►
Description
By now, it is common knowledge that blockchain is an immutable, distributed ledger that allows parties to interact without the need for a trusted intermediary. From finance to manufacturing, blockchain has been touted as having the ability to unlock previously unattainable value. While the technical basics have been learned by many, few have explored its value-driving principle: economics.
Join us for this fireside chat with Dr. Cathy Barrera, James Edwards from Soramitsu and Emiliano Vernini from Poste Italiane for a discussion moderated by Daniela Barbosa on the Hyperledger use cases featured in the course.
Complete with 50+ video lectures, seven industry case studies, three crypto valuation models, and more, Prof Webarch, the program’s Academic Director, will talk about how the course allows business and finance professionals to:
• Understand the benefits and costs of blockchain relative to alternative technologies.
• Identify relevant use cases for blockchain, smart contracts, and digital assets.
• Analyze the fundamental value and investing drivers of various digital assets.
• Discuss the role of regulation in the digital assets economy and how it applies to blockchain-based services.
• Assess structures and processes of decentralized organizations.
• Evaluate the right blockchain networks to launch a digital asset.
----
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
A
Welcome
good
morning,
good
afternoon
and
good
evening,
we'll
get
started
in
a
couple
of
minutes
just
giving
everybody
a
chance
to
come
in
feel
free
to
go
ahead
and
let
us
know
where
you
are
dialing
in
from
so
today.
I'm
normally
based
in
san
francisco,
but
today
I'm
in
new
jersey
in
the
the
united
states.
So
I'm
gonna
post
that
in
there
good
morning.
A
A
Before
we
get
started,
just
a
couple
of
housekeeping
items
for
us
to
be
aware
of
here
in
the
hyperledger
community
all
are
welcome
and
we're
committed
to
creating
a
safe
and
welcoming
space
for
all.
So
please
be
respectful,
as
you
ask
questions
or
do
chats
and,
as
always
all,
are
welcome
to
participate
and
have
a
voice
in
our
community.
A
Just
a
couple
other
housekeeping
items
just
a
reminder
that
all
linux
foundation
and
hyperledger
foundation
meetings
involve
participation
by
industry
competitors
and
it's
our
intention
to
conduct
all
these
activities
in
accordance
with
applicable
anti-trust
and
competition
laws.
If
there's
any
questions,
please
view
the
full
policy
on
the
link
there
and
you
can
also
just
direct
chat
one
of
the
staff
members.
If
you
have
any
questions
during
this
webinar.
Thank
you
for
your
appreciation
of
that.
A
As
a
reminder,
this
session
is
being
recorded
and
we
are
also
live
streaming
and
igor
will
put
the
live
stream
url
into
the
chat,
feel
free
to
send
it
out
on
social
and
get
people
to
log
on
to
the
live
stream
if
they
haven't
registered
for
the
event,
and
we
don't
have
any
slides
for
this
session,
it's
going
to
be
a
fireside
chat,
but
if,
if
you,
if
we
do,
we
would
have
that
just
a
reminder.
These
webinars
are
really.
We
want
you
to
get
the
most
out
of
it.
A
Out
of
it
and
at
the
end
of
the
session,
we
will
have
an
opportunity
for
questions
and
answers.
There's
three
different
ways
that
you
can
answer.
You
ask
your
questions.
You
can
raise
your
hand
using
the
zoom
feature
and
we'll
go
ahead
and
call
on
you
and
unmute
you
to
speak
your
to
do
your
voice
of
your
question.
A
We
all
know
that
over
the
last
few
years,
as
especially
now
and
here
and
in
2021
and
almost
2022,
one
of
the
biggest
barriers
to
growth
for
the
blockchain
industry
has
been
the
talent
gap
for
developers
with
the
right
skill
and
training
recognizing
that
demand.
As
many
of
you
know,
in
partnership
with
the
linux
foundation,
training
hyperledger
has
worked
for
many
years
on
developing
a
robust,
growing
set
of
enterprise,
training
and
certification
for
developers
across
all
hyperledger
online
courses.
A
However,
as
a
recent
hyperledger
brand
survey
highlighted
the
mainstream
adoption
of
blockchain
by
enterprises.
Also
requires
the
training
specifically
serves
business
leaders.
Blockchain
technologies
are
driving
new
business
models,
reshaping
industries
and
changing
the
flow
of
information
and
money
around
the
world.
A
C-Level
executives
and
senior
management
need
to
become
fluent
in
this
technology
to
define
and
redefine
the
businesses
to
find
new
market
opportunities,
and
the
hyperledger
foundation
is
committed
to
advancing
executive
education
as
it
is
to
developer
training,
and
this
is
really
why
I'm
excited
about
today's
session
because
it
really
meets
those
goals.
So
let
me
first
introduce
you
very
quickly
to
the
panelists.
