Financial Web Workshop

Web Payments | PaySwarm | Firefox OS

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Intro

Web Payments

What I do

Manu


  • W3C Standards Chair dealing with
    • Web Payments, Linked Data
    • Identity, Security

  • Founder/CEO of Digital Bazaar

  • Championing these technologies: Web Commerce API, Secure/Verifiable Messaging, PaySwarm, Crowdfunding, JSON-LD, RDFa, and Bitcoin.

The

Plan

Cat Herding 101


  • Split into 3 groups of 10 + observers

  • Decide which topics are most important via "group hum"

  • Topics get 30, 20, 15 minutes, based on popularity

  • 50% of each topic devoted to intro, 50% to Q & A

Workshop

Focus

Financial Web Service Standards



  • Financial metadata (RDFa, JSON-LD)

  • Decentralized financial systems (Bitcoin, Ripple, PaySwarm)

  • New financial services (Web-based Payments, Stored Value, Credit networks)

Future

Metadata

Web-aware Metadata Formats

meta


  • Problem: Lots of information on the Web, but machines can't understand it.

  • RDFa - machine-readable web pages

  • JSON-LD - machine-readable Linked Data

  • Transactions, digital receipts, digital contracts

Future

Metadata

What is Linked Data?

LD


A new way of publishing data on the Web:


  • Use URLs to identify things.

  • Provide useful information at those identifiers.

  • Use Web standards to express information.

  • Link to other useful information.

Future

Metadata

Linked Data Example

LD

Future

Metadata

RDFa: Visible Web Metadata

RDFa



  • Makes the human-readable, machine-readable

  • Useful when documents are HTML or XML

  • Used by Google, Microsoft, Facebook, Yahoo!, Yandex

  • Example: Who is the president of the UAE?

Future

Metadata

RDFa Examples

RDFa

RDFa Markup Examples

Future

Metadata

JSON-LD: Metadata for Web Services

JSON-LD



  • Makes data machine-readable

  • Useful for Web APIs and databases using JSON

  • Used by Google, IBM, Yahoo!, Yandex

Future

Metadata

JSON-LD Markup Example

JSON-LD


An example of a financial transaction in JSON-LD:

{
  "@context": "https://w3id.org/payswarm/v1",
  "id": "https://redbank.com/transactions/1.A.F23BC",
  "type": "Transaction",
  "amount": "1.04",
  "currency": "USD",
  "comment": "Purchase of Bad Romance by Lady Gaga from Best Buy"
  "date": "2013-09-16T12:34:36.14532",
  "transfer": [{
    "type": "Transfer",
    "source": "https://redbank.com/accounts/12345",
    "destination": "https://greenbank.com/accounts/54321",
    "amount": "0.89",
    "currency": "USD"
  }, ... ]
}
            

Future

Metadata

Machine-readable Products



An example of a product:


{
  "@context": "https://w3id.org/payswarm/v1",
  "id": "http://domino-records.com/arctic-monkeys/albums/humbug",
  "type": ["Asset", "Album"],
  "creator": { "fullName": "The Arctic Monkeys" },
  "title": "Humbug",
  "assetContent": "http://domino-records.com/download/albums/humbug",
  "assetProvider": "https://bluebank.com/i/domino"
}
            

Future

Metadata

Machine-readable Receipts


An example of a digital receipt

Open

Systems

Decentralized Financial Systems


  • Problem: Today's financial systems are closed, centralized, and do not provide a good platform to innovate upon.

  • Bitcoin - decentralized cryptographic currency.

  • Ripple - decentralized FOREX/credit network.

  • PaySwarm - commerce standard for the Web.

Open

Systems

Bitcoin - Cryptographic Currency

BTC



  • No central authority, no government.

  • No mint or banks, money is mined.

  • Based on mathematics and cryptography.

  • Money transfers in ~10 minutes, irreversible in ~90 minutes.

Open

Systems

Bitcoin - Cryptographic Currency

BTC



  • Exchanges convert BTC to USD and back. $100 USD to 1 BTC.

  • $1.1B market cap (July 2013)

  • Currency is deflationary. Only 21M coins will ever be mined.

  • Open source, Open protocol - useful for interbank transfers.

Open

Systems

Ripple - Decentralized FOREX/Payment

XRP



  • Bitcoin-like distributed ledger

  • IOU network, keeps track of who owes who money

  • Built on node trust, finds debt paths through network

Open

Systems

Ripple - Decentralized FOREX/Payment

XRP



Open

Systems

PaySwarm - The Web Payment Standard

PaySwarm



  • Goal: Integrate value-exchange and payments into the core architecture of the Web

  • Universal payment standard for the Web

  • Browser-native payments for 2.4B people

  • W3C: Open, patent and royalty-free technology

Open

Systems

PaySwarm - The Web Payment Standard

PaySwarm



  • Extensible, decentralized identity (KYC data)

  • Cryptography-based, no credit card numbers

  • Decentralized listing of products for sale

  • Extensible, digitally signed receipts

Open

Systems

PaySwarm - The Web Payment Standard

PaySwarm



  • Payment processor agnostic

  • Data portability, switch easily

  • One-click purchases in the browser

  • PaySwarm Demo

Financial

Services

Web Payments

services


  • What does being able to transact directly using the browser (PaySwarm) mean?

  • Browser manufacturers, mobile carriers, payment processors now compete with bank and credit card networks

  • Using open standards, traditional financial institutions can provide the same services for their customers

Financial

Services

Storage of Value

services


  • What do decentralized storage of value, like Bitcoin, do to banks?

  • Changes perception of the purpose of banks.

  • Rethink what's possible with financial networks.

  • Rethink the regulatory environment around money.

Financial

Services

Crowdfunding and P2P Credit

services


  • What do crowdfunding and peer-to-peer credit systems like Ripple enable?

  • Credit and lending will shift towards open networks

  • Competition for traditional business loans

  • Banks could capitalize on crowdfunding successes by providing platforms, matching funds, or performing follow-on services

Act

Now

Join the Standardization Work


  • We need help building these technologies!

  • We need: Developers, Executives, Evangelizers

  • Help here: Web Payments Group @ W3C

  • Pull me aside, introduce yourself!

Thanks

Learn more...

The End

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