 Thank you, everyone. Welcome to the October Hyperledger Financial Markets Mortgage Subgroup Meeting. That's always a mouthful. Before we get started, as always, I'd like to express our appreciation to the Financial Markets Special Interest Group, the Hyperledger Foundation for their ongoing support and really making these meetings possible. So thank you to them and thank you to you guys for joining. Okay, so as always, please note that this meeting is under the umbrella of the Hyperledger Foundation. So we ask that everyone abide by the antitrust policy and code of conduct. We always go through this every session for antitrust. Please avoid discussions of company specific pricing products projects don't make negative remarks about other companies or products. And by the code of conduct, please treat each other with respect, never discriminate, communicate constructively. We fully support Hyperledger's policy of openness, equity and inclusion. And if you're a new participant, please introduce yourself in the chat. If there's anything that you would like or would like us to discuss or have an interest in, please mention that in the chat as well. So here is the agenda for today. We've already gone through the welcome and meeting housekeeping stuff. There's a brief Hyperledger announcement, then James Hendrick is going to go through the state of blockchain in the global mortgage industry. Davis Gerald is going to do the Wise County Smart Land Records use case will briefly go over future agenda topics and Q&A. We always covered the next set of slides in every meeting and really it's just to reiterate that we're all on the same blockchain journey, but we may be at different points along this journey. This group is meant to help everyone on that path to demonstrate the feasibility of blockchain technology through mortgage industry use cases such as we're going to see later today, and to define potential implementation paths for the mortgage industry. Okay, community information. I wanted to mention really briefly that there is a Hyperledger workshop that's part of the IEEE Global Emerging Technology Blockchain Forum. So the forum is virtual. It goes from November 7 through the 11th. The Hyperledger workshop is on November 8 and it's from 8am to 11pm Pacific. Kamlesh Nagwari and I are the co-chairs and moderators. Kamlesh is the CTO of Snapper of Future Tech, a Hyperledger Technical Steering Committee member. He's also co-chair of Hyperledger India and co-chair of the IEEE Blockchain Initiative Sustainability Committee. He's a TED speaker as well on blockchain. So I'm really excited to be working with him and this is a pre-session. So we'll make the links available or you can go to this website. Please feel free to join. Next set of slides we always cover because they're really for new members or if you're looking to get new information on blockchain and the different groups that we're a part of. So this slide covers the different resources that are available and you can see on the second from the bottom there, the link to the mortgage subgroup wiki. To access these resources you'll need to create an LFID. I'm not going to go through this but I want to make sure you have access to this information. And then blockchain training as well. I always mentioned that I've taken this training. It's fantastic. It's a great starting point. So with that, that brings us to the state of blockchain and the global mortgage industry and James will walk us through this. Take it away James. Good and thank you very much. Let's go ahead and move on to the first line. So again for everybody this is a recap of the various articles and information that we've been covering in these presentations over the last couple years. You know, as you noticed we kind of talked a couple months ago we were moving our way around the continents, showing you that blockchain technology within the mortgage industry really is taking off on every continent. And that is probably the only one we haven't touched as of yet. But we do have two new topics today one coming out of India. And one is actually a white paper that Deloitte released some time back, and Marvin let's jump on to the first global page. Fantastic. So you know taking a look out of India India's second largest state Maharashtra they're leveraging distributed lever distributed ledger technology to revamp the documentation of land property. They currently have a blockchain pilot that's already started and they're working with banks and other mortgage companies including the Indian Banking Association. The property info is being stored on public ledgers while documents will bury a serial number to improve searching for the info to protect both investors and lenders. Ironically the state's registry was first kicked off because of COVID-19 restrictions in 2020. And that's where the whole concept for their registration really started. Maharashtra State Board of Skill Development or the MSBSD is leveraging DLT technology to issue nearly 100,000 digital certificates on the polygon blockchain in India. And this last August the Indian India blockchain forum was formed. The IBF serves as an advocacy primarily for industries that seek to achieve several objectives, including creating an Indian blockchain stack creating a talent pool for firms to be able to tap into and triggering triggering a growth and spur for the ecosystem. So if you get an opportunity the article is up and available on the wiki take a look and you can find out a little bit more about what's going on in India. The second article we have on the global stage this is actually a white paper that came out of Deloitte it's a little bit dated but it's still worth the review to take a look. I'm not going to go into everything it's about a 30 page white paper but they really break down around six different opportunities I'll talk about a few of them. Looking at both what's the current challenge that we deal with in those areas as well as what opportunities can blockchain bring to the table. So everything from improving property searches and expediting pre lease due diligence easing leasing and subsequent property