 All right, and now we are also live on YouTube and LinkedIn. Hi, Jason, hi to Miami. Hi, Jeff to Chicago. Good to have you here. Hello everyone. Good morning, good afternoon, or good evening, depending on where in the world you're zooming in from. We're just gonna give everybody a minute or two more to join and then we're gonna start with our presentation. Hello to India as well. Or good evening. Hi, Phil, hi to Toronto. All right, now we are two minutes over, we're just gonna be starting with our webinar. So first of all, hello everyone again, and thank you for joining our live webinar with IO Builders on tokenizing the syndicated loan market. My name is Tomas and I'm an ecosystem manager at the Hyperledger Foundation. And today I'm gonna have the pleasure to take you to some housekeeping and also to introduce you to our esteemed panelists. So first, if you already attended any of our previous webinars, you know that we do have some of the housekeeping rules. So first, I would like to emphasize that everybody is welcome in the Hyperledger community and we strive to create a safe and welcoming environment for everybody. So please make sure to follow our code of conduct when interacting with each other on this webinar or within the broader community as well. And you can find our code of conduct on our website and on our route. All the Hyperledger Foundation webinars are held under the Linux Foundation anti-trust policy and because these meetings include industry competitors and you can find our anti-trust policy on our website and on our wiki as well. This session is being recorded and it will be available in our webinar library as well as on our YouTube channel after the webinar is finished along with the slides which you can download there as well. This webinar is also being live streamed on YouTube and LinkedIn Live. So also welcome everybody joining us there. Feel free to use the chat button there to ask the questions of the panelists and we will ask these questions to them at the end of the webinar. Now we encourage these webinars to be active as possible and the more interaction we have the better experience it is for everybody. So feel free to raise your hands and I will unmute you and you can ask your questions to the panelists directly. If you prefer however, you're also welcome to use the Q&A box as well as the chat button and we will get to those questions as well. Now that was our short housekeeping part and it my great pleasure to introduce you to our panelists for today. They are from IO Builders and they are Jorge Antolines, the Chief Business Officer at IO Builders as well as Oscar Franco who is the Delivery Manager at IO Builders. And without further ado, Oscar and Jorge, over to you. Perfect. Thank you very much Thomas for the introduction and thank you to the Hyperledger Foundation for inviting us and for giving us the opportunity to talk about these new use case that we've been working on for the past, I would say close to two years now since we started developing the project which I believe it's very interesting and hopefully this will be an interesting conversation. So well, as Thomas said, my name is Jorge Antolines I'm the Chief Business Officer at IO Builders and the idea, I'm here with Oscar, Franco and my colleague and the idea is we're gonna give you a quick overview of IO Builders, right? Who we are and a little bit of our journey basically give you an overview of the type of projects and the types of solutions we are building always using blockchain and DLT technology and then we'll finish with an overview in more detail of this solution which is a syndicated loan tokenization platform that we are developing with top tier banks in Europe and yeah, we'll give you more detail on this solution and as Thomas mentioned, happy to answer questions and have an open conversation on this, right? Okay, then I will start. As I said, giving a quick overview of who we are at IO Builders. So IO Builders for those of you that don't know us is a company that was established in 2018. Oscar, I don't know if you are sharing the screen. I think you are not, no? Right now. Sorry, Thomas, I'm actually sharing the screen but... Also cannot see it. Can you maybe try to stop sharing and start sharing again? Ah, there we go. Looks good. Yeah, perfect, yeah. Okay, then as I said, very quick. So IO Builders is a company that was established in 2018 and since the beginning we have specialized in building solutions and infrastructures mainly for financial markets and always leveraging blockchain and DLT technology, as I said. So we basically specialize in tokenization. It can be of, well, digital securities, digital credit and digital money, digital cash. And we basically work with large institutions, with corporates, FMIs, mainly, but we've also worked with other types of institutions such as multilateral institution. We'll give you a bit more information on this project in a second. And well, as you can see there, so since 2018 we have worked with over 30 clients, more than 50 projects. And we have a team of more than 80 employees, which, well, all of them in-house. And I would say that around 80% of those are technical staff, so developers. So we have a pretty large team. You can go to the next slide, Oscar. So yeah, very quick. Here, basically what we want to tell you that from the beginning the philosophy of IO Builders has been to focus on the more traditional and regulated side of the technology, basically to see how institutions, banks, businesses can basically adopt this technology to either improve their processes to become more efficient or to generate new business models or improve the liquidity in the