 Our blockchain is today regarded as a promising technology to distribute trust over a number of participants where functions that have traditionally been taken up by a trusted centralized entity can be executed in a more transparent and more secure way among the participants of that field, of that group. We at IBM, we see blockchain as an emerging and technology that has important applications in enterprise context. It will allow you to secure in a much better and cheaper way exchanges of assets among potentially mistrusting entities such that this can happen through technology over the internet. We're not saying putting personal data on the blockchain. We are investigating enterprise applications for blockchain technology such as this technology has come forward through the Bitcoin cryptocurrency but the technology has applications without the currency in much broader contexts. This goes through use of exploiting cryptographic techniques for consistently securing, replicating data over the internet over a network such that it cannot be altered and such that this is transparent to all the participants in the system. Naturally, we'll need to safeguard all the information that has to be kept private and we also need cryptographic means for this and we need the cryptographic means and the decentralized distributed protocol to secure the interactions of those participants that make up the blockchain system among themselves. Blockchain technology has applications that as we have seen so far has sometimes tested the limits of regulation. However, we believe that blockchain technology should be firmly rooted in today's world and in that sense it will be governed by existing regulation or new regulation we have to create for the purpose of those interactions that were not possible so far. At this time we are developing the basic technologies, the first examples of enterprise applications for blockchain technology. As such, we will see standardization efforts, legislation efforts, regulation efforts coming only a bit after their fields of deployment have been explored, but there is clearly a need for doing regulation of this field as well, such as there is also a need for establishing technical standards, security standards for blockchain protocols and cryptographic schemes.