 So I'm delighted to be here on the stage today with two of our Hyperledger Foundation governing board members. We have Christine Moy, who is the director of Global Head of Link at Onyx, and responsible for all things blockchain, I think, at JP Morgan as well. And Joe Lubin, who is the founder of Consensus and co-founder of Ethereum as well. So we'll have a great conversation with them. Before we get started, since the topic is, you know, blockchain in action, a lot of people do ask us where blockchain is so far. So I want to just highlight a couple key use cases that we're seeing in the marketplace around CBDCs, securities and exchange, trade finance, and our fund favorite, NFTs. So I'll give a little overview of that and then we'll go and have the Christine and Joe talk about what they are seeing. From a CBDC space, Hyperledger is really leading the way across multiple projects in implementations. For example, the Eastern Caribbean CBDC retail CBDC project, DCASH, is built and is in production with Hyperledger Fabric. We have also the Bank of Bacan. So in Cambodia, in 2019, they launched a retail CBDC and that uses Hyperledger Eroha and they're already, you know, they claim to have 1.4 million transactions just in the first part of 2021. So that one is really a nice success story out of the Asia Pacific region. We're also seeing just recently, about two weeks ago, the Bank of Nigeria released their central bank digital currency with Hyperledger Fabric. So another use case, the Bank de France has also a wholesale CBDC with Hyperledger Fabric. The Bank of Thailand and the BIS have a pilot with this called Atheon Lionrock. Maybe Joe can talk about that a little bit. And that is with Hyperledger Beizu. And I can go on and on. I can take the next 30 minutes talking about all the things that are in production in the CBDC space. Insecurities exchanges, for example, we have the Tel Aviv Stock Exchange. This is a peer to peer lending to for liquid market segmentation and BTP Duncan is here in the audience. Maybe do I see Duncan? There he is raising his hand. So if you want to talk about that, you can touch base with Duncan. And that uses Hyperledger Sawtooth. So and another one on there's Bondi Blocks, which is a fractional bond exchange. And that's one of the first in the marketplace for fixed income securities. So in trade finance, Hyperledger and Hyperledger projects continue to be leaders in the space. Tradelands, for example, now has over 300. This is the MERSC platform has over 300 organizations. And they have claimed to ship, have tracked 42 million containers in close to 2.2 billion events on Hyperledger Fabric. The key to those stats is not that they're great stats, they are great stats, but the technology is in production across many of our projects. They're being used for real blockchain use cases as well. And then last but not least, NFT since I I hear that you can't be in New York without saying the word NFTs as you walk down the street. We've had NFT use cases. Penini, for those of you who are soccer fans, they actually do trading cards. And that has been an NFT platform that's been live since 2019 with Hyperledger Sawtooth. And the the recent news with Palm NFT, which is a Hyperledger Bezu project with DC Comics and Space Jam and a couple of others. And the Damian Hearst project, which is an art project that's really interesting where they release 10,000 pieces of art, both as NFTs and as physical pieces. And within a year, the experiment will be will people keep the NFT digital version or want to have the full, you know, the actual physical art. And I'm really looking forward to seeing how that works out. But without further ado, it's not about me and our community is fantastic. And we can talk about it. But Christine, as I said, is managing director of Global Head of Link and very responsible for blockchain strategy for the firm. I've heard you over and over the years talking about how open source is so important to the work that you do. So I was wondering if you can maybe share a little bit about what JP Morgan is working on in the blockchain space and how you approach it? Sure, sure. So, you know, for those of you who don't know, JP Morgan has been researching and doing development with blockchain for the past half a decade. Some of the key things that we've done is drive blockchain to bank grade enterprise enterprise use to the point where, you know, five or six years ago, it was like something we were just trying to figure out. But then now we can say that we are transacting hundreds of billions of dollars, that's billions, not millions, hundreds of billions of dollars of value on blockchain, on an open source variant of blockchain, and through our intraday repo and JP Morgan coin projects, and then also have tens of millions of transactions flowing through our link network, which is our network of cross-border payments banks. Actually, it was our blockchain team that first brought JP Morgan to the open source community, the occasion of us forking public Ethereum and adding privacy and performance, and basically open sourcing Quorum was actually the first time in the history of the world, or at least the history of JP Morgan, that we invested a lot in something and then gave it away for free. And we're actually quite proud because, you know, over the years, many other companies and banks have actually picked up Quorum and started building their solutions on it, unbeknownst to us. They didn't have to ask us about