existing ones, which is basically what we want to do with this syndicated launch organization platform that we're gonna discuss during this presentation. And all of it while maintaining always a regulatory and compliant focus, right? So you see here, the idea is to help our clients every step of the way to ensure that they basically integrate solutions that are regulated and that are compliant and they integrate those in their business models, right? So for that, we work with some of our partners, which are, well, top tier law firms in Spain. We help our clients and we are applying to, for example, in this case, to a license of European level to operate a financial market with a regulated secondary market as well. So yeah, the idea is that the business and regulatory compliance is key for us. You can go to the next slide, Oscar, please. Yeah, well, this break with the idea that we have three business verticals, the first one you see here is consulting, right? The truth is that because of the nature of this business and this industry, we have spent a lot of time on technical consulting and we do that, well, mainly because our clients sometimes are not ready and they needed some time, basically understanding how to implement the technology, how it's gonna impact their business models, how it's going to improve efficiency. As I said, what are the risks of using this technology and how to mitigate them, right? So this has been a key vertical for us and we have gone through a period of adaptation, as I said, right? But the second one, which we call digital asset is the key vertical. As I said, we have 85% of our staff are developers and we are technology companies specializing in building these solutions for financial and other markets, right? And then the third one, which is a deep tech and innovation line, I won't stop, but we basically have a team that is specialized in very technical projects that require innovation and deep knowledge on how blockchain network functions, how protocol and smart contracts work, how they do research on interoperability, on token standards, et cetera, right? That's the third vertical. You can go to the next slide, Oscar, please. In the next slide, the idea is to... No, sorry, you can go to the next as well. To the next slide, yeah, here. Yeah, so here we just wanted to give you a quick overview of our use cases and some of our verticals, right? So as you see, the first two are basically related, mostly to the financial world. In those, I would say that the most advanced cases that we have are probably in the security sector, also in the digital trading, which is where we position the syndicated loan platform, but in terms of the security sector, well, we have worked with top tier clients, as you can see there, well, BME is the Spanish Stock Exchange. I've worked with Inter-American Development Bank, with all funds, which is one of the largest fund distribution platforms in Europe, et cetera, and well, top tier players in the financial industry. And basically what we do here is we build market infrastructures to digitize the entire process of issuance management and trading of financial instruments, right? It can be equities, bonds, or funds, et cetera, right? In this vertical, one of the most advanced projects is the creation of the first market infrastructure using JLT technology, which is going to be regulated by the Spanish and European regulators with an initial use case in real estate, right? And well, this is probably our most advanced project here in the world of digital securities, we also have bomb tokenization platforms that we have done in Niprolerger. In Niprolerger, we had another session when we went through that platforms and it's already recorded. And yeah, that's basically in the world of digital securities. Then the second vertical is in the world of digital credit. Here, basically, we're talking about the digitalization of credit products, right? That can be applied to syndicated loans, receivables, other types of credit products, right? That we can digitize and we can tokenize. Here, the first use case we launched is a platform for syndicated loan management using JLT technology, which is the one that Oscar is going to talk about. He's gonna tell you more detail and that we are launching with major Spanish banks. Then the third vertical is the digital cash one here and basically just want to tell you we have worked on different projects of tokenization of cash in various forms, right? So it can be electronic, so e-money tokenization, tokenization of commercial bank money or bank deposits. We are part of experiments regarding CBDCs and we also have our own solution for to create and manage stable coins so that companies and corporates can use them. And then the last two, well, we have the deep tech vertical. I went through it a little bit and then the last one, I won't stop much because it's not the topic of the session today, but that's the legal tech one where we are basically developing a legal digital product factory, I would say, with the goal of basically being able to market techno legal products in the world of contracts and digital trust. Basically, well, to have a qualified signature, to have a contract manager and everything being recorded in blockchain, right? So yeah, this is just to give you a quick overview of where we are working and the verticals of the company, right? You can go to the next slide, Oscar. Okay, then basically, yeah, go to the next one, please. Here, we just wanted to tell you a little bit how we, what our journey has been, right? And where we started and why we've been now ending in working in syndicated loan market and why we believe