 Can I click that Start Webinar button, that's on top. Yeah, let's do it. Don't take care of it. They can start it for everyone. Okay. Okay, I will start the webinar. Okay. Thank you, and good luck. Thanks, Igor. Hello, everyone. Good morning, good afternoon, and good evening, depending on where the world are you joining us from. We're just gonna wait a couple of minutes to get more people joining and then we're gonna start. And welcome to the Hyperledger in-depth webinar with Digital Essence. Hello, everyone, and welcome to the Hyperledger Foundation in-depth webinar. Good morning, good afternoon, or good evening, depending where in the world you're zooming in from. While we wait, I encourage you to say hello in the chat and say where you're zooming in from. I'm zooming from a sunny Copenhagen, Denmark. And very glad to have you here. We're just gonna wait a couple of minutes and then we're gonna start with the webinar. Hello, Ali, and hi to Toronto. Hi, Mike, and greetings to New York. And hello everybody else as well, and welcome to this Hyperledger in-depth webinar. We're just gonna wait a couple of more minutes so we give a chance for other people to join and then we're gonna start. Hello, Ruth from London. And hi, Mike from, or hi, Bart from India, brother. Good to, it's Craig, good to see some names I recognize. Won't mention you all by name, but good to see you. Glad to hear. All right, so now we are about three minutes in, so we shall start with our webinar. So again, good morning, good afternoon, or good evening to everybody, depending on where in the world you are joining in from. And welcome to this Hyperledger Foundation in-depth webinar with Digital Assets about the Privacy First Approach to DLT. We're very excited about today's presentation. My name is Tomas Sedej and I'm an Ecosystem Manager at the Hyperledger Foundation. Today I will have a chance to take you through some housekeeping rules and this is what we typically do if you attended any of the other Hyperledger webinars. And I will have a chance to introduce you to our panelists as well. So first off, some housekeeping rules. So all are welcome in the Hyperledger community. We are committed to creating a safe and welcoming environment for all. You can find more information about our Code of Conduct on our website and also on our wiki. So please follow our Code of Conduct when interacting with each other and with others in the community as well. Now all the Hyperledger Foundation webinars are held under the Linux Foundation Entitrust Policy, which you can also find on our wiki, on our event page, or on our website. This webinar is being recorded and you will be able to see the recording kit in our webinar library and you will also be able to download the slides from there. So don't worry if you're gonna miss something, you can always go back and see the recording later. This webinar is also being livestreamed on YouTube so welcome to everybody also joining in from there. So we encourage these sessions to be as active as possible. So please feel free to raise your hand, get unmuted and speak up. And of course, the more activity and participation we get out of you, the better experience everybody will have. Now of course, if you prefer not to go on unmute, feel free to use the Q&A button and we will be answering these questions either towards end of the sessions or as we go. And of course, feel free to talk in comment and just ask questions. So without further ado, I would like to introduce Craig Blitz, who is the Chief Product Officer at the Digital Asset and Craig will tell us about the privacy first approach to DLP. So Craig, over to you. Great, and I'm going to share my screen here. If I can, am I the right one? Okay, can you see my screen? Yes, looks okay. Wonderful. Okay, so let me do a quick introduction to myself. I've been at Digital Asset for about two years now, based at our headquarters in New York. I came to Digital Asset to distributed ledger technology through more of a technical path than through a, you know, maybe approaching it from having an interest in blockchain or cryptocurrency. I've spent my long career in enterprise software and I started it way back at Bell Labs working with some of the first commercial Unix systems. I was a kernel hacker and a C compiler developer and back then the big challenge for us was around extending these systems to be multi-processor aware. And when I was thinking about the intro I wanted to give today I was thinking about the, just the long journey in terms of how we've thought about distributed computing. Throughout my career, you know, we started with that just multi-processing capabilities a little bit later in my career. I worked with, I was the principal product manager for a technology called Oracle Coherence that attempted to manage a cluster of Java processes all storing data, it's a data grid. And there the challenge was how to distribute data at different processes. And I see distributed ledger technology as an evolution of that to where now what you're trying to do instead of giving a consistent view of data to a set of processes within a single organization you're trying to give a consistent view of data to multiple companies or multiple organizations each of which needs to protect the sovereignty of their data needs to protect competitive information but needs to ensure that they have a consistent view with their counterparties of the data. So in a way this is just kind of an evolution of the type of technology that I've been working with for decades now. And it's a very exciting and challenging part of the journey. If you think about it, it's one of the first times that we're thinking about deploying what's in essence a single application across multiple companies and across boundaries. That's