Got it. We are being live streamed. So, hello everybody on YouTube as well and everyone here. Welcome to this Financial Markets Special Interest Group. And I think we've got a bit of a treat today. We have Mark and Balaji from Oracle, who are going to talk a little bit about what they're doing in fabric, in financial services and CVDC applications. And I think, shall I just hand over to you now, Mark, so you can take over and then please, everyone have questions ready. And if you're on YouTube, I'll be watching YouTube as well. So, any questions there, I'll pick up as well. Okay. All right. Over to you, Mark. Thank you. All right. Thank you, Julian. Thanks very much. So, just a couple quick introductions. I'm Mark Malovich. I'm responsible for blockchain product management at Oracle. And with me, we have Balaji, who is an industry innovation advisor for financial services. I'm based in San Francisco, Balaji Bay Area at least. Balaji is based in India and between us, we, you know, covers the world. So, we have a couple interesting topics on the agenda today. I'll just briefly introduce Oracle's kind of strategy and our blockchain capabilities. Obviously a platform that's built around Hyperledger Fabric, have been a member of Hyperledger for a long time. At least since I believe 2017, if I'm not mistaken. And he has a platform that was out in the market for at least four years since 2018. We'll highlight some of the innovative capabilities. We have been doing a lot of work to continue to innovate with the platform and provide a lot of valuable features and capabilities that particularly financial institutions really appreciate. Also customers in other industries, but today we're talking about financial institutions, banks, etc. We'll touch on our tokenization support. And then Balaji and I will cover some of the more interesting use cases and projects that we've participated in in financial services. And then we'll also talk about CBDC in particular, because there is some exciting work happening there. And some of the capabilities that we've been investing in, I think are going to be very useful. Leveraging core fabric capabilities and the tokenization support we have built on top of it. So let's get started. Oracle, as I mentioned, had been investing quite a lot in the space. We believe that there is a very significant opportunities for enterprise blockchain. And I emphasize enterprise because Oracle customer base, of course, are consumers, right? It's other companies, government organizations, etc. So we're thinking about it in terms of business and organizational networks helping to either create new ones or significantly optimize existing networks by using blockchain capabilities named a single source of truth, distributed ledger, trusted transactions, and all the rest of it, right? But it is a complex technology that has a lot of moving parts. So our focus in the market has been to make it easy and quick to adopt, provide a really leading enterprise blockchain from a kind of infrastructure perspective that enterprise AT can get behind, but also something that developers will love because of the development experience and automation and tuning available for it. It's a platform that's available in a cloud environment, in Oracle cloud or CI, as well as on premises. So we cover both grounds and we can, of course, run them together as a hybrid network as well if necessary. We have built also some SaaS applications focusing on the most common supply chain management use cases, intelligent track and trace, and there has been some interesting adoption in supply chain space. It was a platform itself, a custom solution built as well as this business-ready solution. And we've been doing some work in database as well, what we call crypto security management, inheriting some of the core techniques and principles from the blockchain, but applying them as an Oracle database as well to make it easy for customers that are using database to benefit from those capabilities as well. So in a very quickly, our platform as I said, Hyperledger Fabric, but as a managed service, right? Blockchain as a service. So it's all pre-built, pre-assembled. There's all of the underlying dependencies that you need, all of the Hyperledger Fabric components, peer nodes, ordering service, Fabric CA membership service, but we also provide a very extensive set of operations tooling, web console and DevOps APIs, API gateway for integration, events, subscription and event delivery, callback delivery. So a lot of integration work is done through this API gateway. We integrate with Oracle database to be able to stream transactions in real time into a database relational schema for analytics and other kind of use cases. We have done a lot of work, of course, to integrate this blockchain and provide tooling, not only rest APIs and events, of course native Fabric is the case, but also a lot of integration adapters out of the box for various systems of record, ERP systems, Oracle and non-Oracle in cloud and on-premises and various enterprise technologies. We maintain full compatibility with other open source Fabric or Fabric from other vendors and we have in fact in production running multi-cloud networks with some of the other Hyperledger members for some of our customers use cases. A lot of enterprise great features built in, dynamic scalability, high availability, resilience, security or durability, many other things that over the years enterprise customers have really pushed us for. A lot of automations through DevOps and then last couple of years we started focusing beyond infrastructure to make it easier for developers to actually building applications we created as a tool called blockchain up builder which provides out of the box capability to automatically generate chain code from templates, from specifications and that way you don't have to rely on expensive blockchain developers you can actually use people that maybe they're comfortable within the domain space and some basic enterprise kind of development work but you can in fact generate chain code and deploy it without even any development programming experience. Of course you need to do some testing with it but it's all exposed through the APIs, the rest APIs for integration pre-generated from the up builder based on the templates that you can tailor to particular use cases and so on. So it's kind of a low code, no code combination and we have added support for tokenization in this as well. So you now have fungible tokens and non fungible tokens NFT support available that you can automatically generate from the blockchain up builder and then deploy into the blockchain platform. So all of those capabilities come kind of pre-assembled in one place in Oracle Cloud environments we go to Oracle Cloud to find blockchain platform under developer services. So that's fundamentally what the solution looks like in a cloud environment and they have a similar thing on premises for people who need to deploy outside of Oracle Cloud or maybe in the third party cloud, right? Depending on some data sovereignty requirements in various countries or industries and so on and it's run in VMware you can run it in Oracle VirtualBox pretty much the same capabilities same tooling but you know there's a lot of dependence on the Oracle Cloud for those customers that you know want to run it that way. We've done a lot of work over the years to not only exploit fabric but to improve on it by providing a lot of additional capabilities, right? So of course you make it run in the cloud environments as there is basic provisioning infrastructure dependencies all pre-integrated but things like automatic redundancy and replication you can select an enterprise edition and you will get that out of the box or enterprise queue, dynamic scale up and scale out and many other things it's a managed service so we do zero downtime patching and updates customers don't have to worry about any of the maintenance stuff it's all done out of the box we provide an operations console which is a web UI but also rest APIs for all kinds of administration and management it's very intuitive and very easy to use and also does a lot of monitoring troubleshooting as well we've done a lot of work around extended security as well as auditability such as fine-grained access control that is very important for confidentiality some things that we'll talk about in more details on chain audit log block integrity validation those kind of things identity management integration with user and role management as well as configuration support using Oracle Cloud the bi-directional API gateway which I mentioned earlier provide a very extensive set of rest APIs synchronous and asynchronous transaction location much simpler than using the client SDK and at the same time it enables subscription to events with callbacks and then we provide callback delivery mechanism talked about the blockchain upbuilder with other generation of chain codes and token support we've also improved on the data management we've seen a