it, didn't have to pay us for it. And the reason why, you know, we were very strongly committed to building on open source is because we actually think open source code and community just results in better, stronger software, right? Essentially, you have open source code that's being tested in the wild. It has the eyes of the community constantly being innovated on. And then innovation itself is more rapid because you basically have this compounding of people building upon each other's work, as opposed to, you know, one software stack that's sort of held behind closed doors and only one team's working on something. So, you know, we've been very committed to open source. And, you know, since the blockchain team, specifically open source Quorum, that has opened the door for the rest of the firm, JP Morgan, to contribute to and participate in open source projects outside of blockchain. We are a proud founding member of Hyperledger and also additionally other standards bodies like Enterprise Ethereum Alliance and Continuing to Engage. So, yeah, I mean, that's basically our take on open source. We would prefer to build on open source than to build on vendor driven or closed loop systems. Excellent. So, you know, there was a recent survey, the Deloitte survey, and it's, you know, they surveyed about 1200 senior executives and 81% of them said that blockchain tech is broadly scalable and achieving mainstream adoption. Joe, you know, if you can introduce yourself and consensus and some of the work that you've done, but you've been a powerful advocate for decentralized technologies, which, you know, at its core is about open source as well. So, share with us some of your what you've seen in the industry here. Thanks. So, our company consensus has been very prominent since the start of the Ethereum ecosystem. I can attest that JP Morgan was there right from the start before public main net was even launched. We've done a lot of work along with many others in the ecosystem to bring about a new information technology infrastructure, a decentralized protocol infrastructure. And we think of it as a potential new trust foundation for the planet, moving us from millennia of subjective trust systems to automated and objective trust systems. This new trust foundation has enabled decentralized finance, global decentralized finance, where lots of different financial primitives, financial protocols are interoperating with one another and essentially build bringing democratization to the global finance layer, enabling software developers, technologists and entrepreneurs to build it rather than see it built behind closed doors and also bringing the same sort of democratization to the governance layer of the planet with the new trust foundation. We saw what bringing democratization did for access to information and publishing of information with the advent of the internet and web technologies and I'm excited that those new foundational layers are getting increasingly democratized. Our company consensus essentially operates a flywheel. So we have Ethereum node technology, Hyperledger Basu. We build Ethereum 1 and Ethereum 2 clients and we're driving the merge of Ethereum 1 and Ethereum 2 basically moving public main net Ethereum from a proof-of-work system which is enormously consumptive of energy to a proof-of-stake system which uses very little energy and we have a major infrastructure element. So we have a bunch of projects that are about developer enablement. They're the base of the flywheel and we have the major user interface to what we think of as a global open source decentralized super app and these are applications that are getting built on top of decentralized protocols like Ethereum and like many other protocols that are all bridging to one another in our ecosystem. So our flywheel is operational. We have MetaMask as the user interface for consumers and we have MetaMask institutional that's bringing aboard many kinds of institutions. In terms of the usage of open source in our ecosystem I don't have to list the value of open source to you but I think it's interesting to point out that our ecosystem, the public main net ecosystem, does some pretty radical things with respect to openness. Early on in the Ethereum project we felt that hey it's really great that all this is open source and that anybody can come along and fork the project either fork the code base or fork a running protocol and that basically we believed back then would force us to be more honest to be intellectually honest in how we speak about things but also to think about how different opinions, different agendas could be brought together into the same project and if they couldn't then forking is a tremendous capability that we regularly use in our ecosystem. We see projects forking other projects. You do your project here and we'll take all of your code and we'll move it into our own system. We might modify things a little bit or we might not. It might be just better marketing and we even see crazy things like stealing content and community from one project and moving it over to another. There's this thing called vampire attacks where one project can incentivize a whole community to move over to another project. That may sound overly adversarial but I look forward to a world where we don't rely on licenses and patents etc in order to protect our work but we're just all moving so fast and innovating so fast that speed will win the day and we'll start up projects and they will offer