 All right, you're alive. Okay, very good. Hello and welcome. I'm Ali Emdad, Associate Dean of the Graves School of Business and Management at Morgan State University and also the Director of the National Fintech Center at Morgan. It's a pleasure to welcome you to this workshop, part one of two part workshop series, Introduction to Blockchain and NFT Concepts. This workshop was the result of a few months of hard work on the part of the organizers, the team at Morgan State University Fintech Center and without the help from Hyperledger Foundation and ChainYard, it wouldn't be possible to have this workshop. David Boswell and Ray Jones were instrumental in organizing it. And we're grateful to ChainYard's Mohan and Isaac for and their team of experts from around the world that made this possible. Thank you. Enjoy the workshop. Again, we appreciate your interest in this topic. Thank you, Dr. Emdad. This is Isaac Humphill, I'm with ChainYard and as Dr. Emdad said, we've been working on this for a few months. Let me see if I can go forward here. All of a sudden I'm freezing. There you go. Everybody see the agenda? I'll assume yes. Let me just give you a quick overview of what we're gonna cover today and a little bit of maybe what we're not gonna cover. So we'll start with some welcome and introductions. Talk to you a little bit about who ChainYard is and why we're doing this. Talk about the background of this specific workshop series and how we got here and what we decided we wanted to communicate today that we thought would add the most value for the time that you're sharing with us. So this is workshop one of the two series workshop as you heard and today is gonna be focused more on the fundamentals of blockchain, NFTs and the business around that, what that means. And so in the spirit of not just digging into NFTs we're gonna cover a little bit about blockchain and try to let you understand why this is a real technology that has real implications on businesses and the way things are gonna be going forward. And as part of that, we're gonna cover the enterprise technology landscape from our perspective. And we're just gonna touch on a couple of the major platforms out there that are helping enterprises but just understand that that's just touching the surface there's so much out there. And then we're gonna go into some of the use cases and give you examples of production networks in different industries that are in production and changing the way businesses are working with each other. At the end, we wanted to talk about things that would add value for you specifically. So we wanna talk a little bit about the obstacles things that get in the way of blockchain network development. And then a little bit specifically about how you can get engaged and what does this mean to you? And we're gonna end with, I think we're gonna have a healthy amount of time at the end to talk about how to Q&A session. So if there's any questions, we are going to take those. And of course, we are always willing to be available to answer questions or have discussions beyond this workshop as well. So quickly, as I introduced myself already, Isaac Humphill, I run our consulting services business at ChainYard. Today I'm gonna be joined by two esteemed colleagues and friends. I've got Gijo Joseph. Gijo runs our blockchain services and he focuses globally with a specific emphasis on our international business development. And we also are fortunate enough to have Ry Jones who is one of the hyper leisure community architects and long-term, long-time open source evangelists. And so together in the spirit of collaboration, which is really the spirit of blockchain as you come to know it, we are working together with Morgan State Hyperledger Foundation and ChainYard together to bring this and that's the way, that's the way good blockchain networks are developed as well, different companies who are different enterprises that don't typically work together, try to do something together in the spirit of making things better. And that can be better, it could be defined in a lot of different ways. So a little bit about ChainYard and why we were asked to put this together with our colleagues. It's because we've been doing this for a while. I wouldn't say we haven't been around doing like Bitcoin since 2007, but we have been doing this for going on our seventh year focused on enterprise blockchain. We've done many projects around the globe across many different industries. We have quite a few Fortune 500 companies that we're working with for their blockchain projects as well as them participating in one of our networks that we run in production. And some of the key alliances that we have as a company, well, we are members of, proud members of the Linux Foundation and also the Hyperledger Foundation. We are Hyperledger certified fabric administrator company, which, you know, there's a specific amount of criteria have to get to be, to get that designation. Although there are probably close to 30 of those administrative, excuse me, certifications issued today, we were the first in the world to get that certification. That's because we have done a lot of work from the beginning with our partner, IBM, working on Hyperledger fabric, the open source platform, as well as the IBM blockchain platform. So we continue to collaborate with them today. We're also members of the OpenIDL consortium, which is another Linux Foundation project and we are the infrastructure partner members for that group. Of course, that's built on Hyperledger technology as well. And then lastly, we are a consensus development partner working in their ecosystem on Ethereum and Quorum projects. One last thing about ChainYard before we get going is last year, the Everest Group, which is a large analyst firm, did a survey, a global survey of different enterprise service providers for blockchain. And I'm proud to say that ChainYard came up quite high. We are not in the leader's box, but we are right outside of it. And when you look at the competition we have for being a small company, we're very proud of this achievement. We certainly don't have quite the global footprint of an IBM Accenture, Infosys, or WEPRO, but we are really proud to get this designation. And so I like this today to just validate that we have been doing this for a while and the information we're bringing to you today is real and comes from a large amount of experience. So quickly, background on this workshop, as Dr. Mdad said, we've been working on this since late last year. It's when it was just a glimmer in someone's eye of the concept and we were brought into it at ChainYard. And so we decided to put this together, as I said, based on our experience, the different implementations we've done and the research we've done around blockchain. And so we just sat down and said, well, what would be the most valuable time spent here? And so we decided that we'd do some education on blockchain itself and then what is an NFT? Talk about the use cases, focused around enterprise blockchain, and then talk about what does this mean to you? So there's some takeaways for you, hopefully some takeaways for you so you can get additional value out of this workshop. And again, this is just workshop one, workshop two is gonna take this background and bring it forward and let you have some real hands-on experience in seeing NFTs in action within a demonstration option application and it'll go a little more deeper into the characteristics of what makes up an NFT. Dijo. Yeah, thank you, Aisak. Good morning, everyone. So in this slide, when you talk about blockchain is happening, right? We are talking from the enterprise side of the blockchain. I mean, I don't need to say blockchain is happening from the crypto world. I mean, if you look at the crypto, close to a trillion dollar, a trillion dollar of total market value, right? But in this session, we are talking about the enterprise side. So if you look at some of the predictions, like the gardener estimates that blockchain will generate a 3.1 trillion in new business values by 2030. And World Economic Forum forecast spending on blockchain solution around the world will surge to 12.4 billion. And I think there are every analyst in the market is predicting blockchain will go. As the most important is like the PWC survey, like all the 600 executives they did, 84% said their companies are involved with blockchain. This is formal, like a fear of missing the market. So people are worried about something, this blockchain will take over with the new business model. Can you go to the next slide, Aizu? Yep, there you are. Yeah, so the blockchain, so this particular session talks about the NFT. If you look at the NFT market prediction, the most one I liked was the first two by Gardner. By 2026, one company with MNFT gamification will come into the top 10 highest-valued companies in the total market cap. And we are looking forward to see which that company is. By 2024, Gardner predict 50% of the publicly listed companies will have some sort of NFT underpinning their brand and digital ecosystem. You see that today, like you see that Coca-Cola is coming out for some branding. NFTs, I think Adidas is coming up with some branding NFTs. And I have some examples coming at the later. But everywhere you see like, the search and market stage, the NFQ market is around 82 billion by 2026. So we see a very healthy predictions from all the analysts in the space. Aizu, thank you. All right, so the next section, we're gonna talk about some fundamentals of blockchain technologies and Rai Jones is gonna cover this for us. Thanks. So this gets down to the very basics. What is a blockchain? And it is an append only system of transactions. They're used to record promises, trades and transactions that are items that we don't want to disappear. All of the nodes have access to all of the content across the network. So even if you lose one node, it doesn't mean that information is gone. Once it's, okay, sorry. So once it is a matter of record, it's all in sync. It uses a hash-based structure so that everyone is able to verify each step of the log and the exact order is preserved as the log goes forward and as items are added to the blockchain. Next slide. All right. There we go. What is a smart contract? It's code that's stored and executed on the blockchain. It's one layer above what a distributed ledger is. You have a smart contract which allows you to put the terms of the execution of the contract in the blockchain. And once the terms of that are met, it's executed in a mutable way and recorded the contents are recorded on the blockchain. And those are executed across all nodes and the results of the execution are available forevermore. All right. I'm not sure what the title for this slide is. I'm sorry, I cannot get that to go away. Okay. No, no, that's fine. Moving on. This is just saying blockchain is a combination of? Right, right. And blockchain is a combination of the distributed ledgers and the smart contract. And the records of that are what you see when people say blockchain, that's what they really mean. It's a combination of the ledger and the smart contract and the results of those contracts. All right. So in the next section, we're gonna talk of obviously another layer of depth on blockchain technology. We're gonna start with a kind of an example that hopefully is more fundamental, taking an old style ledger and showing what it would mean in blockchain technology. And the reason I'm giving you this preface is you're gonna hear some of these things multiple times today. And it's not because there's a lack of things to talk about, but those are so important to understanding these fundamental principles or characteristics around blockchain to understand why it is something different than what we've had before. So here we go. How does it work? Yeah, thank you, Isaac. So you heard from Ray, right? And Isaac, and I just wanted to simplify it, how it actually works. This is an example, which we ran at multiple places and everyone louded. But what you see is actually a ledger, right? I mean, everybody here in this group is familiar with the double entry system, right? So this is, you have debates on one side and you have credits on other side, right? And if you go to the next slide, right? If you look at a typical ledger at the bottom, the total of