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Bonus-Session-Interledger-DvP-Settlement-on-Amazon-Managed-Blockchain

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Project Ubin is a collaborative project first launched in 2016 by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS). In August 2018, MAS and SGX announced partnership with Anquan, Deloitte and Nasdaq to harness blockchain technology for settlement of tokenised assets. In order to explore the possible DvP settlement models, six blockchains of varied capabilities and features were used in prototypes. In this session, Peter from SGX will offer deeper insights into a DvP prototype developed with Deloitte that was hosted on Amazon Managed Blockchain, and will also discuss potential future applications of DLT (Distributed Ledger Technology) for capital markets, while Michael from AWS will discuss some of the common patterns seen in blockchain networks as well as features that control the privacy of data on shared blockchain networks.

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Bonus-Session-Interledger-DvP-Settlement-on-Amazon-Managed-Blockchain

  1. 1. S U M M I T Hong Kong
  2. 2. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.S U M M I T Interledger DvP Settlement on Amazon Managed Blockchain Peter Shen Head of Technology Strategy and Innovation Singapore Exchange Michael Edge Senior Blockchain Architect AWS Professional Services
  3. 3. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.S U M M I T Agenda Interledger DvP settlement Peter Shen Privacy in shared, distributed blockchain networks Michael Edge
  4. 4. S U M M I T © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.
  5. 5. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.S U M M I T Introduction to Singapore Exchange A diversified exchange group that runs key market infrastructure including the Singapore stock market and a pan-Asian derivatives exchange covering all major asset classes. Anchored in Singapore, Asia’s only triple AAA-rated economy, Singapore Exchange is a diversified exchange group and Asia’s leading market infrastructure that includes Singapore stock market and a pan-Asian derivatives exchange covering all major asset classes.
  6. 6. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.S U M M I T SGX Global Footprint SGX is headquartered in Singapore, with overseas offices in Beijing, Chicago, Hong Kong, London, Mumbai, Shanghai, San Francisco, and Tokyo.
  7. 7. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.S U M M I T SGX Value Chain Clearing Business Securities & Derivatives Trading Business Securities, Derivatives & Fixed Income Depository Business Securities - Central Depository (CDP) Trading Trade Matching Market Data Co-location Pre-Trade Risk Controls (Derivatives) Post-Trade Pre-Settlement Matching Service (Securities) OTC Trade Registration (Derivatives) Facilitation Desk (Commodities) Clearing & Settlement OTC clearing (Derivatives) Clearing and Settlement (Securities & Derivatives) Collateral Management (Securities & Derivatives) Securities Depository Custody Corporate Actions SBL Risk Management Systems Corporate Systems
  8. 8. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.S U M M I T End of an era through marketplace innovation The closure of Trading Pits brought back the most memorable experiences, the tradition of Open-Outcry trading… Buyers and Sellers stood on steps that descend into the pit. Orders were shouted or flashed to the trading specialist through hand gestures/signals, or delivered to the pit by runners. Each pit specialised in a specific commodity, and was the only place to trade
  9. 9. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.S U M M I T Why DLT for financial markets Custody Current Marketplace Transaction Platforms PDF, Online Documents Product Catalogues, Term Sheets Rulebook Contracts APIsMarket Data Reconciliation, Reporting Operational Processes DLT Marketplace Node (Virtual Machines) Smart Contracts Autonomous or Supervised Execution PostTrade Settlement Trading Key Vault (Custody of Digital Assets)
  10. 10. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.S U M M I T About Project Ubin – A multiphase journey Project Ubin is a collaborative project between the Monetary Authority of Singapore (MAS) and the industry to explore the use of Distributed Ledger Technologies (DLT) for clearing and settlement of payments and securities. Source: www.mas.gov.sg/Singapore-Financial-Centre/Smart-Financial-Centre/Project-Ubin.aspx Current Phase Delivery vs Payment (DvP) for Domestic Securities Settlement Phase 1 Use of digital currency in Real- Time Gross Settlement (RTGS) Phase 2 Achieved gridlock resolution and liquidity savings mechanism (LSM) on a distributed system without compromising on privacy Future Phase Delivery vs Payment vs Payment (DvPvP) for Cross-border settlement of payments and securities Current Phase Payment vs Payment (PvP) for Cross-border settlement Trading Post Trade Clearing Settlement DepositoryCapital Raising
  11. 11. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.S U M M I T Our objectives Interconnect separate DLTs of different characteristics and features Mitigate counterparty risks in DvP with recovery on cash and securities ledgers Achieve DvP settlement finality with clearing members Strengthen investor confidence and experience with safety and reliability
  12. 12. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.S U M M I T And why Amazon Managed Blockchain? Ease of creating and managing scalable business networks Quickly create blockchain networks that span multiple AWS accounts. Easily add or remove members and monitor the network Fully managed Choice of Hyperledger Fabric or Ethereum (coming soon) Improves reliabilityScalable and secure Easily scale your blockchain network as the usage grows. Also, Managed Blockchain secures your network certificates with KMS Choose the right framework for your needs, whether you are building a permissioned or public network Managed Blockchain improves the reliability of the “ordering service,” by replacing the default technology with QLDB. This improves durability.
