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I think in the last 12 months

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we've seen more diversity of use cases,

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we've seen larger consortiums forming,

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and we've seen more commercial deployment of blockchain.

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We're focusing in on three key strategic areas:

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so one of them is capital markets

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and marketplaces more generally,

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another one is trade and supply chain,

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and another area is conditional payments.

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We've just launched and priced a Aussie dollar

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110 million dollar blockchain bond for the World Bank.

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Now, this is a global first in terms of establishing

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a truly distributed, synchronized ledger

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in both Sydney and Washington,

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and bringing together different parties

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in the capital markets

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in order to deliver greater visibility.

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We think that this is the future direction

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of capital markets and this is a first step towards that,

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and we're now seeking additional strategic partners

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to build out this ecosystem.

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We've recently launched a trade and supply chain experiment

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where we traced an export of almonds from regional Victoria

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all the way to Hamburg in Germany;

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and we utilized Internet of Things and blockchain technology

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to trace the almonds every step along the way-

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their location, their temperature, and their moisture.

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So this results in all of the participants

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along the supply chain having greater visibility

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of this shipment prior to when it reaches them,

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as well as after it leaves their hands;

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it means you can control for quality better;

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and it means that the logistics players in the middle

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can better utilize their assets

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because they have greater visibility.

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So we think this is gonna be a really powerful use case

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for how the future of trade should become

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much more efficient.

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I think trade in supply chain really lends itself

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to the orchestration engine that blockchain can deliver,

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but it does take a while to get the full ecosystem

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using the technology.

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So I see it as a fantastic medium- to longer-term use case,

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but difficult to deploy now because of the number of parties

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that you need to utilize the technology.

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We see a lot of promise in this space, though,

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and we're looking very closely at this use case.