there's going to be a platform that is going to revolutionize this market, right? So basically from the beginning, I would say in 2018, 2019, since the company was founded, we started focusing on the bond market at the beginning, basically working on the development of a digital bond platform, which was built in this case for BME, which is the Spanish Stock Exchange and the CSD, the Spanish Central Securities Apository. And here, well, we have done different bond issuances using this platform and regulated issuances that they have been, right? Supervised by the Spanish regulator, et cetera. After that, we basically started developing the market infrastructure that I talked about before. It's a multilateral trading facility. It's a system that uses DLT technology, right? As I said, it's going to be regulated by Spanish and European regulators and it will have an initial use case in the real estate sector, right? This market infrastructure was called OpenBrick and it basically allows for real estate promoters or real estate asset owners for the foundations, management and trading of digital securities, equities and bonds basically. And it has a regulated secondary market in place, right? To provide and liquidity. Then the furthest case we started working at as well was the development of a DLT solution to basically enable for the issuance and management of digital CO2 credits, right? Providing a system for tracking and selling carbon emissions on DLT, right? This is a project we did with a top tier banking in Spain and a consulting firm here in Spain as well. Then from there, and I would say for the past three and a half years, we started working in the world of investment funds, right? So this case, use it funds, mutual funds to breathe away. And we have been working, as I said, for close to four years now with this case is the largest fund distribution platform in Europe, which is our main client in this sector. And this is a platform that is already in production and we're seeing top tier banks and investment firms integrating to this platform. What we did here is provide all the technological development and also the support for the integration. And then we, for Depazio, we have been focusing a lot on we say here private equity but it's basically private market, private markets as well, right? In this case, we're working now and we started working a few months ago on the development of a platform to digitize the end-to-end lifecycle of a private equity fund, right? So we believe that private markets are going to be highly impacted by tokenization and this is another project we were working on. And then the last which case, which is the one I want to focus on now, which is a syndicated loan platform, right? Why did we do this? Because we believe that all this knowledge that we had, right? Starting from the fixed income market going to the fund distribution market, having an MTF, all of this translates really well into a platform where basically banks can issue register and then can manage the lifecycle of a syndicated loan, basically. You can go to the next slide, Rosca, please. Yeah, so as I said, now we're gonna focus on the syndicated loan platform, right? So why did we, as I said, why did we start focusing on this use case? Well, we basically understood that the syndicated loan market has several problems to be solved. And we say here, the first one is, well, I mean, it's a market where all the origination and the execution takes a long time. There are different actors involved. And currently all the back office costs and we're very inefficient, right? And with systems that we're not communicating to each other, we believe that having a platform where everything could be centralized makes a lot of sense for this market, right? And so this is the first part. And then the second part, we believe it's also very interesting for banks to have certain liquidity, right? We understand that the syndicated loan is going to be as liquid as an equities market or a bond market, but banks also sometimes want certain liquidity and want to free some of their risk. They have in the balance sheet and sell their tickets to other banks, right? So all of these we believe that having a platform like this when you can represent the loans and you can tokenize them and you can automate some of the life cycles or from the commitment of the banks, the drawdowns, you can automate all the interest payments or the repayments of principles, on the covenants, the waivers or devoting everything can be done through this platform. And then it can provide this secondary market to give certain liquidity, right? Oscar is going to go through all of this in detail. So we believe that this makes a lot of sense and brings a lot of benefits to this market. In terms of the regulatory context as... Well, sorry, Oscar, go to the last one. Yeah, in terms of the regulatory context, at least in the European Union, we see a very favorable regulatory context basically because of the application of Mica, which is a regulation that I'm going to oversimplify this, but it's not the topic of this meeting. Basically, it regulates everything that is not a security token with certain exceptions, but it gives you a framework to regulate all of the pre-procurrencies and all the things that are not a security token. So it gives a regulatory context that is very favorable, especially for the clients of this platform, which are banks and big corporates, right? And yeah, so as I said, we believe this is going to bring a lot of value and impact. So that's basically why we started developing this solution. And now from here, Oscar, I think you can go into more detail and talk