A
The
good
news
is
that
kevin's
actually
was
called
to
testify
in
front
of
congress
and
he's
in
washington
dc
today,
testifying
for
the
digital
assets
and
the
role
of
government
sessions.
So
we
wish
him
luck
with
him
with
him
for
him
this
testimony
this
afternoon
that
he
does
that
and
it's
great
you
know
kevin
has
been
such
a
champion
in
the
enterprise
blockchain
world
as
well.
However,
we
have
the
pleasure
of
welcoming
kathy
barra
who's.
A
The
founding
economist
at
prism
group
and
blockchain
program
director
at
the
wharton
school
kathy,
has
had
a
distinguished
career,
including
many
economic
advisory
projects
for
fortune
100
companies
and
leading
startups.
She
has
a
masters
in
applicable
mathematics
from
the
school
of
the
london
school
of
economics
and
a
phd
in
business
economics
from
harvard
university
where
she
studied
under
nobel
laureate
oliver
heart
pretty
impressive,
to
say
the
least,
kathy
kathy's
work
focuses
on
incentive,
design,
token
economics,
modernization
and
governance,
design
for
digital
economies
and
she'll
be
sharing
some
of
that
today.
A
She
has
also
been
an
advocate
for
years
on
enterprise
blockchain
and
a
great
supporter
of
the
hyperledger
foundation,
so
welcome
kathy.
Today
we
also
have
the
honor
to
hear
from
some
of
our
hyperledger
members
who
have
been
selected
to
be
part
of
the
wharton
executive
course
as
enterprise
case
studies
and
we're
going
to
learn
from
them
today
on
their
use
cases
how
they
were
selected
and
we'll
hear
both
from
an
end-user
user
perspective
on
using
the
technology,
as
well
as
a
technology
and
service
provider's
perspective
of
working
with
customers.
A
In
this
ecosystem
and
why
both
of
those
are
important
so
I'd
like
to
also
welcome
emiliano
bernini,
head
of
ict
innovation
strategy
at
post,
italiane
and
james
edward
chief
researcher
at
ceramitsu,
so
once
again
welcome
everyone
and
a
big
welcome
to
the
attendees.
So
we
will
have
some
time,
as
I
mentioned
before,
for
questions
and
answers.
A
So
please
start
cueing
them
up
for
the
panelist
and
I'm
going
to
go
ahead
and
unshare.
My
slides
so
welcome
everyone.
So
kathy
I'd
like
to
start
with
you
this
morning
and
afternoon
for
some
of
us.
Can
you
please
tell
us
about
your
role
at
wharton
school
and
introduce
us
to
the
course
and
how
it
came
together
and
why
wharton
thinks
this
course
is
so
important.
Now.
B
B
B
For
for
exactly
how
those
implementations
might
look
so
well
we're
very
fortunate
early,
we've
sort
of
opened
up
sign
ups,
a
few
weeks
ago
and
early
sign
ups,
we
already
have
professionals
from
from
24
countries
of
mixed
professional
backgrounds,
including
financial
services,
professional
services,
folks
coming
out
of
enterprise
and
folks
coming
out
of
sort
of
blockchain
native
projects
or
startups.
So
we're
really
excited
to
get
this.
A
B
So
so
today,
here
we
we
have
representatives
from
two
of
our
our
case
studies
and
those
reflect
sort
of
government
and
public
private
enterprise
use
of
a
blockchain.
We
also
have
cases
from
the
permissionless
space,
including
a
case
about
layer,
one
blockchain
network
that
focuses
on
the
design
of
its
consensus
mechanism.
We
have
another
case
about
a
d5
project
that
focuses
on
its
governance
design.
A
Well,
it's
really
important
to
understand
that
spectrum
of
use
cases
across
both
permissioned
and
permissionless
blockchains,
and
I
think
that
you
know
the
hyperelectric
community
certainly
has
been
addressing
those
across
the
board.
So
it's
great
to
you
know
to
understand-
and
I've
spoken
to
some
people
who
are
you
know
some
executives
who
are
interested
in
the
course
and
because
they
understand
that
now
is
the
time
for
them
to
start
implementing
these
these
these
types
of
approaches
as
part
of
their
new
business
strategies
as
well.
So
it's
fantastic
to
see
the
adoption
of
that.
A
Understanding
of
why
blockchain
is
strategic
for
their
their
company
and
their
ecosystem
and
how
they're
approaching
it
so
emiliano.
Maybe
we
you
know
it's
always
nice
to
see
you
so
welcome.
Once
again,
you
know,
hopefully
soon
I
keep
promising
miliano
that
I
will
see
him
in
italy,
so
hopefully
soon
that
will
happen.
C
C
C
As
you
can
understand,
from
the
name
of
posted
is
the
biggest
logistic
operator
in
italy,
but
we
are
not
just
a
logistic
operator.
We
are
a
a
multi-business
company.
We
are
also
a
bank.
