{"id":15477,"date":"2016-08-12T11:02:41","date_gmt":"2016-08-12T08:02:41","guid":{"rendered":"http:\/\/www.altoros.com\/blog\/?p=15477"},"modified":"2020-02-20T01:59:06","modified_gmt":"2020-02-19T22:59:06","slug":"the-royal-bank-of-scotland-builds-a-hyperledger-digital-wallet-the-lessons-learned","status":"publish","type":"post","link":"https:\/\/www.altoros.com\/blog\/the-royal-bank-of-scotland-builds-a-hyperledger-digital-wallet-the-lessons-learned\/","title":{"rendered":"The Royal Bank of Scotland Builds a Hyperledger Digital Wallet"},"content":{"rendered":"<p>The blockchain era is in its early days during a time when profound questions are being asked if not answered. Against that backdrop a <a href=\"https:\/\/www.meetup.com\/Hyperledger-London\/events\/229797775\/\" target=\"_blank\" rel=\"noopener noreferrer\">Hyperledger meetup<\/a>\u2014co-organized by Altoros\u2014took place in London.<\/p>\n<p>&nbsp;<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.altoros.com\/blog\/the-royal-bank-of-scotland-builds-a-hyperledger-digital-wallet-the-lessons-learned\/#The_ledger_technologies_evaluated_for_a_wallet\" >The ledger technologies evaluated for a wallet<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.altoros.com\/blog\/the-royal-bank-of-scotland-builds-a-hyperledger-digital-wallet-the-lessons-learned\/#Requirements_for_a_wallet\" >Requirements for a wallet<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.altoros.com\/blog\/the-royal-bank-of-scotland-builds-a-hyperledger-digital-wallet-the-lessons-learned\/#Lessons_learned\" >Lessons learned<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.altoros.com\/blog\/the-royal-bank-of-scotland-builds-a-hyperledger-digital-wallet-the-lessons-learned\/#Security_holes_cause_problems_and_bad_press\" >Security holes cause problems and bad press<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.altoros.com\/blog\/the-royal-bank-of-scotland-builds-a-hyperledger-digital-wallet-the-lessons-learned\/#Want_details_Watch_the_video\" >Want details? Watch the video!<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.altoros.com\/blog\/the-royal-bank-of-scotland-builds-a-hyperledger-digital-wallet-the-lessons-learned\/#Related_slides\" >Related slides<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.altoros.com\/blog\/the-royal-bank-of-scotland-builds-a-hyperledger-digital-wallet-the-lessons-learned\/#Related_reading\" >Related reading<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.altoros.com\/blog\/the-royal-bank-of-scotland-builds-a-hyperledger-digital-wallet-the-lessons-learned\/#About_the_speaker\" >About the speaker<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"The_ledger_technologies_evaluated_for_a_wallet\"><\/span>The ledger technologies evaluated for a wallet<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In his session, <a href=\"https:\/\/www.linkedin.com\/in\/mark-simpson-43494\" target=\"_blank\" rel=\"noopener noreferrer\">Mark Simpson<\/a>, Distinguished Engineer at the Royal Bank of Scotland, talked about how RBS is working with a variety of the blockchain technologies. Referring to himself and his technical team as \u201cblockheads,\u201d he mentioned bitcoin, Hyperledger, Ethereum, R3&#8217;s emerging network, and other nascent systems.<\/p>\n<p><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Mark-Simpson-RBS-Royal-Bank-of-Scotland-Hyperledger-Ethereum-Blockchain-Bitcoin-R3.jpg\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Mark-Simpson-RBS-Royal-Bank-of-Scotland-Hyperledger-Ethereum-Blockchain-Bitcoin-R3.jpg\" alt=\"Mark Simpson RBS Royal Bank of Scotland Hyperledger Ethereum Blockchain Bitcoin R3\" width=\"640\" class=\"aligncenter size-full wp-image-15665\" \/><\/a><\/p>\n<p>He said his team conducts four-day \u201ccode spike\u201d sessions for potential new initiatives, during which \u201cwe have to do something meaningful or otherwise you just twiddle around. With a team of experienced engineers, we pour the tech out of the box and try to build relevant use cases.