►
Description
A virtual meetup hosted by Hyperledger NYC on March 31, 2021 featuring Matt Zand speaking about what asset tokenization is and how it works. Specifically, we review concepts such as Initial Coin Offering and Security Token Offering while comparing them with IPO and venture capital funding. What is indeed new is the idea of tokenization applied to assets in conjunction with such applications via a blockchain platform. We also discuss Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements for asset tokenization projects and how to build and integrate KYC/AML into your public or private blockchain network.
More about the meetup is at: https://www.meetup.com/Hyperledger-NYC/events/276854691/
----
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B
A
B
Would
I
would
take
care
of
it
this
part
right?
Oh
great,
thanks,
you're
live
all
right,
awesome
and
thanks
everyone
for
joining.
Today
we
have
matt
zan
from
dc
web
makers
presenting
on
tokenization
of
assets
in
the
financial
industry.
It's
certainly
a
growing
topic
these
days
and
one
that
I
think
a
lot
of
people
are
interested
in
learning
more
about,
and
matt
has
done
a
number
of
meet
up
presentations
across
a
variety
of
cities.
A
A
What's
difference
between
ico
initial
point
offering
versus
security
token
offering,
and
then
what
are
the
some
of
the
legal
definitions
involving
security
and
benefit
of
tokenizations
and
an
example
of
tokenization
finance
industry?
What
are
the
challenges,
especially
with
regard
to
implementation
of
tokenizations,
and
if
the
financial
institutions
are
ready
to
launch
the
organization,
what
are
steps
they
need
to
watch
or
implement
at
a
high
level?
A
What
is
called
financial
institution
and
token
economy,
and
then
I'll
talk
about
industry,
adoptions
and
some
of
the
resources
like
legal
resources
or
things
like
that
article
that
people
who
want
to
learn
more
about
this
they
can
read
on
their
own
and
just
before
we
jump
into
the
next
one
and
talk
about
this.
I
just
want
to
mention
that
I'm
not
the
attorney,
and
I
I'm
just
giving
you
information-
is
just
whatever
I'm
giving
in
this
presentation
is
just
information
in
a
world
of
advisor.
A
We
have
two
or
three
attorneys
that
they
are
very
specialized
in
the
topic
of
asset
organization
security
tokens.
So
if
you
wanna
have
a
specific
legal
question,
I
would
be
happy
to
connect
with
those
advisors.
On
the
other
hand,
I'm
not
you
know,
I'm
not
giving
information
to
specifically
regarding
the
legal
part
of
it,
I'm
just
giving
information
so
that
you
have
an
idea
of
what
it
is
and
if
you
want
to
delve
into
that
in
detail,
feel
free
to
do
your
own
research
and
then
consult
with
your
attend.
A
Well
about
me,
I'm
the
founder
of
two
major
startup
on
two
of
them
related
one
of
them.
We
did
the
coding
technology
training,
another
one
blocks
in
consulting
and
development.
I'm
also
writing
book.
I'm
a
leading
author
of
the
hands-on
smart
contract
development
with
hyperledger
fabric.
It's
focused
on
hyperlogic
publishing
fabric
development
is
due
to
the
technical
audience
and
then
I
have
written
a
lot
I'm
active
in
the
community.
A
I
have
contributed
on
different
topics
like
hyperledger,
syrian
and
corda,
and
then
I
also
have
an
mba
from
university
of
maryland
and
then
before
that,
I
have
done
some
consulting
startup
area
and
again,
are
you
guys
add
me
in
linkedin?
If
you
have
any
questions
after
this
presentation,
I
would
be
happy
to
keep
the
dialogue
open
through
my
linkedin,
and
my
linkedin
link
is
on
the
meetup
page.
A
You
can
add
me
yeah,
so
basically
I'll
try
to
make
this
talk
as
simple
as
possible,
because
that's
how
I
usually
differentiate
technical
language
from
non-technical
in
audience.
So
I
try
to
follow
that
norm
that
I
have,
in
my
talk,
so
in
a
very
simple
way.
Tokenization
in
the
way
is
to
make
a
bridge
between
a
gap
make
a
bridge
between
real-world
assets,
tangible
or
something
that
you
can
touch
on
intangible
and
the
one
that
is
come
from
a
digital.
A
You
know
world
and
again
in
following
a
slide,
and
let
me
talk
about
how
this,
how
we
can
bridge
the
gap
between
these
two
different
type
of
assets
and
what
a
role
blockchain
plays
in
this
in
these
transitions.
