FinTech Lecture 5 : Internet Governance and the World of Apps
Slides I used for Lecture 5 of FinTech - Financial Innovation and the Internet 2021 Fall at Graduate School of Business and Finance, Waseda University on October 22, 2021.
and the Internet 2021 Fall Lecture 5 : Internet Governance and the World of Apps Kenji Saito, Graduate School of Business and Finance, Waseda University Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.1/57
required Zoom names : change your names to whatever you want to be called Please link your Zoon names to your real names in your reports Zoom names are important, because if you choose to be called by your real names, still I don’t know whether I should call you by your given or family names You do need to speak often (we are going to have a lot of dialogue) We will use breakout rooms a lot, but those won’t be recorded unless you do it yourselves (need to be allowed) Keep your Zoom client updated! We might use latest features Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.2/57
and chat text will be posted at Moodle and Discord Trial automatic transcription will be posted at Discord Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.3/57
Lecture 2 10/1 Overview of FinTech (2) • Lecture 3 10/8 Internet Technology and Governance (1) • Lecture 4 10/15 Internet Technology and Governance (2) • Lecture 5 10/22 Internet Governance and the World of Apps • Lecture 6 10/29 The World of Apps - continued Lecture 7 11/12 Blockchain (1) Lecture 8 11/19 Blockchain (2) Lecture 9 11/26 Other Ledger Technology and Applications (1) Lecture 10 12/3 Other Ledger Technology and Applications (2) Lecture 11 12/10 Cyber-Physical Society and Future of Finance (1) Lecture 12 12/17 Cyber-Physical Society and Future of Finance (2) Lecture 13 1/7 FinTech Ideathon (1) Lecture 14 1/14 FinTech Ideathon (2) Lecture 15 1/21 Presentations and Conclusions Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.4/57
in Finance Assignment Review The World of the Web Probably we won’t finish today’s slides Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.6/57
Keio Univ. Two among the best private universities in Japan These two universities are known for their rivalry and matches in baseball and other sports known as “ ” (first characters of Waseda, Keio and match), although Keio students would often call it “ ” ;) For undergraduates, classes may have to be cancelled for students to go cheer on the baseball team Story The head of the Keio cheerleading squad sends a letter of challenge in the form of a traditional scroll to the head of Waseda’s cheerleading squad It is a very long scroll that has to be untied from Keio’s Mita campus, slipped into Mita Station on the Mita Line, and then slipped out from Waseda Station on the Tozai Line to reach the Waseda campus so that the head of Waseda’s cheerleading squad can read it This is a metaphor of stream communication over the Internet as we do it via Zoom at the class Two ways TCP (Transmission Control Protocol) . . . Don’t miss reading every word of it (e.g. browsing a web page) UDP (User Datagram Protocol) . . . Well, it’s a long scroll, and it’s okay if it’s missing parts (e.g. Zoom) Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.9/57
way, inside the entrance of Mita Station, there is a photocopier, which copies just part of the scroll at a time, and students pass through the ticket gate with one fragment each in their hand Each fragment is sequentially numbered from the top of the scroll Students are not familiar with the railway network, and when they ask the station staff how to get to Waseda, they are told to go to Otemachi, so they do Students ask again at Otemachi Station (router), and are told to change to the Tozai Line When they arrive at Waseda Station, a student operates a scanner/printer before the exit, scanning the fragments in numerical order and outputting a long scroll on the printer, and students pull it to the Waseda campus Now, some students may get lost on the way What would you do? Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.10/57
TCP Students pick up their receipts (with fragment #) at Waseda Station and take them back to Mita Station At Mita Station, if a receipt is not returned, it is assumed that the fragment was not delivered, and another student is sent out with the fragment UDP Why do we care if some students get lost? (They are grown up, and we are certain that they will make it to their home) Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.11/57
just another application of IP (with layer 4 by UDP (User Datagram Protocol) or TCP) Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.12/57
communication technology It doesn’t matter whether packets go through the satellites or the ground It could also use a homing pigeon ;) RFC 1149 (A Standard for the Transmission of IP Datagrams on Avian Carriers) * An RFC (Request For Comments) is a publication often of Internet Standards (or jokes, or both) If there is a good communication technology, we use it IP over Everything Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.15/57
Minitel (its success slowed down deployment of the Internet in France?) Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.17/57
can write IP? How fast can a router get? If it is not simple, it won’t work If it is not simple, it will be slow It is really important to make it simple and easy Smarter design, such as variable-length address instead of fixed-length, would have slowed down development of the Internet if it were chosen IPv4 uses fixed 32-bit IP addresses ← approximately, how many addresses? IPv6 uses fixed 128-bit IP addresses ← approximately, how many addresses? Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.19/57
What the Internet means Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.20/57
of the whole railway network Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.21/57
Engineering Task Force) (a group of individual engineers) ICANN (Internet Corporation for Assigned Names and Numbers) (a non-profit in California) ASO (The Address Supporting Organization) GNSO (Generic Names Supporting Organization) ccNSO (Country Code Names Supporting Organization) United Nations IGF (Internet Governance Forum) Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.23/57
