 So, two things, which we all always start the meeting with, but before that, let me wish everybody a happy 2024. And I think 2024 is going to unjam the enterprise blockchain space. We are going to have a hyperledger.nyc meetup in person sometime this year, April. So, in-person meetup is going to start here again in New York City, the capital of world finance, as I like to call it. Now, the victor is clear, especially after Brexit. The second point is that we want to be very inclusive here and people can disagree with whatever is being said, but without being disagreeable, which is the most important thing. Be polite, even when you're, you know, dissenting or disagreeing. The third thing is that we follow the antitrust policies of the Hyperledger Foundation. So, please respect that wherever you are, because the antitrust policy law is different in different scales. And with that, I hand over this call to Ashish. Of course, Ashish will answer questions towards the end and we can engage in discussion. I had already talked with him about certain things and hopefully he'll address them. And that's that. Thank you, Ashish. Please take over. Thank you, Ipin. First of all, thanks everyone. And thanks to this SIG for giving us this opportunity. Of course, we had a discussion earlier as well. And thanks, Ipin, once again to invite me back over here to talk about the progress. So, the progress has been quite multi-fold since then and especially I'm here under the banner of blue finance, which is essentially something which we did. So, as you already know, some of us were there in that SIG where we presented word. So, world was under both the brand name. But world was focused on, it is a private world still is a private blockchain and blue finance is a DeFi layer on top of that private blockchain. So, as Ipin was saying that 2024 is going to be the year where enterprise blockchain is going to be to emerge at a very strong footing. So, we are seeing signs of that, though we believe that the way it may adopt may be different from how the progression has happened. So, looking at that, that world was moving towards traditional finance and decentralized finance being two different streams. And we saw that early last to last year, we saw that early, early green shoots on how the convergence of these two may be happening or may be possible. We saw JP Morgan coming and doing some transactions on polygon network. We saw that again, project Gaussian in the Singapore where a lot of banks have started working with some of the DeFi players. So, looking at that, what we realize that there may be moved towards, towards much of these two different streams of traditional finance and decentralized finance. And in the last two years, of course, that has been proven quite right. So, many participants have come who have brought, who have brought traditional finance securities or many traditional finance institutions, like JP Morgan, I mentioned CT Nomura. Today Nomura is actually just today we came to know that Nomura is launching a L2 platform of its own using polygon CDK. And then Society Journal and others have been twinkering with DeFi. And with that perspective, we started building a DeFi vertical of WURL. So WURL is essentially a commodity tokenization platform in the private blockchain space. We added a DeFi layer on top of that group finance, so we kept the two separate brands. And today that makes us one of the few players who have actually at the production stage we remain one, but there are others who are coming up with the same or philosophies with the same thesis. So, so as we all know that tokenization we have been most of us who have worked in enterprise blockchain. We have been talking about we have been working on tokenization in the last several years. And for last seven, eight years people have worked on tokenization with an asset tokenization, deposit tokenization, bond tokenization, etc. But the cool part about 2023 was rather that this was the year when instead of things moved out of pilot stages. So while pilots had been going on for so long, we started seeing real transaction volume taking place. So today Onyx does around couple of billions of dollars of transaction every day. A few in the month of November, JP Morgan said that they will be creating their own L1 platform. And also we have seen that number of them have been moving towards L2. So this is the year in 2023 where we saw that actually tokenization came out of the shadows and finally started moving into the production stage on both traditional finance and D5 space. And it became the buzzword, even the likes of Swift. So Swift, of course, everybody has been predicting this. But in 2023 market Citibank started its own prediction, etc. And even the traditional finance giants like Swift, you all know about that they started working with D5. So that has been the thesis we started working a couple of years back as well. Of course, our asset class was very much specific. Like typically we have seen that when we talk about asset tokenization, equity bonds, t-bills, they have been and of course real estate have been at the forefront. Verl and Bru had children at the other hand to work with commodities and mind you, not gold but agriculture commodities. So essentially that is what we have been doing. And we have been developing layers of, we have been building the entire stack and we have been building layers of that