So
one
of
the
things
is
that
every
one
of
us
is
familiar
with
tangible
and
tangible
assets.
A
For
example,
when
you
buy
a
bike
in
a
traditional
fashion,
the
buyer
and
the
buyer
and
sellers
are
gonna
exchange,
the
payment
and
the
asset
itself.
So
you're
going
to
see
and
touch
the
asset,
it's
going
to
move
from
one
person
to
another
person's
and
and
also
the
buyer,
going
to
buy
the
whole
asset
they're
going
to
buy.
Not
the
buyer
fraction
of
the
bike
is
probably
going
to
buy
the
whole
bike
in
one
single
transaction.
A
So
that's
what
we
know
in
a
traditional
sense,
right,
yeah.
So
on
the
other
hand,
with
advent
of
technology
and
is
with
adoption
of
the
distributed
budget,
we're
going
to
see
a
situation
where
a
person
is
going
to
earn
a
fraction
of
that
assets
and
the
asset
itself
is
not
going
to
move.
So,
if
there's
a
fine
art,
if
there
is
a
like
a
sport
car,
this
four
corner
final
location
is
not
going
to
be
changed.
A
It's
going
to
stay
there,
however,
we
we're
going
to
experience
more
mobility
with
respect
to
the
ownership
of
that
asset.
That's
where
distribution,
religion,
technology
and
blockchain
counter
picture
or
player
rule.
So
again,
that
is
like
a
very
high
level
summarization
of
the.
What
is
what
the
role
of
tokenization
is
so
again,
tokenization
can
turn
almost
any
assets
into
a
digital
token,
enable
digital
transfer
of
ownership
and
storage
without
necessary.
A
So
there
are
some
differences
at
the
end
of
my
slide,
I'm
going
to
give
you
like
a
graphic
of
differences
and
compare
these
three.
I
think
I
called
it
from
ernest
young
the
differences
between
this
secure
token
versus
ico
and
versus
initial
public,
offering
with
regard
to
different
factors
like
risk.
You
know,
mobility,
things
like
that.
That's
very
good
for
you
to
know
it!
A
So
so
so,
as
I
said,
basically
under
tokenization,
and
the
way
that
you
can
reflect
your
ownership
is
to
show
that
you
have
a
digital.
You
know
digital
certificate
which
reflect
the
ownership
of
that
asset
instead
of
just
taking
hold
of
the
physical
asset
in
a
traditional
way,
and
so
security
tokens
have
some.
There
are
some
differences
between
secure
tokens
and
initially
called
offering,
and
the
major
one
is
that
initial
cool
offerings
mostly
used
for
the
utilities.
A
A
A
A
So
these
are,
for
example,
part
of
the
requirement
when
you
implement
security
tokens
and
when
you
are
dealing
with
accredited
investors
so
well.
Security.
Legal
definitions
varies
from
country
to
country,
from
jurisdiction
to
jurisdictions
and
as
a
whole,
they
look
at
it
as
a
tradable
financial
asset.
However,
again
look
at
the
country,
whatever
definition
and
then
not
only
definitions.
A
You
have
to
see
how
things
has
been
evolved
to
what
extent
your
country's
support
has
a
framework
for
supporting
these
security
tokens
from
their
filing
registration
and
trading
and
whether
they
allow
the
secondary
market
trading
too,
and
and
then
what
type
of
the
asset
your
country
allows
to
be
traded
on
security.
That's
another
thing,
for
example,
in
the
u.s
security
include
debt
security
such
as
commercial
papers,
bond,
eventually,
security,
security
and
stocks.
You
know
or
maybe
derivatives
again.
A
A
So
now
that
we
have
some
understanding
of
what
is
as
tokenization
is
what
this
organization
is
and
what
are
the
difference
between
security,
token
and
utility
token
or
an
ico
here,
are
some
of
the
benefits
that
we
want
a
little
bit
talk
about
that.
So
in
general,
there
are
four
major
benefits
for
using
tokenizations.
A
A
So
if
the
asset,
if
you're
dealing
with
asset,
you
know
traditional
assets
has
a
very
slow
liquidity,
you
can
use
tokenization
to
give
it
more
liquidity
and
then,
since
there
is
no
third
part
since
this,
since
there
is
no
intermediate
part
involved,
transaction
fees
are
lower
and
faster
and
more
transparency,
because
you're
using
blockchain
the
records
are
not
muted
and
immutable.