who contribute to the engineering and evolution of Internet technologies It is the principal body engaged in the development of new Internet standard specifications The IETF is unusual in that it exists as a collection of happenings, online and in-person, in which individuals voluntarily participate. It has no members, and no dues —The Tao of IETF – A Novice’s Guide to the Internet Engineering Task Force Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.24/57
make decisions) “We reject kings, presidents and voting” “We believe in rough consensus and running code” — David D. Clark General principle of robustness “In general, an implementation should be conservative in its sending behavior, and liberal in its receiving behavior” — Jon Postel Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.25/57
Internet is at a crossroads It means whether the main character is a person, a different unit, a circle of friends, an organization or a country It is important to be able to define it freely Basically, each and every one of us must be able to have a presence on the Internet, and we must ensure that each of us is the main character of communication on the Earth This is very important — Jun Murai 1999-07-07 From “DOCUMENT LIFE a ryuichi sakamoto opera 1999” Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.26/57
architecture . . . It is the basis for distributing digital information through transparent channels and providing a commons environment The key to Internet architecture is to provide alternatives On the communication side, multiple media can be used freely — Robert Elliot Kahn, 2004-11 (translated back from Japanese) In a private conversation with Prof. Hiroshi Esaki of the University of Tokyo (from his book “Cyber-First”) Commons = resources accessible to all members of a society Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.27/57
and autonomous system (no authority) and social (3) Being connected is assumed (4) The only one on the Earth (5) Providing a commons environment (6) Providing alternatives (7) Providing opportunities (8) Only trust “rough consensus” and “running code” (9) Transparency and End-to-End (10) Best effort Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.28/57
access to (legal) information (2) Freely execute applications within legal limits (3) Freely connect equipment unless it would harm the network (4) Freely choose providers Network providers, application/service providers However . . . What is the scope of the “law”? Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.29/57
followed, there is an incentive to make efforts to improve quality and gain market competitiveness — Hiroshi Esaki, “Cyber-First” Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.30/57
a post office, so to speak Electric Vehicles (EV) ← not exactly electronic, but . . . Everyone can build a car e-publishing (e.g. Kindle by Amazon) Everyone can be a publisher ← rather, WWW has done it e-money (e.g. Suica by JR East, xxPay, etc.) Everyone can be a bank ← rather, digital currency is doing it e-government Everyone can be or do what? Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.31/57
of turning monopoly into commons in some financial areas? Commons = resources accessible to all members of a society Let’s talk with neighbors first, and then discuss it as a whole Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.32/57
for the next topic For example, at the time Assignment 1 was given, if you had not known in advance what you have seen today, you would have answered without knowing much about the Internet This time, you may not know what APIs are Look them up on the web or something But for example, they are what your smart phone apps are using when they need functionality from remote entities (like banks) Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.33/57
publish APIs (Application Programming Interface), think of a new and unusual example application, and describe it briefly Deadline and how to submit October 19, 2021 at 17:59 JST From Moodle (mandatory) Optionally, you can also post to #assignments channel at Discord So that your classmates can read your report, refer to it, and comment on it Just plain text, please Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.35/57
Measures . . . how to improve the class 28 out of 30 students submitted (as of Wednesday morning) (pretty good, and always better late than never) Applications : voice payment / personal financial visualizer & planner (advisor, simulator) / RegTech / one single app (super app , integrated app) / auto investment / proxy payment / real estate credit check / p2p loan / personalized health plans / direct transfer, trade or exchange / services for elderly / community building / delay-tolerant payment Very interesting! But . . . Often with a long preamble Write the most important points first, so that if readers stop reading in the middle, they can still get the important information You’ve learned the elevator pitch, right? Example from how to write an abstract for a scientific paper I know you are business-oriented, but since this is also academia Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.36/57
is to give it a good title (probably 3 below is your title), then Abstract in 4 simple sentences, by Kent Beck: Sentence 1 : State the problem Sentence 2 : Why the problem is a problem Sentence 3 : A “startling” sentence Sentence 4 : Implications of the startling sentence Example: The rejection rate for OOPSLA papers is near 90% 1 Most papers are rejected not because of a lack of good ideas, but because they are poorly structured 2 Following four simple steps in writing a paper will dramatically increase your chances of acceptance 3 If everyone followed these steps, the amount of communication in the object community would increase, improving the rate of progress 4 cf. https://plg.uwaterloo.ca/∼migod/research/beckOOPSLA.html Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.37/57
would help users visualize their financial status by showing their “financial information” as a water tank The App would help the user visualize the increase and decrease of their wealth by adding and losing water in the water tank Furthermore, this App would help to calculate and simulate future financial status with different financial decisions, products, and interest rates, with the help of AI [snip] As a result, the users would then make informed choices, spend more rationally and see the big picture of their financial status ⇒ Sounds a sort of like a robo advisor, But more personal and easier for users to understand, perhaps Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.38/57
