2019-08-14

Date

14 Aug 2019

Attendees

• Vipin Bharathan

• Kelly Cooper
• Gary Miller
• Al Brandt
• mani pillai
• Karen Ottoni
• Ron Quaranta

• 
  

Goals

• Continue working on projects

Discussion items

20190814.audio.m4a

20190814.video.mp4

Projects – Blockchain in general – Hyperledger in particular.

Taxonomy – classification. Segment capital markets into different ways of classification. In terms of infrastructure, capital markets – bonds, equities, derivatives, repos, same level although may refer to primary instruments because the analysis and the structure are slightly different. Do have syndicated loans under bond umbrella. Discussed ABS, MBS, etc., toward taxonomy modification. Editable document, please contribute. Review of draft taxonomy of tokens, based on Ethereum Alliance.

Data Standards – rough cut at this point. The idea is how are the standards being enhanced or applied and how do we add more standards? Template toward top of the data standards page, if anyone has idea of template we can use for standards, will be useful. Some organizations such as OASIS may have something like a meta-standard for standards. There will be several standards, we want to create a template to cover all categories. For example, overview, why applicable to capital markets SIG and blockchain, and associated details-a template to organize information. Foundational work is available, discussion on how to organize and not replicate, utilize cross references, etc. Deeper dive into technical such as standard uses, message types, tokens, to begin to map out a level of technical. Perceived challenges, adoption rates, etc. after foundational work. Top level projects will create interlinks to challenges, gaps, how to map to obstacles to standards being adopted, etc. How standards are relevant to blockchain and Hyperledger – then to actual projects. In the beginning this will be more of a resource for people who want to get acquainted with capital markets – than to projects (existing or potential), challenges, solutions, technical and non-technical. How can we take the conversation forward, without duplicating work being done elsewhere (WSBA). Serves as a guide. Careful with ‘standards’ type of a document that we’re not proposing standards. Evolving standards when shared with global Hyperledger ecosystem – not developing standards, describing them, putting them into a particular place in terms of our interest in creating solutions for capital markets in blockchain or Hyperledger DLTs.

Use Cases – Things have evolved enough we can point to specific use cases in beta or production. Is it acceptable to point to use cases? Other category to add – data and analytics from capital markets use case perspective. Identify good use cases, or not. Gaps, struggles, i.e., trading use cases – DLTs.

Obstacles – Blockchain and capital markets – need to compartmentalize conversation. Token world – custody, institutional level. Blockchain – to run data and workflows. One obstacle – hard to frame or compartmentalize the conversation. Subgroups – digital securities compartment with its own obstacles separate from running a deal on blockchain where there’s no token. Education and acceptance conversation – invariable Bitcoin – not interested. Anything in the context that helps aid that discussion. Other obstacles – interoperability and integration. Capital markets is not a new ecosystem, connecting to existing systems. Trusted intermediary. A lot of compartments around trust list versus decentralized trust. Capital markets, someone in the room to undo a wrong – i.e., blockchain that encompasses trustee and custodian that might not be the case later. Big spectrum. Tokens, no tokens. Trust, trustless. Contract networks – asset networks. How to bring together, to achieve their potential? There needs to be a way to correct transactions that are wrong so DVP approach with no recourse will be tempered with a recourse component. Holding parties accountable and forcing them to reverse by giving money back. Properly implemented DLT will not encounter. Not editable, reverse transaction by adding a transaction?

Action items

• Set SIG meeting time to 10:00 EST. Poll noted 9:00 as optimum; however, the group discussed and is in favor of 10:00 to include additional PST contributors as requested during the polling process.
• Submit 10:00 biweekly meeting time to Hyperledger calendar.
• Contribute toward projects between SIG meetings to include project page updates and project-level action items.