You
can
no
one
can
change
those
transaction
record
and
it's
transparent.
A
Everyone
in
the
in
the
blockchain
have
they
have
the
same
record
of
the
ledger
and
more
accessibility,
because
traditionally
speaking
there
was
some
restriction
with
regard
to
who
can
buy
the
asset.
You
need
to
be
aggregate
aggregated.
You
need
to
have
certain
amount
of
assets
before
you
can
enter
transactions.
A
On
the
other
hand,
using
tokenization,
you
can
allow
fractional
ownerships
people
who
just
invest
small
amount
to
take
a
fraction
of
asset
ownership.
So
let
me
talk
about
this
benefit
more
in
detail.
So
again,
if
there's
something
like
fine
art
and
you
just
it's-
has
very
low
liquidity.
You
can
use
as
a
tokenization
to
give
it
more
liquidity
and
make
it
more
tradable,
the
secondary
markers
market
and
then
obviously,
because
you're
using
small
contracts,
everything's
automated
transactional,
faster,
cheaper
and
reduced.
A
You
know
remove
the
intermediate
and
then
more
transparency,
because
again
it's
immutable
right
of
ownership
and
again,
if
you
are
familiar
with
how
blockchain
works,
some
of
this
might
be
obvious
to
you.
So
I
just
skipped
the
one
that
are
obvious
so
more
accessible.
It
means
that
it
opens
investment
in
asset
to
a
much
wider
audience
due
to
reduced
investment,
amount
and
periods.
A
You
know
fine
arts,
you
can
do
financial
assets,
it
can
be
consumable
like
pharmaceutical
products
like
medical
devices.
You
know
it
can
be
trademarked,
it
can
be
licenses
royalties
patent,
for
example.
If
you
are,
if
you
are
writing
a
book-
and
there
was
a
couple
of
examples
that
you
you
are
writing
a
book,
but
then
you
want
to
share
the
own
issue
of
that
book
with
your
potential
readers,
so
they
can
buy
the
tokens
from
you
in
a
way
to
invest
in
your
book.
A
Copyright
if
you
have
patent
that
you
want
to
share
their
asset,
raise
the
fund
for
that
patent.
Things
like
that
and
again
for
collectibles
and
devices
can
be
automobiles
can
be.
You
know,
especially
sport,
cars,
fine
art,
medical
devices
and
again
for
real
estate.
So
my
things
is
that
this
the
link
to
this
slide
is
available.
A
You
can
go
back
to
this
to
realize
what
kind
of
the
asset
you
have,
or
what
kind
of
asset
has
more
potential
for
organizations,
and
I'm
just
quickly
reviewing
this
and
then
I
give
the
rest
for
you
just
to
research
it
on
your
own.
So
one
of
the
things
is
that
so
what
are
the
challenges?
So
just
to
recap
what
we
discussed
so
far
we
discussed
about
what
is
asset
organization.
A
What
are
the
difference
between
ico
and
sto?
You
know
security.
Token
basis
utility
token
and
what
are
major
benefit
of
using
asset
organization.
Now
the
question
is,
if
everything
said
so
far,
is
so
attractive.
So
what
are
the
challenges?
Why
is
not
been
so
wide
spread
but
has
not
been
adopted
so
widely
in
industry?
A
So
then
the
challenges
are
is
that
security
laws
varies
from
one
country
to
another
of
jurisdiction
to
another,
and
some
of
these
security
laws
are
evolving
hasn't
been,
you
know,
hasn't
been
adopted.
Yet
in
some
countries
some
countries
are
still
trying
to
figure
out
a
way
to
develop
a
framework
around
that
and
other
two
challenges
are
where
to
register
and
issue
your
security
token.
Is
there
any,
for
example,
platform
where
you
can
issue
or
register
your
security
open
in
that
country,
your
country,
on
what
secondary
market
you
can
trade
them?
A
So
so,
despite
of
the
challenges
once
you're
ready
to
launch
your
asset
token,
once
you
launch
your
asset
to
organization
product-
and
there
is
a
like
infrastructure,
there
is
a
like,
what's
called
the
value
chain
involved
for
from
a
to
z,
of
this
issuing.
So,
basically,
you
first,
I
need
to
identify
what
your
target
asset,
what
asset
you
want
to
tokenize.