a rather long-winded intro but hopefully paints where I'm coming from with DLT in a certain different light than you're accustomed to. So what I wanna cover here is kind of who we are, who is digital asset, what problem are we trying to solve? Talk a little bit about what we see as the burgeoning global economic network with its interplay there with some of the other technical terms we use like web three, introduce our latest release or at least one of the major features in it called Kanton with 2.0 and then just kind of give a high level overview of some of the use cases where we're applicable. So who is digital asset? Digital asset was founded in 2014 that's getting further and further in the distance. Eight years ago now, we're up to around seven, well, we're up to exactly seven global offices with our latest in Japan where we just announced our joint venture with SBI. We have a rapidly growing team growing in all these locations, investments from a broad range of very respected financial institutions and technology companies. You can see those over on the right. And just to echo what Tomas said about the hyper ledger community, we have a very strong focus on diversity and our hiring practices reflect that and very much in alignment and support with Tomas's hyper ledger, the way he talks about hyper ledger's commitment to the community in the same way. Then finally, you see up here, April 4th, Damal day around four or five years ago, we open sourced the Damal platform. Every year we take off April 4th to celebrate that open sourcing. We believe that this type of technology needs to be open sourced, not just for the old technology reasons of developers wanna use open source technology or information wants to be free, but when you're building a platform on which trust is important, being able to show that you do what you say you do is critical and so having that code available for our users to see is a business necessity. Kind of this kind of gives you a sense for where we are now with a subset of our customers and the types of use cases that we're seeing. I'll talk about a global economic network as we go through this presentation. The way I would characterize what we are doing now is we're setting that stage for the global economic network by working with a lot of individual companies or consortia to start building out the, you could think of these as internet sites if we will use that analogy to the internet. If you could think of these as internet sites that will eventually want to connect to one another to allow for more innovation. And you see a broad range of not just the types of financial insurance use cases, reg tech that are using us, but where they are in terms of innovation. So looking over on your right, you'll see everything from like ESG with expansive where they don't really have an existing tech stack. They're building something totally green field. And so they're starting off with a platform that makes sense to them. But then you look at something like Broadridge and repo trade processing is, this is a very old field. And what we are doing there is actually giving them tools to automate processes that have always been very manual. So those are two very different extremes and then in the middle of that is something like an ASX where they have a very old platform, but that platform suffers from a lot of a lot of challenges that can benefit from modernizing on distributed ledger technology. So what is the business problem that we're facing today? Why do we need something different? Well, most business use cases today involve multi-party workflows. We have the need to share data across boundaries both internally and externally. And of course we need to control which data get shared. We have very complex trust requirements between the systems where we must know who's on our network, who's using the data, who we're sharing it with. We have burdensome privacy and regulatory requirements. So what works in a non-regulated environment may not work in a regulated environment. And all of this leads to the way things are architected today results in very heavy reconciliation, processing, inaccurate data sharing. If you think of different approaches like kind of a build your own or roll your own approach, it's very easy over time to build a brittle system in which it's hard to get the data sharing exactly right. And a little bit later I'll show you what some of our code looks like and how that's really managed as a class A part of the damel ecosystem. And maybe I didn't introduce the term damel. I did talk about digital asset. Damel is our core product. I'll talk about that more later. If you've heard of damel, you may also think of it as a language. That's true as well. We use the term damel to both describe the language and the product that implements and supports that language. So with the challenges that we have today with the way systems are built, but what does it mean for existing organizations? Well, for one, we have large overhead in building and maintaining systems. And this comes about for a couple of reasons. For one, when we have messaging, when we have something like Swift that's tying together parts of the network it's very expensive to kind of build the needed transactionality features on top of your platform. It's very hard to maintain, like I said before, who's getting the appropriate data? You think about regulations like GDPR, how do you start enforcing that in these multi-party systems? It leads to very expensive data breaches in which information is shared that you didn't want to share. It also leads organizations to being very cautious about these systems because they're afraid of leaking competitive information and that leads to very slow innovation. And as we saw in the case of the