►
From YouTube: The Future of Web3
Description
A meetup run by Hyperledger Raleigh and hosted by Kaleido on Wednesday, February 15, 2023 featuring a discussion about the future of Web3.
Want to know where web3 is headed? Watch this panel discussion to hear from industry experts on the future of blockchain technology, and its application in real world use cases.
During the panel you will hear lightning talks from:
Jerry Cuomo, IBM Fellow and author of Think Blockchain
Campbell R. Harvey, Professor of Finance at Duke’s Fuqua School of Business and author of DeFi and the Future of Finance
Sterling Mah Ingui, Head of Next Gen. Products, Workplace, Fidelity
Jim Zhang, Head of Protocol & Co-founder at Kaleido
----
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
Discord: https://discord.gg/rVCn4j7UFd
Case Studies: https://www.hyperledger.org/learn/case-studies
Training & Certification: https://www.hyperledger.org/learn/training
Tutorials: https://www.hyperledger.org/use/tutorials
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Learn about Hyperledger Membership: https://www.hyperledger.org/about/join
#Hyperledger #Blockchain
License
Creative Commons Attribution license (reuse allowed)
A
A
So
I'll
just
briefly
describe
the
backgrounds
of
the
four
speakers
and
then
I'll
pass
it
over
to
the
first
speaker,
so
Jerry
Cuomo
who's
standing
to
my
right
is
the
father
of
blockchain
and
web
3
at
IBM
and
an
IBM
fellow,
which
is
the
highest
technical
honor.
You
can
achieve
at
IBM
plus
super
nice
person
who
gives
back
to
the
community
and
is
actually
teaching
a
course
on
web3
at
NC
State,
which
was
the
Genesis
of
his
book,
think
blockchain.
A
So
his
latest
book
so
feel
free
to
talk
to
him
about
it
and
I
think
we
have
some
copies
around
here.
That
Madison
has
in
the
back
and
then
joining
us
from
Academia
is
Campbell
Harvey,
who
is
professor
of
Finance
at
Duke.
University
are
a
true
Global
leader
on
defy
and
looking
at
the
future
of
Finance,
so
he
actually
is
involved.
Duke
has
a
really
great
digital
assets
conference
that
they
do.
They
pull
in
a
lot
of
global
leaders
as
well.
I
know,
he's
active
and
a
lot
of
that.
A
The
efforts
both
on
campus
and
Beyond.
So
it's
we
have
a
technologist
for
technology
vendor
leading
technologist
someone
leading
in
the
academic
space.
We
also
have
are
very
privileged
to
have
someone
who's
leading
and
can
provide
the
Enterprise
perspective
of
actually
affecting
transformation
and
change
within
companies.
So
she's
a
p
l
leader
for
next-gen
retirement
products
at
Fidelity,
workplace
investing
and
has
really
done
done
quite
a
bit
in
the
space
and
a
lot
of
learnings
to
share
and
best
practices
and
insights.
A
So
we're
really
excited
about
that
Sterling
in
GUI
and
then
our
last
lightning
talk
speaker
is
Jim
Zhang,
our
very
own
ginseng
from
the
collido
team.
World-Renowned
protocol
expert
is
familiar
and
been
an
active
contributor
to
all
the
major
Enterprise
blockchain
protocols,
so
we're
we're
very
blessed
to
have
him
on
our
team
and
he's
had
a
busy
day
because
he
was
just
talking
to
the
SEC
earlier,
so
he's
yeah
and
weaving
in
lots,
lots
of
lots
of
different
interests
and
conversations
in
the
industry.
A
So
with
that
again,
just
because
we
have
the
couple
hundred
people
dialing
and
live
streaming.
If
anyone
does
want
to
talk
just
you
know,
there's
some
breakout
rooms
or
you
could
step
outside
for
a
few
minutes
to
do
that.
So
we
get
good
audio
for
everyone
on
the
live
streaming.
With
that
I'm
going
to
hand
it
over
to
Jeremy
Cuomo.
B
Thanks
Sophia
and
you
have
a
real
rock
star
in
Sofia
Lopez
here,
one
of
the
co-founders
of
collido,
probably
the
dominant
up
and
coming
blockchain
cloud
in
the
world.
So
Sophia
thanks
for
having
us
here
so
hey
everyone,
I'm
Jerry,
Jerry
Cuomo
from
from
IBM
and
I'm
gonna,
talk
to
you
for
10
minutes
or
maybe
eight
minutes
and
ask
my
friend
Mark,
maybe
just
to
speak
for
for
a
minute
about
think
blockchain.
So
I'm
going
to
share
with
you
my
excitement
about
blockchain
through
this
book
project
called
think
blockchain.
B
So,
first
of
all
think
blockchain.
So
if
all
of
you
know
the
IBM
slogan
is
think
so
you
wouldn't
be
wrong
just
to
make
that
connection.
As
Sofia
said,
I
had
the
privilege
of
running
the
blockchain
Technology
Group
for
about
six
years
since,
since
Inception
I
had
the
great
pleasure
with
John
mulprit
back
there
being
one
of
the
the
the
early
instigators
with
about
I,
don't
know
15
other
companies
to
help
launch
under
the
Linux
Foundation
the
hyperledger
project.
B
As
a
student
in
my
definition,
and
the
first
thing
I
said,
is
you
know,
I've
been
put
into
the
corner
that
I
placed
myself
and
IBM
in
Enterprise
blockchain,
so
the
first
thing
I
had
to
do
before
I
can
incredibly
get
up
in
front.