debates and total of the credits get always get added. So all those two will be always equal. If they are not equal, then you know that you made a mistake in the ledger. Can you go to the next? So once you go to the second page two, what you do is you carry forward the total sum from page one to the page two. And from page two, you go to the page three, you carry forward the sum. Like that you go all the way to page 50. Now the question is, once you are in the page 50, can you make a change on the page two? Can you commit a fraud? You want to, need not be fraud. I mean, it's something like you wanted to change. Technically it is very difficult because you need to change all the sum in each pages, right? But you can still work around with that. You can throw away the whole book and you can create a whole new book. You can write everything once again in the book so that nobody will notice that you changed anything on a single page, right? So how to stop somebody from, I mean, so there are two conditions coming here, right? One is, it's not easy to change anything in page because you need to change all the subsequent pages. You can, you need still need to stop somebody from changing the whole book, right? So we go to the next slide. What if you create four copies of the book? So this is what we call distributed. So the blockchain is called as distributed ledger technology. Basically a ledger that is kept in multiple places. So in this example, there are four copies of the book. In order to add an entry which raised up and it's always an up and right ledger is always up and dig ledger is not editing an entry. In order to add a new entry, all these four people they have to agree on that data, which we call it as consensus. So consensus is the process of all four agreeing on the data. Once it is agreed, all four of them add that data and all their, all their book, which we the, what Ray called each of that book he was Ray called as nodes, right? So if you go to the next slide, so the way we were linking each of the pages, right? Each of the page in blockchain is called a block. So it's a block of data. The instead of the sum you link together, you take a cryptographic hash. You take hash of that whole page, which we called as block, then you connect to the next block and link all the way. Then it distributed across the all the, all the nodes in the system that ensure saying that immutability of the data. I hope this example is giving you, you know, an easier way to understand what is distributed ledger technology. All right. And we're going to go into those characteristics a little bit deeper and we can refer back to this example. So some of the key blockchain tenants that make blockchain a blockchain because blockchain isn't any one technology that's new. It's a variety of things that have been around for a while, put together in a new way. And that's what makes up blockchain technology. And the first point that you heard today was decentralization. Then we talked about distributed, distributing that data or those ledgers. We talked about the sums at the bottom of the pages, which in blockchain is a hash of that page and the hash is a unique number that comes up only for that series of characters in a string or in that case, a ledger page. Consensus of the agreement by the parties of what the order of the transaction should be. Immutability is a concept that we can't change anything earlier in the ledger. You know, example, page one without having to subsequently rewrite the whole ledger and if it's distributed, rewrite all the copies of the ledger. And that's why we always hear blockchains are immutable, but really, another description that I've heard and I think is really valid is blockchains are tamper proof because anybody can go in and change some, not anybody, but with the proper amount of jiggering, somebody can go in and rewrite a page in memory or into a file system. And that can change a blockchain, but because we have all of these copies and they're always constantly checking on each other, we can throw out that bad actor that who may be trying to tamper with our ledger. And that in itself is what makes it tamper proof and we call it immutable. Tokenization is less a blockchain characteristic than something that we can do with blockchain and we can do it very well. And obviously that's the focus of today's session. And in smart contracts are the ways, the way we execute business logic and you may hear this twice today, but smart contracts are also stored under the blockchain. And so all of those business roles that are stored in those contracts, which are just computer code are also guaranteed to be the same on all the computers. So as they're all working at consensus and coming to agreement on what the order of transactions and the output of the transaction should be, they're all doing it in the same way. All right, a little bit about each of the characteristics. So decentralization, just going back to level of 101, we know what centralization is, right? We have a party in the middle who's basically helping to mediate all the transactions within a certain ecosystem. And we can think of many, many examples that we see every day. I mean, a simple example might be Facebook who's mediating all the messages and postings across the Facebook or meta universe. But blockchain is decentralized. There's no one party in the middle. It's all the parties working together to create consensus and agree on what the order of the transaction should be. Or as we say, the truth should be in the state of that. So no central authority in a blockchain world. This enables true peer-to-peer networking. And again, there's no central authority in the middle which also eliminates the ability for a single point of failure. And so if you think about, if we had a blockchain network with 1,000 nodes, if one of them went down, which is very likely to happen, right? This is a computer set of problems. Then we have 999 others are continuing to keep things going. We get blockchain networks can be very robust if well architected. And then the consensus protocol. That's what we say protocol. We mean how they are agreeing to figure out the results of the transaction, the order of the transactions and what to write into those blocks to call a consensus protocol. And there are many. And enterprise blockchain is a much simpler or straightforward approach to consensus than if you are doing many of these public blockchains which are built on proof of work or proof of stake where there's more overhead, especially with the proof of work we hear about mining all the time. And there's a lot of reasons why that happens. And we'll touch upon one of those today, but we're really not gonna go into that in too much detail. The next section is distributed. So we talked about copies of the ledger to all the nodes who are participating in the network. They're all copied across the different nodes and where we depend on the blockchain technology is we depend on the blockchain technology to make sure that they are all copied across and consistent, right? That's one of the things we trust in our platform. Because of that, we have no single point of failure and or delay bottleneck unless again, if well architected we can always architect bottlenecks but we should be avoiding that. And again, it enables the true peer-to-peer networking without any centralized authority in the middle. And then the most important thing and you'll hear me summarize this at the end of this section is together these nodes working together to create a ledger that's distributed across the network gives us a single source of truth that we are all can work on. And the single source of truth has super a lot of benefits, right? We've got provenance of, we hear these terms we hear all the time, provenance of where something started and the course that it went through in terms of how it was changed or moved or transitioned through its life cycle. But mostly what we get and the biggest benefit that I see is that we don't have to remediate disputes because we have different ledgers that have say different truths. And if you think about businesses and how many people are in customer service working on issues related to disputes, we eliminate a very, I won't say a hundred percent in some cases it can be a hundred percent but I wanna say 95 or more percent of those disputes by putting things into a common ledger. And that's one of the biggest benefits of blockchain for enterprises. Another characteristic of blockchain networks and nearly a lot of technology around security is how the data is being secured. And in a blockchain network, we are using asymmetric, well, we're using hashes of a block of data and then we're taking the hash from the earlier block and making it part of the hash of a secondary block. And that's how they're linked together forever and mathematically can prove that data has changed earlier. The next thing we have is the security of the data itself that's put into those transactions or blocks. And we are using asymmetric key encryption using public and private keys for that. And this is where there's a lot of both not challenges but complexity but also simplicity in terms of how data is being stored. And again, we're not gonna go into the lowest layers of a blockchain but some of these blockchain networks take that concept and even put it into the trees of data that are the way things are stored in the blockchain itself and they take it to the next level for even additional security. But the most important thing, thinking about the ledger example that Gijo gave is that those sums of data on each ledger page that went to the top of the next page, think of that as the hash of that page of data and then that hash itself becomes part of the next block. And that's why if any data changes anywhere in the blockchain, immediately those hashes are invalidated and we know we have something going wrong in our blockchain network or at least on a specific node. And we call those either some kind of problem but we usually refer to them as bad actors trying to tamper with our network. So today in blockchain we're using asymmetric encryption but we also use this all the time in other transactions today. So this is nothing new and this is one of those core technologies that was pulled into facilitate making up the concept of blockchain. And this is a notable from a foreign enterprise perspective. A lot of times we get questioned on PII that's personally identifiable information and we know that there's huge sensitivity around that privacy and security of that data. We see it in the press almost daily. And one of the things we do in blockchains to ensure that that private data isn't actually put into the transaction blocks itself is we hash that data and store it off chain trying to adhere to any privacy concerns that there are in any locale if that could be within a state or a country. GDPR is the global privacy data requirements out of here in the EU. And so we store that data off chain in a typical database that could be relational or in the SQL database and then we take the hash of that and store that into the blockchain itself. And that's for adhering to many privacy rules and again, not to go into the details about that today but it is a very important thing to understand when you're doing enterprise blockchain. And I wanted to just a little bit earlier but it's why is a blockchain immutable? And again, I wanted to say it's really that it's tamper proof and this is taking that ledger example not showing you in a block example but if you see the first block here and then the second block here just remember that the hash of that first block becomes part of the header of the next block and that's why they are mathematically tied together and which makes these chains of blocks immutable. And by definition, as Rai said, blockchain is we always append only. So all new transactions never reverse what happened before. They always update and modify at the end or the latest set of transactions. And so another benefit I talked about having that provenance before but now we have auditability of every transaction that happened in a network and what the state of that data was over time. And so that gives us audit capability that obviously is super important in all businesses and also what for businesses to be able to validate