stack. So the first effort started with of course commodity tokenization. And then we adopted a policy of asset tokenization and the assets are stored with third party custodians. Then on top of that tokenized asset-backed lending, which we have, I mean, maybe very surprising to many, but we have been doing tokenized asset-backed lending. We've tried five banks in India for less, more than two years, almost three years now. A couple of months back, a tokenized commodity exchange and when I'm saying commodity, these are all agri-commodities. Then we also launched DeFi in last, in 2023, April, which is blue finance. And that is the stack which we have built today. Now we are of course expanding it further. We are working on taking the solution to an import or export using tokenization. And of course, which has been something, supply chain tokenization has been paying under work for a lot of time. But our approach has been a bit different. Our approach has been to start with asset tokenization and build slowly the stack on top of that. So that is something global commodity finance is what our core focus will be. And of course, in that a lot of infrastructure building is also required, which we have been doing or we will be doing over a period of time. For example, when we started working and we needed Oracle data, we started working with IOTs. And what we realized that the cost of IOT was quite high and we had to leave that path. But now once again, we are launching that under a deep in structure means decentralized infrastructure on physical infrastructure on blockchain. So we will be adding that over a period of time as well. So this is the stack which we have been building for the commodity market. The first commodity stack was of course agriculture commodities, but in future other commodities will also come over here. Excuse me. Are you advancing the slides or is it still on the first slide? No, I'm advancing the slide. Oh, I don't see the slides advancing. Maybe there's something. Oh, I'm so sorry. Oops. That's that's a huge huge. Oh, I went on slide number four in this meanwhile. Wait a second. It's. Am I change? Are we changing? Yes. So let me just then I will take 30 seconds. So this was the first slide we talked about that tokenization is finally moving out of the. Out of the pilots and POC and come has come actually in 2023 we saw that already happening. A lot of work happened on the men that levels. Also onto the private blockchains. When more shift we saw happening and which in my opinion will be a bit. Different will be different from how we have seen that. So we saw enterprise blockchain we saw public blockchain. But in my opinion, over a period of time we will move towards a world where these two will be and that is something even be so is doing with hyper major that perhaps we may have may move towards a world where the transactions happen on specific chains. Like Apollo is saying elements or it may happen or not to like no more is developing. And those will be supported by the security of a large album for example, Ethereum or Solana instead of the previous model where we will the price blockchain and then we are adding defy in my opinion slowly the things will change so that is one thing we have been seeing. Secondly, I was talking about this light what is happening in the tokenization market. Third, this was the slide I was talking about that we have built a stack on the commodity sector. So we started with tokenization as the base stack added to add file landing on top of that added decentralized finance on top of that. And just last to last month we have also started a tokenize commodity trade platform or tokenize commodity exchange. So these are physical commodities, no derivatives over here so no securities. And of course our idea is to take it to a global. So this is where I was. And so the core idea when we started talking about tokenization of commodities was several, I mean there were several factors, which we saw that we can solve by if we bring the commodities on the same and I have been into the commodity sector for like more than 10-15 years even before I started into blockchain at least 10 years. So that experience was why I chose commodities instead of equity or real estate. So the first thing is that commodity markets, especially the physical commodity markets are highly fragmented. And the reason being is that physical commodity markets, unlike pure financial assets, whether those are equities or crypto digital assets require consumption. And that plus they require logistics, they require top commodities from one part of the world to another part of the world. And that creates friction into the process but also it creates very highly fragmented markets because there are a lot of intermediaries into the chain. So if we can remove few intermediaries then of course we are in a position to remove some of the problems of fragmentation. And that was one aspect why we started working on commodities. And the second part is commodities markets have a product called commodity finance, which is essentially inventory financing. So commodity cycles are in such a way that everybody in the supply chain ends up holding a lot and a lot of commodities. It means your lot of money is locked into a lot of working capital is locked into that inventory. So commodity finance is a way to solve that inventory problem that liquidity is provided by giving loan against