Is
I
had
to
immerse
myself
in
the
full
world
of
blockchain
so
as
a
student's
guide?
B
One
of
the
things
I
needed
to
do
and
kind
of
like
say,
shame
on
you
Jerry
for
not
doing
this
on
day
one
but
I
really
got
under
the
covers
of
Bitcoin
and
ethereum
to
really
study
those.
So
I
can
give
a
fair
and
unbiased
representation
of
the
space.
So
when
I
say
a
student
guide,
the
of
blockchain's
evolution,
which
is
still
very
much
going
from
Bitcoin
ethereum
hyperledger
to
a
future
state
of
the
internet,
web3,
that's
what
the
book
is
is
is
about
and
so
I
do
like.
B
B
It
was
the
thrill
of
my
life
and
also
equally
terrifying
to
stand
in
front
of
35
students
for
16
classes,
where
they
were
bright
as
the
stars
with
laptops
open
in
hand
fact
checking
everything.
I
said
so
that's
that
so
Jerry
and
by
the
way,
I've.
Never
given
a
talk
with
with
an
easel,
but
I
had
to
do
a
first
here.
So
I'll
pass
this
around
in
a
second,
so
I
said
we're
going
to
go
over
a
couple
key
takeaways,
the
first
takeaway
for
the
studio
audience
at
home
is
a
definition
of
blockchain.
B
You
know
everywhere,
I
go,
we
jump
into
blockchain
and
there
is
kind
of
a
gravitational
pull
that
comes
with
blockchain
toward
cryptocurrency,
and
that
is
what
it
is.
You
know.
Few
applications
have
that
tight
Association
as
blockchain
does
and
I
think.
For
many
part
it
puts
it
on
the
map,
but
I
think
at
another
level
it
undersells
what
it
is
and
what
it
does.
Blockchain
is
a
technology
right.
So
in
the
book
in
a
very
quirky
way-
and
you
see,
the
cover
of
the
book
is
a
duck
and
I.
B
Had
this
duck
thing
going
on
I
said:
if
databases
were
Birds,
then
blockchain
would
be
a
duck
and
I
start
off
with
the
students
you
know
kind
of
to
to
warm
them
up
to
the
topic,
not
that
I
believe
blockchain
is
a
database.
Oh
far
from
it.
You
know
it
is
a
Wonder
of
architecture.
That
brings
you,
know,
generations
of
work
and
cryptography,
distributed
computing,
yeah
and
database
technology
to
the
Forefront,
but
I
like
to
Anchor
things
in
a
place
that
people
know.
So
it's
a
fair
place.
B
In
my
six
or
seven
years,
maybe
more
now,
probably
not
counting
right
anymore,
but
I've
seen
some
amazing
things
and
I'm
going
to
share
some
of
those
with
you.
You
can
pass
this
around
if
you'd
like
foreign,
the
key
part.
What
attracts
me
to
blockchain
the
secret
sauce
that
I
see
that
it
does
that
few
things
do
is
is
around
Trust
and
folks.
B
Trust
between
humans,
built
through
reputation,
will
never
go
away.
It's
it's
a
fundamental
part
of
society,
but
you
sprinkle
it
sprinkle.
In
a
little
cryptography
and
distributed
computing,
and
now
you
have
algorithmic
trust
and
the
two
pair
very
well
together
and
with
those
you
can
do
some
amazing
things.
B
So
when
I
think
about
trust
and
you're
going
to
hear
chat,
GPT
come
up
a
few
times.
Why
you
know
it's
2023,
that's
the
rage
and
everyone's
talking
about
thinking
about
trusting
AI.
So
in
this
story
that
I
tell
in
one
of
the
chapters
you
go
to
a
doctor
because
they're
as
hooked
on
technology
as
you
are,
and
your
doctor
has
the
AI
assistant
that
helps
you
know,
diagnose
and
prescribe
drugs.
So
you
go
in
there
and
say:
Doc
I
have
a
back
pain.
B
Can
you
help
me
and
the
doc
assistant
advises
your
doc
to
prescribe
you
big
farmers
back
pain,
relief.
Capsules
sounds
right.
Your
doctor
can't
possibly
it's
only
human.
She
can
only
read
so
many
periodicals
and
they're
coming
out
every
week
every
month,
she's
busy
she
has
a
very
healthy
practice,
but
with
AI
doc
she
pinpoints
the
problem:
the
right
drug.
There
you
go
and
then
later
on,
you
get
some
blood
pressure
problems
and
then
lo
and
behold,
AI
doc,
you
know,
recommends
big
pharmas,
hypertension,
pills
and
being
a
little
skeptical.
B
B
Why
should
you
Trust
AI
right?
How
could
you
you
know,
explain
to
me
where
this
came
from
and
I
want
to
see
it
like
a
food
label?
I
want
to
be
able
to
go
back
and
see
what
the
ingredients
are,
what
the
provenance
is
so
blockchain
and
AI
for
this
case
pair
very
well.
We
talk
about
that
in
the
book
that
blockchain
is
at
the
Nexus
of
new
technologies
and
what
it
does
by
bringing
trust
to
these
Technologies
like
explainability
in
this
AI
sense
increases
adoption
right,
gets
rid
of
the
Skeptics
again
nothing
wrong.
B
Big
Pharma
may
have
been
around
100
years
and
has
a
great
reputation
right,
reputational
trust,
but
then
you
sprinkle
in
a
little
algorithmic
trust
and
it
goes
a
long
way
all
right.
So
that
is
one
of
the
takeaways
around
blockchain
building.