solutions and hopefully someone will come along pretty quickly and build something better. It's building those communities and places for those communities to grow as well and matures. One of the things and certainly in financial services and banking as people are always like there's efficiency gains. I think we're six to eight years in many of these use cases where people have seen efficiency gains but what about new revenue models? I know there's a recent report that JP Morgan put out with Oliver Wyman that said that there's a lot of new revenue programs that can be instituted so Christine if you can talk a little bit about that. Yeah sure and by the way I would highly recommend that everyone go and google and pick up this report that our team published with Oliver Wyman about CBDCs and the work that we've been doing in the past half a decade with central banks and talking about how we think about the next generation of global multi-currency payments rails and we actually have a really cool chart talking about the different roles. I'm not going to read it to you right now. I didn't have time to memorize it but that is one example as it relates to payments specifically in global multi-currency CBDC based payments of how a new domain and new roles and responsibilities and therefore revenue streams get created. Other examples include link which I mentioned is our network of cross-border payments banks connected together to exchange information and basically it's focused on solving cross-border payments problems without actually doing the value transfer just doing information transfer specifically to address sanctions exceptions that happen in the cross-border payments process or to enable account validation before making payment to prevent lost investigated or fraudulent payments or like fraudulently placed payments and what's really interesting about what we've built with link is that essentially it's turning out to be a global data marketplace but one in which JP Morgan nor anyone on the network can actually see or store anyone else's data and this is specific to our implementation of quorum but you know what it opens up is the ability to enable banks that are on the network who are responding answering the question like hey is account 123 Christine Moyes account yes or no the bank on the responding side to respond yes it is Christine Moyes account you can definitely have confidence making payment for them to actually get paid directly for the data that they have they don't have to contribute that data into any honeypot they don't lose control of that data and in fact they get paid so creating a new revenue stream for banks to share information that they're probably already sharing anyway to fix some of these payments issues that happen when you know they're already in process as one example the other example is intraday repo which is on our onyx digital assets platform that is built on consensus quorum and this is this is the platform for which we're transacting hundreds of billions of dollars a day by this point having gone live like less than a year ago and this was you know less about cost savings but and even not even about generating revenue but more about creating a new tool on the toolkit to manage intraday liquidity between banks and broker dealers not going to get into the mechanics but a repo is kind of like a secured loan I lend you a hundred dollars you give me a hundred dollars the securities collateral will be agreed to return the legs typically that's counted in days so pay me back tomorrow on an overnight basis or on a term basis pay me back in seven days and now using blockchain sub ledgers that live atop of JP Morgan's demand deposit system systems and Bank of New York Mellon's uh tri-party collateral systems we can actually do repo trades that are counted in hours if not minutes right so um you know that's about creating new experiences new products new tradable products that inherently create new revenue streams Joe you know certainly about creating new revenue streams new markets what what what can you add there so there are lots certainly lots of opportunities for creating new revenue streams we do that and many others in our ecosystem are doing that but the exciting thing to think about is essentially the profound paradigm shift that we're undergoing we're seeing several related disruptive technologies crossing the chasm together into mainstream adoption so it's blockchain it's cryptocurrencies it's decentralized finance it's NFTs and the opportunity here especially NFTs and the the things that NFTs are doing to the artistic content creator and owner community is is really remarkable it's a a lot of people discovering the technology and finding real value in it and creating real value but the thing to notice is that as AI and automation starts to take take over the necessities of life starts to efficiently feed us and clothe us and shelter us we're increasingly especially with the COVID interregnum and and the increased digitization of our society we're increasingly freed to worry less about moving atoms just in time to where they're needed and even advertising to sort of create more need or artificial need so that we move atoms even more the business model of the internet was essentially ported over from the business model of the traditional community and we set up malls on the internet and advertising to drive the physical economy but we're soon to be released from that to a certain degree soon it will