 So today my talk is about building and measuring a valuable ecosystems. My name is Mark Odden. I am the CTO of WeTrade. WeTrade is a joint venture owned by 11 banks, 11 European banks. I developed and execute the technology strategy. I designed the operating model of the company. And WeTrade is an innovative trade platform based on blockchain in 15 countries in Europe. WeTrade is the first blockchain digital based trade finance platform in production. Today I'm going to talk about an ecosystem and what's the definition and why an ecosystem and why we talk about ecosystems. I'll talk about blockchain as an ecosystem enabler and knowing your participants and effectively how we actually measure in some KPIs in terms of measuring ecosystem performance. So why an ecosystem? What has changed? The first point used to be data is oil. I think in this green world, we can actually really and in this changing world, we really see that data is a valuable renewable resource. It can be pooled. It can be shared, reused. But we also want to make sure that we make the most out of the data while securing that we can trust and we can protect that data from misuse. The companies no longer are willing to pass that value and the value of the data over the intermediaries. And new business models are being driven based on data insights and even other new technologies such as AI. Why does it matter? We all need trusted data, verified data, non-repudiated data, immutable data. Blockchain is an environment in where collaborators can come together and they can actually put good, stronger governance around the data. Particularly in terms of what data needs to be shared with who and what time during the process. With blockchain, we have a great potential for creating marketplaces and new marketplaces based on new business models. And then again, people can actually use the data for driving insights and innovate new ideas, new products, new services. Why start or why join an ecosystem? Common problems exist. Common problems in trade, common problems in logistics and climate action and in accounting. So effectively, organizations are actually, as they start to collaborate and start to understand the existing business models where they are and they identify problems, then effectively they can come together to solve these problems in a better and more efficient way. They can share risks. There's obviously a lot of inherent risks in terms of trying to go your own and then trying to deliver value, incremental value to customers. So there's a lot of risk involved. So why companies come together or why they start an ecosystem is so that they can actually share that risk. Obviously, finances and even in today's world were from a financial perspective, given the pandemic and the outcome of the pandemic, pooled finances. So being able to, to be honest, work with this new technology, even though it's fantastic that Hyperledger and Fabric and Sawtooth and various other DLTs and tools and components are open. It doesn't mean that it all runs for free, especially when you're trying to actually pool together and create a network or a platform in which a lot of participants actually come together. It can actually be able to run and operate a service with the security, with all of the underlying infrastructure that's required, with actually all the digital development tasks that are required. It becomes very, very expensive very, very quickly. So again, you know, by creating an ecosystem, you can actually share the cost of that across the initial ecosystem members. And, you know, it really is a case, you know, in terms of when, when going with an ecosystem, you don't need to go it alone. You can actually, you know, you can, you know, and one organization doesn't need to take on the expenses all by themselves. When we create value, and we're talking about digitizing and optimizing efficient, you know, the existing processes, but we're also looking at deriving value from new business models, new products and new services, whether they are part of the core offering of the ecosystem, or whether they become value added services. And you kind of look, and you can listen across the ecosystem participants and the users to actually see, you know, to solicit feedback in terms of where do they, you know, where do they see new value being derived, you know, or potential value being derived from the ecosystem. We talk about building and strengthening relationships. And this is a case of, you know, with customers being able to, you know, offer your customers new services, new products, but it's also been able to, you know, derive, you know, to build and strengthen relationships with ecosystem members like like-minded members, where they have the same or very similar appetite for risks, where they're willing to put in the same level of, you know, of investment and pooling that, you know, the finances, where they all have this shared vision of about the value that they're actually looking to drive and deliver to their prospective customers. You know, with the ecosystems, we look at about increasing efficiencies and minimizing governance costs. Again, just, you know, being able to, well, you can pool the finances to generate the initial, you know, the product, the services, the ecosystem, but it's also a case of being able to run and govern. And that ecosystem, again, without having to go it alone, you're actually able to pool those resources to be able to, you know, to have, somebody manage and govern, you know, that ecosystem. And we're really creating a distributed shared source of truth without the need for intermediaries. We've all seen, you know, over the last number of years, we've blocked in the whole idea of disintermediating