loan project at this APP and enter the amount, interest, and payment schedule After borrowers agree those items, they have to agree the small contract by give an access code from their bank Thus, the APP can automatically transfer money between borrowers and lenders based on the schedule they set at first [snip] it would at least reduce the embarrassment of asking payment and increase the difficulties on avoiding payment ⇒ Nice to have a little help in personal lending It’s interesting to see that the credit is not given by the bank, but by the users themselves There may be automated P2P lending in this direction of development Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.39/57
can collect user health data and give them a personalized meal plan and health plans such as exercise schedule and this can reduce personal insurance fees and they can get other health food discount or health food coupons in the xxPay and banks account automatically ⇒ This should be sponsored by the Ministry of Health, Labour and Welfare! It would have been nice to see more applications proposed like this that don’t deal directly with finance As new and unusual examples Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.40/57
technology and evolution of World Wide Web Consequences and problems of World Wide Web Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.41/57
3BJMT .JUB-JOF .JUB4U ̖&YJU ,FJP6OJW .JUB 3BJMT ɹ0UFNBDIJ4U .JUB-JOFc5P[BJ-JOF "QQMJDBUJPO 8BTFEB6OJWFSTJUZ JTMJTUFOJOHPO BTQFDJpDQPSU *1 BEESFTT 1PSUOVNCFS * * 5 5 Like many web servers used to be listening mainly on port 80 (when HTTP was OK) Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.42/57
GPSSFRVFTUTGSPN DMJFOUTPOBTQFDJpD QPSU $MJFOU4PGUXBSF "QQMJDBUJPOUIBU DPNNVOJDBUFTXJUI TFSWFSTPGUXBSF TFOEJOHSFRVFTUT XIFOOFFEFE One of the basic models of communication on the Internet Two types of computers Servers: computers providing services Clients: computers to be serviced Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.43/57
still out there) Window system (X window) Mail (SMTP/POP) Netnews (NNTP) There were already “flaming” File transfer (FTP) Below came around the same time as Web Chat (IRC) Information retrieval (gopher) Now little used Now actually sounds more like an iconic mascot of the Go project Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.44/57
storage and sharing services Save file on server (upload) Users access the server to download files (Files at the time were often scientific papers and program code) ⇓ WWW : World Wide Web Embed “Relation” links in the file → Hypertext (by Ted Nelson, 1963, 1974) The way files around the world link to one another is referred to as “Cobweb (web)”, and is named “World-Wide Web” Birth of a digital information infrastructure in which various data are organically linked Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.45/57
MJOLT MJOLT CSPXTF CSPXTF CSPXTF CSPXTF CSPXTF CSPXTF XXXHPPHMFDPKQ XXXZBIPPDPKQ A browser fetches a page, and if a user clicks on (or touches) a link, fetches another page Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.46/57
Meeting of Hypertext and the Internet Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.47/57
Tim Berners-Lee at CERN Adopts the concept of hypertext In 1990 WWW server and browser implemented on NeXT, HTML 1.0 Draft In 1991 Released WWW system (server, browser, library), started to be used by universities and laboratories In 1993 Mark Andreessen et al. developed the Mosaic browser, which made WWW widely spread In 1994 Tim Berners-Lee founded the W3C (World Wide Web Consortium) In 1995 Published HTML 2.0 In 2014 HTML5 In 2021 HTML Living Standard Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.48/57
Protocol (Secure) Protocol used for transferring HTML files HTML Hyper Text Markup Language Markup language for describing web pages Designed and recommended by the W3C → WHATWG URI Uniform Resource Identifier Identifier of an information resource on the Internet (not necessarily on WWW) URL (Uniform Resource Locator) is one way to implement URI Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.49/57
scheme Scheme https://www . google . com Host name : Port # 443/search Path ? Search string q = refrigerator Port number, path, and search string are optional For https scheme, the port number defaults to 443 Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.50/57
Install openssl in your environment and try it out You may want to try www.google.com:443 and GET /search?q=refrigerator instead Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.51/57
request Each request is independent (state-less) It was enough to achieve its original purpose Original purpose → easy access to documents such as scientific papers But then there appeared a lot of applications for which this is inadequate . . . Want to treat a series of requests as a session Shopping, logging into membership site, etc. Art of maintaining states for that purpose Unique URL generation including a representation of the state HTTP cookies (like shared magic numbers) Access tokens Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.52/57
HFOFSBUFTUPLFO EBUBQSPUFDUFECZBDDFTTSJHIU %BUBCBTF #SPXTFS 5JNF JOEFQFOEFOUDPOOFDUJPO JOEFQFOEFOUDPOOFDUJPO IFBEFS SFTPVSDF IFBEFS IFBEFS SFTPVSDF 9Z;X 9Z;X 9Z;X EBUBQSPUFDUFE CZBDDFTTSJHIU Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.53/57
people use the Internet Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.54/57
links and information is organically linked across distributed servers Information providers create information (data) with links in mind Information users follow links to obtain new information (data) Finding information (data) Need some way to find a server that stores information (data) Large numbers of servers and distributed volumes of information (data) Search engine is important How information (data) is collected Distributed across the Internet, servers with popular information (data) are being accessed intensively as the number of users increases Lecture 5 : Internet Governance and the World of Apps — FinTech — Financial Innovation and the Internet 2021 Fall — 2021-10-22 – p.55/57
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