So
you
need
to
figure
out
what
asset
you
want
to
tokenize
and
then
how
you're
going
to
distribute
that
asset?
A
Anything
happens
in
your
system,
just
in
case
that
for
legal
requirement
they
want
to
do
the
audit
on
your
transactions
to
make
sure
they
are
not
doing
anything
suspicious
and
then
is
there.
You
know
whether
whatever
you're
offering
here
is
a
part
of
the
other
financial
services
offered
by
your
company,
for
example,
if
you're
a
bank,
how
are
you
going
to
integrate
this
asset
organization
with
what
you
already
have
in
your
bank
system,
for
example,
hsbc?
A
I
think
they
are
tokenizing
their
debt,
they're
tokenizing
their
dates
and
then
they're
also
integrating
that
with
their
tradition
and
normal,
you
know
financial
services
that
they
offer.
So
the
key
here
is
that
I'm
going
to
talk
about
in
autonomous,
slides
that
the
the
steps
discussed
here
varies
because
there's
a
three
steps
issuing
trading
and
buying
selling
and
additional
you
know
so,
depending
on
what
type
of
asset
you're
tokenizing.
If
there's
a
security,
token
utility
token
on
what
things
involve,
the
steps
discussed
here
might
may
vary,
but
just
use
this
as,
like.
A
Well,
so
one
of
the
things
I'm
going
to
do
I'm
going
to
talk
in
the
following
slide
is
that
if
your
bank,
if
your
financial
institute,
is
interested
to
explore
the
asset
organization
or
token
economy,
what
are
the
things
they
need
to
watch
for?
What
are
the
things
they
need
to
consider
or
take
into
consideration?
A
So
in
general,
there
are
five
things
that
they
need
to
look
for,
and
you
have
to
follow.
One
is
that
business
model.
Another
is
a
platform.
What
platform
do
you
want
to
do?
The
public,
for
example,
blockchain
network
like
syrian
erc20,
or
they
want
to
use
it
private,
like
hyper
ledger
and
what
are
cyber
security
precaution
they
need
to
take
considerations?
A
A
A
A
So
platform.
Integration
is
more
talk
about
technical
part
of
the
operational
part
of
it
like,
depending
on
what
business
model
you
choose,
meaning
that,
okay,
what
type
of
the
asset
you
want
to
tokenize,
whether
it's
utility
there's
a
security.
You
know,
for
example,
utility
tokens.
You
can
do
it
this
hyperledger
fabric.
Can
the
private
network
on
their
head.
On
the
other
hand,
for
security
tokens
public
blockchain
network-
syria
would
be
more.
A
Favorable
allows
public
to
access
that
so,
depending
on
again
what
business
model
you
choose
in
previous
slide,
you
can
decide
what
is
what
all
the
parameters
for
your
operating
model
would
be.
So
one
of
the
major
component
is
a
blockchain
platform.
Do
we
need
to
do
that?
For
example?
What
are
the
regulations
involved
for
that?
There
is
a
public
private
network
and
also
product
strategy.
You
may
be
surprised.
I've
spoken
to
some
clients
that
they
have
a
very
brilliant
idea
about
asset
organization.
A
Like
security
token,
they
have
very
good
developers
for
syria
or
c20.
They
have
very
good
lawyers.
They
have
very
good
business
models.
On
the
other
hand,
they
fail
so
badly
because
they
don't
know
how
to
market
how
you
can
find
the
right.
You
know,
brokers
in
the
market
to
market
their
token
and
sell
that
token
to
potential
customers.
A
So
it
has
to
be
a
holistic
business
plan
from
a
to
z,
from
developing
a
business
model,
issuing
that
and
then
market
that
to
potential
brokers
and
buyers
and
sell
that
and
get
that
kind
of
they
pick
up.
You
know
by
the
way,
the
network,
so
you
have
to
have
everything
in
right
place.
It's
not
just
it's
not
just
a
technical
thing.
Some
people
think
that
as
a
tokenization
only
requires
one
lawyers
and
one
developer,
that's
not
the
case.
A
You
have
to
have
a
very
good
marketing
plan
to
get
it
to
the
right
audience
and
then
obviously,
the
cyber
security
play
and
a
very
important
role.