data, disintermediating the service. And, you know, when, you know, joining this ecosystem, it can be very, very difficult when you're, you know, trying to build something internally with having an external externally, you know, with an external outlook in terms of, you know, because people want to be, you know, ecosystem builders want to be there at the very, very start so they can help shape. And then they can actually really understand it at a very early stage. What can you do? You can join an already existing ecosystem. So, and that's really looking at, you know, optimizing for yourself. You join, you know, a network or an ecosystem, probably lower the cost of entry, lower barrier in terms of, you know, whether it's, you know, having to, you know, design, think, build, operate, release, deploy, govern, making sure, depending on which domain you're in, making sure that you've got all of the regulatory requirements taken care of. So it's really kind of, you know, you could, you know, one of the options is that you could join an already existing ecosystem. And again, depending on, you know, what, you know, what domain that ecosystem is, again, you could get help and assistance in terms of whether it's business case development, value and really even understanding and learning. One can build a new ecosystem or a new consortium from scratch, you know, and there will continue to be new ecosystems built throughout the couple of years. But again, again, we talk about network of networks. We talk about one network not ruling the world. We talk about one ecosystem, you know, you know, there won't be one, one place. So there will always be places for collaboration and interconnectivity and interoperability between different ecosystems and not just ecosystems of the same discipline, such as trade or logistics or, you know, carbon, you know, climate action and accounting. But again, we'll actually be connecting some of these different ecosystems together to drive even more value, more business models, you know, more benefits to the end users. Or one can expand, you know, so you can join an existing ecosystem and also then offer new value added services to those ecosystem members. And one can then connect to that ecosystem member. So really, I mean, when we talk about expanding, we're talking about really, you know, either joining where you have, for example, you know, you know, a finance trade network, and then you kind of take in a logistics network, because you actually want to be able to take in or you connect within the logistics network because you want to be able to take in the information of and the traceability tracking of the goods. And so there's two ways you can do that. You can have the logistics providers come in as value added services directly on to the trade into the trade ecosystem, or you can connect a trade ecosystem and a logistics ecosystem to arrive then that even expanded value. Blockchain as an ecosystem enabler, multi-party manage, multi-party workflow management is really all about managing the workflow and the data between the multiple parties of the ecosystem. For example, you know, the process between a trade, you know, the trade between a buyer and a seller where the buyer has sought a bank guarantee and the seller has also sought an invoice financing. We talk about the disintermediation. We're talking about really blockchain inherently because, you know, comes with immutability and then non-repudiation, but often as a core driver within a blockchain ecosystem is the disintermediation of data, control and management of the data and removal of the intermediaries. When we talk about governing and the network democratically, it's really all about change. For example, onboarding new ecosystem participants, deploying smart code contracts, agreed by consensus between the multiple parties within the network. From, you know, starting small scale and, you know, with electricity, you know, as members and transaction volumes increase, it's really starting with the whole idea of, you know, starting with a minimal viable product, with a minimal viable ecosystem and then looking to create and achieve value from that ecosystem sustainably while laying the foundations for the ecosystem to scale. And scale and growth will evolve on a continuous basis based on customer and client feedback. And the goal is really to achieve, you know, an organic self-sustaining ecosystem. When we could talk about immutability and traceability, discussions can come, you know, discussions really come about, you know, the dispute resolution. And here we can leverage immutability and traceability of the data to aid in dispute resolution on a blockchain-based ecosystem. And a single source of truth. Really, data is shared and it can be segmented through ledgers, channels, private data collections, but it's really about, like, you know, that privacy, you know, and, you know, providing access to that data on a need to access and a need to know basis. Blockchain business progression. So companies or organizations maybe start to, you know, start kind of a little bit ego system-centric. In other words, they're kind of building it for themselves, maybe as a POC, they come up with a minimal viable product, you know, and effectively, to be honest, this is how WeTrade started. It started with a POC for one individual bank. They had a minimal viable product. They had a very good concept. It was very much at the core, you know, it was actually built in a public permissionless blockchain. It was built on Ethereum originally before we switched over to hyperledger fabric. But again, we just saw, you know, the value of the POC in terms of what it could do in terms of evolving and