{"id":"ztFPc6GOtlE","title":"Why Smart Contracts and Why Daml? A Hyperledger Hong Kong Meetup [2021]","description":"📚Check out Daml Learning Center: https://bit.ly/LearnDaml\n📖Join our forum and get started: https://bit.ly/tryDaml\n\nDaml is a development framework for creating systems of record that securely connect across business processes and data boundaries while retaining privacy, guaranteeing data integrity, and enforcing strict authorization. Allowing such systems to cross boundaries — legal, regulatory, organizational, or other — enables them to form seamless economic networks.","channel_name":"Daml","published_at":"2021-07-21T00:00:00.000Z","thumbnail_url":"https://i.ytimg.com/vi/ztFPc6GOtlE/hqdefault.jpg","transcript_text":"over to max thank you very much okay let's get started um just a brief uh intro about me can anyone hear me yes all good all good okay um my name is max um yeah thank you thank you so prior to joining digital asset i was working as a software engineer at a crypto sports betting company um so yes have been in i would say this space for a little bit um has had first first-hand experience seeing people using crypto would i say in a useful way maybe in an entertaining way but i do think blockchain is here to stay um whether or not if it's going to be an individual use case or an enterprise use case um it's going to be here to stay so today we have a mix of developers we have a mix of you know i would say business corporate people so i'm gonna start at a higher level as to you know what block what smart contracts are um and go down and paint a couple scenarios for you guys as to why uh smart contracts exist or why they should exist um so just three bullet points very simple this presentation um what are smart contracts why do we need smart contracts demo and chain code which is hyper ledger's version of the smart contract um and we're gonna go line by line on some of the smart contract uh templates so smart contracts right i can tell you in plain language there are programs stored on a blockchain and they run when predetermined conditions are met so a little code example here is um if received payment transfer ownership from seller to buyer right it automated automates the execution of the agreement everyone knows that there's a certain outcome and you can read about it you can see it in the code and it just depends so for example some code might be more complicated to read so only developers can understand the smart contract so it is very important that if you're writing a smart contract you want it to be legible to people who aren't developers say the least so here's a scenario let's say sally sally the seller wants to sell her playstation 5. okay then we got bob bob the buyer has money and he wants a playstation 5. sally might just say pay me first then i'll send you the playstation 5. on the other hand bob is going to say no send me the ps5 first and then i'll pay you so this transaction is not going to occur without any sort of trust right there's the first option which is a physical meetup like we are doing now um and that is you know they meet they exchange everyone is happy bob gets the playstation sally gets the money done deal right and people are always concerned about safety but meeting some stranger in public is also a safety concern that people seem to forget about right so we have option two trust a third party um boo yeah no so right there's amazon there's ebay these are third parties that we have been conditioned to trust already right they deal with the shipping with ups fedex um sally gives the ps5s to amazon bob pays amazon the hundred dollars because we trust amazon with our money it takes two days but in the us it's instant almost like a couple hours then you're there but so it's it's really quite actually straightforward now the thing is though if you're trusting a third party the usual complaint is we don't trust them with our data they take a fee they take a revenue cut from sally they increase the price for bob um why do we need a third party i'll tell you why we need a third party um it gives each participant incentive to act fairly right without the third party someone can just take off with the product without paying so sally's reputation is at stake she has a five-star rating great bob has two stars we don't trust the ball there's reputation at stake there's amazon's brand image at stake within this enclosed system people have the incentive to act fairly but so to say they don't want the third party no trust we're back to square one what do we do okay let's let's go through the scenario again but this time with a smart contract all right and we're gonna narrate the scenario in parallel to what could be a public space so what we're going to use is ethereum permissionless network that means anybody can participate in this network there's no kyc procedure there's no id as long as you can get an address the wallet you're set now the question that i want everyone to think about is how do we incentivize each person in this case to act fairly if there's no third party you know judging what you're doing how do we get everyone to act fairly so in this ethereum network let's say sally creates a smart contract and it says ps5 for a hundred dollars she deposits a hundred dollars and why why do you think sally should deposit a hundred dollars even though she's going to be selling her playstation 5 already anybody have an idea staking yeah i'll give i'll give a prize i have like these travel adapters so if anyone answers i'll give you a travel adapter um but yeah staking so in order for people to act fairly they need some skin in the game they need some they need to lose something right so sally's hundred dollars is locked up in the smart contract next we have bob the buyer she sees that sally is he sees that sally is committed to sell this playstation she's not going to sell a ps4 she's not going to sell a broken ps5 otherwise she loses her money so bob says okay i will put in 200 100 is the price of the playstation the other hundred dollars is his deposit so that he doesn't lie and say oh you know what i didn't get the playstation but he actually got the playstation and if he did lie then he loses his stake last but not least we have dave the delivery man so dave sees that there's two parties involved and he says okay i want to participate now and i can help you too i can deliver sally's playstation to bob and i'll deposit a hundred dollars here as well and this is to make sure that dave doesn't just take the playstation and run off as well otherwise he loses his deposit so now that everyone has stake in the smart contract this is when the transactions can occur sally is going to give dave the playstation and sally is also going to give bob's key to the deposit so in this case dave actually controls bob's deposit now in order for bob to get his money back he has to meet dave bob has dave's deposit key so in order for dave the delivery guy to get his deposit back he needs to meet bob right and if they don't meet each other they don't get the deposits back and everyone is unhappy once everybody has their keys for their deposit i take the key i go to the smart contract and i can unlock my hundred dollars i get my deposit back and usually you'd get a fee so the delivery guy would have an extra fee in there which is his service right bob also unlocks his deposit he gets his ps5 and his deposit back and sally gets her deposit as as well as the hundred dollar fee that she wanted to sell her playstation for so you can see in this world everyone is happy they've gotten everything they needed they got their deposit back um everything is working perfectly now this is what you would model a physical asset delivered right it would be much easier if it was a digital asset like an nft where you could transfer the ownership but in this you can see there's a lot of flows it's because we're concerned with a physical asset in the s in this scenario um but like i said a permissionless network actually anyone can see the transactions going on here um there's no protection of privacy so if i'd redo this entire scenario again and at step four sally gives this playstation to dave right but dave can actually see how much this playstation is worth if it wasn't a playstation if it was some life-changing value asset right dave solves how much that he was transporting he could technically run off he runs off with this physical asset he doesn't even need his deposit bob's deposit is locked in there sally's deposit is also locked in there that is not a good design so this design is would be more naive it's just to showcase you a potential flaw in the system so these are people right that are transacting with each other they're not enterprises now when you think of enterprises you would think lots of transactions