►
Description
A recording of the Hyperledger Trade Finance Special Interest Group on November 23, 2021 featuring Ravi Jagannathan, Managing Director at KrypC. Ravi drove us through a journey on the technology developed by his company called KrypC, displaying a very interesting solution for the tokenization of eBL and, at last, giving hints on topics such as ESG (Environment, Social Impact and Governance).
More about Hyperledger's Trade Finance Special Interest Group is at: https://wiki.hyperledger.org/display/TFSIG/
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A
So
if
you
don't
mind
I'll
go
through
the
reading
of
the
policy
of
the
linux
foundation,
linux
foundation
meetings
involve
participation
by
industry
competitors
and
it
is
the
intention
of
the
linux
foundation
to
conduct
all
of
its
activities
in
accordance
with
applicable
and
trust
and
competition
laws.
It
is
therefore
extremely
important
that
in
these
these
meeting
genders
and
be
aware
of
and
not
in
any
activities,
there
are
prohibited
and
therefore
of
foreign
trust
and
competition
laws.
A
B
Thank
you
thank
you,
and
I
really
appreciate
your
introduction
and
thanks
everyone
for
being
here
on
a
lovely
tuesday
afternoon
in
bangalore.
We
are
enjoying
a
very
pleasant
weather
after
a
series
of
rains,
so
hopefully
we
will
have
such
weather
continuing.
I
believe
quickly,
this
presentation,
we
I
want
to
cover
a
little
bit
about
you,
know
beyond
trade
finance
yeah.
B
All
of
us
we
have
seen
multiple
trade
finance
platforms
are
addressing
a
very
smart.
You
know
way
how
they
are
solving
the
internal
global
trade
related
issues
when
it
comes
to
question
of
trade
finance.
There
are
multiple
platforms,
but
I
wanted
to
take
a
time
a
little
bit.
You
know
outside
the
courtroom,
refinance
platform
and
then
see
you
know
what
are
all
other
value
adds
a
blockchain
technology
like
hyperledger
fabric
that
can
contribute
to
it.
So
that
is
a
you
know.
This
is
the
focus
you
know
like
last
couple
of
years.
B
B
B
You
know
engineering
background,
we
have
been
working
together
last
a
decade
plus
and
this
venture
was
started
five
years
ago,
but
collectively
we
have
worked
off.
You
know
together
working
experience
of
ten
plus
years
and
we
are
hypologist
certified
organization.
We
are
a
hcsp
and
our
focus
is
primarily
on
you
know
developing
ips
and
products,
rather
than
just
you
know,
giving
services
and
working
out,
because
we
believe
that
blockchain
technology
is
not
like.
You
know,
you
just
deliver
and
come
out,
so
it
has
to
be
beyond
that.
B
You
come
with
a
very
strong
r
d
tradition,
because
our
objective
with
which
we
started
to
see
was
to
make
sure
that
we
are
able
to
take
any
tough
technology
to
the
street
so
that
enterprises
government
consumers.
Everybody
can
use
our
technology
without
much
challenges.
So
for
that
definitely
we
need
to
have
some
r
d
mindset,
so
we
continuously
do
r
d
to
make
sure
that
we
are
bridging
that
gap
between
the
complexity
of
technology
and
the
end
user
applications
or
end
user
solutions.
B
Fortunately,
we
have
fortune
500
clients
as
part
of
our
you
know,
client
portfolio,
so
we
we
started
in
2016
as
I
was
mentioning.
We
have
close
to
about
30
40
clients,
30
plus
clients,
as
of
now
about
20
plus
applications
went
live.
That's
a
nutshell
about
cripsy,
so
quickly,
coming
to
the
the
trade
finance
and
beyond
that
I
was
referring
to.
So.
B
If
you
see
that
you
know
the
trade
finance
end-to-end
right,
so
whether
it
is
a
exporter
to
importer
in
between
there
are
so
many
constituents
who
are
part
of
the
trade
finance
ecosystem.
All
of
them
play
a
very
significant
role,
and
the
process
itself
is
very,
you
know
highly.
It
has
to
be
a
secured
and
very
trustworthy
ecosystem
because
you
are
dealing
in
millions
and
millions
of
dollars
worth
of
consignment
that
is
flowing
from
one
part
of
one
party
to
the
other
party
and
in
between.
B
There
are
multiple
intermediaries
who
are
handling
those
consignments
and
documents,
and
you
know
whole
lot
of
stuff.
So
it's
a
very
tough.
You
know
ecosystem,
but
currently,
whatever
hyperloop
based
transfer
trade
finance
platforms
that
we
have
typically,
it
automates
the
trade
finance
business
process
in
a
very
smart
way.
But
I
I
feel
that
there
are
much
more
that
as
a
technology,
I
believe
a
fabric
or
a
blockchain
technology
can
deliver
certain
critical
needs
that
the
industry
has
I'm
a
child
accountant.
B
So
I
used
to
practice
before
I
started
my
technology
life,
so
I
used
to
practice.
I
used
to
do
a
lot
of
consulting
for
the
global
multinational
companies
and
the
global
trade.
You
know
getting
some
line
of
credits
established
with
banks.
So
that's
what
I
was
doing
so
in
in
my
that
part
of
the
world.
