►
From YouTube: Hyperledger Seattle: Comprehensive Review of Assets Tokenization in the Finance Industry w/Matt Zand
Description
Hyperledger Seattle Meetup: Comprehensive Review of Assets Tokenization in the Finance Industry w/Matt Zand
https://www.meetup.com/Hyperledger-Seattle-Chapter/events/275136631/
Details
In this short webinar we explain 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 application via a blockchain platform. When you have a technology platform that instills high data integrity and immutability combined with transparency and provenance, applying tokenization on top of such platform becomes a new and very powerful financial medium across many sectors.
No prior knowledge of blockchain or Hyperledger is required for attending this webinar.
Webinar length
Lecture: 45 minutes
Q/A: 15 minutes
Webinar topics
For a detailed list of topics covered in this webinar, visit the below page:
https://coding-bootcamps.com/webinars/asset-tokenization-with-blockchain.html
Webinar doc
http://myhsts.org/docs/webinars/asset-tokenization-with-blockchain.pdf
About Presenter
Matt Zand is a serial entrepreneur and the founder of 3 tech startups: DC Web Makers, Coding Bootcamps and High School Technology Services. He is a leading author of Hands-on Smart Contract Development with Hyperledger Fabric book by O’Reilly Media. He has written more than 100 technical articles and tutorials on blockchain development for Hyperledger, Ethereum and Corda R3 platforms. At DC Web Makers, he leads a team of blockchain experts for consulting and deploying enterprise decentralized applications. As chief architect, he has designed and developed blockchain courses and training programs for Coding Bootcamps. He has a master's degree in business management from the University of Maryland. Prior to blockchain development and consulting, he worked as senior web and mobile App developer and consultant, angel investor, business advisor for a few startup companies.
You can connect with him on LI: https://www.linkedin.com/in/matt-zand-64047871
Resources
Reading the following articles is highly recommended:
1- Comprehensive guide for all Hyperledger developers = https://myhsts.org/tutorial-comprehensive-blockchain-hyperledger-developer-guide-for-all-professional-programmers.php
2- Comprehensive overview and analysis of blockchain use cases in many industries= https://blockchain.dcwebmakers.com/blog/comprehensive-overview-and-analysis-of-blockchain-use-cases-in-many-industries.html
3- Blockchain decentralized App use case for healthcare data sharing= https://blockchain.dcwebmakers.com/blog/decentralized-app-use-case-for-healthcare-data-sharing.html
4- Why build blockchain applications with Hyperledger Fabric = https://learn.coding-bootcamps.com/blog/202224/why-build-blockchain-applications-with-hyperledger-fabric
5- The power of blockchain in asset tokenization and fractional ownership management =
https://blockchain.dcwebmakers.com/blog/blockchain-for-asset-tokenization-and-fractional-asset-ownership.html
6- Comprehensive Review of Blockchain Security Token Offering under US Securities Laws =
https://blockchain.dcwebmakers.com/blog/review-of-blockchain-security-token-offering-under-usa-securities-laws.html
----
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
#Hyperledger #HyperledgerMeetups #Blockchain
A
A
So
this
is
the
outline
so
for
those
of
you
who
are
following
this,
there
is
a
link
in
the
mid
top
where
you
can
click
on
that
you
can
get
the
you
know
the
powerpoint
presentations
that
I'm
presenting
right
now
for
the
powerpoint
deck
of
this,
and
you
can
just
follow
what
I'm
talking.
So
basically,
this
is
the
outline
of
the
topic
that
you're
talking
today.
A
I
want
to
talk
about
what
these
tokenizations
is,
and
I
want
a
little
bit
talk
about
some
terminologies,
like
ico
and
initial
coin,
offering
versus
security
token
offering
and
then
what
is
the
legal?
You
know
framework
around
that
and
then
what
are
the
benefit
of
tokenizations
and
some
of
the
examples,
some
of
the
challenges
and
what
are
the
kind
of
use
cases
in
finance
and
then
what
are
the
adoptions
going
on
and
the
resources?
So
I
know
that
this
is
for
hyperledger
group.
I
mean
this
is
a
hybrid
ledger
community.
A
At
the
same
time,
my
presentation
today
is
platform
agnostic,
meaning
that
you
can
apply
whatever
you're
learning
or
taking
away
from
this
presentation
using
cerium
for
public
blockchain
development,
or
you
can
use
hyperledger
for
private
one.
So
so
these
are
the
topics
so
and
then
again
today,
discussion
is
more
kind
of
the
business
oriented
is
related
to
the
finance
and
business
and
then
with
some
kind
of
integration
to
the
technology.
A
A
So
again
about
about
me,
I
mean
I've
been
in
the
tech
industry
for
many
years,
15
or
20
years.
I
have
been
in
industry
and
then
I
have
like
tech
companies
and
also
author
of
the
hyperledger
fabric
book
and
also
I
have
been
written
a
lot
in
the
community
on
the
blockchain.
You
know
articles
and
I
have
also
background
in
business.
I've
been
being
also.
I
have
done
a
lot
of
programming
since
I
was
high
school.
So
again
you
can
add
me
linkedin
if
you
want
to
connect
after
this
conference.