revolutionizing, you know, trade and with the use of blockchain. And then we actually, a number of members actually came together and they saw the potential in terms of building an ecosystem. So this is where we talked about a minimal viable ecosystem. And again, the arrows really indicate, like, you know, where you had initial core idea and the arrows are different tangents. There could be new opportunities, new ideas in terms of how we could actually evolve and offer new products and services on that minimal viable ecosystem to members of that network. And then kind of we're looking at really, you know, the whole industry utility where, you know, blockchain and at least in some aspects and for some ecosystems will be kind of considered very much a utility. You know, whether it's in food, whether it's in agri, whether it's in maritime, whether it's in trade. Some of these, you know, you know, we are kind of providing utilities and has been able to connect these, but it's all about really kind of designing for a market. We'll also talk about that, you know, putting in incentive models, you know, how do you incentivize new ecosystem participants to join? How do you incentivize the existing ecosystems in terms of to increase in terms of transaction volumes? So really looking at how we can actually look at creating these new incentive models. And again, by actually looking to incentivize, we're looking to create even new digital products, new services, new value added services, some that we thought, OK, would automatically fit in terms of the domains that, you know, where some of these original ecosystems, you know, start out from. And others are really kind of looking at new digital products or services that could be offered, you know, through the ecosystem. And then we really kind of get to the ecosystem centric, you know, as we kind of move over to the right and we talk about token economy, business networks and connecting all of these business networks. Know your participant members. You know, this is actually it was taken, you know, this is taken a reference taken from leading digital, which is really about was a book and written in 2014. So before blockchain, but I was really talking about like, you know, business transformation and turning technology into business transformation. But the matrix actually fits even today, you know, from from a blockchain perspective, I'm still very, very relevant because when we talk about beginners, you know, they may be skeptical of the business value of, you know, blockchain, for example, they may carry out some experiments, but not really fully committed at this stage. And they and they have a, you know, and they may have an immature digital culture. And, you know, they're not ready or other waiting and seeing and they adopt the way to see strategies or approaches. As we moved on into conservatives, you know, they may have an overarching digital vision, but it's underdeveloped. And a few advanced digital features exist, although traditional capabilities, you know, may be more mature. They have strong governance across the silos and active steps to build, you know, and they activate steps to build digital skills and culture. Fashionistas, fashionistas, you know, they advance many digital features such as social media, blockchain, big data, AI, IoT, and they're working on all of them in silos. They have no overarching or they may have no overarching vision on how to connect them all underdeveloped coordination because they're stuck in silos. A digital culture exists, but again, it could be siloed based. And again, these, you know, some of these guys might try multiple ecosystems, even of the same domain or same type. So because they want to be in everything so that if one succeeds, they'll always say, well, we were part of the winner type of thing. And then you've got digital masters, strong overarching digital vision. They're able to get, you know, they've excellent governance across the silos, bringing about the organizational changes necessary when adopting new technologies. And many digital initiatives generating business value and have strong digital vision. And it's really a case of when, you know, from experience, you know, in terms of building an ecosystem, you really want to have a look at your digital vision. You want to have a look at your digital masters because they really help you in terms of steering where, you know, the most benefit in terms of where your ecosystem or where your platform should be evolving. There are a lot of characteristics and you know, I've picked this particular one ecosystem member velocity. Some members will move at the speed of a scooter and others will move at the speed of a locomotive. And again, this is across a number of different areas, whether it's knowledge and expertise, whether it's training, whether it's a risk appetite, whether it's the adoption of new technology. And, you know, three years ago or even two years ago, blockchain was relative, was very new, of course, especially enterprise and permission blockchain. And we're really talking about here in terms of also in terms of cooperation and collaboration as opposed to competition and protectionism. So, you know, really have a look at, you know, ecosystem members who are open to new business and new models. Critical success is success factors. We talk about incentive design. So each marketplace participant, you know, having a fair and reinforcing incentives to want to increase, you know, trading activity on the marketplace with an easy on board and immediate effect. Network effect. We really talk about the network effect becoming the dominant service provider for target markets for both traditional services and new innovative services