repo market very slow to non-existent innovation. And of course, when something goes wrong in the data sharing or the processing we get hits to trust and reputation. And underlying all of this, the problem that we talk about reconciliation it's always just seems silly to me that we have like T plus two reconciliation. We have, in my own personal life, you have cases where you deposit a check but you can't get access to the funds right away where you have expensive title insurance checks. All of these are reconciliation problems that we hope one day will be solved by distributed ledger technology. So organizations are very much aware of these problems and are still stunted by decision paralysis about how to attack this. We've already talked about the large overhead of building and maintaining systems. In a lot of approaches, there's a real 80-20 problem in which 80% of the time that you're spending building these systems is focused on system code or infrastructure code and not on business logic. This is a repeated theme that I've noticed over the last 20 years or so. Everyone wants to be able to focus on business logic, not on how that business logic gets run, what the infrastructure looks like. This is, you know, across a lot of technology, you see a lot of focus to do this with, for example, with lambdas, with serverless. And it's no different in the smart contract or distributed ledger case. We've talked about reconciliation and operational inefficiencies. But one of the things that's readily apparent is that there's a lot of FOMO out there. There's established companies are very aware of competitive threats from more nimble startups. That they see it, you know, somewhat from the cryptocurrency space, from digitization in general. And they know these companies, these incumbents, know that they need to start thinking about the future and how to innovate to fend off their businesses. So enterprise blockchain, which is kind of what we're talking about. I've said the term distributed ledger technology, enterprise blockchain can enable large transactions, again, across multiple parties, and ensure some of these privacy concerns that are preventing some innovation. And this is where DAML comes in. DAML is a smart contract language that's intended to fix reconciliation problems. To reduce delays in transactions so that you can have more real time insight into exactly what the state of your system is. And by real time, I don't mean single digit milliseconds. I mean, cutting down like T plus two to be something like T plus zero. So it's not low latency computing. It's real time computing. And then focus on innovation. By having a, I'll talk about how DAML is not aware of the infrastructure that it's running against. So you'll see how we talk about it using a database or using a blockchain for consensus, for synchronization. DAML is not, the DAML developer is not aware of what infrastructure they're running on top of. All they do is specify business logic. And this allows you to spend more time creating innovative products and thinking about that network that you want to build out. Our vision is the global economic network. So to think about the global economic network, I kind of showed you that picture of the various customers that are using DAML today. The idea is that the world really wants to be more connected at a company or systems level that it's within all of these companies' interests to have workflows that span multiple parties that allow them to innovate across their assets more. We talk about this a lot in the web-free dialogue where it's not only about protecting people's privacy and data, but allowing the free movement of assets across companies and across individuals. And so the challenge is how do companies design these systems so that they could be more interoperable? Today, what we see is lots of assets that are in disparate silos of value. But what we see is that these silos of value will eventually be connected seamlessly using DAML. And I'll show you how DAML could be used to extend use cases and to compose them across different silos, so they bridge the silos. And of course, all of this gets more and more valuable as more assets are brought online onto the DAML network. It's impossible for us to really predict how this is going to grow. The internet created new business models, created new technology choices, it disrupted incumbents. We expect the global economic network to do exactly the same and we expect that organizations who adapt to this message and to the platform will have competitive advantage in that incumbents that don't will fall behind. Just to continue with that analogy, the internet is a very complex and diverse network from network of networks. Using the same browser, you can do anything from going to some public webpage that use your imagination, whatever it is, Wikipedia, or it's private banking, and they all have different needs. So your private banking doesn't share all its data with anyone who has a browser. Wikipedia, of course, has the opposite model. It shares everything that it has with anyone who has a browser. And so we think that if we look at our customers, we're gonna have customers who have different needs in terms of privacy, in terms of what kind of data they wanna share, and we wanna provide the generic infrastructure that allows them to determine how much sharing is appropriate for them. Okay, so what is Damo? Damo, as I've hinted at, is a platform that lets you forge seamless connectivity across business boundaries. It's the leading platform for building and running multi-party applications. So this is the key term that we hit on multi-party applications. And by party, we mean different companies, different legal entities within a company. It allows you to transform