  13. 13. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.S U M M I T A business of trust Time boundaries Enable efficient and automated or supervised recovery of assets within predefined time horizon Account controls with multiple-signatures Anchoring the role of an independent arbitrator for resolving contractual disputes to safeguard the interests of investors Contract locks with secure secrets Enhanced security with blockchain-independent transfer of secrets “off-chain” Instituting key designs for laws and regulations in the smart contracts
  14. 14. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.S U M M I T Our conclusions Higher investor confidence Instituted designs for arbitration Potential for round-the-clock operations Flexibility to compress settlement cycles1 2 3 4 5 6 Enhanced investors’ security Multi-signature, off-chain, out-of-band secure secrets Broadening of asset classes & investor types Consistently applied rights & obligations
  15. 15. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.S U M M I T Key takeaways and future challenges DLT holds great promise for transforming Financial Services, unlocking opportunities and providing greater access to capital. Challenges around data privacy, regulatory oversight and adoption will need to be addressed. Amazon Managed Blockchain enables us to focus on building business applications, and is a concrete step towards mainstream adoption of DLT for financial markets.
  16. 16. S U M M I T © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.
  17. 17. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.S U M M I T In blockchain networks, all members see all transactions • Bank A transacts with Bank B • A multi-million dollar deal to hedge their over-exposed position • The transaction is shared with all other members in the network • This behaviour is not desirable • It is not representative of the real- world Exchange Bank A BankBank Bank B Broker Central Bank Custodian Transactions like these will never take place on a permission-less public blockchain network with anonymous members
  18. 18. Hey everyone, come and see what business I’m doing!
  19. 19. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.S U M M I T Four ways to keep data private in Fabric Many blockchain networks offer the ability to keep data private. Hyperledger Fabric provides (at least) four ways: 1. Channels, controlled by membership 2. Encrypt data and control the keys 3. Access control in the smart contract 4. Use in-built private data collections
  20. 20. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.S U M M I T Using channels for privacy • You’ll need 1 channel per combination of members • Each channel/chaincode combination results in 1 ledger • Could result in 100s of channels, which equates to 100s of ledgers • In this example, a single Exchange would need to host 100s of ledgers • Overhead to manage chaincode if common across channels Exchange Bank BankBank Bank Broker Central Bank Custodian
  21. 21. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.S U M M I T Access control in smart contracts • The smart contract can make access control decisions based on the caller/client • Extract identity from the callers certificate • Allow/deny access to data • Allow/deny ability to invoke TX • Can also be used if you use your smart contract to control access to docs in an external store Member 1 client Member 1 Peer Ledger Smart Contract External Docs Certificate
  22. 22. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.S U M M I T Using private data collections for privacy • By default, orderers see all TX data and peers see all data on the channels they have joined • Making data private using encryption just moves the problem from a data protection problem to a key management problem • What we really want is: • Transactions that contain a mix of sensitive & general data • General data is visible to all peers on the channel • Only certain peers see sensitive data, based on policy • Orderer never sees sensitive data
  23. 23. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.S U M M I T © 2017, Amazon Web Services, Inc. or its Affiliates. All rights reserved. Member 1 client Member 1 Peer Transient Data Store State Private State Ledger Member 2 Peer Transient Data Store State Private State Ledger Member 4 Peer Transient Data Store State Private State Ledger 1 • TX Proposal submitted to peers • Private data in transient fields 2 • Simulate TX • Store data in transient data store Member 3 Peer Transient Data Store State Private State Ledger 3 Create proposal response: • Public read/write set • Hash of private data • No private data included 2 • Simulate TX • Store data in transient data store 4 Return proposal response to client 5 Submit TX: • Public data, private hashes, no private data 6 • Distribute block to all peers on channel • All peers validate TX in block • No private data in block 7 • Check if authorized to access private data • If so, check if private data in transient data store • If not, pull from another peer via Gossip • Validate private data against hash in TX • Move private data to private state • Delete transient data 8 7 • Check if authorized to access private data • If not, do not pull data from other peers In this example, members 1,2,3,4 share a channel. However, only members 1,2 & 3 have access to private data on the channel Purge private data after X blocks, i.e. delete from private state 9 Private data disseminated in 2 ways: 1. During TX endorsement 2. Via Gossip
  24. 24. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.S U M M I T Summary: Four ways to keep data private in Fabric Many blockchain networks offer the ability to keep data private. Hyperledger Fabric provides (at least) four ways: 1. Channels, controlled by membership 2. Encrypt data and control the keys 3. Access control in the smart contract 4. Use in-built private data collections
  25. 25. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.S U M M I T Thank you! S U M M I T © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved. Peter Shen peter.shen@sgx.com Michael Edge edgema@amazon.com
  26. 26. S U M M I T © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved.

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