would rapid adoption from a governance design perspective. You know, each participant must have a fair role in defining and redefining marketplace rules, including the incentive models, data access, really for about privacy control. And it's monetization in a competitive market. A degree of decentralization is required. For ecosystem KPIs, we talk about growth. So really growth of the ecosystem, whether it's the number of specific stakeholders or members is really the density of ecosystem members. Members of the same segment industry or, you know, even just, you know, value added services members growth and online engagement. We really talk about common understanding of what is a transaction and what we may start out as a core transactions. Then you actually talk about, you know, even, you know, these value added services transactions and being able to count, you know, the various way, you know, the increase in the growth in terms of the transactions on the platform or as from ecosystem members. We talk about then the number of meaningful connections within the network. We're really talking about providing a platform or an ecosystem where members come together to create new connections while at the same time strengthening or reinforcing existing connections. A lot of business today, you know, as we know, it's been really done, you know, paper based, and we're kind of using in a paper based or in a, you know, centralized way and really what we're kind of doing with blockchain is decentralizing, digitizing, optimizing. But again, we just need to make sure then, you know, that that is, you know, that we reinforce, you know, those connections, you know, to the users. And we kind of, because change is hard. So we need to make sure that we kind of bring them along in terms of as we're looking to digitize, you know, already existing paper based processes, or even go into new market places and new areas, you know, for new revenue generation. Ecosystem density, the number of nodes or relationships within the ecosystem. This is similar to LinkedIn. How many people like, you know, what are the engagements and how are the engagements between the ecosystem members, you know, whether it's, you know, end users in we trades case of its buyers and sellers, how are they engaging with each other on the platform. Yeah. Successful conversion of business opportunities between members. So again, this is all about, you know, successful transactions in a multi-party system between the parties, for example, in a trade network, the number of trades between counterparties. Are they trading just doing a one off trade? Are they doing repeat trades? Are they actually moving more and more of their business on to the, on to the platform because they actually see this success. So it's really looking at monitoring that because then, you know, you've got a really good viable ecosystem that one can build on as, you know, as part of a foundation. And we're talking about income. So income stats. I mean, okay, everybody's looking at investors, partners, sponsors, even members, they're all looking at what's the return on investment, you know, what's in it for them. How can we derive value from the ecosystem, making sure that the, you know, whether it's operating costs in line with revenues, making sure that, you know, in terms of as you deliver value added services. What is the cost of actually delivering that service versus the income of actually delivering, you know, the, you know, the income that you can derive from offering that value added service from stakeholders perspective, you know, as they deliver capital, you know, as they, as they give capital investments. You know, what is their expectation in terms of return on, you know, return on that investment capital. So it's really kind of looking at making sure that you deliver and you provide a viable, reliable, self sustaining ecosystem for all of the members because, you know, as we look to some of these ecosystems, nobody wants to be joining an ecosystem for a year and then they move their business over and they have the cost of moving their business over to that new ecosystem, only for that ecosystem not to be to be there 12 months later, 18 months later. So it's really making sure that's where you need to make sure you've got a good viable ecosystem that is self sustaining and then can grow organically over over time while delivering value at all aspects. I've got a Q, I'm going to So presentation, I'm going to kind of open it up for a Q&A. So by all means, I will have a look at the Q&A if people want to ask questions. Okay, so Benedict, can you talk a bit about democratic management tools used at WeTrade? So, yes, so WeTrade, so as people may know, we are a consortium of banks. And primarily we started in the trade and trade finance area, and we use, you know, so WeTrade is a separate entity. Our shareholders are banks, but we're a separate entity. The governance in terms of how we evolve the product is with WeTrade. We listen to our banks and effectively their customers to derive, you know, what features, functions, what capabilities they want to see. And effective, you know, from that point, then we really kind of, we set out the roadmap, obviously making sure it's in line with the overall strategy of the company, with, you know, in line with the board of directors and our shareholders. So from a WeTrade perspective, we govern, you know, the evolution of that platform. We have, we had, I mean, we do have various work streams or councils as we talk, as we talked about, so where we have members of, you know, whether it's technology, we used to have, you know, technology councils, security councils, legal councils. We used to have, you