disparate silos of data, of information, into synchronized networks, allowing you real-time, consistent, shared trusted data and workflows. And so with Damo 2.0, we built on top of this Damo language, something called the Canton Ledger. So whereas the Damo language is a smart contract language that defines schema, defines semantics, it defines rights and obligations of parties, the Canton Ledger is kind of the best enactment of the Damo language. So the Canton Ledger is a privacy-enabled distributed ledger that gets enhanced when you deploy it with complimentary blockchains that provides secure synchronization between multiple parties I'll show you the choices of blockchains or databases that you can use. But essentially, you can think of Canton Ledger as a distributed ledger that together forms a virtual storage layer but where everyone can see only the information that they are explicitly entitled to see. I'll show a concrete example of that in a little while. And so if you look at the entire platform that you write your apps in the Damo language, Damo takes care, well, when you compile that down, the Damo engine takes care of synchronizing state so that at every moment what one party sees is exactly what another party sees, that is if they're part of the same transaction. The foundation of this platform is completely decoupled from the underlying infrastructure. So you can build an application on a database or a blockchain and change that decision in the future without changing your code. I'll talk about why you'd wanna build on a database or a blockchain in a little while. The shared foundation provides an authoritative source of data which then can then be used as a basis for in-house analytics, for new data products. It provides an audit trail that can prove provenance and aid in regulatory compliance. All right, so several times I've hinted at the ability to run against a database or a blockchain. So in general, Canton nodes, the nodes of the distributed language are synchronized through domains. The transactions that we process are always encrypted so a domain operator never sees the confidential data of the transaction. But Canton domains can be backed by a relational database or a blockchain. And why would you back it with a database? Well, if you have a single operator and everyone is trusting that operator, there's really no use for a blockchain in that case. So in that case, most of our customers use Postgres, couple use Oracle, and that's all that's required. But if you have a use case in which you don't wanna trust the central operator, then you wanna use a blockchain. And in that case is Hyperledger Fabric, Hyperledger Basu are a good choices. We support VMware for very fast BFT and all of them serve to provide this kind of trustless operations at the domain level. When you think about like how we think about this kind of privacy first distributed ledger versus public chains, we do have a lot of customers who I will say because of that FOMO are at least public chain curious. We think there is good use of public chains, but in the regulated environment in which we tend to play, none of the most popular chains support the privacy that you really need to run these commercially sensitive transactions against. And of course, none of them support this kind of heterogeneous application ecosystem that we're talking about. Stamela is designed for secure synchronization between parties. It's trying to solve the problem of how we synchronize the data between these parties. And we think about it in terms of four different dimensions. First, we're concerned with data ownership. We want to make it explicit, who can see, who can change a piece of data. We want to make sure that the data is in the right place for data owners. You'll see that in a couple of slides explicitly in a use case. The second one is strong permissioning. If you have co-owned data, you need to have processes to change and govern that data between those co-owners. It's a core requirement of smart contracts. All smart contract languages have that. The third one is high privacy, meaning that data is shared on a need to know basis. We believe that's needed for all enterprises. And the fourth dimension is where blockchain technology is required that I just mentioned, where we need trustless, fault-tolerant, multi-party applications. We believe that most distributed ledger technologies offer you three of these four capabilities, but no system offers the high privacy that we offer with Canton. And we believe that's really Canton's superpower. I'll also talk about the possibility that that comes along with that privacy feature. But we believe that privacy is the number one superpower. So what do we mean by privacy? Let's take a more concrete example. So this is a very simple DPP example delivery versus payment, where we're just trying to do an atomic swap of two assets. So Alison Bob here, we use Alison Bob a lot. Alison Bob wanted to do an atomic swap where Alice pays $100 for delivery promise of a widget from Bob. There's a bank that's involved to guarantee the cash flow, a factory that's delivering the widget. But we don't want any data leakage between the bank and the factory. We really don't like all of us, I think, don't like when a bank knows exactly what we're spending our money on. They shouldn't know that we're exchanging, that we're doing a cash exchange for a widget. Similarly, we don't really want the factory to know how much money is being exchanged for a widget. And we do want Alison Bob to be able to see all of this. They want the whole view of the transaction. We want this transaction to be atomic. If this transaction is not atomic, it adds to all sorts of application complexity. So mind you, I'm not saying through the course of this presentation