We
are
the
main
payment
service
provider.
In
italy
we
are
the
biggest
digital
identity
provider
in
italy.
You
are
an
insurance,
so
we
have
a
the
chance
to
to
face
a
lot
of
different
challenges
in
applying
blockchain
technologies
to
very
different
industries,
and
so
it's
really
it's
really
challenging
and
back,
but
during
the
year
I.
C
A
Yeah,
I
mean
you
know
it's
four
years
of
hard
work
by
you
and
the
rest
of
your
team
as
technology
leaders
within
post
italian
and
within
your
ecosystem
and
educating
those
executives.
So
the
change
that
you
see
is
change
that
you
have
created
within,
and
I
think
what's
so
important
about
things
like
this
edu.
You
know
this
course
is
that
we're
helping
facilitate
some
of
that
education
with
you
know
companies
around
the
world
to
do
that.
So
it's
it's
a
fantastic
story,
james,
you
know
you
know.
A
It's
sometimes
hard
to
believe
that
it
was
in
september
of
2016
that
long
ago
that
you
donated
the
hyperledger
eroja
code
base
to
the
linux
foundation
and
now
it's
part
of
the
hyperledger
landscape
of
projects
of
dlts
and
certainly
has
gotten
a
lot
of
adoption.
Why
has
open
source?
You
know
to
start
off
been
an
important
part
of
sara
mitsu's
strategy
in
the
market?
A
D
But
we
believe
that
it
also
holds
true
for
the
broader
community
of
users
in
industry
and
academia
and
civil
society
and
as
developers,
we
love
a
community
that
has
clarity
on
its
goals.
That
has
clarity
on
its
pain
points
and
needs,
because
it's
our
job
to
iterate
over
those
needs.
So
the
more
clearly
a
a
user
can
articulate
their
their
needs
and
their
pain
points
the
better
a
job
we
can
do
in
in
meeting
them.
D
A
A
A
lot
of
you
know
the
market
out
there
for
this
and
educating
executives
on
a
you
know
on
a
customer
by
customer
or
you
know,
enterprise
talk
by
enterprise
talk
and
I
know
you've
been
very
supportive
of
the
hyperledger
community
in
that
way,
and
recently,
there's
been
a
lot
of
work
around
specifically
around
central
bank
projects
that
you're
working
on.
So
I
wonder
if
you
can
just
share
a
little
bit
with
us,
you
know
how
sara
mitsu
goes
and
educates
a
very
complicated
ecosystem
in
in
in
that
industry,
in
that
market.
D
We
yeah
since
we
launched
so
for
those
of
you
who
aren't
familiar
with
our
work
in
this
space
in
2019
we
piloted
and
in
2020.
We
officially
officially
launched
bakong,
which
is
the
nationwide
digital
payments
infrastructure
serving
the
national
bank
of
cambodia,
and
this
is
a
kind
of
a
central
bank.
Digital
currency,
adjacent
project,
definitions
of
what
a
central
bank
digital
currency
is
kind
of
shift
month
by
month
and
currently
we're
referring
to
it
as
a
synthetic
central
bank.
D
On
top
of
this
new
infrastructure-
and
some
of
them
are
potential
customers
and
some
of
them
really
aren't,
but
we
don't
see
these,
we
don't
go
into
these
conversations
as
sale
sales
pitches.
We
want
to
carry
forward
the
ethos
of
the
hyperledger
project
and
kind
of
open
source,
our
expertise
and
experience
on
a
one-on-one
basis,
and
we've
had
ongoing
conversations
with
the
number
of
central
banks
over
the
past
year
and
we've
seen
real
gains.
D
The
technical
acumen,
that's
evident
in
the
questions
that
we
get
from
regulators
in
2021,
is
totally
remarkable
when
compared
to
2020.,
they
are
doing
their
homework,
and
these
conversations
have
also
given
us
critical
strategic
direction
with
regard
to
our
own
product
development.
So
it
really
goes
both
ways
we
benefit
as
much
as
they
do
from
these.
From
this
ongoing
kind
of
consult,
consultation
and
education
relationship.
A
A
What
is
different,
you
know
about
this
course
that
people
who
might
be
interested-
and
you
know
your
focus
on
executive
training
and
give
us
some
examples
of
you
know
what
the
coursework
looks
like
and
some
of
the
things
that,
based
on
what
emiliano
and
james,
has
shared
with
us
today.
You
know
we
cover,
or
you
cover
in
that
course.
B
Yeah
absolutely
so
you
know
I
sort
of,
as
you
noted,
2021
has
been
a
really
big
year
for
blockchain
technology,
between
the
rise
of
defy
and
and
the
proliferation
of
nfts.
There's,
there's
sort
of
been
a
lot
of
news,
even
sort
of
setting
aside
the
progress
that's
being
made
with
with
regulation
and
so
forth.