and cash flow management with you know blockchain smart contracts. They can enable an easier transparent and more efficient management of these transactions, enabling smarter decision making by connecting tech systems that helps refine the quality of the data the analysis and the decisions that businesses are making, transparent and relative cheaper property title management, kind of the you know theme of what we're going to be discussing in today's meeting ranges from title management and property searches, and enabling more efficient processing of financing and payments, you know, blockchain allows transactions that are faster cheaper and safer through an immutable record on the blockchain. So definitely take a look at these and some of the previous articles that we posted out there on the global level, taking a look at the US level. Next page Marvin, perfect. You know again here's a variety of the articles that we've been talking about throughout these presentations over the last couple of years. I will pull up to that I thought were really well suited for today's topic. But again, if you have the opportunity, go back and take a look at the information that's available on the wiki. On the next slide, taking a look at the, the first one, you know, blockchain can potentially resolve five critical issues in the real estate industry. So, you know, taking a look at the five that the article talk about everything from property searches, you know as we mentioned in the previous Deloitte article, you know statistics suggest that 93% of home buyers in the US use an online website. Frequently the information on these sites it's inaccurate it's inaccurate, it's outdated or it's incomplete and blockchain has the ability to help solve these issues. There's even an additional fees financing and loan loan origination underwriting you know as we know are very manual and unstandardized processes by digitizing a mortgage information such as ownership rights loan payment history can be programmed to, you know support future servicing servicing issues as well. So our contracts again can collect and distribute payments to the beneficiaries will simultaneously reporting to the regulators. Decision making for tenants and landlords of data, data is accessible or immutable shared network. It helps facilitate that information flow between landlords and tenants, and then property title management. So current systems of property tiles. It's often fragmented difficult to manage blockchain makes transferring, you know, safe. It makes transfer safe by removing some of those human error issues and reducing the potential for fraud so a great article coming out of crypto slate. And then from defy rate I just I love their little quote here on defy mission. It's a great article you know we've been talking a lot over the last several months about crypto mortgages. This article does a fantastic job of giving an overview of, hey, what exactly is a crypto mortgage, how does it work. How does a crypto mortgage compare versus a traditional mortgage they use an example we've talked about Milo before and our calls. This is an example of a 30 year crypto mortgage from Milo on, you know, one of the questions that comes up in a crypto mortgage what happens when crypto assets change in value during the mortgage term. You know the value of crypto holdings increase the collateral becomes worth more than what it was initially registered at and the borrows ultimately going to, you know, benefit from that. But on the flip side of values decrease significantly borrowers may be required to add additional crypto assets as collateral and or the lender may seize and sell some of these existing assets in order to make up the shortfall. So the article does a great job of talking about kind of the pros and cons of crypto mortgages, as well as presenting for different lenders that here in October of 2022 that are actively doing crypto mortgages which, if you look back a year ago, you know I don't know any of them were officially kicked off with doing more crypto mortgages at this time. Last slide Marvin. And again just to you know refresh for everybody this is the wiki site for the mortgage indices subgroup. You'll see we've got the newest articles posted up there on the right, you know on the left hand side. There's access to all the previous meetings and presentations that we've done so if you're looking for some of that older content. Take a look over there in the left hand menu. And then you know Marvin shared the information at the beginning on how to actually sign up here for the mortgage indices subgroup how to set up your LF ID. When we do post things to the subgroup automatic notifications do get out so if you do want to see new information that's coming out. Please do sign up because you'll get notified automatically as we're making our posts, and Alma just dropped into the chat for everybody the link down there at the bottom so if you get a chance open up the chat click on that link and save yourself a favorite. And with that Marvin I'm going to pass it back over to you and the presentation by Dave. Thanks that's some great information as always. I'm particularly scared of a margin call on a crypto mortgage. So that's going to start keeping me up at night. Next I'd like to introduce David Fitzgerald he's the founder and CEO of blockable LLC. Dave has an extensive background in enterprise software development blockable develop the smart land record software for wise county Virginia, an immutable ledger solution for county land records that allows for better cheaper faster land title abstraction blockable is deeply invested in the ongoing digital transformation of the residential home buying and selling process in the US and David it's great to have you here thank you for joining us. Thank you very much Marvin and James and Marvin can you hear me. Yes, I can. Yeah, great. So, thanks very much Marvin and James for the invitation to this, I really appreciate it. Thank you guys for attending out there. I want to say welcome and greetings from the old dominion. I'm here in Arlington, Virginia, just outside of DC. And I send