A
One
of
the
things
I
want
to
mention
is
that,
by
going
through
the
this
presentation,
I'm
assuming
you
know
what
is
the
blockchain
is
how
the
blockchain
works
and,
if
not
at
the
end
of
this
presentation,
I
have
a
slide
for
resources.
So
you
can
go
to
those
resources
and
read
some
article
that
they
are
there
regarding
what
the
blockchain
is,
how
blockchain
works
things
like
that.
A
A
We
try
to
bridge
the
gap
between
the
assets,
real
world
assets,
tangible
intangible
and
their
training,
storage
and
transfer
in
the
digital
world.
So
let
me
simplify
this,
for
that
means,
so
so
every
one
of
you
guys
know
that
a
tangible
assets
can
be
something
like
a
bike.
It
can
be
like
a
car,
something
you
can
touch
it.
You
can
feel
again,
you
can
hold
it.
So
that's
like
a
tangible
asset
right.
So
in
a
real
world
there
are
some
barriers
to
tangible
assets,
so
barriers
can
be.
A
If
you
want
to
sell
your
bike,
you
need
to
find
someone
who
can't
afford
to
buy
it
right
and
then
so
there
is
a
liquidity.
There
is
a
accessibility.
There
are
some
barriers
that
you're
going
to
discuss
later,
it's
like
associated
with
some
assets
and
then
so
the
ability
to
to
trade
those
assets
in
the
digital
world
is
where
the
blockchain
come
to
pictures.
A
So,
basically,
blockchain
allows
you
to
convert
those
real
assets
to
ownership.
You
transfer
the
ownership
of
those
assets
in
a
digital
way
without
the
person
actually
owns
that.
So
when
I
buy
the
so,
let's
say
that
you're
selling
the
bike
and
when
I
buy
the
bike
from
you
the
only
way
I
can
prove
that
I'm
the
owner
of
that
bike
is
by
holding
that
bike.
You
know
in
my
hand
right,
however,
using
like
blockchain
technologies,
digital
asset,
you
may
not
hold
the
asset
in
your
backyard.
A
You
may
not
have
the
real
asset.
You
may
have
a
certificate
that
shows
a
security
or
certificate
that
shows
that
you
have
all
of
the
acid
or
portion
of
the
asset.
So
that's
that's
another
difference,
so
we
talked
we're
going
to
talk
more
about
that
in
this
lab,
so
so,
basically,
tokenizations
convert
the
is
storing
the
transient
intangible
object
into
a
token
that
usually
can
be
manipulated
along
this
distributed
laser
technology
or
blockchain
system.
A
So
one
of
the
examples
of
intangible
objects-
intangible
assets
can
be
like,
for
example,
like
a
logo,
or
you
know
in
the
bank
industry,
you
can
sell
your
debt,
you
know,
for
example,
or
some
of
the
financial
asset,
the
derivatives
they
can
be
deemed
as
intangible,
so
tangible,
the
one
that
you
can
hold
in
your
hand.
You
can
use
something
like
real
estate
and
tangibly
like
a
logo
or
something
that
has
intrinsic
value,
and
so
basically,
the
value
of
those
assets
objects
gonna,
be
manipulated.
A
So
as
a
tokenization
as
if
you
search
it
online
asset
organization
is
getting
very
popular
right
now.
The
reason
is
very
simple,
so
many
financial
institutions
out
there
so
many
companies
have
an
asset
that
are
not
liquidable
or
they're,
not
movable
so
the
so.
For
example,
if
you
have
heard
the
nude
after
after
the
crisis
started,
so
many
commercial
real
estate
around
the
united
states
are
are
empty.
So
no
one,
you
know
no
one
rent,
those
spaces
their
spaces
are
empty.
So
that
is
an
asset.
A
That's
not
liquid,
but
you
can
easily
you
cannot.
You
cannot
just
sell
that.
You
know
commercial
real
estate
so
easily
because
it's
so
expensive,
so
there's
so
much
asset
that
just
just
just
hanging
around
and
they
are
not
liquidable.
They
are
not
movable,
so
you
can
use
asset
organizations
to
give
partial
ownerships
to
different
people
and,
and
that
way
you
mitigate
the
risk
of
the
of
the
ownerships
and
materials
mitigate
risk
of
the
of
that
kind
of
the
equity
that
you
are
your
own.
A
A
A
So
again,
whatever
country
you
are
whatever
you
know,
platform
you're
using
you
have
to
consult
with
your
kind
of
their
legal
team
or
your
country
for
the
actual
implementations,
so
security
offering
or
sto
is
evolution
in
fundraising.
So
I'm
quite
sure
most
of
you
guys
are
familiar
with
something
called
crowdfunding.
A
So
crowdfunding
allowed.
You
know
the
founder
or
entrepreneurs
raise
fund
through
the
microfinancing
right.
So
different
people
put
some
money
there
and
once
like
quickstart.com
is
a
good
example.
Once
a
certain
amount
of
money
is
raised,
once
the
the
founders
meet
the
threshold
of
financing,
then
they're
gonna
kick
off
the
startup.
They're
gonna
start
that
business.
A
If
you
attended
my
previous
talk,
I
was
talking
about
how
you
can
raise
fund.
If
you
are
a
author,
if
you're,
if
you
want
to
start
a
new
book
and
you
can
raise
funds
to
people,
pay
you
to
write
your
book
and
each
person
who
pays
for
your
book
can
only
proportion
of
your
book
equity
like
of
your
book
and
then
once
the
book
is
published
and
revenues
is
earned.