\u201d The intended result is a minimum viable product (MVP) that he and his team can demonstrate to business-side executives to show what&#8217;s possible.<\/p>\n<blockquote><p><em>&#8220;We pour the tech out of the box and try to build relevant use cases.&#8221;<br \/>\n\u2014Mark Simpson, the Royal Bank of Scotland<\/em><\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Requirements_for_a_wallet\"><\/span>Requirements for a wallet<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>He said RBS held several of these code spikes for blockchain and in the end focused on the question of producing a digital wallet on Hyperledger. The team wanted the wallet to be able to accomplish several tasks:<\/p>\n<ul>\n<li>Move money from a real account to a digital wallet account<\/li>\n<li>Make payments out of the wallet to payment systems<\/li>\n<li>Pay several people at once<\/li>\n<li>Query balances<\/li>\n<li>Detect transaction errors<\/li>\n<li>Obfuscate (i.e. secure) the history of transactions<\/li>\n<\/ul>\n<p>He lauded the use of the Go programming language (also known as Golang) in its ability to extend a basic blockchain-based contract for multiple transfers and for it being able to handle native JSON annotations. \u201cWe could put loads and loads of transfers in there and it&#8217;s also easy to make JavaScript calls\u2014simple things like &#8216;send money to Billy and Greg&#8217;,\u201d he said.<\/p>\n<p><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Mark-Simpson-RBS-Royal-Bank-of-Scotland-Hyperledger-blockchain-multiple-transfers.jpg\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Mark-Simpson-RBS-Royal-Bank-of-Scotland-Hyperledger-blockchain-multiple-transfers.jpg\" alt=\"Mark Simpson RBS Royal Bank of Scotland Hyperledger blockchain multiple transfers\" width=\"640\" class=\"aligncenter size-full wp-image-15666\" \/><\/a><\/p>\n<p>Mark also pronounced himself a fan of Hyperledger&#8217;s security for queries, noting \u201cyou can limit the info that people get back from their queries.\u201d<\/p>\n<p><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Mark-Simpson-RBS-Royal-Bank-of-Scotland-Hyperledger-Bloclchain-querying.jpg\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Mark-Simpson-RBS-Royal-Bank-of-Scotland-Hyperledger-Bloclchain-querying.jpg\" alt=\"Mark Simpson RBS Royal Bank of Scotland Hyperledger Bloclchain querying\" width=\"640\" class=\"aligncenter size-full wp-image-15667\" \/><\/a><\/p>\n<p>He&#8217;s less of a fan of the practice he&#8217;s seen of dumping blockchain data into a relational database, which he believes destroys the purpose of blockchain. \u201c(By dumping data into a RDBMS) we now have two copies.\u201d<\/p>\n<blockquote><p><em>\u201cMaintaining a single version of the truth is a challenge with blockchain.\u201d<br \/>\n\u2014Mark Simpson, the Royal Bank of Scotland<\/em><\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Lessons_learned\"><\/span>Lessons learned<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Mark listed a number of lessons learned during the digital wallet exercise:<\/p>\n<ul>\n<li>Writing and calling contracts is straightforward.<\/li>\n<li>Asynchronicity is a challenge (he noted, \u201cwaiting for blocks to sort themselves out is a challenge if you want to create responsive systems.\u201d)<\/li>\n<li>Maintaining a single version of the truth is a battle (as noted above).<\/li>\n<li>Tooling is a work in progress.<\/li>\n<li>DevOps is \u201cinteresting\u201d in an environment in which you are collaborating across companies.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Mark-Simpson-RBS-Royal-Bank-of-Scotland-Hyperledger-Blockchain-lessons-learned-devops.jpg\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Mark-Simpson-RBS-Royal-Bank-of-Scotland-Hyperledger-Blockchain-lessons-learned-devops.jpg\" alt=\"Mark Simpson RBS Royal Bank of Scotland Hyperledger Blockchain lessons learned devops\" width=\"640\" class=\"aligncenter size-full wp-image-15678\" \/><\/a><\/p>\n<p>On this last point, Mark noted that \u201ccollaborating with one another involves different (foreign) languages and cultures, different programming languages, and different blockchain technologies being tested.