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right okay so my name is Tim I work in
corporate research and development at
Thomson Reuters in London R&D typically
works on problems involving machine
learning we just might background in
natural language processing but I think
for about the last year and a half we've
been looking very closely at blockchain
and trying to figure out where we as an
organization fit into this space
we're part of some of the other larger
blockchain consortiums like r3 and hyper
ledger but I think we spend most of our
time working with aetherium and building
demos proof concepts on aetherium
next slide please
so a little bit of context about our
business
so a lot of you will know of us as a
news organization but this is only a
tiny piece of what we do we essentially
have five diverse business verticals
financial and risk
critical news and information about
financial data
regulatory information risk information
we have a flagship product called icon
which has 200,000 installs and you can
you can trade and do analytics on all
manner of financial instruments someone
asked me last night we have either on
that year and the answer is not quite
yet that depends on customer interests
but we're working with
crypto compare and so there might be a
conversation there
legal legal information for legal
professionals worldwide
tax and accounting again for tax and
accountants in government's intellectual
property and life sciences so
information and data for pharmaceutical
firms for example and lasting reuters
news and i would say that it's these
first four that we are looking at
potential blockchain applications we're
not as a post I saw on reddit suggested
thinking about doing journalism on the
blockchain
okay next slide please
I'm just switch to my presenter view
so I suppose many of our products and
services manifest themselves as
proprietary databases and analytic
solutions but one of the problems that
we've had to deal with from I suppose a
commercial perspective is one of
entitlement so who should have access to
these tools and databases typically our
users will sign a license agreement we
will know their identity so essentially
we're doing some form of due diligence
and to help manage this issue on
blockchain and I emphasize is really a
management rather than a sort of control
issue we put together what we call an
entitlement framework which allows
developers to control access to their
doubts
next slide please
so what does this look like well we
decided to call it block 1 ID 4
aetherium and we're testing it at the
moment and essentially it's a delegated
identity service connected to
entitlement contracts so we would host
an HD wallet we only hold encrypted keys
ID is delegated via OAuth 2 to some
standard provider so it might be terms
of Reuters or LinkedIn Facebook Google
etc so this is an effect a bridge
between the wallet and OAuth 2 this
requires that you need to be logged in
to use the DAP and if you're not logged
in access to the DAP is blocked we have
some ID obfuscation and also isolation
so there will be a separate address
generated for different apps to prevent
interference
and then on the entitlement side that's
performed on chain we have a contract
that is populated with addresses by us
and those addresses are allowed to use
the DAP the DAP developer can require
the end users sign up to terms and
conditions and a few things that we're
looking to add in the future note sort
of certainty about this but essentially
connect up to some of our kyc services
and add more identity providers
next slide
so I suppose this is what it looks like
you would get a wallet bar we were very
simple API allowing users to sign in and
out
there's also generation of aetherium
accounts
on first use for each nap
there's also wallet admin console and
importantly we have no access to
accounts or passwords we only store
encrypted keys and the system received
an encrypted blob from our server and
down on the bottom I suppose this is
just the hierarchical wallet structure
and it sort of indicates that you would
have a different address for each for
each doubt
and next slide
so what sort of DAPs and services might
we provide well I've already talked to a
number of people over the last couple of
days about kyc and naml services and
this is actually a space where we
already are very active and have a
number of sort of so-called flagship
products that are heavily used by for
example investment banks and we're
having a good think about how we can
make these things available on chain for
example via some kind of Oracle service
so we have something called org ID and
this is a sort of organizational level
database of 190,000 compliance records
we also have something called enhanced
due diligence this is background checks
on individuals so so all that is more of
a sort of business level kyc enhanced
you diligence is sort of businesses and
individuals and then there's something
called world check and again this is
sort of entity level screening based on
both business relationships and human
networks so those are a few of our K by
CNA ml products but there's another
space where we have a very natural fit
we think in the blockchain space
particularly with regard to our
financial and risk business unit and
that's with regard to financial data via
Oracle's
so we have a product called Thomson
Reuters electron and this essentially
contains vast amounts of financial data
sorry
I've got to click on to the next one
yeah there we go
these products are already used by some
of the world's top 50 investment banks
so in many ways we're already a highly
trusted data source
what electron is is essentially a low
latency feed platform it covers
exchange-traded and OTC markets all
manner of financial instruments
currencies equities you name it and you
can also get company fundamental data
and we've spoken to some of the
prediction market guys about that sort
of information there's a real-time data
you can get news from their reference
data third-party data and we won't have
also have something called tick history
which currently contains about 2
petabytes of microsecond time-stamped
tick data going back to about 1996
great ok so we've already built some of