lots of people going right through they're they're trading goods all the time so in this case enterprises have to have privacy in this case right bob saw the value we don't need every party to see every line of information in the network that they're in permissions right in this case dave was a bad actor and he's gone and we can't track him down because he's anonymous in this network and finally scalability in enterprise scenarios there's a lot of transactions going on actually each time you transact on the ethereum network you incur a fee they call it gas so this deposit system is not very scalable it's not very efficient everything is going to cost a fee this whole thing is going to be more expensive than just having a regular i guess centralized third party like amazon so comes the permissioned network this is a blockchain infrastructure that actually doesn't allow everyone to participate you have to go through a kyc procedure well you don't have to we the participants decide what they want to do with the support permission um it depends on what they want in this case sally the seller dave the delivery guy and bob the buyer they have been permission to enter this bad actor can't go in he's not allowed to see what's going on so if we were to do this whole scenario again from sally's perspective she can see the ps5 is for a hundred dollars but from dave's perspective he might just see an item id um he won't see anyone's deposit and that is the value of being able to hide the crucial information from people who don't need to see the transaction of everything and then we have a bad actor who's trying to get into the network um we realized that he didn't pass the kyc procedures or anything related to that so that's the benefit of the permission network you can control the privacy you have much more security you're able to do the permissions and a lot more i guess in much more intricate detail and enterprise blockchain solutions are currently adopted widely today and maybe not many people understand but for example we have hyperledger fabric bay zoo sawtooth cordon damo there are huge companies that are currently relying on enterprise blockchain infrastructure precisely because of these three things that i had mentioned up here right there privacy permissions and scalability without these three things it would be difficult to say whether or not enterprises would adopt the blockchain technology and whether or not blockchain technology would be widely adopted for mass adoption and for everyone to use so examples of what these people are or our big enterprises that are using it now on the left hand side for damo hong kong exchange australia stock exchange and singapore exchange they are using damol to i would say decrease their settlement time for trades um for australia stock exchange they're replacing their entire post-trade um settlement system with down stock exchange they've just issued a 400 million dollar public bond with them on the right hand side for hyperledger fabric you have walmart huge supply chain company in the us they rely on their blockchain infrastructure and in fact they're using it to track the providence of their goods which just means they have the ability to know at any time at any place where the goods are in the supply chain and where they came from and it's an interesting story actually i think the lead for this project put a pack of mangoes and said okay where do these mangoes come from and it took the staff seven days and after the whole project um went into production it only took like minutes maybe even less than minutes but that's the power of um i would say relying on blockchain infrastructure and for honeywell aerospace i don't think many people know but actually there's a lot of small shops that will re-buy or buy second-hand aerospace equipment no jet engines and whatnot and it's super expensive um there's a lot of procedure that goes in you have to verify whether or not air worthy they say whether or not it's safe and currently it is a manual before this it was a very manual process um you know paper documents and everything but with honeywell they created a marketplace where they can track every step every past verification of this product and as a buyer i don't have to go through this manual process anymore um so this whole time i've been talking about smart contracts what do they actually look like right it's just diagrams and fluff words so i would like to show you what they actually look like from a developer's point of view now on the left hand side we have the demo code right demo code is template based this is the code that hong kong stock exchange singapore stock exchange uses and it models specifically the rights and obligations and it's designed specifically for you know interacting on a distributed ledger scenario clearly you know actually concisely shows who the controllers are of a certain contract what can they do on the right hand side we have the hyperledger fabric chain code and chain code you can actually write this in javascript you can write it in go you can write it in python soon so it offers you know great flexibility for developers to use this um there are different characteristics which i'll go into but you can see that fabric it caters to a wide variety of developers if you're a go developer already you can already write smart contracts on fabric your javascript you can do that already now there is a twist because with great what we say great flexibility comes great responsibility and you'll see that later now smart contracts are used they're different on every platform right if you chose fabric if you chose bezier social corta you have to learn a different language and use their infrastructure and you're stuck to it if you decided to use damo that actually works with the underlying blockchain infrastructure so the idea here is that you would learn it once and you can deploy it on any other sub-infrastructure that you need in fact you can even just code it locally on your computer and then if you like for a prototype and if you decide you want to move to postgres you can use demo on postgres then you want to widen the net and use blockchain infrastructure then you can decide to do that you're not actually tied in from the beginning so it offers you know a lot of flexibility um but um what did i say before oh so that's the database sorry yes that's a centralized database um except watch it sorry um so i want to give an example of what we can use uh do with demo and i like to use just real examples and less theoretical so on the right hand side we have british pound note and on number one on the right hand side you can see this is the obligation for the central bank i promise to pay the bearer on demand the sum of five pounds okay so anyone who holds this this is a contract in real life you take it to the bank it'll give you money everyone recognizes the ability of what this uh note does does for you we have the signature at number two this is the signature of the counterparty the value right is one second the value of it um actually there would be no value if no one would recognize that the central banks is obligated to pay them right if no one believed that the central bank would do that if the central bank didn't take their obligation seriously this note would be worthless so in exchange they sign it this is their their proof of obligation their their worth now in demo you can just model this using template so as i said it's a template based uh code it's not like javascript where you can write anything you want this is domain specific built specifically to be able to work on distributed ledgers and model contracts with the template we have the properties and actually you can think of this piece of code right here as a table in the database and the properties here are columns right so you have the issuer the owner the currency and the observer and what observer just means is anyone who's in this list can see this contract this is a very important concept it's mainly due with authorization it's one of the main concepts and these permissions permeate every aspect of demo code so the signatory is the one who is allowed to create and archive the contract if i'm a signatory i can create it but if you're not a signatory you cannot remove this but and so i can see every contract and if i decide to add you an observer then you would be able to see this contract in the database and i'll there there'll be diagrams so you can actually visualize it later and then we have the controller here and demo code we have choices and you can see here clearly it's who can control the owner that can do the iou transfer okay we specifically stated it so if i was holding this doll this bill i'm the owner of the bill i can give it to my friend toby here the bank can't do that because i'm the owner