lot of challenges with CouchDB from a performance and scalability perspective and also just some of the functionality so we use our own Berkeley DB which is in Oracle open source key value store it's about 10 times faster than CouchDB and we integrated it under the in a peer chain code under the peer APIs but it also provides SQL support so in now or chain code you could either use CouchDB query language which was still support as a language or you could just trade SQL select statements with ware closers which is much easier and this data pump I mentioned earlier integration to Oracle database to basically stream transactions as they come in to the history database into Oracle database in parallel for analytics, machine learning data warehousing kind of things and so on been very popular as customers to be able to do live analytics directly on the blockchain ledger through that mechanism so a lot of this infrastructure work was great but customers have said we now have to spend a lot of time on applications and building use cases what can you do to help us so there are two things you've done we have a portfolio of industry solutions I'll show you some examples of those very rich ecosystem but also the tools that we build called blockchain up builder which is a low code development tool for you know custom application development it manages and accelerates the development lifecycle in terms of development testing deployment automation all of those things but one of the critical things that it does is automatically generating smart contracts based on declarative specs or templates so you can take an existing template you can tailor it and then or you can add your own from scratch and it will automatically generate all of the crowd methods necessary to do persistence operations on those objects that you define in a template with all the validations and everything else you can add more code if you want to if it's a simple use case and you just need the persistence query update delete kind of operations those are built out of the box and you can use the recipes to interact with them when we initially released it this was all for generic applications but then we said let's go ahead and create specific templates for tokenizations with generated lifecycle methods for fungible and non fungible tokens so I'll talk a little bit about that as well but we now have full fungible non fungible token support in the platform which is automatically generated chain code methods for the token lifecycle that's kind of a very quick summary generated pretty highly this is from Juniper Research putting us on top of the leaderboard and some other analysts have also in IDC and Gartner and so on made this highly a lot of production deployments we weren't the first to come out with an enterprise blockchain but we did focus on getting customers to production into live deployments and making it as straightforward and easy as possible for them to do that so you see examples here in financial services we'll talk to some of this in more details B2B platform you know diamond accessibility was a great example and healthcare healthcare here education trade services one of the largest networks actually based out of Asia-Pacific or global shipping business networks the joint ventures headquartered in Hong Kong but they have I think 9 or 10 now major industry members from Asia, Europe and US participating in this is all the maritime shipping and about one one in three worldwide containers that goes from maritime shipping goes through their members through this network so it's all of the logistics tracing documents and you know a couple really unique applications in this particular space food, manufacturing electric vehicle batteries, there's a lot of materials and CO2 emission traceability goes along we have partner solutions built by Circular for World War Mercedes-Benz and others loyalty solutions this is again farming and agriculture for milk and so just a bunch of different examples here I also wanted to show you some of the examples of the partner solutions that have built a small platform some are in pilots and others in yellow here running live in various services this is financial services, banking financial services manufacturing and field services solutions in retail space food agriculture and CPG logistics and transportation some are based in well I talked about this one this is actually built by cargo smart the split off into the Psyche OEX subsidiary cargo exchange a large deployment in India for export import business education solutions SNAPA FutureTech is one of our great partners in India as well who else? Guillaume is a recent partner doing EKVC in India I'm just trying to pick the partners Tecma Hindra who else? This one coiners India based partner with markets and platforms they've deployed for Hindalka which is a large metals manufacturer health care solutions and then some tokenization and energy solutions as well from partners that have been building on our platform you know leveraging the energy support that we have so this is just a quick summary I wanted to spend a few minutes going through some of the technical capabilities we have added to make this a go to platform for many particularly in financial industry right so fault tolerance is really important and in Oracle cloud we deploy the blockchain platform across multiple availability domains so region is a location right so location like Singapore or Mumbai and India or Tokyo and so on or in US Phoenix and Ashburn and London and Frankfurt and each one has multiple data centers usually 20 kilometers apart so when we provision enterprise shape we provision it automatically across the three availability domains right customers don't have to worry about the details here it's all out of the box but you have resilience right so you have replicated services and then you have peers and orders that you can spread and if your application is going to need high availability then you make sure you send the request to peers in separate availability domains and that way you're sure that even if one of the three availability domains goes down you still have high availability we can also do the same across multiple locations creating ordering clusters that are geo redundant and can spend that you can also do dynamic scale ups you create an instance for particular size and then you say I need to add more capacity more peers more orders more CPUs more storage all of that is dynamically scalable on request and demand basically PKI and certificate management is very important particularly for banks right so you know you're familiar in hyperlegia fabrics there is a CA that's used to issue identity certificates and manage identity for all of the peers for other service nodes and so on and typically by default it runs in a self-signed mode but many banks have the existing CA's and what they want to do is they want to actually run our CA as an intermediate CA they already have intermediate CA's for different application areas so they basically want to be able to run our CA here you know VP as intermediate CA under their root CA so when you provision our blockchain you can specify you can basically upload a certificate chain from your root CA and then we will use that in our CA to sign the generated leave certificates right identity certificates for peers on send so they are now all signed and roll up to the root certificate of your root CA we also maintain the CRL so certificates can get compromised or evoked and it's important to be able to notify other participants in the network so we actually have a mechanism where we can add certificates to a CRL and then distribute the CRL so everybody is aware that certificates have been revoked on security front standard of course cloud security but then in ODP oracle blockchain platform instant security we have role-based access controls that you've added of course standard TLS channel security message signing the standard fabric for life cycle configuration changes so that anytime you make a change in the configuration that's low and then of course you have blockchain channel level ACLs and policies and fabric we supplement that by providing fine-grained on-chain access controls list within the chain code so you can define resources the chain code relies on functions or data and then you can manage it based on identity partners based on certificates attributes groups etc and essentially implement enterprise level access control for fine-grained we have one customer who is building a solution for financial trading where there's going to be multiple clients multiple organizations sharing some resources sharing peers they want to make sure that they cannot get into each other's accounts even those are going to the same peer and there's multiple clients and so on automation is pretty big there's a lot of automation tools in Oracle cloud you use all of that with OVP because we provide REST APIs follows a platform management network setup and all of the applications sending transactions creating