B
But
I
I
think
that
you
know
there
are
there,
aren't
enough
resources
that
really
explain
at
a
detailed
level
exactly
what
the
value
is,
that
this
technology
is
providing
and
how
it
does
that
right.
So
you
know
there
are
one
of
the
things
that
that
we
we
talked
about
in
the
course
is
so
so
in
the
first
module
we
explain
exactly
how
what
blockchain
is
and
how
it
differs
from
its
its
closest
alternative
technologies.
So
you
know,
project
teams
that
are
are
thinking
about.
B
So
in
the
third
module
which
really
focuses
on
the
use
of
of
blockchain
by
enterprises
and
ngos,
we
discussed
how
sort
of
how
how
business
leaders
make
decisions
about.
You
know
whether
to
implement
with
blockchain
and
and
also
sort
of
what
what
type
to
use,
how
to
implement
it.
So
so
this
touches
on
on
issues
as
we
were
discussing
of
you
know,
do
we
want
to
be
in
the
permissionless
space.
B
Do
we
want
to
be
in,
in
the
permission
space
sort
of
what
what
features
does
our
specific
implementation
need
to
have
in
order
to
drive
values
for
the
users
of
of
our
network?
So
I
think
that
that
this
specific
course
digs
into
those
details
more
so
than
than
other
content.
I've
I've
seen
before,
and
we're
really
excited
to
to
be
able
to
provide
that
level
of
of
insight
to
the
students
of
this
course.
B
I
I
would
love
to
so
I'll
I'll,
actually
start
with
I'll
start
with
suramitsu,
because
so
that's
sort
of
in
chronological
order.
So
so,
as
I
mentioned,
the
the
first
module
sort
of
digs
into
what
what
is
blockchain,
what
makes
it
different
than
than
alternative
technologies,
and
how
does
this
provide
a
new
set
of
potential
costs
and
benefits
that
folks
might
want
to
consider
in
terms
of
of
their
technological
implementation?
B
B
So,
within
this,
this
module
there's
also
a
discussion
of
of
cbdc's.
That
discussion
also
does
a
little
bit
of
a
comparison
between
cbdc's
and
and
stable
coins
and
and
talks
about
how
that
might
impact
the
the
payment
landscape.
So
we
were
very
fortunate
to
be
able
to
include
this
this
suramitsu
case
and
this
this
project
with
the
the
central
bank
of
cambodia
to
provide
students
with
a
real
illustration
of
how
this
will
look
in
in
practice.
D
I
I
don't
know
if
you
all
have
been
keeping
on
top
of
the
developments
in
this
space,
but
it's
very
fast-paced
and
very
exciting
and
head
over
to
the
bank.
The
bank
for
international
settlements,
webpage
read
up
their
their
policy
papers
great
way
to
start
and
then
read
some
of
our
our
own
writing
yeah.
It's
it's
exciting.
We
we
find
it
notable
that
lower
and
lower
middle
income
countries
often
show
a
more
proactive
approach
to
this
space
than
the
big
boys
kind
of
like
the
us
and
the
eu.
D
The
first
blockchain
based
retail
payment
system
to
go
live
was
in
cambodia
in
2019,
the
first
direct
cbdc,
which
is
to
say
a
cbdc,
that
is
a
direct
liability
of
the
central
bank,
was
launched
in
the
bahamas
so
and
we
think
that
the
same
principle
could
apply
in
the
private
sector.
This
is
an
infrastructural
revolution.
It's
a
once
once-in-a-lifetime
chance
for
smart
and
agile,
small
and
medium-sized
enterprises
to
leapfrog
their
competitors,
just
as
cambodia
and
the
bahamas
have
done
so.
It's
kind
of
an
instructive
example
that
has
been
said.
B
Absolutely
so,
after
discussing
digital
assets,
we
have
module
three,
which
is
focused
on
use
cases
sort
of
outside
of
the
financial
sector.
So
this
we
touch
on
on
both
sort
of
enterprise
use
cases
and
and
ngos,
and
so
within
the
and
all
excuse
me-
I
also
should
mention
so
this.
This
module
also
introduces
the
the
topic
of
smart
contracts
and
discusses
how
smart
contracts
can
add
functionality
to
blockchain
implementations.
B
So
this
is
in
a
section
of
the
course
that
sort
of
talks
about
data
and
sort
of
digital
identity,
consumer
loyalty,
programs,
issues
of
data
privacy
and
how
new
blockchain
implementations
are
sort
of
attacking
some
of
these
problems
and
bringing
organizations
together
in
order
to
to
better
serve
consumers
in
in
the
market,
and
we
have
this
great
example
of
poste.
Italiane's
loyalty
program
within
that
part
of
the
module
and.
A
C
For
sure
the
goal
is
to
as
a
as
ketty
said,
to
to
better
serve
our
our
customer.
So
today
we
have
in
place
our
reward
program
that
it's
basically
a
cashback
program.