Trust
all
right,
which
lets
us
get
and
I'll
pass
this
around
with
trust.
Blockchain,
could
build
and
create
an
environment
where
everyday
life
can
change
for
the
better.
This
is
what
excites
me.
B
Would
you
believe
me
if
I
said,
blockchain
is
well
on
its
way
to
being
an
ingredient
to
help
preventing
foodborne
illnesses
and
food
waste
right,
E
coli
breakouts?
We
see
them
all
the
time
right
so
with
the
food
trust
Network
we're
seeing
companies
like
Carrefour,
which
is
kind
of
like
a
7-Eleven
in
Europe.
B
B
B
B
That's
a
big
deal
right,
that's
changing
everyday
life
for
the
better,
the
same
thing
and
for
the
lack
of
time,
I'll
just
cut
it
really
short,
but
in
New
York
during
the
pandemic
there
was
the
Excelsior
pass
right
which
allowed
you,
which
was
a
digital
form
of
your
identity
and
proof
of
vaccination
right,
and
that
was
put
on
a
blockchain
when
you
think
about
the
complex
ecosystem
that
needed
access
to
that
data.
Right.
Think
about
your
health
care
provider,
Walgreens,
the
DM,
the
the
the
airport
right,
the
the
airline
right.
B
Those
are
some
really
diverse
organizations
right.
Putting
that
information
on
a
neutral
zone
right,
staying,
gdpr,
compliant
and
being
able
to
prove
that
you
were
vaccinated,
really
streamlined
processes.
You
know
from
days
to
seconds
right,
it's
a
big
deal.
I
hope
you
agree,
that's
blockchain
changing
everyday
life
and
in
the
end,
you
start
to
see
that
these
ingredients
in
blockchain
can
really
start
to
take
a
run
because
of
its
natural
resistance
through
cryptography,
for
even
things
like
preventing
cyber
attacks.
Right
so
doing
things
like
decentralized,
DNS,
decentralized
storage,
and
you
start
to
see
these
problems.
B
So
we
talked
about
that
in
a
book.
I
got
one
more
here
and
that's
about
web
three.
So
I
start
my
chapter
on
web3
about
web3
is
the
future
of
the
internet,
fueled
by
blockchain
and
I.
Go
to
a
very
modern
example:
I
go
to
1890
the
introduction
of
the
players
League
so
picture
this
Major
League
Baseball
is
10
years
old
and
already
the
players
and
the
owners
are
at
each
other's
throats.
They
still
are
at
each
other's
throats.
Why?
Well?
B
The
players
feel
that
they're
not
getting
their
share
of
the
profits
and
they
have
no
control
in
negotiation.
Right
I.
Think
we're
seeing
this
in
the
internet
like
people
say
web
3
is
addressing
things
that
are
new
that
are
driven
by
our
new
digital
economies
may
be
true,
but
I
think
what
we've
been
seeing
in
arts
and
entertainment.
B
You
know
that
kind
of
shift
of
balance
every
once
in
a
while
the
creators
in
this
case
the
players
that
hit
the
home
runs
that
put
the
fans
in
the
stands,
want
a
seat
at
the
table,
both
financially
and
also
from
a
control
perspective
in
web
3.
People
want
that
same
control,
you're
creating
the
data.
That's
your
thermostat
data
from
Nest.
You
don't
mind
sharing
it,
but
if
you
know
Google
is
going
to
sell
it
to
Duke
power.
Give
me
a
little
cut.
B
That's
my
that's
my
coin
right
and
you
want
to
give
me
something
back
of
value.
Benchmark
me
against
my
energy
use
against
my
neighbors
I
may
pay
for
that.
You
can
do
new
offerings
on
that
right,
but
give
me
a
little
control
and
give
me
a
little
reward
from
that.
So
the
fundamental
premise
of
web3
we've
seen
it
it's
it's
it's
new,
but
it's
also
this
kind
of
balance.
B
So
the
the
class
blockchain
class
ended
with
an
assignment
all
35
students.
I
asked
them
to
kind
of
pull
it
put
it
all
together
and
create
an
nft
that
demonstrated
a
few
things
and
one
of
the
ones
that
really
captured.
You
know
my
emotion
was
Pete's
Pete's,
poems
Anna
one
of
the
students
undergraduate
students.
She
has
a
dog
that
she
found
on
campus
called
Pete
and
she
fell
in
love
with
Pete.
She
was
supposed
to
bring
it
to
the
to
the
ASPCA,
but
she
wound
up
keeping.
B
It
fell
in
love
with
it
and
what
she
did
is
she
created
an
nft
out
of
Pete's
pictures
and
this
is
pumpkin
Pete
and
then
pairing
it
with
chat
GPT,
a
poem
that
Chachi
PT
represents
and
explains
the
picture
in
a
poem
You
Gotta
check
him
out.
It's
pretty
inspiring
and
pretty
creative
I
actually
couldn't
resist.
I
bought
ice
cream
Pete,
which
is
Pete's
head
impaled
in
a
bowl
of
ice
cream.
B
So
it
comes
around
that
when
you
Empower
students,
you
know
with
a
new
technology
and
you
position
it
for
good
and
you
bring
an
element
of
reputational
trust
which
has
been
around
for
Generations
pair
it
with
some
computer
science,
some
algorithms,
cryptography,
decentralized
Computing.
You
create
a
new
trust
model
that
can
change
everyday
life
for
good
hope,
you're,
encouraged,
I'm
inspired
by
this
hope.
