Insureblocks

The word blockchain can create a whole range of emotions ranging from excitement to fear. In this podcast we had the pleasure to have Mark Simpson, Head of Consultancy at Armour Risk, take us through the Psychology of Blockchain.

 

What is blockchain?

Mark prefer to lift it to describe what Distributed Ledger Technology is (of which blockchain is a type of DLT)

Simply - Digital and decentralised books of record

A bit more complex - DLT is a database held and updated independently by each participant (or node) in a network – the distributed bit.

Updates to the ledger are independently constructed and recorded by each node.

The nodes then vote on these updates (different methods) to ensure that the majority agrees with the conclusion reached. This voting and agreement on one copy of the ledger is called consensus, and is conducted automatically by a consensus algorithm.

Once consensus has been reached, the distributed ledger updates itself and the latest, agreed-upon version of the ledger is saved on each node separately.  The immutable bit.

The DLT attributes are

* Distributed

* Transparent & change evident

* Consensus driven

* Immutable record

* Tamper proof

* Cryptographically secure

In three words - Digitally Lifting Trust

Fear and DLT as a catalyst for change

In many ways DLT is like other forms of technology in that it is a catalyst for change, but as it challenges from more than a tech point of view it brings other challenges.

DLT challenges paradigms; values, identity and this can be tough.

According to Mark our view of the world and decision making is in fact distributed and doesn’t just occur in our head.  As a coach one of the methods Mark has trained in was multiple intelligences (or mbraining for short).

Mbraining developed by Grant Soosalu & Marvin Oka used findings in Neuroscience that show we have three functioning brains in our head, heart and gut respectively. Using these findings as the basis for further behavioural modelling research, they unpacked some of the unconscious processes we use with our head, heart and gut.

It is a body of knowledge that has really helped from a change perspective and is being used in a framework Mark has developed called Resilient Changing.

Mark wrote an article on the topic of change a couple of years ago:  https://www.linkedin.com/pulse/meeting-challenges-change-part-1-mark-simpson/

In summary we have

The head brain – highest expression - creativity

* Cognitive Perception- cognition, perception, pattern recognition, etc.

* Thinking – reasoning, abstraction, analysis, synthesis, meta-cognition etc.

* Making Meaning – semantic processing, language, narrative, metaphor, etc.s

The heart brain – highest expression is compassion

* Emoting– emotional processing (e.g. anger, grief, hatred, joy, happiness etc.)

* Values – processing what’s important to you and your priorities (and its relationship to the emotional strength of your aspirations, dreams, desires, etc.)

* Relational affect – your felt connection with others (e.g. feelings of love, hate, indifference, compassion, uncaring, like, dislike, etc.)

The gut brain – highest expression - Courage

* Core Identity – a deep and visceral sense of core self, and determining at the deepest levels what is ‘self’ versus ‘not-self’

Welcome to another episode in ours News Flash series, where we share the latest developments in the blockchain space, straight off the press. Today we are joined again by David Edwards, CEO of ChainThat, who previously featured in Ep.8 – Building a Blockchain PoC/Pilot, and we welcome Rebecca Oliver, business development director at ChainThat,  to Insureblocks for the first time.

About ChainThat

David Edwards formed ChaintThat in 2015 with the sole focus to see how blockchain distributed ledger technology can impact commercial speciality insurance and reinsurance. Since there early start ChainThat cover the entire value chain from the placement process to technical and financial accounting, settlement, claims administration and facilities, tax and regulatory reporting. ChainThat has received investment from Xceedance and has now grown to about 30 staff.

 

Launching the world’s first technology-driven insurance and reinsurance risk and capital exchange

ChainThat’s new initiative is to launch in Bermuda the most efficient reinsurance risk and capital exchange in the world called the Bermuda Risk Exchange.

Why Bermuda? Bermuda, is home to the ILS and a lot of captives, it has a very proactive government that wants to drive innovation in Fintech and Insurtech. The regulars are one of the leaders with their digital asset regulations and the tokenization of assets. Bermuda has a great community spirit that is keen to innovate and bring a blockchain based solution of the ground.