that they're adhering to different regulatory requirements and all. So there becomes another big benefit for enterprises. So we talked about blocks are append only. We talked about the blocks are cryptographically hashed and mathematically tied together. And just make a note that not only is the hash part of the next header but we also have a timestamp for each block so we know exactly when that happens and what is that? Well, whatever the transaction data might be. And I talked a couple of times about how bad actors can tamper with a block but if they do, it is easy to detect and then the blockchain network figures out what to do and generally what it does is it doesn't let that bad note or that bad actor participate in any future blocks until it catches its chain up with the current state. So we talked about end end transparency and provenance facilitating on it. Some very key tenants on blockchain. All right. Now we're gonna head a little bit into tokenization. Gijo. Thank you, Isaac. Sorry, it took me a minute to unmute. So we would cover a lot about tokenization after a few slides. I mean, there's a whole lot of section here but the only thing I wanted to tell you like is tokenization is fundamentally based on what's possible because of blockchain. Using blockchain, Isaac can hit the next slide too. You can actually enable new services. As an example, you can tokenize a physical art. You can create an ownership. I mean, I'll cover later much detail what tokenize. I mean, it's basically an ownership. It actually represent you own certain thing, right? So that's possible with the blockchain. So another advantage which come up is like you can actually create a fractional ownership of an asset today, something which is not possible that easily we can easily implement on blockchain. So we will cover tokenization later in one full section. Can we go to the next slide, Isaac? Smart contract, again, Ray explained to you and Isaac explained to you have a same logic that is agreed between multiple parties. It'll get executed. So it's basically trusted logic comes into the picture. The example, I can tell you an example because example make it easy for you to remember. If you assume, let's say, A is a air travel insurance company and B, you are an end user. You both the sign and smart contract says if the flight is delayed, you get paid, right? So in today's world, you have it to fill forms to submit a separate applications or forms to submit the claim, to put a claim if the flight is delayed. But if you look at Oracle, which is a data input, it could be an airline or some other authorities reporting the flight is delayed, right? So that Oracle input is given to the smart contract. The smart contract can automatically execute and make a payment happen from A to B. So with the smart contract could be running from any of the nodes. You have no idea which node it actually could be running from. Because of that, there is no way the insurance company can stop the contract from executing. So this will ensure and this will create a trust on the contract. So especially in the case of international shipment or buyer supplier relationship where you don't know the other party who the other party is but once you know that that's a smart contract running, you don't need to know who the other party is because you know that as soon as he gets the material and someone certifies it, you get the payment. Isaac, you can go to the next slide. Isaac, you are on mute. So thank you. So bringing all these tenants together, it's these different characteristics that come together to create what we know as a blockchain. And of course, not all blockchains are created equal and they all have different pros and cons. And that's the kind of things we try to figure out depending on different use cases. But I think it's really important to just understand that it's all of these technologies that have all by themselves existed before and some for many decades that have been brought together to create this concept of blockchain. I'll pull on. All right. And so from a business perspective, what does this give us? This gives us a single source of truth that all the companies are working on. And as I noted earlier, it eliminates the need for remediation. Let's us have provenance and traceability facilitates auditability. So those principles of immutability and transparency within our blockchain are hugely important from the business role. The decentralized aspect enables peer-to-peer sharing economy. And what does that mean? It means we can do business in new ways without necessarily having a central actor facilitate those transactions. Going back to that airline example you just heard, this is happening autonomously within a network based on the input of a flight being delayed. There's nobody there holding up your payment or trying to figure out if you're telling the truth to your passenger, the network figures it out and can immediately settle that transaction based on that input of a flight being delayed. And that's one of the main things you need to think about is like, this is happening autonomously without a centralized party dictating what the output of that should be. It's the network together determining the truth of that transaction and how it should be based on a contract that we all agreed to work together through. And that's the smart contract project. And there it is, smart contracts. And what all this together for business creates trust and when you're talking blockchain you hear trust over and over and over. And it's those characteristics together and the trust in the network itself that provides the trust and then creates these new opportunities and the new opportunities can be to do things more efficiently, to do new things, to create new business models. And that's where we are at the precipice of blockchain changing industries. And we're still in the early days even though we've been doing this seven years now we're still in the early days companies are just getting on board trying to figure this out. And for many reasons it's a slow roll and we'll talk about some of those obstacles later but it is happening and it is changing the way businesses are thinking about working together in the future. So myth debunked, blockchain is not cryptocurrency. Some people relate them exactly together. And so cryptocurrency is one example of an application that sits on top of blockchain. And of course we have many examples of cryptocurrency just to name two Bitcoin and Ethereum and you could probably name a hundred others if you've been following anything around cryptocurrency. But it's not the other way around. Cryptocurrency isn't required for blockchain and that's why we focus on enterprise blockchain where there's less focus on the crypto side. With that said, I wanna tell you that we could have probably given you 20 more myths in this section and told you why they're not all true but we're not going to for the sake of time but this is one that we wanted to bring up if that was important. All right, the next section we're going into a little bit more detail on tokens themselves and of course the non-fungible tokens and STs. So what is the token, right? I mean, if you look at, I mean, the token was there even before too. You can think about, you can, yeah, you can think about your car title or in the early days, when the stocks were traded, you probably had stocks, the share certificate or stock, the equity certificate with you, right? Then we digitized that. We digitized that, we started trading on the digital version, but still somebody was, there is a, someone was actually holding your share certificate on behalf of you, right? So, but if you take out that level of digitization need, you create that share certificate as a token or so basically it says you own that, this particular certificate or a token represent a physical object or another digital object but the token itself is showing the ownership. So that is what a token and that can be possible with the blockchain technology. It can represent anything, it can represent a game or it can represent the airline ticket or it can represent a work of art or your car title, your car title can be a token. So I'll tell you the advantages of token later because you might think if there is a title there already there's a piece of paper with me already, then why do I need to, why do I need to have token for that, right? So we are not talking about digitizing the title and creating a digital entity. We are talking about having a digital entity as the title. So those two are two different things. Like you have a credit card, which uses a, which actually digitize your bank state, your money in the bank, right? Which is different from ACBDs, your digital currency because there is no cash equivalent to that or paper equivalent to that, right? The blockchain, the token is implemented using the blockchain. So there's a big question which always comes here. What is the difference between crypto coin and crypto coin and token? So if you look at crypto coin, the crypto coin is actually implemented on a, the native token in a platform, in example Ethereum or Bitcoin. So they are the crypto tokens, right? So a token is, can be a crypto token or it can actually represent an ownership. So if an easier way to compare these two is a token represent an ownership. It's an example, like let's say car title or your car ownership, but crypto token represent how much you own. I mean, you can buy with that crypto any amount of assets, but it's basically something you own or something you're capable to own. As an example, like, if let's say you have 100 cryptos with you, you're capable to own anything you want, right? One token of car title means you own that particular car. So that's fundamentally the difference. Can you go to the next slide, Isaac? So once you know the, what is a token, then you need to know what is an NFT. NFT stands for non-fungible token. I'll come to the next slide, what is non-fungible means? So it basically means at this point, this asset you own is very unique. And if you make it as a rare and you create an ownership of that, then you can actually trade it. So if you go to the next slide, it basically says what is fungible and what is non-fungible, right? So fungible means, so if you can have a common units of commodity, then it is fungible. As an example, one dollar, if I give Isaac one dollar bill today with a sequence number, let's say one, two, three, four, and tomorrow Isaac gives me back another one dollar bill with a sequence number of, let's say, seven, eight, nine. I would accept, right? They both are fungible. It doesn't matter what the serial number of that bill is. Same thing with oil. One barrel of oil is same as another barrel of oil. But if you take an airline ticket, right? An economy class airline ticket is not same as a business class airline ticket or a house is not same as another house or a crypto, kittens is not same as crypto, right? The reason is like there is no unit for non-fungibility. You cannot have a single unit which explain between two different houses, but you can actually have a unit for all the fungible assets. Can you go to the next slide please? So if you look at this, the original question I asked, why do you need to, why do you need to have a non-fungible token or why do you need to have a token, right? The first exam, first reason is like, you know, it creates a marketplace efficiency. If you're a good one to a good example to tell you is like, look at real estate. In a real estate fund today, if you wanted to invest in a real estate fund, they create a real estate infrastructure. They create the real estate, REIT, right? They create real estate infrastructure companies. And it is given to only the investors which they are closer to this REIT funds, right? But if you create a token or you create an NFT and place it in a global market, you don't need any of the middlemen. You can actually directly people can buy those NFTs and you can trade them. So the marketplace efficiency is like, is super important here. I mean, you get a global marketplace in front of you once you tokenize it. And you actually removed all the intermediaries so you can actually directly appear to be a transactor with that. Liquidity comes with the marketplace efficiency. The another one is like second, the