You're
inspired
now
my
friend
Mark
parsonat
he's
standing
in
the
back
very
tall
guy.
He
will
talk
to
you
at
the
break
and
tell
you
about
the
chapter.
B
C
Typically
put
there
essentially
for
free
and
and
who
makes
the
money
well
the
platforms,
so
the
users
are
not
customers,
the
advertisers
are
the
customers
so
in
web
3.
What
we
do
is
change
the
model
so
that
the
users
actually
can
be
paid
and
get
paid,
and
actually
this
is
a
significant
Innovation.
It's
made
possible
with
decentralized
Finance,
there's
no
web
free
without
decentralized
Finance,
so
I'm
going
to
give
a
simple
example
of
how
crypto
kind
of
works
and
then
I'll
give
a
few
other
applications.
C
So
an
example
I
usually
use
to
motivate
what
my
students
is.
Ticketing
and
ticketing
is
in
the
news.
People
complaining
they've
been
complaining
for
a
long
time,
but
we
kind
of
know
how
it
works.
Maybe
you
don't
know
exactly
the
extent
of
how
it
works,
but
Ticketmaster
gets
40
of
what
you
pay
and
that's
that's
a
pretty
big
hit,
but
that's
not
the
whole
story.
They
do
something
else,
that's
really
costly
and
that
is
they
put
a
wedge
between
the
artist
and
the
fan.
So
the
fan
has
got
a
relationship
with
Ticketmaster
okay.
C
So
what
about
using
kind
of
a
crypto
backbone
and,
and
that
kind
of
makes
sense,
it's
an
obvious
application
of
non-fungible
tokens
or
nfts?
So
nft
is
a
unique
token.
So
the
unique
token
is
the
event,
the
venue,
the
date,
the
seat
and
the
user
experience
is
pretty
similar
to
actually
having
a
digital
ticket
on
your
your
smartphone
okay.
So
it
is.
When
you
do
that,
then
you,
the
40,
is
obviously
reduced.
C
You've
got
some
other
features
in
that.
If
the
ticket
is
resold,
then
you
can
build
into
the
nft
of
royalty
so
on
the
resale
of
the
ticket,
the
artist
and
venue,
let's
say,
get
10
percent
so
that's
attractive
and
then,
of
course,
you
could
use
the
nft
maybe
to
get
discounts
on
gear
and
stuff
like
that.
But
importantly,
once
we've
got
this
nft
community,
the
artist
can
interact
directly
with
the
fans.
C
Can
you
create
this
community
that
wasn't
possible
before
so?
The
artist
could
perhaps
mention
the
next
concert
might
be
a
nearby
town.
The
artist
perhaps
can
airdrop
some
new
song,
so
this
makes
a
lot
of
sense
to
use
blockchain
technology
for
this
particular
application,
and
this
is
just
a
straight
use
of
blockchain
technology.
So
I
want
to
emphasize
that
it's
not
just
about
getting
a
bigger
share
of
the
revenue.
C
It's
about
the
ability
to
build
a
community
and
that's
the
whole
idea
of
peer-to-peer.
So
you
take
the
middle
person
out,
which
is
Ticketmaster
and
you
can
create
that
community.
So
this
is
a
straight
application
of
blockchain.
It's
not
a
web
3
application.
Yet
so
let
me
turn
it
into
a
web
free
application.
C
C
But
now,
if
the
concert
does
well,
they
get
a
payoff.
There
are
investors
in
the
concert.
Their
behavior
changes
so
now
they're
much
more
likely
to
promote
the
concert
on
their
social
media.
Tell
their
friends-
and
this
is
the
essence
of
web3
when
you're
involved
in
web
3
you're
an
investor
in
the
platform.
C
Okay
and
that's
I,
think
a
big
idea,
so
it's
almost
as
if
in
traditional
Finance
you
go,
buy
a
like
a
phone
and
like
the
the
Apple
store
and
they
hand
you
some
stock.
Okay.
So,
let's
think
about
this
and
I
know
that
crypto
and
stuff
like
this
is
in
the
news.
Most
of
it
is
just
noise,
in
my
opinion,
centralized
firms
trying
to
make
a
quick,
Buck
and
and
bending
the
law
or
breaking
the
law.
C
C
C
C
Okay,
so
I
tell
my
students
that
that
a
Google
could
make
up
to
ten
thousand
dollars
a
year
off
of
them.
Okay.
So
this
is
not
a
small
amount
of
money,
so
this
is
one
application,
but
it
goes
on
and
on
so
it
could
be,
for
example,
decentralized,
video,
streaming,
decentralized,
music,
streaming
decentralized,
Wi-Fi,
lung
fi.
C
So
basically
you
join
the
network.
You
buy.
You
know
like
a
5G,
repeater
and
you're
in
the
game,
and
everything
is
done
with
a
platform
token.
It's
a
platform,
token
enables
the
buying
of
the
Wi-Fi
and
the
revenue
from
the
Wi-Fi,
and
it's
not
just
this.
We
could
do
the
same
thing
with
mobile
communication
and
then
there's
other
obvious
applications
of
this
technology,
so
think
about
Computing.
Think
about
think
about
how
much
of
the
CPU
that
you
use
every
day
on
your
desktop
computer,
maybe
like
an
hour
two
hours.
C
C
So
as
many
other
examples
that
I
could
go
through
the
next
time,
you're
in
an
Uber
ask
the
driver
what
they
think
about
Uber
and
you'll
get
an
earful.
Oh,
they
take
40
percent.