Scope of the Bermuda Exchange - Source: ChainThat

 

From a marketplace platform to a risk exchange

ChainThat is offering a marketplace platform that will morph into a risk exchange. Initially the platform will be supporting existing back-office processes such as the placement of risk to supporting the technical and financial account and then moving into the settlement process and claim’s agreement process. The aim is to remove frictional costs to drive down costs to make insurance more efficient that it is today. The platform is built on Corda and uses the ACORD data model for all transactions.

Impact of current inefficiencies - Source: ChainThat

David hopes to offer this risk exchange to other insurance marketplaces by finding one regulatory area that has high trading volumes and lots of participants such as Singapore, Dubai, Zurich and New York.

 

Why blockchain?

The challenge centralised systems have to running a marketplace for insurance companies is that the centralised entity has to store the data and manage the system on behalf of the marketplace participants.  However, the insurance business model is a peer-to-peer one, just like they used to in the Lloyd’s coffee shop. That’s what blockchain technology enables, it gives participants back the control of their data and their process. It provides the guarantee that you’re looking at the same version at the exact same point of time.

 

 

Education & Customer Centricity

For most firms getting a good understanding of what is blockchain and its possible use is a challenging exercise. Once that has been established a further decision has to be made regarding whether or not to build their blockchain solution on a public or private blockchain system.

Within the first two weeks of January 2019, both the public and private blockchain proponents expressed their views on the merits of their systems. For this podcast we had the pleasure of having Richard Brown, Chief Technology Officer at R3, the builders of Corda, a private blockchain system, express his views.

 

Who is R3?

R3 is an enterprise software company that produces an open-source blockchain called Corda. Corda was first launched in 2016, initially for financial services sectors, mainly banks. However, it was the insurance industry that helped broaden Corda’s view and utility as a blockchain for other industries. Now in 2019, Corda has launched the 4thversion of Corda which has already been adopted by finance, insurance, healthcare, government, and the oil and gas industry.

 

What is blockchain?

What is interesting to know is that in the early days of R3 they didn’t begin with the ambition or the intention of building a blockchain platform. R3 began as a collaborative exercise between a large number of large firms to try and figure out what is blockchain and what the opportunities and implications it might have.

The conclusion they came out with regarding “What is blockchain?” is that blockchain is a technology or an approach to building systems that allows multiple parties who want to transact, but who don’t fully trust each other to do so in a way that allows each and every one of them to know what they see on their computer is exactly the same as what their counterparts sees on theirs. This massively drives down duplication costs, errors, inconsistencies and the need for reconciliation which allows firms to focus on solving business problems and transacting with their counterparts. Essentially, once you know what you see is accurate, that you know the information you’re working on is correct, you can make decisions more quickly and with more confidence.

 

Busting the myth of private blockchains - Consensys

On the 3rdof January an author at Consensys, an Ethereum based blockchain technology company, published a blog post entitled “Busting the Myth of Private Blockchains”, whose main point was to explain why enterprises shouldn’t use private blockchains in business:

Business networks need resilience, interoperability, permissioning, and privacy to succeed. These requirements, however, are out of scope for proprietary distributed ledgers, let alone traditional database technologies. The Ethereum blockchain’s granular privacy layers and public-first approach make it a powerful enterprise solution for organizations that need the flexibility of an in-house platform and that want the global reach to participate in economies of scale.

 

 

The Rebutal – Busting the myth of public blockchains for business

On the 14th of January, Richard wrote a blog post “Busting the myth of public blockchains for business”. In this blog post he debunks three of the main arguments the Ethereum community makes on why business...

Often not considered as “sexy” in the blockchain world, but building effective governance is probably one of the most important tasks in building a resilient blockchain ecosystem. For this podcast we were very privileged to have James Carlyle, Head of Network and Operations at R3.

 

What is blockchain?

Blockchain is a distributed ledger system that makes a fundamental promise which is “what I see, is what you see”. The idea being that although people share a common view, they actually have their own copies of data and that matter for numerous reasons such as the one of control. . It means with a copy of their own data and the promise that what they see is what the other side sees, that they don't need to rely on intermediaries.

 

What is governance?

I always say if you haven't figured out who is in control, it's because you haven't been looking hard enough; there is someone there

Governance is about control first and foremost. What had initially attracted James to Ethereum was the idea of an unstoppable world computer where no one was in control. The initial bitcoin and Ethereum community were people who believed in small government or not government and perhaps they thought that these systems came without control. However James view is “I always say if you haven't figured out who is in control, it's because you haven't been looking hard enough; there is someone there”.