Those
people
gonna
receive
the
revenue
from
the
main
publishers
and
from
the
secondary
market
using
the
blockchain
technology.
A
So
coming
back
to
security
token
offering
there
are
other
mediums.
As
you
know,
the
traditional
kind
of
the
medium
for
raising
fund
was
angel
investors,
venture
capital
overseas,
initial
public,
offering
or
ipo
and
initial
coin
offering
ico.
So
I
see
you
and
sdr
very
close
to
each
other.
However,
initial
coin,
offering
mostly
was
for
cryptocurrency
bitcoin
things
like
that
where,
whereas
security
tokens
is
is
mostly
offered
for
the
for
the
other
type
of
assets,
they're
not
good,
not
not
crypto
assets
and
security.
A
A
For
example,
someone
put
the
artwork
for
sale,
you
just
buy
a
token
of
it
and
that
token
has
its
own
value.
It
indicates
who
is
the
owner?
What
percentage
of
the
ownership
is
and
on
what
terms
you
can
trade
that
assets
and,
and
then
security
tokens
are
like,
like
equity,
like
utilities
or
payment
tokens
are
created
through
the
ico
or
stu,
and
so
a
little
bit
of
the
differences
between
icu
and
steel.
As
I
said,
they're
they
have
a
they
have
overlapping.
A
A
The
value
in
itself
versus
an
sdo
is
like
you're,
investing
in
something,
for
example,
if
you
have
been
angel
investors,
if
you
know
about
investing
a
startup,
you
know
that
the
startup
meal
may
not
go
well
right.
So
you,
you
have
a
leap
of
faith.
You
have
put
some
money
there
and
you're,
hoping
that
your
investment
gonna
return,
but
in
some
cases
your
investment
goes
nowhere.
So
it's
the
same
as
sto
right,
whereas
on
ico
the
asset
has
less
risk
because
you're
buying
cryptocurrency
or
something
has
a
less
risk
compared
to
the
sto.
A
A
So
again,
that's
the
same
things.
I
was
talking
right
now,
the
utility
you
come
out
to
your
currency
situation.
So
again,
that's
element
of
risk
is
another
delicate
difference
between
these
two
and
so
and
then
that
differences
result
in
different
offering
process.
So
I'm
talking
about
offering
process
in
another
slide,
so
there
is
a
whole
value
chain
or
life
cycle
for
initiating
sto
from
the
a
to
z
which
I'm
going
to
talk
about
this
later.
A
As
you
know,
situation
again,
as
I
mentioned,
security
are
different
than
commodities.
For
example,
equity
securities
represent
ownership
of
a
company,
while
commodities
or
items
are
useful
of
value,
but
are
not
considered
as
a
right
ownership.
Again,
that's
another
thing.
Instead
of
us
again,
I
was
talking
earlier.
A
You
have
to
look
at
sto,
as
investment
of
like
structure
of
the
company,
as
an
investment
of
an
equity
and
security
can
only
be
traded
as
a
registered
traded
platform
and
participant
of
that
trade
securities
are
required
to
register
the
broker
and
dealers
under
the
applicable
security
laws.
So
again,
as
I
said,
and
I'm
going
to
discuss
it
later,
so
there
are
some
legal,
you
know
umbrella
or
legal
kind
of
the
framework
around
issuing
the
securities
trade
them.
So
there's
all
been
regulated.
A
A
Security
is
a
tradable
finance
assets
so
again
for
for
this,
the
laws
and
legal
definitions
varies
from
country
to
country.
In
some
countries,
security
includes
equities
and
fixed
income
instruments
in
u.s
securities
include
debt
securities,
such
as
commercial
papers,
bonds
and
debentures,
and
equity
securities,
such
as
stocks
or
more
one
of
the
exotic
types,
so
derivatives
forward
futures
options
and
swaps.
So
again,
most
of
these
terms
are
the
finance
terms,
but
the
bottom
line
is
that
you
have
to
know
you
have
to
consult
with
alternative
to
see.
A
What's
the
language,
what
is
the
you
know?
What
is
the
kind
of
the
type
of
the
assets
covered
and
under
what
kind
of
circumstances
we
can
offer
them,
how
we
can
trade
them
things
like
that,
so
that
make
sure
you're
you
know
complying
with
the
regulatory
environment,
you're
upgrading,
so
now
one
thing
is
that
so
just
to
recap,
so
we
know
what
this
tokenization
is.
A
You
know
of
running
things.
You
used
to
tell
them
that,
for
example,
we
spoke
with
a
couple
of
guys
and
they
they
they
didn't
understand
how
how
you
can
have
asset
in
your
hand,
you
know
how
that
a
certificate
issued
on
a
piece
of
kind
of
the
computer
can,
you
know,
can
can
reflect
actual
value
of
the
assets.
So,
basically
you
have
to
explain
to
them
why
tokenization
is
good
and
how
it
works.
A
So
it
gives
you
more
liquidity
and
that's
a
very
obvious
reason.
So,
basically,
if
you
have
real
estate
property,
that's
worth
one
million
dollars.
You
know
that
it's
very
difficult
to
find
you
know
someone
who
have
you
can
afford
that
to
buy
that,
and
so
basically,
liquidity
is
one
issues,
so
so
one
things
and
then
plus
so
that's
that's
just
for
something.