You
know
career,
I
realized
that
there
should
be
a
technology
that
can
provide
for
total
automation,
which
is
essential
and
also
there
should
be
a
possibility
of
enhancing
liquidity
of
the
entire
trade
finance
ecosystem.
B
So
also
you
know
resolving
disputes.
There
could
be
disputes
coming
all
over.
So
that
should
be
an
ability
to
resolve
disputes
and
important
point
is
how
do
they
prevent
frauds
that
are
happening
because
banks
are
being
you
know,
taken
for
a
ride
with
some?
You
know
duplicate
a
lot
of
lightings
invoices
and
a
whole
lot
of
stuff,
and
not
only
that
it
should
be
affordable
for
all.
B
We
can
put
up
kind
of
you
know
the
best
in
class
technology,
but
if
it
is
not
affordable
to
one
segment,
for
example,
if
there
is
a
company
exporting
in
bangladesh
or
different,
you
know
part
of
the
world.
If
they
cannot
use
this
system,
probably
this
system
may
not
be.
It
will
not
take
off,
because
there
is
one
particular
constituent
who
is
not
part
of
that
ecosystem.
Then
the
trade
can
answer.
Platforms
may
not
take
off,
or
you
know
the
adoption
will
be
challenged.
So
even
these
needs.
B
You
know
we
thought,
how
do
we,
you
know,
bring
in
certain
technologies
as
a
peripheral
to
the
state
finance
platform
to
plug
it
with
trade
finance
platform,
so
that
all
these
needs
can
be
addressed
in
a
meaningful
way.
So
that's
what
we
have
been
doing
and
I
thought
in
today's
presentation.
I
want
to
present
that
as
well.
So
the
first
part
of
our
offering,
I
would
say,
is
a
code.
B
A
crypt
core
is
a
kind
of
you
know,
layer,
two
hyperliteral
solution,
because
layer,
two
typically
in
a
crypto
world
means
you
know
many
things,
but
here
in
hyperledger
solution.
How
do
we
make
it
make
any
solution
affordable
for
all
the
constituents,
the
return
on
investment
or
the
benefit
that
all
the
constituents
they
are
going
to
get
from
this
hyperledger
fabric
platform
or
solution
should
be
adequate
enough,
irrespective
of
the
size,
irrespective
of
the
kind
or
irrespective
of
the
mind.
B
So
that
is
the
objective
with
which
we
started
to
call,
because
we
believe
that
having
a
right
kind
of
a
layer,
2
platform
can
help
to
optimize
the
investment
in
the
technology
and
spread
the
benefit
across
all
the
participants.
Who
can
get
those
benefits
at
an
affordable
price?
That
is
the
basis,
or
that
is
a
very
core
purpose
for
with
which
we
have
developed
our
clipboard.
It's
a
typical
technology
stack.
If
you
see
this
is
how
it
looks.
You
know
end
of
the
day.
B
B
So
now,
if
you're
thinking
about
a
trade
finance
use
case,
probably
we
can
just
focus
on
trade
finance
use
case
bring
all
smart.
You
know
problem
solving
techniques
that
that
we
wanted
to
bring
in
and
leave
all
other
challenges
relating
to
hyperledger
and
cloud
related
matters,
infrastructure
related
matters
that
can
take
care.
That's
how
we
have
kind
of
created
a
crypt
core
in
this
hierarchy
of
any
use
case,
solution,
blockchain
or
hyperledger
fabric
use
case
solution.
Now
we,
as
we
know
the
technology,
is
very
very
complex.
B
Now
the
complex
technology
has
to
be
addressed
in
a
very
different
way.
So
what
we
have
done
is
we
have
created
certain
modularized
approach,
I'll
start
from
one
o'clock
you
know
deploy,
for
example,
deploying
hyperledger
fabric.
We
can
do
in
multiple
ways,
but
you
know
at
a
deployment
stage.
We
should
be
very,
very
clear
about
what
kind
of
a
network
we
are
thinking
about
and
what
kind
of
optimal
infrastructure
is
required,
how
we
can
scale
and
how
we
can
avoid
any
challenges
during
the
production
and
then
a
deployer.
B
We
have
to
deploy
hyperledger
fabric,
you
know
just
hyperledger
fabric
deployment.
Anybody
can
do
at
a
poc
level
at
a
lab
level,
but
for
the,
if
you
have
to
think
about
a
critical
solution
like
trade
finance,
if
you
are
talking
about
that
kind
of
and
creating
a
network,
it
has
been
well
thought
through.
So
in
our
deployer
module,
we
have
got
all
these.
You
know
important
critical
aspects
taken
care
and
then
it
you
know
we
deploy.
The
deploy.
B
You
know
systems
depending
on
that
you
can.
You
can
deploy
and
the
important
aspect.
Next
one
is
wrapper,
because
now
you
have
deployed
now
you're
going
to
have
a
use
case.
We
know
that,
oh,
how
that
use
case
is
going
to
interact
with
hyperledger
fabric.
Are
we
going
to
build
this
time
and
again
for
every
application
that
we
are
developing?
Probably
that
should
not
be
the
case
that
should
be
certain
time
tested
standard
approach.
So
that's
a
wrapper
that
we
have
created.