 

R3’s initial governance for running a consortium

In R3’s early days it was solely focused on running a consortium and the consortium was there to explore how blockchain technology could be used in finance. Right from the start R3 set out to encourage participation and collaboration, which is absolutely fundamental for blockchain, and thus governance became important from the very start.

In its early days R3 had a steering committee that decided what it should focus on. A steering committee had representation from every one of the 42 initial bank members of R3. One of the first things the steering committee decided to do was for example to set up an architecture working group and the architecture working group had its own governance.

The architecture working group’s governance was comprised of leading and chief architects from banks thinking about the right technology choice for distributed ledger's in banking. But governance has always mattered with these collaborative and heterogenous groups.

 

The Corda Network

When Corda was first designed its founder imagined a platform in which people could use Corda to manage agreements with each other for any business between any businesses and at any time… ie. the corda network. This can be thought of as an internet of Corda nodes. Corda nodes that are connected together and across which business transactions can take place.

In the initial days of Corda most groups of banks and other companies wanted to deploy their blockchain software together in the form of many consortiums who weren’t necessarily connected. Corda’s original vision of a corda network couldn’t be achieved in this manner. The reason is because each network per application has its own boundary of trust and that means that what happens in that network is trusted within the network itself, but it isn't trusted by anyone else. Each network has a “trust route” where all of the digital signatures and so on can be traced back and it's not possible easily at least to bring the advantages of blockchain across the boundary of one network to another.

That's because the provenance for example which is supported by things like the digital signatures and the hash chains and everything else, that provenance doesn't move across boundaries very easily.

For this episode we were fortuitous to reconnect with Dante Disparte Founder and CEO of Risk Cooperative to look back on how blockchain has evolved in the insurance industry in 2018 and what we can expect for 2019.

 

What is blockchain?

For the insurance industry, Dante describes blockchain as a bordereau or a ledger that exists simultaneously in an exact form across multiple distributed computer systems. From the outset this creates a level of resilience, a level of tamper proofing that you don’t get from existing technologies today.

 

Retrospective of blockchain in the insurance industry in 2018

“Still the beginning”

“Still the beginning” is how Dante would characterise blockchain in the insurance industry. In spite of Bitcoin recently celebrating its 10thanniversary, it’s really only been in 2018 that we started seeing large scale enterprise tinkering with blockchain technology.

In January 2018, Dante penned an article “One Thing Is Clear From Davos, Blockchain Is Out Of Beta” in Forbes, where he stated that at least 50% of the Fortune 500 were embarking in deep experimentation with blockchain. 2018 was the year of orientation, and Dante believes that 2019 will be the year of experimentation at scale. 2020 would see the much broader adoption of the technology across asset classes and across industries.

 

Consortiums and competitive advantage

The most mature and evolved model in the insurance industry are the consortia at B3i and the RiskBlock Alliance. This model allows a risk averse industry, such as insurance, to understand the technology and follow their peers in getting basic POCs and use cases.

Dante’s personal view of the world is that the consortia approach amounts to co-opetition which is tantamount to having Amazon partner with Walmart and JC Penny’s (For the UK: Tesco partner with Sainsbury, Asda and Lidl) in building ecommerce platforms. For Dante there is a genuine opportunity for insurers, brokers and others in this industry to leverage emerging technologies like blockchain and others to get a competitive advantage. Firms that really embrace those technologies, instead of limiting it to back end efficiency plays, will really take a lead over their competitors.

In episode 23 “Blockchain from an Allianz perspective and lessons learnt”  Bob Crozier, Head of Global Blockchain Centre of Competence at Allianz. Pointed out that “B3i is not about getting a competitive advantage. It is for the industry and by the industry and its goal is to use blockchain to address industry pain points, help members reduce their cost base and make customers’ lives easier.”

Whilst Dante agrees that there is value in such consortia his issue is that the strategic challenges the insurance industry faces require competitive dynamics than the consortia model doesn’t allow for. The average expense ratio is between $0.30 and $0.50 on every dollar of risk capital.