the bank is the issuer but he's not the owner of the bill now every template that's falling apart every template the new template is a contract and each contract is unique so an instance of the template iou would be considered a contract now just to step up and give you a little bit of a bird's eye view here um actually one second i'm gonna fix that sorry people online um the projector fell so um a high level view is the um just the recommended architecture so on the left hand side i don't think you can see very clearly but in is it out of focus right now we are fixing the uh projector right now okay i'm gonna go with this i can't zoom in at the moment but i will just narrate it to you so there's a red box on the left that is the demo code independent of all the other code that you write okay so you can write your demo code independent of your front end in the independent of your back end as long as you get the flow of your smart contracts whoever transacts who are the parties you can write that and then what happens is it'll compile into a dar file and this dar file actually will generate a library that you can use and react so then you can actually just directly interact with the ledger through the react code in the front end you can say you know add a contract archiving a contract a specific person if you log in you can do certain things with this contract so it's extremely easy to just deploy onto any front end and to use it immediately the learning curve is well not exactly flat but not exactly 100 steep either but very easy and i and i recommend everyone to just go to the bitly try demo you can see the sdk you can download it later and play around with it um but just to recap so mainly what demo does is that it just provides the smart contracting language independent of any other infrastructure it works on say vmware fabric sawtooth bay zoo and that is just the benefit of being able to use demo and then decide later on what type of infrastructure you want to use now we have chain code hyperledger chain code um as i mentioned earlier for chain code you can write smart contracts with sever through several different languages you can if you're a javascript developer today you don't actually have to go learn them you can actually just write the chain code in javascript you write in go you can type the contract and go and the difference between chain code and demo is that chain code is you know you write with functions and methods it's just like a javascript class right here sorry what next oh next three pages yes oh oh it makes three pages yes yeah so i've actually commented out the code here because it does get very long very very very very long um and it's precisely because the language you it's a regular programming language it gets into so much detail that as the programmer you need to be you have to be very careful you have to know you know what you're trying to write with demo it i would say it abstracts away the need to focus on privacy and you can focus on the business logic in chain code you're going to have to have the business logic and be you know take into consideration the privacy and you'll see very soon here so these are the functions in demo we have choices now you can see it transfer ious this piece of code actually doesn't know who the owner or the issuer is right as as written it doesn't know and in order for me and also for the query i owe you in order for me to make sure that i can't transfer away someone else's iou into and put me as the owner i have to actually write that out so if the user who's requesting this transfer is the owner of the iou then i can do it then i can just transfer it to whoever i want to transfer but i can't transfer someone else's um same with the querying right i shouldn't be able to look at someone else's bank account and see how much money they have um that needs to be explicitly coded in the chain code um so this is what i mean by when demo helps you with the privacy it abstracts that away you don't have to worry about that with chain code this is stuff that you have to think about um and these are just a few lines but when multiple parties are involved um it can get quite long so you as a chain code developer you need to be careful of actually just coding two complicated things um it might just be that um the i would say more lines of code just mean more potential for bucks right so you have to be very careful um and back to damo just for a visual explanation right if if i'm using down when i was the bank because i'm the issuer i'm the signatory i can actually see everyone's data i can see all the rows here now sally as the owner of her own contract can't see balls right because she bob isn't the signatory or sally isn't the signatory of any of bob's contract and similarly for bob he can only see his own so if i am logged in say from a front end as sally you get you generate like a unique username or a token and i access i hit the database this is actually what i'll see okay the privacy is taken care of you didn't actually have to code anything else except for what you see on the screen right here um and same with bob and if we go to the bank again if the bank tried to transfer your iou they wouldn't be able to do that because the bank is not the the owner right the code says controller is the owner not controller is issuer so if the bank tried to do that there would just be an error and it explicitly says that now if we want to do with um chain code at the moment as coded there's no privacy in there i can see everything now in order to do what we did with demo i would have to add a few extra lines saying okay the user can't the user has to be the owner of the iou in order to be able to see if i'm not if i'm requesting someone else's iou i can't see it it's not allowed and if sally tries to transfer someone's iou at the moment without any authority or permissions coded in they can do that they can just change the name from bob to sally they just called the transfer iru and put their own name as the new owner and then i would have to code out another step to stop people from doing that um so that's just i would say a more detailed overview in terms of the code um xaml is a template right based uh coding language and fabric you can see is regular programming language that any of the flexibility is in there now there are you know some trade-offs daimler straightforward to read right is it more flexible than writing chain code probably not um chain code you can actually with javascript you can write anything you need to but that's the trade-off if you have anything that you can write there's just a lot more things to think about when you're coding and developing and you're prototyping so i would say just to recap uh actually we can skip this slide i mentioned it earlier already but with damil it works on multiple infrastructures um and with chain code if you chose this you would be on fabric but at the end of the day it's still a business decision right and it influences whether the programmers will influence the cto probably or the other way around and at the end of the day it'll be a decision for the company to make and if you need to make a decision which doesn't lock you in perhaps daimle would be a safer choice if you die hard know that what you need is hyperledger fabric then by all means you can use hyperledger fabrics and just to go over some of the learning resources here uh try demo we have it's it brings you to the forum but you can install the sdk you can go on the learning and look at all the tutorials and we also have a demo discuss forum um to make it a little bit easier for you guys we also have a wechat community where there's several demo developers in there already so if you guys want to join those sitting at home you can scan this and join our wechat group and on the right hand side it would just be our demo community um you can and actually we've just reached our thousand questions uh benchmark on the forum so there's a lot of people talking there um and that concludes um the presentation i'll i'll send this out later there's just a couple more links in there that you can use for your own uh resources here um but yeah um i think we can go with some q a we don't oh thank you","transcript_synced_at":"2026-10-26T04:11:47.396Z","segments":[{"start_seconds":0,"text":"over to max thank you very much","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=0s"},{"start_seconds":6,"text":"okay let's get started um just a brief uh intro about me can anyone hear me yes all good all good okay","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=6s"},{"start_seconds":15,"text":"um my name is max um yeah thank you thank you","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=15s"},{"start_seconds":24,"text":"so prior to joining digital asset i was working as a