So,
especially
if
you're
dealing
with
security
tokens
because
security
token
is
the
one
that
you
are
collecting
the
money
I
mean
like,
you
are
selling
the
token
for
people
so
that
they're
going
to
invest,
they're,
investing
and
you're
dealing
with
a
lot
of
money
of
the
people
and
in
a
public
blockchain
need
for
permission
less.
A
A
All
I
need
to
find
is
siri
and
erc20
code
on
a
github,
I'm
going
to
just
copy
that
github
code
a
little
bit
twist
and
just
do
the
test
launch
it,
but
in
reality
that's
not
going
to
work
because,
unfortunately,
many
of
many
of
the
juniors
developers,
they
forget
that
there's
something
called
a
smart
contract
security
audit
that
you
have
to
run,
especially
before
you
launch
your
smart
contract
into
the
productions
and
the
cloud.
So
this
is
a
very
good
article.
A
So
in
case
that
you
need,
our
assistant
would
be
happy
to
help
you
guys,
but
my
point
is
that
just
make
sure
that,
before
your
smart
contact
goes
to
the
cloud
and
the
production
stage
and
run
the
smart
context,
if
you
do
the
audit
and
especially
if
you
are
doing
on
a
public
blockchain
network
well
when
it's
come
to
compliance,
two
major
things
is
anti-money
laundering
and
know
your
customers
and
anti-money
laundering.
Basically,
you
need
to
check
make
sure
that
your
customers
are
not
listed
in
part
of
the
terrorist
organizations.
A
A
Regarding
know
your
customers,
there
are
a
couple
of
third-party
api
that
you
can
use
to
cross-reference
to
your
customers
and
I'm
going
to
talk
about
how
you
can
implement
the
new.
Your
customers
in
your
upcoming,
fewest
nexus
slides.
So
so
the
question
is
so
we
know
about
in
most
most
asset
organization
projects.
You
need
to
implement,
know
your
customers
and
anti-money
laundering,
so
how
you
can
build
and
integrate
these
things
into
your
applications.
A
So,
for
sake
of
conversation,
I'm
gonna
to
simplify
this.
Imagine
that
you
have
a
one
one
blockchain
network,
that
does
your
main
job
like
asset
organization,
that
we
security
token.
You
need
to
create
another
standard,
standalone
application
that
handles
your
kyc
and
aml.
So
at
a
very
high
level.
What
you
need
to
do
you
need
to
create
a
standalone
application
for
your
customers,
anti-money
anti-money
laundering.
A
A
Then
you,
you
run
a
series
of
api,
calls
to
check
and
verify
if
they
are
passing
the
know,
your
customers,
anti-money
laundering
checklist
check.
Well,
once
the
customer
is
pass,
the
checklist
you're
gonna,
create
their
hashes
and
store
that
digital
hash
in
a
digital
wallet
only
on
a
decentralized
network,
then
that
hash
is
gonna,
be
used
in
your
asset
tokenizations
system.
A
A
So
then
there's
going
to
be
an
api
between
your
main
blockchain
application
and
newer
customers,
antimodal
laundry
one,
so
the
any
hashes
that
participate
in
your
main
blockchain
application
need
to
be
clean,
need
to
be
need
to
be
verified
in
order
to
participate
and
legal
and
authorities.
You
know
they
should
be
able
to
access
these
applications
at
any
time.
A
So,
for
example,
if
there's
a
suspicious
activity
with
regard
to
a
hashtag
in
your
system
right,
then
authorities
can
easily
search
this
database
to
find
out
who,
what
are
the
con?
What
are
the
information?
What
information
of
this
hashtag
is
and
why
he's
doing
disconnected
suspicious
activities?
So
these
are
two
different
applications.
A
A
Because
when
I'm
talking
about
identity
protocol,
it
varies
from
country
to
country?
This
varies
from
business
to
business.
So,
for
example,
we
had
the
case
before
that
the
bank
was
even
recording
the
video
of
the
customers
who
are
signing
up
to
their
platform
and
using
ai
and
machine
learning
to
identify
their
face
with
their
id.
A
A
A
very
good
third
party
for
ideological
identity
verifications
and
then
again
to
summarize
here,
as
I
mentioned
in
previous,
is
that
you
need
to
have
a
centralized
system,
then
a
syrian
or
in
a
blockchain
small
contract.
You
can
get
that.
You
know
that
into
a
hashtag
or
address
whoever
has
been
verified,
then
after
that
you're
going
to
use
that
token.