inventory. And that's a global product commodity finance is $250 billion product across emerging markets across European markets, anywhere you see commodities you will see commodity finance. And we have seen and we have seen in many markets that this market is prone to high level of thoughts, whether the frauds happen in India, China, South East Asia, Singapore, these are some of the examples, Latin America means almost at every point, every bank of the globe has suffered in commodity finance. And as a result, many banks actually have pulled out of this and hedge funds are currently the real players into this market. So that was second thing that how do I we create a commodity finance market, which is less far from because the fraud was largely double spend problem multiple at I mean all these whether you see NSEL, Chindao, in long, all of these are about multiple lending against the same collateral. Only access world fraud was different in the sense that access world is a Glencore subsidiary Glencore is a well known name in the commodity markets. So in physical commodities and access world was just a duplicate fraud a duplication of deposit receipts. But other than that, most of it has been about multiple lending. So we thought that blockchain will be able to solve that. So we created a product that goods, I mean the product was already there goods are stored in bonded warehouses inventory stored in bonded warehouses loan is given against that we brought that on chain. So we brought the commodity on chain, and we brought the commodity finance on chain. So that was the core idea how do you reduce fragmentation. And secondly, how do you reduce trucks. Today, we are one of the large blockchain platforms in asset tokenization space of course in India we are number one. We have already tokenized approximately see this number has gone to almost $700 million now. In terms of asset tokenization, we have a network of 1500 custodian warehouses. We have already served and I'm talking about retail customers here, approximately 20,000 participants, starting from the level of farmers to the level of intermediary traders to also processing mills and commodity processing and so on. And we are working one of the few institutions across the globe to work with traditional finance institutions on asset tokenized asset lending. So we are working with few of the names in India. We are also working with the government sector, and that has been going on over there. So this was our journey started on the private blockchain under the umbrella of and it is still going on under the umbrella of brand name of world. We added group finance on top of that. And when we added group finance on top of that what it did that it allows the liquidity to flow in either from traditional finance banks, or from a decentralized finance protocol, depending upon where the liquidity is cheaper. Three years back, DeFi was cheaper and traditional finance was actually costly. Now, traditional finance in India is cheaper actually speaking after the rate hike in the US market. So how the system works, very simple. These are commodity owners. They can be like very small farmers. We have given loans of less than $100 as well to farmers. And they can be large traders as well. They can be institutional traders as well. Or they can be institutional mills as well. They have commodity as inventory. They bring this inventory to a bonded warehouse. Why bonded warehouse means this is third party warehouse. This is not in control of the borrower. These are the warehouses on our blockchain network. And there the goods are deposited. They're verified, verified both using technology. So we have brought, as I said, we started building with IoT, but we have machine learning solutions deployed here. Plus, there is a physical verification agency as well. And the price of the commodity is determined using price or accounts. So based on all this data we create commodity non-fungible tokens. Which go into the platform. And then that can be used as a collateral. Against which both of our traditional finance banks or the DeFi lenders, both of them can lend. DeFi allows us access to the global market. TradFi allows us access to the regulated Indian market. But of course, this same model can be taken to any part of the world. And the same model can be used for purpose of lending by people across the globe as well. This is tech architecture, essentially the same thing shown in a different language because the part is about TradFi and DeFi. So how we have done that. So the one which you see on the left hand side, this side, this is our private blockchain, which we have created on Quorum. So Quorum was our choice at that point of time. So these are the same borrowers or depositors. They bring their goods to the assets or custodians. There are banks, there are asset verification agencies, all of them write data on our private blockchain. That is where the permission blockchain. That is where the assets are essentially tokenized and created. If these are banks as a lender, then the entire transaction gets closed over here. There is nothing which goes on to the public blockchain. But if DeFi is a lender, means someone is lending from a DeFi protocol. So we have created a bridge between the permission blockchain and we are here on Polygon. So between Polygon and the permission blockchain, we have created a bridge. The bridge sends NFTs or the