software engineer at a crypto sports betting company um so yes","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=24s"},{"start_seconds":32,"text":"have been in i would say this space for a little bit um has had first first-hand experience seeing people using crypto would i say","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=32s"},{"start_seconds":40,"text":"in a useful way maybe in an entertaining way but i do think blockchain is here to stay um whether or not if it's going to","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=40s"},{"start_seconds":48,"text":"be an individual use case or an enterprise use case um it's going to be here to stay so today we have a mix of developers we have a","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=48s"},{"start_seconds":56,"text":"mix of you know i would say business corporate people so i'm gonna start at a higher level as to you know what block what smart","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=56s"},{"start_seconds":65,"text":"contracts are um and go down and paint a couple scenarios for you guys as to why uh smart contracts exist or why they","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=65s"},{"start_seconds":72,"text":"should exist um so just three bullet points very simple this presentation um what are smart contracts why do we","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=72s"},{"start_seconds":80,"text":"need smart contracts demo and chain code which is hyper ledger's version of the smart contract um and we're gonna go line by line on","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=80s"},{"start_seconds":89,"text":"some of the smart contract uh templates so smart contracts right i can tell you in","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=89s"},{"start_seconds":97,"text":"plain language there are programs stored on a blockchain and they run when predetermined conditions are met","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=97s"},{"start_seconds":103,"text":"so a little code example here is um if received payment transfer ownership from seller to buyer","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=103s"},{"start_seconds":111,"text":"right it automated automates the execution of the agreement everyone knows that there's a certain outcome and you can read about it you","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=111s"},{"start_seconds":118,"text":"can see it in the code and it just depends so for example some code might be more complicated to read so only developers can understand the smart","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=118s"},{"start_seconds":126,"text":"contract so it is very important that if you're writing a smart contract you want it to be legible to people who aren't","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=126s"},{"start_seconds":133,"text":"developers say the least so here's a scenario let's say sally sally the seller wants to sell her playstation 5.","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=133s"},{"start_seconds":143,"text":"okay then we got bob bob the buyer has money and he wants a playstation 5.","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=143s"},{"start_seconds":149,"text":"sally might just say pay me first then i'll send you the playstation 5.","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=149s"},{"start_seconds":155,"text":"on the other hand bob is going to say no send me the ps5 first and then i'll pay you so this transaction is not going to occur without any sort of trust","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=155s"},{"start_seconds":163,"text":"right there's the first option which is a physical meetup like we are doing now um and that is you know they","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=163s"},{"start_seconds":172,"text":"meet they exchange everyone is happy bob gets the playstation sally gets the money done deal right and people are always concerned about safety","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=172s"},{"start_seconds":181,"text":"but meeting some stranger in public is also a safety concern that people seem to forget about right so we have option two","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=181s"},{"start_seconds":189,"text":"trust a third party um boo yeah no so right there's amazon","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=189s"},{"start_seconds":196,"text":"there's ebay these are third parties that we have been conditioned to trust already right they deal with the shipping with","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=196s"},{"start_seconds":204,"text":"ups fedex um sally gives the ps5s to amazon bob pays amazon the hundred dollars because","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=204s"},{"start_seconds":211,"text":"we trust amazon with our money it takes two days but in the us it's instant almost like a couple hours then you're there","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=211s"},{"start_seconds":219,"text":"but so it's it's really quite actually straightforward now the thing is though if you're trusting a third party","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=219s"},{"start_seconds":227,"text":"the usual complaint is we don't trust them with our data they take a fee they take a revenue cut from sally they increase the","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=227s"},{"start_seconds":235,"text":"price for bob um why do we need a third party i'll tell you why we need a third party um it gives each participant","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=235s"},{"start_seconds":243,"text":"incentive to act fairly right without the third party someone can just take off with the product without paying","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=243s"},{"start_seconds":251,"text":"so sally's reputation is at stake she has a five-star rating great bob has two stars we don't trust the ball there's reputation at stake","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=251s"},{"start_seconds":259,"text":"there's amazon's brand image at stake within this enclosed system people have the incentive to act fairly","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=259s"},{"start_seconds":266,"text":"but so to say they don't want the third party no trust we're back to square one what do we do okay let's let's go through the scenario","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=266s"},{"start_seconds":274,"text":"again but this time with a smart contract all right and we're gonna narrate the scenario in parallel to what","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=274s"},{"start_seconds":282,"text":"could be a public space so what we're going to use is ethereum permissionless network that means anybody can participate","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=282s"},{"start_seconds":291,"text":"in this network there's no kyc procedure there's no id as long as you can get an address the wallet you're set","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=291s"},{"start_seconds":298,"text":"now the question that i want everyone to think about is how do we incentivize each person in this case to act fairly","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=298s"},{"start_seconds":305,"text":"if there's no third party you know judging what you're doing how do we get everyone to act fairly so in this ethereum network let's say","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=305s"},{"start_seconds":314,"text":"sally creates a smart contract and it says ps5 for a hundred dollars she deposits a hundred dollars and why","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=314s"},{"start_seconds":323,"text":"why do you think sally should deposit a hundred dollars even though she's going to be selling her playstation 5 already anybody have","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=323s"},{"start_seconds":331,"text":"an idea staking yeah i'll give i'll give a prize i have like these travel adapters so if anyone answers i'll give you a travel adapter um but","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=331s"},{"start_seconds":340,"text":"yeah staking so in order for people to act fairly they need some skin in the game they need some they need to lose something right so sally's hundred dollars is","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=340s"},{"start_seconds":349,"text":"locked up in the smart contract next we have bob the buyer she sees that sally is he sees that sally is committed","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=349s"},{"start_seconds":357,"text":"to sell this playstation she's not going to sell a ps4 she's not going to sell a broken ps5 otherwise she loses her money so bob says