Date
Attendees
@Natalia Garcia
- Manju Reddy
- Muralisr
- Kelly Cooper
Goals
Discussion items
| Time | Item | Who | Notes |
|---|---|---|---|
| 2 min | Anti Trust Policy & Code of Conduct | ||
| 10 min | Introductions: Welcome new members | All | |
| 8 min | Invite new contributions or further connections | Repos, Green Bonds, FinOS, Fednow, ISDA DerivHack, | |
| 3 min | Global Forum Presentation as a SIG? Were there any CFPs submitted? | https://events.linuxfoundation.org/events/hyperledger-global-forum-2020/ | |
| 20 min | Status and plans from the project leads or interested members for existing projects | CMSIG-Projects | |
| Rest | AOB |
Action items
Meeting Minutes
Banks - smart contracts - what about cash? Biggest problem for Muralisr - transactions have to resolve themselves in cash.
Vipin - Interactions with money today, is in digital form, through digital accounts, or some form of plastic money. Cash may be a smaller percentage of transactions; however, it's sitting in many different systems as an account. For banks, amounts sitting inside accounts in, for example, the Fed in the US. Dematerialized cash has been around for a long time. That cash, now, needs to be accessible for settlement if securities are issued on the blockchain, they need to be accessible on the blockchain in a secure manner.
Securities can flow across regions and denominations. Hard to make cash flow like that. Why we have so many intermediaries who handle cash for us. To democratize? Need cash in some form. How to work from one currency to another? What does it mean to say cash is on the ledger? Do we have one standard cash or keep fiat of regions? Once that problem is solved in some form it will open a lot of use cases.
Papers on projects, taxonomies, obstacles in slow progress.
One obstacle, absence of a standard for digitalized currency. To flow across jurisdictions or systems. Networks, repos, etc. If you want to use money transacted in one of the use cases to do something somewhere else, you need the interoperability of cash.
Common Standards - holy grail - some notion of local standards with the ability to bridge them with some interOp. We do have in standard legacy processing. Intermediate legacy systems handle it for now. If we have blockchain, local blockchain, how do we park between blockchains. What about the middleman? How does it work with current systems? How do we get from where we are today to what we intend?
How do we get assets into the blockchain, in the first place? If in digitized form, easy. Those not digitized, not easy. The scramble to digitize actual cash (JP Morgan) to have cash on the ledger.
--
Some updates made in the taxonomy document and others.