In
some
cases
like
fine
art,
there
might
be
some
assessments
or
those
might
be
some
cost
involved
to
even
evaluate
that
value
of
assets
right
so
so.
A
Liquidity
is
one
example
that
is,
for
example,
if
you,
if,
if
you're
dealing
with
acid
are
not
liquidable,
they
can
use
tokenization
to
diversify
the
risk
and
allow
multiple
owners
to
come
to
pictures
and
then
also
the
value
of
the
secondary
markets.
It
minimize
the
risk
for
the
even
you
know
multi-financers,
so
it
it
has
two
two
values.
A
I
just
want
to
really
give
you
a
very
simple
example
right,
so
let's
say
that
I
I
I
only
have
five
thousand
dollar
and
I
just
wanna-
invest
that
in
real
estate
right
so
I
buy.
Maybe
let's
say
that
two
plus
two
I
mean
20
tokens
of
the
commercial
real
estate
and
then
I
can
trade
that
into
the
secondary
market
right.
A
So
so
you
just
buy
five
thousand
of
your
asset,
put
the
condition
for
seven
thousand
for
resell
it,
and
then
a
small
contract
automatically
gonna
trigger
that
for
you,
when
the
when
the
customers,
when
you
when
it
finds
the
customers
for
your
bet,
so
another
benefit
is
the
faster
and
cheaper
transactions
using
a
small
context
same
certain
part
of
the
exchange
process
is
again.
As
I
was
talking
earlier,
a
small
contract
can
automate.
A
You
can
put
some
conditions
there
for
for
for
triggering
just
selling
reselling
and
buying,
and
this
automation
is
going
to
simplify
the
process.
Make
the
process
be
make
the
you
know,
transaction
between
buyers
and
selling
the
buyers
and
sellers
much
easier,
faster
and
with
cheaper
transaction
costs,
especially
for
international
or
global,
not
to
mention
that
you
can
also
use
the
crypto
currency
for
those
transactions
instead
of
using
the
you
know
traditional.
A
You
know,
you
know
traditional
banks
for
for
processing
transactions.
Another
benefit
is
that
more
transparency,
because
any
as
you
know
how
the
blockchain
works
is
not
immutable.
Blockchain's
transactions
are
immutable,
meaning
that
once
it's
recorded
it's
just
there.
No
one
can
you
know
tamper
with
that,
so
that's
gonna
give
you
a
more
transparency.
What
was
the
previous
owner
things
like
that,
and
that's
also
add
some
value
to
the
to
the
process,
process
and
organizations
and,
of
course,
more
accessibility.
A
So,
for
example,
I
want
to
talk
about
hsp.
Ssbc
is
one
of
the
banks
that
are
working
on
tokenization,
I'm
going
to
talk
about
this
a
little
bit
later
slide
what
they
did
or
what
they
are
doing.
Basically,
they
are
tokenizing
their
debt,
so,
for
example,
they
have
so
many
like
10
million
dollar
debts.
They
have
customers
that
they
own.
A
They
owe
their
money
like
like
a
debt,
but
they
are
liquidy
that
that,
because
the
date
that
they
want
to
collect
is
has
a
slow
liquidity,
so
they
try
to
use
the
tokenization
to
liquidate
the
assets
to
find
a
secondary
owner
for
them
because,
for
example,
as
I
said,
divisibility
the
ability
to
divide
that
you
break
down
the
whole
asset
into
small
pieces.
That
is
amazing.
That's
how
you
can
make
this
more
accessible
to
the
because,
for
example,
if
you're
energy
investors,
you
have
to
have
like
this.
A
One
million
dollar
to
invest
in
something
to
be
accredited
right.
So,
but
this
using
this
mechanism
anyone
can
join
and
invest
through
the
microfinances.
Now
one
of
the
things
is
that
so
there
are
so
many
examples
of
tokenizations,
but
one
of
the
things
that
starting
problems
is
that
you
identify
what
are
the
assets,
because
sometimes
you
don't
know
what
asset
you
have
or
how
those
assets
can
be
used.
A
So
there
are
again,
the
finances
are
two
major
assets:
intangible
and
tangible
assets,
finance
and
accounting,
and
the
tangible
one
is
like
hard
good,
fine
art.
You
know
part
component
and
then
finance
real
estate,
equities,
precious
metal,
gold,
silver
and
then
consumable
like
pharma
food
and
the
intangible
trademark
licenses,
royalties,
patents
and
copyright.
A
A
A
So
when
it
comes
to
physical
object
and
financial
product
again
collectibles-
and
you
know,
devices
like
fine
art
and
automobiles,
for
example,
you
know
when
I'm
talking
about
liquidity,
automobiles,
they
talk
about
ferrari
like
some
things
that
it's
you
know
formula
one
cars,
some
things
that
have
a
very
unique
customers,
so
they
have
a
very
low
liquidity,
so
in
any
aspect
of
medical
devices
or
talking
about
very
specific
unique
medical
device,
has
very
low
liquidity.
So
that's
what
I'm
talking
about
here.
So
fine
art,
something
is
very
special,
very
high
price.
