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LEI.INFO and The ideas for LEI system

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A workshop for GLEIF @ Frankfurt - Germany

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LEI.INFO and The ideas for LEI system

  1. 1. LEI.INFO & The Ideas for LEI System A workshop for GLEIF by MakoLab SA
  2. 2. Motivation  Enhance the LEI infrastructure by using SEMANTIC TECHNOLOGIES  Popularise LEI by adding it to schema.org  Explore radically new possibilities for LEI System technological foundations 2
  3. 3. Workshop plan  MakoLab – who we are?  LEI Resolver • Public LEI Search Engine and Linked Data Resolver • Private LEI Based Solutions  LEI in schema.org  GLEIO Ontology • What’s “wrong” with XML data model • Current LEVEL 1 Ontology • Plans and discussion about the inclusion of LEVEL 2 concepts  Using Blockchain for identity services and LEI • MakoLab’s Proof-of-Concept • Discussion of Potential BlockChain Proof-of-Concept for GLEIF 3
  4. 4. Bringing Semantic Web Technologies to LEI System  LEI Search Engine and Linked Data Resolver  LEI in schema.org  GLEIO Ontology
  5. 5. What is MakoLab LEI Resolver ?  MakoLab LEI Resolver is the combination of LEI Search Engine and Linked Data URI Resolver.  Linked Data URI Resolver is a web based software solution that performs dereference of an URI by returning the representation of the resource that it identifies 5
  6. 6. MakoLab LEI Resolver – how does it work? 5493001KJTIIGC8Y1R12 Create URI http://lei.info/5493001KJTIIGC8Y1R12 Visual for Human Web Media (HTML) Data for Machine consumption (RDF) Picture for Paper Media (QR-Code) 1 2 http://lei.info/5493001KJTIIGC8Y1R12 6
  7. 7. URI Creation – MakoLab LEI Web Application Few technological details: TripleStore – AllegroGraph Application Layer – Highly Scalable .NET Web app. Romantic Web (SW) components 1 7
  8. 8. LEI Resolver – Visual Resolution http://lei.info/5493001KJTIIGC8Y1R12 Visual for Human Web Media (HTML) 2 8
  9. 9. LEI Resolver – Data for machine consumption http://lei.info/5493001KJTIIGC8Y1R12 Data for Machine consumption (RDF) RDF Graphs can be returned in multiple formats: 2 9
  10. 10. LEI Resolver – Meeting Linked Data Standards http://en.lodlive.it/?http://lei.info/5493001KJTIIGC8Y1R12 http://lei.info/5493001KJTIIGC8Y1R12 Data for Machine consumption (RDF) 2 10
  11. 11. LEI Resolver – Meeting Linked Data Standards Sophisticated Querying Mechanism SPARQL END POINT Allows for building third party applications n top of the resolver http://lei.info/sparql 11
  12. 12. Private LEI Resolvers  Can be deployed to company Intranets  Can be totally isolated from Internet  Can be integrated with ANY corporate source – if the source exposes Web API  Precursor to Level 2  Demo integrations: CorpWatch, Bloomberg Symbology, dbPedia, Freebase 12
  13. 13. LEI for schema.org
  14. 14. schema.org – global vocabulary for searchSchema.org (2011), sponsored by the most important search engines: Google, Microsoft, Yahoo, and Yandex, is a large scale collaborative activity with a mission to create, maintain, and promote schemas for structured data on the WEB pages and beyond. These schemas cover entities, relationships between entities, and actions. Today, over 10 million sites use Schema.org. Many applications from Google, Microsoft, Pinterest, Yandex, and others already use schema.org to power rich experiences. Think of schema.org as a global Vocabulary for the web transcending domain and language barriers. MakoLab has built schema.org extensions: 2015 – auto.schema.org (Automotive Industries) 2016 – fibo.schema.org (Financial Industries) 14
  15. 15. fibo.schema.org fibo.schema.org is an extension of schema.org based on the most comprehensive global financial terms vocabulary: FIBO (Financial Industry Business Ontology) Collaborative project of an international group of individuals lead by MakoLab SA. 15
  16. 16. LEI in schema.org Financial Extension for schema.org created by MakoLab and introduced to schema.org on May 4th, 2016, contains property definition that describes LEI: http://schema.org/leiCode 16
  17. 17. GLEIO Ontology
  18. 18. From XML Schema to Ontology 18
  19. 19. 19 About XML schema for the CDF Format  The role of the XML schema is to specify what constitutes a valid document.  XML schema compliant with the Common Data File Format is merely focused on syntax and structure of XML documents.  XML schema restricts the set of elements that can be used in the files with global LEI data. But it doesn’t indicate how the documents should be interpreted.  XML schema for the Common Data File Format cannot be understood by itself.