my greetings to all of you. We're going to start with a presentation. So, and Marvin, do you want me to show it from my computer. Yes, I just stopped sharing if you want to share your screen. Okay, so I'll start. I'll share my screen, and we'll go here to the presentation, and we'll pull that up and we'll put it on presentation view. Okay, so we're going to talk about wise County Virginia smart land record creation project now I just want to make sure that you understand I use the term smart land record. I coined it. I had not trademarked it it has nothing to do or very little to do with a smart contract. Okay, it's just what we called an abstract that is easy to access over the internet. It's easy to read. Easy to share. It's not easy to you can't it's on an immutable letter ledgers so you cannot change it in any way on the on the original database. But I just want to point that out so when I talk about a smart land record. I'll show you what it is when we do the demo. It's not, it's not a smart contract. It's just what I call a smart land record. So, you know, I had the idea of, I guess, once it was a refinanced my house. I thought that this re buying a title insurance for something I was already in, and for about 20 years, didn't make any sense to me. So we're looking at the idea of digitizing land records and seeing how that might change the dynamics around issuing title insurance on a residence. So we're talking to to Jack Kennedy down in Wise County, and we launched this project. But before we get into that, I just want to kind of set the, I want to set the context for what this discussion is about. Perhaps this is beating a dead horse for you guys on this meeting. But I think many of us share a vision that there's an ongoing digitization effort in the US home buying process. And home buyers and sellers in the US will one day soon be able to transact their their property transfer using a smartphone app. Okay, and I think that's going to be from soup to nuts. It's not here today. Searching for a home is already digitized certainly we use Zillow and open door and various other apps for that. And all the paperwork that's related to actually prop proper transfer property transfer pardon me is digitizable obviously biometrics are more frog resistant and secure than what signatures today. So this idea of going into a settlement office and sitting there for 45 minutes signing documents with you and your spouse reunion your significant other. That's really, that's really yesterday. It's not not what we should be doing today. Applying for mortgages has already been digitized by some parties of course you guys familiar with all the rocket mortgage ads and likewise companies like that. And as James points out, every month. There are many large banks that are just digitizing complex multi party property transfers and placing them on blockchains and I'm not talking about residential property. I'm talking about property related to supply chain issues smart contracts between big loan portfolios that are switching hands between banks. All that stuff is being digitized now and placed on blockchains and lowering the cost of residential property transfer in America. Through the time compression of the transfer process and other means is a priority for the federal government and for the government securitization entities. So the Fannie Mae's and the Freddie max of the world with home prices continually advancing in this current land cycle. The feds are looking for ways to try to make home buying and home ownership more affordable. It's obviously a massive challenge. But one of the ways they're looking at is to is to compress this 45 day settlement cycle into maybe a five day settlement cycle. All these things are leading towards some towards this ability. And the next number of years to be able to transact this on our smartphones. That leads us to the context of the wise county smart land record project. So, I want to kind of place it is a simple diagram couldn't be easier right on your left side of your screen. We have listed the sections of the US residential real estate transaction process. If we start, let's say at the bottom of the triangle, we have what I'm calling pre settlement. So that's when we list a property and we look and we search for properties as buyers and sellers. Okay. And in that area, we're talking about people like Zillow and open door, and those other sorts of apps that are that are at the bottom level of this pyramid. So part of the pyramid we have what I'm calling the settlement part of the process. And that's where we bargain and sale for the property transfer title abstraction is done on the property in question. The property transfer begins a home inspection is kicked off if that's appropriate title insurance is applied for and granted. Then at settlement, we have the signing of all the documents, and the mortgage origination is is kicked off right now in that space. That's the space where this wise county project is relevant. Many of you may have heard of the Cook County, Illinois, some work they've been doing on putting certain types of land record property on a blockchain that was related to abandoned properties. So mostly to tag the abandoned properties to to allow for well to disallow really fraud that was occurring on abandoned properties. And a lot of likes to likes to talk about some of the municipal records they're putting on blockchains and our friends. There's a friend here as part of the special interest group of punctual abstract. He's doing some good work when it comes to digitizing the abstraction process. You've heard of outfits like figure, James has talked about them in the past, and they're certainly part of the space on the top part in the post settlement area. We're talking about bundling loans by the banks or by the mortgage originators right servicing those loans, securitizing the loans, and then trading trading those securities those mortgage securities. That's the post settlement aspect of this ecosystem. I will tell you, all the government securitization entities are involved in aspects of starting to digitize these the various parts