about this solution. Thanks, okay, let's see how we do this. As you said, our approach is based on digital ledger technologies, implementing consensus-based transparent and auditable processes. We implement functionalities for all the lifecycle of the financial products, including the registry and distribution of tokens and also the transfer of participations. Since there is not a single solution for all the kind of assets, we usually develop our best approaches layers. The first one is the product-specific features and rules for this kind of tokens. Let's see in the next slide in deep asset taxonomy. Over this, we usually implement the lifecycle functionalities, such in this case, repayments or interest and fees. And then we build the ownership management layer containing, for instance, the transfer conditions and restrictions. The asset taxonomy depends on the business case. So this is part of our wider framework of tokenizations, where we use a basic token standard and then we enrich it. According to the market common characteristics, but also to the regulation or product-specific features. Our tokenization approach is based on smart contracts. We develop a set of smart contracts according to the functions that we need to develop or we are developing too. And we distinguish different stages to highlight some of them. We have the asset deployment, the execution of the contract and the distribution of tokens, the lifecycle events or potential transfer of participations. Besides that, we have included a set of smart contracts for the creation of deals and facilities, that is the asset that we're tokenizing here. And then we have another set for managing the assets ownership. And finally, the smart contracts orchestrating all the product life cycle and maturity. At the moment, this indicates the tokenization platform has six main functions. First of all, as we have mentioned before, the registry and distribution function. Second, the drawdowns amortization. We have implemented both bullet and amortizing schedules. Covenants and the waiver processes, where, well, this permits the agent introduce financial information about the borrower and modify parameters such as margin, for instance, but also give the possibility for the borrower to request an exception of this Covenants. Then the option to, as we already said too, the option to transfer participations to a third party. Then a fifth model in charge of the corresponding interest and fees and other corporate actions driven of the life cycle event. And finally, the management of the contract extensions and also the terminations. Here we have another view of our general architecture. There's a layer managing the user interface for different roles connected through an API to our backend, which contains the registry and distribution of tokens, the life cycle functionalities, the model in charge of potential transmission of participations. There's also another asset models, as well as a set of models for interacting with the DLP, as, for instance, the customer service provider or the blockchain ingress listing event from the blockchain. We are calling this solution in Ethereum virtual machine compatible smart contracts using the Perleger-Vesu client. In fact, this is one of the motives that, why we are here. In Perleger-Vesu, it's an open source solution that fits perfectly for a private permission development as a side of this. And it allows us to develop gas-free solutions and having a high transaction capacity, and it's compatible with several consensus algorithms. It is a modular solution, and as a Ethereum client, it offers, for instance, an execution environment for processing transactions, an storage for transactions related data, tools for communicating with other nodes, and an API to interact with Ethereum blockchain. Regarding our network topology, we usually deploy it as a rinse. In the core, we do have the validator nodes. Around them, we deploy the boot nodes and in the peripheral, the access nodes. In this case, we are using proof of authority because of the topology of the network and the participants using Istanbul Byzantine photo-reland consensus mechanism. The siloed structure and its connection to a DLP has three main components. First of all, the participants, where we have developed three different kind of roles, agents, lenders, and borrowers. Second, the bills and facilities, those that we are representing as fungible tokens. At the moment, we have implemented third-law and revolving-grade facilities. And finally, the product-specific life-cycle events that are orchestrated by the smart contracts. Regarding the participants, the main responsibility for the HM Bank is the creation and deployment of the bills and the facilities. For lenders, it's actually participating in the loan as a lender and in fact, the lenders are the token holders for all the maturity period. And the borrower, we could say that is the main actor when executing the life-cycle events. The participants may have several representatives, even they can have different roles and specific permissions. But all of them, at the end of the day, when they're interacting with the DLT, well, they use the same participant key. As a custody approach, we could integrate to third-party custody services whether they are the participating banks or other technology providers. Regarding the tokens, we have been analyzing several standards that may fit in loan tokenization. Analyzing futures as fungibility or insurance control, transferring restrictions. At the end, we have decided to implement the 1400, mainly for this partial fungibility feature that allows us to have the balance status implemented