B
It
facilitates
in
a
seamless
way,
interaction
between
a
client
and
hlf
network
because
all
of
us
we
know
there
are
so
many
challenges
when
it
comes
to
question
of
change
code
and
you've
got
certain
policies
and
all
those
things
should
be
taken
care.
So
we
clearly
understood
all
those
challenges
in
our
five
years
experience
and
this
rapper
takes
care
of
it.
Next
to
the
studio
is
a
you
know.
One
of
the
I
I
like
that
studio
module
studio
model
is
a
low
code,
almost
95
or
97
percent
of
your
coding
efforts
is
removed.
B
If
you
know
what
you
want,
for
example,
if
you
trade
finance
scenario,
10
points,
okay,
I
know
you
know
from
exporter
to
importer
in
between,
there
are
parties,
we
break
it
by
events
and
we
bring
certain
data
points
between
the
events
and
then
we
also
associate
that
with
the
users
for
their
entitlement
and
we
create
a
business
rule
layer
on
top
of
that.
So
once
this
is
done
now
we
have
a
drag-and-drop
module
where
you
can
go
and
define,
and
then
once
you
do,
then
the
studio
deploys.
B
We
have
a
masked
smart
contract.
We
take
all
these,
you
know,
parameter
values,
and
then
we
deploy
that
in
our
master,
smart,
smart
contract
now
studio.
Once
you
do
it,
then,
if
your
api
is
already,
then
you
can
think
about
how
you
want
to
create
an
interface
to
ui
or
the
line
of
business
solutions.
Then
the
you
know,
that's
how
we
have
modularized
or
rather
created
that
studio
as
a
module.
B
Then
comes
your
fabric,
cutting
there
were
so
many
administration
related
aspects
to
be
taken
care
of
when
you're
consuming
a
question
of
fabric,
whether
it
is
a
new
organization
coming
on
board
or
a
channel
or
sometimes
you
know,
systems
going
down.
There
are
so
many
things
all
of
them.
Are
you
know
we
have?
We
have
created
a
nice
ui
based
approach
with
the
full
controls,
then
the
fabric
admin
module
takes
care
of
the
the
continuous
availability
of
the
network
that
we
are
creating
and
data
lake
is
again.
B
We
wanted
to
make
sure
that
the
query
is
not
happening
directly
to
the
ledger,
but
at
the
same
time,
business
might
want
certain
information
both
for
you
know,
pop
sub
or
reporting
or
a
querying
our
apis.
Whatever
way
we
created
that
data
lake,
the
data
lake
takes
care
of
all
the
the
business
related
information
sharing
matters
and
finally,
we
have
a
verification
as
a
service
layer,
because,
whatever
we
do
apology
fabric
is
considered
as
a
permission
ledger.
Of
course,
it
is
a
permission
like
that.
B
It's
considered
as
a
limited
network,
so
sometimes
we
may
have
to
you
know,
expose
some
of
our
information
that
can
be
publicly
verifiable,
so
we
created
a
another
of
a
module
called
verification
as
a
service.
Here
we
used
a
third
generation
product
called
hedera,
so
hlf
information,
hypothesis
fabric
related
information,
whatever
we
want
to
do
harden
it
further.
We
have
created
this
was
to
take
it
to
header,
and
then,
if
you
want
to
bring
it
back
to
your
use,
for
you
know
any
workflows,
then
the
data
can
come
through
hedera's
mirror
net.
B
Now
the
data
is
back
available
to
you
and
you
can
give
it
a
third
party,
for
example.
Somebody
is
giving
an
invoice.
I
may
give
it
invoice
to
my
immediate
customer
if
the
customer
wants
to
give
it
to
the
bank.
The
bank
need
not
come
to
my
system
to
verify
whether
the
invoice
is
valid
or
not.
They
can
go
to
hedera,
find
a
public
network
they'll,
be
able
to
verify
that's
just
a
small
example
now,
with
this
modularized
process.
B
So
far,
whatever
networks
that
we
have
created,
these
are
all
the
you
know
our
customers.
They
believe
that
this
is
what
the
people
did
to
them
number
one:
the
resource
dependency
in
one
one
of
our
customer
scenario.
They
were
not
even
able
to
move
from
poc
to
production
because
they
were
very,
very
serious
resource
constraint
with
this
kind
of
a
module.
Probably
they
were
able
to.
You
know.
B
Yeah
so
then
operational
cost.
We
are
reducing
the
operational
cost
in
multiple
ways,
because
right
because
it's
well
structured
layer
two.
So
with
that
kind
of
a
standard
structured
system,
your
operational
cost
is
absolutely
you
know
reduced,
for
example,
one
of
our
clients.
He
used
to
say
that
including
our
capex.
We
were
saying
that
we
were.
You
know
we
were
at
one
third
cost
of
three
times
faster,
maybe
because
of
the
way
that
we
have
structured
our
core,
we
were
able
to
help
our
clients
with
reducing
the
operational
cost.
B
The
purpose
of
reducing
the
operational
cost
is
to
make
the
hyperledger
fabric
solution,
affordable
for
all
the
participants
and
shortening
the
time
to
market,
because
typically
we
take
about
three
weeks
for
poc,
and
probably
you
know
maximum
about
12
to
15
weeks
for
production,
because
we
can
go
iteratively,
it's
a
low
code
and
all
other
components
are
readily
available,
and
your
report
builder,
is
you
know,
like
your
data
lake.
