UETP - Facilitating the 'Economic Internet' with eIDs eID – the business case for the banking and finance community EEMA, London, June 5 th , 2015 1
The Economic Internet The Economic Internet enables everyone and everything to: connect with each other understand each other and transact with each other 2
The Economic Internet of Everything: Three requirements CONNECT UNDERSTAND TRANSACT Ability to express Ability to execute and interpret Internet of Everything (uniform) economic (uniform) economic transactions transactions To connect people, organisations, To express and interpret in a To instruct and execute in a things, machines, money, assets, uniform way, who, what, how uniform way, identification, data, rules, information, messages much, where, when, and how in authentication, delivery, and transactions (so basically economic transactions reporting, taxation, subsidies, everything) with each other in authorisation, conditions, (near) real time. payments, reviews, ratings, insurance and participation and more in economic transactions THE ECONOMIC INTERNET OF EVERYTHING 3
CONNECTING EVERYONE AND EVERYTHING Communities People Organisations Transactions Messages Data, rules and Money, assets information Things, machines 4
1. CONNECTING EVERYTHING: THREE STEPS 1) Generate a unique ID 2) Provide that unique ID with meaning (and / or references), so that it relates to a person, thing, message, piece of information, etc. 3) Place that unique ID with meaning in a directory service so it can be found and understood or connected with 5
Internet of Everything is Internet of Identities What I have Who I am UETP ID / certificate examples examples generator Asset registries, Electronic IDs of such as IBAN persons (eIDAS) bank accounts GLEIF IDs for organisations SEDOL IDs for What we do securities What I want Digital money examples What I can examples UETP messages examples and instructions Requests for quotes, Abilities offered information and UETP to the market orders transaction IDs (product offers) UETP IDs are generated without meaning. Society links these IDs with existing IDs or new meaning, providing significance in a virtualised society or economy and linking things together. 6
Examples of UETP IDs / certificates ID type Practical example Personal ID A personal electronic identity of Thomas Bauer, issued by a German bank, under the policies of a competent German policy authority governed by the laws and principles of the European Union Organisation ID An organisation electronic ID along the lines of the Global Legal Entity Identifier Framework Asset ID An electronic asset ID representing a vehicle with its unique manufacturing and local registration number and legitimate owner Machine ID An electronic ID of the traffic light around the corner Money ID An electronic wallet ID representing digital money Message ID A message ID referencing to a delivery confirmation in a transaction Information ID An ID with product description details and translations Rule set (legal) In the legal jurisdiction of the Netherlands, no alcohol can be sold in transactions to people younger than 18 years Rule set (fiscal) In the fiscal jurisdiction of Mongolia, the transaction tax for sales / purchase transactions of milk is 15% and can be paid automatically. Transaction ID Representing a container and reference ID for all IDs that together make up for a specific transaction 7
Certificate Authority (ID generator) and Directory Services ID certificates ensure integrity and trust in a transaction. A highly secure, federated network of certificate authorities issue IDs (in the form of certificates). Anybody who adheres to minimum UETP standards can be part of a federated UETP network. These IDs are initially agnostic (= without meaning) and then are used to label anything, from messages, to transactions, subjects, people, organisations, objects, things, money, wallets, etc. Highly secure authentication, encryption and signing (Levels of Security 3-4 and Levels of Assurance 1-4 possible. Levels 4 are highest possible according to ISO 29003/29115 standards) Directory services - like a big telephone book - make it possible that everyone and everything can find and connect with each other. Existing legacy IDs (like national eID systems, property registers, bank account numbers, telephone numbers) can be made interoperable by referencing. 8
From 'separate service communication' to one 'group chat' Traditional UETP transactions transactions Several separated two, three The n-party “group chat” and four party communication models Buyer Seller Buyer Seller Buyer's Seller's Buyer's Seller's Bank Bank Bank Bank Payment Buyer's Seller's Fiscal Fiscal Buyer Seller Authorities Authorities Logistics Buyer's Seller's Solution ERP and ERP and Provider accountant accountant Delivery Machines Other... and IoT Buyer Seller Logistics Solution Buyer's Seller's Provider Fiscal Fiscal Taxation Authorities Authorities Etc., etc. 9
2. UNDERSTANDING EVERYONE AND EVERYTHING “In the digital age, your environment takes you as far “UETP brings the smart as the acceptance of your transaction receipt that pays language and data formats” for itself, automates delivery, accounting and taxation and “We can either choose to lots more. create our own languages and formats and ask others The transaction is smart, to comply or we can make a because its expression is joint effort to create and interpretable accept a common language (understandable)”. with common data formats” “SPEAKING THE SAME (ECONOMIC) LANGUAGE” UETP enables the global exchange of manageable and interpretable information 10
Saying the same things in a billion different ways Domain Type of information Example Who Buyer and seller information Identities and preferences W ha t Product / service information HS (product) codes How much (Counter)value information Amount and currency When Date, time and timezone Date / time stamp Where Place(s) and jurisdiction(s) Geo-, country codes How Contractual information Sales, labour, investment Other Other information Manuals, promotions, ... 11
The need for uniform understanding – Two colliding worlds Growing number of rules, guidelines, policies and data formats over time 2000 2007 2015 vs. Relationships in global growth, with increasing number of messages (communication) in transactions economy transaction instructions trade Economic growth becomes more communication intensive. Meanwhile, data formats for comunication grows too. This will lead to exponential growth of costs. 12
UETP is an ecosystem language – HTTP vs UETP HTTP is written for specific applications on specific servers, not for an ecosystem. The search query for 'UETP' with Google and Yahoo yielded the following in my browser: https://www.google.com/search?q=uetp&ie=utf-8&oe=utf-8&rls=org.mozilla:en- US:official&client=firefox-a&channel=sb&gfe_rd=cr&ei=HCFNVMm7G- eK8QefmYH4CA&gws_rd=cr&fg=1#rls=org.mozilla:en- US:official&channel=sb&q=uetp https://search.yahoo.com/search;_ylt=A0SO803tJU1UqzIAh4RXNyoA;_ylc=X1MDMjc 2NjY3OQRfcgMyBGZyA3lmcC10LTMyNS1zBGdwcmlkAwRuX3JzbHQDMARuX3N1Z 2cDMARvcmlnaW4Dc2VhcmNoLnlhaG9vLmNvbQRwb3MDMARwcXN0cgMEcHFzdH JsAwRxc3RybAM0BHF1ZXJ5A3VldHAEdF9zdG1wAzE0MTQzNDIxNjE-? p=uetp&fr2=sb-top-search&fr=yfp-t-325-s&fp=1 With UETP, one request instruction can be interpreted and executed to all parties simultaneously that accept to work with UETP. Together they can process transactions in real time. 13
It's all about agreement on semantics and formats ... Who I am What I have Identity User profile Things, money, assets, accounts What I want How to do it What I can Preferences Transaction Data Abilities / availabilities Request for information Who, What Product offers Request for quote When Catalogues Order request Where Price information Execution management How Preferences Other information Other information Other information = UETP transaction instruction The global ability to communicate with the most important verbs and interrogatives: to be, to have, to do, to want, to can and who, what, when, where, why, how, etc. 14
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