 All right, good afternoon, everyone. Hope everybody had a good lunch and had a lot of coffee and you're energized. So we'll try to keep it active today. We're going to have some great presentations. I'm going to just talk very briefly about where we see a blockchain specifically in financial service use cases. And then we'll have time for Q&A. And I hope that we have some good questions from the audience today. We're here to learn from one another. And the best way to do that is to ask questions and engage with the speakers as well. And we're very excited about our speakers today. My name is Daniela Barbosa. I am the executive director of the Hyperledger Foundation. I also serve as general manager for blockchain and identity across the Linux Foundation. There are a few blockchain-related projects and identity-related projects at the Linux Foundation. And the Linux Foundation really thinks, you know, from a digital trust perspective, that these projects are critical to a lot of the new infrastructure that is being built due to digital transformation initiatives, specifically around things like digital currencies. Since 2016, the Hyperledger Foundation, we used to be called the Hyperledger Project, has been the home for enterprise blockchain and blockchain-related technologies. Today, we have 13 different projects. So we are a true umbrella of blockchain and digital identity projects. We have 13 different projects in different communities that are addressing very specific blockchain use cases. We have distributed ledgers. We have tools. And we have libraries as well. And these are all things that enterprises can use to build different implementations. We're gonna have IBM talk a little bit about some of the work that they see specific to blockchain implementations here in Japan. And then we're gonna have JSEC, which is the Japanese Security Clearing Corporation, talk about their use cases as well. Here's the thing I can tell you, specifically to open source and decentralized technologies. If you think about blockchain and decentralized technology, the good news is that open source development basically has one. It is essential if you're thinking about decentralized technologies that the core needs to be in open source. And I think we've done a lot of, over the last eight years here at the Hyperledger Foundation, done a lot of work to educate the market, to educate financial systems and banks and central bank digital currencies with the central banks and other organizations as well. So we're very excited about the opportunities there. So where do we see blockchain very specifically in financial services? This is a report from earlier this year that Citibank put out around money tokens and games. And the thing is people ask me all the time, hey, when is blockchain really gonna be adopted? And if you're watching cryptocurrency, I think today Bitcoin is up very high and everybody gets excited about it. But the core is that the distributed ledger technology in the blockchain and some of the use cases that you're gonna hear today, I hate to tell you, they're boring. It's plumbing, right? This is fundamentally the plumbing into these systems, into these financial information systems that we're building. And if we're building money and new digital money, it is exciting in the regards that it's really important for all self-sovereign states, but ultimately it is something that we believe needs to have a long-term strategy. We can't be overnight that it happens. And it needs to be done in the open with open development practices as well. So the success of blockchain adoption really is gonna just be when it's used by billions and billions of people. And very importantly, people are not gonna know it's blockchain and people don't care that it's blockchain. It's boring, right? It's the boring stuff. We're not here to talk about speculative coins. We're here to talk about how we're actually going to make financial infrastructure more efficient, financial systems more inclusive. So more people have the opportunity to participate in these systems and really building a future infrastructure in Rails that support a digital future that we all know that we certainly have. So I'm very excited about the talks, the speakers today. We're gonna start off with Kai Mizakusan from the Japanese Securities Clearing Corporation. And he'll be giving us an overview of the work that we are doing with, well, that they are doing specifically with some of the Linux Foundation open source projects which includes Hyperledger. So thank you, Daniela-san, inviting this event. So hi, I'm Miyazato. Work for JCC. So I guess no one knows who's JCC. So JCC is a JPX group, exchange group. And my background is 12 years in Tokyo Stock Exchange and 16 years in JCC. So I selected three, my turning point as well as a JCC turning point. So 2009, there was a Riemann crisis. So after the Riemann crisis, to avoid the systemic risk again, the G20 global regulator get together and they decided a rule, global rule. So the first point was 2011 to fit with the global regulation. We needed to start the OTC-creating business. That OTC product was really bad and the Riemann crisis was triggered. So the market infrastructure need to supervise and manage the OTC delivery. So from this project, we completely stop outsourcing and everything done in-house development. And also this is to harmonize with the global regulation. We decided to be global diversity. So we many nationalities and get together and multi-culture or multi-bender and shuffle and decide what is the best way. So that was a really fast turning point for me. And the second one is a risk management system. So JCC is a really consensual observed all risk inside. So the risk system is really key for us. So we, but the risk system is a bit complicated and also they spend the