If
40
number
comes
up
a
lot,
so
Uber
is
an
algorithm,
the
matching
people-
it
is
an
obvious
application
of
decentralized
technology.
C
So
on
the
Uber
thing,
I
want
to
mention
one
important
thing,
and
that
is
that
I'm
not
suggesting
we're
going
to
like
a
100
percent
decentralized
world.
There
are
certain
things
that
are
best
done
in
a
centralized
manner,
at
least
in
the
short
term.
So
what
we're
really
talking
about
is
reducing
the
size
of
the
middle
layer.
C
So
for
the
Uber
Lyft
example,
there's
still
a
need
for
some
centralization
to
certify
drivers
to
do
insurance
for
the
cars
so
with
web3
with
defy
what
we
actually
do
is
to
reduce
the
size
of
the
middle
layer,
and
this
reduces
transactions
costs.
It
makes
the
experience
much
better
for
almost
all
of
us,
except
for
the
people
in
the
middle,
so
they're
the
losers
in
the
short
term,
but
they
should
be
redeployed
to
more
productive
things.
C
C
There
are
many
firms
already
in
this
space,
so
this
isn't
just
an
idea.
There
are
firms
in
there
actively
right
now
and
if
you
think
about
this
deeply
in
some
of
my
presentations,
I
do
have
a
slide
and
the
final
slide
is
a
giant
bullseye
and
just
think
about
the
names
that
I
didn't
mention
today
in
these
spaces:
mobile
Communications,
Computing,
storage,
streaming
social
media,
those
are
the
big
firms
today
and
they
got
Bullseye
painted
on
their
forehead.
C
D
Carolina
focused
around
a
technology
that
I
think
is
incredible
and
I've
want
to
share
a
little
bit
about
what
we've
seen
from
our
perspective
and
what
we've
learned
at
Fidelity.
We
really
have
a
long
history
of
innovation.
Our
Innovation
comes
and
helps
us
grow
through
Market
volatility.
It
helps
us
look
through
and
grow
through
industry
disruption,
regulatory
changes
and
shifting
consumer
interest
and
demand
with
that.
We
have,
of
course,
large-scale
technology
platforms
and
we
have
growing
digital
asset
products
and
service
across
our
businesses.
D
So
it's
it's
a
digital
experience,
but
we
also
have
now
a
really
long
kind
of
growing
focus
in
digital
assets
and
blockchain
itself,
and
this
started
back
in
2014.
In
fact,
we
have
some
great
friends
here
and
leaders
and
Fidelity
who've
been
a
part
of
that,
bringing
it
forward
as
part
of
Fidelity's
way
to
learn
through
technology
with
research
and
development.
How
does
this
apply
to
us
today
and
tomorrow?
Where
are
our
customers
needs
and
interests?
And
what
are
the
business
problems
that
we
can
solve?
D
D
And
then
you
also
really
need
to
understand
that
interoperability,
because
we
all
have
existing
technology
infrastructures
and
we
need
to
figure
out
how
do
we
connect
those
processes,
those
systems
with
this
emerging
technology
and
that's
where
I
think
when
you
have
these
three
things
come
together,
you
can
say:
yes,
let's
move
forward
and
let's
bring
this
into
a
way
that
we
can
meet
our
clients.
Our
customers
demand.
So
I
mentioned
that
we've
been
looking
at
digital
assets
in
blockchain
for
quite
a
while.
D
Now,
in
fact,
in
2014
we
started
this
learning
and
understanding
in
our
Innovation
group
at
Fidelity,
Center
for
Applied
technology
and
Fidelity
labs,
and
that's
when
I
first
learned
about
about
it
as
a
product
leader.
So
I
was
asked
Sterling.
What
do
you
know
about
Bitcoin
and
I
said
I,
don't
know
anything
about
Bitcoin
and
I
was
promptly
handed
Bitcoin
for
the
befuddled,
and
so
that
was
the
book
that
I
had
to
start
my
Learning
Journey
and
there
was
wasn't
the
resources,
the
amount
of
101s
that
were
out
there.
D
We
were
really
creating
that,
because
what
we
quickly
Learned
was
that
for
us
to
understand
the
space,
we
would
not
only
have
to
educate
ourselves
our
technologists,
our
business
partners,
our
legal
risk,
compliance
teams,
so
that
education
started
kind
of
within
us,
but
then
spread
very
quickly
and
then
it
would
also
translate
to
how
do
we
explain
this
to
our
clients
and
our
customers?
So
for
me,
in
2014,
I
started
reading
Bitcoin
for
the
befuddled
and
I
was
asked.
D
D
How
do
we
bring
forward
Bitcoin
contributions
for
Donor
advised
funds
with
Fidelity
charitable
and
that
launched
in
2015,
and
that
continues
to
bring
a
lot
of
opportunity
today,
fideli's
Journey
looked
at
this
holistically,
though
that
was
my
little
portion
of
it
and
over
time
in
2018,
we
launched
our
Fidelity
digital
asset
business,
which
does
custody
for
institutions
and
that
continue
to
grow.
We've
had
more
products
and
services
expand
because
we
look
at
it
holistically.
We
really
want
to
be
thinking
about
who
are
those
different
clients
and
customers.
What
are
their
different
needs,
their
risk
tolerances?
D
D
I
then
moved
into
cyber
security
and
looked
at
this
from
a
very
different
perspective
and
supported
our
digital
asset
business,
and
that
was
a
one
of
the
really
important
parts
of
when
you're
bringing
forward
this
adoption
in
an
Enterprise.