chain code event subscriptions through REST APIs so you can essentially take all of this and you can automate them through various automation tools like Terraform provider, Ansible collections etc I mentioned earlier this rich history database where we can it takes the data as data comes in from an ordering service block comes in to the peer and we can update the local history database ledger but also a synchronously Oracle database through a queue and then you can apply analytics and data warehousing and other things another thing we've done is this concept of multi-member nodes right so in many environments the concept of dedicated node for a particular organization a small organization is too expensive technically maybe they're not able to manage it so you can run a shared node and then of course everybody can maintain their keys outside, private keys through our KMS system in Oracle cloud and then still you know signs of transactions and so on but this multi-member node provides a lot of value in kind of a long tail partners like in farming in agriculture or some of the financial services as well so this is kind of useful I talked about the access control list already right so you essentially create a mechanism that allows you to store ACLs on chains they're part of the world state and any node on the channel has access to the same ACLs you update them through blockchain transactions so that's all recorded if you have full audit history etc and then you can involve basically a check access function in your chain code providing specific resource the identity etc to verify if that identity that's involved in the transaction has access to the resource that's asking to update or read or query you can specify the type of access auditing it's been important some customers ask what one is the blockchain integrity validation this is going through the blocks and recalculating the hashes and very validating the data format ensuring blocks have not been tampered with basically right so we all know that that's the core of the immutability you know that we claim about the blockchain but unless you check the blocks and verify the hashes you will not know if somebody tampered with them so we provide an API here to essentially do verification at the peer level there is return success or failure once you walk through the chain and validate the hashes and then various statistics about the ledger we also do on-chain audit of configuration changes so any actions related to channels, organizations peer nodes orders etc chain code all of this are logged again as blockchain transactions on the local channels that we create and then you can get APIs to be able to retrieve this as a full log or you can subscribe to specific events the scroll back notification so if you want to know when chain codes been installed or peer has been restarted or anything like that you can subscribe to those kind of events a lot of integration capabilities so of course standard client is the case with support but we also have this REST API which we talked about recently we've added this reliable callback delivery so we make a callback on an event sometimes the downstream system is not responding there is a network connection issue we want to make sure we don't lose that callback so we put it on a queue and we retry it and so on we have a lot of orchestrated integrations around integration cloud as well and like supply chain track and trace application and others built a lot of this API straight in one of the more recent enhancements is to solve this issue of transaction atomicity right so you need in many applications you need to be able to have strong consistency and we tackled it in two ways force is within the hyperlager fabric itself if you have data, if you have transaction chain codes on multiple channels let's say you have this goods channel where you're trading marbles or whatever you're doing payment transaction and you want those of this to be atomic fabric does not allow you to do that easily actually natively you cannot do that we provided a two phase commit implementation such that you can through our REST API send a transaction request an array of operations right so you know triggering marbles chain code with certain arguments when channel goods and example O2 this is a standard example for payments and under the covers we will do the two phase prepare and commit in such a way that they are committed together or if any one of them fails then we'll roll back whatever we prepared even though from the ledger perspective right all of that all of those steps are on the ledger we don't update the actual key value state until we do a commit so they are in a kind of a pending state and you can see them but they are locked so you cannot update to do anything with them and if you need to we can roll them back from a world state right and then the transaction itself on chain will show whether it was committed or rolled back the other things that we did was extended this when you need to update data not only across channels and fabric but across blockchain and databases for example there is often a need to have off chain data right you might have a large volume of data you don't want to put on a blockchain itself document what have you so if you want to do an atomic update of the blockchain metadata record and the off chain database record a document we now do that with full XA support generally if you are familiar with XA protocols global transactions this is the concept of external transaction manager typically like web logic, JBOS the web sphere kind of solutions and they coordinate distributed transactions to the XA resource manager for each particular repository so we created a resource manager library in java for our blockchain on top of this to face commit functionality because it depends on it to then allow those transactions to participate in global transactions orchestrated by transaction managers and you know banks and financial institutions live and die by this right you withdraw money from one account you update you know credit to another account that's an XA transaction you sell a stock and you pay for it that's an XA transaction so in all of those cases strong consistency is a must and we now can use our blockchain as part of that strong consistency kind of a chain with whatever other resources and by the way we can accommodate other blockchains as well even those who don't have to face commit because in XA protocol it helps this optimization called last login resource LLR that allows for a single non-XA resource to participate in XA transaction Interoperability is pretty important right so I talked about interoperability with other fabric nodes we do that all the time interoperability with other smart contract frameworks in addition to our native fabric smart contracts we run Solidity VM and can support Solidity chain code with FAPSRI Client and Damel as well right so DA had built this interface where they can run Damel across multiple you know blockchain ledgers so we support that as well and then there is this cross ledger integration where you know you need to be able to do a shipping transaction on let's say GSB using capital as a fabric and then maybe there is a some kind of payment transaction on cord or maybe trade finance that banks use so we do that through over ledger but we also started looking at capital as a cactus right this is really a great tool that the community put together mostly Accenture and Fujitsu if I'm not mistaken and we think capital as a cactus has a lot of promise so we are exploring it trying to understand if you know we can incorporate it I didn't want to go to I actually want to go to the next page here so you know basically this is kind of a graphic of capital as a fabric it has this concept or where verify as it talks to different blockchain platforms through the specific APIs or plugins and then it also has kind of a business logic plugin to orchestrate multiple transactions so we're exploring it to see how we can incorporate it in our managed service so our solution overall right incorporates a lot of things around blockchain itself but we actually have capabilities of course brothers and blockchain Oracle integration capabilities, database analytics and so we have this with one customer called Wing2Wing architecture that we often bring into those engagements with customers where you need to integrate where you need to be able to do analytics and you can very quickly create using low code tooling a lot of the application value out of the box without writing code right so integrations can be done low code this blockchain not builder auto generator smart contracts are low code we have a UI builder visual builder which is low code tool analytics low code etc all of this we can do very rapidly create a very compelling enterprise application so one of the key things that help that of course is this automatic chain code generation which I mentioned we do this application builder starting with a specification file YAML or JSON file you can edit