of their process and looking at ways to put them on blockchains. We heard from Renier solutions two months ago. Nice presentation there about what they're doing to digitize and automate the loan transfer between mortgage origination entities. I don't know if you've read but there's excellent white paper done by Redwood Trust out in Marin County in California about what they're doing with liquid mortgage and inputting their part of this process. On a blockchain. So, where we are. Now you have the context for for what this project is about. So why are land modernization efforts important. What are the benefits of applying new technologies like blockchain or immutable ledgers to lane record modern modernization efforts right. It's very timely that James talked about those efforts that are happening in India. It's, it's really the developed world can benefit the most from digitizing their their property transfer records. We're, we as the advanced developed nation are on our way to to digitizing more and more of that process but there will be countries that are at zero. That end up at more than more than where the US is because they have a, they have a digital divide that's easy to cross it's like folks in sub Saharan Africa, all of a sudden having cell phones and internet access. They went from zero to 100 with a wireless technology and something similar like that can happen in land records for developed countries. With the pandemic we had an ever decreasing need to physically visit land records office the counties were not open county court houses were closed. Even if their records were accessible online there are complex abstractions that require historians researchers and abstract personnel to to visit the county courthouse. During a pandemic, we didn't want that we want to minimize visits we also want to minimize folks spending money to go visit the courthouse. So, any sort of easier access to data just over the internet connection is a priority. We can if we digitize land records appropriately we can create much faster discovery of ownership history like I'm going to show you in the demo. And once the smart land record exists, the effort to abstract property for title insurance can be done in minutes, instead of the two to three hours it normally takes. So you have faster time to closing increased transaction velocity that we talked about, you have better cheaper economics for land property title insurance. You have better cheaper faster land record access and discovery for the citizens of the county, or for the clients of the county so if you think about accounting with land records. They are in a business of providing land records to power users right to the settlement companies the settlement attorneys to mortgage banking companies to the title insurance companies. They have set up accounts for those heavy users, and they charge them for the use of their land record data. Okay, so better service provided to the county's record data customers is is part of why this is interesting. I want to tell you about the wise county Virginia land records project. First of all, a little bit wise county is in southwestern Virginia. Western most part of the county borders Tennessee. It is the second to the last county at the end of that long western chain at the tip of Virginia. It's got about 40,000 residents it's firmly in Appalachia, and the bulk of the economic development around that area for the last 100 years has been tobacco textiles and then coal, all three of which have been radically over the last number of decades. So, what was once pretty thriving economic development has really entered a long period of stagnation and decline on wise county is about 40,000 residents, which would place it exactly in the middle of a bell curve. If I showed you a bell curve of the Virginia counties by population. Half of the 134 county and county equivalents in Virginia would be greater than than 40,000 people and a half would be smaller. So wise county is certainly very representative of rural Virginia in in in every way. What we did was we are all familiar with how fragmented land records are in the US, they're non uniform, they're dispersed around 3154 county and county equivalents. They're time consuming to research even when they're online costs to property sellers and buyers based on the records are high. And they're not reflective of the actual economic effort or risk, particularly when it comes to title insurance. Working with Jack Kennedy, who is the county clerk. Jack used to be a state senator for first of all he was an attorney in Virginia. He then successfully ran for a seat in the state Senate. He was a Democrat in a very red, red area. So he's what we used to call a blue dog Democrat. He was redistrict out of his Senate seat by gerrymandering and he then ran for the house, and he was represented wise county in the house in the house of delegates in Virginia. For a couple of times before they redistricted him again, and, and he decided to give that up and run for clerk of the court, which he successfully ran for and he's in these is third eight year term as clerk of the court. He is a visionary. He's into blockchain. He is into graphene. He is into drone delivery. And he is into space exploration. So he's a visionary. I was very pleased to be introduced to him, and to talk to him about this idea of, of putting land records and creating smart records and putting them on a blockchain. It wasn't a hard sell. When I met with Jack. So we, we wanted to create what we call a bottom up data set that has land abstract information in each one of those smart land records with the objective of making the access to the information better cheaper and faster. This is Jack's mantra, right to this whole raison d'etre for being in the, in the clerk's office. The elements of the solution were, I had to team up with Jack, who was the clerk of the court, the clerk of the court typically oversees land records in this country, but not exclusively. Sometimes there are other parts of the municipality to do that. So I had to team up with his land records team to tell them, not tell them but share with