How
are
you
working
with
your
different
partners,
your
legal
risks,
your
compliance
and
security
Partners?
How
much
do
they
understand?
D
I
mentioned
education
was
critical,
but
how
do
we
come
up
to
speed
and
bring
forward
the
best
practices
that
we
know
of
today
in
a
world
that
is
evolving
and
maturing,
so
that
helped
me
understand
a
lot
more
on
what
it
means
to
work
with
nydfs
and
to
attest
to
the
cyber
security
of
our
custody.
Solutions
from
there,
our
company
continued
to
expand
and
I
actually
moved
back
in
back
to
a
product
role,
which
is
where
I
am
today
and
I
brought
forward
our
Bitcoin
and
retirement
plans.
D
D
We
looked
at
where
we
had
our
best
practices
where
we
could
bring
forward
capabilities
and
that
launched
last
year
now
I'm
I'm
continuing
that
journey
and
we're
really
looking
at
that
blockchain
as
a
business
and
that's
where
I
find
it
really
incredibly
interesting
where
it
is
the
technology
that
I
think
is
fascinating.
It's
how
we're
getting
into
this
shift
from
web
2
to
web
3
and
helping
build
the
pipes
and
the
rails
that
we
can
continue
to
evolve
so
that
we
learn
by
doing
that.
D
Our
technologists
understand
this
space
that
our
security
teams
understand
what
it
means
to
audit
a
smart
contract
that
we
can
understand
that
interoperability
piece
that
third
piece.
We
have
an
incredible
technology
system.
It
works
very
well
today.
How
do
we
capitalize
on
what
is
existing
today,
but
bring
forward
that
efficiency
and
that
transparency
that
the
blockchain
can
have
and
connect
them,
and
that's
where
I've
really
enjoyed
learning
and
partnering
with
collido?
D
They
have
helped
me
learn
on
my
journey
as
well
and
they're
this
blockchain
as
a
service,
and
this
way
to
think
about
what
is
important
for
your
company
to
do,
and
what
is
important
for
others
to
do
is
something
that
everyone
considers
and
as
you're
on
this
Learning
Journey.
Where
can
you
learn
from
different
parts
of
your
company,
your
world
and
what
needs
to
get
done
on
the
blockchain
and
where
you
can
kind
of
upskill
that
Talent
so
I
mentioned
before
that?
There's
a
couple
of
things
that
you
need.
D
You
need
to
have
that
strategic
alignment.
You
really
need
to
have
that
business
problem
that
you're
looking
to
solve.
You
need
to
have
that
value
of
blockchain
come
forward
so
you're
not
just
doing
it
to
do
and
be
in
this
technology,
because
there
might
be
different
ways
and
solutions
to
meet
your
needs.
And
then
you
need
that
interoperability.
D
I'll
also
say
that
the
expertise
and
knowledge
across
so
many
different
areas
like
I
love,
this
Meetup
I
love.
How
many
different
perspectives
are
coming
forward,
help
all
of
us
think
about
new
use
cases.
So
I
encourage
you
to
think
about
it.
One
of
the
ways
that
we
we
brought.
These
ideas
forward
to
say
what
makes
sense
for
our
business
was
that
we
did
an
Innovation
Challenge
and
we
said
okay,
first
of
all,
here's
what
blockchain
is
here's.
D
What
makes
a
good
use
case,
you
need
to
have
that
these
answers
and
you
need
to
have
the
automation
needs.
You
need
to
have
something
where
things
need
to
be
permanently
on
the
blockchain
think
about
what
needs
to
be
on
chain
off
chain
right.
What
really
needs
to
be
there
and
then
we
said
what
are
your
business
problems
and
we
opened
it
up
to
people
across
our
business
and
we
said
to
the
Business
Leaders
to
the
technologists.
Where
are
you
having
a
problem
now
that
you
understand
a
little
bit
more
about
this
blockchain
technology?
D
What
makes
sense-
and
we
had
51
problem-
sets-
come
through
in
this
short
amount
of
time,
and
then
we
took
a
team.
We
said
Okay
who
wants
to
learn
more
about
this
on
the
side
and
who
wants
to
understand
this
a
little
bit
more.
We
had
so
many
developers
raise
their
hand,
and
we
had
so
many
business
partners
raise
their
hand
for
what
we
call
these
kind
of
gig
projects
on
the
side
of
their
work,
to
start
learning
and
say:
okay
in
six
weeks.
What
is
the
problem?
D
The
teams
worked
on
four
and
we
brought
that
forward
and
said:
okay,
here's
like
an
opportunity
for
proof
of
concept
and
that's
how
we
started
looking
at.
Where
do
we
focus
our
time?
So
I
encourage
you
to
help
educate
your
peers,
your
partners,
legal
risk
compliance,
technologist
business,
bring
those
problems
forward
and
then
leverage
the
knowledge
collectively
to
think
about
how
and
where
blockchain
makes
sense.
For
you,
thank
you.
E
E
It's
called
zero
knowledge
proof
who
have
heard
of
this
term
so
just
as
as
close
as
like
last
year
or
even
two
years
ago.
This
is
sort
of
a
fancy
term.
If
you
can
spell
it
you're
sort
of
in
a
different
league,
but
in
the
last
year
or
so
this
is
becoming
mainstream.
People
are
getting
more
comfortable
with
this
and
it's
hugely
important
to
to
the
future
of
web3.
E
So
I've,
if
you
know
zero
knowledge
proof,
it
involves
pretty
Advanced
cryptography
when
I
took
one
of
our
clients
through
a
training
session
that
did
not
skip
any
any
of
the
math
it
took
about
two
hours.