\u201d <\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Security_holes_cause_problems_and_bad_press\"><\/span>Security holes cause problems and bad press<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Other big issues that cropped up included:<\/p>\n<ul>\n<li><strong>Data at rest<\/strong> is always a target for malicious hacking. He said that things such as zero-knowledge proof and \u201cLattice encryption\u201d that can&#8217;t even be hacked by quantum computers are coming. However, he doesn&#8217;t believe a big bank will ever be on a public blockchain network \u201ceven if it&#8217;s safe.\u201d<\/li>\n<p><\/p>\n<li><strong>Scalability<\/strong> is always a concern when it comes to large numbers of transactions, large numbers of complex transactions, and working across organizations and enterprise IT infrastructures.<\/li>\n<p><\/p>\n<li><strong>Bad press and the need to build understanding.<\/strong> Things like the recent DAO theft from Ethereum are \u201cjust acts of bad diligence,\u201d he said. In <a href=\"https:\/\/www.wsj.com\/articles\/BL-MBB-52061\" target=\"_blank\" rel=\"noopener noreferrer\">this latter case<\/a>, the continued existence of Ethereum itself has been debated.<\/li>\n<p><\/p>\n<li><strong>Testing and safety.<\/strong> For example, \u201csmart contracts in a public domain need to be tested like aeronautical things, to a higher safety level,\u201d he said. He noted the idea of sandboxing languages as part of such an approach. He also mentioned the <a href=\"https:\/\/ec.europa.eu\/info\/business-economy-euro\/banking-and-finance\/consumer-finance-and-payments\/payment-services_en\" target=\"_blank\" rel=\"noopener noreferrer\">Directive on Payment Services (PSD)<\/a> from the European Commission as a regulatory approach to the problem. <\/li>\n<p><\/p>\n<li><strong>Managing change.<\/strong> \u201cHow do you change a contract with 42 participants?\u201d he asked, referring to the large number of institutions who are starting to work together on how to incorporate blockchain.<\/li>\n<p><\/p>\n<li><strong>Legal contracts.<\/strong> \u201cWill contract code be used as a legal language?\u201d he asked. \u201cSome (already) say code is contract,&#8221; he noted, adding that code contracts may actually be easier to understand than much of the language in traditional contracts.<\/li>\n<p><\/p>\n<li><strong>Big players.<\/strong> \u201cWhy don&#8217;t Google, Facebook, and Amazon appear to be interested in blockchain?\u201d he asked. One school of thought is that it could be a big threat to their existence if blockchain can create a new era in which people secure their identity rather than expose it to the big social and online retail players.<\/li>\n<p>\n<\/ul>\n<p>This last question seems the most relevant. Is the answer because the big players don&#8217;t see blockchain&#8217;s value beyond esoteric uses in cryptocurrencies or because they fear it more than anything else?<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Want_details_Watch_the_video\"><\/span>Want details? Watch the video!<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td class=\"video-details-td\">\n<div style=\"float: right; width: 45%; padding-left: 15px; font-size: 14px;\">\n<p><strong>Table of contents<\/strong><\/p>\n<ol>\n<li style=\"margin-bottom: 6px;\">How RBS is approaching blockchain research and innovation (<a href=\"#wistia_dzye7mbdv7?time=200\">2&#8217;40&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 6px;\">What are the distributed ledger technologies RBS has considered? (<a href=\"#wistia_dzye7mbdv7?time=360\">6&#8217;00&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 6px;\">What are the requirements for building a digital wallet? (<a href=\"#wistia_dzye7mbdv7?time=546\">9&#8217;06&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 6px;\">How much of the digital wallet did RBS accomplish? (<a href=\"#wistia_dzye7mbdv7?time=865\">14&#8217;25&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 