okay","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=357s"},{"start_seconds":365,"text":"i will put in 200 100 is the price of the playstation the other hundred dollars is his deposit","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=365s"},{"start_seconds":372,"text":"so that he doesn't lie and say oh you know what i didn't get the playstation but he actually got the playstation and if he did lie then he loses his","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=372s"},{"start_seconds":381,"text":"stake last but not least we have dave the delivery man so dave sees that there's two parties involved and he says okay","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=381s"},{"start_seconds":389,"text":"i want to participate now and i can help you too i can deliver sally's playstation to bob and i'll","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=389s"},{"start_seconds":396,"text":"deposit a hundred dollars here as well and this is to make sure that dave doesn't just take the playstation and run off as well otherwise he loses","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=396s"},{"start_seconds":404,"text":"his deposit so now that everyone has stake in the smart contract this is when the transactions can occur sally is going to give","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=404s"},{"start_seconds":412,"text":"dave the playstation and sally is also going to give bob's key to the deposit so in this case","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=412s"},{"start_seconds":419,"text":"dave actually controls bob's deposit now in order for bob to get his money back he has to meet dave bob has dave's deposit key","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=419s"},{"start_seconds":428,"text":"so in order for dave the delivery guy to get his deposit back he needs to meet bob right and if they don't meet each other they don't get the","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=428s"},{"start_seconds":435,"text":"deposits back and everyone is unhappy once everybody has their keys for their deposit i take the key i go to the smart","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=435s"},{"start_seconds":444,"text":"contract and i can unlock my hundred dollars i get my deposit back and usually you'd get a fee so the delivery guy would have an extra fee in there which is his","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=444s"},{"start_seconds":452,"text":"service right bob also unlocks his deposit he gets his ps5 and his deposit back","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=452s"},{"start_seconds":460,"text":"and sally gets her deposit as as well as the hundred dollar fee that she wanted to sell her playstation for","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=460s"},{"start_seconds":467,"text":"so you can see in this world everyone is happy they've gotten everything they needed they got their deposit back um","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=467s"},{"start_seconds":474,"text":"everything is working perfectly now this is what you would model a physical asset delivered right it would be much easier if it was","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=474s"},{"start_seconds":483,"text":"a digital asset like an nft where you could transfer the ownership but in this you can see there's a lot of flows it's because we're concerned with a","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=483s"},{"start_seconds":490,"text":"physical asset in the s in this scenario um but like i said a permissionless network actually anyone can see the transactions","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=490s"},{"start_seconds":499,"text":"going on here um there's no protection of privacy so if i'd redo this entire scenario again and at step four","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=499s"},{"start_seconds":506,"text":"sally gives this playstation to dave right but dave can actually see how much this playstation is worth if it wasn't a playstation if it was","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=506s"},{"start_seconds":514,"text":"some life-changing value asset right dave solves how much that he was transporting","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=514s"},{"start_seconds":521,"text":"he could technically run off he runs off with this physical asset","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=521s"},{"start_seconds":529,"text":"he doesn't even need his deposit bob's deposit is locked in there sally's deposit is also locked in there that is not","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=529s"},{"start_seconds":536,"text":"a good design so this design is would be more naive it's just to showcase you a potential flaw in the system","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=536s"},{"start_seconds":545,"text":"so these are people right that are transacting with each other they're not enterprises now when you think of","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=545s"},{"start_seconds":553,"text":"enterprises you would think lots of transactions lots of people going right through they're they're trading goods all the time","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=553s"},{"start_seconds":562,"text":"so in this case enterprises have to have privacy in this case right bob saw the","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=562s"},{"start_seconds":570,"text":"value we don't need every party to see every line of information in the network that they're in","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=570s"},{"start_seconds":577,"text":"permissions right in this case dave was a bad actor and he's gone and we can't track him down because he's anonymous","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=577s"},{"start_seconds":585,"text":"in this network and finally scalability in enterprise scenarios there's a lot of transactions going on actually each time you transact on the","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=585s"},{"start_seconds":594,"text":"ethereum network you incur a fee they call it gas so this deposit system is not very scalable it's not very efficient","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=594s"},{"start_seconds":602,"text":"everything is going to cost a fee this whole thing is going to be more expensive than just having a regular i guess centralized third party like amazon","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=602s"},{"start_seconds":610,"text":"so comes the permissioned network this is a blockchain infrastructure that actually doesn't allow everyone to","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=610s"},{"start_seconds":619,"text":"participate you have to go through a kyc procedure well you don't have to we the participants decide what they want to do with the support permission","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=619s"},{"start_seconds":626,"text":"um it depends on what they want in this case sally the seller dave the delivery guy and bob the buyer they have been permission to enter this","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=626s"},{"start_seconds":635,"text":"bad actor can't go in he's not allowed to see what's going on so if we were to do this whole scenario again from sally's perspective she can","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=635s"},{"start_seconds":644,"text":"see the ps5 is for a hundred dollars but from dave's perspective he might just see an item id um he won't see anyone's deposit and","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=644s"},{"start_seconds":653,"text":"that is the value of being able to hide the crucial information from people who don't need to see the transaction of everything and then we have a bad","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=653s"},{"start_seconds":661,"text":"actor who's trying to get into the network um we realized that he didn't pass the kyc procedures or anything related to that so that's the benefit of","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=661s"},{"start_seconds":669,"text":"the permission network you can control the privacy you have much more security you're able to do the permissions and a lot more i guess in","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=669s"},{"start_seconds":677,"text":"much more intricate detail and enterprise blockchain solutions are currently adopted widely today and","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=677s"},{"start_seconds":685,"text":"maybe not many people understand but for example we have hyperledger fabric bay zoo sawtooth cordon damo there are","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=685s"},{"start_seconds":692,"text":"huge companies that are currently relying on enterprise