them what what the vision was. I specified a data entry software system that builds what I call smart records and stores them on immutable ledger for secure public access to do that building. We implemented a workforce development project for training and employing land title abstract drafters and these were interns from the local colleges in southwestern Virginia. They had to be college students that was one of Jack's minimal requirements, and we would recruit from the local colleges in the area, actually, very effectively, we were always able to find a good cohort. We would train those interns in the art of abstracting. And then we would supervise them as they were paid. First 12 bucks an hour, then with inflation 14 bucks an hour to create these land records so we got grants for that I'll talk touch on that in a little bit. The land records once they created them as drafts they would be reviewed by by land record office personnel who are professional abstractors themselves before they were validated and put on a unimmutable ledger, which in this case was AWS is quantum ledger database or the qldb And the costs for this project we're going to be $150,000 to build the software $25,000 for support and maintenance over two years so 12,500 per year was modest and $50,000 for each workforce development cohort. Obviously that depends on the size of the cohort and how much we're going to pay them and how much time, each one of the interns is going to devote to the work. But we've ended up doing $150,000 worth of workforce development between the various grants. So the wise county record record project was stood up through successful grant applications. Through the cares, federal distribution of cash for the pandemic that went down to every municipality in this country. We successfully applied for some funds for that. With the with the target of trying to reduce the traffic to the courthouse. We want people to visit the courthouse and do whatever they have to do virtually as much as possible during a pandemic. We raised funds from the region. There's a Virginia coal economic development authority that granted us money for the workforce development. We raised it from the state through their state compensation board technology transfer fund, and we raised money from the federal government through the Appalachian Regional Commission. So in total we raised $400,000 for the software creation, the support maintenance of the software, the workforce development training and hiring. And that will go through the end of December of 2023, which coincides with with Jack Kennedy's end of his term and his retirement. The last amount of money was from the Appalachian Regional Commission. It was $100,000 grant for the continuation of the workforce development project. So we're going to continue to hire more interns, put them to work developing these smart land records and in building the database. So from May 2021. So it's a year ago and a half, roughly to the present we've trained and employed 20 land record creation interns from local colleges. Data entry began in June of last year, and another 24 interns will go through the program over the next 16 months. To date they've created about 2500 smart land records. I'll show that to you in a little bit. And the goal is to have 5000 smart land records created by the end of 2023. The county is now integrating the smart land records into its existing online record database and projected to open the database to the public in December of this year. We essentially also created what is a test bed. What I thought the main goal of this was a test bed for future application of automation software, like co machine learning, which is a part of artificial intelligence programming. So we know, right, every step of the way that has to be taken to create a smart land record physically with human interaction. We know where in the database, the online database of wise county the records reside. Should there be a strong enough desire economically. I think there is the current technology and where we fall to use optical character reading to use API's and to use co machine learning to automate the creation of the smart land records and place them on an immutable ledger. So I'm going to show you real quickly just kind of walk through the demo. I'll answer questions. If there are any at the end of it. And then there's my contact info. If you want to start a conversation or reach out to me for any reason following us, please, please do so. Okay, so I'm going to get out of this. We're going to stop sharing that one. I'm going to go down. And before I start to demo anything you want me to do, Marvin, are we good. No, we're good. Please continue on with the demo. I'm sure there are some questions I do have several questions that was a great presentation. Thank you. Okay, this demo will go through fairly quickly. I'm going to share it. Marvin just tell me when you can see it. You can see it. Okay, great. So, what I have here, let me see if I can move this thing. Trying to get out of my panel here. There we go. Okay, so here's blockable.io. I am not the most creative guy. So when I thought what I was going to name this, this software was going to call it after my company name so it's blockable.io it's internet accessible from anywhere in the world. There's a couple of parts to it. We're looking at the dashboard right now. And as a, as somebody who is vetted and trusted by Wise County, I have administrative aspects to it that are not going to be available to the public. The public would be given access to this, and they would have different credentials when they're when when the credentials are shared with them, and they would have access to just the parts that I'm going to show you about search. In this dashboard what you're seeing is a simple, a simple numbers to show you how many smart records are in the database, the immutable ledger. These searches will perform this week we haven't opened to the public yet so these are searches that that the the interns are doing and how many smart records have been validated so you can see there are still about 500 records, waiting to