Let's
start
using
that
hash
address
in
your
normal
asset,
tokenization
project
now
with
regard
to
identity
management,
so
there
are
some
kind
of
the
distributed
ledger
technologies
or
you
know
tools
available
in
blockchain.
A
On
the
other
hand,
if
you're
looking
for
more
specific
distributed
technology
under
the
hyperledger
ecosystem
or
family,
you
can
look
into
the
hyperledger
indie
hyperledger
areas
and
hyperloop
aloha.
All
of
them
are
very
good
for
identity
management,
and
if
you
want
to
do
the
public
one,
you
know
that's.
What's
for
private,
it's
going
to
the
public,
one
syrian
is
good
and
erc
20
wallets,
also
very
good.
You
can
try
them
too
now.
A
Again
when
I
talk
to
people-
and
they
say
that
look
I
just
want
to
do-
I
just
want
to
raise
money
by
security
token,
and
I
asked
them.
What
is
the
ercr
selecting
say,
erc20
and
but
again,
my
point
is
that
if
you're
really,
if,
if
we're
doing
some
research
and
exploring
different
kind
of
the
erc
based
on
performance
and
relevance
to
your
assets,
for
example,
erc
7021
is
for
non-fungible
tokens.
A
A
Well,
with
regard
to
industry,
adoptions,
hspc
moved
20
billion
dollar
in
assets
to
the
blockchain.
Again,
they
tried
to
tokenize
their
debt,
j.p
morgan
launched,
what's
called
cryptocurrency
back
or
you
know
stable
coin
and
singapore
exchange
also
back
to
syria,
the
security
token
platform
and
again
my
information
is
just
for
2020
and
I'm
guess,
I'm
guessing
that
things
are
happening
more
rapidly,
more
fast
right
now.
So,
if
you
check
research
online,
there
might
be
more
things
happening
right
now.
A
These
are
lists
of
type
ipos
and
seos
and
issues
that's
happening
in
2020
and
and,
as
I
said,
with
regard
to
industrial
adoption,
there
are
different
factors.
So
when
you're,
comparing
ipo
versus
ui
ico,
there
are
different
factors
that
you
can
credibility
dividends.
You
know
underlying
you
know,
risk
cost
issuers
platform,
you
know,
so
I
got
this
from
ernest
and
young,
so
they
did
a
very
good
research
and
comparing
these
three
different
fundraising
platform
with
regard
to
different
factors.
So
it's
very
good.
You
can
go
back
to
your
slide.
A
You
know
to
see
the
differences
between
these
three
and
now.
One
of
the
things
is
that
one
of
the
things
is
that
so,
if
you
want
to
learn
more
about
security
law
specific
to
united
states,
you
can
read
the
article
here
and
brian
vu
a
couple
of
a
couple
of
people.
You
know
in
the
advisory
board.
They
also
have
written
a
book.
A
It's
one
thing
to
the
best
of
my
knowledge:
the
only
book
right
now
available
in
the
market
on
security
tokens,
so
I
would
be
happy
to
share
the
link
in
the
meetup,
because
those
are
interested
to
read
more
about
legal
framework.
United
states
around
security,
tokens
security,
organic
standard
and
implementation
is
a
very
great
book
for
those
interested
to
explore
this
area
in
depth.
A
So
these
are
very
good
articles
for
videos.
You
know
the
platform
for
kind
of
the
law.
Some
you
know
current
law
around
the
blockchain
security
token,
and
if
you
want
to
learn
more
about
initially
conversation
security,
token
offering
you
can
read
some
of
this
article,
you
know
website
and
that's
the
book.
I
told
you
guys
about
scg
tokens
and
a
stable
coins,
quick
start
guy
by
brian
vu
and
two
other
colleagues
of
ours.
A
A
Okay,
let's
see-
and
I
see
the
questions
so
they
why
issue
is
due
on
the
public
blockchain
when
they
can
generally
have
a
single
issuers
country.
Is
it
better
because
easier
access
to
security,
market
or
other,
so
why
you
issued
okay?
Why
you
issue
issue
on
the
public
blockchain,
because
the
reason
is
you
want
the
people
public
to
invest
in
your
company
is
fundraising
right,
so
you
want
to
probably
to
raise
funds
for
your
company.
A
On
the
other
hand,
on
a
private
blockchain
network,
only
the
people
were
invited
to
the
to
the
network
would
be
able
to
participate,
so
that
is
not
possible
when
you're
raising
your
fund
from
crowd
or
crowdfunding.