collateral to the Polygon network and takes the liquidity from Polygon network to be given back to the borrowers on to the check. So for the interface level, we have interface over here, typically web applications, also mobile application. And here it's a pure mobile-based interface. But whatever the interface at the end of the day, the core idea is that the assets are minted on a permission blockchain. And later on, if there is a need of DeFi intervention, then they move towards the DeFi protocol. This is the same thing which we did, essentially we have already talked about. So what I will do, sorry. And the core idea here was, so of course there are other DeFi products for protocols who are doing, who are doing RWA financing. How we differentiated ourselves over here is that typically, all the DeFi protocols require a fintech. They work with fintechs, they work with third party, and thereby the benefits of decentralization actually stops working. So for example, a DeFi protocol will give loan, because when they are doing RWA, not when they are doing decentralization. But if they are doing RWA, they will give loan to a fintech. Say for example, in Indonesia, the fintech will acquire customers will give loan over there and take the money back from the borrowers as part of collection and pass it back to the DeFi protocol. Another platform, at the other hand, there is no third party in between. As you saw that everything is, I mean of course there are players, but all of them are connected through smart contract. So the money doesn't goes to world or money doesn't goes to third party fintech. Everything remains on chain. Each part of the transaction remains on chain. So the borrower directly dips into the pool and takes money from there by providing their assets. So there is no third party coming in between. So end to end integration has got that benefit. And that means that we have been able to also create some sort of social impact over here. So I will take a pause over here and if there are questions, I can answer that now. Or I can, if there are specific areas on which you would like me to focus, I can bring that into discussion away. Don't hesitate guys. Please ask questions. Of course, it has to be Jim first. Right. Thanks, so yeah, that my big thing on the DeFi and the traditional banks is they usually have very, very different rules and regulations that they have to comply with. So my guess is, and this, I need your help to understand it better, but I'm guessing your platform has to accommodate those differences in regulations. In a sense, so if I'm borrowing money, if it's coming from one of the DeFi things I have a different set of I assume rules and regulations. They're going to apply versus me borrowing from some commercial bank or the equivalent of that in India. Does that make sense. 100%. So actually speaking, DeFi regulations have yet to be framed in many parts of the world, right, even the USA has not regulations and is rather saying that the existing regulations apply. And in some countries like Japan, Singapore, etc, have already created a framework. India is one of the countries which has decided that they will only go for regulating the assets, except for a few things. Only after G20 adopts the regulations. So that way, we have no regulation we have a regulatory arbitrage over here. But you are pretty much right Jim said that when it is a bank lending, we have to comply with every regulation related to the banking sector. And that's how we built the solution. That is why the initial solution was built on permissioned blockchain. It used quorum where private transactions was possible. I mean, that was before I put in the broad private transactions and we built it through the solution from that perspective. So as of today, we are in a position to follow the regulations related to banking sector, even if we are into the DeFi because the core was built using those regulations in mind. All right, so then the other thing that in the US, if we're doing the same thing you're doing and had to comply with regulations, one of the challenges here and I don't know if it matters in India or not, don't know is here. If I were operating in this network as a participant and I wanted to borrow money for whatever I'm selling or buying in this ecosystem. If I'm doing that in the US, the banks that I would be borrowing getting my loan from would be required to support AML sanctions, a real time on me. So, if I'm a legitimate borrower last year, and all of a sudden, the federal government now puts a sanction on me as of today. The bank has to say, oh, I can't give you any more money, among other things that they'd have to take as an action because the sanctions are real time. Do you have to deal with sanctions at all? So, India now applies AML regulations on any crypto participant, including exchanges, including DeFi protocols, so we have to follow that as well. All right, so every participant in the DeFi side then is a known entity legally to you, which is good. Exactly. We don't work without KYCs. Right. Excellent. Thanks. Yeah, it's not pure DeFi that says that it's not anonymous, it's not censorship resistant. But the core idea of DeFi for us is that how do we pull global liquidity into a global south? So for example, if Jim wants to give loan to a farmer in India, he can use our protocol to do that using stable coins. Excellent. Money. Yeah. Great presentation. Can