third point there is, sorry, second point there is fractionalize the ownership of physical asset. Something which was not possible today Let's take an example, the Mona Lisa picture you saw before. Let's assume that the museum wanted to raise fund without selling this picture. So all they have to do is they are the custodian. So they can continue to keep it in the museum, but they can democratize the, they can, these are the important word, they can democratize the ownership by organizing it. So once they tokenize it and put it in a blockchain network, anybody can come and buy it. Now, if there is only one unit for one picture then it'll cost me a million, right? What if they make a million, they can, they fractionalize it into a million units so that you and people like you and me can actually own one million of a ownership of that particular picture could be a Mona Lisa, right? So that's the way they democratize the ownership aspect. I mean, you can fractionalize the ownership and make it affordable to everybody. And the last part is the blockchain brings in the security like in, you know, the chain of ownership, you know, the custody of ownership by just clicking, you know, who actually owns it. You know, who was owning it before the whole provenance and the traceability comes with that. Is there any good next slide? So when this, so this is actually history when this tokenization was started, like, you know, they started with a very base model. It was called ERC 20. ERC stands for Ethereum Request for Comments. So it started with ERC 20 in 2017 days, 16, 17 days, ERC 20, a lot of ICOs were initiated and there were security token offerings, but it was not, you know, a regulatory, like CF4D, you know, US standards, compliance was not there for ERC 20. So it's mainly Singapore, some of the European countries where people are issuing 20 standard. And you know, the ICO scams, all those came out of that because of it was not following the security standard. Then came ERC 721. ERC 721 is actually non-fungible tokens. So the real estate organization example, all those things I mentioned comes under the ERC 721. Today you have ERC 1450, which complies with the Securities Act regulations. It follows the anti-money laundering mechanisms and it is potentially safe to issue. I mean, there are still a lot of regulatory compliance to be followed behind this, but as a technology, I mean, if you look at implementing tokens, like these are the, probably you look at 20, 721 and 1450 as a developer in implementing. Is it, can you go next slide? So this slide actually summarizes all the aspects that we talked about, like the indivisibility comes with ownership, like that does not mean that you cannot further divide. I mean, this is, you can fractionalize token, but you cannot further fractionalize it. The authenticity comes with uniqueness and rarity, I mean, if it is rare, you know, I'll show you examples later where the prices of a lot of the non-fungible tokens today. And you can hold all these tokens in your own digital wallet or you can have a custodian holding it. If you are scared about someone stealing your wallet password, you can actually store these NFTs in the way with a custodian as well. Can you go next slide, please? Thank you. I think I said you can take it forward. OK. We're at a changing point in our presentation. We've gone from, like, what is blockchain? What is NFT? Talked about some of those characteristics and benefits. Now we're going to talk a little bit about some of the platforms that are actually enabling this technology and being used to develop ecosystems for their own purpose and then we'll follow this landscape overview up with some of those examples. Just quickly, not going to go into details on this, but I want you to walk away from this session understanding that no blockchains are the same. And with all technologies, there's trade-offs. And so there's different types of blockchain platforms. And if you look across the bottom, they range from permissions to hybrid to public. And just quickly, public, think of a Bitcoin, anonymous miners, mining, publicly available, also decentralized. And then you go all the way to the other side, permission networks, where theoretically you could have a blockchain network running inside of a company. Doesn't always make a lot of sense, but I have seen the use case working across the globe and they're doing it for their own benefits. But on that side, you have permission or even private networks. You know who you're working with. You have fast consensus and you can decide what that consensus looks like, whether it's a majority vote or just a unilateral decision by one party. And just walk away and understanding that it is a continuum across these different platforms. And there are different choices based on the different use cases and what you're trying to obtain. So a few of the selected platforms. Well, of course, we would be remiss if we didn't mention Hyperledger Fabric, but being Hyperledger Fabric certified administrator, excuse me, we do actually think this is one of the best platforms for building enterprise use cases on. It's very mature, has tens of thousands of contributors working on it over the last five plus years and is doing very well as evidenced in many ways. But if you look at the Forbes 50, which is a list that's put out for the last, at least the last three years of billion-dollar companies who are working on blockchain, Hyperledger Fabric is always well noted with and generally over 50% of companies are working with Fabric, not exclusively always with Fabric, but with Fabric. The next one is Quorum. This is a public or excuse me, a private version of Ethereum. And we see a lot of things happening in Quorum as well. And then Quora R3, they are also working across industry, but they started in finance and we see them doing a lot with banks and financial markets and supply chain finance specifically. But none of those are exclusive to any one industry and they're all being used across many industries. But we think these are three of the leading platforms who are changing the way enterprises are thinking about business. The next section, just put out here for just an understanding that there are other blockchain platforms. These, this is Stellar and Ripple, these are maybe they're getting a little dated, but these are basically payment platforms. And if you think about blockchain and its capabilities the way it's going to change the way payments are processed or is changing and will change more in the future, it's all upside, media transactions, low fees, no delays, you see a lot of good things in Stellar and Ripple are two of those networks that are focused on that. And the last one, another hyper ledger project and hyper ledger is made up of a variety of special interest groups, work groups and projects. A hyper ledger entity is one of the blockchain platforms that's there and it is focused on digital identity. And if you really think about it, it's fundamental. It's fundamental. There's almost no platform in the world that you can get on without them understanding who you are and your identity and you think about that if we can put that into a secure network where I am in control of my identity and who sees it. We have advanced society tremendously and the work that this group is doing and the groups of companies who are working together to move that forward is great. It's enabling different types of use cases like KYC or Know Your Customer, which is a regulatory requirement in the banking industry, but there are many others. And again, as I noted, digital identity or identity is fundamental. Digital identity is fundamental to the digital transformations that are happening across enterprises. One last note on groups working together and there are many, but one notable one is the inter-work alliance. This group of companies came together to form IWA, the inter-work alliance a few years ago. It has now been integrated with what's called the Global Blockchain Business Council and another group of companies working together. They are now all working together, but inter-work alliance specifically was focused on what we call the token taxonomy framework or TTF. It's basically a hierarchy of the different types of tokens that would be potentially used in the digital world. And you can see just as an example here, the taxonomy, the unfungible, non-fungible hybrid tokens and they're really working together to stop determine what the characteristics and traits of each of those different types of tokens are, if you will, the standards by which other companies can then work on and develop from and then inter-operate better. And the work they're doing is very key to being able to have the concept that you hear often of chains of chains and that value that's stored in the chain potentially crossing over to another chain. And that enables a whole different set of use cases and capabilities. All right, we're gonna talk a little bit about some of these use cases in different industries and again, these are just examples and I don't want to note that one example is any better than others. I'm sure each of you could probably come in and give me three or four other examples for each industry. Just wanted to make sure you guys understand this has been gone for a while and it's real. But I'll first start with business patterns. These apply to the industries we're gonna talk about but it's really important that when you are taking on a blockchain opportunity whether if you're in a company and you're looking to see a blockchain to potentially help you solve a problem or do business in a new way or potentially create new products that blockchain isn't always the example but there are certain places where it can be a good use to help you. And the reason we put this in here is because those uses fall into specific patterns. And I don't, these patterns that are noted here are all inclusive but these are the major types of patterns we look for when we're looking to see if blockchain can be practical. And just pulling a few of these out we've talked about a few of these today but cross-border trade, huge supply chain finance we see a lot of things happening there. Asset track and trace the provenance and transparency and the life cycle of some asset. The provenance itself where something originated from and that's if you think about luxury goods or high-end products, understanding that and from a consumer perspective being able to tell that story of where that specific product started and how it was made and how it got to the shelf. We've seen that with different companies from gemstones to wine to honey. I've talked about the ability to eliminate disputes and remediation activities. And so if you have an area where there's a lots of that going on that maybe a blockchain solution and single-leisure can be a solution there. And that can go on and on. But understand that there are specific patterns where blockchain can be a very good consideration. And then there are other places where blockchain isn't gonna be a good consideration. And so understand it's not a silver ball for everything. All right, supply chain. I'm gonna give you, for each of these industries I'm gonna give you a list on one side of the page of some of the areas that blockchain is being applied to. I'm not gonna read it out to you. You'll have the ability to come back and look at this later if you're interested. But then I'm gonna give you an example of a company in that area that's changing the way businesses work. And this is a little self-serving but Trust Your Supplier is actually a blockchain network that's focused on supplier information management. It's owned and operated by ChainYard and we've done the market jointly with IBM to sell Trust Your Supplier to the network to companies around the world. We today have a governance body working together on Trust Your Supplier that's 19 of the world's largest companies who are helping us to figure out how supply information management and the life cycle of that data and the trust of that data can be maintained to improve supply chain health and ensure we're in there operating to regulatory requirements. That work started on it in 2016. It went pilot in early 2018. It is in production today, as I know that. Circular economy, you hear so much about the circular economy