Does
that
make
sense
crowdfunding?
So
you
got
this
your
public
blockchain
as
a
way
to
raise
funds
as
a
form
of
crowdfunding.
A
B
Someone
asked
yeah,
but
you
could
you
could
take
sorry.
This
is
a
question.
Ask
her.
You
could
take
your
private
chain
that
you
know
you're
still
controlling
the
issuance
on
and
open
it
up
to
the
public
as
much
as
you.
You
want
without
it
having
to
commit
hashes
to
a
public
blockchain.
So
I
was
just
wondering
if
there
were
other
reasons
to
to
do
that.
A
Yeah
see
my
things
is
that
so
the
thing
is
that
so,
when
you
are
launching
your
security
token
on
a
private
blockchain
network
right,
only
people
who
are
a
member
of
that
blockchain
would
be
able
to
access
or
do
anything
in
that
blockchain
network
right
so
is
private
to
only
members
right.
So,
on
the
other
hand,
when
you
do
the
public
blockchain
network,
everyone
can
join
the
note
and
you
can
participate.
Does
that
make
sense.
A
Yeah
yeah,
I
mean,
of
course,
so
if
you
have
private
one
you
can
also,
as
you
said,
you
can
open
it,
because
the
difference
between
private
and
public
one
is
just
that
restriction
right.
So
if
you
relax
on
the
restrictions,
then
you
can
open
it
to
the
more
public
one.
At
the
same
time
you
take
hold
of
some
part
of
that
you
don't
want
to
share
with
the
public.
A
A
All
I
can
tell
you
is
that
when
you're,
you
know
when
you're
using
secure
token
for
your
real
estate,
you
can
raise
fund.
On
the
other
hand,
I
think
the
answer
to
the
question.
It
comes
down
to
the
regular
legal
requirement,
because
if,
if
our
eit
has
less
legal
barriers
requirement,
obviously
might
be
better
choice
than
using
security
tokens.
So
again,
I'm
not
familiar
on
r
r
r
e,
I
t
and
then
who
was
the
second
questions.
Can
you
go
back
and
show
the
last
two
resources
like?
A
Let
me
get
a
chance
to
grab
the
info
so
guys.
I
think
I
would
suggest
you
guys
to
go
to
a
meetup
page
and
then
there
is
a
link
to
this
slide,
just
download
that
and
then
all
the
resources
are
there
just
for
you
on
your
end.
If
you
want
to
have
this
copy
of
this
presentation,
just
go
to
meetup
click
on
the
link
there,
you
can
have
it
there.
A
B
A
Yeah,
so
basically,
so
one
of
the
things
what
you
are
saying
is
that
for
stopping
from
raising
the
ownership
today,
okay,
that's
good
questions.
You
see
that's
one
of
the
reason
I
mentioned
that
when
you
do
the
security
token,
you
have
to
comply
with
security
exchange
commissioners
right
and
they
want
to
make
sure
that
you're
gonna
you're,
not
gonna,
disappear
over
the
night
right
and
they
just
wanna
make
sure
you
follow
their
rules
and
regulations,
and
you
have
to
put
something
like
guarantee
that
you
know
and
you're
gonna
maintain
the
application
right.
A
A
A
Okay,
that's
a
good
question,
so
you
see
in
brazil.
They
did
a
use
case
on
blockchain
in
brazil.
The
problem
that
they
had
was
that
so
many
people
claimed
that
they
have
they
owned
the
land,
but
they
didn't.
They
didn't
own
the
land
right,
so
there
was
so
much
corruptions
and
there.
So
the
issue
with
title
like
a
land
title
is
comes
back
to
the
identity
management.
You
know
using
blockchain
to
make
sure
that
they
cannot
change
the
record.
A
So,
for
example,
when
you're
talking
about
the
land-
and
you
know,
ownership
of
the
land
title
that's
different
from
us
from
from
the
so
both
are
different,
so
two
different
things.
So,
when
you're
dealing
with
title,
you
want
to
make
sure
that
the
person
who
owns
that
record
is
immutable
and
at
any
time
you
can
verify.
A
Who
is
the
owner
of
that
title
is,
on
the
other
hand,
when
you're
talking
about
real
estate
ownership,
there
might
be
a
case
that
the
owner
might
be
1000
different
people,
each
of
which
has
a
proportional
portion
of
that
ownership,
and
not
only
that,
but
but
those
people
who
owns
the
portion
of
real
estate
would
be
able
to
trade.