Is
there
for
you
to
very
well
the
time
consuming
activities
were
reduced
so
that
the
time
to
market
is
shortened
the
time
to
market.
B
When
you
shorten
your
catholics
comes
down
when
your
capital
comes
down,
then
we
are
talking
about
the
improving
the
economic
viability.
So
this
is,
you
know,
of
course,
improved
immediately
achieved
through
our
hedara
connected
verification
as
a
service.
So
now
stepping
you
know
little
away
from
crypt
core.
Of
course
we
have
done
some
very
interesting
networks.
We
have
created
certain
programs
for
a
mining
and
mineral
industry
to
banks.
B
You
know
this
is
again
a
trade
finance
related
use
case,
which
is
creating
high
liquidity
for
that
industry,
because
we
are
talking
about
I'm
going
to
show
a
quick
demo
of
this
platform.
You
know
towards
the
end
and
the
the
objective
is
today,
an
exporter
bank
sitting
in
certain
locations
like
paladish.
B
So
that's
where
we
created
a
marketplace,
and
this
marketplace
consists
of
70
plus
banks
today
now
they
know
where
exactly
the
the
assets
are
and
because
it
is
connected
in
the
blockchain
there
is
an
immutability.
There
are
a
whole
lot
of
trust
that
everything
comes
in.
So
that
marketplace
is,
you
know
more,
you
know
powered
with
the
hypologic
fabric
and
blockchain
techniques.
So
now
the
banks
are
comfortable
in
dealing
with
the
with
such
liquid.
A
B
We
have
created
an
european
trademark
network
for
the
white
and
as
well
as
other
export
related
or
a
global
cross-border,
related
exchange
of
data
and
micro
lending
platform.
We
have
created
for
an
indian
scenario
and
coffee
supply
chain.
We
did
between
africa
and
europe.
The
entire
farming
are
farmers
in
africa.
They
are
connected
in
the
network
until
it
is
going
to
the
consumer
who's
drinking
coffee
and
recently
we
have
just
deployed
an
aerospace
industry
network
for
a
u.s
client
and
another
logistic
industry
network
for
another
flying.
B
These
are
all
the
network
already
running
into
core.
So
if
you
see
such
a
you
know
powerful
network,
if
you
have
to
run,
then
you
need
to
have
a
very
strong
platform
and
that
platform
should
support.
Not
just
a
development
in
the
production.
Not
only
is
the
infrastructure
it
has
to
take
care
of
the
fabric
related
and
the
use
case
related
aspects
as
well,
and
it
should
provide
for
skill.
So
that's
exactly
what
we
were
able
to
achieve
through
cryptco.
Then
next
part
is
after
the
crypt
core.
B
We
are
also
into
the
digital
bill
offline.
I
personally
I
was
a
designated
blockchain
champion
in
uncfac,
which
we
build
a
workplace
a
a
long
about
two
and
a
half
years.
You
know
continuous
workshops
to
derive
a
white
paper
that
became
a
base
for
icc's
to
take
and
then
run.
You
know,
create
a
standard
for
electronic
bill
athletic.
So,
though,
all
of
us,
we
know
a
trade
finance
any
platform.
For
that
reason,
without
any
digital
bill
of
lading
as
an
asset.
B
That
is
a
definitely
it
is
not
a
total
automation.
We
are
talking
about
a
breakage
and
still
the
fraud
can
happen,
so
that
issue
can
be
solved
only
through
ebr
and
we
have
done
ebl
in
a
very
smart
way.
We
have
tokenized
the
bill
of
lading,
because
the
underlying
asset
or
a
consignment
that
is
represented
by
the
bill
of
lading,
is
very,
very
you
know
it's
it's
it's.
It
has
to
be
secured
and
it
has
to
be.
The
ownership
has
to
be.
B
You
know
tightly
monitored
so,
given
that
we
have
create,
we
have
developed
a
tokenized
bill
of
lighting
concept
and
that
ebl,
for
example,
we
have
been-
and
you
know
in
our
system.
It
is
a
non-fungible
token,
because
we
wanted
to
make
sure
that
every
consignment
that
you
saw
that
the
ebl
represent
is
in
the
form
of
non-fungible
token,
so
that
the
ownership
at
any
point
in
time
can
be.
You
know
clearly
transparently
available
to
anyone
who
wants
to
validate
and
there
cannot
be
an
another.
B
You
know
similar
consignment
possible
because
every
consignment
is
unique.
So
that's
why
we
have
created
non-fundable
token
based
ebl
system
and
it's
completely
complying
with
the
global
trade
standards.
Like
icc
dcsa,
you
know
you
name
it
and
we
also
created
a
verifiable,
the
public
network
using
hedera
network,
because
so
at
some
point
in
time
that
verification
is
very,
very
essential.
B
If,
for
example,
bringing
all
the
participants
into
the
ecosystem
may
not
be
possible
to
begin
with,
for
example,
if
a
shipper
or
a
you
know
a
logistic
company,
he
wants
to
they,
they
can
generate
ebl,
and
then
it
is
going
to
the
shipper
assuming
the
bank
is
also
part
of
this
ecosystem,
an
exporter
bank
and
after
that,
the
imported
bank.
They
do
not
want
to
be
part
of
the
system,
they
should
be
able
to
download
and
then
take
it
to
the
next
level.