you, I missed the part about the cash movement. How does this cash work through the system, both on your private network as well as when you work with your DeFi side. So that's where the problem area is still is. And so where that is where once part remains, it still remains on traditional financial side. So how we do that just allow me a second. So if the cash movement, if it is a banking transaction, okay, so as we saw that the banking transaction happens entirely on the permission blockchain. But one part which is not on the blockchain as of today is cash movement. Because we have to use react for this purpose. So, so what we have done that we have connected our platform to the banks core banking system. Because there is a cash movement that gets registered on to the blockchain, but real cash movement in the traffic landing doesn't happen on to the blockchain. So we actually speaking, India has launched a CBDC. We participated and we went to the finals we did not win the finals by the way, with the same proposition that Indian CBDC should be used on our protocol for lending to farmers. We placed the fiat currency and we bring the CBDC so that this entire transactions happens on blockchain. So, so that is one part which still remains as of outside of the blockchain. But once the CBDC comes and once some of the banks we are working with are permitted to use CBDC for that purpose, we will be able to use that. Coming to the DeFi side. On the DeFi side we use on-ramp off-ramp solutions. How the cash movement happens on the DeFi side. So on DeFi you have two players, one is the borrower and one is this liquidity providers. So say for example, James sitting in the US and here a farmer in India. So how it happens that the liquidity provided provide stable coin liquidity into the group pool. And in the group pool when they provide liquidity, the stable coins come into group pool. We convert that stable coins into, first of all, we convert them into dollar and then we convert that dollar into Indian rupee and give Indian rupee to the borrowers. Of course, we have that exposure as well. When the money is returned because we give only six months loan, we don't give high duration loans. So after six months, when the money is returned, that feed currency we receive back from the borrowers. We convert that into stable coins and we send it back to the liquidity providers. I hope I was able to make it. That's great, thanks. Sure, thank you Manik. By the way, if anybody goes back in history to the development of the Federal Reserve and the subsidiaries, you can say that it was due to the seasonal nature of agricultural commodities in America. Back in the 19th century, America was a very powerful agricultural nation. Well, it still is, but the financing ebb and flow is what created the Federal Reserve. So financing of agricultural commodities is a basic feature of finance. In fact, it might even be the foundational feature of how money and finance started. So in a sense, you are striking at the base of the system. I have one question for you, which is, I noticed that you are on a two to four percent, you know, fee structure is two to four percent, but others are point four and point five only because are they only because they are only dealing with the part of the system. Or, you know, how do you justify, because there is a lot of focus being given to the fee structures, especially for example, the Bitcoin ETF coming up. And could you comment on that? Sure. So we've been there are two parts. When I said two to four percent, actually speaking, we are still cheaper than others because when you have a fintech in between that fintech takes 10%. So while the DeFi protocol only has this point four point five percent, the fintech which is working in between which is taking money from here keeps us spread of up approximately eight to 10%. Happens in India as well. In India, fintechs borrow at 15 and lend at around 24 to 50%. We are the other hand, the total cost starting from end to end is two to four percent. So it means that we have been actually able to cut it down significantly and still keeping that on our books. So in case of other DeFi protocol, it gets divided between the books of the DeFi versus books of the fintech. Here it accrues on our platform. Second part, the on-ramp off-ramp solution itself takes away approximately 1.5 to 2% out of this business. So as a result, we are not actually, I would say that enriching ourselves a lot by exploiting the borrowers. We have actually reduced the fee significantly into the ecosystem. Today, the rate of lending for me in India to the farmer segment is 9% per annum. That is just 1% above the mortgage rate in the USA. So we have been actually able to, and that is actually speaking, microfinance in India is in the range of approximately 24 to 26%. We are at 9%. So we have been able to reduce the cost using this entire structure. Despite the fact that a lot of that money accrues on our platform, significant portion also goes towards the cost, but it accrues on the platform. So that's the benefit that our revenue goes up comparatively. Said that we have cut down the cost of lending for the borrowers by 50% to 70% as compared to microfinance or even traditional lending ecosystems. The only reason I brought it up was because it gives a, this slide was not meant to be here. This is this unfortunately I opened a deck which is an investor they