or environmental sustainability and governance ESG. And there are lots of companies out there today looking at the sustainability aspect and trying to figure out how blockchain can be used to improve sustainability. This is sustainability is like a trigger word for big companies today, right? It's super important whether it be carbon offsets or plastic recycling, what it might be. And you can see there's a few examples on the right here. It could be harvesting of computer equipment or recycling of electronics from automates and new factories. All of that is being tracked in. And it's good to know that blockchain and its transparency, and if you work on the whole supply chain and think about all the people who are touching those things, you can track that life cycle and be able to show it from birth to death to recycle and how certain pieces can be reclaimed. And one company that's doing that is Circular. I believe they're out of Europe and they also have a production network from since 2018 based on hyperledger fabric and they're helping companies with sustainability. But I can think of at least three other companies right off the top of my head who are using their platforms and the characteristics of blockchain to enable sustainability use cases. Product quality, how does blockchain help with product quality? Well, again, provenance of products and components and understanding where those things came from. Also the certifications and approvals I go with that. In one case, we're looking at talking to a client and it was the certification and understanding that something had previously been tested that eliminated the need for them to test again because they can now have access to that testing data to just basically check the box instead of having to do that duplicate work within their own facility. And these are ways of we're creating efficiency but we're also improving the product quality. And one example of a company is IBM obviously leading the blockchain charge but the IBM food trust is a network that enables provenance, traceability, trackability of goods. And even though it started as food trust and food trust is one of their big networks also being enabled in that network is our other use cases in other industries. And again, you go back to this fundamental characteristics of what's being enabled, the provenance of goods, the traceability of those goods all the way out to the consumer. We see this happening even within the IBM food trust network for consumer goods of all types. And today my understanding is they have over 500 companies who are part of that network and working together to improve things. They're not even all necessarily working together but the network is working on their behalf to enable their smaller ecosystems to work together. That's just one example. And since we, I think we're good on time, let me get, I don't know if many of you've heard this example but Walmart is one of the big companies working within the IBM food trust network. They are leading the charge actually early on and they started asking their companies to their green leaf providers, the tier ones to participate in this. And so they were all coming on board. And there was examples taken of before companies were part of this network and sharing that data. It would take potentially up to two weeks to figure out where a batch came from and where, you know, where it's something that might have been contaminated started, where it is in the shelves across the US. And I think we've all probably seen this over the last few years. You go to your grocery store and all of a sudden see there's no Romain Levison, any grocery store. And that's because across the country, no one was sure where the bad batches were and they're pulling all the Romain Levison off of all the shelves across the country. Move forward today, if it's in a blockchain network or in this case, IBM food trust, all of a sudden you have that transparency all the way back to the field and where the contamination might be. But more importantly, knowing exactly where it is in the shelves. And you can say, oh, here's where the contamination started, this is the fields. Oh, here's where they are in the field. Let's just notify those specific regions that they need to pull their Romain Levison out of fear of contamination. So you think about product quality, but now you're thinking about consumer safety. And this actually has the potential to save lives, right? People die from bad food every year. It's not the leading cause of death, but it is a cause of death and one that we can prevent through technology. And I'll give you one more, take this one step forward. The FDA is now looking at blockchain technology and potentially requiring companies to do just this to improve the safety and quality of food that are on the shelves for consumers. So this is happening, this is real. Smart manufacturing, just a quick example, Moog, they've built a network on Ethereum. I think it's still in pilot stage, but they're, in their specific case, they are, this product is called Verapart. They're doing a lot with the airline industry and 3D printing additive manufacturing. What they're using blockchain for is ensuring that the 3D blueprints are using different parts that could be going into aviation, that the blueprints themselves haven't been tampered with and then they're the original ones. So you bring in that concept of security to improve your manufacturing. You can also use blockchain for intellectual property management. We see that in quite a few places. And when I talk to you about asset management, just understanding where your assets originated from and where they are in life cycle. I think this is the last one we're gonna talk about before we get into NFTs, but financial, lots of different use cases. But what I want to talk about here is there are multiple examples in the world today where banks are coming together to form their own consortiums. We traded an example in Europe of I think 16 banks who started off with this project to work together and use blockchain to work together. These aren't things that are necessarily gonna make change the way they compete, but these are just fundamental things that they had to do like letters of credits, straight finance, things that are just overhead for the banks. They're working together to do it more smartly and they formed, they took this project and they moved it forward and formed a company called WeTrade. And WeTrade is now changing the way things are happening for those banks through blockchain technology and they're improving their operational efficiencies. And I can tell you like, I've seen this exact example in at least two other regions in the globe trying to move forward. I was wrong. There's one more I think healthcare. Healthcare blockchain is making inroads in and we've actually worked on several healthcare projects ourselves. But one of the companies who is leading the way is Change Healthcare. They're also a Hyperleisure Foundation member, but they're working and I think they've actually been acquired by WeTrade company now because they're doing such a great job but they're changing the way claims are being processed and they're using smart contracts for expediting and improving claims processing. And they've been in production for a while. But there's other things that we see lots of companies doing and there's a few examples here but probably the most notable to put here is the EHR Electronic Health Records. Just think about the day in the future where all of your healthcare records for you as a person could be yours and controlled by you and you decide who you're gonna share it with instead of your provider deciding who they're gonna share it with or in some cases even charging for the pleasure of moving your healthcare records to another provider. But if we could ever standardize our EHRs and improve we could use leverage blockchain to for sharing that data and owning our own data. And then we also would have the ability to do better consent management of who's seeing our records. Just as a simple example, smart cities, lots of companies trying to do different things with smart cities. One consortium, Moby, a group of companies working together are very focused on the automotive industry, the membership, looking to see how blockchain can improve mobility not in the experience not only within the car but across the ecosystem. And if I look forward and think about the future where we have these smart cars, I mean, they're always so smart, right? But think about the next level smart where your car is talking to the telephone poles along the highway to tell you what's around the corner in case there's an accident or something. Think about where we can go with smart technology and we need to be able to secure and improve those things and bring in those IoT devices. And Moby is looking at just that and I don't wanna speak for them, they may be in production now but they've got some of the leading manufacturers of automobiles in the world working together to look at things just like that. All right, the next few cases we're gonna go more into back to NFTs and so on things. Yeah, thank you, Isaac. I think we should take a step back and I was looking at some of the questions, right? I mean, there are a few questions about is token is more like a patent or not, right? I think let me clarify with another good example before we move forward, right? So token represent ownership. So if you take an example, let's say you have a car and the ownership of the car is with the title. The moment you sign the title and give it to someone else the ownership is transferred. So in a non-digital world, the paper title, title paper actually represent the ownership. So now if you take it out, you can create a token in a blockchain network and let that token represent your ownership. So if you want to sell the car, all you have to do is you have to move the token from one person to another. While moving that token, you actually may get like a crypto currencies or fiat currencies or however you want to get paid but the movement of token will try to move the ownership of asset from you to the other person. So it's not digitization of the title. The title means you still have a title with you but it's actually a blockchain implementation of the title is called a token. So token actually represent the ownership. So with that concept, if you look at use cases of NFT like you would find like again the blockchain is like a horizontal technology. You can have multiple applications like Isaac said the same thing with NFT. The NFT can be used across multiple domain like in the digital art, be in the fashion and in the collectibles use, I'll show you more examples later. In the gaming you saw Gardner was predicting like one gaming company will make it the top 10 in the market cap. Virtual world is another example. I'll show you some real life examples in the next slide. Isaac, can you move to the next slide please. Some of you may recognize, some of you are closely watching this field may recognize the image on the top right. I mean, if you are not just hold on to your chair tight if you see the prices of this, you would be shocked. The merge is the one on the top right. It is gone out for 91 million. It's just an image, just an image which is traded on the on blockchain. The second image on the top left, what you see is every day is the first 5000 days it's gone for 69 million. And I think it is today. I mean, this was the number I took a, I think three weeks back. I mean, probably today it is much more than that because some of the number I look now, they were much higher than notes which I picked three weeks back. The one on the bottom, these are all collectibles. Okay, these are all digital collectibles. Basically you as an individual can have created your own digital collectible and put it in the, in a blockchain network. All you have to ensure it is rare. There is no, it is unique and rare. Like you are not creating anymore of that same. If you look at the crypto rock, just an image of a rock, right? But the uniqueness is there are only three or four of them in that particular blockchain at all. So he is not going to create anymore. So it's like people investing money in an asset, right? So you know that there's only four rocks. So you can buy as an asset and