be validated by the land records personnel. There have been now 2200 smart records that have been validated one shape or the other. This is just a graph, what I'm showing you here is just a graph of the production of the records over time. And we can look at, you know, one month of creation, six months of creation. If we look at all of it. It's kind of how it was I can zoom in on it and look at other discrete parts, just to give an idea of the production of the interns. There was obviously a peak of peak of production. This was over a weekend when a bunch of validation was done. There's access to records for me to validate and so forth and so on so this is just the dashboard. Here is a smart land record. Okay, this is a smart land record that I'm going to walk you through to give you an idea what it is. This is a smart land record abstract. That's just put on a simple easy to read format, I think, obviously you can send it to yourself and export it to PDF. So, as a user you would come in, whether you're a member of the public whether you're a settlement attorney, whether you are a land title insurance person a mortgage banker, you want to look at some of this abstract You'd be given the credentials and you would come in and you would search. I'm going to show that to you in a little bit, and you would pull up a land record that was of interest to you. This one happens to be for this property 230 Craig Street Northwest in Norton Virginia Norton's a town inside a wise county. So you have a property legal description you've got a property parcel number, which the county gives to every piece of land that's on its land registry. All right. And we start with the record itself. It's got transfers of all the sales that have happened on this property I'll just scroll through real quickly to show you that this one goes all the way back to 1926. There's about four or five transfers within this example. The current and last transfer was done in 2018. So what we have here on the left side is historical dates, certain e file ID informations the target to the database the county's database. We have the grand tours and the grantees of the property. Here you can see the grantees were Kaylee and Blake, say it was Salier, and they bought the property from Jeremy Elizabeth Robert and Rebecca Massey. Okay, that's the most recent transfer through this property. It has instrument ID. The type of instrument was was a bargain and sale. It's in the land records they paid $67,000 for it approximately. We list the easements. We show the encumbrances so here this incumbents the first incumbents belong belongs to the grantees. What was it they brought a credit line deed of trust from from first bank and trust company for $30,000 when it's due that's the first incumbents. There was another incumbents that they got, which was a refinance deed of trust so they basically bought the property for $67,000 they they took out credit line deed of trust for $30,000. And then later, a couple years after they bought it. They refinanced and got a deed of trust for $96,000 on the property. And that's due in 2040. Okay, so it was a 20 year loan. Before that there was a transfer from the from the Porter fields. So he was a grantor Donald Louise Porter field was a grantor they transferred it to the four grantees that we had listed before. This was also a data bargain and sale that group paid $98,000. They have different encumbrances. This is interesting. This shows an encumbrance on Elizabeth Massey of a judgment. There was a judgment against her for 1058 bucks that was essentially a lien on the house that had to be cleared before that property made it to transfer a. And she had another encumbrance another judgment. So before she was able to transfer that property to transfer a because she was one of the grantees, she had to take care of that judgment. So this just gives you an idea and then it goes transfer see was in 1986. That was between monarchy sold it to Donald Louise. It shows where the the information is located how much again easements. This one is interesting in 1980. There was a transfer through a last willing testament. So they're not always bargains and bargains deeds bargain and sale. Often their, their, their wills that we have to go through the will book and figure that out. And then this was a 40 year, we were doing 40 year backward nation now. This, this was an earlier done when we were doing 60 year backward nation. So this actually went all the way back to 1926 in the transfer of that property there. So that's what a smart rant land record looks like you can the idea is, you're interested in property, you want to know about its history, you come into the database, and you search, what do you search for you search by the address of the property. You search by the owner name, where you search by the chain status and that means what, what's on the, what's in the database and if I do it by chain status. You know when you come here you can see that it can either be published drafted validated superseded or subdivided. So a draft is what the interns are working on validated is what's been validating is what the lane records personnel are looking to to finalize published is a finalized agreed to smart land record superseded is a smart land record that has new information on it. So we're going to build a new block from the old block, we never get rid of the information in the old block it's on the immutable ledger. And then there's also an ability to subdivide a property going forward so those those are the kind of things here we search for the published records, and we're able to show. down below that there are 1,536 of these records. I just happened to be on the first page there's the fourth page there's 308 pages of these records, you get the idea. Okay, those are the published records. In the search we can look at superseded records. So there's a 662 superseded records so these were records that began as as as published records, but then new transactions. were added to them, and they got added to so they became superseded. And then here we have the records there's 432 of them down here below. Those are