as partitions. Actually, this standard is made up of other standards like 1410 for the token representation is the one that includes this partial fungibility feature. The 1644 can be used for offering control over operations, such as forcing transfers, for instance. The 1594, which can be used to implement transfer restrictions. And the 1643, that allows us the attachment of legal documents to a certain token, for instance, the deal or the documents of the facility. Finally, let's talk about the partitions. In fact, as I said, we're using the partitions to represent the status of the loan. Instead of partitions, we can consider them the tokens as RC20 tokens, particularly. And the partitions that we had created are, as I said, quite literal according to the balance. At the moment, the agent creates the deal or the facility. We create the tokens and send them to the committed partition. When the borrower disposes the money, as the name suggests, the tokens representing this debt is going to the drone partition. After the payments have been processed, especially in the third loan, there's a difference here because they're borrowing when the borrower pays a quantity, it's available again to do another drawdown. Then in the third loan, we used to send the tokens in the paid partition. The unpaid partition is currently prepared for attending defaults and expired is when the deal matures. This can be also borne, but in this case, we are sending them to expired. As an example, for instance, we have below a token distribution after the first repayment. On the left, we have all the lenders. They have the tokens in the drawn amount. And after the first payment, we can consider that the subtract of the drawn amount less the first payment are still in the drawn partition while the paid amount are in the paid partition. To conclude, a small recap of the benefits that Jorge has explained for this platform. First of all, it's improving efficiency because it's standardizing the life cycle management and reducing back of this cost due to the style it can be the single source of truth for this information. Then it's a tool for providing liquidity to the syndicated loan market by providing a secondary market. And then we consider that we are shaping the future by enabling new business model in real-world assets organization. For instance, certain depth tokens can be included in stock indexes or in investment funds, for instance. And that's all. Thank you so much. Let's see your questions. I've seen that Thomas has already answered some of them, but Jorge, this is, ah, you already answered some of them too. Yeah, I answered, yeah. There's a question, if the network is bagged by a dollar started by bank or tokenized by a tokenized ball. At the moment, we are using tokenized money that is in one of the banks of the consortium. But that could be both in fact, yeah. But it's a private centralized solution. So at the moment, we don't have a... Yeah, correct. We basically, so the idea is to use, the solution we're gonna use is tokenized deposits, right? So at the end, the bottoms of the different banks participating in the syndicated loan would be tokenized and used for the TVP. That's basically how we do it, yeah. I see another question from Jeremy in which applicable uses in the EU. I'm sorry, I don't get what you mean by applicable uses. Sorry about that. Jeremy, if you would like to ask the question live, I can also unmute you. Would you like to do that? Ah, okay. Well, first of all, reading properly the first question, we are working in Europe, so there's no dollars stored, are euros at the moment, but it's a fiat currency, so it's the same. We are applying these four syndicated loans. The main issue in syndicated loans that is not a single bank who gives you the money because there's a lot of risk there. We are talking about a huge quantity of money, so they split the risk in several entities. This tool is a centralized tool that allows to reduce all backoffice for every entity in the bank. But the solution can be also applied, for instance, tokenizing sustainable trades, for instance, or another kind of grow funding funds for projects, and everything that the funds come from different sources can be applied through this platform in order to manage and orchestrate all the proceedings during the life cycle. Yeah, correct. And then in terms of, yeah, because, so the first, we are currently working with European banks, as Oscar mentioned, but the idea is that the platform is gonna follow the LMA standard, right? The Loan Market Association standard. So the idea is that it would be applicable, and that's the idea. So the banks we work with have a global footprint, and the idea is to use this for syndications in Europe, Asia, Latin America, North America. So, I mean, as you know, the Loan Market, the syndicated Loan Market is very similar, the different geographies, as a result with the same standard in terms of the LMA standard for the contracts of the syndicated loans. So in this sense, it's a platform that would be not only applicable for European banks and transactions, but at a global footprint. Then I see another question from Jeremy. What do you guys do for the banks? So here and Oscar, please write me and add anything you want. So here, and I see another question asking which financial institutions we're working with. So unfortunately, the name of the financial institutions, I cannot mention them at this point, but the idea is we have developed this platform with, as I said, with European banks, top tier, very global institutions. And then the idea is that we want to do a real, we want to tokenize the real syndicated loan in the