know, product councils. And these councils would then meet with the various stakeholders, you know, from each of those disciplines. And then, again, WeTrade was the glue between all of these councils where we would then kind of listen to all of the feedback from all of the council members. And then we would, from there with them, we would drive the overall approach and strategy of, you know, what we need to do from a product, service, build, legal compliance, regulatory, all of these different aspects. Benedict, I hope that answers your questions. If it doesn't, feel free to post another one. How do different intermediaries, I'm just going to go to the next one in line, it was anonymous. How do different intermediary laws applicable around the world could be enabled? Is there any option to incorporate financial legal aspects across partnering nations? There are quite, when WeTrade started out, we designed, and there was one of the councils that we talked about, we actually incorporated and came up with our own rule book. And that we went to then, which, whether it was the EU or the bank, you know, EBA and the European Banking Association and, you know, and the EU regulators, financial regulators. We also then, through our member banks, went through each of the local regulators of each of our banks, because we were looking at offering new services that there were no standards and no rules or laws that could actually really govern it. So we worked with the local regulators and the various, you know, jurisdictions. We have a pretty solid, you know, rule book and, you know, so that can be used in other jurisdictions outside of Europe. And then we see that, you know, there's quite a lot, you know, what is, you know, the ICC and the DSI with their various standards. We see UNICEF-LAR with their laws and their model laws. So there's more and more laws that are actually coming, you know, that are being generated. Quite a lot of them are, you know, a flavor of what's already been there before and just, you know, just applying digital, you know, digital connotation to some of the existing laws. We trade so far, you know, with every new region that we've had to go to, every new country or whatever, we've been working with the local regulators with our rule book. And so far, you know, what we've actually designed from our rule book perspective has no changes. So whether we were going to, and, you know, I have sensitive information that I can say, but we were going to other regions outside Europe. And from the feedback that we've had so far with all of these local regulators, no changes required in terms of, in terms of changes on the rule book. Anonymous, I hope that answers your question. 10 or 10. Do Enterprise ask for concrete business value of blockchain solutions? I think everybody is asking for concrete business value and business cases of any solution, not just blockchain solutions. Do you use specific tools to quantify blockchain business value or is it qualitative statements? No. So we use effectively, as I've said, we have an operating model. We have a revenue. We have a charging model based on transactions. Effectively, what we need to do is we need to make sure that we trade as an organization is sustainable, you know, and resilient from a financial perspective. But also in terms of our ecosystem members, we've been working with all of our ecosystem members to ensure that the, you know, to help them through the business case that they could derive by joining we trade to make sure that for ecosystem members that they're also able to run and to join we trade and to actually derive the value from it. We have very much analytical, very much qualitative, you know, and very much, you know, we have all of the data there in terms of transactions, you know, foresee, you know, forecasts, actuals, you know, the charges for all of these. So we have, you know, we've been live since, you know, January 2019. We have quite, we've amassed quite a, you know, amount of data over that over the last two and a half years to really help new members and new ecosystems, you know, to guide them on the path of actually, you know, driving the most value that they can out of out of we trade and out of joining we trade. Eugene, what kind of challenges does we trade and other finance or trade finance industries face? Very short answer in this because I know we're tight on time and we're over time regulatory financial regulatory guidelines or legal, you know, so really much. What are the matrix Peter, what are the matrix for blockchain operations we measure value to the customer metrics really is all about. Density of participate ecosystem members. Because if you got more more ecosystem members, more business and number of transactions, so volume of transactions, number of actual participants users, you know, whether they be companies or whatever on the platform because then it can actually derive new, you know, new business relationships, as opposed to just exist, you know, on trying to just digitize existing business relationships. So really it's all and then, you know, it's all about then how much of a business a customer can actually put through through an ecosystem member and how efficient we've seen that from a we trade perspective we've gone from processing of several days of a loan request down to an hour. You know, so again, that all that also brings efficiencies down to, you know, to the end and customer and it also helps to manage liquidity. Okay. Tan, I can, if you want to reach out to me if anybody wants to reach out to me privately, I think we are over time. So, but if anybody wants to reach out privately, then, you know, please do and I'd be more than welcome to to answer questions.