Don't
have
the
time
to
do
that
today,
so
I'm
trying
to
do
a
version
of
10
minutes
and
see
if
we
can
still
get
the
main
points
crossed
okay.
So
let's
get
started.
E
E
So
the
challenge
is
you
have
this
picture
with
thousands
of
people
sent
it
and
one
of
them
is
very
unique
and
its
name
is
called
Waldo
and
the
challenge
is
you
know
you
you
cover
it
and
then
whoever
pays
you
five
dollars
and
say
a
comment
and
say:
I'm
gonna
find
it
within
30
seconds.
You
reveal
it
and
then
he
has
30
seconds
to
find
it
if
they
don't,
if
they
couldn't
find
a
the
next
person
couldn't
find
a
10
people
couldn't
find
it
they
start
complaining.
E
Maybe
water
is
not
there
you're
just
cheating
us,
so
they
challenge
you
to
prove
to
them
that
Walter
is
really
in
the
picture.
So
what
do
you
do?
Do
you
just
point
and
say:
hey,
look,
that's
Auto!
You
can
do
that,
but
then
you
lose
your
chance
to
make
any
more
money,
because
people
can
just
point
they
already
know
where
Waldo
is.
How
can
you
prove
to
them?
It's
really
in
the
picture
without
telling
them
where
that
is
okay.
So
that's
one
example:
if
we
go
to
the
next
slide.
E
Second
example:
this
is
a
bit
contrived,
but
it's
simple
enough
to
allow
me
to
do
a
prop,
so
you
can
experience
the
the
zero
knowledge
proof
in
real
life.
Let's
say
you
hire
a
consultant
to
design
two
colors
for
you
for
your
tournament.
Let's
say
it's
a
basketball
tournament
and
you're
going
to
use
color
balls
and
one
of
your
tournaments
like
year
after
year.
E
One
of
the
special
thing
about
your
tournament
is
every
time
you
come
up
with
new
color,
that's
never
been
used
before
so
every
year
you
have
to
have
two
unique
colors
that
someone
has
someone
designs
it
for
you.
You
hire
this
consultant.
She
spends
a
lot
of
time.
Let's
say
trying
to
find
a
unique
color
is
very
difficult,
so
you
are
the
the
night
before
the
tournament
you
want
to
check
on
her
work.
Tell
me
you
have
found
those
two
new
colors.
E
She
said,
yep
I've
done
it
and
you
want
to
say
well,
I,
don't
want
to
trust
you
because
last
year
you,
you
left
us
with
only
one
color,
and
you
know
our
tournament
wasn't
as
fun.
How
can
this
person
prove
to
you
that
she's
already
she's
got
two
colors,
but
she
doesn't
want
to
reveal
it
to
you
because
it's
her
IP
right?
She
doesn't
want
to
review
this
until
the
opening
day.
So
how
does
she
do
that?
So,
let's
let
me
direct
your
attention
to
this
prop.
Let's
say
my
name
is
Bob.
E
E
E
Okay,
maybe
you
didn't
pay
attention.
Take
a
look
here:
let's
try
it
again.
Okay,
so
I
manipulate
it
without
seeing
it
did
I
change
the
location,
no
okay,
good.
That
was
the
right
answer.
Let's
try
it
again.
Do
it
again.
Did
I
change
it?
Yes,
it
did
so
that
proves
to
me
that
if
it
were
two
same
colors
you
couldn't
have
entered
that
every
single
time.
I
try
this,
let's
say
10
times
you
answer
this
the
same.
E
The
right
answer
every
single
time,
because
I
know
if
I
change
that
or
not
then
I'm
pretty
convinced
there
must
be
two
different
colors.
Otherwise
they
couldn't
have
give
the
right
answer.
So
that's
essentially
is
your
knowledge
proof
in
the
process.
I
give
you
a
set
of
challenges
and
you
answer
the
the
the
the
the
question
the
right
way
and
I'm
convinced
of
the
fact,
without
knowing
more
than
just
that
fact
itself.
E
E
Also,
how
do
we
convince
Waldo
right
so
I'll
go
to
the
next
one.
You
just
cover
it
with
a
big
enough
canvas
with
a
hole,
so
you
put
the
the
the
the
picture
behind
it
and
then
you
just
show
Waldo
and
because
it's
covered,
nobody
knows
what's
the
location
of
Waldo
relative
to
the
picture,
so
you
prove
that
it's
there
in
the
picture
without
telling
where
in
the
picture
it
is
so
so
let's
go
to
the
next
one,
and
this
was
our
our
challenge
earlier.
E
Next,
it's
a
so
now
you
kind
of
concluded
that
zero
knowledge
proof
is
really
a
probabilistic
proof.
You
are
never
100
sure,
but
if
your
confidence
level
goes
up
to
99
99.5,
it's
good
enough
right.
So
it's
a
probabilistic
next,
all
right!
So
let's
get
a
bit
deeper.
Zk
snark
is
one
of
the
constructions
designed
by
really
smart
people
to
actually
make
it
work
with
arbitrary
problems.
So
you
realize
that
what
we
demonstrated
earlier
with
those
two
different
problems
is
depending
on
what
is
the
challenge?
You
are
we're
designing
different
protocols
right.