6px;\">What were the lessons learned in building the digital wallet? (<a href=\"#wistia_dzye7mbdv7?time=1051\">17&#8217;31&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 6px;\">Why is RBS working with R3? (<a href=\"#wistia_dzye7mbdv7?time=1204\">20&#8217;04&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 6px;\">What are the key challenges going forward with development? (<a href=\"#wistia_dzye7mbdv7?time=1290\">21&#8217;30&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 6px;\">Predictions for the future of banking and blockchain technology (<a href=\"#wistia_dzye7mbdv7?time=1665\">27&#8217;45&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 6px;\">Questions and answers (<a href=\"#wistia_dzye7mbdv7?time=1897\">31&#8217;37&#8221;<\/a>)<\/li>\n<\/ol>\n<\/div>\n<p><script charset=\"ISO-8859-1\" src=\"\/\/fast.wistia.com\/assets\/external\/E-v1.js\" async><\/script><\/p>\n<div class=\"wistia_embed wistia_async_dzye7mbdv7\" style=\"height:320px;width:440px\">&nbsp;<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Related_slides\"><\/span>Related slides<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><center><iframe loading=\"lazy\" src=\"\/\/www.slideshare.net\/slideshow\/embed_code\/key\/76sTTDA5FLu1GN\" width=\"595\" height=\"485\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" style=\"border:1px solid #CCC; border-width:1px; margin-bottom:5px; max-width: 100%;\" allowfullscreen><\/iframe><\/center><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Related_reading\"><\/span>Related reading<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/what-is-the-future-of-blockchain\/\">What Is the Future of Blockchain?<\/a><\/li>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/blockchain-adoption-industry-requirements-and-the-role-of-prototypes\/\">Blockchain Adoption: Industry Requirements and the Role of Prototypes<\/a><\/li>\n<\/ul>\n<hr\/>\n<h3><span class=\"ez-toc-section\" id=\"About_the_speaker\"><\/span>About the speaker<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div>\n<div style=\"float: right;\"><a href=\"https:\/\/www.linkedin.com\/in\/mark-simpson-43494\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/08\/Mark-Simpson-Royal-Bank-of-Scotland-bio.png\" alt=\"Mark Simpson, Royal Bank of Scotland bio\" width=\"150\" height=\"150\" class=\"aligncenter size-full wp-image-15511\" \/><\/a><\/div>\n<div style=\"width: 600px;\"><small><a href=\"https:\/\/www.linkedin.com\/in\/mark-simpson-43494\">Mark Simpson<\/a> currently works in the Innovation Engineering team at RBS. He has over 20 years of development experience in both retail and wholesale banking and has designed and built portfolio for trading, algorithmic trading, trade processing, and reference data systems. He has also worked on risk, cash management, clearing, and data distribution systems in RBS. Mark has been working with blockchain technologies since the beginning of 2016 and using them to build prototypes for use cases across the bank.<\/small><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The blockchain era is in its early days during a time when profound questions are being asked if not answered. Against that backdrop a Hyperledger meetup\u2014co-organized by Altoros\u2014took place in London.<\/p>\n<p>&nbsp;<\/p>\n<p>The ledger technologies evaluated for a wallet<\/p>\n<p>In his session, Mark Simpson, Distinguished Engineer at the Royal Bank of Scotland, talked [&#8230;]<\/p>\n","protected":false},"author":9,"featured_media":15517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[7],"tags":[938,672,753],"class_list":["post-15477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-opinion","tag-banking","tag-blockchain","tag-hyperledger"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Royal Bank of Scotland Builds a Hyperledger Digital Wallet | Altoros<\/title>\n<meta name=\"description\" content=\"&quot;Code spikes&quot; are used to test out new technologies\u2014blockchain is at the front in the recent tests by a major UK bank. 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