 Okay, so we have to go through a couple of administrations before we start the meeting. One is the fact that we are operating under the Hyperledger or the Linux Foundation anti-trust policy. So we have to be aware of that and that is one of the requirements. The second item is that we also are functioning under the Hyperledger Code of Conduct, which means that we should, even if we disagree, we should do that without being disagreeable. So that is, you know, those are the two operating principles here. No question is outside the limits and, you know, obviously we have to be aware of the speaker and now without much more waiting, let's hear Ashish was shown up here to do his presentation on Will and he's the CEO of Will and he has a hard stop at in 55 minutes. So we probably will end the meeting a few minutes before the end of, you know, before 10 a.m. here, which is, I guess, 7.30 in India and Ashish, please take it away. Hi, everyone. First of all, let me invite, let me thank Wipin and let me also thank the Hyperledger community for inviting me to share what we are doing at work. And also as Wipin mentioned, instead of, instead of stopping us a few minutes before we can certainly carry up to maybe 9.59 a.m., so that's the beauty of the, that's the beauty of remote works, the diet and remote conferences that we can jump without thinking that if we have to travel a minute or so. So I will be traveling from New York to Boston within a minute or so. So that is how it will work. So let me start with talking about what we do, what who we are, etc. And I will, I will share a presentation so that we have a structured way of communication as well. And I will try to keep my presentation to the minimal and we would open the floor to the questioning as soon as possible, which I will try to instead of typical, typical 30-minute presentation as Wipin has shared with me, I will try to keep it within 20 minutes and then we can have as many questions as we would like to have. So I believe my screen is shared. So who we are at world, we are a blockchain fintech platform from India and we are a single product focused platform, which is focused on what we call in India, warehousing seed finance across the globe, it is typically known as commodity finance. And it's a very unique concept. And by the way, it is one of the oldest whether it is said that warehousing seed finance is the oldest lending product of the mankind. So we are merging the oldest lending product of the mankind with the newest technology and trying to make it work for the benefit of the people. So who we are, as I mentioned, globally, we are the first blockchain platform for agriculture finance. So there have been application in agriculture and quite a few of them, especially interestability, etc. There have been so many applications on the supply chain and other financing on the, on the blockchain. What agriculture financing is something we are the first one to do and also so far as we understand, we are second independent blockchain platform across the globe for asset back lending, one being the figure blockchain in the US and the second being world in India. And of course, they are into the mortgage space and we are into the commodity finance space. As I mentioned, we are the largest blockchain platform of India and how I'm talking about private blockchains, by the way, and we have already on our platform. We have achieved more than half billion dollar worth of GMB with a half billion dollar worth of commodities tokenized on the platform. Currently, we are present in 1400 warehouses. We work with a few lenders in India. We have more than 300 million dollar of lending corpus located for a future lending on the platform. And the platform has been winning accolades, both in the centralized finance as well as decentralized finance space. We have won awards in India, outside of India, in US as well. So this is what was journey is and actually people behind this, which is the most crucial thing, of course, for any startup. So we are 13 people team. We are three co-founders out of that. I come from finance background. I have spent most of my life in this indication, got introduced to blockchain in 2011, rather it was Bitcoin. There was nothing called blockchain there. Slowly, blockchain came and then I got fascinated with that. Started working a lot into that direction and slowly from there, I went into the startup space itself. Two of my co-founders, Falguni and Abhishek, are from the tech side. Falguni has around two decades of experience in IT industry. Abhishek has more than four years in blockchain and fintech space. And there is an advisory board with supporters from Silicon Valley as well as from here in India in the financial inclusion space. So this is all and quite a lot about us. We'll be moving more to what the solution is. But before I talk about what the solution is, I would just like to talk a bit about what the vertical is. So when we talk about warehouse receipt finance or we talk about commodity finance, it's a very simple product. It's an asset-backed loan, no flow-based calculations, eligibility, etc. And here, what happens at a commodity owner? And the commodity can be any commodity. It can be an aggregate commodity in the aggregate space. It can be metals and minerals in the metal space. And it can be even crude oil in the energy space, rather largest market share across the globe, which is a $200 billion industry in itself, across the globe, largest market series, metals and minerals, followed by energy products. And finally, it comes