CPU and memory. So we start to use a crowd and open source. So this is the after 2015, we never use the on-premise solution and also the package solution, everything cloud and open source. And the 2018, we started the DLT initiatives, start from the data platform and afterward asset organization. And finally, January this year, we launched the first DLT production system and October we joined HyperLegend Renex Foundation. That is a background. So at first, who's JCC? So an orange colored box is a JPX group. So a trading platform, the Kashiokiti Tokyo Stock Exchange and the listed derivative at Osaka and Tokomu, it's a commodity exchange. But after the human crisis, we started to clear the OTC derivatives. So the JCC role is much wider than the Tokyo Stock Exchange. So Japanese EM product, we need to accept the all risk. And so we add a name of JCC is a clearing house or sometimes a central clear central counterpart, the CCP. And also we are one of the FMI, FMI financial marketing infrastructure. So in Japan, there's three FMI's, one is a central bank and second is us and the third one is a central security depository as the name of the JCC. So FMI, for FMI, the market stability is the first priority, more than the functionality. So we need to focus on the security or stability as a market infrastructure, but to improve and for more efficiency, we need to look for the better solution or a new technology, that is the background. And the last, yeah, we put the, I put an amount, it's a daily average amount a day. So I'm sure the 11 trillion EM is a really big amount. And so every day, JCC take the risk from the exchange and OTC market and the, yeah, mainly post trade activity. That was a JCC law. And this is a CCP's law. So what asset flow, digital asset flow, it's happening. This is a, yeah, so three, one is a collateral deposit. So CCP taking the risk. So we call the margin to the sell side and buy side and we receive the money, there's a huge amount collateral in the world. So this is the first one. And the second one is a cash settlement. So CCP receive the money from loser and distribute to the winner. That is also the daily operation. And last one is easy to imagine that they buy stock and pay the money and receive the stock. This is a DBP settlement. So number one and two and three. Number one and two and three is a big difference because two, we move to number two and three, we need to get the approval from all credit member firm. So both side, everybody need to join. So digital currency or digital security start but all 200, 300 banks need to finish the preparation. Afterward, number two and three start. So at the moment, the JCC focusing on the collateral deposit because one credit member firm deposit to JCC. So that's a really simple workflow. So we are looking at like a first business use case for the DLT space. And so January, we launched the first DLT system but it's really a limited area. So we use DLT for the commodity product delivery process. So rubber commodity settlement, we use it. And now we are doing the phase two, more gold and platinum silver, precious metal area. So the key concept is we selected the small narrow as possible. That's a one point. And second one is obvious benefit. So no objection from any department. That's a point. And number three is a really physical delivery risk we do under the COVID situation. And number four and five is really important. And number four is we should use the globally standardized DLT. Fast phase is really limited but we can extend the function later. So that is number four. And number five is a quick and low cost. So it took three or four months for the production launch including the implementation and test and the five in-house developers. So the cost is just five people in three or four months and really limited the AWS cost. That's it. So I think the two user DLT benefit and cost that balance is important. DLT but cost is huge. Why we need to move to DLT? That's happening. So we select a really good shape and good size use case and they get bigger benefit than cost. That's a point. So flow is really simple. The bottom half is as it's before January. So under COVID situation people carry the paper, the storage company issued a receipt and people carried a hundred paper to the JCC and JCC distributed to the other side. So we switch only the paper part warehouse receipt to the DLT. It's we use it the ERC 1155. Actually this is an NFT standard but we need to divide into two or three because the one side and 10 member, the other side is 20 member. So we set the one token, one NFT for the minimum trading unit. So based on that 100 of the record, the end user need to operate it. So this bulk function helped a lot. So it's really good and flexible ERC. So this first phase is all environment run by JCC and we don't allow each member run the node and also the token used only inside the JCC business through but this is a DLT solution. So once we switch on, we can extend the token can be used outside or node can be run by someone else. So this is last slide. So in the middle of phase one production, this is what we have done generally but behind we are doing lots of the POC for the more midterm and longterm view. So phase one to phase two, we are now lobbying activity to the Ministry of Justice because gold is much more legally security. So we need to pass away and change the law. This is a phase two and also the phase 1.5, we are now enhance the each function. So using the AI or orchestration or cybersecurity, we joined the San Francisco event and the Phinos and CCC, cloud control, that is really good for us. So we are now reviewing this and also the identity access management for by key clock. So phase one is more step up by using the open source and also the right side is a midterm solution. So we're looking at