keep it with you. And rocks are going for that image, are going for like more than a million now. The crypto punk, like I think that's in that one is 58 or 22 or something. Crypto punk is going for 24 million right now. I think right now I checked it was like 25 plus million. So you see how the market is going with the, on the collectibles, people are going crazy with this. Isaac, can you go to the next slide? And if you look at the collectible and NFT marketplace, I mean, OpenSEE is around 10 billion already on the trade. I think it's probably more than 10 billion right now. Axie infinity, I will talk about that the next slide and crypto puns, NBA top shot, Solana or Rairables, like these are these Rairables and OpenSEE are places where you can, you know, with few mouse click, you can upload an image and you can convert it into NFT and you can start trading. Isaac, you go to the next slide. So another example, sports and gaming, right? If you look at the NBA top shots, basically NBA, the top shots, the three second videos so five second videos, they create as an NFT and they are trading it on the top shot website. The NBA top shot, I think was created by Dapper Lab and I think the last slide you saw, they generated more than 700 million and over 8,000 users are actually in the website when I checked last time. And I think the next one is, tops is using the baseball, major league baseball moments. Top shots procured by I think Disney, I think Disney private equity about that. Axie infinity is another very interesting thing. Actually it is a game inspired by Pokemon. So what it does is Axie is like a pet, it's a digital pet. You can actually raise, it's an NFT pet. You can raise, you can battle and you can trade the pet in the end of the axie ecosystem and there are different, special NFTs are there, special Axie pets are there when you, I mean, the prices of that could go up and even when you trade it, you can actually make money. There are so many other people in that blockchain world like God's Unchained, the sandbox, I think sandbox as a virtual world also. You go to the next slide, Aisa. Real estate. I mean, real estate, there are a couple of modes, okay? There are, there's something called fractional ownership or you can do an ender asset can be an NFT, right? So what you see the picture right now is more about, let's say, more about fractional ownership. As an example, let's say you as a property developer, you want to create a large mall and the only way you can raise funds or raise the security or attract investors is like the past used to create our EIT and the issue shares, right? What we could do here is like, you can tokenize, fractionalize the whole mall into, the mall into let's say, a one million share, one million tokens and you can trade them on a marketplace. So you get a global marketplace. The investors from all over the world could purchase your tokens and how the fractional ownership comes up. The other second example is Aisa, could we go to the next slide? Like, this is very interesting. Someone sold a house as an NFT. I still need to figure out how the regulatory compliance was happened there, like, you know, if you are selling a house, you still need to do some paperwork. How do you avoid that and how do you take that into the, how do you still selling an NFT? How can actually the house get moved? It's an interesting properties and company who's doing that. It goes next slide, Aisa. So digital real estate. So digital real estate, there are multiple companies offering land in the digital real estate. Minecraft is an example, what do you see? Last time when I checked, I think few cents of land there, it was really expensive, something which I could not purchase. I was thinking of purchasing some land up there. I mean, I never thought that land in a digital world is more expensive than a land in the real world. Decentral land, if you go to Aisa's next slide, Decentral land is another example of that. And NFT in mortgages, right? NFT in mortgages is actually a very good example. Like, I mean, if you look at the blockchain concept, you are seeing that blockchain is replacing the intermediary. And if you look at mortgages today, the mortgages are controlled by all the banks and you can probably buy a fund which actually invests in a mortgage. That's the best way you could invest. But you have a large set of middlemen there, like all the fund managers, all the banks, they stop you from investing directly in mortgage. So, Aisa's next slide. So this company, Baconcoin, I think, allows you to basically democratize the mortgage industry. So you, me, or any investor can directly go and invest in mortgage. So it could be you could actually fund anybody to buy a house. As you can go to the next slide, please. Yeah, so if you look at IP and license certification, this is another large area. I mean, the cartoon on the right side says, you know, I made this and the guy is asking you, okay, you made this. And after some time, if he bought it, he started saying, I made this, right? And so basically, there is no traceability up here on who, even if you give IP to someone, there is no clear traceability of the royalty payment. The IP is further sold in all those aspects, right? If you go, if you go next slide, Aisa, you would find IPV. IPV is a company based out of, I think they are using Hyperledge Fabric using smart contract to and tokenize and smart contract to make sure saying that the royalty payments happen throughout the, throughout every user in that particular IP. And there is a company like they issued, I think they, this particular state San Marino adopts NFT vaccine passport. I don't know how it actually works because NFT vaccine passport can that, I mean, it just shows you that you are, you're going to transfer, right? I mean, how do you transfer your vaccine, your vaccine certificate to somebody else, right? So there's no sale part happens, but it actually shows you, you are a vaccinated. I mean, as a very favorite convention. Can you go to the next slide, please? I think I can, we can keep going on with the so many examples in the world, but at some point we need to stop. And, and thank you, Aisa, you can continue. Okay. As Gijo said, it's the use cases are really unlimited lists. Sorry, unlimited limitless. I mean, I'm here in companies who today do business, you know, something as simple as creating a document that think they're thinking, hey, we'll make this an NFC and we'll store and have, you know, and put it into that network. And then the owner of it will have that forever. I mean, it's being the, the creative power of different people to take advantage of this technology is unbelievable. You think about the real estate, the virtual real estate. What's really going on there? Do people really want to own something that doesn't exist? Well, if you think about, he gave you the Minecraft example, if you think about all the eyeballs that are in that game, and if you own specific virtual property in that game, you can now monetize it by putting advertising up in that virtual world. And that's, that's where things are headed. And that's why there's so much interest in the virtual technology and what people are doing with augmented reality in these virtual worlds. So if they're just looking ahead to what the potential, what the potential is and what it will be in the future. With all that said, their blockchain is not without its challenges. And I want to give you a few things that are, have slowed down the progress of blockchain. And before I even start going through this list, the first thing that has slowed it down was COVID. COVID slowed many things down, what did accelerate a few things as we know, but it slowed down many things. And if you think about these companies who are, it's March or April of 2020 and all of a sudden they're wondering if they're even going to have a business in six months because no one knew what was, what was going to happen. Blockchain quickly became a non priority for most companies. They're looking at survival. And so we saw a lot of drop off in, not an interest, but a lot of drop off in investment in blockchain for, for about a year and directly related to COVID. Fortunately, now we're back. People are now looking at blockchain, not only back to its potential, but how it can also help them to avoid some of the pitfalls that they ran into during those trying times. Besides COVID, what are some of the things that inhibit blockchain adoption? Well, three or four years ago, this was especially true. But as Gijo noted, it's quickly becoming untrue, but there's still some enterprises out there who don't really understand blockchain well. But, you know, the understanding of what blockchain is and what blockchain can do and what the threat it imposes on them is still trying to be understood. But we saw 84% of companies are spending money on this and spending time on this. So I think that's going to help us get through the, get by that, this specific obstacle and actually should accelerate things as the potential for how it can improve them comes to be. We talked about one myth earlier about crypto, but there's many myths impacts on environment. Surely mining is bad. I think there's not anybody here who would disagree with that if they really understood what it was in its totality, but understand that enterprise blockchain isn't generally about mining and there are other ways of doing it better and that improves scalability and speed of transactions. So people need to understand that not all blockchains operate at 10 transactions per second or whatever it is somewhere operating at thousands of transactions per second. There's a belief that blockchain is only good for nefarious transactions and bad actors who are trying to do things under, you know, if you will, outside the law. Not true. That is certainly how some of the early use cases got started and transactions got started, but that's not true today. Participants are always anonymous. Well, that is true in some blockchains, but as we've even seen in those networks, the government has the ability to track some of those bad actors down through IPs in just traditional ways. But in our enterprise blockchains, for good reason, I always know who we're operating with. We can't always see their data, but we at least know who we're dealing with and we talked about KYC earlier. We talked about trusted supplier earlier. These are networks that are focused on making sure you not only know who you're dealing with, but also understand a little bit more about them so you're not putting yourself at risk. This one's still true, and this is probably true for all technologies right now. There's just not enough technical skills, not only in-house, but just overall, and hopefully a lot of people attending today are here because they do think this is, you know, digital technology, blockchain, and other related technologies. There's lots of opportunity, and there are. There's opportunities for lots of good jobs, well-paying jobs. So this is still a problem. It's hard to acquire and develop without investing. It's so true. It's slowing up a lot of different things, but this specifically did slow down in blockchain in the early days. Another thing that's happened is, and we talked about business patterns earlier, but some people are trying to do the bad use cases with blockchain. It doesn't necessarily lead to technical failures, but it leads to lack of RLI or lack of business success. I talked earlier about at least one company that was doing blockchain by itself, and strategically, that might make sense depending on what your long-term strategy is, but typically, blockchain is best when you're collaborating with other companies and working across your enterprise boundaries. But again, I could be proven wrong, and there might be other good internal use cases, and I certainly talked to companies about them, where there's so many stovepipes within the company that blockchain can potentially improve just the operational efficiency within the company. I would venture to say that they might be able to solve those problems without blockchain and use traditional technology, but maybe blockchain is the way they get started. The next one is truly a showstopper, and we've seen it stop networks many times, but integration. Not that integration is technically difficult, but