to agri-financing. In India, it's an agri-financing product. And the idea is very simple. You own certain commodities as you're supposedly a farmer. For example, here in India, we work with farmers. So a farmer has commodities after the house. And when the harvest happens, farmers typically will be at a loss if they sell their product at that prevailing market price. Because as anybody having exposure to agriculture will know that the market prices during the harvest period are the lowest because all the supply of the entire year comes to the market. So they would like to hold the commodity and sell it at a later stage. Same with miners, they are mining on a continuous basis. Need not be that the demand is on a daily basis. So they would be storing it. Similarly, traders, exporters, anybody into the supply chain has quite a lot of inventory with them as part of the business process. What warehouse receipt finance or the commodity finance does, that it allows them to monetize that asset. So what do they have to simply do? They have to bring their commodities to a warehouse. The only condition in commodity finance is it is typically a third party warehouse and not a captive warehouse. And if it is a captive warehouse, it is handed over with lock and key to the bank. Means it becomes a bonded warehouse solution. Unlike a typical working capital finance, which is based upon the stock lying in the premises or the warehouse or the factories or the manufacturers or the trading concerns, warehouse receipt finance works on the principle of bonded warehouses either with lock and key or either third party warehouses which are associated with the banks. So commodity is deposited. And then what happens? There is a person there, which is typically a bank agent known as collateral manager, whose job is to verify the quality and the quantity of the stock. At that stage of receipt is issued by the warehouse. As I mentioned, it's a third party warehouse, not the warehouse of the borrower itself. So a receipt is issued that this, say for example, 10,000 metric ton of wheat deposited by ABC in warehouse XYG. And there the quality mentioned is a receipt, for example. Again, quality is XYG. So there the receipt is generated and that receipt acts as a security. And that security is offered to a bank and against that the lending is done by the bank. In Indian markets, we have a similar product or you can think of something like a loan against security. So a loan against a bond where a bearer bond, for example, where the bearer bond is handed over to the bank and then loan is given against that. Or in India, very popular product, gold loan. So gold is given to the warehouse. Gold loan is actually a special type of commodity finance only. So this is the product. And I thought that it will be better to give an introduction of and this is actually where we are working and why we are working and why we selected blockchain for this solution. We will talk about that. So though, you know, the problems of the industry have been there for last, since the inception of the industry, this industry has a lot of fraud problems. And in COVID time, it has actually accentuated a lot. Banks last year, on a total market size of $200 billion, last year, banks have put a $13 billion fraud into this. A number of European banks and have actually, some of them have shut down the business. Some of them have cut down on it. Some of the banks, global banks have to, I mean, even banks in Asian and American markets have cut down their exposure to commodity finance. Actually speaking, they're earning from this market that has gone down by 40% in just two quarters. But commodity markets will, till the time, human kind are there, commodity markets will be there. So new lenders, typically hedge funds are coming to the market and replacing the banks into the segment. And what happened and what are the problems? Let's discuss that. So the first problem, which was indicated in the previous slide, frauds of billions and billions of dollars and they keep occurring every year. It's not like they are just like one time occurrence or something like that. Every year, both in India, as well as globally, I have seen, if I take last 10 decades, in India, we will have at least a few million dollar frauds and globally, we will have at least a few hundred million dollars frauds every year. And then sometimes all of us are done, like in 2020, we had $13 billion of fraud. Then of course, this is an industry dependent upon intermediaries. More than that, it's a concentrated portfolio for the banks, for an industry where the total, I mean, it's a $200 billion industry outside of globally. The larger players actually corner most of the market and the small ticket loans are very low, which actually results into their, which actually results into their, such large ticket side costs. And despite all the digitization taking place in the world, this sector still remains largely manual. So for example, Qingdao scandal in 2017 in China was the last one, the biggest one, which actually shook up the industry. And a lot of changes were tried by industry. Where in banks like Citibank, Barclays, almost everyone at HSBC, whoever you can think of in supply chain got hit. And London Metal Exchange stock was there, that got hit. This year, most of the big banks got ING, et cetera. They suffered in Liyang and a bit of that. So this is a major, major problem. And that's where we brought blockchain to solve these problems. And how do we use, I mean, this is largely, I believe the people here are