A
So
you
have
to
look
at
the
element
of
liquidity
to
better
understand
how
to
make
the
most
of
your
tokenizations
financial
instrument
the
same
things
like
a
database
talking
certificate,
fixed
income
and
equities,
and
then
consumers,
like
other
things
like
like
coffee
and
then
now
intangible,
asked
again.
We
talk
about
various
rights,
trademarks,
licenses,
patents,
ips
and
you
know
royalties
again.
Look
at
the
book
industry,
music,
industry,
content,
producing
you
have
one
videos
that
it's
very
it's.
For
example,
hollywood
movies,
that's
very
expensive,
you
know,
but
you
can.
A
You
know
tokenize,
that
that
ownership
and
and
then
when
it
comes
to
the
for
example,
tokenization
and
talk
about
that.
This
tokenization
can
also
be
happening
for
repayment
options
between
the
bank,
like
central
banks,
bank
to
banking
transactions
and
then
using
the
like
old-fashioned
government,
fiat
finance,
you
know
or
using
the
cryptocurrency.
You
know
the
finance,
so
that's
another
advantage
of
tokenization
that
transaction
inside
the
tokenization
can
be
taken
place
using
different
kind
of
the
currencies.
A
The
first
and
foremost
challenge
is
that
legal
environment
in
most
countries
is
catching
up,
because
blockchain
is
the
news
evolving,
it
seems
catching
up,
so
maybe
in
your
country
of
jurisdiction,
still
they
are
figuring
out.
What
is
the
good
legal
framework
around
this?
So
again,
that's
that's
a
major
challenge
right
now.
A
The
other
two
challenges
are
where
to
register
and
issue
your
security
token.
And
what
is
the
second
one?
Can
you
have
a
secondary
market?
Is
there
any
kind
of
the
infrastructure
for
your
secondary
market
in
where
you're
operating?
So
this
is
another
kind
of
the
challenges
that
you
have
to
figure
out
now,
when
I'm
talking
about
infrastructure
requirements
for
tokenizations,
so
you
have
to
look
at
the
whole
value
chain
or
the
whole
life
cycle
of
it
doing
this
kind
of
the
security
token
right,
the
very
the
very
first
step.
A
A
What
is
the
asset
that
you
want
to
tokenize
and
then
you
have
to
justify
if
that
asset
is,
is
the
asset
based
on
what
I
told
you
in
previous
slide?
Is
the
right
asset
for
tokenize
that
does
it
have
a
low
liquidity?
Does
it
have
those
characteristics
that
I
discussed
early
so
identify
what
assets,
and
then
you
have
to
come
up
with
a
very
good
plan
for
tokenize
that
meaning
that,
okay,
how
you
want
to
create
the
token
how
many
shares
what
this
evaluation
is,
blah,
blah
blah
and
then
who
is?
A
And
then,
once
you
issue
that
you
know
once
you
issue
that
kind
of
the
tokens
who
is
going
to
pay
it
by
whom
and
how
is
the
whole
clearing
process
going
to
take
place
and
and
then
settlement
of
the
transfer
of
ownerships,
you
know
trading
like
buying
selling
and
then,
if
there
is
an
additional
like,
for
example,
if
there's
a
secondary
market.
If
there
is
a
record
that
you
want
to
keep
offline,
you
know
on
top
of
blockchains,
or
is
there
any
kind
of
the
payment
involved
between
the
bank
and
the
token?
A
Because
sometimes
you
only
want
to
use
the
cryptocurrency
inside
that
whole
tokenization?
Sometimes
you
want
to
use
the
third
party
banks
to
do
the
clearinghouses
for
you,
so
so
this
value
chain,
this
whole
process
life
cycle
of
starting
to
selling
the
transaction
and
maintaining
and
then
even
creating
the
secondary
markets
need
to
be
taken
into
considerations
and
one.
However,
one
thing
is:
is
that
once
you
start
looking
at
your
country,
some
of
the
sequence
and
steps
might
be
changed
or
based
on
the
asset
that
you're
dealing
with?
Maybe
change.
A
For
example,
a
fine
art
you
need
to
do
the
valuation
on
fine
art
and
the
valuation
need
to
be
legitimate
validations
evaluations.
So
that's
one
thing
that,
for
example,
is,
might
be
different
from
real
estate.
You
know
that
might
be
a
little
bit.
Different
from
real
estate
might
be
different
from
other
asset
that
you're
dealing
with
right.
So,
for
example,
if
you
are
selling
the
debt
of
the
bank,
the
valuation
of
that
that
is
different
from
the
fine
art
that
requires
some
people
to
do
the
valuations
right.
A
So
now
so
financial
institute
and
in
token
economy.
So
now
that
we
know
about
asset
organizations
about
their
benefit,
their
challenges
and
their
kind
of
the
whole,
you
know
value
chain.
The
question
is
how
the
financial
institutions
can
benefit
or
how
the
financial
institutions
can
implement
asset
organizations.
A
So
if
you
are
working
in
a
bank
right
now
or
if
you
are
in
the
finance,
if
you
are
in
a
finance
in
a
financial
institute
and
wondering
what
are
the
steps,
what
are
the
things
you
need
to
put
together
in
your
business
requirement
documentary
if
your
business
proposal
for
asset
organizations,
so
there
are
five
elements
you
have
to
take
into
consideration
as
again,
I'm
telling
you
guys
you
are
doing
this
for
a
client.