take care of itself especially with autonomy in software systems which we're seeing in blockchain technology and so we're soon to be freed to pursuing to pursue creativity and education and gamification of everything so yes when a new technology comes along you think about ways to adapt the old ways of doing business like doing a radio play in front of a television camera but the exciting opportunities are decentralized organizations and and all the different ways that we can move from the age of silos to the age of community and collaboration I don't know if you catched one of the one of the keynotes and Nadine Sakhar from State Street was talking about the that this is enterprise software when we're talking about banking and financial systems this is stuff that's going to take a long time there's regulatory requirements you know anyone who's been in the enterprise software business knows that the cycle from sales to implementation to deployment to you know getting that PR out the door saying that it's done is a long cycle although we're certainly seeing that shorter and shorter you know one of the things Christine you talked about permissioned you know quorum as a permissioned network hyper ledger you know the foundation itself has over the last six years really expanded in the continuum of what types of projects that we offer primarily because of what the market demand is and where we see and where our community sees the market demand for permissioned versus public networks and blockchain so I was wondering if you can talk a little bit about that and yeah sure yeah I mean you know for for our part we have a strong conviction in public blockchain and public networks we always have even when it wasn't cool and it wasn't cool just a few years ago right a few years ago pretty cool to some of us I mean thank you thank you you thought it was cool but everybody else who was like an enterprise in banking it was like why why like what are you doing and for our part we've always had this conviction about public blockchain and public networks however we realize as a globally regulated bank we have to walk people through doors right you can't go from like zero like super centralized software to open decentralized democratized like markets in the way that joe has described and so the way that our program has walked people through doors is to say you know to start with permissioned blockchain to say like hey this is enterprise software it's permissioned we've got traditional firewalling and IP whitelisting everything that you understand now let's just solve some real business problems like in a format that everybody is familiar and comfortable with and that doesn't scare everyone and that's actually the reason why one of our first use cases is let's resolve sanctions exceptions like literally like can we find the most like boring use case that does not open up any risk and like doesn't terrorize everyone who like you know has to like approve this at the bank and is already feeling like completely nervous about the fact that there's blockchain in the name of whatever the thing is that we're trying to approve right and slowly over time we've shifted the overton window to not only exchange information doing super safe things like resolving sanctions exceptions to like let's do value transfer to like as I mentioned now let's do hundreds of billions of value transfer on a on a blockchain and it's probably about the time and you know our teams are working together on this it's probably about the time for public blockchains and permission blockchains to converge and you know for those of you who work at a large enterprise you know that there still exists like an intranet like a company intranet that you know you use the same web browser to like you know log into your company intranet and do your you know internal directory things and then you use the same browser to go to the public intranet and that is kind of what we see to be perhaps the future world maybe not the future future where everything's public but at least the near term future where public networks and permission networks mesh together and in fact a lot of the technology that is required to connect these networks is already in rapid innovation and development in crypto land it's just called layer two as an example right so like imagine a world where you know our bank created and governed permission networks with proper KYC and AML and all the things that are enterprise grade become a layer two to main net as an example just as an example just putting it out there and so that's that's the reason why again we care very much about open source uh open source technology and staying involved and you know being a contributor and being a part of that community because otherwise we'd be connecting just to ourselves and that's no fun and also not commercial and and and you must be wondering like from a bank bank's perspective like what are we doing if you know joe's talking about the democratization of finance and money networks like what is a bank who typically holds the cards in that domain doing by accelerating that um you know but the fact of the matter is is that we don't want to be Kodak right we're not going to like close our eyes to the fact that technology has enabled change and as we have learned with all technology if it's possible it will happen we don't know the time scale but it will happen so you know it's my job and my team's job to make sure that we lead JP Morgan into the next