well-familiar with blockchain. They must have already thought of where to use blockchain. But just how do we do that? And we do that without creating an intermediary depository structure. Like, we don't have a depository here. When we have created the blockchain, we connect the warehouses and banks together. And I mean, so how do we do that? So first of all, of course, there are two type of thoughts. Now one is the borrower related or we can say borrower related or receipt related. So your receipt can be a forced receipt, $300 bank plus $300 million only three years ago. Against 82, just 82 receipts issued by one of the largest traders of the world. I mean, supposedly issued by one of the largest traders of the world. Second part, multiple lending, major problem, whether you look at the Chindau scandal, whether you look at Singapore scandals, whether you look at Hing Liyang, whether you look at Agri trade, everywhere you have multiple lending. And that's a major thing which banks are suffering from. So we use blockchain again there to stop those incidences of multiple lending, which is in blockchain's language, we will call double spend problem. Again, I'm talking about Chindau, India as well, ICICI, NSEI, lending capacity is X. The total lending in the warehouse, supposingly total warehouse capacity acts, the lending is five acts because there is no single source of truth. So a borrower is using the same warehouse for lending, which is actually linked to multiple lending any which way. So that is again where we use blockchain. Now one more part is physical frauds, which of course, blockchain can play only little role over there. So we are actually, we have got certain technologies controls point over there in terms of web-based linkages with blockchain in terms of quality data linkage with blockchain in talk and quality ensuring that the quality is measured through machines and not by manual inspection. We have brought geo tagging and photographs with geo tags of the stack of the trucks, et cetera. All that is being uploaded on blockchain. And something which we are working up on we have not yet brought to the market is our machine, our computer vision solution. About monitoring the physical warehouse. So that's the part where the IoT and interaction of IoT and blockchain takes place. And we have done that. It's without any intermediary in between. World provides the technology solution connecting the banks and the warehouses directly without world acting as intermediary or world creating an intermediary structure which is like in the equity markets or the capital markets. I mean, in India, we call it depositories who are essentially depositories for equity data. So similarly, depositories in commodity markets have been tried in India as well as outside of India have not been really successful. So we ensure that without that intermediary depository we create blockchain structure. And we have created end to end digital solution which is a hybrid solution. I will talk about that with data. So what we have on world today we have the study on the same platform through our partners, read it on the same platform, quality assurance through on the same platform. And also now, I mean, using blockchain what is we essentially do is we generate NFT warehouse receipt. So long before NFT was a craze and we created NFT and we have built a solution on that. So we are now, actually we have certain regulatory challenges around that in India, but we have already developed the platform for trading of these warehouse receipt NFTs. And also going forward, other solutions can come into play. So we have three parts of it. And one is the tokenization platform as well as digital lending platform. We connect that to a borrower digital lending protocol. And finally, as I mentioned to you we have also created a warehouse e-trading platform. So any commodity which is in the warehouse already converted to NFT can be traded. It is a very easy diagram to showcase how it works. So it's a hybrid solution, by the way. Our borrowers are not on the blockchain because of of course the major reason being that on-ramp, off-ramp, on-boarding of the, especially the transactions of create will not work in a country like India. So we have to have a separate structure for the borrowers. And then we have the blockchain which connects the B2B participants. So the banks, the warehouses, the collateral managers, which are essentially auditors are part of the solution. And then we have oracles here for the purpose of pricing. Again, because it's an asset-backed loan, the price of the asset can keep fluctuating, which requires that the borrower may require have to submit to their a mark to margin on a daily basis, on a weekly basis, regular basis. So we use that oracle for the purpose of automated and 2M calls. And the borrowers actually connect to that so that we have an entire digital lending solution. The borrowers essentially connect to that using a mobile app which is a normal Android mobile app. And it actually allows the borrowers to communicate with the banks or warehouses. So just a simple transaction. The borrower brings their commodities to the warehouse. I will skip a few steps where our app comes into picture. The commodity is deposited in the warehouse. At that point of time, there will be a audit check which is done today largely by people. We are bringing some of them on the IoT solutions or some of them on the machine solutions so that the machine and blockchain can interact directly and take the data from there. And at that point of time, NFTs