B
While
they
do
this
until
that
point
in
time
it
is
very
vital
in
the
public
network,
so
some
kind
of
because
until
it
scales
up,
you
need
those
kind
of
flexibility.
So
we
created
a
very
variable
in
the
public
network
as
a
as
one
of
the
features
and
completely
api
approach,
because
all
these
constituents
are
very
very
seriously
they
have
understood
there
are
you
know,
a
lot
of
investment
in
the
technology.
I
said
we
do
not
want
to
question
the
technology,
assess
or
change
the
technology
assets.
B
Are
you
know
the
the
the
way
they
are
working,
so
we
create
a
navy
approach
model
so
that
this
can
sit
on
top
of
the
existing
technology
ecosystem
and
it
can
interact
with
line
of
business
solution,
and
the
information
flows
between
multiple
blockchain
system
is
also
possible,
because
these
tokens
are
very
unique
and
we
can
create
a
token
as
an
asset,
and
then
we
can
continue
in
any
trade
finance
platform
that
we
are
party
too.
So
that's
the
ebl
and
just
you
know,
I'm
not
going
to
go
deep
into
this.
B
It's
just
a
matter
of
all
the
participants.
There
is
a
you
know
the
flow
of
the
trade.
This
is
how
it
is
going
to
be
and
all
the
participants
they
are
participating
and
the
movement
of
the
the
bl
is.
You
know,
taken
care
by
through
the
nft
tokens
that
they
are
moving.
You
know
from
one
party
to
the
other
party
and
we
used
hyperledger
fabric
and
hedera
as
two
important.
You
know
distributed
ledger
systems
in
this
ecosystem.
B
B
We
wanted,
you
know,
you
know,
take
it
to
the
public
network.
Probably
we
can
allow
that
to
happen
and
from
the
public
network
again
we
can
bring
back
some
information
into
any
platform,
for
example
the
hyper
the
trade
finance
platform
for
our
internal
workflows.
So
this
way
we
are
adding
the
the
enhancing
the
immutability
value
and
adding
increasing
the
trust
coercion.
That's
how
the
verification
as
a
service
layer
helps.
So
this
is
how
we
have
connected
again.
B
You
know
it
helps
in
not
reducing
the
document,
fraud
completely
auditable
and
real
time
and
everything
it
becomes
a
strong
evidence,
because
now
we
can
reduce
the
disputes
using
this
kind
of
techniques.
Here,
hyperloop
fabric
program
is
connected
to
our
cripsy
wasp,
where
we
have
got
our
own
workflows
and
our
own.
B
You
know
a
way
of
taking
the
hash
from
hyperlogic
fabric
and
then
take
it
to
header
and
then
make
sure
certain
metadata,
related
information
is
also
flowing
in
and
then
again
bring
back
the
information
if
the
if
it
has
to
come
back
to
the
hyperledger
fabric
program
or
anybody
wants
to
verify
they
can
verify
in
header
network
pizza.
This
is
how
we
have
architected
that
verification
as
a
service
layer.
B
This
one
is
a
very
important.
I
would.
I
would
consider
this
as
a
very
important.
You
know
technique
that
might
be
required
in
the
long
term,
in
a
in
a
low-touch
economy
number
one
and
number
two
with
so
much
of
you
know
high-value
items
flowing
from
one
party
to
other
party
and
ics
transactions
happening.
So
so
many
things
happening
in
this
global
trade.
B
Like
a
you
know,
a
data
entry,
you
know
if
an
interactions
can
be
captured
at
the
time
of
the
discussion,
a
transaction
itself,
for
example,
if
a
bank
and
a
exporter,
if
they
are
talking,
if
that
can
be
through
a
video
transaction
platform,
by
applying
certain,
very
strong
techniques
for
assuring
that
the
party,
whoever
is
in
the
video,
is
the
person
who's
supposed
to
be,
and
the
video
is
real
and
there
are
certain
data
that
we
are
able
to
capture
from
the
video,
and
then
we
can
put
that
on.
You
know
behind
the
screen.
B
There
is
a
great
finance
standard
operating
procedure.
Then,
when
we
stitch
these
things
together,
probably
we
can
create
a
fantastic
api
that
takes
all
the
information
that
captures
in
the
video
transaction
and
then
that
can
be
plugged
into
trade
finance
platform.
Now
there
is
a
absolutely
there
is
a
zero,
a
fraud
that
can
happen
and
the
transparency
is
extremely
high
and
it
is
completely
auditable
so
now.
This
is
something
where,
of
course,
the
viewport
is
real.
B
There
are
two
banks
already
they
are
using
for
different
use
cases,
but
the
b
board
is
a
more
transaction
platform.
So
it's
a
as
I
was
mentioning
you
know.
All
these
features
are
included
in
in
b
board
and,
most
importantly,
this
is
what
I
think
the
over
three
layers.
You
know
one
is
the
sorry
yeah
one
is
on
the
authentication
side
you
can.
You
can
verify
the
identity,
facial
recognition
to
make
sure
that
the
person
is
whoever
is
in
the
video
is
the
person
who
I'm
I'm
talking.
B
For
example,
if
I'm
talking
to
somebody
in
a
remote
location,
I
should
I
should
know
because
take,
for
example,
a
bank.
