How To Sign Maine Banking Document

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hi very good morning welcome to maine and phi wa channel so we are going to start a new series which is one not one industry use cases it's going to be very interesting to really share my knowledge in coupling the emerging technology along with the industry so my experience has been that this is one of the most interesting piece of technology because technology has itself doesn't do anything much unless it is applied into the industry so as the series goes we will be looking at the one technology in this particular video which is blockchain so we're going to cover how blockchain is used in the industry and use backlines we'll be referring some case studies from amazon web services where they have deployed it as part of this particular video before we go in so let's jump in and see that there are various industry various technologies uh we're going to get started in terms of the blockchain as one of the technology for the day okay so before we go into blockchain and aws let's understand like blockchain is used everywhere today you call it from taxations people are using it to have enhanced control in using blockchains used in government for logistics for identification purpose it's really used for authenticating people across different channels it's one of the big use case in supply chain management whether a multi-parties where you can really expedite the payments expedite the delivery blah blah blah it's also getting innovative in fine arts where there are a lot of issues in terms of somebody creating something managing the ip rights okay who has created it first blah blah blah all this can be done using blockchain it can be used in real estate to avoid tampering of documents where there is a single version of truth it is used in the border central for security it's used in the financial industry okay so you can see that every place you speak about an industry you can see blockchain there to get very specific in this sessions in industry use case uh we will look at like how uh blockchain it's been really looked at it from look from a oem perspective which is currently aws but i don't intend to really look at blockchain is equal to aws but just to take some relevant examples for you to understand better number two is basically this technology is upcoming with lot of interesting use case so let's first see a simple way on how the two look like this is amazon web service if you really look at amazon web service they provide you something called as a blockchain which is an amazon managed blockchain there is also something called as a qldb basically you can see that in the database there's something called amazon qldp so these are two pretty much component which you should be aware of all the rest of the component you're seeing with amazon will work along with the blockchain solution because you don't really have a siloed approach to delivering any of the project so when you click this amazon's managed thing uh the tabs something like comes like this so when i tell it's managed uh it's update it's upgrades its infrastructure all this is managed to amazon automatically okay so what is amazon manage blockchain it's a fully managed blockchain service that makes it easy to create manage scalable blockchain networks and uses the hyperledger fabric and ethereum framework so this session is not to teach you what is blockchain i think you should see my uh no other videos to really understand what is blockchain what you do here is to write smart contracts an application run them on the blockchain network to transact securely okay so the way amazon does this is first it allows you to create a network basically you can create an open source blockchain framework set up the new blockchain network and then you can invite members to join the network create their membership you add the peer nodes and deploy the applications and you can create and deploy the chain code smart contracts and decentralize application to peer node okay and that's how it works so the key advantage of using amazon is fully managed reliable and secure choice of framework integrated and we'll see some use cases as we go forward so any solutions you look at so if you look at oracle's blockchain it comes both from an application centric so you have a lot of pre-built blockchain application coming from the industry use case you have a blockchain coming from azure if you want to really explore you have a third party from google cloud platform so you could use any of the solutions okay so it's it's not like a one-on-one that blockchain is equal to amazon web service a qldb is something like a ledger database i think if you understand the blockchain these are some of the terminology used like where you store the data where other parties can really see the data and there's a smart contract where everybody agrees on so let's jump into the session because we are more key to really look at how amazon and really using the blockchain the first important thing is it's got qldp we just saw that it's a fully managed ledger database that provides a centralized immutable and cryptographically variable transaction locks the second service is your manage blockchain so these are the two services pretty much which covers up uh the services what amazon provides okay so some of the use cases as listed in the amazon website we will try to cover it up so that your understanding is very high in terms of how a customer is using it because this is the most important part so if you really look at bmw group it's using the amazon qldb for vehicle history basically the sage is using it for system of trust sony is using interestingly for digital rights management and stx is using for innovative payment solution different customers different industry they all are using blockchain for different purposes so what a aws provides you is a central ledger database and then you have a fully managed blockchain network so that you don't need an intermediary okay we just covered that fast let's get into uh some of the use cases where uh and what the customer so nestle see all these use cases are listed in the amazon's public site so i'm just trying to refer it so that you can go and see them and then start implementing solutions which are closer to it in terms of blueprinting in terms of uh solutioning okay so the nestle's team which is the digital technology man is talking about what he achieved by using a blockchain because that is the focus area which you should have number one he's talking about transparency in supply chain okay which is very important so what's happening in the supply chain is very important so what nestle has begun to release information on its supply chain using blockchain more precise tracking you are setting up our hyperledger