generated on the protocol. So, and which represents the deposit made by a particular borrower. Say for example, the borrower deposited 10,000 metric ton of wheat. So the receipt says that it's a 10,000 metric ton of wheat quality grade being B plus based on these parameters. And that NFT gets shared with the banks on the platform. I don't need to explain to this crowd how that happens. And because it's a digital receipt, the copy also gets translated on the mobile app. The borrower has to press one single button, apply for loan. Each and every NFT has a connection directly. I mean, it is not like a borrower would say, I will have a say half million dollar or one million dollar loan. The borrower has to apply against each and every NFT so that we can maintain all these problems. I mean, so that we can keep the problems away from our ecosystem. And then the loan application comes to the bank and the banks, then the process moves to banks for banking solutions where the banks existing in the writing process work and then the lending takes place. In India right now, we don't have any on-ramp or off-ramp between Fiat and Crypto on this side because of regulatory issues. So the lending, the money is transferred to the borrower's bank account without involvement of blockchain into the process. Later on, so when the blockchain comes in, when the receipt is generated, the lending takes place. So then the lien is created, smart contracts come into picture. The lien is created in the warehouse, in the warehouse ERP, if there is any ERP. At the bank level and with the borrower so that the goods cannot be removed. And that's how we stop the multiple lending problem. Once a lien is created by a bank on our protocol or even by a bank outside of the protocol. But if they have central lien request to the warehouse, the lien will ultimately be created on blockchain. That way it doesn't matter whether the bank is on the protocol or off the protocol, there is no patient of a multiple lending. And when the payment comes into picture, which again comes to the bank directly because of the on-lamp off-lamp issue, at that point of time, the lien is removed once the repayment comes to the bank's account. And finally, we have this commodity trading platform where the commodity can be traded. And also we are building a solution wherein the bank loan, which has been given now can be actually transferred to the borrower. So sorry, transferred to the new buyers. For example, a person, the farmer took a loan and now he's selling it to a trader or an exporter. And the exporter, so what the exporter does that exporter gets the funding from the bank and only rest of the money, which was, if there is any balance amount that is paid to the farmer. So that is what something which has been built. We have yet to launch that. This is architecture, which showcases exactly the same conceptual diagram in a different technical language. So on the interface side, we have warehouse ERP integration again, and then the borrower app, the warehouse web panel. So if there is a ERP in the warehouse, we integrate, otherwise we have a web app also where the warehouses can interact with this ecosystem and can manage their inventory as well. And then if the bank is not integrated, typically we integrate with bank, but which is not integrated for them also, we have created a web solution, but that doesn't, that requires a lot of double work. The data comes from all these interfaces. And as I mentioned to you, we have a hybrid solution. So what do we do that to some of the data, especially the PI related to the borrower and for example, a lab report which came later, all those we keep outside of the blockchain. Any receipt related data, means the receipt generation, which is the NFT, lean on that, lean removal on that, trading of that, all that comes on the blockchain. So data comes to our bridge from where we, some of the data is passed on to MongoDB and some of the data is passed on to MongoDB, is our no SQL database, and some of the data is passed to the blockchain. And on top of that, we have security layer which is, which helps us to connect with the core banking solutions at the back. This is what we have done at world so far. And we are now taking it to DeFi. So DeFi is the first thing which we will be extending beyond within our two to three months period. We already have some of the DeFi transactions taking place on the testnet. So we will be launching that. And the second part is we are also looking at launching units for retail investors, wherein only not only the lenders, but also a retail investors can buy the asset backed units which can, I mean, in the language of lending, we can call it a securitized units and can be given. Those are the two things. And as I mentioned, and as most of you would recognize that it's an asset backed lending platform. Any asset that comes to lending has these three parts, a lender, a borrower, and a custodian. In this case, warehouse is the custodian. In other asset cases, there are other custodians of either the asset's ownership. For example, repositories in case of, or depositories in case of equity, or in case of mortgages, there are titles companies in the US. In India, we have a set of properties. So those are the, that's the simplest structure of any asset back loan. So we are looking to extend world platform over a period of time for those assets as well. And as I mentioned, I took more than five, five more minutes instead of 20. So, but we are still on time. So this is all from my side and I will be