviously a blockchain based platform blockchain based not just the tokens, but the identity as well, so both go hand in hand. Then you know that's how we know we will trust the system and finally, hyperledger projects like you know: Indie, Aries, Ursa and fabric. You know those are definitely the ones.

A

You know that are worth mentioning that they provide you that solution that you know we are looking for in the trust and again you know, because you know hyperledger fabric has you know about 45 percent, more than 45 percent of Enterprise blockchain share. So that means, if you are building something using hyperledger stack, it's easier to. You know to connect with multiple Enterprises, because your you know Horizon will be big. You will be able to adapt to multiple Enterprises because they were already would have already been using.

A

You know one of the hyperledger stack right, so that is about you know uh the presentation. I'll move on to the demo part.

B

Just give me a sec.

C

Case for digital First Bank, please select Avatar of your choice and enter into the virtual world to experience.

D

Hello welcome to digital First, Bank.

E

I want to open a digital account with dfb I wanted both crypto asset account and regular fiat currency account. Please.

D

Select an appropriate service. You wish to Avail from the screen.

A

As well as my regular savings account, thank.

D

You please wait a while I will get an RM to assist you shortly.

A

This relationship manager.

C

Welcome Geno, you have made a wise choice to opt for our crypto Plus account, which offers a digital savings account and a crypto wallet.

C

We also support block kyc credentials which allows you to get on board with us instantly. Please click on the appropriate option on the display panel on your right to know more.

A

Identity solution.

A

A

C

Credentials issued by your last employer are required to Fast Track kyc process. Please proceed to the kiosk in the lobby to proceed.

A

Regular kyc, which may take three to five days or they want to get on board quickly,.

A

Is still required, so there is no solution at the moment to you know do that to play with your mobile within the.

C

Your kyc verification is complete. Welcome to dfb. We have triggered a reward of dfb token. As a token of welcome gift. You can redeem them in participating, Avenues.

A

So you can see the account balance is there you could see account balance as well as your crypto balance. There.

C

The user receives the notifications that your account has been credited with USD twenty thousand dollars so.

A

Because it's a savings account someone you know using their old Bank. You know they sent twenty thousand dollars to this new account, so that gets credited. You can see the overall coin balance ebola's. You know our plot platform for tokenization, so overall coin balance is nil. This is the wallet ID and this is your nft account, because bank had issued one nft right. So that is where you know it currently stands now. User would want to buy something new.

C

Using the amount Credit in his account, he does a transfer of USD ten thousand dollars from his account.

A

Well, you know transferred from savings account to the crypto wallet to the overall coin: balance One USB.

C

The user uses the wallet amount to purchase nft worth 1 000ball coins.

A

C

Unification of blockchain and metaverse presence opportunities.

A

For various line of businesses block.

C

Kyc is just scratching the surface. Thank you for watching.

B

Yes, thank you. Any questions.

B

F

How do you view that you really add her to these regulations.

A

So uh right now I'm, not 100 sure you know of those requirements. But yes, because you know blockchain is being implemented anyone you know with hyperledinity, even within European Union, we are doing some. You know things on around identity, so some of our customers within European Union. You know they are playing with this and you know they are experimenting with it. So, and you know the purpose has been achieved. The legal aspect is, you know we are still going through that part.

A

So we'll get to know more. You know soon.

B

B

F

F

And do you think we have to wait for standards first in order to come up with some do so come up with some interoperability? You um so.

B

Yeah, so please please finish.

A

Okay, so standards I believe. Yes, you know, standards are important.

A

Yes, correct so essentially, standards are definitely important, but I suppose that utility will drive those standards. If we wait for standards to come and then you know, go on to utility standards will not evolve, because you know it that you know demand from customers that right so that drives Innovation. So that is where my belief is that, yes, you know right now. If I talk about interoperability, it is there to some extent some degree.

A

It is already there in terms of you know, para chains relay chain side chains and also Bridges right, so they are allowing you to do that. But yes, it's! It has not achieved a place where you could call that. Yes, it has been, you know, matured and standardized. It will take a while before we reach there, but that will not stop, but that should not stop us from innovating, and you know using that, because that is what will drive more Innovation into it and that requirement will drive those standards.

A

Otherwise, you know, as you know, that most of the Technologies were built, because there was a demand, huge demand and businesses could not live without. So they had to develop those standards, so I believe you know that way. You know it would work out.

B

F

A

Right now they are proprietary. Yes well I'm, working on them. Yes, because, as I said, you know, the trust would come from that. You know open source part right. So, yes,.

A

Any other questions.

A

Okay, thank you. Thank you. All.