this stuff out so this is this is sort
of quite an old image of a sort of
Oracle architectural model so you might
start off over here you might deploy a
smart financial instrument that might
for example represent a bond for example
you would make a request and that would
talk to our Oracle and that would
generate an event that we listen to
we've got a load of sort of back-end
stuff listening for the event it figures
out what the price request is for so
there's an interest rate then we use a
standard REST API to talk to TR electron
which is up there pull down the price
send it back to the blockchain and
update the smart contact with the data
accordingly there is a slight flaw
within this scheme as things stand and
that is as soon as the data is written
to the blockchain it essentially becomes
sort of unbounded and actually a lot of
our information is licensed from third
parties and at the moment we can't
necessarily write data to the blockchain
that then everyone is available to to
see so we're looking very closely at
some of the privacy preserving
mechanisms so zero knowledge of proofs
and homomorphic encryption and some of
those will probably be necessary to
deploy something like this on a public
chain
and here is some solidity which you
probably can't see but essentially you
can import this as a solidity file and
you essentially have to first of all
make a request and in this line here
there is a bytes 32 object called a Rik
and a rink is a Reuters instrument code
and that is essentially the identifier
of the asset that you would you would
query the Oracle form you also need to
implement a function called on Oracle
response and on Oracle failure and then
whatever sort of business logic you want
your your for example your your
financial asset to perform on
receivership of of the price you can
implement them
and
I showed that there was a rest call in
that process so this is the sort of rest
response from TR electron so this comes
back as a JSON object and we would
essentially take this information out
and put it into the transaction which
cause on Oracle response and you can see
the sort of thing that's in here so the
RIC the Reuters instrument code which is
the euro so that would be the price of
euro in dollars a lot of timestamp
information bid to ask bid asked size
and a multiplier to go from float to int
okay so I'm not really a UI or UX
developer so I've put this together just
to sort of demonstrate functionality but
essentially this is a sort of trading
system for contracts for difference and
so at the top we would have an order
book contract you would send orders to
that order book when the orders cross a
trade is entered into a positions table
which is this thing here I think I can't
even see it from it and the positions
table is what deals with the Oracle
interface so these contracts of a
difference are linked to two major
indices so the footsie 100 for example
and from that point on the Oracle would
send updates and we have a scheduling
service as well so you can shed your
every block or every minute or whatever
sort of granularity you're interested in
this data comes back and you can see in
in the logging panel the events are
written out and this is used to update
the data and you can see the change in
the value of these trades
there is the the possibility to
implement things like a meaning in this
example actually there were some
implementations of things called uh stop
losses over trade drops below a certain
level so if it drops below five percent
of its value it is closed automatically
and similarly if it if it rises above a
five percent of its original level you
might close that and take the profit so
that's the sort of functionality that
you can implement in that sort of on
Oracle response function
okay so just a little change of tack now
so that's some of the stuff that we're
doing internally that's all sort of very
much under test we had some good
feedback from the etherium foundation
guys about ten days ago when we held
this hackathon which is we thought quite
cleverly named eff font so we held this
in collaboration with the etherium
foundation many thanks to George for
helping out with the organizational side
of things and we had a lot of the
etherium guys down as mentors and judges
as well so we had a slightly unusual
format to this next slide please we had
speakers on all three days so we've
heard from Thomas we've heard from Peter
Thomas was talking about Oracle's Peter
was talking about elaborate ways of
breaking smart contracts I mean had Jack
Gavigan from Zed cash or Z cash talking
about things like zero knowledge proves
and this is probably my favorite slide
but you probably can't quite make it out
we managed to get control of the Thomson
Reuters news ticker and just to show you
the global importance of this hackathon
it was sort of juxtaposed against the
news story of the day which was North
Korea nuclear test so we were we were
quite fortunate to get control of that
we had two main challenges so the first
one was data driven smart contracts and
the winning team was essentially a sort
of crack or pro team from BNP Paribas
and they put together a fantasy football
DAP I think it was called fantasy
football so it's a more eff play I
suppose so forgot congrats to those guys
who won the overall prize the etherium
smart contract security challenge post
my aetherium that was won by a team
called truth of state and I think some
of those guys are here today a wave if
you're here there's a wave over there
and we had a runner up team
and I command what they're called bounty
max so this was about providing a bounty
for smart contract exploits and that was
that was deemed the runner-up prize and
I think those guys are here as well so
congrats to those guys
so just one more I think so that was a
lot of fun we've really enjoyed that and
we can hold another one in Switzerland
at our head koffice there in bars that's
going to be January 27th to 29th again a
theory and based with the theorem
foundation guys helping out more
sponsors and some dated providers to be
added in future and details about that
will be made available through the usual
channels
ok and that's it thanks
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