certainly open to any question which you guys have. Thanks a lot once again. Thanks Ashish. There are a couple of questions on the chat window. Okay. First question is from money, money play. Have you looked into connecting the receipts slash NFTs with the commodity futures exchange? That's a question. Sure. So instead of commodity futures exchange, as I mentioned, we have to exchange ourselves. So these are all physical commodities. So we are looking at connecting them with physical exchanges instead of with the futures. However, they can serve as these warehouses, receipts can serve as collateral for future. For example, if you have say 10,000 metric ton is stored in a warehouse, you can use that for selling a future against that as a collateral. So that's the possibility in the futures market but typically it's a physical asset instead of a derivative. Okay, the second question is from Jim. If you have done a securitized warehouse loan to an investor, what was the interest rate? And he says, and the terms of that loan. So we have not yet done a securitized transaction. We have already, we are working with the lenders like banks in India and the rate of interest varies depending upon who is the borrower and who is the lender. So it varies from 8% per annum to 13% per annum in India. And in India actually interest rates are higher. So it may in different markets, it can be different. Again, term is typically the term for this loan is three to six months but sometimes corporate buyers can get a rolling limit. So they deposit, so say for example, a limit of $1 million is given to them. They keep depositing commodities and the limit keeps getting used and that way the rolling continues. So there is not a clear value for these loans now. No, it's already a $200 billion market except that the lenders are the banks and the NBFCs. Okay, I hope I'm reading that clear. Well, Jim will ask if it's not clear to him but let's proceed a little bit here because Robin has asked have you already decided how to implement user authentication and authorization? So we have actually have a user authentication and authorization for this purpose. As I mentioned that authorization levels are in case of already integrated solutions, authorization level is carried out at the core and from where the logging is taking place in a warehouse where the ERP is integrated, for example, authorization is built into the SAP ERP or any other ERP solution. In the banking industry, it is built at the bank's core banking level. We authorize them to access our platform through the APIs and that is where we have built our own controls. There's another question, which blockchain protocol have you used? So essentially our blockchain protocol is so customized that it will be difficult to say that now but for the consensus mechanism, we use Quorum protocol, the Quorum blockchain and NFT is generated on Quorum blockchain. So the blockchain part is Quorum. It's integrated with the other parts that are off-chain, which you have already mentioned. And actually more than that, the smart contracts have been very customized. They don't conform to any sort of a standard like ERC 720 or now for example. So we don't use Quorum's functionalities in most of these parts other than the consensus mechanism. Authorization, for control on transactions, etc., also has been done by us instead of using Quorum's existing transaction control network, transaction controller, etc., widgets. Robin also asked, is there a link to a public blockchain? Not yet, but on the testnet, we have created with Ethereum and Binance Smart Chain. On the testnet, it is there. It will be a part of our DeFi protocol when we will be linking this part to a public blockchain. And that's why when we started working, Quorum was selected for that simple reason. So with this thought process in mind, that if it has to be connected to a public blockchain, Quorum and Ethereum will be very easy to connect with each other. Okay. This is Mark Liberati asking, how is physical asset validation done at the warehouse level vis-a-vis the validator node to mitigate the risk of multiple NFTs being created against the same physical asset in the warehouse? How is the validator node chosen and consensus achieved? So that's really a great question and most of our banker friends end up asking this question. Even when we go to the bank, that question always comes into picture. What about physical part of it? So right now, there are two elements which we have done that. Physical is, as we know, blockchain is not the right solution for achieving physical control. So what we have done there, that we, first of all, that's why we get the warehouse, which is a custodian of asset on the blockchain. And the entire transaction of the warehouse is mapped on the blockchain itself. That way we have all the information, even for all those receipts, which are not coming. Say for example, a warehouse has deposits of 100,000 metric ton. And only 20,000 metric ton worth of deposits are going for lending. So still, because we onboard the warehouse first of all, we have data for each and every transaction taking place. That way what we ensure that this data, that what is happening in the warehouse is shared with the block bankers. That ensures one part. That anything, if a multiple NFT is created, at the max, there's such sort of a risk is limited to the warehouse capacity. So for example, if the warehouse has 70,000 metric ton worth of asset, at the max the NFT can be created is 100,000 tons. Unlike Chindau scandal where it was five acts