blockchain infrastructure precisely because of these three things that i had mentioned","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=692s"},{"start_seconds":700,"text":"up here right there privacy permissions and scalability without these three things it would be difficult to say whether or","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=700s"},{"start_seconds":708,"text":"not enterprises would adopt the blockchain technology and whether or not blockchain technology would be widely adopted for mass adoption and for","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=708s"},{"start_seconds":716,"text":"everyone to use so examples of what these people are or our","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=716s"},{"start_seconds":723,"text":"big enterprises that are using it now on the left hand side for damo hong kong exchange australia stock exchange and singapore exchange","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=723s"},{"start_seconds":730,"text":"they are using damol to i would say decrease their settlement time for trades um for australia stock exchange they're","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=730s"},{"start_seconds":738,"text":"replacing their entire post-trade um settlement system with down stock exchange they've just issued a","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=738s"},{"start_seconds":745,"text":"400 million dollar public bond with them on the right hand side for hyperledger fabric you have walmart","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=745s"},{"start_seconds":752,"text":"huge supply chain company in the us they rely on their blockchain infrastructure and in fact they're using it to track the providence of their goods which just","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=752s"},{"start_seconds":760,"text":"means they have the ability to know at any time at any place where the goods are in the supply chain and where they came from","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=760s"},{"start_seconds":768,"text":"and it's an interesting story actually i think the lead for this project put a pack of mangoes and said okay where do these mangoes come from and it","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=768s"},{"start_seconds":777,"text":"took the staff seven days and after the whole project um went into production it only took like minutes maybe even","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=777s"},{"start_seconds":785,"text":"less than minutes but that's the power of um i would say relying on blockchain infrastructure and for honeywell","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=785s"},{"start_seconds":792,"text":"aerospace i don't think many people know but actually there's a lot of small shops that will re-buy or buy second-hand aerospace equipment","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=792s"},{"start_seconds":800,"text":"no jet engines and whatnot and it's super expensive um there's a lot of procedure that goes in you have to verify whether or not air worthy they say","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=800s"},{"start_seconds":809,"text":"whether or not it's safe and currently it is a manual before this it was a very manual process um you know paper documents and","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=809s"},{"start_seconds":817,"text":"everything but with honeywell they created a marketplace where they can track every step every past verification of this product","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=817s"},{"start_seconds":824,"text":"and as a buyer i don't have to go through this manual process anymore um so this whole time i've been talking about smart contracts","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=824s"},{"start_seconds":833,"text":"what do they actually look like right it's just diagrams and fluff words so i would like to show you what they","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=833s"},{"start_seconds":840,"text":"actually look like from a developer's point of view now on the left hand side we have the demo code","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=840s"},{"start_seconds":847,"text":"right demo code is template based this is the code that hong kong stock exchange singapore stock exchange uses","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=847s"},{"start_seconds":855,"text":"and it models specifically the rights and obligations and it's designed specifically for you know interacting on a","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=855s"},{"start_seconds":862,"text":"distributed ledger scenario clearly you know actually concisely shows who the controllers are of a certain","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=862s"},{"start_seconds":870,"text":"contract what can they do on the right hand side we have the hyperledger fabric chain code and chain code you can","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=870s"},{"start_seconds":878,"text":"actually write this in javascript you can write it in go you can write it in python soon so it offers you know great flexibility","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=878s"},{"start_seconds":886,"text":"for developers to use this um there are different characteristics which i'll go into but you can see that fabric it caters to","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=886s"},{"start_seconds":895,"text":"a wide variety of developers if you're a go developer already you can already write smart contracts on fabric your javascript you can do that already","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=895s"},{"start_seconds":903,"text":"now there is a twist because with great what we say great flexibility comes great responsibility","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=903s"},{"start_seconds":910,"text":"and you'll see that later now smart contracts are used they're different on every platform right if you chose fabric if you chose","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=910s"},{"start_seconds":919,"text":"bezier social corta you have to learn a different language and use their infrastructure and you're stuck to it if you decided to use damo","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=919s"},{"start_seconds":927,"text":"that actually works with the underlying blockchain infrastructure so the idea here is that you would learn it once and you can deploy it","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=927s"},{"start_seconds":934,"text":"on any other sub-infrastructure that you need in fact you can even just code it locally on your computer and then if you like for a prototype and if","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=934s"},{"start_seconds":942,"text":"you decide you want to move to postgres you can use demo on postgres then you want to widen the net and use blockchain infrastructure","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=942s"},{"start_seconds":950,"text":"then you can decide to do that you're not actually tied in from the beginning so it offers you know a lot of flexibility","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=950s"},{"start_seconds":957,"text":"um but um what did i say before","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=957s"},{"start_seconds":966,"text":"oh so that's the database sorry yes that's a centralized database um except watch it sorry um so i want to","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=966s"},{"start_seconds":973,"text":"give an example of what we can use uh do with demo and i like to use just real examples and less theoretical","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=973s"},{"start_seconds":981,"text":"so on the right hand side we have british pound note and on number one on the right hand side you can see this","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=981s"},{"start_seconds":989,"text":"is the obligation for the central bank i promise to pay the bearer on demand the sum of five pounds okay so anyone who holds","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=989s"},{"start_seconds":996,"text":"this this is a contract in real life you take it to the bank it'll give you money everyone recognizes the ability of what this uh note does","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=996s"},{"start_seconds":1005,"text":"does for you we have the signature at number two this is the signature of the counterparty the value","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1005s"},{"start_seconds":1012,"text":"right is one second the value of it um actually there would be no value if no one would recognize that the central","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1012s"},{"start_seconds":1020,"text":"banks is