that it involves a lot of investments, time-consuming, and costly to companies. So think about all the different use cases we talked about today, and how many of those use cases would impact a company's ERP system, their fundamental system that's running their company. And I would venture to say it's almost all of them, and so you have to be able to integrate into those existing investments as ERP systems and do it in a way that's not going to put their existing processes at risk from an audit perspective, especially for big public companies where it's so important for their quarterly reporting. And so this is just something that we've seen. Companies want to do it, but oftentimes they come in and they overestimate how quickly they can do it, and then there's this three, six, 12 month delay because the teams that need to do that work are already busy, and this hasn't surfaced as a priority for those teams. So this is another obstacle that slows adoption down. Priority. Often there's lots of great technologies out there today, but lots of great technologies that can help a company improve. And so you have to be able to prioritize your blockchain initiatives relative to those other investments. And so that can slow things down for all. Because blockchain is a newer technology and you're working across an ecosystem of collaborators. There's not a lot of experience of trying to figure out what ROI is for a specific use case when you have other companies involved. This isn't the worst obstacle, but it does make it a little bit harder for companies to try to basically quantify the benefits that are going to get out of it. And the last one is huge. This one I would argue is as big if not bigger than the integration. It's just legal compliance. It's because we have smart contracts in a digital network. Doesn't mean we get to avoid lawyers and all the things we traditionally have done. As a matter of fact, it's everything we've done before plus some new ones. So it's agreements between the companies who are in the network. It's agreements of who's running the network. It's agreements of who owns the risk and responsibility of the data and the network and if there's exposure to that data. Who owns and stores the data itself and where is it stored, all those things. And maybe that's important back to integration. One is whose response before integrating your network into your system? Is it you? Is it the network? Who's facilitating that? Is it a pusher or a pool? And not that these things are insurmountable, but these are just all things that have to be considered as you move forward with adoption of blockchain and technology. Like all technology, but I would argue that with blockchain because you have more companies working together, it does tend to slow this aspect down more. With all that said, we still see tremendous, tremendous potential with blockchain and these are all worth overcoming in time for the benefits that we're going to see. So what does this mean to you? So we've got two slides from Hyperledger Foundation and Brian as the community architect is going to cover these. I'll talk to you about how you can get involved. Sure thing. One way that you can get involved, it's fairly straightforward is take a look at what interests you in Hyperledger. We have working groups. We have special interest groups. An easy way is to start working through a project, looking at the documentation. And if you see an error in the documentation, file a pull request, you know what should have been there. You saw the error. You can see the error in the documentation. You can see the error in the documentation. You can see the error in the documentation. So help us improve the documentation and training material. If you're a coder, pick your language that you're most fluent in and pick a blockchain that's written in that language and start looking for ways to improve it. A lot of our projects have good first bugs listed on JIRA, sorry, on GitHub issues. And those are great ways to get involved in this project. So this is one lab, which is probably more, you know, aimed at this particular workshop. And this is a, this lab, it is a low code and highly secure implementation way to issue and trade NFTs. And this is started by Vippen, who is a longtime member of the Hyperledger identity space. And he is very active right now on the discord chat in the welcome channel. He's answering all the questions and thank you. Vippen says it is neferty. Okay. Sorry, it's a typo. And we need help. This is interesting. Please, please jump in. Next slide. Before we move on to the next slide is going to a different, we're going to talk about consensus, but I can't emphasize enough that, you know, the Hyperledger Foundation, it's an open source community. You don't have to be just a programmer to get involved or take advantage of the opportunities. There are special interest groups about supply chain, healthcare, government, capital markets. There's lots of places you can plug in and learn and contribute. If you're not a programmer, you can help with documentation and other things like that. And I think it's just your feedback and participation helps the community grow and be healthy. So it's just a great place. And it's, you know, it's an open source community, like all open source, but this one just has to be, have as you focused on the blockchain. This slide is another way to get involved is, you know, consensus is doing all the work around Ethereum and quorum. There's a lot of resources there as well. If you're interested in that technology, you can, for, you know, there's quick start tutorials or tutorials on programming and their different code stacks that are available. They're not quite the open source community that Hyperledger Foundation is, but they do make a lot of things available out there. And again, these are two of the leading ones in the globe. There's other places to learn from, right? Just the internet and you could do the search and start learning a different thing. So this isn't the end all, but it's the end of the world. So it's a lot of work that you specifically involved and take something, take more than just this workshop away today. So this is, and I apologize. This is a little bit focused more on the technical side. And I'm not going to go through it, but, but these are some of the. Technologies that we have found at Chainyard that are in demand for different types of projects. And you know, and if you're at the point, I know there's a lot of students today. So what you're interested in, you know, this might be something that if you, if you're getting interested in blockchain or specifically blockchain, find out the technologies that go with that and see how they align with what we're saying. Maybe that's where you want to invest more time to improve or build upon. And then there's also the career aspect. Some of these are developers. Some of these are DevOps engineers. Some of these are security experts. This isn't like everybody needs to know everything. Obviously if you can, you're doing great. But just all of these together helped improve the enterprise software development in general. And you can even see that there's only two of these that I've started today that are really blockchain specific. The rest of these are agnostic across all enterprise development and come into building these solutions. And they're, they're quite varied. I wanted to put this in as a takeaway for today as well. And then I'm back to Rai on the workshop for next week. Sure. And before I do this, I did want to say that we've hit some sort of limit with Discord. There are so many people trying to get on that they're getting invalid invites. I apologize that the discord.gg slash hyperledger should work. And what we're going to do is for the Q&A session, we're going to open up the Zoom chat so that people can ask directly in the group there. And we'll try to figure out for the next workshop, what's going on with Discord. Anyway, feeding into this, make sure that you're signed up for workshop number two. There were two sign up links. You're obviously signed up for workshop number one. You're here. Make sure that you have your browser and that your, your connection is open to the internet so that you're able to download files. It will be very helpful if you have an image that you own, that you would like to make represented as an NFT. And check your, check your email ahead of time because there will be a URL going out with the, the prerequisites for, for the second workshop. The other thing here is, you know, that Discord link will work once you're on the Discord server. As I said, I'm aware that we're having some issues with the getting into Discord. We're working on it, I promise. And then check out this, the, the Discord, I'm sorry, the, the wiki link there at the bottom. And that, that's going to point you towards a lot of the details for, for this event. And we're, this is, this is something that I've been wanting to have available for students and professors, literally for years. And so I'm really, I'm, I'm glad that this is going to happen next week. I'm super excited about getting this into your hands. And I just wanted to thank chain art for being a solid partner here and helping us get this out into, into your hands. Next slide. Thanks, Ryan. Yep. So, I think we're going to start losing some people, I think, but I want to, before we do, I just wanted to thank the hyper ledger foundation, Morgan state university, the fintech center, and everybody who gave us this opportunity to make this session possible today. So we, we had chain yard and spirit of collaboration. We're happy to do this. And we're also available to anybody. If you have follow up questions that we can't answer in the Q and a session today. So with that said, let's, let's head over to the chat and, and I guess David, you'll moderate and we'll try to take these on between the three of us. We did have a question from Nita. Nita, if you want to raise your hand. I can ask you to unmute. We have a lot of questions that you left. The one question was. Oh, I lost it. It scrolled on me. Do these then become like commodities? Do these NFTs then become like quantities? And I see that Nita now has their hand up. So I will ask them to unmute. There we go. Thank you. First of all, huge. Thank you. I love this all workshop. And I'm sure there are lots of people trying to understand this beast of blockchain and tokens and all that. This workshop was one of the best ones that I've attended. So thank you. Huge thank you. Trying to wrap my head around these tokens and Gijo, I don't know if I'm pronouncing the name correctly. Gijo mentioned about tokens and so I just wanted to know how are they traded? Are they traded? When you say that, let's say you can own one part of a predetermined part. You can't just, you can't divide it up once it's already been divided like he gave an example of a Mona Lisa. And if you have million tokens to it, how is it traded? How do you buy and sell those? That's the part I'm not understanding. I'm very, very new to tokens. Yeah, so I need a thanks for asking. I mean, this is a common question people get. So there are many platforms available. I think one of the slide I was giving you example of like OpenSEE is a platform. Some of these tokens and NFTs are available in the coin base or in any of the cryptocurrencies marketplace itself. So it depends on where this issuer is actually listing it. I mean, once it is listed, which all exchanges it is available. So you probably have to go through multiple of these. As an example, if you go to NBA Top Shots, you can see all the NBA tokens available there as an NFT. So then you can go to one of the listed exchanges. You can buy it the way, exactly the way you buy today stocks or shares or any of those things. But again, you can go to places where if you want to keep custody by yourself, maybe if you wanted to hold it in your own wallet, you can do that. Or you can go to some platforms which provide custodian services as well. So the platform will keep it on behalf of you. So you don't need to worry about someone stealing your passwords and things like that. Okay, okay, great. Thank you. And a follow up to that is where are they stored? Like there are so many parts. Like if you were to have one painting, you buy it, you keep it in your