or unlike some of our problems here in India as well, it will not go to four or five acts of the capacity. So one control has been established there using warehouse capacity and by onboarding the warehouse itself. The second part there is that that is where the role of the collateral managers come into place. So we have collateral managers onboarding on the blockchain and their entire report about the quality and quantity comes into the on the blockchain. But other than that, because that's a 100% physical verification, as I mentioned earlier that to avoid these physical frauds, we have also created some other structures like waybridge of which data we get on the blockchain along with that we are getting the photograph of the lots and the stock of the warehouse and along with geotags and also with time restrictions like when the time photo was taken, it should have been taken within three hours of the waybridge getting the waybridge data. So those solutions have been inbuilt and also we are working on machine learning and computer vision solutions to ensure that whatever comes in and out of the warehouse is monitored, but those computer vision solutions are a bit ahead in the future. So we are trying to control that aspect as well. We have been able to ensure that it will, the ghost collateral, we call it ghost collateral problem that will never cross the warehouse capacity. How is the validator node chosen? So our warehousing partners and our banking partners are the validator nodes. Consensus is achieved through the raft mechanism. So we ensure that 67% of the nodes are in agreement before consensus can be achieved. Joseph has asked one question. Yeah, sorry. So yeah, please go ahead. Gigo, Joseph, yeah, you were right. So please go ahead. So can you provide details of Defi Roadmap? Our token sale will be starting in the month of September. And after that, we will be going on the mainnet. So October, we expect our solution to be on the mainnet. Testnet solution has already started working. The lending pool has not been created, but the NFT which we are generating here is already being posted to public blockchains. October, you will see us having on mainnet and after that, we will be looking at creating our own defi lending pool for this asset. So now using the units and now using the defi protocol, we are looking to let anyone across the globe, first of all, lend or invest against these securities. Is that in fitting with the regulations of the government of India or I mean, how does the government view this? The government is not going to view it very favorably. So, but we are 100% compliant organization and whatever compliance we have to do, we have thought around that. We have, I also have, being a CPA, I have around a lot of experience working with compliance. So we have created a compliant solution around that, but we will implement that once we go there. That's one. Second part is that there are a lot of countries around the world where defi and will not create a lot of regulatory issues. So we are looking to use those countries and assets in those locations. And defi will not only focus on commodity finance, commodity finance will be leveraged, which is our existing business, but other asset back, other real asset back defi, which is missing from defi right now, is what we will be building to the, what we will be bringing to the table. So what are those countries where defi is not regulated? How are regulated and they have very, very definite? Singapore to start with, near a neighbor of India. And if you look at in Europe, Germany is now regulating these sort of tokens and asset tokens, Switzerland is regulating them as well. In the US, it is still the hobby test comes into play whether it will be a security or not. So we can say that the US and India markets where it is. So in India also, by the way, right now there is nothing in which says that you cannot issue a token or which says that you cannot have an asset back token. What Indian regulations are that when you are lending from across the globe, then there are restrictions. So we have restrictions on what we call external commercial borrowings. So, but there are exceptions to that, that how that can be brought to India. So we are working on those solutions, which will allow us to create this bridge between the traditional finance and the decentralized. Like, for example, one of the biggest problems they wanna control is capital flight because India does have capital controls. And obviously this would be one way, if especially there are external borrowers, to be subject to capital flight. Yes, but that cap is quite big, it's 750 million USD on ECB. I mean, there are other restrictions, there are other calculations which come into play, like what is your debt equity ratio, et cetera, for like banks or NVFCs, they are allowed to borrow from ECB markets, but subject to control. So of course, I mean, right now we don't see that a billion dollar of pool being created. All of us are there. Okay. So any other questions guys or? Yeah, hi Ashish, I just had a couple of questions. Given the regulatory structure is not clear in India as of now, so we have you set up your company and how have you funded your business until now? How have you funded your business until now? Well, it's set up in India. We are a blockchain company, we are a blockchain technology solutions in India. We don't have any asset, we don't have anything which can be called a monetary token. That means that is where India stands, right? So it is 100% Indian entity. Our DeFi entity