are not a product. So that's where this came up. Okay. You know, there are those other questions which I had posed to you, which we will go into especially now. One of the things is the volatility, meaning when you're maintaining your treasury in multiple types of instruments, let us say Ethereum. Let us say Indian rupee, dollars, the volatility of each one of these moving independently of each other would also affect your treasury, so to say. So the treasury management becomes a very important part of this exercise. I wonder whether you could comment on that at all. Sure. I fully agree with you. So as a result of what happens that we are only dealing two currencies. We deal in, I mean, we're dealing stable coins, dollars back, so only USD and secondly, right now at the native and I mean the native currency which is India. If we go outside of India, there will be another native currency. So we are very much because when I jumped into commodity markets at the same time simultaneously. I came into currency markets and have been working into currency and I was in 2008 when currencies went like especially emerging currencies went a while. Some of you would be there in during the 97 crisis as well, I was still in college then. But what I'm trying to say that we have been very much focused. We don't take the liquidity in terms of digital assets means no Bitcoin, Ethereum, nothing like that, only stable coins. That allows us to manage the volatility comparatively between only one currency pair which is USD INR. When we go to other countries, it will be USD, maybe since if we go to Indonesia, it will be USD Rupiah and so on. So, so that is where our focus will be how do we manage the currency risk only for one pair of the currency instead of having so many pairs. And second part is that we hedge the entire exposure. So that is because we are dealing with small borrowers who typically don't have any idea how the hedging happens and secondly, many of them don't know that the liquidity is coming from a dollar pool. So for them it's the converted INR. So they don't even know that they have to hedge that so we take the hedging position on their behalf. So trading management is certainly very important for us and we are focusing upon and that's why we have kept the exposure highly reduced at this moment. Thank you. Anybody else, any questions. Hi, I had just a, oh sorry, quick operational question I think you can answer pretty fast on that screen that's up right now in the architecture. So, if I'm a liquid liquidity provider, there's this web mobile app. Our wallets involved, is there a hot or cold wall involved to transfer from PI to the crypto? Yeah, so there is a wallet. So, so if you are a crypto. So we have created it for both crypto net is a non crypto net is if you are a non crypto native UK, but that that is only for Indian Indian people, they can give us INR directly. So we accept INR here in India as well. Otherwise, if you are from outside of India, you will have to give us a stable coin through your wallet. Okay. So the moment you open the mobile app or you open the web app, it will first thing it will ask you is to connect your wallet. Okay. And then because what we also happens, we also give, because these are 100 other over collateralized loans. So we also give the collateral, we also bring the collateral charge creation in the name of the same wallet, and also we transfer the interest in the same wallet. So wallet connection is required for that all that purpose. Okay. So part of yield also comes in blue tokens. So so for example, if we have to provide it today, so it will be approximately say 8% on dollars. So if we add yield plus 10% blue token it, that is where the D5 benefits start coming in that the yield is not green from the lending activity but the yield is also coming from being part of the ecosystem and in the form of a token as well. And where is blue traded. So it's not yet listed but we are working on listing it by a month of effort. So right now the private market for blue finance tokens but not yet publicly listed money. Maybe, maybe we're going to take it offline. A bit more technical question about the, about the whole core of infrastructure. Maybe can I reach out to you later. Sure money anytime. Yeah, maybe if you can share with me or email I'll reach out to you. At this time I have to also say that money is going to make another presentation here, where he is going to link the entire, you know, his his thought process are a system oriented. And so he his product is going to link both the payment side into the picture and also when you're talking about other financial. Like equities and other things. Then you need some kind of, you know, clearing exchanges. A lot of financial market infrastructure, which is actually being worked on today by people like LSEG and the Euro clear people, and mostly on. Some of them are on corda some of them are on other other blockchains. Anyway, we just want to want to clarify I mean the focus will be on on more on on privacy, privacy on the chains using zero knowledge proofs, and how we are implementing for enterprise, enterprise alleges. This is just the first step is kind. Yes, because that's essential for all implementing all of these things like order books or any kind of cap tables. Any payment payment payment is payment. Yeah, you need privacy and that's fundamentally to be a solid. Yeah, so even if you're