I think in the last 12 months
we've seen more diversity of use cases,
we've seen larger consortiums forming,
and we've seen more commercial deployment of blockchain.
We're focusing in on three key strategic areas:
so one of them is capital markets
and marketplaces more generally,
another one is trade and supply chain,
and another area is conditional payments.
We've just launched and priced a Aussie dollar
110 million dollar blockchain bond for the World Bank.
Now, this is a global first in terms of establishing
a truly distributed, synchronized ledger
in both Sydney and Washington,
and bringing together different parties
in the capital markets
in order to deliver greater visibility.
We think that this is the future direction
of capital markets and this is a first step towards that,
and we're now seeking additional strategic partners
to build out this ecosystem.
We've recently launched a trade and supply chain experiment
where we traced an export of almonds from regional Victoria
all the way to Hamburg in Germany;
and we utilized Internet of Things and blockchain technology
to trace the almonds every step along the way-
their location, their temperature, and their moisture.
So this results in all of the participants
along the supply chain having greater visibility
of this shipment prior to when it reaches them,
as well as after it leaves their hands;
it means you can control for quality better;
and it means that the logistics players in the middle
can better utilize their assets
because they have greater visibility.
So we think this is gonna be a really powerful use case
for how the future of trade should become
much more efficient.
I think trade in supply chain really lends itself
to the orchestration engine that blockchain can deliver,
but it does take a while to get the full ecosystem
using the technology.
So I see it as a fantastic medium- to longer-term use case,
but difficult to deploy now because of the number of parties
that you need to utilize the technology.
We see a lot of promise in this space, though,
and we're looking very closely at this use case.