will be outside of India. It won't be. So where would that be set up? Now that will be set up in Singapore. That will be set up in Singapore, okay. And how have you funded your business until now and what are the plans for future? So we will be starting our token sale in September, which will be for DeFi solutions. Our world is funded through internal actuals and also through promoters on contribution. Thank you. In the world we have not yet raised any fund. All right. Any other questions guys? Okay. So if there is no question, then I would like to answer Jim Massen's question, which was that as a lender, I can't define the rate for these loans. So typically how we see in India that lending rates are defined by the lenders based upon their cost of funds, as well as the prevailing, what we call in India, the prevailing bank. I mean, there is a technical word for that, but you can call it an Indian My Bar sort of a structure. So similar to My Bar in India, we have My Bar. It is not used officially for most of the lending, but that is from where most of the banks take a clue about what the lending rate in the market should be. And then based upon that, they add a risk premium based upon their cost of, plus cost of capital and based on that, plus they add a risk premium depending upon the type of loan they are going into. And in India, these loans are specialized loans because they go to agriculture sector. So there is a cost structure, which is lower than similar risk profile loans in other non-agriculture sector. Yeah, Jim Mason here, thanks for that response. All I'll say is I borrowed a lot of money on a lot of different contexts on the business side. And I'm familiar with working with lenders and call it, you know, Prime rate plus, libel or plus premiums on loans for different types and different types of collateral. The challenge of this market is there's a lot of what I call unknown factors. So I'm guessing the risk factor, the discount and the risk discount in the sense that gets applied to this system, these warehouse loans, ignoring the quality history of the borrower, which has a big impact, ignoring that for a second, I think the discounts are gonna be very high on these. They're not gonna be what I call highly favorable to the borrower for the most part. Okay, so I understand from where you are coming. So certainly when the banks, there are lenders in India also and outside of India, like H1 we talked about, rely 100% on the collateral, not on the borrower history. And then there are lenders who will not really, I mean, unless and until there is a history of the borrower will not lend into the segment. So you are 100% right that if the reliance is only on collateral, typically the rate of interest will be much higher. Well, actually, to your point, all the loans I'm talking about are collateral based loans. They're not based on the credit history. What it is, it's the premium that the lender assigns does relate to the credit history the lender has experienced with the borrower for sure, but they're all collateralized loans of different types. And all I'm saying is the challenges in this type of a market probably lead to relatively high discounts. I know we don't have any real market data at this point. It's a guess, but I'm just relative to other types of collateral, it'll probably be a challenge. Yeah, that unless and until we have a deep securitization market of these loans we will not really know what market is paying. I mean, then it is the bank's businesses, right? But definitely this is a great solution. And I thank you for your presentation. It's been awesome. Thanks, thanks a lot, Jim. Okay, the other points would be that there's probably overcollateralization similar to what's happening in DeFi space, and then based on the Oracle-based price there might be margin calls and other sort of activity there. That's one. The second is we're familiar with another solution for invoice financing, which suffered from similar problems, but they have solved it using, let's say registries. But invoice financing is slightly different in the sense that there is no physical collateral, but there is the invoice which can be double spent similar to what you're doing here. So are there such registries, for example, for the lien where the liens can be enforced or is it purely through the bonded warehouse procedures where the lien is enforced through the bonded warehouse? Like, you know, you cannot take the commodity out because it's physically constrained by the warehouse because when Jim was talking about collateralized lending, you know, for example, even a car is collateralized. I mean, asset-backed security lending for a car finance or something else, but a car is completely under the control of the driver. They can probably take it somewhere and sell it, but obviously the same constraints exist there. There has to be some kind of a check that this car has been financed and hence has a lien on it and it cannot be freely transferred because the title will show that. So in all these cases, it's using registries. So I mean, you know, you're obviously escaping that by having the bonded warehouse. So actually speaking in this also, there can be a registry. Rather in India, there is a government registry which has been, which works for a few warehouses, around 1% of the warehouses of India registered with registry. It is known as, so we call it repository in India. And that registry is there, which says that these, this warehouse, but there again, if we have registry, then what is the need of the blockchain? In