that it's not possible to get privacy with other technologies. I'm saying that it's not possible to get privacy in a completely atomic transactional way and in a way that makes it even feasible for you to write your application in any kind of efficient manner. Of course, we're all dealing with Turing machines. You can do anything with any technology. But this is all about making it a core part of your platform. So here's the actual code that it takes it to do this widget coding example. So we already, if you look at the right hand side is the code, ignore some of the definitions on top, but we see in the demo code we have the where signatory is buyer and the seller. So we're explicit in who has to sign this contract. A choice is something that you execute again on a smart contract. So in this case, it's an atomic swap where we have a controller that's the buyer that means that the buyer can execute this choice. And then we see that there are two other smart contracts that are referenced. One is a transfer widget and one is a transfer cash smart contract. So this is actually a composed smart contract and then some simple language to, or some simple logic that indicates that the new owner is the seller and that the et cetera and the new account is the account that was passed in. What you see on the left is a transaction tree and what you'll see is that Alison Bob have the full view of the transaction as it's taken place, but the cash aspect of this, the transfer cash is invisible to the widget and similarly the bank or rather the widget information is invisible to the bank. And so what we're indicating, what you're seeing here is that our privacy is on a smart contract level and when you compose or extend smart contracts with others, the underlying smart contract maintains its privacy. And it doesn't leak into the larger smart contract that that's composing. And this is different from some other platforms that we work with, but of course in a typical Ethereum or Bitcoin, privacy is thought of as a smart contract privacy is thought of totally different. In fact, there's really no privacy. It's all anonymity. But if you think about other DLT platforms that the granularity of privacy is usually a transaction. So if you think of the transaction, the DVP, transaction I showed you, all of the information including the cash, including the factory would be visible to all transaction participants, not just to the ones that are at that level of the smart contract. So the difference there again, is that Canton guarantees it at the smart contract level. Another difference is that when you're doing it with other distributed ledger platforms, generally all historical data is leaked during transaction validation. So you can see on the back chain, you can see the history of that asset and that that's just not visible with Canton. And so all of this together, we think it makes it much easier to develop an application on Damol that enables you to protect your competitive information, your regulatory information. It helps you meet regulatory needs, but it also helps you to write your application logic, it doesn't have to worry about multiple atomic transactions, breaking up transactions, if it wants to maintain this privacy. What comes next? I'm aware of the time here, so I'm gonna move a little bit quicker. We just released Damol 2.0 in March of this year. This really provides the path to us for open networks. With Canton, you can make your smart contracts visible to other people who want to compose new solutions, leveraging yours, and with our next major release, we will focus much more on open network. And laying this groundwork to a global economic network. So focus today on individual use cases, on consortium use cases, and then focus very soon on how we start connecting these consortium and individual use cases into a global economic network. And then just to finish up here, I think I've hinted on a lot of these use cases. I think these are very typical use cases for blockchain, everything from clearing and settlement, trying to reduce the friction in clearing and settlement, making payments much less frictionless, or much more frictionless rather, making it easier to create smart assets and to lifecycle those assets, improve privacy, improve efficiency and custody, and then manage your supply chain, improve provenance much more easily. And then just want to encourage you all to go check out our digitalasset.com website. For those of you who are developers who might want to dig a little deeper into the technology, check out our digitalasset.com slash developers slash learn page. If you have in a recent past, I encourage you to check it out again. There have been a lot of good enhancements to the site and it should be easier and easier to find the type of material that you're looking for. And with that, I'd like to, I know I've talked a lot, I'd love to hear your questions. Hi Greg, thank you very much for this very interesting presentation. I really enjoyed it. So I see that there is a question in the Q&A box and Brian is asking, can you talk briefly about Dammel Hub versus Canton, please? Yes, great. So we expose our technology as part of two products. One is called Dammel Enterprise and one is Dammel Hub. Dammel Enterprise is self-managed, either in the cloud or on-prem. You build it yourself, you operate it yourself. Dammel Hub is our hosted environment. So we manage it for you. There's really no difference in terms of the technology. Hub lags behind maybe a quarter in terms of making Canton visible. So we expect to release Canton on Hub relatively soon. And Hub is really a managed environment that just showcases and manages Dammel Enterprise on your behalf. No real difference in the underlying technology. Okay, thank you, Greg. Are