If a firm tries to become more efficient to risk allocation and risk pricing but yet everybody in the insurance industry is following the same model in leveraging technology in exactly the same way,

In this week’s episode we explore how can we automate the claims process with blockchain. Our guest for this topic is Bobbie Shrivastav, Co-founder and Chief Product Officer at Benekiva. Bobbie has 15 years experience in the technology field. In 2015, in addition to becoming a parent Bobbie started working on Benekiva after realising all the inefficiencies in the insurance industry.

 

What is Blockchain?

Blockchain is magic? That magic pill that we have all been waiting for? Bobbie describes blockchain as a ledger of transactional records that is permanent and immutable, i.e. it can’t be changed. In addition it is distributed across a permission based or permissionless based blockchain and is append only.

 

What is Benekiva?

Benekiva is a technology platform that is here to bridge the gap between carriers, policy holders and beneficiaries via claims automation, asset retention and data management. Benekiva claims to be the only stand alone claims platform for life and annuity that focuses on the customer.

 

Challenges of the existing claims process?

In 2016, Bobbie heard a stat that 68% of life insurance goes unclaimed in the United States. According to NerdWallet and USA Today, there is $7.4 billion of unclaimed life insurance in the US alone.

This staggering number is due to the fact that what is wrong with the existing claims process is that it is still in paper and file mode. For the most part the work flow is passing paper and files. It is a process full of friction that generates many barriers for beneficiaries to successfully receive a payout.

Bobbie highlighted the four main problems:

* Inefficient process

* Legacy systems

* As most life insurance policies are filed in paper format it doesn’t enable for a digital kind of communication with the policy holder for updating their details such as their beneficiaries.

* Unclaimed laws prevent insurance companies to keep the money so they have to engage in costly investigative exercises to find the beneficiaries of the life insurance policy.

 

How have carriers tackled this problem to date?

Up to now most carriers’ strategy for addressing those issues has been through back end admin system upgrades. Whilst there is no issues with updating an insurance company’s core systems, it isn’t an update that has a fundamental impact on claims processes. As it also takes on average 2 – 5 years to do those updates, claims improvements haven’t happened.  Additionally as some carriers look at claims as an expense centre, they don’t always invest sufficiently into it to update them.

Benekiva can integrate with insurance companies current systems and also into the updated admin systems once the update is complete. In the meantime Benekiva can start pulling data from legacy systems and provide immediate customer experience improvement. Even if the data is stored in a paper format, Benekiva is able to digitise its content.

 

Blockchain

Benekiva started looking at using blockchain in two use cases within a private blockchain:

* Immutable ledger – provide an audit trail of the claim process from the moment the policy is generated to when the payout is made

* “Time travel capability” – enables querying at any point in time instantly

Bobbie recognises that this could have been done without blockchain. However, Benekiva understands the importance of being at the cutting edge of technology and to start e...

Last week we had the pleasure of talking to Dr. Markus Kaulartz, lawyer at CMS Germany, discuss with us the very hot topic of Blockchain & GDPR. We will try to answer the question of how does GDPR, drafted in a world in which centralised and identifiable actors control personal data, sit within a decentralised world like blockchain? Markus is the co-author of "The tension between GDPR and the rise of blockchain technologies".

Markus works in the IT law department of CMS Germany with a focus on innovative topics such as blockchain, AI, cyber security and all the data protection issues. Previously to becoming a lawyer, Markus used to work as a software developer.

 

What is Blockchain?

From a pure legal point of view there are two aspects:

* Blockchain is a database which is distributed and synchronised, whose data cannot be deleted. This definition however is controversial within some quarters as blockchain isn't considered as a database but it is used to simplify defining it for a non-IT audience.

* Blockchain enables us to move digital assets. This is very important because a receiver of a digital token for example will always know that the sender of the token doesn't own it anymore. In other words the tokens transfer of ownership emulates the transfer of ownership of real life offline assets. If we look at the transfer of ownership of paper share certificates they presently use a bank as a central intermediary to help identify who is the present owner of a share. In a blockchain world we can theoretically eliminate the need of the bank.

What is GDPR?

General Data Protection Regulation (GDPR) is a regulation in EU law on data protection and privacy for all individuals within the European Union and the European Economic Area. It was enacted in May 2016 but only applied from May 2018. It replaced the former EU Data Protection Directive with a big difference that it applied directly to the member states of the EU without the need for it to be transformed into national laws. The other big difference of GDPR with the former EU Data Protection Directive is the amount of the fines. Under GDPR the fines are up to 4% of the global turnover of a company.