generation of network technology uh and we you know maintain our leadership even if that means we have to change our stripes yeah you know if you would have told me four years ago that we would be on the stage but both of you having this conversation and when I joined Hyperledger I would most of us would be like no it won't move that fast it won't go that so um thank you joe what do you think about that you're you're you're on the other side but you're getting brought in as well um we're both pretty close to the center in a sense um so consensus has held what we call the convergence thesis uh since we started and that is that uh the revolutionaries would get out there and pioneer um decentralized protocols in the most difficult of context in the Byzantine environment um and make that work um but the consensus uh would work with and has worked with hundreds of enterprises um since the start to meet them where they're comfortable uh so we build a lot of the infrastructure for for the public main net ecosystem and we've hardened a lot of that technology um and we've made the the developer life cycle um much more enjoyable um but we've also we've built consortia we do work with jpm and other major organizations um and we recognize that um having some decentralization is incredibly valuable um having private permission systems built on the most robust decentralized protocol technology ethereum uh just makes sense of the the information technology infrastructure of the future will be a very large number of interoperating decentralized protocols that subserve different functions um so there's a trust layer there's execution there's data availability there's guaranteed data available availability there's um heavy compute bandwidth etc um and um we are moving towards that and we've built a decent amount of that we have a project that's that's based on on hyperledger basu um that in fact we jointly built together um it's called consensus quorum it started inside of jp morgan um and it basically took the ethereum core technology and it it created a layer of confidentiality and and enterprise friendliness around that and so we currently offer that to enterprises um on azure and moving to other clouds at some point soon uh and um effectively microsoft um handed over the base layer of their blockchain practice uh to us to operate uh quorum blockchain service a managed service um so um it makes it uh easy for the convergence thesis uh to play out and with decentralized finance gaining so much liquidity um so many innovative ways for organizations to construct their own financial instruments or or configure their own financial flows without sorry the need for intermediaries um uh and with nfts getting um enormously popular um this quorum blockchain service enables uh enterprises to stand up their own infrastructure their own private permission subnet uh intranet uh and and connected via bridges to mainnet if they so desire so there's a strong and growing commercial ecosystem supporting these systems there's real production use cases out there moving real assets billions and billions of dollars in assets using this technology um there are uh groups working on interoperability right to be able to interoperate these networks it's not a network to rule them all um what are you you know what do you think is the biggest challenge as we close off um very quickly to us you know being here next year and having even bigger stories to tell for my part I think the biggest challenges now are talent uh finding finding the right talent uh to be working in these open source communities and by the way operating in open source communities so a little bit different than also just building close software there's a lot of community engagement there's um you know when we did quorum like we had a slack channel and we had to like we had to manage the github and all the things so like you know um you know definitely developers that are uh have experience uh with open source and then separately I think a lot of what we try to juggle is managing our priorities right like we have a roadmap of what we think we want to do what that we think is important but because change is happening so rapidly right now um many opportunities are being opened up and then you know kind of get into this whole like shiny object thing we're like wait there's an opportunity there should we do that do that and then you know resources are limited talent is tight so um you know that those are challenges I see yeah so the growth in demand um in our ecosystem is off the charts whether it's um technologists entrepreneurs finance professionals moving into the decentralized protocol the the public main net ecosystem um or whether it's users uh just just using um cryptocurrencies or NFTs um we there's a wicked war for talent out there we need to uh to service uh users uh with greater functionality um and it's about usability too it's it's still a somewhat immature technology and we've got a lot of learning to do uh from um great technologists in the in the web to ecosystem that are moving into our ecosystem in droves um and we still only have 24 hours a day which is uh the biggest problem you're not gonna solve that for us Joe excellent well with Christine and Joe you know helping and leading the way here in the Hyperledger Foundation community as well I think we'll we'll make it we'll make it there so thank you Christine thank you Joe thank you everybody for joining us today thanks everybody we're hiring