there any other questions? There we go. Rush is also typing in the Q&A box and thank you for it. Is there any use case for settlement? Yes. And you know what? I think I'll refer you. Rush, if you can email me directly, what I could do is hook you up. I'll give you a pointer to use case information we have for settlement. I don't have it on the top of my head. Okay. Thank you, Brian. Then Rush, we will be back then after the webinar and then give you the info that Craig mentioned now. Okay, great. Okay, now we have a little bit of a longer answer, a question, pardon. Where is the smart content? Where is the smart content? A question, pardon. Where is the smart contract app will be hosted? Private server cloud providers like AWS, Azure, Google. If yes, then how decentralized work here? Again, all cloud service providers will have the control overall application. Yeah, so let's take an example of a consortium that wants to distribute their, that wants to decentralize their operations. In general, what we see is that each of the companies that wanna host part of a domain make their own choice about where to host their domain or their node. So let's use the case of Hyperledger Basu and you have company A and company B. Company A may decide that they wanna host a node of Basu on AWS and company B may decide they wanna host it in their own data center. We are completely agnostic to where they host it. It comes down to how they view, their trust requirements and we have companies hosting and certainly all three that you mentioned, AWS, Azure, Azure, Google. That's great, thank you, Greg. And we also have a question from Ali. He says it's a general question and will Open Banking API have any impact on the DLT adoption? You know, I'm gonna pass on that question. I'm really not a financial services expert. So I'll pass on that question. Okay, thank you, Greg. And if you see the chat, Lauren also put in the Greg's email for more information if you would like to contact him directly. Do we have any other questions? Please feel free to just type them either chat or Q&A box either is okay. Okay, Greg, we do have a question from YouTube and Alex says asking what are the key differences between this platform and Hyperledger Fabric which has private channels? I think that the big difference is the simplicity and ability to on which you can write your transactions and compose them without having to wonder or worry about the underlying infrastructure. One of the things that our customers really like is that they can start with something like Postgres, write their daml, then decide that they want to be able to have more trustless operations. So move it to Fabric, just a lot less focus on the underlying infrastructure but then I also think that the notion of the composability of smart contracts and that the transaction itself is at the smart contract level and honors the privacy of the smart contracts that it builds upon makes for a much more flexible system. Okay, thank you, Greg. And thank you also Alex for posing the question. And I do see another question from Brian. He's asking how is consensus done on Kenton? So consensus is a funny word. So we use the underlying storage technology, if you will, for lack of a better word to add as the kind of messaging and sequencing layer. So if a customer is choosing to run on top of say, Beisu or VMware blockchain, we will use that blockchain layer to do the consensus and to do the sequencing of the messages. If we're on postgres, we have an explicit sequencer that sits on top of postgres that does the consensus and of course their consensus is reduced because we're running with the central operator. Okay, thank you very much, Greg. So we're almost at the top of the hour. So I guess we have maybe time for one more question if anybody would like to ask, okay. Well, thank you everybody so much for joining. And of course, if we didn't manage to get to some of your questions, feel free to ask either reach out to us or reach out to Craig, which email you can also find in the Q&A box and also on the chat box. So feel free to reach out to us or Craig if we didn't manage to address some of your questions. Well, first of all, thank you so much, Craig. You covered so much very interesting information. I really enjoyed this talk. And for other participants, I would like to invite you to join our Hyperledger Discord and you can join our community here. You can join our projects. So you can join Fabrik Basu, but also special interest groups which are community groups working on different sectors, working groups, regional chapters and many more. You can scan the QR code or also return to the presentation and just click on this hyperlink here. We also have some upcoming Hyperledger webinars and these are in-depth webinars like today's one with our member companies about the products and services they are building and using. So in two weeks, you can join us for the webinar with Xiu on the topic of enterprise blockchain automation for launching and managing your blockchain networks. And then a week later, you're invited to join Antoine from Splunk who will talk about the observability and blockchain and provide a deep dive into Fabrik and Basu. So you can click on the events page over here and just register from there. Last but not least, Hyperledger Global Forum is happening in Dublin, Ireland from September 12th to 14th and this would be a great chance to meet in person as well. And thank you so much again to our panelists, Craig. You covered a lot of things and I think you provided a lot of useful information and thank you everybody for joining us as well and feel free to reach out if you would like to get a hold of Craig or you would like some additional information. Thank you and have a nice day. Thank you.