So
if
one
of
our
customers
pays
using
a
one-on-one
credit
card
in
a
network
of
physical
or
e-commerce
merchants,
then
the
user
gets
rewarded
with
with
a
percentage
of
the
of
the
amount
that
he
has
spent.
C
Then
we
started
thinking
how
we
we
can,
let
me
say,
include
added
services
and
now
are
also
mechanics
and
dynamics
into
our
non-reality
programs.
So
to
reward
the
users
if
he
buys
a
parcel
or
a
delivery,
but
also
we
we
want
to
make
more
effective
our
reward
program
and
what
we
think
is
that
trying
to
fade
away
together
different
programs
could
be
a
good
option
because
you
know
probably
most
of
you
ever
have
made
a
subscription
to
more
than
once
of
reward
programs.
Each
of
this
program
is
a
a
silo.
C
A
B
So
this
project
is
basically
using
smart
contracts
in
order
to
facilitate
coordination
between
the
numerous
parties
who
who
are
sort
of
involved
in
music
streaming
and
and
facilitating
the
royalty
payments
back
to
creators
in
music
streaming
services
in
in
japan.
So
I'm
trying
to
streamline
some
of
those
relationships
using
blockchain
technology
in
order
to
better
facilitate
these
payments.
B
So
again,
this
is
sort
of
another
example
of
of
a
use
case,
very,
very
different
from
from
the
other
two
we're
discussing
today,
but
where
blockchain's
being
used
in
an
enterprise
context
and
sort
of
again
highlighting
sort
of
a
different
aspect
of
the
technology
and
sort
of
these
different
functionalities
that
that
it
can
provide
in
order
to
to
add
value
within
one
of
these
sort
of
specific
contexts.
Right.
A
You
know
what's
fantastic
I'd
like
to
highlight
right
now
is
that
we?
Actually,
you
know
for
those
of
you
who
know
the
hyperledger
landscape.
We
have.
You
know
17
different
projects,
six
dlts,
six
distributed,
ledger
technology
frameworks
and
even
in
this
course
itself
we
have
representation
on
the
use
cases
from
three
of
those
projects.
So
we
have
the
bank
of
bangkok
with
hyperledger
eroja.
A
So
congratulations
kathy
for
you
know
the
team
in
selecting
really
a
comprehensive
view
of
our
ecosystem
there.
So
we
talked
a
bit
about
the
case,
studies
that
are
in
the
the
courses,
and
maybe
we
can
spend
a
little
bit
of
time
talking
about
other
projects
that
both
emiliano
and
james
are
working
on
that
are.
You
know
interesting
that,
based
on
our
discussion
today,
so
james
I'll
start
with
you.
If
there
are
some
current
other
use
cases
that
you'd
like
to
share
with
the
audience
today.
D
Sure
the
most
recent
use
case
that
we
have
spent
a
lot
of
time
on
is
our
our
entry
in
the
monetary
authority
of
singapore's
global
cbdc
challenge,
global
central
bank,
digital
currency
challenge.
We
were
one
of
15
finalists
selected
out
of
over
300
applications,
so
that
was
good
and
and
challenging.
Our
our
competition
was
fierce
and
we
several
of
the
competi,
the
competitors
kind
of,
took
two
different
routes.
Some
of
the
competitors
basically
submitted
their
fully
fledged
cbdc
systems
as
their
entry
as
their
solution.
D
Submitted
applications
or
or
hardware
products
or
other
things
that
would
ride
on
top
of
a
cbdc,
and
we
kind
of
we
were
debating
when
we,
when
we
first
shortlisted
which
direction
to
go
because
we
do
have
a
fully
fledged
cbdc
system.
Bakong
is
a
fiat,
backed
variation
on
that
system,
and
we
could
have
submitted
it
and
that
would
have
actually
been
the
lower
that
would
have.
D
There
is
a
massive
business
opportunity
that
will
grow
up
around
that
infrastructure
and
you
think
of,
for
instance,
the
the
implementation,
the
telephone
grid
or
wireless
grids.
Wireless
network
5g,
whatever
building
the
infrastructure
is,
is
only
the
first
step.
Building
on
top
of
the
infrastructure
is
where
things
start
to
get
really
exciting.
D
So
we
decided
to
develop
an
overlay
application
that
worked
on
top
of
a
cbdc
or
worked
on
top
of
bacon
the
fiat
backed
variation
and
we
developed.
What
we
developed
was
an
application
that
allows
financial
institutions
to
query
a
blockchain
to
get
data
that
could
testify
to
retail
end
users
propensity
to
pay
in
various
contexts
and
use
that
data
to
assist
in
credit
underwriting
for
micro
loans,
because
currently
the
process
by
which
microloan
underwriting
is
is
is
done
in
in
developing
countries.
It's
extremely
inefficient.