coming months, ideally before summer. So at that point, we'll make it oblique and the banks will know what we did is we basically did all the development of the platform. We did all the development working with our innovation and tech teams and working with our business teams, right? In order to pretty much understand all the logics and make sure it's first a compliant solution, but it's a solution that makes sense and that can integrate with their core banking systems, with their accountability systems, with the risk systems, everything, right? And that in terms of how it works and all the different possibilities, as I said, in terms of how we calculate the interest, how the drawdowns are made, how what types of governance, what types of waivers can be applied, everything has been developing alongside the business and the back-office teams of the banks. So that's why it was a short effort in this sense. We basically learned from their business and back-office needs and we tried to translate this into this platform. Yeah, Jeremy is asking further questions about your answer. Is basically he's asking if we can tokenize business experience or the transactions or, well, for instance, he's talking about energy markets. We have another initiative on that field. We do hope, I believe, that you invite us in another talk to explain further the other business cases, but yes, we are tokenizing not the experience, but just facts behind all the business models. There's another question regarding the token standard. Maybe one is for you and the other for me. The question is if the RC 1410 is compliant with the European regulators, I don't know if analyzing Mica and the work done by our legal consultants, do we have this information at the moment? But the other question is, which is the benefit to use the standard 1410 instead of the standard ERC 20? Basically, it's the functions that are already developed. We can build them from scratch, but at the end of the day, we are taking advantage of those standards that has already implemented functions. So that's why we used the 1410 using the partitions. Yeah, correct. And then in terms of if it's compliant with European regulators, yes. And it's a standard we're using on other projects for some infrastructures, regulated infrastructures with a regulated secondary market, and yes, it is a standard compliant with European regulators. Yeah. There's another question regarding stable cons or money. Basically, it's asking if we move funds using traditional methods. We have several projects and one of them is moving at the end of the day, are moving funds through the traditional FIA transfers because the person who needs the money at the end, it needs the money in a traditional bank account to pay their spendings, but in other projects, we are using stable coins and electronic money, yeah. Yeah, correct. And then in terms of this platform, I would say that probably for the first or the several first transactions, we'll use the solution I told you, which is tokenizing the bank deposits and we're gonna start with that solution, but mainly because, I mean, we're working with regulated entities, in this case with banks, as you know, they probably feel more comfortable at this stage, but yeah, I think the exploring the stable coin solution is in the roadmap and could be done. We're not gonna start there, but I believe it could be there in the roadmap at some point. A couple of technical questions. If the solution is on-premise or on-cloud, at the moment is a cloud solution, we can install it on-premises, but we are software as a service at the moment. Another question is if I can explain a bit about the 14th and standard. Well, actually it's an evolution of, it departs from RC20 standard, we could consider that each partition is an RC20 standard, but then they'd have developed several functionalities to define partitions of different status, basically enabling partial functionality functions. I'm sure you can find further information in Ethereum website. Yeah, then there is one question from Pilarme. Pilarme, sorry if I don't pronounce it right. So in terms of how do we deal with hedge issues when dealing with emerging market syndicated loans? Yeah, I mean, here we can have well, currency, so currency risks, so the currency is devaluating or interest rates risk as well. In this sense, we currently don't deal with that. So in case there is a syndicated loan that has any type of derivative, I mean, interest rates drop or a cross currency drop or whatever that would be done outside the platform. This is more like a middle office instrument at this point. It's gonna register the information and it's gonna make sure that you have a single platform where everything is registered or all the actors are imported, but you wouldn't include the derivative. You wouldn't include the swap in the, and you would not do it through this platform. I don't know if I'm answering this question. Then in terms of, yeah, the next one, I think you can answer that one. Oscar, how would you hold the keys if we use FireBlogs or? Yes, at the moment we have integrations with some of the technology providers, I guess those are Onis and another, I think was FireBlogs the other that we have been working on, but we are starting to work with the custodial providers of the embankments that are participating in this project. So we are integrating those technological service providers. Perfect. I'm trying to see if there's any, because the questions have been scrolling down. Yeah, I mean, the next one is how about energy markets, like an energy supplier becoming the bank? So, yes, I mean, at this point is the solution is focused on