What is key is that GDPR also applies to companies outside of the EU that works with the EU. For example if you're an Indian or American company who offers services to EU citizen you will have to comply with GDPR regulation.

 

Personal Data & Application of GDPR

GDPR only applies where personal data is being processed. Personal data is defined as any information relating, directly or indirectly, to a natural living person, whether the data identifies the person or makes him or her identifiable.

Article 4 of GDPR defines Personal Data - "as any information relating to an identified or identifiable natural person (‘data subject’); an identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person."

The key implication is that a person, not a company, can be identified or identifiable. Being identifiable means you don't necessarily need to have their name, or address of the person, it suffices to have their unique ID and even their IP address.

Last week we had the pleasure to talk to Hugh Karp, founder of Nexus Mutual, about their insights on how blockchain and smart contracts can be used for building effective insurance mutual. This is Hugh’s second appearance on Insureblocks as he was a guest blogger last September where he penned a post on “Public Blockchains in Insurance: Do incumbents need to worry?”

 

What is Blockchain?

Hugh believes it is more interesting to focus on what the technology enables instead on focusing on the technical description of it. Blockchain gives a shared view on some sort of information, so that everyone can agree on the information and that it can only be changed by playing by the rules.

Examples of such information are account balances and the rules could be a combination of smart contract logic and consensus process to add new information to the blockchain. In Bitcoin that consensus process is mining for example.

Once we have shared information that all parties can agree on, and self enforcing rules, we can coordinate human activity in ways we couldn’t do before. What is key is that this can now be done more efficiently than ever before and without a central regulator.

 

Why Mutualisation?

Mutuals are the original insurance structure. They arose because communities recognised that they had a shared common risk and that they would be more resilient if they spread this risk out within the group. These communities would pool resources together and decide as a group when a claim will be paid. If no claims were made then all the members benefited.

This is a stark difference to traditional insurance companies whose interests aren’t aligned to those of its customers. Shareholders driven by profit by not paying out claims. Mutuals are member led and have a shared goal thus reducing the risks for conflicts of interest.

So what about regulators? Aren’t they meant to reduce those conflicts of interest? Hugh believes that in well developed countries that is the case but it comes at an administrative costs. In developing countries though many people don’t always have a reliable legal and regulatory system on which they can rely on.

 

What is Nexus Mutual?

Nexus Mutual uses the power of Ethereum so people can share risk together without the need for an insurance company... ie bring back the true form of mutuals where individuals contribute to an insurance like entity and group together to protect themselves. Nexus Mutual uses blockchain to reengineer the business model.

 

The role blockchain and smart contracts play in building a mutual?

How does it help to scale trust and capital? Mutuals have traditionally struggled to compete with shareholder insurance companies. Expanding outside of their original community group is challenging for a mutual. Hugh exemplifies this problem with an example of where one village may not trust the elders from another village to pay out their claims. Thus blockchain can be helped to scale out trust because instead of having to trust that other group of people you simply have to trust that the code works as it is intended.

The other, less well-known issue, that mutuals face is the scaling of capital. Due to how they are structured, mutuals can only raise money from their membership base, and have limited access to capital markets.  As insurance is capital intensive it does put limit a mutuals growth.

Hugh believes that due to their decentralised characteristics mutuals can only be built on a public blockchain (e...

For this week’s episode, we are joined by Olivier Rikken,  Director of blockchain and smart contracts at Axveco– a consultancy firm based out of the Netherlands focusing on sustainable innovation. Olivier last spoke to us in April regarding smart contracts – this episode focuses on the legal aspects of blockchain and smart contracts.

Since April last year, Olivier has been involved in a wide range of blockchain related projects which include being part of the ISO World Standards working group on smart contracts. In addition to his role as a start-up coach for blockchain-enabled start-ups within and outside the Netherlands, Olivier is part of the governance group for the Dutch Blockchain Coalition and is a guest lecturer at three universities in the Netherlands.

 

Blockchain in two minutes

According to Olivier, blockchain is a decentralised database – a shared administration system where everyone who wishes to join may do so and participate (reading, writing and validating content.) There is no need for a trusted 3rdparty to monitor the database.