We
have
a
bunch
of
banks
in
our
client.
A
So
what
we
are
doing
here,
we
first
talk
about
business
models,
talks
in
business
model.
We
talk
about
like
what
type
of
asset
you
want
to
liquidate
on
what
terms
conditions.
You
know
what,
if
what
that
platform,
what
platform
you
want
to
use
for
for
the
cyber
security,
compliance
and
jurisdictions?
A
A
For
your
token,
when
the
token
is
issues
right,
for
example,
I
want
to
give
you
example-
and
it's
very
important
example-
I'm
telling
you
so
when
you
let's
say
that
fine
art
right
so
when
you
are
tokenizing
the
fine
art
and
setting
the
tokens
200
people
who
is
going
to
be
in
custody
of
the
physical
asset
when
the
token
are
issued
right,
so
the
buyers
need
to
know.
We
want
to
make
sure
that
there
is
a
good
insurance
company
covering
you
know
the
assets
physical
assets
make
sure.
A
You
just
can
you
just
can
just
issue
the
token
you
have
to
make
sure
have
a
value
of
asset
structure
for
token,
and
then
you
have
to
identify
who
is
going
to
be
in
charge
of
the
the
physical
assets
or
you
know
who's
going
to
be.
You
know,
they're
back,
you
just
want
to
manage
or
maintain
their
assets
and
and
then
also
you
need
to
figure
out
how
you
want
to
how
you
want
to
do
the
handle
the
transactions.
A
Would
you
like
to
accept
the
cryptocurrency
or
you
want
to
do
like
bank
from
the
bank?
I
mean
all
this,
for
example,
how
you
want
to
accept
a
transactional
and
then
what
platform
you
want
to
accept
that
tokenizations
and
and
then,
who
is
going
to
be
the
the
consuming
banks
of
paying
the
agent
to
creating
a
lifestyle?
So
all
the
factors
that
we
discussed
in
previous
value
chain
need
to
come
to
like
life
cycle.
So
what
happens?
Someone
buy
that
and
the
mobility
secondary
market.
A
You
know
I
mean
so
everything's
like
that.
I
need
to
come
together
in
a
business
model
that
you
have
for
the
asset
you're
dealing
with.
So
you
just
include
all
of
these
factors
into
your
business
model
platform
integrations
depending
on
the
business
model
that
you
have.
You
need
to
choose
the
platform
like
for
operating
or
implement
you
go
to
organization,
so
would
it
be
a
hyper.
A
See
kind
of
the
using
for
the
for
the
tokenizations
and
then
also
integrations.
This
is
another
very
important
aspects
that
you
have
to
also
watch
is
that
okay,
you
build
that
organization
platform
about
how
you
want
to
integrate
that
with
your
current
sas
or
current
bank
system,
that
you
have
you
know
and
then
so,
and
then
you
also
need
to
look
at
talking
about
regulation
later
on,
like
you
have
to
talk
about.
A
What's
your
goal
of
tokenization,
you
know
how
you,
how
did
that
kind
of
the
tokenization
go
hand
in
hand
with
the
rest
of
the
product
strategy
that
you
have
in
your
in
your
bank
and
how
you
want
to
outreach?
How
you
want
to
find
a
potential
buyers?
You
want
to
market
that
you
know
and
how
you
want
to
maintain
that
community
of
the
buyers
right
and
obviously,
even
if
you
have
a
very
excellent
business
model
and
then,
if
you
have
even
you,
have
excellent
business
models.
You
have
excellent
platform,
operational
considerations.
A
So
if
you
want
to
secure
a
bike-
or
you
want
to
secure
your
car
or
a
building
you're
going
to
hire
the
old-fashioned
security
guard
right
to
lock
the
door
put
the
camera,
you
know
things
like
that,
but
when
it
comes
to
people
who
buy
your
asset
on
a
piece
of
paper
or
certificate
on
some
kind
of
the
code,
rather
than
the
tokens,
what
the
question
they're
going
to
have
is
that
how
you
can
assure
me
that
my
certificate
is
not
going
to
be
tampered?
This
is
safe.
A
A
So
when
you,
for
example,
issue
your
asset
organizations
in
your
country,
there
might
be
some
restriction
with
regard
to
whom
who
can
buy
the
assets
right,
so
you
may
run
the
aml
and
kyc
on
your
customers
or
people
who
want
to
buy
that
token
from
you
again
depending
on
your
country.
So
these
are
things
that
you
have
to
comply
and
again,
if
you're
in
the
final
finance
industry,
you
understand
how
this
works
and
the
blocks
is
a
very
good
example.
A
You
have
to
follow
what
are
the
law
and
requirement
regarding
to
that?
Tokenization
is
and
then
so
now
we
talk
about
asset
organizations,
adoptions
right,
just
searching
online
hsbc
and
then
asset
tokenization
you're,
going
to
see
that
they
are
they're
moving
their
debts,
they're
selling
some
of
their
assets,
especially
some
of
their
debts
into
the
tokenizations
they'll,
be
working
on
this
for
three
or
four
years.
By
now,
a
single
poor
stock
exchange
allowed
the
security.
Token
platforms.
A
You
know
jp
morgan
offered
the
cryptocurrency
now
the
things
that
some
of
the
again
top
ipo
this
is.