the ones that are in the queue, waiting for land record personnel to to agree that they work and publish them. If they reject them because there's errors, they're inside the administrative part of the system they send them back to the interns with a note as to what has to be corrected, or what's missing. And then that intern will redo the draft and submit it again for validation. In a quick search I can just show you here I'm going to search for something by citizen address so citizen addresses, the, the, it's not recognized as an official address, your home address to give to all your friends isn't isn't considered an official address, but it's what we call a citizen address I'll just look for something that has yellow in it. And sure enough, there's 13 properties, yellow poplar street is is has properties on it. And also, what is this yellow creek road. I could look by owner name. And if I take, you know, Smith, for instance is in the owner name, and I do a search. I come up with there's 485 of these properties. If I click on this. Then what that does is puts me to the, that one is not found for some reason but it puts me to the, to the property puts me that smart land record that I that I showed you over here. Okay, but we have a question in the chat from Will Gessner. Is it planned and what would it take to make this smart land record the official legal record so that paper can be destroyed. Okay, it's a it's a good question will already. These are considered official records. They all come from records that are considered official from the county. At the bottom you'll see here the information containing this document is thought to be accurate. However, no warranties implied or expressed exist regarding the veracity of the data. That's true of any county land record that's that's whether it's in their books, whether it's on microfiche, or whether it's on the internet that they're authorized. The county represents to you that this is their best understood information. They don't guarantee that it's not been fraught it or there's something wrong with it or there's typos or things like that. It's just the best that they can do. So today these smart land records are to be used by the public and and if the public wants to use it to understand information about the property. So that today, if a settlement attorney, or if an abstractor wants to use this as the basis of what they do to create their abstract that they're charging for, and that they're sending to the title insurance companies, they're going to, you know, use it. If they feel comfortable with it. And one of the county's objectives is to convince the settlement attorney's customers that they have that this is as accurate as anything in the database that if they search for it themselves, they'd find the same issue. But if they don't trust it that's fine. Use it. If you wish, don't use it. If you don't, or use it as the start of your search to make your search much shorter. Does that answer your question will Yes, thanks a lot great and great project to by the way excellent concept and kudos to you and the and the team there. I appreciate that. Thank you very much it's kind of you. I wanted to show you real quick because we're running out of time. So I've gone into here and this is now the creation tab. I pulled it up, and I just started typing some nonsense into a draft right. So I'm calling this 1111 test street in wise Virginia. I gave it a short property description. I assigned it make believe property ID, or property identification number pin, all the properties and the counties are tagged with some kind of property ID. Okay, and that's what's going to tie together our search when we look for things. If we come in, and we don't know the name of the owner, and we don't know the address of the owner of the property. But somebody said hey I want you to look at this property with this pin. Maybe I got it from the assessment records. Then it's that pin that kind of ties all this stuff together. What I did was I went down in this wizard, and I started entering data. So the first, the first part of the wizard if you look at it is property transfer. So property transfer I entered the date today's date. I said it was a land record, I gave the instrument number. Where do I get this information. I get all this information from the county's online website that has all their wills has all their land records has all their judgments all that kind of stuff. So that's what I'm searching on and extracting that data and putting it into the smart land record. So it's got the grand tours is the next one. Then it's got the grantees, then it's got easements, then it's got the encumbrances. Okay, and once I'm finished doing that. I can add a new transfer right so that was my most recent transfer. Now I'm going back in the record. I want to add a new transfer. Now I'm in transfer be. Now all these sections, when I'm ready to do it. I save it, and then I submit it. When I submit it goes into that validating pool. And, and that's when the land record personnel take over. Okay, so that is. That is my presentation to you, and I'm open for any questions if you've got any. Thank you for that great presentation. I do have a couple questions and if there's anyone else on this call that has questions, please speak up or put it in the chat. You mentioned that you were using AWS is quantum ledger. Why did you guys choose that and some, as opposed to some other blockchain, and then a second part of that question can you talk about some of the operational costs and using AWS is quantum ledger. So it's a great question. So what we did when we conceived of the project was we very much wanted to put the validated lane records on a mutable ledger, or an actual blockchain, depending on what was most economically viable. We don't want any concern in the public's mind that this is data that could be hackable, or could be used easily for fraud. So probably the number one criteria was having a technology that after explanation could be could be explained to anybody. And security, right, so that was probably the first main main feature of this program. When