D
So
if
we
could
improve
the
efficiency
of
underwriting,
we
could
see
significant
economic
gains
both
for
institutions
and
for
end
users.
So
that's
the
direction
we
went
and
it's
an
interesting
solution.
We
will
make
that
the
details
public.
We
encourage
you
to
take
a
look
at
our
website
and
what
makes
it
interesting
is
that
we
developed
it
in
such
a
way
that
it
uses
booleans.
D
It
uses
true,
false
queries,
so
a
credit
institution,
a
lending
institution,
can
gain
propensity
to
pay
data
relevant
to
a
specific
underwriting
task
without
having
to
see
the
actual
transaction
records.
So
it
preserves
the
privacy
of
the
users
while
simultaneously
meeting
the
needs
of
the
financial
institution,
and-
and
this
is
the
kind
of
this-
is
the
kind
of
solution
that
we
think
we
will
need
to
build
expertise
in
going
forward
developing
for
a
cbdc
or
a
block
or
another,
a
comparable
blockchain
driven
infrastructure,
because
the
amount
of
data
out
there
is
vast.
D
Companies
will
have
to
pay
attention
to
the
risk
of
data
monopoly
to
the
benefits
and
also
the
drawbacks
associated
with
network
effects
at
scale.
So
the
challenge
gave
us
an
opportunity
to
think
through
these
things
in
a
very
pragmatic
user-oriented
way.
So
that's
one
example.
Another
example
which
also
has
to
do
with
data
sharing
and
privacy
protection,
we're
working
with
a
consortium
of
telcos
to
develop
a
blockchain
based
fraud,
intelligence
sharing
system,
so
telcos
can
report
fraudulent
activity
log
it
on
the
blockchain.
D
Their
contributions
are
tokenized
and
they
can
use
the
tokens
to
access
premium
services
like
analytics
of
the
fraud
data
that
has
been
submitted
by
both
their
own
by
by
them
and
by
other
peers.
So
this
will
incentivize
contribution,
because,
obviously
this
kind
of
data
sharing
platform
we
tend
to
have
a
free
writer
problem.
People
will
come
in
and
access
the
data
without
actually
contributing.
D
So
tokenization
helps
us
to
solve
that
free
writer
problem,
and
it
also
helps
us
to
integrate
the
data
itself
with
the
analytical
services
that
which
are
actually
allowing
the
telcos
to
act
on
this
data
and
to
to
mitigate
the
risks
associated
with
fraud
and
to
to
block
the
fraudulent
numbers.
So
that's
another
data
sharing
privacy,
kind
of
balance,
project
that
we're
working
on.
A
You
guys
always
do
it's
great,
you
know
right,
you
know
I
love
and
james,
and
I
had
a
conversation
about
this
yesterday.
Just
the
you
know,
the
specifically
on
the
cbdc's.
It's
solving
one
specific
option,
you
know
problem,
but
it's
also
creating
whole
new
markets,
so
sarah
mitzu
is
certainly
ahead
of
the
game
and
thinking
about
those
markets
and
how
the
technologies
is
going
to
benefit
those
emiliano.
I
know
you've
do
done
a
lot
of
work
outside
of
loyalty
points
as
well
in
in
at
post
italian.
C
C
C
That
was
a
public
announcement
by
the
the
the
president
of
the
european
commission
who
first
told
about
the
european
digital
identity
wallet,
a
pan-european,
so
a
digital
identity,
wallet
for
every
european
citizen
and
and
we
are
trying
to
work
in
that
direction
and
building
a
necessary
self-solar
identity
solution
and
so
a
solution
that
is
privacy.
Preserving
that
puts
all
the
data
in
the
ends
and
in
full
control
of
the
of
the
citizen.
C
We
are
working
on
our
own
wallet,
but
again
working
together
with
public
administration
and
with
other
company.
We
are
developing
use
cases
that
that
use
the
the
identity
wallet
as
the
starting
point,
but
also
allows
the
the
italian
citizen
to
collect
very
variable
credential
about
their
diplomas
or
attestation,
professional
attestation
and
and
so
on.
So
there's
a
lot
of
stuff
going
on
with
digital
identity.
It's
really
really
challenging.
A
I
mean
challenging,
but
it's
so
impressive,
what
the
european
union
across
all
states
there
are
are
doing,
especially
italy
as
well,
and
we
see
a
lot
of
activity
with
some
of
our
other
hyperledger
members
in
in
germany,
for
example,
with
siemens
and
bosch
and
with
id
now
id
union,
as
well
as
in
spain,
with
telefonica
and
france
with
opencert.
So
it
is
fantastic.
A
We
were
watching,
obviously
very
closely
and
our
hyperledger
aries
and
hyperledger
indie
community
are
very
active
and
contributing,
as
part
of
that,
so
you
know
kudos
to
post
italiano
to
be
leaders
there
and
it's
it's
fantastic
to
watch
from
our
side
of
the
pond,
and
I
hope
that
we
soon
will
see
some
of
the
similar
things
over
here
as
well
kathy.