and tailor it and we generate automatically the code you can add custom methods if you want to extend it deploy it locally we include HyperledgerFabric, INSA, blockchain not builder locally you can test, debug you can package and deploy into your running Fabric Network it doesn't have to be Oracle Network you can deploy in others as well you can package the chain code deploy it anywhere in Fabric so this speeds up things quite a bit and we use it for tokenization support so we've actually created fungible token support using token taxonomy framework TTF it originated from the Ethereum world but it's really a good spec for defining different types of tokens that we created based on the definitions with different behaviors we generate the life cycle methods from those behaviors we have custom properties and so on it's account based token system and we're seeing pretty good adoption there is core ZK wrapper functions as well that we create it's built-in security so there is role-based security for minting, burning, sgrow all of that stuff and it can be used in currency solutions, digital currencies also to be used for CBDC as well as in loyalty programs and other kind of things and we've recently released our ERC721 based NFT support as well with some extensions we also generate automatically all the methods we added burn capability because some customers need to burn custom properties that are dynamic any NFT owner can extend those properties cost-fix metadata and so on NFT support is available on our platform generated again from blockchain outbuilder but if you have non-oracle nodes you could deploy the same chain codes there is nothing particularly unique there that would not run on any other fabric node so let me spend a few minutes on the use cases and ask Balaji to talk a little bit more about some of those, we group them into categories so let's start with payments and securities Balaji? Thanks Mark if you look at it blockchain has come a long way since the time when it was probably technology in such a business problem rather it has been flipped the other way around so if you look at adoption of blockchain today predominantly 50% of the adoption is on financial services and the plethora of use cases some of them include payments etc what I am going to talk to you about see today cross-border fund transfer is a very complex process it is also not a very cost effective process today if you look at it it takes more than 3 days for money to move from one destination to another destination through a variety of corresponding banks etc so there is a positive intermediation which is also high and the other thing is also the lack of visibility as to where we are of course swift as today implemented GPI kind of but also then it is not a very easy process to transfer money if I were a customer I would look at instantaneous transfer so that is where blockchain comes in so today if you look at it predominantly banks can look at implementing this across the variety of their overseas subsidiaries or between banks the cases which we have seen today we have worked today are with banks who want to essentially look at blockchain for transfers among the group companies and among their overseas networks it could be a money transfer related issue which could come in but predominantly what we have seen today is around non-monetary part of the money transfer is where the adoption has been there so swift has got a 700 series message which is around trade finance which also where there are also a number of confirmation messages which are being sent so today by routing that through a blockchain network you essentially look at faster settlements and faster and at a low cost so today if you look at it there is a blockchain adapter which is there which essentially puts a message on blockchain node which generates an event and based on from another node on another country where it resides and that blockchain connector essentially decrees that message that's the validation of AML etc also with the core banking check and essentially looks at getting a fund transfer the benefits are everything is structured as a smart contract so the entire routing mechanism will be through a smart contract you have more real time handling settlement is instantaneous without any intimidation costs and of course there is a full auditability and traceability available to clients we have implemented this for Arab Jordan a bank one of the large clients in the Gulf the other case around security services today asset tokenization is an important area if you look at private banking wealth management that's also in a I've been a banker in my earlier outcry to Oracle so there's there needs to be democratization of wealth but there are asset classes which are there which typically have a high entry qualifiers which are not really affordable or etc by a number of other segments so if you look at wealth management as a segment there is a master fluid VH&I and ultra H&I typically the ultra H&I is where these asset these asset classes are for the portfolio for what are their portfolio but there's a good possibility to essentially look at tokenization tokenizing these asset classes for example a collectible something like a Picasso painting or let's say something like a lunar rock which could be essentially tokenize that and look at creating better liquidity and better price discovery for that and ensuring there is fractional ownership and with the result you are able to offer them to a larger section of customer segments so what standard charted bid is essentially in Hong Kong is to look at tokenizing things like stock bonds and roads with the result they were able to in Singapore I'm sorry my apologies that's in Singapore essentially to offer better investments to number of their master fluid clients etc and look at creating better portfolio diversifying the portfolio creating better liquidity for them so these essentially they are once the these asset classes are tokenized they are sent to a digital exchange where they are updated on to a client account and essentially these are connected to a variety of other platforms and a customer can trade in that the result the entire settlement process and the execution process is structured in smart contracts and which also provides an atomic view of those transactions the benefits are A you have enhanced liquidity for a client by creating you are democratizing wealth management to a larger spectrum of customer base by creating fractional ownership you are automating everything to smart contracts and creating efficiencies and there is real time settlement and reduced cost with hardly any intermediation cost which is involved next one let me talk about this one this one was in US actually KIA so KIA is a large investment retirement pension kind of a financial services provider managing a lot of funds primarily for teachers at college and school level and so on and they are offering in addition to the funds a self-directed brokerage account which in reality is managed by third party asset manager but if you want to sell some of your funds you can transfer the money into self-directed brokerage account and then you can buy stocks so you can sell here and transfer money and buy funds well this process is something that was very painful for them because it's an overnight file based communication between them and the third party asset manager who's providing the service and they have a certain percentage of transactions whereas their account information does not match or there are issues of some sort what they call not in good order or not go exception processing and then the customer will call somebody has to spend a lot of time chasing through it to be able to automate account verification matching between the Omnisystem which is funds management and the self-directed brokerage platform ensures that both balances in good order and all of the account information is in good order and that way they can take a certain percentage which was a saying 2-3% of their transactions when the sniger status and sells that and at the same time because they don't have to do this overnight at the same time they can now allow people to orchestrate the trade where you could do sell instructions from the fund and buy instructions for particular stock all in the same operation the same day and in fact you could do this multiple times a day whereas before they couldn't so this is the pilots have been implementing consumer banking Balaji you want to talk through the CKVC solution? Yeah Mark, thank you so much so if you look at it today KYC is a very complex process in most banks and not alone India it's the same case everywhere else as well India costs about at least 1200-1500 rupees for a bank to onboard a client and there are multiple verification processes which are involved so we did this one of our rather we did this project for Ali Jordan Bank which is there where today the existing KYC process was very very laborious it was taking more than 10 days of time to sit and onboard a client