That
you
know
is
another
person.
A
So,
coming
back
to
your
question,
two,
there
are
two
different
things:
one
is
that
doesn't
require
any
legal
requirement.
It's
just
a
title.
It's
very
simple:
to
implement
it's
just
application
of
blockchain,
then
another
one
is
to
to
setting
the
asset
ownership
to
a
number
of
people
which
you
need
to
follow
the
legal
requirement.
A
B
Here
can
ask
a
question,
oh
sure,
yeah.
So
you
mentioned
in
a
previous
slide
about
us
about
a
sex
or
a
dexa,
verifying
identity,
and-
and
you
know
the
dexes
I've
used
are
completely
just
just
using
a
you
know
your
address
on
the
blockchain.
So
how
would
a
dex-
and
even
you
know,
folks,
like
ftx,
because
they're
offshore,
they
don't
really
do
any
any
kyc
aml.
So
how
would
they
verify
the
identity
and
communicate
that
to
you
know
in
the
scenario.
A
So
coming
back
I
mean
dicks
and
then
the
other
one.
Both
of
them
are
like
examples
that
you
can
use.
You
know,
because
one
of
the
things
is
that
they
may
have
a
very
good
database
of
some
kind
of
there,
for
example
global
terrorists.
So
you
know
some
users
that
are
operating
in
a
global
stage.
You
know
changing
their
names
right
and
when
it
comes
to
running
these
new
york
customers
most
likely
for
anything
money
around
the
united
states,
they
use
thomas
reuters
database.
A
So
for
that
anti-money
laundering
for
know
your
customers,
you
get
the
informations
and
you
verify
that,
for
example,
in
the
united
states
there
are
some
third-party
companies,
then
they
can
verify
social
security.
You
know
so
you
just
connect
the
api
to
them,
give
the
social
security
and
the
first
name
last
name
and
various
date
of
the
persons
they're
going
to
say.
Okay,
we
know
this
person
is
legitimate.
This
information,
you
know
matches
with
what
the
government
has
on
the
record
right.
B
A
B
A
Place
yeah,
so
I
have
my
company
offers.
We
offer
blockchain
consulting
development
and
training
so
for
blockchain,
consulting
and
development.
Depending
on
the
client.
We
usually
do
the
research,
advisory
and
architects
for
whatever
they
want
to
build,
and
then,
after
that,
depending
on
the
client,
we
did
the
proof
of
concept
or
minimum
viable
product
where
we
go
into
production.
So
that's
we
do
and
then
the
finance
industry
we
are.
We
are
doing
some
projects
for
bank
right
now
and
then
on
a
board
of
advisors.
A
We
have
people
from
jp
morgan
and
then
the
things
is
that,
regarding
blockchain
training,
we
offer
self-based
and
live
courses
in
all
blockchain
platforms
like
hyperledger,
cerium
and
yeah.
So
we
offer
this
kind
of
development
and
then
I'm
myself,
I
am
the
president
of
the
dcv
makers
and
at
the
same
time
again
people
are
working
on
my
book.
They
also
are
participating
in
a
project
and
then
we
also
have
we
have
people
from.
For
example,
we
have
people
who
used
to
work
at
ibm.
A
Guys
again,
it's
very
nice
chris.
I
think
it's
we
almost
again.
If
anyone
finds
questions
any
questions,
you
know
you
need
to
contact
me.
Ask
me,
I
think
guys
can
add
me
linkedin.
You
know,
and
you
just
message
me
linkedin,
it's
very
easy
to
find.
There's
a
link
to
my
linkedin
in
the
in
the
meetup.
You
can
message
me
there
and
you
can
contact
me
again.
One
of
the
things
is
that
if
you
want
to
ask
the
tokenizations
fix
make
sure
that
you
follow
the
legal
requirement.
A
B
Yeah
thanks
a
lot
matt
for
presenting,
and
you
know
thanks
to
everyone
who
attended
and
and
asked
some
great
questions,
so
we're
looking
forward
to
seeing
how
the
tokenization
space
takes
off
over
the
next
few
months
and
if
anyone
has
anything
they
want
to
present
on
at
a
future
meetup.
Please
feel
free
to
reach
out
to
me
and
look
forward
to
your
attendance
next
month.