obligated to pay them right if no one believed that the central bank would do that if the central bank didn't take their obligation seriously","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1020s"},{"start_seconds":1028,"text":"this note would be worthless so in exchange they sign it this is their their proof of obligation their","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1028s"},{"start_seconds":1035,"text":"their worth now in demo you can just model this using template so as i said it's a template based","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1035s"},{"start_seconds":1042,"text":"uh code it's not like javascript where you can write anything you want this is domain specific built specifically to be able to work on","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1042s"},{"start_seconds":1049,"text":"distributed ledgers and model contracts with the template we have the properties and actually you can think of this","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1049s"},{"start_seconds":1057,"text":"piece of code right here as a table in the database and the properties here are columns right so you have the issuer the owner","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1057s"},{"start_seconds":1065,"text":"the currency and the observer and what observer just means is anyone who's in this list can see this contract","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1065s"},{"start_seconds":1073,"text":"this is a very important concept it's mainly due with authorization it's one of the main concepts and these permissions permeate every aspect of","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1073s"},{"start_seconds":1081,"text":"demo code so the signatory is the one who is allowed to create and archive the contract if i'm a signatory i can create it","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1081s"},{"start_seconds":1090,"text":"but if you're not a signatory you cannot remove this but and so i can see every contract and if i decide to add you an observer then you would be able to see this","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1090s"},{"start_seconds":1098,"text":"contract in the database and i'll there there'll be diagrams so you can actually visualize it later and then we have the controller here and demo code we have","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1098s"},{"start_seconds":1106,"text":"choices and you can see here clearly it's who can control the owner that can do the iou transfer","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1106s"},{"start_seconds":1113,"text":"okay we specifically stated it so if i was holding this doll this bill i'm the owner of the bill i can give it to","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1113s"},{"start_seconds":1121,"text":"my friend toby here the bank can't do that because i'm the owner the bank is the issuer but he's not the owner of the bill","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1121s"},{"start_seconds":1129,"text":"now every template that's falling apart every template the new template is a contract and each contract is unique so an","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1129s"},{"start_seconds":1136,"text":"instance of the template iou would be considered a contract now just to step up and give you a little bit of a","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1136s"},{"start_seconds":1144,"text":"bird's eye view here um actually one second i'm gonna fix that","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1144s"},{"start_seconds":1160,"text":"sorry people online um the projector fell so um a high level view is","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1160s"},{"start_seconds":1167,"text":"the um just the recommended architecture so on the left hand side i don't think you can see very clearly but","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1167s"},{"start_seconds":1173,"text":"in is it out of focus right now","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1173s"},{"start_seconds":1183,"text":"we are fixing the uh projector right now okay i'm gonna go with this i can't zoom","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1183s"},{"start_seconds":1190,"text":"in at the moment but i will just narrate it to you so there's a red box on the left that is the demo code independent of all the other code that you write","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1190s"},{"start_seconds":1198,"text":"okay so you can write your demo code independent of your front end in the independent of your back end as long as you get","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1198s"},{"start_seconds":1206,"text":"the flow of your smart contracts whoever transacts who are the parties you can write that and then what happens is it'll compile into a dar","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1206s"},{"start_seconds":1214,"text":"file and this dar file actually will generate a library that you can use and react so then you can actually just directly interact with the ledger","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1214s"},{"start_seconds":1221,"text":"through the react code in the front end you can say you know add a contract archiving a contract a specific person if you log in you can do certain things","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1221s"},{"start_seconds":1230,"text":"with this contract so it's extremely easy to just deploy onto any front end and to use it immediately the learning curve is well not exactly","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1230s"},{"start_seconds":1238,"text":"flat but not exactly 100 steep either but very easy and i and i recommend everyone to just go to the bitly","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1238s"},{"start_seconds":1247,"text":"try demo you can see the sdk you can download it later and play around with it um but just to recap so mainly what demo","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1247s"},{"start_seconds":1256,"text":"does is that it just provides the smart contracting language independent of any other infrastructure it works on say vmware fabric sawtooth","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1256s"},{"start_seconds":1265,"text":"bay zoo and that is just the benefit of being able to use demo and then decide later on what type of","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1265s"},{"start_seconds":1271,"text":"infrastructure you want to use now we have chain code hyperledger chain code","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1271s"},{"start_seconds":1278,"text":"um as i mentioned earlier for chain code you can write smart contracts with sever through several different languages you","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1278s"},{"start_seconds":1285,"text":"can if you're a javascript developer today you don't actually have to go learn them you can actually just write the chain code in javascript you write in go you can type the","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1285s"},{"start_seconds":1295,"text":"contract and go and the difference between chain code and demo is that chain code is you know you write with functions and methods it's just","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1295s"},{"start_seconds":1302,"text":"like a javascript class right here sorry what next oh next three pages yes oh oh it makes","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1302s"},{"start_seconds":1311,"text":"three pages yes yeah so i've actually commented out the code here because it does get very long very very very very long","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1311s"},{"start_seconds":1320,"text":"um and it's precisely because the language you it's a regular programming language it gets into so much detail that as the","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1320s"},{"start_seconds":1327,"text":"programmer you need to be you have to be very careful you have to know you know what you're trying to write with demo it i would say it abstracts","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1327s"},{"start_seconds":1336,"text":"away the need to focus on privacy and you can focus on the business logic","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1336s"},{"start_seconds":1343,"text":"in chain code you're going to have to have the business logic and be you know take into consideration the privacy and you'll see very soon here","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1343s"},{"start_seconds":1351,"text":"so these are the functions in demo we have choices now you can see it transfer ious","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1351s"},{"start_seconds":1359,"text":"this piece of code