we looked into whether we wanted to put it on Ethereum, or polygon or use a hyper ledger, or other kinds of things, because the county is not a community, because the county of wise is not a community of disinterested or interested in untrusted parties. It is its own entity, it's going to be the gatekeeper. We didn't think we needed a decentralized system. Okay, for this one proof of concept if you will. So we actually took a what I think is a cheaper, faster route. And we looked at immutable ledgers that are offered by Amazon course Google has one so does Microsoft. So any of the cloud users will provide an immutable ledger, it's not a blockchain. In the sense that you have independent nodes. It's not a blockchain in the sense that it's distributed. But it is a blockchain like ledger in the sense that all these records are hashed. You can search them on a Merkel tree. And the, the ledger itself I mean even Jeff Bezos can't hack the quantum qldb ledger, you know it's just, it's built on the cryptography that makes block change what it what they are. So that's the first part. The second part to your question. We've got five, six, seven people at a time, entering data, any day of the week on all 30 days of the month or 31 or 28 depending on the month is costs us about 220 bucks a month to run the system on AWS. So we think that that's just on the. So that's not the development cost that's just the monthly cost for the AWS system so it's a small system, right we've only got a couple of thousand records this that the other, but it certainly is affordable. Dave appreciate you taking the time to walk everybody through this today is a great presentation. A lot of curiosity. So it looks like you guys are currently set up for wise county as there have been any thoughts or discussions about incorporating other counties from Virginia, and or the potential on a larger scale of this becoming a national registry. So what was the idea in the beginning was after we established this in one place we want to take it to others on what what what you discovered dealing with municipalities is you know they're certainly very conservative. They're certainly economically challenged on clerks of the court are to their great credit extremely conservative people. Okay, so Jack Kennedy happens to be an outlier. He's a visionary he's a revolutionary. Lucky for me and my business development I was able to talk to him. But you're not going to propagate this county by county. In my opinion working through the clerks of the court, you would propagate it as a private company. And you would go ahead and use the public databases, which are open access, you would use those to create smart land records and what you would need to do to do that is you would need to use optical character reading or direct connect through the APIs to their various databases. And then you would need to do the co machine learning and training on this to make this automated. There is not a viable story behind this. If we're just going to make smart land records using using data entry like this. So this was really kind of a proof of concept. We can see where it would go. But to me, unless you automate this process. You're just doing it. You're kind of recreating what's already there. Thankfully the wise county public will benefit from this. But it cost the money that I showed you that it cost. And there's cost in in continually updating the record. All this has to be in the technologies today exist to do that. Hey, great. Thank you Dave. Any other questions from the rest of our participants for Dave. Okay, I think that's it in terms of the questions. Again, thank you Dave that that was a great presentation. That's a real interesting project and definitely keep us up to date on the future steps. I'm really interested to see how this goes. The two things that I did want to mention from your presentation that really stood out to me. Number one, Jack Kennedy. We need more leaders like that that really think about the future not politicians and I'm going to get on my soapbox, not politicians that say I don't use a computer or I don't know what the internet is we need more Jack Kennedy so that was fantastic. Jack is is the star of the show. And it was one of my great fortunes you know when you're in business you have good luck and you have bad luck, but my good luck was being connected to Jack and from all that everything happened. Yeah, yeah, absolutely. And I think you hit upon the other point I wanted to make and I know we've already gone past the hour. To maintain immutable edges. That's just a stepping stone to AI to machine learning to all of the things that can really leverage this information to data fabric so I think you hit upon that and hopefully over the next year or so will really be able to start to leverage this technology and this information so thank you. That was awesome. I think that's right and I'll just end by saying blockchain in my opinion right for enterprise use is just a piece of the plumbing. Right, I don't get all enamored about how wonderful it is and how it's going to change the world or this and that it is a wonderful tool when used appropriately, certain the best application has been cryptocurrency, but all these other applications reside on this plumbing going forward. I think that that brings it into the here and now and I think it takes the mystery away from it. Okay, that thank you. Thank you again. Just before we go future agenda topics I wanted to mention to everyone, we have attended a schedule for November I'm still finding finalizing arrangements. On the schedule we have Rick Brandt, a journalist and longtime mortgage industry observer. Rick was just asked by Blockfinn to chair an industry think tank. He also hosts an ongoing podcast that's called Would You Consider that covers developments in the mortgage industry. So we'll have him in November and we're still adding to that itinerary so if there's anything people are interested in please let me know. That's it. Thank you guys for joining. I think this was a great session. Everyone have a good day. Have a good day everyone appreciate your attendance.