the collateral use case as a business and the legal discussion and also we touch the three, I mainly use the best but we only use corridor and the public as well and also the connectivity multi-cloud and multi-DLT connectivity. This is a really key for the interoperability for the next. So after the phase one launch, we need to take care of the DLT open source. The open source is actively updated or we didn't know who take care of the Hyperledger business. So that's why did we join the Hyperledger Foundation community and after the San Francisco trip, it was really good event. We finally contact with other countries, FMY. So this month we are discussing lifting in the point. That's it. Thank you, Miyazaki. And my name is Ryu Takagi from IBM Japan. I did blockchain services business and I've been working on this for, I think, about eight years now, so very long time. So I have been here for a lot of the beginnings. From my side, I would like to maybe briefly explain to you how the DLT or blockchain technology is being leveraged in Japan. So I will actually describe not just for the banks but as a whole of the industry. So mainly in Japan, we have two industry that is adopting blockchain or DLT. One is the industrial sector. The other one is obviously the financial sector and I'm very privileged to be working with the Miyazaki Group to create the RavaFutures platform. At this moment, I think it's about 70 or 80% is more focused on the industrial sector, the supply chain. In the industrial sector in Japan, especially around sustainability, there is this need to be able to get transparency throughout the whole of the supply chain of the new data like carbon footprints, due to the recent childhood and so on. And what we actually see is that when in order to provide this visibility to the industry there is this new requirements, the sovereignty piece. Let me explain. So obviously for this kind of traceability piece, you need to be able to trust the data. You need to be able to make sure that the, for example, for the carbon footprints of the product you're providing, the aggregates of the carbon footprints, including the suppliers carbon footprint emissions, it's correct. So obviously you need to have the trust. You need to be able to make sure that the information is correct. So obviously you need to provide trust. Another one is environmental privacy. You need to be able to trust the aggregates of the carbon footprint. But at the same time, you need to make sure that the privacy of the suppliers are met. You do not want to disclose the trade secrets of the suppliers. So these are the two sides. And in addition to that, what we actually seeing, especially in the automobile sector, is around data sovereignty. The, especially the suppliers, they want to make sure that the data is, they have their own, they own the data. They have the governance over their own data. So actually the data sovereignty is a key requirement that we're actually seeing, especially in these one or two years. So because of this data sovereignty requirements, it's nowadays very difficult to just say that, okay, we'll create a platform by using centralized that we will manage it to trust us. It's very difficult. So because of this new requirement, data sovereignty requirements, we are seeing many platform providers trying to leverage the reality of blockchain technology to basically try to make supplier more comfortable that the data that they actually provide your platform, they have the sovereignty over the data. So that's, and to give you a little more specific examples, we actually providing a pharmaceutical platform, traceability services. This is basically the platform that tracks COVID-19 vaccines. I think this has been going alive for two years now. So basically in Japan's vaccines, we're actually using this platform to make sure that the vaccines are correctly transported with the temperature under certain, so that that's the platform that assures the vaccines. We just recently released the Flung Gas circular economy platform. Flung Gas is the gas that is used in air conditioners. And you may know that the Flung Gas has a much bigger impact compared to CO2 in terms of a greenhouse effect. So obviously the industry and the government wants to make sure that Flung Gas is restricted. So what the industry is doing is that we want to make sure that Flung Gas is no longer, we're not creating a new version of Flung Gas. We want to make sure that the Flung Gas is recycled. So we're trying to make sure that, we're trying to make sure that we can, we do not no longer create Flung Gas and make sure that it's properly recycled. We want to make sure it's not emission out and basically impacting the environment. So this is the platform that we just released. And we are also actually working on the battery-resistibility platform in partnership with the Japanese governments. We're actually working with the NTT data to create the battery-resistibility platform and working with the automobile industry and hope to go live by next April. So quite a challenge for them. So the supply chain area, so traceability piece, because of this data sovereignty requirement, there's this urge to basically leverage this technology to try to realize this requirement. And in addition to that, we have the financial sectors using this technology to create a new, more efficient settlement platform. And I think that one of the platform that we were fortunate enough to be able to support is the Robert Futures physical delivery settlement platform that Miyadatsan is providing to the Japan industry. And for this requirement, I just wanted to briefly touch the technologies that we're basically trying to leverage to address. So obviously, the LTE or blockchain is a one technology that we're basically leveraging fully in order to make sure