syndicated long market. The idea is that using a lot of the functionalities of this platform and a lot of the logic we can develop some other solutions, right? So a lot of these logics can be applied for this case, if a supplier becomes the banks and gives the financing, it's more like a receivable type of project. I don't know if that's what you mean. It would not be this platform, but I believe some of the logics would apply and it's something we want to at some point evolve it, because we believe it makes sense for the factoring, confirming the receivables market. Then also a lot of the logics for this syndicated long platform can be applied, as I mentioned at the beginning of the talk for private markets, such as the private credit market, right? At the end is pretty much having a non-bank lenders, which are the ones providing the liquidity and then they do it through a private credit to organization platform. And it's something we're looking into it and having very interesting discussions, we believe it makes a lot of sense as well. Okay, next one, Oscar, this one's for you. Technical architecture question. I was asking this writing, but I don't know what happened. Basically, I wanted to say that the tokens are stored on chain on the smart contract, but considering that it's a private permissioned network, it cannot be easily exported. So in fact, the settlement of these operations, we could say that the secondary market is negotiated outside the platform and we just include the settlements inside the platform to keep track who the owner is. Yeah, next one. Okay, next one, how does the application maintain liquidity? Is it backed by real-time funds in Fiat? So yeah, so as we mentioned, the idea here is that basically in a syndicated loan, I mean, how can I put it? Basically you have different stages, right? So in here you have the older origination, the internal approvals, the structure in phase is done before using the platform, right? This is pretty much after execution. So when the contracts are executed, a sign is when you input all the information and you basically register in DLT all the participations of the different banks and their commitments or whether it's a term loan or an RCAC, right? So at that point, the banks receive tokens that represent their participation in the syndicated loan, either a term loan or a DRCF. And then when the board does the drawdown, basically what banks have to do is that they have to, well, the banks have their deposits that are tokenized and represented in DLT and these past tokens are sent to the wallet of the borrower, right? Then the banks, when they have the token that represents their participation in the syndicated lending facility, what they can do is that they have this secondary market. I mean, as I said, keep in mind that it's not really a market, so it's not a super liquid market, but it's gonna provide certain equities so that older banks or at some point in times of debt funds or players would, after doing all the KYC, AML and being onboarded in the platform, they would be able to buy these tickets and buy the loans that represent the participation in the syndicated loan, right? So when they have gone through certain, I mean, they have passed their, as I said, the KYC, the ML requirements, et cetera, and they tokenize the money and they have this balance of tokenized deposits, then the GDP will occur and they will receive the tokens in this secondary market. So I mean, the idea is that when you ask how is the equity team maintained is basically, it works the same way as the current syndicated loan market. It's basically a more efficient, and we're using this technology because it's more efficient because we believe that it works better than the current systems. Okay, yeah, that was the question of Saura. Then as she has another one, do the individual loans get a unique token or a standard platform token when the loan is tokenized? Also for lenders, can they exist one loan and get into another loan? Yes, actually lenders can participate in every loan that an agent bank suggests them if they want. And each loan, we create a number of tokens representing all the type of the loan. Those tokens are distributed among the lenders. So there's several tokens for a single loan. Yeah, and then the idea of these platforms that is going to be an open platform so that different banks can enter into different syndicated loans. And I mean, one bank can participate as I said in different syndicated loans and it can participate in one of the loans as a lender, that's in loan number one of the platform. Loan number two with another board where they could be acting as agent bank. In loan number three, they could be also a lender. So the idea is that they can have different roles depending on the syndicated facility. And if they are the agent bank, they would get different fees than the rest of the banks and they will have different responsibilities. But yeah, it's an open platform and the idea is that it offers flexibility for banks in this sense. Yeah. The next question, well, first of all, considering that all the banks that are in the same consortium seems the same contract. So absolute transfer and, sorry. Absolute privacy is impossible, but what we can do is deploy several access nodes where each entity has their own access node. So probably we can mask such a part of the transactions. But as I said, if they are participating in a syndicated loan, they are signing the same contracts so they will know each other participation at the end of the day. Yeah, but that would be for the same loan. Then I think what you're asking is if they can see the rest of the portfolio and the