This
graph
shows
you
type
ipo
sto
and
it's
ico
kind
of
the
kind
of
thing.
Fundraising.
That's
happening
in
2020
now
another
this.
Just
again,
you
can
come
back
to
this
slide
later
on.
It
shows
you
the
difference
between
ipo,
stu
and
ico
from
different.
A
I
got
this
from
the
ernest
and
young
website.
It
shows
you
the
differences
between
ipo
seo
and
ic
ico
from
different
characteristics
or
different
factors
like
risk
cost,
for
example,
risk.
As
I
said,
ipo
has
less
risk
seo
and
ico.
You
know
I
mean
from
there
and
like
who
is
going
to
be
issued
issuers
platform,
participations,
accepted
fund
and
documentation
requirement
investor
right.
A
This
is
a
great
book
and
I
I
read
this
book
and
then
they
have
a
very
good
coverage
of
secure
token
offering
inside
the
united
states.
They
have
done
some
state-by-state.
You
know
kind
of
the
comparison,
state-by-state
coverage
of
the
I
mean
I
think
they
they
did
up
to
2019,
and
then
they
talk
about
some
of
the
challenges.
Some
of
the
stuff
we
talk
about
in
this
presentation.
They
they
go
over
that
in
more
detail,
and
I
think
I
think
that's
it
on
my
end.
A
So,
basically,
just
to
recap
what
we
discussed,
maybe
in
one
or
two
minutes
in
this
presentation
we
talk
about
what
is
asset
tokenization
is
what
is
difference
between
ico
and
sdo
and
what
are
the
benefit
of
tokenizations,
how
we
can
leverage
the
tokenizations
and
then
what
are
the
value
chain?
For
you
know,
security
token,
you
know
issuing
the
security
tokens
and
then
what
is
the
process?
What
is
the
things
that
the
financial
institution
need
to
know
or
need
to
follow
in
order
to
issue
their
own
security
token?
A
B
B
A
Yes,
so
actually
that's
a
good
question.
Let
me
quickly
go
back
to
here.
I
was
going
to
show
you
guys
see
if
you
can
see
my
screen
as
it
if
you
search
in
google
asset
tokenization
with
sirium
standard
erc
dash
20.,
just
just
look
at
erc-20
use
case,
just
search
cerium
erc-20
use
case
you're,
going
to
find
some
examples
that
implemented
the
cerium.
So
if
you
want
to
do
the
tokenization
with
cerium
erc20,
it's
very
easy.
B
One
more
question
on
the
topic:
you
were
talking
about:
the
compliance
and
aml
the
general
concept
around
blockchain
is
the
anonymity
as
well
right.
So
how
do
they
like
their
two
conflicting
ideas?
Right,
amln
know
your
customer
or
kyc?
Basically,
you
know
you
have
to
reveal
your
identity
where,
on
the
other
end,
blockchain
says
okay,
you
are
anonymous.
A
So
one
thing
is:
is
that
as
a
bank,
you
may
do
this
due
diligence
before
the
person
joined
the
block
check
so
meaning
that
it's
called
something
called
office
chain
versus
underchained
data
right?
So
you
can
do
this
off
the
chain
and
you
can
keep
this
information
on
the
bank
record
for
compliance
now,
the
data
of
the
person's
gut
goes
on
the
chain
that
becomes
anonymous.
You
know
I
mean
so
as
as
a
bank
that
you
know
allows
you
to
buy
that
token.
A
B
A
A
Yeah,
I
know
see
the
things
is
that
the
network
operators,
the
programmers,
all
these
people
are
technical
people.
They
they
don't
know
anything.
They
don't
know
anything
about
kyc
or
aml,
because
the
things
is
that
when,
as
I
mentioned
in
my
my
presentations
before
you
start
the
tokenization,
you
need
to
first
understand
the
legal
background
and
put
together
a
business
model
in
that
business
models.
You
need
to
include
in
your
requirement
that
we
need
this.
A
We
need
this
kind
of
the
compliance
when
it
comes
to
people
who
are
running
this,
they
may
not
know
it
unless
it
has
been
specifically
embedded
into
the
contract.
So,
for
example,
if
there's
a
smart
contract
said
that
the
condition
a
and
b
c
means
non-compliance
right,
so
that
automatically
gonna
stop
the
person
from
transacting.
A
So
my
point
is
that
the
people
who
are
building
developing
and
even
managing
that
they
they
basically
they
so
they.
Basically
they
are
not
the
same
as
people
who
make
sure
that
the
compliance
is
there
because
as
a
system
admin
unless,
for
example,
someone
give
you
conditions
that
look
abc,
you
know.
If
this
abc
happens,
then
you
have
to
flag
the
customers
right.
You
just
do
your
job
and
in
most
cases,
as
a
system
admin
you
just
want
to
make
sure
the
network
is
running.
A
B
Yeah,
so
if
I
get
you
clearly
what
you're
saying
is
the
network
operators
shift
the
obligation
on
those
coming
to
build
their
any
product?
They
want
to
build
on
the
blockchain,
for
example,
for
example,
if
it's
a
bank
coming
to
build
that
particular
product
on
the
blockchain
to
that
organization,
the
responsibility
is
on
them.
Then
the
network
operators
tell
them
before
you
build
anything
on
that
platform.