You
know-
or
you
know,
that
a
person
in
the
bank
is
the
person
whom
you
are
interacting
with
you
know
it
could
be.
That
would
be
a
fraud
right.
So
then
a
location
verification.
We
will
make
sure
that
I
am
talking
to
someone.
If
that
someone
is
in
a
bank.
The
bank's
location
is
also
captured
and
liveliness
check.
B
We
want
to
make
sure
that
the
video
is
not
just
a
kind
of
you
know
behind.
Somebody
is
running
a
video,
but
it's
a
real
video
then
comes
your
question
of
me:
signing
smart
contract
who's,
your
capture,
automation,
it's
all
at
a
transaction
level
and
finally,
at
a
compliance
level,
you
want
to
make
sure
that
the
standard
operating
procedures
are
driving
for
a
audit
and
verifiable
transaction
and
stored
in
immutable
way
and
ipf
is
used.
For
you
know
your
video,
a
file
sharing
and
then
finally
a
distributed
ledger.
It
could
be
a
you
know.
B
Our
trade
finance,
if
you
are
connecting
then
probably
the
distributed
lecturers,
are
hypothetical
fabric
or
if
you
want
to
have
a
just
a
hash
and
bring
back
that
hash
to
our
trade,
finance
or
hypothetical
fabric
trade
finance
system,
it
could
be
header
as
well.
So
we
board
is
a
very
powerful
framework.
B
Whatever
is
happening
within
the
system
through
smart
contracts,
then,
as
I
was
mentioning
today,
about
trade
assets,
it's
a
marketplace
for
banks,
it's
a
group
of
70
banks
already
on
border
this
is
we
developed
for
our
client
of
fintech
innovation,
international
dmcc,
you
know
situated
in
dubai
it's
about
three
years
ago
we
started
developing.
We
we
brought
it
to
production
within
about
six
months
time
they
were
onboarding
more
banks
recently.
I
think
they
have
concluded
one
billion
worth
of
transactions
in
this
platform
in
this
2021..
B
A
B
Now
all
these
information,
if
you
see
the
respective
banks,
are
getting
the
information
through
api
from
their
existing
systems.
It's
not
like
you
know.
We
expect
them
to
do
a
data
entry,
because
it's
a
duplication
that
could
be
errors
and
all
those
stuff.
So
we
provided
complete
api
first
approach.
Through
that
approach,
we
were
able
to
get
all
the
information
into
the
system
and
then
the
trade
is
happening
in
a
smooth
way
yeah.
B
A
Yeah.
Thank
you,
mr
robbie.
By
the
way,
let
me
check
the
chat
wreath
hold
on
a
question
by
the
gay
cherisher,
and
I
can
read
through
this.
Electronic
bill
of
lading
would
only
work
if
there
is
government
regulation
that
obliged
all
participants
to
switch
to
evil
of
lady
as
the
only
proof
of
time
of
title.
B
B
They
have
also,
you
know,
announced
that
the
digital
export
or
global
trade
documents
are
allowed
once
that
is
done,
it
has
to
come
to
the
next
level
to
all
the
governments
and
when
the
all
the
governments-
and
they
are
all
eager-
it's
not
like
you
know.
We
have
discussed
with
many
government
representatives
during
our
workshop.
B
They
are
all
eager
because
they're
waiting
for
such
things
to
happen,
because
if
you
see
all
the
governments,
their
systems
are
digital,
so
this
paper
based
bill
of
leading,
is
a
big
barrier
for
them
to
automate
their
systems.
So
there
will
not
be
any
because
it's
not
a
government
regulation,
okay
yeah,
I
would
say,
for
example,
if
you
are
talking
about
rbi,
they
should
say
yeah.
We
are
accepting
bill
of
lading.
That's
to
that
text
and
yes,
it's
a
regulation.
B
So
it's
not
too
far,
but
your
question
of
whether
until
then,
both
the
paper
and
digital
bill
of
learning
you
know
parallely
will
create
some
kind
of
a
challenge
you're
right
but
technically,
in
this
short
term,
we
are
coming
out
with
some
techniques.
For
example,
we
will
put
a
token
and
then
the
tech
token
can
move
from
party
to
party
at
some
point
in
time,
say
after
three
stops.
If
that
they
want
to
download.
B
It
can
move
from
that
point
onwards,
so
it
can
create
a
problem,
but
with
the
completely
paper
based
pro,
you
know
model
what
we
have
we'll
throw
much
more
problems
than
what
we
are
trying
to.
But
sometimes
such
change
will
have
to
go
through
some.
You
know
interim
processes,
that's
what
we
are
doing.
A
A
B
Yeah
it
is,
it
is
a
network
where
there
are
multiple
nodes
and
multiple
participants
are
owning
the
nodes
and
the
data
is
available.
You
know
through
pdc
and
other
concepts,
it's
all
available
in
those
nodes,
and
it
is
up
to
the
banks
to
decide
whether
they
want
to
participate
in
the
ecosystem
by
being
owner
of
the
node.
We
have
also
created
a
another
model
where
it's
a
shared
node.
We
have
created
a
proxy
node.
If
you
bank,
you
want
to
come,
you
don't
want
to
be
part
of
the
network.
B
As
a
you
know,
a
participant
in
the
network
at
an
infrastructure
level,
you
can
pay
at
a
node
level.