so using a blockchain platform we were able to shorten that out as less as 10 minutes rather so today if you look at it customer comes in and he scans his national ID card all the governmental agencies along with Ali Jordan Bank part of the node and he scans an ID card the ID card verifies that with the national database then there's a completion of form then there's a scanning of documents which also gets validated completely and with the result there is a video verification which also happens to activate that account all these things essentially are instantaneous or structured again the entire process is structured as smart contracts and exchange of information is seamless between various participants so once a verification call has been completed then the digital KYC is encrypted and it is stored as an encrypted file where access to other parties is available only through customer consent again this is also something which is structured as a smart contract with the result it's a compliant KYC business which Ali Jordan Bank runs in the process of creating better productivity automation efficiencies which are kicked in and also better customer experience next one global loyalty network so again for those of us who are familiar at least I as a customer have gone through this pain so we all have our own loyalty program many of the institutions offer loyalty program for example many of the banks offer a loyalty program both on their credit card and debit card they all help you earn points but the pain point comes when you want to burn those points so with the result your avenues to burn those points are very limited for example I as a customer of a leading bank I have never utilized those points because the burn avenues which are there is not of interest to me what if you could probably look at creating a more broader network of merchant ecosystem which helps you both earn points as well as opportunities to essentially redeem those points this is what a Korean bank did they structured this for their Winter Olympics they created a global network program where essentially they created a blockchain based global loyalty program which was a unified loyalty program where they onboarded a number of other banks as well and also a number of other merchants not alone in Korea also across the globe in fact they had come down to India as well and talked to some of the Indian some of the Indian banks as well for this and with the result a customer is able to earn points likewise when it comes to when it comes to redeeming points he has a number of avenues which he can swap exchange he can even look at putting of course cryptocurrency is a bad word nowadays but typically he can also look at converting that to points he can look at redeeming that across a variety of across a variety of avenues which are available to him in the result today as a customer there is better delight there is no better stickiness and loyalty with the result I as a customer would perform more transactions with the bank then there is of course there is no verification process today redemption is not a very real time process in the industry networks like this create risk of failure ensure that risk of failure is low risk of fraud is low and create more real-time experience for redemption and with the result there is a better business value which is coming in to typically when I carry forward my loyalty program there is a cost associated with that in the banks in the bank's policy that cost is also essentially reduced and with the result you are able to look at more transaction the customer is doing more transactions with you we are looking at more uptake around payment services as well as your merchant fees for a bank is also typically increased so this is what the Korean bank did is a very innovative project and while for example a job in the field like India what I personally feel is while banks may have their own loyalty so for that matter any other institution may have their own loyalty program what if they could come together and create an industry-wide platform redemption platform which gives more alternatives and better choice to a customer Mark So a few examples in business banking create finance and the like this was a solution this was in India built by cargo exchange a partner of ours for ministry of commerce around secure logistics document exchange so there is a there was a significant problem particularly during the pandemic when export import business involved a lot of paper documents handling there is 36 common documents 80% of them by exchange is physical copies a lot of time delays of course you know potential for face which means you have to have kind spectrum rates and all of that so they created the platform which is kind of became an industry standard in India because it integrates with national stock adder for identity identification of these signatures and so on they have this concept of a digital worker where any organization you know whether it's a carrier bank export to import to customs etc can you know upload a set of documents sign them and then exchange them with other participants so all of this can be done in real time very simple conceptually right you know documents exchange but with full e-signing and ability to ensure that they're accepted by all those other purchase so it was developed together with some banks in India like ICICI access bank state bank SBI and SGFC and it's now being rolled out in a production environment after the pilot last year working with the ministry another example and this is in Europe in Italy a partner of ours they are in financial services kind of ISV focused on the solutions for non-performing loans so banks need to have a lot of software to manage those loans and they've worked with a lot of banks over the years but they decided to get a marketplace because banks want to sell those non-performing loan portfolios offload them so they need access to information that is secure and there is what's called the Sloan Data Tape which is basically all the collateral information that goes along with the loan so that's uploaded from the bank to the marketplace they can anybody who wants to bid can examine that information ensure that it's fully secure they can do portfolio scoring etc. auditing and then they could do bids and then based on the bids the selling bank can set some rules like the highest or some other rules they can set as well depending on which bids depending on the rules which bid will be accepted is decided by smart contract with full transparency and then the transaction gets actually executed between a seller and a buyer so this is a marketplace essentially a data marketplace if you will a couple of examples in insurance this is super money in UK building this solution because it's very common to have multiple stacks multiple silos managing brokers and underwriters if you have a reinsure and then you have MGA's which is basically agent groups groups of agents and all of that stuff and so the payments to them and a particular policy all get run through the different siloed systems super money created a distributed ledger based solution where all of those systems can be on the same ledger and they tokenize those financial flows so that everybody can see exactly how any particular payment is being transacted being distributed etc and all of the different participants involved in what's called border screens and it's all integrated on the ledger through the smart contracts connecting into this various silos with a lot of real time reconciliation capability and there was a lot of manual data copying from one system to another another example there's also an Italy by the way smart insurance where they wanted to create a very low cost policies for things like flight delay baggage delay and so on based on this concept of parametric insurance where smart contract can execute and determine quickly if somebody's policy actually has to pay a claim or not so you can check for example somebody has a flight delay policy you can check external sites find out did the flight land within two hours of committed time or after and then the self executed smart contract basically can automatically trigger payment for you based on that policy so because this is all automated it's very low cost and this is a good way for all of the participants here to attract new customers potentially with low cost policies and then build and upsells on other policies as well financial accounting reconciliation has been an interesting use case started actually in the companies that had multiple ERP systems multiple lines of business in the manufacturing conglomerate actually publicly talked about the general electric but very quickly found that financial companies really like the solution as well because this is being done now in Europe well it's based in headquartered in Europe but it's global bank they have multiple ERP systems financials ERP people soft Oracle Fusion ERP and others in different lines of businesses they have a large number of entries around