entire solution, blockchain has been able to do, do few things, right? That multiple lending solutions, duplicates receipts. If we create a registry, which becomes a third party source of truth, then I mean, I failed to see that what will be the results. So here actually blockchain is the registry, right? That's where the blockchains, I mean, to my mind, as a non-tech person, I believe that the biggest benefit of the blockchain to the enterprise world is this intermediation. I don't call it decentralization. I like to call it disintermediation. And a registry is an intermediary. So what blockchain is doing here, that it is getting the warehouse and the band together. So that warehouse is acting as the, and the blockchain is acting as a registry. Let's take it to the car example. In the car case, who is the registrar? So there is a registrar of, in India, we call it, so we have a registrar of vehicles here in India as well. So, or in case of, for example, mortgages, there is a registrar of properties. So if those registrars are there, then what happens? Then you have a centralized registry. And there is, if we bring the same ecosystem here, then we are enabled to take benefit of the blockchain. Then it becomes like just replicating what is the system there. So how do we do that in other way? I mean, how it is possible to do in other asset-backed loans? That today the registries are centralized. How do we ensure that the registries become decentralized? And that can be possible in car loans, actually speaking. We have a, every vehicle has a vehicle identification number. The moment the vehicle gets out of the factory doors, before that, if you put that VI on on a blockchain and connect the entire dealership chain with that, and finally the borrower, when the transaction takes place, after that it won't be possible to transfer that. Because when you are going to transfer, you are certainly going to check on the registry, that whether this belongs to someone else or whether there is a loan or not. So in that particular case, I see that that's the possibility. Similar to you have in the, so far as I understand, I might be wrong on that, that in US, therefore our title registries, which are managed by private parties instead of government parties. And there are sometimes the title verification can take like 30 to 40 days. That is what I have been given to understand. And that is where again, I see that those titles can be maintained on blockchain from the time the land is getting developed without having need of a centralize this. So that is my understanding. Maybe we will require to do a lot of change around that depending upon how it works in each and every market. Yeah, I mean the registries are certainly there, but usually it is delays in actual transactions being there in the registry, that's one of them, because that means that usually you're looking at stale information in the registry. But there is a interesting question by Sandeep Gar. What is the revenue model for well? Does well take any risk? Is FLDG, I don't know what that means, by well required by lenders? So we have not yet worked on a risk-sharing model. It's a technology solution platform offering to the banks. But to your bank, we have proposed FLDG by the way. I know Sandeep by the way, so I know, I mean, so to Sandeep's bank, we have recently proposed a different way of working. Okay, so FLDG is actually a risk-sharing mechanism in India used by FinTechs to partner with the banks. Okay, so we are coming to the end of a delightful hour. And I think Ashish has other commitments, but it brings to the fore certain problems that we know of, when physical assets are connected to lending and how do you verify and trust. Other than just being a registry, the blockchain helps one to speed up the process if the various parties are properly connected. Second, the processes are automated to a certain extent. So that makes a difference. And the third is, since you have multiple pathways of checking, it is not just some entry in some registry maintained by some centralized party, but also IoT based checking, way bridges, physical checking by the collateral managers. This becomes much more, much stronger than just relying on one mechanism. And that's why blockchain is powerful, not just because of the fact it is a central registry. So that is my understanding of this. And thanks for the great session and this agricultural commodity based stuff is very, very important, especially in India. And of course, in other countries, although we kind of are disconnected from agriculture in some ways, but in India, there is a huge 80% of the people are dependent on direct agriculture. I don't know whether smaller parties, cooperatives and so on can participate in this, but that's another question. I have given $100 loan also on the bank. Okay, so that's good. The other thing is the connection between the latest agricultural reforms, the Mandi system and the other system and there's been a war going on in India. So this is a very sensitive topic. We can talk about that later, but thank you for a delightful session, 9.59 at the right time. And thank you again. And hopefully we can continue this discussion and learnings. Of course, thanks a lot, Vipin. And I'm looking forward to be part of these sessions as a part of the attendees going forward. Certainly, I'm sure that there will be a lot of learnings coming from that. Thanks for inviting me and thanks everyone for all the detailed questions as well as listening to me. Have a nice day, everyone. Thank you. Bye-bye.