  20. 20. 20 LIMITATIONS OF XML REPRESENTATION An XML representation has many drawbacks and limitations: lack of precise semantics difficult extensibility lack of global persistent identifiers lack of inference (so also no content consistency check)
  21. 21. 21 Ontological answer to XML limitations  Ontologies are focused on meaning. They are formal specifications of shared conceptualizations.  Ontologies allow to classify entities and have enough expressive power to introduce constraints on the level of things.  They are flexible enough to allow for extensions. New data based on terminology from external resources can be added to an RDF graph.  RDF/OWL ontologies use URIs, which are universal global unique identifiers. By using URIs, browsers and other applications can retrieve the data of the resource identified by that URI (see content negotiation, LOD).  Ontologies allow for inference. Reasoners for OWL ontologies can check consistency of ontology, i.e. whether the set of ontological restrictions (axioms) has a model. One can also verify whether the facts explicitly expressed in an OWL ontology do not break the restrictions.
  22. 22. GLEIO Current LEVEL 1 ontology
  23. 23. 23 About General LEI Ontology (GLEIO) 1. GLEIO specifies the conceptualization of a domain of things described by Common Data File Format. It provides definitions of concepts and establishes semantic relations between entities. 2. GLEIO is an OWL ontology compliant with the CDF Format. We made sure that each element from the CDF Format found its counterpart in GLEIO 3. GLEIO is also linked with Financial Industry Business Ontology (FIBO). Bridging connections are part of GLEIO’s specification. 4. GLEIO provides a knowledge scheme for LEI Resolver. 5. It was designed to satisfy Linked Open Data principles.  Its canonical URI is http://lei.info/gleio/
  24. 24. 24 GLEIO in Protégé
  25. 25. 25 GLEIO about change 1. GLEIO is intended to make explicit temporal aspects of LEI data and allow for tracking changes. 2. We proposed an innovative knowledge schema for representing change. 3. Currently: GLEIF publishes daily an updated concatenated file without any indication what have changed. 4. What can change?  An LEI registration status can change in time (see: http://lei.info/549300U5FI25Y6MFOS85).  The headquarters address of a legal entity can change (see: http://lei.info/549300YV1HQLBVHOI649).
  26. 26. 26 GLEIO divides all entities into 1. entities that change - variable entities – have different manifestations at different times, and those that change 2. entities that do not change - non-variable entities - do not have different manifestations as different objects at different times.  Here we have manifestations of variable entities. Each such manifestation has its time stamp (being its beginning of existence).
  27. 27. 27 Example 1  Every day our LEI application reads a complete concatenated XML file.  A new manifestation of a legal entity is created, if a change was found (e.g., its headquarters address has changed).  Manifestations are linked by temporal precedence relation hasPredecessorEntityManifestation
  28. 28. 28 Example 2 The changes in LEI registry is also represented in GLEIO by manifestations. For instance, the status of LEI registration can change from “Issued” to “Lapsed” (here we still have to do with the same LEI). In that case, we create a new manifestation of the LEI.
  29. 29. 29 Example 3 In some other cases, for instance when the LEI status is “Duplicate”, it will have its successor. In some sense it ceases to exist and stops being updated. Its successor becomes the “issued” LEI.
  30. 30. GLEIO Plans and discussion about LEVEL 2 concepts inclusion
  31. 31. 31 Who is who? Who owns whom? Who owns what?” GLEIO can be extended on the relationships proposed in LEVEL 2, i.e.: • Various definitions of parent relationships • direct parent relationships • ultimate parent relationships (inference from a chain of direct parent relationships?) • sets of entities that belong to the same group • Other relationships that are not described as parent-child relationships • joint ventures and joint operations  Precise definitions are needed.