the world they operate in many countries each one of those is a regular entity with separate accounting and when they transfer funds back and forth that reconciliation process becomes very complex and things often don't match at the end of each reporting period on a quarterly basis or annual basis reporting through the spreadsheets and trying to reconcile things so instead of tracking this on the blockchain up front ensuring that if there is anything mismatches it's called out right away as they can fix it and that way at the end of the reporting period a lot more data actually matches and then they have to go through the spreadsheets nearly to the same volume as they had before so we're doing matching on the blockchain of all of those transactions across entities another company actually said let's apply it to external invoices so they have a lot of vendors suppliers that send invoices for IT consultants and such they have time sheets that they collect so the consultant will enter weekly time sheet data it has to go through the internal approval process then they see it's basically saying yes it's matching approval goes into a REBA system where purchase orders are to generate receipts and then the vendor still has to submit a separate invoice into a REBA which will then generate a payment request to Oracle eBusiness Suite and the payment will be generated then they have to get the payment report back and see who's been paid and who hasn't been how to take this gross level payment and break it down across all of these individual consultants so very complex system the blockchain implementation, the supplier nodes internal nodes for the approvers and then an ERP node and essentially handling all of the data ingestion and matching across the different ERP systems approvers and time sheets all using smart contracts so things is going to have a lot of value in any kind of external invoicing and complex cross ERP kind of environments a couple things on tokenization we have mentioned our fungible tokens so we have this one partner created a ticketing platform this was for Christmas event they lay out this huge Christmas tree made out of lights on the lake couple kilometers long they wanted to control access sell tickets so this is basically ticketing solution and then we have another one that's interesting in the freight management transportation you know tracking and such right there is a lot of issues with disputes in transportation industry a lot of administration costs a lot of intermediates because most carriers are very small providers and so if you have brokers and freight forwarders and so on intermediaries involved tracking the things difficult so there is this company it's a major industry player basically a manufacturing company but there was a provider of you know trucks to the carriers they have a relationship with their supplier of shipping orders because they ship a lot of stuff with their manufacturing business so they've implemented this basically logistics ecosystem but what's interesting is that they're using our fungible tokens to charge using Goncharin custodial wallets for all of the services in that environment and using micropayment essentially to monetize this at different levels infrastructure providers, network operators, service operators and all of this payment through our wallets on chain integrated interoperative financials where they could do you know that value of the taxes and reporting calculations and so on it's a pretty cool tokenization in this case a few minutes on CBDC Balaji I think we're coming close to the time end of time right? so maybe we do want to quickly go through CBDCs we'll kind of actually run out of time right? yeah and no problem Julian anyway we as I said we will do a separate session on CBDC later I'll just quickly flip through what's trending today in most of the countries across the world is on central bank digital currency at least 105 countries are exploring CBDC today at 10 very successfully launched that the first being Bahamas next one so if you look at it today digital currency is the same as a physical currency so ultimately it should be a medium of exchange in other words somebody can exchange with something else it could be a store of value that means it has to regain its value over a period of time and unit of account where it could be measured so that's what sets it apart from typically your cryptocurrencies now why are companies launching why are your countries launching digital currency today one they want to defend so in financial sovereignty against cryptocurrencies it offers a more effective and cheaper currency management system that's what our finance minister has said it reduces cash usage today in India the studying percent of the GDP is on cash which gets reduced and of course they promote financial inclusion the barriers of adoption are around the concerns around citizen privacy nobody wants big brother watching you cyber security and counterfeiting are a major issue a lot of non-state actors are coming in and of course there is it could also possibly disrupt the banking model which essentially works on banks taking deposit from customers and lending it and earning a spread so everybody banks with the central central bank obviously the deposit base of existing commercial banks but of course models may be different so if you look at what are the business models what are the key criteria and operational considerations which needs to be looked at what is the business model whether it's going to be a direct model or indirect model is it going to the traditional banking group or is it going to be a change in model is that what will be the delivery is it going to be token based or account based what could be an adoption where is it going to be driven is it going to be driven on the retail side or also inside what could be the technology adoption whether it's conventional technology or it could be a distributed technology the key operational frameworks are around when we look at a digital currency what a central bank would ask is can I control the money supply can it coexist with my existing existing currencies will it ensure there is can I ensure that there is safety and cyber resilience which is built in and of course where can I how can I roll this out and how can I ensure adoption and how can I ensure that the larger population is able to access the currency and how sustainable is this the next one so if you look at whatever our experience what has been the typical CBTC roadmap what could be I think most of the countries are starting out with the wholesale side and possibly moving towards the retail side again wholesale side is a lot of a lot of cost which is involved essentially interbank settlement there is a settlement risk which is which is there which also leads to sometimes bank failures there especially around systematically border banks can lead to a severe consequence of the economy so it serves to reduce settlement risk and lower operational cost then the next step is around government securities business delivery business payment business where it increases efficiencies around trading by offering better liquidity management and lowest credit risk and third stages to look at rolling that out between enterprise B2B segment where trade finance opportunities and other things are getting captured and of course there is also a cross border element as well today cross border transactions are typically expensive so there is CBTC when you look at two sovereign CBTCs linking up together to offer cross border mechanism because it also becomes interoperable within one CBTC platform or one country and another country it reduces evidence costs and reduces third party dependence and subsequently I guess toward the later stage companies may look at of course some countries have also adopted both but majority of the countries are looking at wholesale retail where government or citizen payment will be their first target and peer to peer payment may be another target mark the next one so if you look at technology implications the technology implications of this are across a variety of areas there are you can be felt in central banks which are the primary players the banks the payment service providers and transaction custody institution these are specialized institutions which essentially depending on the model service the CBTC and the financial regulator so of course the bottom most layer is the technology layer where people need to what should be the infrastructure whether it should be cloud and that impacts all the three segments what should be the distributed ledger technology or the transaction layer whether it should be a distributed technology or a conventional database technology oversight and regulatory surveillance are very important especially when more and more things are getting digital obviously the tendency to for financial crimes and other things because multi-fold so that's where central banks need to really revamping their existing oversight mechanism and banks