that the data sovereignty is met, that you manage all the keys and so on. And also the trust. We try to leverage the characteristics of the smart contracts to make sure that, for instance, the carbon footprint calculations are correct. So obviously, blockchain DLT technology addresses these kind of requirements. But in addition to that, especially for the clients that we're working with it, we need to make sure that it's accountable. In other words, we need to make sure that, are you really Toyota, are you really Honda, so on. So in addition to the DLT technology or the blockchain technologies, we're basically combining the identity management, the verification of credentials, self-several identity piece. And in addition to that, the privacy piece is also important. So we try to basically leverage the zero-knowledge proof technologies and combining these technologies together. We're basically working to basically address the needs that I just explained in the earlier slide. So blockchain, SSI, very fiber credential, and zero-knowledge proof, which actually makes perfectly good, makes great sense to basically work with Daniela because Daniela works on all of this area. And finally, I just wanted to maybe introduce you to the work that we were also fortunate enough to support the Bank of International Settlements. They just recently announced the project Tourbillon. So it's basically the work we did to basically try to preserve the privacy and international privacy security and security for the CBDC. So I won't go into the details, but basically we've worked on various encryption technologies to try to make sure that the privacy requirements are met for the requirements that is needed for the CBDCs. Okay, so I think that's my part. That's great, and I think we can do the chairs. We have another mic. We're gonna have you sit in there. That's fine, we can sit in the corner. No, I was like, oh, all right, it works out great. So I think I wanna start asking a question very specifically about two things. One is efficiencies to the current infrastructure. What are you seeing when you're trying to explain why move these systems that have been in place for a long time and use distributed ledger technologies and principles like self-sovereign identity. What is the gain that you're seeing? Let me start. So the reason why we use the DLT and also the open source. So the Japanese game product, they actually more than half 70% trade and position outside Japan. So it means from the global buy side to sell side. Therefore our platform should be harmonized with global market. But for the last 20 years, no improvement, still a lot of the inefficiency. So I thought the DLT is one of the trigger to move on the next. And the point is open source is really key to make the ecosystem. Japan shouldn't be a Galapagos island. So I think that we should listen to the voice from outside Japan, sell side, buy side. And we should choose the best way everyone agree to. That is a, yeah. Yeah, and I think to add to that point, is specifically around, and you mentioned the example during COVID. So we did see a lot of use cases obviously with the vaccine transportation and even COVID credentials that IBM has done globally a lot of work with. We saw the acceleration of using these technologies because there were real use cases that needed the technology in order for us to continue being a sense. So I think pointing out those kind of use cases is very important as well. From an innovation perspective, you've been in building these technology systems for a very long time at IBM. What are the key innovations that you believe distributed ledger technology is bringing to the market? I think one word, providing trust. Providing trust. I think from my perspective, what I'm actually seeing is that the platforms that I described earlier, there's, I think there's this increased need for more trust double platform. So to address this, especially in the automotive sector, I really find that just using a traditional technology to say that no worries, trust me, we will manage your data for you. It does no longer work. So we need additional kind of assurance to the users to make sure that the data can be trusted. So I think in order to address this, I think we're going to see more and more platform like this with this enhanced trust requirements. And for that, I think DLTO blockchain technology is a one technology that we could definitely leverage to try to satisfy the requirement. Yeah, I mean trust is definitely a long serving topic around blockchain technologies because you do need to build trust across markets, for example, from an international perspective. How do you go about doing that? We're in the past with physical money. It's a very different. So maybe we could talk a little bit about CBDCs. You mentioned some of the work that IBM is doing with the BIS. But central bank digital currencies for those who do not know, CBDCs over the last few years, there's been a lot of implementations in production, in experimentations around the world. Many of them are being powered by blockchain. There are CBDCs that are not using DLT in some regions where they're experimenting. But a lot of them are using blockchain specifically to solve how do you create a digital currency that is secure, that is trusted. There's a lot of legal and policy and regulatory discussions and things that need to be addressed as well. And I don't think this is the place to discuss those because that could take hours in discussion. But I think from a technology perspective and the Hyperledger Foundation, many of the use cases worldwide that are either experimenting or are already in production with central bank digital currencies are using Hyperledger technologies, Hyperledger Fabric, Hyperledger Bezu. And just this week, the Solomon Islands announced