You
know,
maybe
you
know
one
of
the
things
we've
we've
focused,
you
know
the
last
50
minutes
or
so
talking
about
hyper
ledger.
Specific
use.
A
Cases
in
the
courses
tell
us
a
little
bit
more
about
some
of
the
other
course
content
that
you
know
people
should
be
interested
in.
You
know.
Hyperledger,
today
is
really
you
know
the
continuum,
whether
it's
dfi
or
nfts,
or
a
lot
of
these
projects
we're
involved
in
as
well.
What
are
the
other
things
that
you
know
the
the
the
students
for
this
course
will
will
learn
about.
B
Yeah,
so
so,
after
moving
through
through
module,
three,
which
is
sort
of
focused
on
enterprise,
use
cases
that
are
not
in
the
financial
sector.
Specifically,
then
we
have
a
module
that
that
talks
about
the
financial
sector
specifically
and
talks
about
sort
of
how
defy
is
is
disrupting
that
that
sector.
I
thought
some
of
the
the
points
james
made
earlier
about
building
building
functionality
on
top
of
a
cbdc
are,
on
top
of
you
know
a
digitized
currency.
I
think
I
think,
is
really
important.
B
So
we
have
a
module
that
sort
of
specifically
looks
at
at
those
financial
services
at
what
is
happening
in
in
the
d5
space,
specifically
decentralized
finance,
which
which
sort
of
currently
has
a
lot
of
limitations
in
terms
of
its
functionality
and
then
then,
in
the
fifth
module.
We
move
on
to
thinking
specifically
about
valuation
of
digital
assets
and
how
this
may
be
similar
to
may
differ
from
evaluation
of
traditional
financial
assets
so
sort
of
reflecting
back
on
on
module.
B
Two
of
the
course
you
know
all
sorts
of
digital
assets
grant
the
users
different
rights.
That
has
an
impact
on
what
does
the
demand?
For
that
token,
look
like
what
do
people?
What
is
it
about
the
token
that
that
people
are
going
to
value
specifically
and-
and
we
present
for
the
first
time
methodology
for
looking
at
the
the
fundamental
value
of
a
token,
and
so
we're
really
excited
to
present
that
content
in
an
educational
setting?
So
so
folks
are
can
sort
of
start
thinking
rigorously
about.
B
Since
these
assets
of
course
move
across
borders,
and
so
all
of
those
things
have
an
impact
on
how
a
startup
or
a
company
might
think
about
implementing
these
technologies
and
how
to
get
the
most
out
of
them.
So
we
really
want
to
position
students
across
industries
to
be
able
to
think
critically
about
the
the
technology
and
be
able
to
make
choices
about
how
to
to
implement
it
and
how
to
best
serve
their
customers
or
end
users.
B
I
think
the
the
one
other
thing
that
that
I
want
to
highlight
is
that
this
course
gives
continuous
education
units,
so
that
makes
it
eligible
for
reimbursement
by
a
lot
of
employers.
So
that's,
I
think,
a
win-win
for
a
lot
of
enterprises
who
need
to
get
their
employees
up
to
speed
on
on
this
technology
as
it
proliferates
across
industries.
B
So
we're
really
looking
forward
to
welcoming
a
cohort
of
students
across
a
variety
of
industries
across
a
variety
of
countries.
We
already
have,
as
I
mentioned,
a
very
diverse
student
body
in
in
the
early
sign
ups
and
and
we're
looking
to
we're
looking
forward
to
welcoming
student,
more
students
from
those
diverse
backgrounds.
A
All
right-
and
I
think
you
know
an
important
aspect
of
what
you
just
said
kathy
is
you
know
the
you
know
not
some
enterprises
are
not
going
to
be
ready
to
implement
some
of
these.
You
know
technologies
and
use
cases,
but
as
executives
as
you
think
about
your
five
to
10
to
20
year
strategies,
this
is
just
a
required,
a
required
education
piece
of
it
as
well.
A
So
we're
excited
we're
excited
about
all
the
education
that's
going
to
go
on
and
makes
our
our
job
much
easier
as
well
in
in
out
there
in
the
ecosystem.
Great,
I
think
we
have
a
couple
of
questions.
We
have
a
couple
of
minutes
for
questions
once
again.
If
you
have
a
question,
please
raise
your
hand
if
you
want
to
do
a
voice,
question
go
ahead
and
pop
it
into
the
q,
a
or
in
the
chat
and
we'll
we'll
do
that.
There
was
a
question
james,
I
think,
from
elizabeth
green.
A
C
C
A
D
Yes,
yeah
very,
very
exciting,
interesting
question,
a
challenging
question
so
for
those
of
you
who
don't
know,
sora
mitsu
also
works
in
the
d5
space
we
opera,
we
contribute
to
where
the
main
contributors
to
a
decentralized
community
called
sora,
which
is
a
it's
an
ambitious
concept.