actually doesn't know who the owner or the issuer is right as as written","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1359s"},{"start_seconds":1365,"text":"it doesn't know and in order for me and also for the query i owe you in order for me to make sure that i","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1365s"},{"start_seconds":1373,"text":"can't transfer away someone else's iou into and put me as the owner i have to actually write that out","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1373s"},{"start_seconds":1381,"text":"so if the user who's requesting this transfer is the owner of the iou then i can do it then i can just transfer it to whoever i","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1381s"},{"start_seconds":1390,"text":"want to transfer but i can't transfer someone else's um same with the querying right i shouldn't be able to look at someone","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1390s"},{"start_seconds":1398,"text":"else's bank account and see how much money they have um that needs to be explicitly coded in the chain code um so this is what i","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1398s"},{"start_seconds":1408,"text":"mean by when demo helps you with the privacy it abstracts that away you don't have to worry about that with chain code this is stuff that you have to think about um","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1408s"},{"start_seconds":1416,"text":"and these are just a few lines but when multiple parties are involved um it can get quite long so you as a chain code developer you need to be","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1416s"},{"start_seconds":1423,"text":"careful of actually just coding two complicated things um it might just be that um","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1423s"},{"start_seconds":1431,"text":"the i would say more lines of code just mean more potential for bucks right so you have to be very careful","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1431s"},{"start_seconds":1439,"text":"um and back to damo just for a visual explanation right if if i'm using down when i was the bank","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1439s"},{"start_seconds":1446,"text":"because i'm the issuer i'm the signatory i can actually see everyone's data i can see all the rows here now sally","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1446s"},{"start_seconds":1454,"text":"as the owner of her own contract can't see balls right because she bob isn't the signatory or sally","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1454s"},{"start_seconds":1461,"text":"isn't the signatory of any of bob's contract and similarly for bob he can only see his own so if i am logged in","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1461s"},{"start_seconds":1468,"text":"say from a front end as sally you get you generate like a unique username or a token and i access i hit the database this is","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1468s"},{"start_seconds":1476,"text":"actually what i'll see okay the privacy is taken care of you didn't actually have to code anything else except for what you see on the screen right here um and same with bob and if","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1476s"},{"start_seconds":1485,"text":"we go to the bank again if the bank tried to transfer your iou they wouldn't be able to do that because the bank is not the the owner","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1485s"},{"start_seconds":1493,"text":"right the code says controller is the owner not controller is issuer so if the bank tried to do that there would just be an error","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1493s"},{"start_seconds":1501,"text":"and it explicitly says that now if we want to do with um chain code at the moment as coded there's no privacy in there","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1501s"},{"start_seconds":1509,"text":"i can see everything now in order to do what we did with demo i would have to add a few extra lines saying okay the user can't the user has to be the","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1509s"},{"start_seconds":1518,"text":"owner of the iou in order to be able to see if i'm not if i'm requesting someone else's iou i can't see it it's not allowed and if","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1518s"},{"start_seconds":1526,"text":"sally tries to transfer someone's iou at the moment without any authority or permissions coded in they can do that","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1526s"},{"start_seconds":1534,"text":"they can just change the name from bob to sally they just called the transfer iru and put their own name as the new owner","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1534s"},{"start_seconds":1541,"text":"and then i would have to code out another step to stop people from doing that um so that's just i would say a","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1541s"},{"start_seconds":1549,"text":"more detailed overview in terms of the code um xaml is a template right based uh coding language and fabric you can see is","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1549s"},{"start_seconds":1558,"text":"regular programming language that any of the flexibility is in there now there are you know some trade-offs daimler straightforward to read","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1558s"},{"start_seconds":1566,"text":"right is it more flexible than writing chain code probably not um chain code you can actually with javascript you can write anything you need to but that's the","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1566s"},{"start_seconds":1574,"text":"trade-off if you have anything that you can write there's just a lot more things to think about when you're coding and developing","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1574s"},{"start_seconds":1581,"text":"and you're prototyping so i would say just to recap uh actually we can skip this slide i mentioned it","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1581s"},{"start_seconds":1588,"text":"earlier already but with damil it works on multiple infrastructures um and with chain code if you chose this you would be on fabric","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1588s"},{"start_seconds":1596,"text":"but at the end of the day it's still a business decision right and it influences whether the programmers will influence the cto probably or the","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1596s"},{"start_seconds":1604,"text":"other way around and at the end of the day it'll be a decision for the company to make and if you need to make a decision which doesn't lock you in","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1604s"},{"start_seconds":1612,"text":"perhaps daimle would be a safer choice if you die hard know that what you need is hyperledger fabric then by all means you can use","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1612s"},{"start_seconds":1620,"text":"hyperledger fabrics and just to go over some of the learning resources here uh try demo we have","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1620s"},{"start_seconds":1628,"text":"it's it brings you to the forum but you can install the sdk you can go on the learning and look at all the tutorials and we also have a demo discuss","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1628s"},{"start_seconds":1635,"text":"forum um to make it a little bit easier for you guys we also have a wechat community where there's several demo developers in there","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1635s"},{"start_seconds":1644,"text":"already so if you guys want to join those sitting at home you can scan this and join our wechat group and on the right","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1644s"},{"start_seconds":1652,"text":"hand side it would just be our demo community um you can and actually we've just reached our thousand questions uh benchmark on the forum so there's a","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1652s"},{"start_seconds":1661,"text":"lot of people talking there um and that concludes um the presentation i'll i'll send this out later there's just a couple more","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1661s"},{"start_seconds":1669,"text":"links in there that you can use for your own uh resources here um but yeah um i think we can go with some q a we don't","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1669s"},{"start_seconds":1677,"text":"oh thank you","url":"https://www.youtube.com/watch?v=ztFPc6GOtlE&t=1677s"}],"youtube_url":"https://youtube.com/watch?v=ztFPc6GOtlE","url":"https://ccpedia.xyz/videos/ztFPc6GOtlE"}