surveillance mechanism and the same goes with financial regulators as well and applications that's a very interesting area a lot of applications the application idea maybe banks may need to look at better currency management system reference their AML platforms and a host of other and deploy better marketing tools etc and of course there's also user experience layer where they need to build in better user experience applications to ensure better adoption of central bank digital currency so if you look at it broad spectrum the basic mechanism is impacted and there's going to be a real technology reference which we should be looking at Mark for you. We've actually been working in the space and talking with some of the major banks across Europe and Asia, Africa, US and we've created a sandbox basically a CPC sandbox approach where we can work with some of the central banks some of the large commercial banks on leveraging CPC-like capabilities there is obviously capabilities around the infrastructure of the blockchain platform and all of the surrounding services that we can bring together but then there's core functional requirements which generally breaks them into four areas like onboarding, setting up the accounts KYC etc there is money supply issuing and boarding money and monitoring the status of the systems and monitoring statistics etc the actual transactions, payments between participants and then there is regulatory aspect fraud prevention, MLCFT monitoring our tokenization solution in OVP has built leveraging fabric but also integrated with a number of other things basically provides a lot of those capabilities out of the box from an API perspective we can manage a token life cycle for creation and roles management of tokens we do need to integrate where is the KYC process which is not a kind of counter specific step the basic process to create born or mint currency integration with analytics I mentioned earlier provides a lot of monitoring and reporting transfer Nesgroh methods for actual payment and the ability to then integrate also this back-end core banking systems and central bank systems etc maybe RTGS systems is there as well and then of course we have full transaction history on ledger regulators could have read only nodes and then we have a lot of live auditing capabilities that we can deploy as well based on variety of specific central bank requirements we actually prototype the sandbox and prototype an application we can talk about in the next time in more details but it includes some of these components that we talked about earlier and it provides essentially core capabilities that the bank needs to be successful in not only deploying this on a DLT platform but being able to manage, integrate with their own systems financial participants can integrate with their core banking system regulators can integrate with theirs and provide bi-directional integration and so on so the sandbox provides a lot of out-of-the-box capabilities for central banks and we'll report more as we get deeper into some of these engagements some of the banks being a little quiet on it some may be able to talk more publicly as the time goes just as a summary to finish off we also have a lot of resources that help us out in the field and we have ways of engaging with the customers throughout their life cycle sometimes early ones what they want to do is they're just interested we can start with discovery and as a case we have a use case ready to go we can help them design and implement it and prototype it as well using our own resources, consulting partners etc I like this quote from Don Tapscott we've interacted with Don in a number of conferences he always gets asked about predictions and his stock answer is don't ask about predictions future is not something to be predicted it's something to be achieved so go and achieve it we've been trying to build a lot of capabilities to meet the needs of those customers versus general enterprises particular financial institutions and central banks that's our journey so far and happy to take a couple questions thank you Mark that was excellent I think a lot achieved already I think you've done quite a lot a lot very richer less to think I know it's very late for you but I think we're nearly over time if anyone has any questions please do ask but I think as you said we need to do another session on CBDCs as a follow up it looks like you're doing some really interesting stuff there right but we covered everything from trade finance to just bank reconciliation I've seen a lot of use cases just around that you know you think it's simple but it saves so much right having that one universal truth and not having to reconcile do you want to say hello anybody else want to say have any questions hi this is Ramesh we just had one query we already know built the hyper ledger fabric on the digital ocean Kubernetes setup the ledger has been saved into the NFS server for time being so will it be possible to move to the Oracle blockchain platform the existing so we generally have been able to migrate customers with running nodes so we can take a ledger from a running fabric node and migrate it basically using the built-in fabric gossip capability so you add a new node and it can sync up if you have running nodes you can bring us the ledger up on or you just have the ledger blocks yeah that's great thanks yeah so if you have running node absolutely yeah I mean reach out to me and you know we can talk but if it's just the blocks and NFS I'll have to investigate and check with the engineering folks to see what they think and one more question is the off-chain database you know which can be used in the platform is there any database or we can use anything so when we talk about off-chain you have to distinguish two cases right one is the transactions come into the blockchain ledger and we then synchronize them into an external database and that's Oracle database we use Oracle database for that and specifically build that if you're talking about storing directly from the blockchain transactions that's your choice you can use any database that you want for incoming data but if you're talking about replicating transaction history into an off-chain database then that will come through Oracle database of course you can take it from Oracle database and you know always stream it to copy whatever tables into some other database if you want eventually does that help yes thanks sure thanks thank you Ramesh any other questions from anyone else anyone else have any other comments okay I think that was excellent thank you we've run over time so I think some people had to leave right all right well I'll just you know close on you know there's a bunch of information available you can go to our blog blogs at oracle.com our main page oracle.com blockchain real easy you can also try it in our cloud for free right we have free trial 30 days you can very quickly create an environment and play with it I have to make a connect with you on LinkedIn and other things and just get involved you know make a reach out right yeah absolutely mark dot rickmillowich at oracle.com or LinkedIn yeah you can find me okay well thank you you too I think that was excellent thanks yeah now let's do it let's do another one on a deeper down on on CBDCs and thank you everyone for attending and listening I was a few other did I hear somebody else there okay thank you comments all right take care everybody and look after you thank you thank you


Hello and welcome to this presentation about ST's sensors for automotive applications. Watching this e-presentation you'll get an insight of the automotive sensor market and you'll discover Thelma, our patented manufacturing process for sensors as well as our product portfolio which includes new development and design tools that support customer designs. MEMS sensors play a key role in automotive applications. The number of sensors used in car systems is growing every year. ST plays a key role in providing accelerometers and gyroscopes and inertial measurement units for car infotainment and safety applications and is currently developing its first automotive pressure sensor. What are the benefits ST can bring to customers? All devices are manufactured using a technology already adopted by more than nine billion devices sold on the market. ST also offers high volume manufacturing capabilities and its unique expertise in the integration of multiple sensors which is a benefit in terms of system accuracy, space and cost optimization. ST products are often developed together with Tier 1 OEMs to the highest possible requirements. In addition to sensors already available on the market ST cooperates with the leading car manufacturers on new sensing solutions for automotive applications. The current portfolio of MEMS sensors can cover the following areas non-safety applications such as navigational assistance, infotainment, telematics boxes and anti-theft systems and passive safety applications such as satellite airbags and airbag control units. The next