answer is not, what Oscar was mentioning is that it is the same as in a syndicated loan facility currently, that the bank that purchased the facility, they all sign the same contract and they know the participation and the tickets of the different banks, but then the rest of the information would not be available. So the idea is that if you participate in loan number one, that doesn't mean that you know all the portfolio of all the banks. If a bank has a bilateral loan or participate in another syndicated loan when you are not involved, you're not gonna get access to that information. Yeah, next question from Lermer. Yeah, I mentioned your name, right? And then if we sell those financial instruments, no. So, yeah, as you said here, we are the tech service provider. So we develop the platform. The platform, the idea is that it's going to be owned by a joint venture of different banks, right? The idea is that different banks or probably, I mean, we'll see how the structure of this vehicle, this is going to be at the end for the ideas for it to be an open platform with different stakeholders that can be different banks so it can be, I don't know, all the players, but then the idea is that what we're going to do is provide the development of the platform. We're not gonna be the ones operating the platform or selling the tokens or at the end, the syndicated loan market is the end of these private contracts, right? And it's a private relationship between the banks that want to participate in the syndicate and the borrower. And we're not gonna be the ones selling the tokens to investor, we are only providing the tech development. Yeah, Thomas? Jorge and Oscar, thank you so much for this. I just wanted to mention we have three minutes left. So maybe we can take one more question and then we'll have to wrap it up. And also some people are asking how to get in contact with you and I know that we discussed it right and there are your contact information on the last slides. Oh, there you go. Thank you, Oscar. Oscar had just put it in the chat as well. Would you guys like to take one last question? And I have to apologize to people whose questions we didn't get to and you can later contact Oscar and Jorge. But maybe do we have, can you answer one last question maybe? Yeah, of course. Mayuri can answer the last one. Okay, Oscar, the private or public blockchain application. And well, before we answer that just, and I think we mentioned at the beginning, we, I mean, you have our names here, we're emails or you can reach us on LinkedIn and happy to answer questions and get back to you on some of these questions. Yeah, so Oscar, do you want to take the last one? Well, I already answered the last one. You did? Yeah, just one remaining. That makes the syndicate law difficult if you can look into the operation with transparency. Well, it's not a, it's not a question, it's an opinion about this business case, about what you said and yeah. Yeah, no, no, but I mean, I mean, I believe this brings transparency and this helps not to have errors and not to make mistakes at the back of this level. You're gonna have transparency and you're gonna have the ideas at some point to have the contract registered in DLT, to know the participation of all the banks, to have a registry of all the interest that have been paid, the amounts that have been drawn, the amounts that are still committed, to understand like all the payments and all the drawdowns made from all the banks in the syndicated facility, right? So I mean, in this sense I understand what you are asking Jeremy and I think it's because of the last sense I gave, but I think this brings a lot of transparency and it's gonna help the back office teams have a tool with all the information is first transparent and it's immutable and it's like a single source of truth, which is something that, I mean, the syndicate law market currently, there are a lot of issues and there are a lot of errors and this is going to bring a lot of benefits to this market, yeah. Great, thank you so much and apologies for everybody whose questions didn't get answered. I mean, it's great to see all of these questions and interests in the topic and thank you so much Oscar and Jorge for answering all of these things and thank you for sharing your contact details. So, and of course, thank you to all the participants joining us and whatever questions we didn't get to, please feel free to reach out to Oscar and Jorge directly through the email shared and just as a reminder, all of these slides and the recording will be available in the hyperledger webinar library as well as on our YouTube channel right after the webinar. So if you missed the emails and you didn't manage to write them down, just follow up on that one as well or reach out to us or I will build their story. First of all, Jorge and Oscar, thanks again for sharing this great presentation and thank you to all the attendees joining us today. 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We have a lot of live interaction going on there and the channels for different projects, for different communities and you can scan the QR code here or just click this link to follow us on Discord. And if you have any membership questions, you're welcome to join us as members and send any queries you have on our membership email. Well, once again, thank you for watching and thanks again to our great panelists, Oscar and Jorge, for sharing these great contents. Thank you very much, Thomas. It's been a pleasure and thank you, everyone, for attending and for your questions. Thank you. Thank you. Thank you, and thank you next time. Bye-bye. See you, you're welcome. See you, bye-bye.