focusing on that that is in in pursuit of creating the global infrastructure for, you know, trading of what we we can call it RWA for for lack of a better term, but they are all different kinds of RWA. You know, there are D materialist RWA like shares and stocks, and there are actual physical RWA like commodities in real estate. So, when we have this veil of the market laid over the whole thing. Then we have more interoperation between all of these commodity types and payment types. Anyway, go ahead. She's sorry to hold forth on certain. That's a great idea. So, I mean, the thought process as money mentioned that privacy using zero knowledge proof and all, because if we want traditional finance to come on to, or if we want to measure of traditional finance and deep end finance. But then certainly we will require these services we will require. And as we are seeing that the ETF is coming up and people are saying hey it is all against decentralization that you require custodian and all but without them we are not going to move anywhere. So those things will be certainly required and people are building that and I would love to discuss money how because I have said my own thought process on should we build something on those lines. And this also as a supply chain trade finance solution would you. Over a period of time yes, over a period of time that's that's what we are actually taking a solution to that. Our focus market is commodities. So whatever happens in the commodity business we would like to be part of that over a period of time. So right now what we are doing is inventory finance. We are providing the inventory we are taking the inventory in the warehouses. What did warehouses giving no one against that, but that's a very on market sort of a structure. And then we have just started the tokenized commodity exchange so the third step which is coming up is of course the supply chain finance. And over a period of time, of course the idea is that how do we use tokenize tokens transfer as a as a tool of import export and if we are doing that. How do we bring import export supply chain financing so all that is part of evolving stack for us. So, if you have more material otherwise we can continue this discussion, or you can go ahead and do. I will then maybe I mean that the discussion was there but maybe I will just take this slide small one and the core idea of why we use blockchain was this one that how do we, how do we solve the multiple landing or other type of fraud problems also one question always happens that what about the commodity physical controls because you are saying that hey, you know, I have these assets and these assets are in the control of the warehouse how do we ensure that. So, so for that we have certainly built certain machine learning solutions. We have put data from many places, we are also working with one of the largest warehousing, we are in the process of working it is on will take a lot of time, but the largest a lot of time in the terms of procurement process of the government. But largely, we will be working in a such a fit fashion that how do we use intelligent machines to have a to have a control on the movement, and also notification of the movement of the goods. So we are working on that pilot is going on and hopefully in next few months it will convert into a full place large project. So that that's because physical thing remains a challenge, especially in commodity space, also given that in India, especially or in other parts of the world also in some parts of the world like in the US you have a storage in large silos. So the value stored in a particular silo is very high, and you can deploy a lot of costly technology solutions. But here in India we do is storage in a 50 kg bag, a 50 kg B bag of weight is approximately $20. How do you put something in that $20 bag and how do you monitor back. So that remains a challenge we will be so working on solving that. And the second part was that we have been able to reduce the cost, we have been able to create a centralized lending process for the lenders and so on. So that is where we use technology to solve some of the problems, and some of the problems are being tried to be sought over a period of time. We are seeing that a deep in infrastructure network of IoT solutions, intelligent cameras and so on to come over here. And we will also see that we are also planning as I discussed earlier that how do we merge all of that over a global trade platform. So, so that's all I believe for me to say but I would love to have further discussion if there are any questions or any specific part with the people would like me to talk. One of the things that comes up is whether you know what to what to do about default. That's one. The second is what is to be done about deterioration of physical commodity. That is, you know, what happens if the rain or, you know, any kind of insects or rodents attack the product. Third, of course, is that you are obviously not going to lend against commodities that are extremely fragile or extremely volatile. So, those are the three things regarding that, including, you know, liquidation in terms of default would would be great to talk about that. Did he disappear. Looks like he did. Ashish dropped off. Are you guys hearing what she's saying or Jeff. No, I don't see him either. He does look like he's gone as a participant. Yeah. So maybe, and you can pick it up from