generation of products already in development addresses active safety applications which means all those applications linked to the dynamics of the vehicle and focused on crash prevention. What does ST do to meet stringent automotive regulations? First of all, ST's full control of the supply chain reduces chip failures. Second, ST's patented technology process for MEMS guarantees high sensor performance. Finally, ST created a dedicated manufacturing flow for automotive components that guarantees their reliability. On top of developing best practice techniques for production our products are qualified in compliance with AEC Q100 standards. ST is one of the few silicon companies with the expertise and capability to address the full manufacturing and testing chain. Indeed, our sensors are designed and manufactured in-house and we rely on external package subcontractors only for a small portion of our production. For sensors addressing automotive applications, ST has a dedicated supply chain from design and manufacturing to testing and qualification before they are released to market. Our automotive sensors rely on a technology already deployed in more than 9 billion units sold to the consumer market. This technology, called Thelma, thick epipoly layer for micro gyroscopes and accelerometer is used for mechanical elements inside accelerometers, gyroscopes and six-axis combo sensors. The level of integration achieved using Thelma technology makes it possible to reduce the cost and size of sensors. ST uses a dual chip approach where separate MEMS and ASIC DICE are assembled together in the same package. The resulting reduction of mechanical stress increases the robustness of the final product. Sensors for automotive applications are subjected to ST's front-end golden flow specifications which guarantees rigorous monitoring of equipment, a dedicated defect detection control plan, EWS testing based on automotive standards and a final test to ensure pieces meet the required residual defectiveness level. This test includes additional cold and hot tests as well as extended quality control and reliability monitoring. On top of that, there is an additional qualification step in compliance with AEC Q100 standards. All products are provided with PPAP Level 3 documentation which is an additional guarantee of quality. Today, ST's MEMS portfolio includes products for non-safety and passive safety applications. In the first category, ST offers sensors for navigational assistance, anti-theft, telematics and infotainment systems. For these applications, our offer includes accelerometers, gyroscopes and six-axis IMUs. It's important to note that for navigational systems, ST leads the market since 2014 according to data from IHS technology. For passive safety applications, we have sensors designed for peripheral and central airbags. We are currently developing new products for active safety applications. This slide shows the evolution of our sensor portfolio over the past five years. From the introduction of the first three-axis accelerometer in 2010 and the first automotive-qualified gyroscope in 2012 to the accelerometer for e-calls and telematics and up to the first six-axis module integrating an accelerometer and gyroscope in the same package. Now let's take a close look at the AIS328DQ Accelerometer. This device offers 12-bit resolution and low-power consumption which helps reduce car battery consumption in key off applications. Being a triaxial accelerometer, it offers accurate tilt measurements. Its extended temperature range guarantees good performance even in harsh environments. Finally, the AIS328DQ is available in a small 4x4x1.8 cubic millimeter package for space optimization in the PCBs. This accelerometer is suitable for security or anti-theft systems, inertial navigation, telematics boxes and in general for applications requiring intelligent power-saving or motion-activated functions. The A3G4250D is a three-axis gyroscope featuring 245 DPS full-scale. Compared to a single-axis gyro where the component orientation is a critical factor, this three-axis gyro is able to detect multiple vehicle angular velocities independently of the tilt installation and its sensitivity is not influenced by the tilt angle. This feature makes the A3G4250D especially suitable for in-dash navigation. The embedded FIFO can store sense data, reducing MCU workload and saving system power consumption. Featuring low noise and high stability over temperature, the A3G4250D is suitable for applications like inertial navigation assistance also with 3D capability, vehicle tracking systems, telematics boxes and in general rate-activated functions. The AIS3624DQ accelerometer detects up to 24 grams full-scale and can be used for instance for crash recording in e-calls or telematics systems. Pin-to-pin compatible with the AIS328DQ it can be used in the same design where an upgrade in terms of full-scale is required. Its low power consumption makes it ideal for all applications where battery saving is desirable. The small 4x4x1.8 cubic millimeter package saves PCB space. This accelerometer can be used in telematics boxes, emergency call systems as well as in those systems where recognition and logging of impacting events are required. The ASM330LXH is a system in package that integrates an accelerator and gyroscope for a cost-effective solution independent of the tilt installation. The extended full-scale range makes this device very flexible for addressing multiple applications. The ASM330LXH offers power down and sleep modes to reduce system power consumption. The embedded temperature compensation improves stability and accuracy compared to similar devices. This IMU is suitable for advanced inertial navigational assistance, vehicle tracking systems and telematics units. ST sensors can be used in combination with a Tessio GNSS chip to produce a complete sensor-assisted navigation system. This system relies on sensors and Tessio chips in terms of hardware and the TessioDRAW sensor fusion firmware in terms of software. TessioDRAW merges the data from the GNSS chip and sensors to provide accurate navigational information even when a GNSS satellite signal is limited or not available, such as in obscured areas or urban canyons. Passive safety includes all applications that protect car occupants during a crash and mitigate post-crash effects. In the field of passive safety, ST offers solutions for both satellite airbags and airbag control units. Satellite acceleration sensors located throughout the vehicle send their data to an airbag control unit, or ACU, which compares the data from each sensor in order to evaluate the crash and trigger the appropriate restraint system. The AIS-1200PS is a peripheral acceleration sensor with a single-axis in-plane sensing element able to measure full-scale up to 200 grams. With an input supply voltage from 5 to 16 volts and extended temperature range from minus 40 degrees Celsius to plus 125 degrees Celsius, this device is ideal for peripheral airbag solutions for which it is specifically designed. The AIS-1200PS requires only two external components, giving this sensor a competitive advantage in terms of cost and PCB space reduction. The AIS-1120SX and AIS-2120SX are respectively single- and dual-axis accelerometers for airbag control units. These two devices are pin-to-pin compatible and then eventually interchangeable. Their embedded offset cancellation guarantees stability over time. Available in a plastic SOIC-8 package and with an extended temperature range from minus 40 to plus 105 degrees Celsius, they are suitable for the specific application for which they are designed. ST is developing and qualifying new sensors specifically designed for various automotive applications with the goal to improve car performance, safety, and comfort. In particular, ST is working on barometric pressure sensors available starting in 2017 for use in non-safety applications such as engine control, mass air flow, seat comfort, and car navigation, as well as inertial measurement systems for active safety applications including electronic stability control, rollover stability, hill start assist, and electronic parking brake systems available starting in 2018. To finish up, we also have a low-power accelerometer under qualification that is ideal for human-machine interface applications such as electronic key fobs. ST's evaluation kits and firmware allow real-time evaluation of sensor performance in customer applications. ST offers a complete evaluation solution including Emotion Motherboard compatible with all adapters and based on an STM32 microcontroller. A full set of adapters with an onboard sensor are available to support fast prototyping and Unico Graphic User Interface for direct and real-time access to the sensor outputs and configuration registers. Data sheets, application notes, and documents related to evaluation boards are available on st.com as well as a brochure presenting ST's products and solutions. For further information, visit www.st.com slash memsauto. Thank you.