Securing Web3 at Scale

Transcript

[Applause] can you hear me well thank you very much for the pure speaker very insightful presentation uh i'm going to try to do as as good if i can my name is richard briefo i work for ledger enterprise in business development for switzerland more precisely the western part of switzerland also known as romandi um so who knows ledger among you excellent who knows ledger enterprise a bit less excellent that's why it's good because i'm going to talk about ledger enterprise which is a b2b arm of ledger serving financial institution and corporate but more important if you are an institution what legit enterprise gives to you is the security of leisure scaled for an organization

and the scaling for an organization is in an infrastructure scaling but also a governance scaling scaling to manage assets when you have different people involved so even so many of you don't know us uh enterprise has been in the business for four years so we launched our first product which we'll call ledger vault in 2017 end of year we already have more than 100 clients uh to name a few we have exchanges like crypto.com we use our solution we have a custodian like tetracross which is the first regulated custodian in canada and in the banking space bank frank out of liechtenstein there are billions of transactions that are secure on our technology uh two digit billions of transactions that i

cannot give the exact number and three-digit billions of transactions that have been done and with that we had zero dollar compromise so no ack and zero dollar mismanage and i think this is very important because we have the problem of hacking but also the problem of not managing well the assets when you're an organization and both are creating problems as it was rightly presented and i think we have more or less the same number which is pretty good security is paramount and security is particularly more a problem with defying nft and so the defined nft magnify the problem of security either because the

complexity of smart contracts that has been presented but also by the way they are transacted far more than asset that you buy and old so we had big numbers show to us but actually when we talk to a corporation who want to play the d5 nft this is not this big amount of 600 million which is of concern to them what is of concern to them is a reputational risk if something bad happened with the nft that they have issued if they are a brand in luxury for instance or if they are a private bank and they wanted to do stacking for their client if they lose one dollar it's a problem it's a big reputational problem so the benchmark

in terms of security in the nft and d5 is zero compromise you cannot afford to have any issue happening and this is what we are trying to do for this client thanks to ledger enterprise so how do we try to solve that basically we are expanding this year from what we call ledger enterprise protect which is our custody and treasury management solution of crypto assets to ledger enterprise interact which is a set of solutions to allow financial institutions to do stacking and benefit from d5 at scale and securely and what we call ledger enterprise create which is our solution for

cooperation primary in life style and luxury we want to serve the nft trends again securely and at scale so that's a big shift in terms of our product development because we are very focused on custody and then we move to interact and create to surf and to serve the dfi and nft security and scaling challenges i'm going to go quickly to the three of them uh the slide is a bit complex but i'm going to try to really focus so the first one about protect what makes ledger different is that our philosophy is that security in digital assets has to rely on hardware

so you probably know the device of ledger which is this key which is a hardware the solution we developed for enterprise imagine the same thing but scaled in three different pieces you have a very secure chipset which is located in hsm you have a very secure operating system that we own and manage and you have also secure devices for cooperation to interact with their assets that's super important because one of the risks in security is related to what we call the end point if you use a mobile phone to validate a transaction it is not secure the truth is that it will never be secure so with ledger we try to manage end-to-end infrastructure

try to create i like to do the analogy of apple of managing digital assets which is hardware the firmware which is our operating system and the device to interact so it's really the most closed loop and most secure when we talk about the ledger interact we talk about the stacking and the other d5 opportunity the way we're going to we're addressing it now is two ways the first thing we decided that stacking was very important for our clients if you want to old assets and create yield out of them it's important that we embedded stacking into our solution so this is what we do and this is what

we're going to do for the top 20 tokens we already released the tezos and polkadot and the following ones will come in and so if you look at our ledger enterprise interface if you are a bank you can directly allocate stacking to a set of selected partners that have been integrated and selected because they are quality and because of their security but we know that also other people wants to do more uh lending for instance so for other defy activity we are going to follow what we do on the retail side which is a d apps approach where we're going to allow other third party to propose the app in our ecosystem and again the signature will happen in a very secure hardware

based system powered by ledger so this is what we do on the d5 side the stargate is really financial institution who want to create yield if i talk about up nft nft is a different target target group it's amazing because last year it was really at the infancy but over the year we have an enormous number of brands in luxury lifestyle fashion who came to us and said i want to play the nft but this is this is the value chain i need to manage it is extremely complex how can you help me and so we are expecting it's a little

teaser uh we have an event in new york end of the month where our first official partner which is a in this spectrum of fashion brands will announce how they use ledger enterprise create in order to drive the nft project for dropping it will be loyalty and fts to their customer but more than the infrastructure i think was the way people consider to play nft and why they talk to ledger is because when you talk to cooperation you need to appeal to different people in the organization which have different needs and this is where actually with ledger we try to fulfill the need of each other stakeholder of the organization

so if i am a business team what they really like when talking to us it's a brand of ledger which is known and they feel like their own brand can create equity by joining ledger to drive the nft project but if i talk to the legal team it's a different story what they really like about our solution is the fact that we bring insurance power by art group that they can put onto the asset that they will be delivering to their customer and if i talk about the finance team they talk about the governance so what is very important in this different organization is how we can serve each of the needs thanks to the solution we have put together so now i know

i probably probably think that it's pretty cool if i did my job fairly well but you probably think what's the difference between me and the other ones it's only slides and and you are right to say that because what matters in security and scaling in crypto is not what i'm showing here on slide is what the engineer behind are driving the security in crypto is a continuous race okay it's a mouse and cart race and if you want to stay the cat there are two things which are important the first you need to have quality engineer the best resources the best expert in crypto security hardware security software security

and the second one which is unfortunate to hear but size matters a lot because if you want to be able to fight against all the the development that the hacker are doing you need to have sizeable team of qualified engineer to continue improve the solution and fortunately with ledger as we have the retail arm which is profitable as we do the significant fundraising we are the capability to invest and we invest a lot in this engineering competence so we have 700 employees 400 of them are but what i wanted to show you is maybe an extract which is more a summary of how it is important to have these teams

we have a team that is called ledger dungeon ledger don juan is a team of 13 people the best engineer we have in crypto and hardware security and they have only two mandates the first mandate is continuously try to act every system on the planet crypto system our own system competitor system but also system of security in finance in general and the second one that they are the guardian of every single software and hardware release and so this is a huge investment because certain of this engineer is like the size of a full engineering team of diff or other player

in the crypto ecosystem but the problem i have is always difficult to express that you know i am not the engineer so we decided to make a little video to express what is a dungeon and i would like you to play this three-minute video it's a first episode [Music] so here you are in the dungeon

is m what i find interesting is to do regular

attacks from project you should be curious should be serious you should be patient i get satisfied when i present an attack which is robust which is a safe attack which is a fast attack a big moment this is a this is not a normal job

technique we are going to show you an example of controlling a mobile phone remotely in order to extract the seed and manipulate the crypto money would this attack please electromagnetic so it's a it's a bit a netflix type production because we have a retail arm and uh so it means to be like that uh to be so they have six episodes to be honest i really recommend you watch the

one with a laser attack on the chipset it's better than ob1 cannot be on this net plus frankly but that's an explanation of why this resource matter and are the one which are securing ledger thank you for that