 

Publication of the “Legal Aspects of Blockchain”

Olivier has recently co-authored a book titled ‘Legal Aspects of Blockchain’ – this book was a product of a collaboration between the Dutch government and the UNOPS (United Nations Office for Project Services.)

Olivier was involved in a working group that published a report on the legality of smart contracts in December 2017. This report drew the attention of the UN and Olivier was subsequently approached with a proposition to co-author a book on smart contracts together with experts from institutions such as MAS (Monetary Authority of Singapore), MIT amongst others.

 

A powerful opening

“The fourth Industrial Revolution is underway and organizations in the public domain on both national and international front are being confronted with numerous new technologies” – Minister for Foreign Trade and Development Cooperation, Netherlands.

Olivier explains that in the past few years, we have witnessed several technological developments that could potentially disrupt industries as we know them today. An industrial revolution is characterized by a change in the way things are organized and work is carried out.

For example, decentralisation (through blockchain and DLT) can allow us to design new ecosystems and processes – advances in blockchain combined with developments in big data analytics, artificial intelligence and IoT indicate that we may be on the brink of major changes.

 

Looking at blockchain from a regulatory angle

Olivier believes that prior to forming regulations on a new technology, it is extremely important for law-makers, politicians and lawyers to understand the technology and its implications. Using the example of GDPR and blockchain – he highlights that there is a lot of concern regarding GDPR compliance issues with blockchain. However, as he points out, there isn’t a single version of blockchain (public v/s private, permissioned v/s permission-less etc.)

Formulating regulations concerning blockchains is particularly challenging– though regulations tend to be as general as possible – it is extremely important for regulators to address different types of blockchain to promote...

For this week’s episode, we spoke to Steve Pomfret, CEO at Cygnetise. Steve describes himself as a “process guy” with over 18 years of experience in bringing about operational change (efficiency and de-risking) at reputed banks and brokerage firms.

After learning about blockchain, Steve spotted an opportunity to apply his skills and learnings together with blockchain to streamline processes within the financial ecosystem.  Presently, Cygnetise has one blockchain application used for management and distribution of authorized signatory lists such as delegated authorities, bank mandates etc.

 

What is blockchain?

According to Steve, blockchain has 4 pillars –

* Decentralised database

* A centralized database allows users with requisite permissions to add, remove, edit and view data (think of a spreadsheet on your computer!)

* A decentralised database is not owned by a single party. Hence, each party, with requisite permissions, can add and view data. There is a record (time-stamped audit trail to document modifications.)

* Distributed Ledger

* The key feature of blockchain for commercial applications – under traditional centralized systems of record, for a transaction between two parties to take place, there would have to be a debit and credit effect recorded. However, with a single shared database (as in the case of blockchain), data doesn’t need to move around.

* Immutability

* Numerous blockchain applications in insurance today exploit the immutability of blockchain (such as FlureeDB, which uses DLT-enabled databases.) Blockchain has an in-built audit trail that is timestamped.

* Smart Contracts

* Smart contracts are pieces of code that allow execution of certain actions conditional on certain pre-specified conditions being met.

* With appropriate (legal) documentation, smart contracts may also serve as (trigger based self-executing) legal contracts – this is the notion of Ricardian contracts.

 

Lack of universal terminology as a barrier

Steve makes an excellent point - since blockchain is a nascent technology, there are no universally accepted definitions for key concepts. To begin with, blockchain purists and business practitioners disagree on whether industry deployments of “blockchain” are “blockchain” or “DLT” projects.

As Steve points out, so long as the terminology used is clarified by the concern parties, the terminology itself doesn’t hold much significance.

 

Barriers to adoption of blockchain across industries 

“Part of the adoption (of a new technology) is to break it down into something that is useful at a process level and then you can build and evolve as opposed to revolutionize.”

 

Blockchain as a nascent technology

Steve recalls the first time he read about blockchain in a newspaper – the article spoke about how blockchain would “revolutionize” trade, clearing and settlement process within the banking ecosystem.  His initial reaction was that of surprise – as he rightly points out, how could you realistically expect hundreds of ecosystem participants spread across the world to each adopt a new technology almost overnight? In his opinion, such claims are equivalent to stating that it would be possible to build Facebook overnight.