You
can
continue
to
do
the
transaction
because
from
2016
until
now,
we
have
seen
the
hyperledger
fabric
adoption
in
stages.
You
know
early
stages
in
2016
2017,
when
we
deployed
it
was
100
single
authority
solution
for
an
enterprise,
that's
how
it
started,
but
that
evolved.
You
know,
over
a
period
of
time,
we
were
able
to
scale
those
platform
to
a
different
level
that
you
know
scaling
should
happen
will
happen
here.
B
We
have
provided
for
all
those
skill
when
it
assuming
that
we
are
talking
about.
You
know
like
a
five
trillion
economy,
this
this
marketplace
right.
When
we
we
cross
that,
for
example,
you
know
100
million,
then
we
are
sorry
100
billion.
Then
we
are
going
to
see
a
lot
of
banks
having
interest
to
participate
in
this
network,
because
their
assets
are
part
of
this
under
audit
internal
audit
system
would
require
some.
You
know,
participation
in
the
ecosystem
and
hyperledger
fabric
is
also
technology
is
also
you
know,
getting
adopted
and
getting
mainstream.
B
A
B
B
Cripsy's
objective
is
to
run
network
and
platforms
that
can
reasonably
give
a
very
good
benefit
for
all
the
participants
at
a
transaction
level,
approximately
fifty
dollars
and
above
and
if
they
are
benefiting
fifty
dollars
in
any
participant
in
the
ecosystem,
not
necessarily
a
bill,
any
network
that
we
are
running,
then
we
would
like
to
share
the
benefits
along
with
our
participants.
So
our
model
is
to
make
sure
at
a
beer
level.
There
is
a
benefit
and
there
is
a
cost
and
there
is
a
subscription
as
well.
So
we
will
run
the
network.
B
Large
companies
would
like
to
be
part
of
that
network.
You
know
be
part
of
the
node
network,
so
they
will
have
their
own
nodes
and
they
will
run
their
own
infrastructure,
and
there
are
some
small
companies
who
would
still
want
to
be
part
of
the
system.
Maybe
a
you
know,
a
small.
You
know
fight
forwarder.
He
doesn't
want
to
have
his
infrastructure
cost
and
other
stuff.
He
may
not
be
able
to
manage
it
as
well.
B
A
B
Yeah,
so,
ultimately,
you
know
technology.
Blockchain
technology
is
a
foundational
technology.
It
has
to
do
much
much
much
foundational
changes
in
the
ecosystem,
so
we
are
not
looking
at
blockchain
just
replacing
our
existing
business
process.
Right
that
any
you
know
your
erp
systems
can
do
or
any
software
can
do.
Definitely,
then
you
are
running
a
you
know:
a
mercedes-benz
at
a
five
kilometer
or
a
five
minute
speed.
So
that's
not
going
to
help.
B
So
now
we
are
talking
about
how
this
blockchain
can
ultimately
when
it
goes
to
the
mainstream
and
then
keep
when
more
partisan
coming
into
the
system.
Ultimately,
what
are
all
the
key
benefits
that
we
can
expect?
So
one
of
the
key
benefits
is
definitely
you
know
all
you
know
the
carbon
food
pre-related,
the
sustainability
related.
For
example.
We
did
one
project
for
a
beer
manufacturer.
You
know
that
any
game
they
have
openly
in
the
public
network.
B
They
were
in
the
website
itself,
which
is
mentioned
where
for
every
bottle
of
beer
they
wanted
to
show
to
the
consumer
about
their
the
the
social
responsibility
they
want
to
show.
What
is
the
water
consumed
for
the
bottle,
but
particular
bottle
of
water?
It
is
not
like
a
you
know,
a
static,
it
is
dynamic
and
what
is
the
sustainability
factor?
The
carbon
footprint
for
that
particular
bottle
of
water
because
sorry
beer?
B
So
if
that
beer,
for
example,
if
there
is
a
you
know
a
transportation
or
a
truck
company,
if
they
are
moving
that
beer
from
a
point
to
point
in
europe,
for
example,
they
may
be
using
a
low
carbon
consuming
or
a
carbon.
You
know
emitting
ecosystem,
but
the
same
one.
Probably
if
you
are
thinking
about
in
india
or
any
other
part
of
you
know
like
bangladesh
and
other
countries,
probably
we
are
using
some
diesel
based.
You
know
truck
system
where
the
carbon
emission
will
be
high.
B
So,
depending
on
all
these
information,
we
have
created
an
algorithm
and
we
were
able
to
produce
that
information
in
a
distributed
lecture
that
is
available
for
the
consumer.
Who
can
trust
and
believe
that
this
is
something
which
I
can
have,
because
it
is
not
going
to
create
any
massive
issue
for
the
ecosystem
or
our
environment.
So
this
is
one
example.
Now
imagine
we
are
already
talking
about
the
coffee
grover
in
in
ethiopia.
We
are
already
talking
about
green
farming.
B
If
somebody
says
that
okay,
for
I
am
I've
saved
10
kilogram
of
carbon
emission
in
the
in
my
forming
of
one
acre
of
you,
know
coffee
plantation
immediately,
he
will
get
a
carbon
offset
token.
That
carbon
also
token
is
a
valuable
token
that
can
be,
you
know,
traded
in
a
carbon
exchange.
