 A smart contract is effectively a computer program which you can negotiate or facilitate or even execute a contract through the computer program, but it relies on the blockchain technology. So if you've heard of Bitcoin, Bitcoin actually created the blockchain technology. And so what Bitcoin has done is allowed the double spend situation to be taken care of. In the past, if you've had a digital asset, how do we know whether you haven't sent it to A and also sent it to B? And so what Bitcoin does is it creates what we call the blockchain. So when you've got the transactions, people sending money from each other, it grabs it all together. So about every 10 minutes, all those transactions are then put together. And then a computer has to go and solve a problem. And when it does that, it creates a block. And then those blocks are then put, that block is put in front of the other, the first block. And they build up over time. And that becomes a ledger. And then people realise, well, if you could have information about who owns what, then other bits of information can be stored as well. And that's where you can start storing terms of the contract. The benefit of smart contracts, depending on what type of contract it is, is that you can have all these intermediaries that stand in the way. So for example, with international shipping of goods, you've got someone sending goods, someone receiving it, payments have to be made, often there's finance companies involved who are taking, clipping the tickets, it might be 4% to 8%. That's all gone. You can have the money being transferred immediately upon a set of events that you've agreed upon, the money will be transferred. Don't need to worry about anything whatsoever. So that is decreasing time and transaction costs and also the people involved in negotiating and facilitating those movements. Due to high transaction costs, a lot of what we own, we can't actually prove that we own. So houses are fine because they don't move. You've got the land transfer office and it will tell you. What's incidentally, all those titles, certificate of titles can actually go on the blockchain, but that's another story. Now, if you've got your bike or your car, there's actually no register to show who owns it. We do have a register, for example, for securities, the Personal Properties Securities Act, but that doesn't show who owns it, it just shows who's granted the security over it. With the smart contracts and the blockchain, you can now have a cheap way of actually saying, I own this smartphone, I own this bike, and that will just revolutionise all sorts of things. One of the big issues with smart contracts is, for very, very simple things, they're OK. If it's a yes or a no, has this arrived, yes, we'll pay the money. But there's a whole lot of other things which are not that simple. And in law, there's a lot of reasonable, what is reasonable in a computer contract can't do that. So the current way of thinking is, OK, we'll have some of the terms in computer code, but then not all of it will be, some of it will be manual. So this is people have to make judgement calls. So for quite a while, we're going to have the same contract dual system running. While our current contracts are inefficient, for example, if you're financing a car that someone else has got and they fail to make a payment, you've got to go and find them. And if you put it on the blockchain, well, instant. They miss a payment, bang, the lock is disabled. Well, it could be that they missed a payment for a reason. For example, there was a hiccup at the bank. Now, do we really want the car automatically being locked? What happens if it's a mother who can't then pick up her children or go to the hospital? And so in that situation, you might want to effectively break out of the contract and say, look, give someone a second chance. So it's not as simple as that. So in that situation, you'd probably have some of the terms that are automatic in the contract. And some of them know they'll have a human coming along and mediating between the two parties. Smart contracts are very much in their infancy. There's an awful lot of work that needs to be done. The computer code's not there. There's not the scale there. There's not the reliability. We still don't know what's going to happen in some situations. But they're coming. There's rapid advances. There's a lot of people in a lot of countries working on this. When any new technology comes along, a lot of people get there. They're excited about it and it will solve everything. Well, it may or it may not. It will do some things very well. But other ones, you won't want to put on the blockchain because there's no point. You can just have nor ordinary processes, especially at the moment when the costs are so high. Smart contracts are just one thing. So you've got smart contracts on the blockchain. But when it's combined with the internet of things, that's when sort of the magic starts. And what it's going to do is once we get the technology all sorted out, it's going to mean some things that we're currently doing will just, the costs and time taken will just be collapsed. But also it's going to create new opportunities that we haven't even dreamed about.