For
example,
you
need
to
do
the
kyc
and
so
on.
A
But
my
point
is
that
so
my
point
you're
right,
so
basically
the
network
operators
and
programmers
they
are
following
they
just
okay,
there's
abc
they
do.
You
know,
there's
a
task
list
of
quoting
a
technical
task
list.
They
do
they're
required
to
do.
Those
stuff
requirement
is
just
not
part
of
the
developers
they're,
not
part
of
the
technical
team,
and
then
there
is
a
couple
of
other
questions.
A
So
again,
some
people
are
sending
comments
about
some
of
the
things
that
they
are
doing
again
as
a
tokenization
so
much
to
stop
so
much
use
cases
around
that
and
then
at
least
the
compilation
of
bank
of
the
columbia,
cambodia
on
that
and
the
best
about
okay,
that's
good
with
the
hyperledger
aloha
and
then
also
canadian
channel,
and
then
doesn't
give
the
selections
of
the
platform
as
to
the
weather.
The
blockchain
is
public
or
private
and
give
a
second
address
and
private
ledgers.
A
A
B
I
don't
have
a
question,
but
I
I
have
a
comment
and
needs
to
just
just
follow
up
on
your
mention
about
the
hyperledger
or
roja.
So
just
before
christmas
is
part
of
the
five
year
anniversary
and
five
years.
Looking
forward
for
hyper
legend,
the
there
was
a
presentation
made
by
a
bunch
of
the
japanese
projects
and
hyper
ledger
aurora
presented
there
and
if
you
scoot
along,
I
dropped
a
link
into
the
presentation
to
one
minute
20.
B
In
the
banking
scenario,
they've
they've
established
a
multi-level
kyc
system
where
wearing
your
own
wallet,
it's
kind
of
there's
a
small
amount
which
is
sort
of
public
and
in
the
majority
of
the
banking
system,
it's
private
and
there's
a
obviously
in
that
allows
that
that
allows
a
sort
of
a
blend
or
it's
a
practical
implementation
of
both
worlds.
It's
what
it's
worth.
It's
slider
in
the
talk
is
in
japanese,
but
the
slides
are
in
english.
So
it's
easy
to
kind
of
see
how
the
business
rules
plug
into
it
into
hyperledger.
A
Yeah
yeah,
I
saw
the
link
yeah,
I'm
gonna
check
it
out
and
thanks
for
your
comment
again,
the
the
things
like
the
things
that
happening
around
the
this
I
mean
around
the
whole
blockchain
as
a
whole
and
around
the
asset
organization
is
fast.
You
know
things
are
moving,
you
know
and
then,
as
I
said
so
as
you
mentioned,
the
new
york
customers
is
very
important.
A
You
know
when
you're
doing
this,
but
maybe
you
know
when
you're
doing,
for
example,
tokenizing
your
real
estate,
you
know,
might
be
a
little
bit
different.
You
know
I
mean
so
it's
it's,
I'm
going
to
double
check,
I'm
going
to
check
where
the
link
that
you
send.
I
can
see
it
right
now
in
japan,
it's
not
in
english.
I'm
going
to
check
that
after
this
presentation.
I'm
gonna
look
at
that
to
see
what
what
you
guys
are
doing.
A
Okay,
so
guys,
I
can
also
add
me
in
linkedin.
The
things
is
that
asset
believe
me
or
not
mostly,
is
it
requires
business
background
than
your
technical.
I
mean
we're.
Gonna
have
another
workshop,
hopefully
in
the
in
the
near
futures
that
I'm
gonna
show
you
how
easy
to
tokenize
it's
really
a
smart
contract
and
then
tokenize
that,
on
the
other
hand,
the
business
part
of
it
to
come
up
with
the
right
business
model.
A
That
is
more
challenging.
You
know
I
mean
so
I
think
as
organizations,
especially
for
people
who
are
coming
from
technical
background,
who
doesn't
have
a
background
in
finance.
I
think
that's
a
little
bit
challenging
for
them,
and
that's
one
thing
is
that,
because
most
of
the
books
right
now,
if
you
look
at
asset
organization,
you
jump
into
the
technical
part
showing
a
small
contract.
B
B
A
Yeah,
because
the
things
is
that,
because
the
things
is
that
most
of
the
I
told
you
before
most
of
the
people
who
are
developers
they
just
like
to
talk
about
code
right
away
and
without
because
the
things,
if
you
don't
know
the
big
picture,
you
know
what
it
is.
What's
the
point
of
talking
about
the
code.
B
Yeah
right
so
that
yeah
yeah,
so
so
thank
you
and
like
daniela
also
mentioned,
then
the
recording
I
I
work
with
people
to
upload
it
to
somewhere
public.
You
cannot
see
I've
also
posted
on
com
comments
on
the
meetup
group,
so
you
can
also
have
the
link
I
see,
and
then
we
see
a
few
information
and
the
mingling
requests.
B
If
you
are
having
problem
posting
into
the
the
message
board
and
you
can
send
email
to
me,
my
name
barryhang
gmail.com,
with
a
little
bit
of
summary,
I
think
I
can
create
a
short
temporary,
like
email
chain
list
just
sent
to
everyone
here
that
is
willing
to
share
the
information
and
projects
just
to
come
comprising
of
privacy
and
also
help
how
to
mingle.
With
that
help.