here. Well, I mean, you know, these are the questions that I asked him to address. He comes again, he's coming back in. Beautiful. I am so sorry I just got disconnected for a couple of minutes. Yes. So the question arose. I mean, I asked three specific questions, dealing with the physical commodity. One is default. Second is, you know, decay or destruction of the commodity due to improper storage, or due to, you know, some extreme events. Third is of course, the, the, how things are getting liquidated. Okay, so yeah, so I can take one by one. So in case of default default and liquidation will be like, right. So, so what happens in case of a default that if it is, of course, stratify bank we don't need to worry much about how do we, how do we work on the default, because it's when the defy is there then we take care of the default process and the liquidation process on behalf of the liquidity providers. So one intervention we have to do. However, the good part about this asset classes commodity is highly liquid asset class. So it's not real estate. So you have an asset class which is highly liquid, which can be sold in almost any part of the world. And of course you can sell online. We have our own trade platform where it can be sold. But even if it is to be sold physically we can even sell it in a small village or maybe rural markets small, small urban centers as well. So we actually speaking last two and a half years of giving loan, we have zero default we have zero case of for liquidation. Of course, the track record will not be maintained forever. But we are ready for that eventuality actually speaking that was the core idea of providing the exchange as well that one idea of exchange is by trading people are essentially selling goods, and we are recovering our income and the interest from that sale proceeds itself. So that helps us in collection and we can use any day to sell online that commodity. Secondly, we can sell offline as well. So those parts are there we have physical infrastructure warehouses are there, which are manned by people and those people are actually in a position to set it in the market as well. So coming to maintenance. So in maintenance terms, there are several aspects one each and every penny of the commodity on our platform is insured. So actually speaking because we work with a lot of government sector, total insurance at any given point of time on our platform because of the government's own insurance policies and all. Just a few months back it was approximately, it was approximately, I would say that 100 million. Yeah, approximately, sorry, a billion dollars, because they have a stock which isn't which is tokenized, but they also have other government to take insurance for that. So approximately less than a billion dollars but approximately $900 million of insurance was there approximately six months back. So every penny is insured that's one against any sort of physical problems that may happen, plus any sort of implied fiduciary fraud is also covered in those insurance policies. The third part is maintenance, how do we ensure because insurance will not cover poor maintenance. So for that process what we do that the maintenance records. So there is a 15 days every 15 days there is a fumigation process and there are other processes in the warehouses which are to be carried out. So, so again those records of those processes have been carried out or not. It's also available on the blockchain itself. So for every warehouse when they do those activities they put a record here on the blockchain and that is available for verification by the Sounds great. I, unfortunately we are running out of time. So, if anybody else has any last questions. Now is the time to ask, or you can contact a sheesh on his email. Thank you Ashish for showing up and being so forthcoming about all your, your platform. And I think this is the place where RWA will start with a physical foundation. Yeah, great, great solution well thought out and you know want to see more of this as it evolves, and you, you are starting at the right place so I think, in a sense the roadmap you have forward sort of makes a lot of sense logically. At a point you'll integrate other standards and so on as you hit what I call different areas of what I call supply chain but for now you've really had a very very solid start well thought out so thank you for that. So we've been thanks. Thanks a lot. Thanks everyone for listening so patiently and joining us, especially quite early morning in some parts of the world. And thanks, the Hyperledger Foundation for giving us this stage. We would love to talk about RWA in future and hopefully, whenever you are doing the physical event we've been I will be there in New York to attend that. Yes, we are going to have it, probably in April sometime we don't know, but it's going to be run by Jamil, who has got one of the Jamil shake he's got one of the biggest networks of people. I think his hyperledger meetup has got 40,000 people. So we are talking about numbers that, you know, that are beyond what we are capable of in hyperledger physics, you know, in hyperledger but it's going to be physical. And he is planning a multi day event or even a single day event. And hopefully, some of these products will feature in that. Thanks a lot. And goodbye and good night. Thank you. Thanks everyone. Looking for hopefully we will connect soon with him. See you. Bye bye.