fabric network invite partners to collaborate so that's what has been done by nestle to really implement your blockchain if you really see the next use case which is track and trace okay it's basically what it does is ability to identify the past and present location of all the product inventory as well as history of the product custody so it's a it's a big big problem today for supply chain industry where that particular uh outdated paper and disjointed data system makes it very cumbersome to do this track and trace okay so with amazon blockchain what if what you've done is the networks of supply chain can be document update to a single shared ledger which can really help you to improve the overall performance so let's see the challenge what we have today you can see that there is a supplier manufacturer regulator logistics provider wholesaler retailer consumer there are so many parties each of these parties interacts maybe they use multiple systems they have a different system of truth in terms of the storage there's no single version of truth so you find lot of challenges here in this kind of diagram so the benefits what you will get by using this is this ethical sourcing can be done by a supplier and for a manufacturer you can measure and reduce the environmental impacts you get complete data visibility for a regulator you can use smart contract to ensure quality controls logistics people can get automated real-time wholesalers can get managed stock with real-time data so everybody has got an advantage in this network so you can see down that there is a single network single version of truth for all the people there's a smart contract which everybody agrees on let's take another use case which is the letter of credit a letter of credit is a document used to reduce risk in the transaction between buyer and seller okay for example is an international transaction okay so letter of credit complexity stems from multiple parties having to exchange review the same document multiple times so on a blockchain network if you actually use blockchain here all parties can access a start to finish real-time view of documents on the recon reconciled ledger okay so implementing blockchain is really advantage here because you are reducing the time multiple steps to get this job done very fast so let's take a use case here when the sales contract is created uh then there is a buyer who's requesting for a letter of credit as a step the buyer's bank issues the loc [Music] and then it goes to deliver the loc [Music] and after that what happens is basically there's a shipment of goods to the buyer post which there is presentation of the documents from a seller's bank to the seller and there is present documents to the buyers bank and then there is present document for claim for payment and finally there is a payment done so this is the complete step so here what you're trying to do by using blockchain is the four parties which is a buyer buyers bank seller seller you the intermediary the central guy becomes the amazon blockchain the managed blockchain all the parties now interact directly via the blockchain platform while the smart contracts will automate the letter of credit process the shared ledger captures will all the transaction like shipping collateral information okay and that is the big advantage for you by using amazon blockchain the other way you can think about the use case is the system of record for example business needs a system of record with auditing capability okay for example such as credit and debit transaction across bank accounts for internal compliance regulatory data for gdpr or you need a complete history of assets such as a vehicle maintenance or a drug manufacturing records so for all these doing this it requires custom development today since relational database are not inherently immutable any changes are hard to track and verify so here you can use amazon qldb which will provide you a centralized lecture for auditing and record keeping and then what you can do is you can utilize a scalable or serverless architecture to verify the integrity of the record so for example you can trigger an aws lambda event to process workflows such as querying the history for elastic search transforming and loading the data blah blah right so here is an example you have the application data which is the credited debit transactions insurance claim in the application data there is a system of record a challenge with this approach is that system record are not immutable there is an audit trial now what you are doing to implement that using amazon blockchain or using qldp is the application data is written into the qldb which is the immutable verifiable thing and in this example it is using the kinesis data streams data can be exported by the real-time streaming and you can have triggers from aws lambda the storage is in the s3 bucket so based on your requirement this can be a trigger of any of the workflows so this really facilitates your use case now let's take an energy company called quantera energy how they're using amazon's thing so it is an international commerce depends on trustworthy payment mechanism they actually export eight to ten million tons of coal annually more than one billion in revenue okay why we need to understand this is the really business use case and they employ a lot of people in the united states and they export coal to other countries which is ukraine turkey south korea and now what they've done is they're using aws so what is very important for us is to really look at the use case focus they this energy company why are they using the aws platform so what they're doing is uh a letter of credit is used in the credit instrument the bank bank promises to pay the beneficiary this substitutes the bank's credibility that's what it is being done by using this so what this company is doing a blockchain based system is used to provide transparency to all the parties everybody has the same data rather than emailing what they were doing across time zones everybody could have a real-time data available that's why they're trying to make use of this so with amazon's blockchain they're creating a fully functional blockchain network and went today the energy company so easy to really use that's what the customer voice is about and they're also overcoming the regulatory hurdles in this type of change when aws is able to provide that credibility and scalability also as part of this particular use case okay so that's some of the examples of amazon web service uh in the industry and as we all know blockchain is a technology which is going to which is going to really be the future technology going to be used at every industry every levels and uh we'll continue the video with a second in terms of the ai and ml industry use case and thanks for watching you