  32. 32. 32 Data history “For policy or research purposes, it may be more important to be able to trace the relationships among entities through time (including when a relationship starts or ceases to exist) than to trace changes in their Level 1 data, such as a change of address. Consideration of corporate actions such as mergers, acquisitions, and spin-offs often figures prominently in constructing meaningful time series. Thus, it is important from the start that history is built into the data model conceptually, even though the collection or management of such information may not be implemented in the first phase.” Collecting data on direct and ultimate parents of legal entities in the Global LEI System – Phase 1
  33. 33. Radically new possibilities for technological foundations of the LEI System
  34. 34. Digital Identification - a quest for ….  Non-repudiation  Immutability  Decentralization  Transparency  Resilience to system failures 34
  35. 35. Solution ... 35
  36. 36. What is Blockchain?  Blockchain is the underlying technology of Bitcoin and other cryptocurrencies.  The Blockchain is in essence a database technology featuring distributed, tamper proof operation and is typically used as a public ledger of timestamped transactions.  It provides methods for verification of the existence of the transactions at a particular times. Such verifications can be done independently by any other system participant. https://en.wikipedia.org/wiki/Bitcoin https://www.oreilly.com/ideas/understanding-the-blockchain 36
  37. 37. More about Blockchain Blockchain was invented in 2008 and first implemented in 2009 (as part of original Bitcoin software). Blockchain technology enables creation of tamper-resistant data structures while making it publically available to all parties. The underlying theoretical model is based on hash functions and public-key cryptography and with growing size of the data, makes is practically impossible to tamper with data. Practical immutability of the database is achieved by its specific architecture and the use of the specific Proof-Of-Work methods that are hard to execute making the tampering practically impossible. 37
  38. 38. More about Blockchain The actual data stored in a Blockchain database (called “transaction”), are secured by public-key cryptography (signed by private keys or their creators), to prevent any third party from modifying it. “Transactions” (and the entire block containing them) need to be confirmed. After this step all the chains in the Blockchain contain the confirmed block and the chain grows. There are usually many confirmations needed to be performed (by participants called miners) for the block with transactions to be accepted. The confirmation is by design computationally expensive procedure (Proof-of-Work) 38
  39. 39. Blockchain evolution  Blockchain 1.0 – Bitcoin and other Crypto Currencies “The deployment of cryptocurrencies in applications related to cash, such as currency transfer, remittance, and digital payment systems”  Blockchain 2.0 – Contracts “The entire slate of economic, market, and financial applications using the blockchain that are more extensive than simple cash transactions: stocks, bonds, futures, loans, mortgages, titles, smart property, and smart contracts”  Blockchain 3.0 – Applications “Beyond currency, finance, and markets—particularly in the areas of government, health, science, literacy, culture, and art.” Quotations from: “Blockchain” by Melanie Swan, O'Reilly Media, Inc. 39
  40. 40. Using Blockchain 2.0 for LEI – An idea Currently, the single XML record for LEI entity is treated as "atomic", in the sense of being curated by the global LEI authority that publishes it. As such, an XML representation of single LEI record can be considered as a state for single smart contract. Each such contract would offer method for accessing the representation, and a dynamic data structure that holds "revisions" of the representation. That is, when the LEI record changes globally, its new representation would be added to the state of the contract. Such contract can hold many revisions of the representation, bound only by the capabilities of the network global storage. We call such contract "entity contract". Together with entity contracts, someone can devise one or more "master contracts", that keep track of individual entity contracts and make accessing an easier process. One must remember, however, of the tradeoff between complexity of such contracts and their cost of creation and execution. 40
  41. 41. Using Blockchain 2.0 for LEI – An idea The network of participants can be a global network like Ethereum, where transactions are validated by third party anonymous participants, or can be an isolated network of private participants that does not expose their contracts for public execution. The suggested architecture for LEI: Consortium blockchains A consortium blockchain is a blockchain where the consensus process is controlled by a pre-selected set of nodes; for example, one might imagine a consortium of 15 financial institutions, each of which operates a node and of which 10 must sign every block in order for the block to be valid. The right to read the blockchain may be public, or restricted to the participants, and there are also hybrid routes such as the root hashes of the blocks being public together with an API that allows members of the public to make a limited number of queries and get back cryptographic proofs of some parts of the blockchain state. These blockchains may be considered “partially decentralized”. Vitalik Buterin - https://blog.ethereum.org/2015/08/07/on-public-and-private-blockchains/ 41
  42. 42. MakoLab’s Proof-of-Concept  Ethereum as smart contract platform  Ethereum clients form a private network of participants  Each client synchronizes its blockchain with others  Smart contracts are deployed on the blockchain and executed from there  Three LOUs modelled  Clients are connected in a distributed cluster  Single node is: 8GB/4 cores/ 3,2 GHz/Intel i7 42
  43. 43. More details  Fast index service used for searches  Individual web interfaces for each LOU  POC functionality: Search, Creation of contracts for LEIs records, registration in the master, creation of the new revisions …  Estimated mining time for single LEI: mining of 1 block itself, with low difficulty PoW, typically less than 10 secs 1 LEI = 3 blocks = ~30 sec. 43
  44. 44. Web interface http://leiblc.mm.com.pl/POC.html 44
  45. 45. Web interface 45
  46. 46. Potential Proof-Of-Concept v2.0 for GLEIF  Creating Blockchain database with ALL existing LEI records  Modelling realistic LEI revisions  Modelling consortium & private LEI Blockchains  Testing different blockchain implementations  Analysing various Proof-of-Work possibilities vs number of mining nodes  Testing blockchain-indexer and Web access interfaces  Performance tests – conclusions for hardware  Security audit  Design of final system architecture 46
  47. 47. What are GLEIF needs related to LEI infrastructure? What could MakoLab offer ?
  48. 48. 48 Contact Robert Trypuz MakoLab SA Rzgowska 30 93-172 Łódź Poland robert.trypuz@makolab.co m Mirek Sopek MakoLab SA Demokratyczna 46 93-430 Lodz Poland +48 600 814 537 sopek@makolab.com