Now
this
is
how
I
think
the
the
entire
dlt
and
blockchain
technology.
B
We
need
to
reach
that
stage,
and
if
we
have
to
reach
that
stage,
we
need
to
start
somewhere.
We
are
just
starting
as
a
you
know:
marketplace
or
a
supply
chain
or
a
prison
trade
or
a
prominence.
These
are
all
the
use
cases
that
we
are
doing,
but
we
are
already
seeing
it's
progressing
towards
to
the
those
kind
of
a
foundational
value
that
a
blockchain
you
know
can
bring
to
the
table.
B
And
another,
adding
to
that
point,
you
know
in
that
same
platform
we
have
created.
The
provenance
is
not
just
about
that.
This
coffee
is
grown
in
this
particular
land.
It's
also
about
certain
certificate
that
the
african
or
european
government
has
given.
Okay.
This
is
the
you
know
you
it's
it's!
You
have
not
used
any
chemical
fertilizer.
B
A
What
do
you
think
it
was
a
great
great
presentation
right
and
you
covered
so
many
different
mind
hub
the
trade
assets
all
these
wonderful,
these
wonderful
programs,
so
I
I
I'm
not
sure
which
one
to
ask
questions
about
actually
really,
but
but
maybe
they
ask
a
broader
question:
where
do
you
see
you
talk
about
the
attributes?
Where
do
you
see
the
blockchain?
How
do
you
see
it
evolving
now,
particularly
in
trade
finance,.
B
That
kind
of
you
know
the
network
effect.
You
know
the
technology
network
effect,
I
would
say,
will
kind
of
take
the
straight
finance
platforms
to
a
different
level.
I
would
say
in
the
next
12
to
24
months,
you
will
see
the
complete
transformation
of
trade
finance
industry
using
blockchain
technology
and
hyperledger
is
leading
that
that
part
of
the
technology
world.
You
know
that.
A
B
If
you
see
across
all
platforms,
even
hyperlogic
fabric,
we
are
able
to,
you,
know,
consume
an
nft
from
the
third,
because
it's
just
a
technology
helps
you
to
make
sure
that
it
is
very
viable
and
also
you
can
use
in
your
platform.
So
that
is
a
very
core
interoperable
aspect
other
than
that
at
a
transaction
level.
Interoperability.
B
It
is
definitely
a
challenge,
but
I
don't
know,
I
don't
think
it
is
required,
because
if
I'm
party
to
the
asset
interoperability
is
required
outside
of
that,
I
may
have
a
different
process.
I
may
have
a
different
ledger.
I
want
to
use
that
as
I
can
use.
It
all
depends
on
users,
convenience
and
their.
You
know
what
kind
of
a
platform
they
are
having
that's
all
and
going
towards
a
very
tightly
interoperable
or
integrated
model.
B
A
B
I
think
the
cocoa
is
already
we
have
deployed,
though
I
call
it
as
a
coffee
chain.
It's
done
for
the
other
bar.
That
is
the
brand
they
use
the
same.
They
they
use.
You
know
for
a
different
kind
of
a
business
purpose.
They
they
use
number
one
showing
the
provenance
and
also
they
created
a
loyalty
program
on
top
of
the
network
that
we
have
created
because
every
chocolate
bar
you
are
getting,
there
is
a
qr
code
inside
the
wrapper
you
can
scan,
you
can
connect
to
the
system.
B
Imagine
how
else
are
you
going
to
connect
in
a
consumer
world?
Connecting
a
consumer
to
your
system
is
very,
very,
very,
very
tough.
You
know,
that's
why
you
know
the
nestle's
and
others.
You
know
you
can't
give
loyalty,
you
know
it's
through
retail
chain
only
you
can
get.
But
here
when
I
click
the
qr
code,
I
can
select
to
either
donate
some
my
reward
to
the
farmer
who
actually
you
know,
cultivated
that
in
a
cocoa
bean
for
him.
B
I
can
give
some
planted
tree
tokens,
or
I
can
keep
that
in
my
system
in
my
wallet
use
those
tokens
for
buying.
You
know
you
know
next
time
when
I
buy
a
chocolate
water,
it's
a
loyalty
program
that
we
have
done,
so
it
is
already
done
cashew.
We
have
not
done
it's
a
good
idea.
Probably
we
are
waiting
for
somebody
to
you
know.
Look
at
this
platform,
yeah.
A
B
Actually,
we
did
for
our
client
in
our
netherlands,
this
project,
you
know
it's
called
fair
chain
foundation
so
for
chain
foundation
supported
by
the
un.
You
know
those
kind
of
organizations
and
a
guess.
These
organizations
supported
them
because
they
wanted
to
make
sure
the
value
distribution
is,
you
know,
available
for
all
the
participants
to
see
and
also
to
make
sure
for
the
farmer,
the
the
they're.
B
You
know
it's,
it's
not
like
somebody
taking
advantage
of
the
former
situation,
so
the
value
distribution
is
very
important
because
one
of
the
sdg
goal
is
the
poverty
related
to
address
that
un
is
promoting
this
and
we
have
also
created
the
value
distribution
reporting
in
our
layer.
So
anybody
can
see
and
then
make
sure
that
the
farmer
is
getting
what
he
deserves.