E
Can
we
design
a
general
purpose
system
that
can
solve
all
kinds
of
problems
and
that's
what
snark
does
so
very
first
step
so
by
the
way
it's
sort
of
a
10-step
construction,
every
step
involves
some
amount
of
math
I'm
skipping
a
bunch
of
them,
but
hopefully
we
capture
the
essence
of
the
construction
that,
at
the
end
of
the
day,
it
still
makes
sense.
Very
first
step.
Is
we
create
circuits,
so
that
is
simple
enough
to
do
the
calculation,
regardless
of
your
problem.
E
At
the
end
of
the
day
you
have
to
put
into
computer,
and
what
does
computer
do?
Computer
breaks
down
big
problems
into
small
constructions
on
the
chip
right?
It's
like
adding,
zero
and
ones
and
and
doing
multiplications
or
additions.
So
computer
is
great
at
doing
these
things
decomposing
a
big
problem
into
small
circuits,
so
we
use
a
language
to
express
whatever
you
want
to
solve.
E
Let's
say
our
challenge
today
was
to
find
a
solution
to
this
to
this
formula
when
the
result
is
12.,
it's
not
easy
because
when
you
add
a
modular
thing
to
this,
it's
not
easy
to
solve.
Let's
say
you
want
to
prove
that
you
know
the
answer
to
this
formula
when
the
result
comes
out
at
12.
and
that's
our
challenge.
I
need
to
prove
to
you
what
I
know
the
challenge
without
telling
you
what
the
challenge
is
so
first
thing
we
do.
E
Is
we
break
this
down
into
into
these
circuits
and
let's
go
to
next?
This
is
sort
of
what
what
it
looks
like
mentally.
It's
the
bigger
problem
is
decomposed
into
these
very
simple
steps.
Every
step
is
one
operator
with
two
inputs,
one
output-
and
you
keep
doing
this
until
you
get
what
you
need
next,
so
what
we
had
earlier
is
now
broken
down
into
four
steps
so
that
whoever
execute
these
four
steps,
using
my
let's
say
so,
the
answer
is
I.
E
E
So
the
first
step
is
we
break
these
down
into
these
very
small
steps,
and
then
we
use
this
notion.
It's
called
r1cs
to
represent
these
steps,
don't
think
too
much
how
that's
done,
but
essentially
it's
it's
a
array
of
six
elements
that
represents
the
six
different
variables
that
are
encountered
in
these
four
steps
and
they
all
tell
you
what
is
at
each
step.
What
is
the
left
input,
the
right
input
and
outputs?
So
that's
what
it's
trying
to
do.
This
is
in
the
first
step.
E
E
E
Think
you
get
12.,
let's
say
three
is
is
the
answer
and
this
is
what's
called
witness,
which
is,
if
I
plug
in
my
answer
to
this
formula,
I
get
a
series
of
numbers
that
the
calculation
gives
me.
So
this
is
your
witness.
You
keep
it
private
to
yourself,
you
don't
tell
anybody,
because
this
is
your
secret
right
and
then
you
can
plug
it
into
these
these
steps,
and
then
you
can
check
the
work.
It
really
checks
out
that
using
this
this
formula,
you
can
represent
all
the
calculation.
E
Let's
go
to
the
next,
so
that's
kind
of
interesting.
Now
we
have
this
technique
to
represent
arbitrary
computation.
It's
great
and
anybody
can
check
the
work
using
as
long
as
they
have
the
right
witness.
The
problem
is:
there's
no
zero
knowledge
because
you
have
to
disclose
to
the
other
person
what
the
numbers
are
for
them
to
check
your
work.
At
the
same
time,
the
verifier,
whoever
is
doing
verifying,
has
to
do
the
same
amount
of
work
as
as
the
prover.
E
So
can
we
do
something
to
so
that
the
verifier
verifiers
job
is
much
simpler
than
the
approver?
The
prover
has
to
do
the
whole
calculation.
Can
the
verifier
use
smaller
amount
of
computation
to
quickly
check
at
work?
So
that's
what
we
need
to
do.
Next,
we
do
another
transition.
Let's
go
back
one.
Our
goal
is
to
use
this
construct
called
polynomial
polynomial.
You
probably
know
that
right.
E
E
This
represents
that.
So
let's
say
I
want
to
prove
to
you.
I
know
all
the
digits,
all
the
first
35
digits
of
pi
right,
that's
a
you
know:
pretty
random
random
sequence
of
numbers,
I
put
it
into
a
polynomial
like
this,
so
the
the
power
of
X
continue
to
increase,
and
then
the
coefficient
at
each
position
represents
my
my
secret.
E
So
that
ends
up
being
sort
of
this.
This
line
here
and
let's
say,
if
I
remember
one
digit
wrong.
Instead
of
eight
I,
remember,
nine.
The
curve
became
becomes
completely
different.
What
this
means
is
it's
very
easy
to
check.
If
you
have
the
right
polynomial
than
than
I
did
by
just
plugging
a
few
X
numbers,
and
if
they
produce
the
same
y,
then
it
must
be
the
same
polynomial
and
you
don't
have
to
check
on
all
X
numbers.
E
Just
a
few
random
places,
if
they
all
give
you
you
see,
even
just
one
digit
difference-
gives
you
a
completely
different
curve
right.
So
just
use
a
few
x's
and
you
know
if
we
have
the
same
same
information
or
not.
So
that's
why
we
want
to
convert
what
we
had
so
far
into
polynomials
next,
all
right.
So
this
step
is
a
bit
more
complex.
It's
to
have
that
RC,
r1cs,
notion
and
and
change.
It
turn
it
around
90
degrees
so
that
we
get
these
polynomials
to
represent
exactly
the
same
information.