project with Hyperledger's Eroja. So the key that I think you mentioned before is around kind of the standards and the interoperability. So tell us a little bit about when you talk to your counterparts around the world. I know you were in the United States, but we got to speak to some of the security entities in the United States. Tell us a little bit about how you talk about the technology. So the interoperability is one of the really good keyword everybody doing, but the definition is really vague. The interoperability is many layers. So the technical part is one. So the multiple DLT or multi-cloud or, but the public chain case, everything should be solved by technology. But we are a market platformer. So we can add the business rule area. So technology plus business rule and also legally regulated market. That is a really good combination. So recently in San Francisco, we talked with the DTCC, U.S. Depository. DTCC has been reading the DLT space. And so we have the really similar ideas. So that's why we could start the really exciting discussion in the Hyperledger event. And yeah, so interoperability. One key is how to make the cross-border solution. That is the solving is one key. But on the other hand, how to harmonize. That's also a key point. So yeah. Yeah, sure. I think from a CBDC perspective, I think the industry realizes that this DLT blockchain technology, it has the potential to basically make more efficient settlement, especially the cross-border piece, the settlement that requires multiple layers in order to do settlement. I think DLT technologies addresses that. But I think from our perspective, it's very important that to basically also address the weakness of the DLT, which is actually the privacy piece. So what we're actually seeing is that in order to make sure that we are able to fully leverage the DLT, we need to address the privacy issues that we see in many banks and projects. And that actually one of the, I think that's one of the reasons why the Bank of International Settlements basically work for the privacy specifically, just recently. Yeah. So let me share the recent financial market in the world. So after the Riemann crisis, the global regulation stricter and the CCP all over the world start to charge the margin. So if a market has become volatile, the CCP raised the margin. So the user need to deposit the collateral. But in the world, generally the shortage of the collateral, that is a one point. And second point is, for example, the US Treasury. So by side want to use the US Treasury deposit to JCC. It takes two days due to the manual operation and the very complicated custodians. So the collateral mobility or liquidity is really a key for the financial market. So I think that is a really key point, the cross-border and the liquidity and the mobility for collateral. Bringing trust, bringing efficiencies, bringing interoperability. I'm going to open it up to the audience if there's questions. Norbert. Miyazata-san, I'd like to ask you about ODX. So the Osaka Digital Exchange has been operating as a PTS since the middle of 22. So they're going live with digital securities on the 25th of December. And is the JCC still clearing those? No. We never discussed it. So that's ultimately the next generation of settlements. So it all happens digitally and in the database. So you're then officially the dinosaur of the industry and that's why you need to start changing as well, I guess. Yeah, it's a really good point. So actually this clearing house, the feature of clearing house is concentrate. It's a really liquid market. Concentrate its benefit for all the user. But the low-liquid product, basically one-by-one trade, maybe a bilateral settlement will be faster and safer. So it depends on the, should concentrate on CCP or should do bilateral trade. That's a really key point. Any other questions? Thanks. Just really quickly going back to the point that you were making earlier about the privacy issues being one of the shortcomings. Can you give a more specific example of that shortcut? It's a bit broad and abstract. Should it be a little bit more narrow? Yeah, sure. So I think in order to, I think as a privacy, but it's not very simple. So obviously the reason why we try to use the DRT of blockchain technology is to make sure that the settlement or the information is correct. But in order to do that, you need visibility. So that's basically the fundamentals of the basic blockchain. But what we're trying to do is try to keep the character. But we're trying to preserve the privacy. So that's one of the reason why that we focus on zero knowledge proof. We're trying to basically preserve privacy, but at the same time, we're trying to make sure that the information on the settlement is correct, no double spending and so on. So in short, I think for privacy, we try to basically figure out the way to preserve privacy, but to continue to preserve the function that the smart contract provides. Any other questions? We're out of time. But I think, I want to thank you and it's so important and open source allows governments for example, and private sector to come together to work on these big issues that we have an opportunity to once again create efficiencies and trust in the market and do it in openly developed, open governed communities like at the Linux Foundation and we highlighted some of the other projects as well that we do in Hyperledger Foundation. So I want to thank you for sharing your use cases. We had a full day yesterday at the Hyperledger Member Summit where our members really shared a lot of the work that they've been working on. And it's just fantastic to see and that we're not sitting around talking about why blockchain, but how blockchain is being implemented. So I want to thank you both for your time today. So thank you. Thank you. Thank you.