Basically,
the
concept
is
of
a
decentralized
central
bank
wherein
a
a
body
of
sort
of
citizens
of
peers
who
are
chosen
via
the
procedure
of
sortition.
D
The
the
classical
greek
democratic
procedure
of
sortition
can
make
decisions
as
to
the
creation
of
new
tokens,
new
assets
and
the
allocation
of
those
assets
for
productive
purposes,
specifically
for
projects
that
are
put
forward
and
proposed
by
the
community.
So
it
incorporates
some
aspects
of
of
of
crowd,
loans
or
or
crowdfunding.
D
It
incorporates
some
aspects
of
a
decentralized
autonomous
organization.
It's
it's
a
very
interesting
project
and
I
encourage
you
to
check
it
out
and
if
it
were
to
really
take
off
then
yes,
it
would
be
a
competitor
to
central
banks
to
the
to
the
traditional
model
of
the
traditional
model
by
which
currency
is
issued
and
put
into
circulation
and
regulated
and
and
utilized.
D
We're
firm
believers
in
competition,
and
we
see
the
future
financial
landscape
as
as
one
in
which,
on
the
one
hand,
they
add
up
the
adoption
of
dlts
by
governments
and
and
traditional
institutions
like
central
banks.
It
will
improve
the
security
and
resilience
of
critical
infrastructure.
It
will
enable
more
public
participation
in
decision
making.
It
will
enable
more
public
participation,
resource
allocation.
D
It
will
bring
more
people
into
into
the
financial
system,
but
then,
on
the
other
hand,
the
growth
of
decentralized,
economic
and
political
communities
in
parallel
to
those
traditional
systems
will
open
up
new
possibilities
for
self-organized
value
creation
and
self-governance
kind
of
in
the
cracks
and
on
the
margins
and
we're
excited
to
contribute
to
both
of
these
positive
trends.
We
see
both
trends
as
positive,
and
we
see
our
enterprise
and
our
decentralized
finance
work
as
interlocking
parts
of
a
future
economy.
D
A
Great
well,
thank
you
james.
I
know
we're
at
time
and
there
was
a
couple
other
questions
in
in
the
q
a
you
know,
a
couple
of
things
and
I'll
wrap
this
up.
You
know
james
emiliano
and
kathy.
Maybe
if
you
are
willing
to
put
your
email
address
or
your
contact
information
to
the
chat.
If
people
want
to
ask
those
questions
directly
of
you
to
continue
that
conversation,
that
would
be
wonderful.
A
I
want
to
just
let
everybody
know
that
if
you
registered
for
this
event,
you
also
get
an
email
from
us
with
a
15
percent
discount
code
that
hyperledger
has
partnered
with
prism
and
the
wharton
school
to
do
to
provide
for
you.
So
please
be
on
the
lookout
for
that,
and
we
hope
that
it,
this
piqued
your
interest
and
feel
free
to
share
that
with
others
in
your
organization
as
well.
So
once
again,
I
want
to
thank
the
the
panelists
today
for
this
great
conversation.
A
I
encourage
everybody
to
take
a
look
at
the
course,
and
I
know
we're
putting
the
course
link
into
the
chat
there
as
well,
and
if
you
do
have
any
questions,
please
contact
the
panelist
or
myself
would
be
happy
to
assist
you
so
once
again,
kathy
emiliano
and
james.
Thank
you
so
much
for
the
time
today,
just
as
a
reminder
for
everybody,
we
do
have
upcoming
webinars
and
projects
that
you
can
participate
in
in
the
january
february.
A
A
Also,
we
have
some
webinars
that
are
coming
up
with
some
of
our
other
members
on
december
1st,
we'll
be
welcoming
splunk
who's
be
talking
about
hyperledger
fabric
security,
monitoring
and
christopher
cordy
will
be
running
that
presentation,
so
please
do
join
us
there
and
then,
on
november
25th
on
thanksgiving,
but
because
we're
a
global
organization.
We
have
events
all
the
time.
Tech
mahindra
will
be
talking
about
demystifying
nfts,
so
it's
actually
a
very
interesting
use
case
that
they'll
be
talking
about
and
how
they're
using
hyper
ledger
in
the
nft
space
as
well.
A
So
please
make
sure
to
sign
up.
We
also
have
lots
of
sessions
on
demand
from
our
global
forum,
including
topics
that
we
were
discussing
today.
So
please
do
look
at
those
sessions
and,
last
but
not
least,
we
are
an
open
source
community
so
feel
free
to
join
us.
Take
a
snap
of
that
qr
code
and
it
will
provide
you
some
more
information
on
how
to
get
involved
if
you're
not
already
involved.
So
once
again,
thank
you
everybody
for
attending
for
joining
us
today.