house. But in this case, there are so many owners of it. So who really stores it? Where is stored the actual? And I'm not talking about the digital, I'm talking about the actual. If you have a physical painting, then things are slightly different. Then the business model needs to be defined accordingly. I'll tell you why. The question is that painting someone making as an NFT, is that an asset or is that you wanted to hang it on your wall? If you wanted to hang it on your wall, then I do not know why you make it as an NFT. You can still buy it from the shop. But if it's an asset, like I was saying, the model is a picture which is hanging with a custodian. Like in this case, the museum is the custodian. The museum is hanging it there and keeping it as a custodian. Then it makes sense for the museum to raise funds that democratize the investment. Then they make it tokens and you can actually invest in that. So in that case, it becomes an asset. So if it's a physical thing, you probably need a custodian who is actually holding into that asset. Then they tokenize the ownership so you can actually buy and sell very quickly on a blockchain network. Got it. Thank you so much. And is it okay for me to contact you later if I have some more questions after this workshop? Yeah, please feel free to. Can I get the contact information, please? We'll have it available on the wiki. Okay, thank you. Hello. Yeah. So I have one question. So regarding the legal aspects, let us say somebody minted NFP and then sold it. And again, they minted again the same asset. And then again, they're selling the same asset. So how the legal system works? Is it just a trust? Yeah. I'll take a shot at this, but I mean, whatever you have, basically what you're saying is there's a fraud case, right? So what you would have is just a traditional fraud and someone's taking the same asset. And I guess in this case, it's a digital asset, so it's easy to recreate. But you would quickly be able to prove that there's multiple copies. And you basically have to go after the company who's committing the fraud. You know, blockchain can't, blockchain itself can't prevent fraud, right? But it can help you quickly prove who owns a specific instance of a digital asset. And this is no different than if I have, if I had something physical like a car, and all of a sudden somebody was deciding that they're going to take my VIN and go out and sell it digitally, the rights to it. That's why we still need to have the court, we need to have like a legal infrastructure around these different networks. And real estate as an example, this is going to go off in a little bit different direction, but if I'm tokenizing real estate and fractionalizing ownership and, you know, there's dividends and rev, you know, coming in and off. The company is responsible for that network and is the custodian of those assets. They're still responsible for all the reporting and making sure those dividends get reports to the government and that all the people who own those tokens for those times and got dividends are getting the appropriate paperwork so they can pay taxes on them. You know, there's still that rigid infrastructure, legal infrastructure and regulatory infrastructure around these things. So what we hope is that somebody's not just creating, you know, fake digital assets and selling them over and over and over, especially when, if there are things that are being created, you can just create different variations of them and do them, sell them independently. Okay, thank you. And we're not lawyers, so this is just like our lay person's opinion. Okay, I want to go to the next question from talk show, which is in the, which is in the chat and the core of the question is, if, how does blockchain work without cryptocurrency. And I'll leave that to you, Isaac. I mean, blockchain is just a trust protocol. So, as an example, you know, a network we worked on was for asset management. The assets were electronics they were basically high end IT computers you may think of laptops, desktop computers, networks which isn't all. We use blockchain the principles of provenance and try traceability to basically track the life cycle of those assets across all the different collaborators so that included in this case, the manufacturer, the shipping companies and the company that was receiving those assets and then distributing them internally. There's no cryptocurrency going on there's no, there's no exchange of value going on per se that there was a tracking of value which was the assets themselves. Now, the next question comes from Samuel. This is Samuel from Towson University located next to Morgan State University. My question is, is in regards to NFTs and how it can be used for capital, but specifically loans. Is there any applications, but also what are some unique ways NFTs are currently being exhibited. Thank you. Sorry, could you repeat that, Samuel? I think he muted himself. I don't know where he is in the list. Okay, that's fine. I think what I heard is like how do you use NFTs for the loan processing loan applications. It's very similar to the mortgage example which I mentioned where you can democratize the mortgage so that you can remove all the intermediaries. You can directly, if you create an NFT out of it and fractionalize it, anybody can as an investor kind come and buy the fraction of that NFT so he will actually giving him mortgage rights, basically giving you a loan. Okay, we have a question from Binod and it is, if my records are hosted on a blockchain service, how can I decide to move to another host? Are they locked on the service provider? So portability, that's an interesting question. I mean, it is an interesting question and it's really a decision that the network that has your transactions has to make it has to determine whether they're going to enable data to be exported. I would think that that's possible, but one has to know that once data is locked into a blockchain network that it's immutable and it's not going to go away. And I go back to my earlier discussion about privacy, if there's private data that can't be there, shouldn't be there or maybe even you get into regional jurisdictions where network crosses boundaries and you're not supposed to have personal information in a different country. All those things have to be considered in. So in those cases, we look at using hashes. So the hashes get locked in, but the data itself is outside the network. So that's just a decision that a network has to make in terms of that transportability of data. Now, with that said, you know, blockchain networks are pretty, I want to say they're pretty standalone today, but that's why there's companies like groups like the inter-work alliance and another standards by trying to figure out the interoperability so that potentially transactions and especially if there's value up in them could go across different networks, but you know, that's still being worked on. Hyperledger has an interoperability group and there's a product by Hyperledger. We do have some projects around interop, yes, but I'm trying to get through the list of questions. Eman, you're up. Hello, this is Eman. Thank you for this exciting, fruitful presentation. I think you may answer my question, but I missed the answer. I have a question about NFTs. Are these NFTs are bound with real assets behind them? And if so, how these NFTs are intersect with cryptocurrencies that we are familiar with like Bitcoin and other cryptocurrencies? And the last part of my question is, is these NFTs are, can be exchanged with the fake currency through e-channels or over these, let's say, exchange platforms or they are just interchanged with another cryptocurrency. Thank you. Thank you. So the difference between a token and a crypto is something which I mentioned before, the token says what you are actually owning. As an example of the car title I said, if you have tokenized the title, that says you own the car. The cryptos is what you are capable of owning. Like if you have 100 cryptos with you, you can actually buy a car or whatever you wanted to buy. So the two different concepts and typically a crypto is on a technology side crypto is actually the currency belongs to that particular platform and tokens are actually created on top of that platform. I forgot what was the second part of the question. That's a good way to express it. Govind? Hi, my name is Govind from London. Just a quick thing, question I have two questions. One is how do you compare with your competitors in our hyperledger or Ethereum? So how do you say? And second one is if I want to practice more in the NFT, so do you provide any certifications and training? These are the two questions I have. Thank you. Brian, is that first one for you? I'm not sure. I mean, hyperledger foundation is a nonprofit. So we're not really competing with anyone in the marketplace. And as far as NFT certifications, I don't think the Linux Foundation offers any specifically, but other people might. Isaac? I'm not familiar with any, but I wouldn't doubt that there's some certification out there about around NFC, whether it's on the development side or business side. Hyperledger does have certification, not on the NFT. I mean, I don't know about NFC, but generally hyperledger certified engineers and other system administrators are there, right? Right. And the hyperledger ecosystem includes Ethereum clients like Hyperledger, Besu. And we have Borough as well. Raghunath? Yes. Thank you. So most of the NFTs that I have seen are minted on the public blockchains, but I haven't seen any NFTs on the private blockchain. So I'm not able to visualize where we can use mint NFTs for a private blockchain. What are the use cases? I can take that actually. So the one use case we created was for an organization wanted to create traceability of the fund they actually distribute down the supply chain. So basically a grant they're given to one particular company, they wanted to ensure how it is being utilized, how they transfer to the second company. So they wanted to create a traceability. So we tokenized that grant and we made sure how that grant is actually distributed to the next set of users and all the way until the end beneficiary. So that was a very good use case for a state government. I would add to that is that that observation is accurate. Most of the NFTs out there are being minted on public blockchains, and then that improves their liquidity as well. Okay. I will, Nita, you can have the last question and then we've got to wrap up. Nita? Thank you. Thank you, Ray. Another thing about NFTs, what is the original piece like the piece of art and again taking the example of let's say the Mona Lisa hanging in the loop. What if it's damaged or changed to whether it's the frame or the actual painting and it's not disclosed to the NFT owners. Once it's damaged, the value is going to go down, but if it's not disclosed to the NFT owners, how is that handled? Again, I would just go back to there has to be a legal, there has to be legal agreements in place for how things like that would handle. So, in the example of the Mona Lisa, I would think that the contract would also have insurance behind it to help ensure the investors of that specific asset that if something happened that they would be able to be made whole. But these are normal business decisions that just have to be made with any business and these are specific to NFTs and these are things that companies are trying to figure out as they move forward. Okay. Thank you. Thank you all. Thank you. Thank you. Right. As I said, we appreciate the opportunity. I'm glad we had good participation today. I'll let you close it out. I was just going to say thanks to everyone who's attended. This was really well attended workshop. The video will be up on YouTube. We've been asked multiple times if the deck will be available. The deck will be available on the wiki page, the links of which have been sent out. Thank you all for getting everyone on board next week and getting the ball rolling for the more in depth hands-on workshop. And thank you in particular to Morgan State for hosting this and helping make a helping us make all these great connections. So I just thank you. Thank you Morgan State and thank you to everyone that joined. Thanks. Thanks everyone. Bye David. Bye David. Bye. Thank you.