Insureblocks

Areiel Wolanow is the CTO of Blok BioScience and Managing Director of Finserv Experts. In this podcast we get to learn about the exciting work Areiel and his team are doing in developing end to end solutions against COVID-19. You’ll hear insights about how they developed a self-sovereign “immunity passport”, population testing protocols, supply chain capabilities, and a sophisticated analytical and insights dashboard for governments and enterprises to better appreciate and combat this pandemic. You’ll also hear about the conundrum on how to work with contact and trace applications in a manner that protects the principles of self-sovereignty.

 

What is blockchain?

Blockchain is a technology that allows multiple companies or people to share a single version of the truth without having to spend any time, effort or money on reconciliation, messaging and synchronization to name a few. The benefit from sharing allows the opportunity for completely new business models and new ways of solving problems to arise.

Areiel, previously featured on Insureblocks to talk to us about “Unlocking investment in blockchain projects”. What has changed in his view regarding blockchain is a very welcome maturation of thought. It is a toolkit for solving problems and for accomplishing what previously what would have taken large numbers of people, or expensive software solutions can now be taken for granted.

 

What is Blok BioScience?

Blok BioScience is a team of thought leaders in the medical, technology and supply chain industry who’ve grouped together to develop rapid solutions that deliver the best possible medical diagnostic and supply chain capability to fight the unprecedented impact COVID-19 is having on the world. Areiel’s Finserv Experts have entered into a business partnership with Blok to provide technology delivery capability.

 

Addressing the COVID-19 Ecosystem

The scientific community does not use words like immunity or protection lightly or without a great deal of consideration. When somebody says this vaccine confers immunity to this disease, they are encapsulating and summarizing, in most cases years of scientific study before they're willing to make that claim. When the WHO (World Health Organisation) recently came out and said we're not sure that the IgG (Immunoglobulin G) antibody is a marker of immunity, all that they’re saying is that they have not subjected that claim to a level of scientific rigor that would allow them to say yes, the IgG antibody confers immunity.

As the world’s economy has come to a standstill the world is demanding answers of the scientific community far faster than they are normally required to give those answers. And that results in a great deal of uncertainty.

Providing an answer needs to address all of these questions in a holistic way and provide not only say a test capability or a set of scientific studies, or a technical platform, but a holistic end to end solution that encapsulates all of that. And that's really the ambition that Blok was set up to tackle.

 

Immunity passports

The WHO issued a warning about immunity passports:

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Stephanie Hurder is the Founding Economist and Partner at Prysm Group. She’s also a CoinDesk columnist and an academic contributor to the World Economic Forum. In this podcast she joins us to discuss a recent article she published in CoinDesk entitled “Why Enterprise Blockchains Fail: No Economic Incentives”.

 

What is blockchain?

Blockchain is a type of distributed ledger. A ledger is a database, which is usually maintained by a single organisation like a bank to track the ins and outs of our bank account. The bank is responsible for maintaining and updating that ledger.

A distributed ledger is a shared ledger where multiple different stakeholders, such as banks or insurance companies, collectively control and update the ledger. They have a process called the consensus process, where in order to make a change or an update to this shared database, there needs to be a certain level of agreement among the different stakeholders. This ensures that not a single organisation or entity controls this shared database.

Blockchain is a particular type of shared ledger in which though the transactions or the updates to the shared ledger are processed in blocks. Smart contracts is a feature that often is associated with blockchain.

 

Enterprise blockchain is in the doldrums

On the 2nd of March 2020 Stephanie published an article on CoinDesk entitled “Why Enterprise Blockchains Fail: No Economic Incentives”. In the article she stated why “Enterprise blockchain is in the doldrums”.

As an active participant working in many different blockchain projects Stephanie noticed a familiar patern where numerous enterprise blockchain initiatives, often established by consortia, would announce that they have a proof of concept or that they’re going to do a pilot for a specific use case. But then a year later many of those pilots would either fail to launch or wouldn’t work.

Blockchain has the ability to deliver a lot of economic value to consortia and groups using it to solve business problems. However, it is very important for all the parties to be very clear about what is driving the value creation and who benefits from it and how that value is being distributed. Without a clear understanding of that, it becomes very difficult to set up the necessary infrastructure for a successful project.

 

Blockchain platforms as economic systems

Blockchain consortia are established to create economic value either to help companies save money, allow for synergies, or generate new revenue opportunities. There’s an economic rationale for almost every blockchain project. Members of the consortia have to agree on who are the different stakeholders, their incentives to join and how is value create and distributed.

Stephanie notes that too many blockchain projects take a technology first approach instead of an economic one.

 

Value creation in a blockchain project

In a blockchain based consortium, value creation can be looked at in terms of three layers;

* Value from the features of DLT

* Role of network effects

* Synergies - value, cost and network

 

Value from the features of DLT

The first layer is what is the value that the features of distributed ledger or the blockchain is, that it bringing itself.

The Prysm Group has a framework called the 3 C’s: coordination, commitment and control.

Maria Mateo Iborra is the co-founder of the IBISA Network. Maria has a background in telecommunication engineering and has been working for 15 years in satellite communications in the space industry. In parallel to that she has also co-founded several companies and start-ups and experienced both successes and failures. Since 2015 she discovered blockchain and was excited by its transformational capabilities. In 2019 she co-founded IBISA which stands for (Inclusive Blockchain Insurance using Space Assets), a platform that enables micro insurance for weather related risks in agriculture in developing countries.

 

What is blockchain?

For Maria the fundamental point of blockchain is that it solves the double spending dilemma for peer to peer transaction. In an internet world you can send data more than once but you can’t send money more than once in a blockchain world. With blockchain we can evolve from the internet of data to the internet of value. This enables two trust less parties to be able to perform a transaction of value without intermediaries.

 

From space and satellite communication industry to blockchain

Maria is very passionate about technology and the impact it can have in our society.  During her 15 years in satellite communication she has done a lot of work in the field across the world and has seen first-hand the massive impact of bringing internet or television to non-connected population.

For Maria blockchain is the next evolutionary step. She recognises that it will take a long time for mass adoption but it is similar to opening the world to the internet of value. The ability for people to transact around the world in a peer to peer manner is very powerful.

Maria was interested by Bitcoin in its early days, but it was the launch of Ethereum in 2015 that peaked her interest in the actual blockchain technology.

 

About the IBISA Network

IBISA Network’s mission is to enable agriculture insurance, for agricultural entrepreneurs, everywhere and in an easy manner. To achieve, that IBISA leverages technology and data to build innovative and commercially viable protection products together with its local partners.

IBISA is here to fill a gap, which is not touched by traditional insurers, for providing insurance to small scale agriculture. Whilst there has been a lot of innovative solutions developed for this market, no one has yet developed a commercially viable model.

IBISA’s approach is to partner with local mutuals, insurers, and micro-finance institutions and provide them with a platform and tools to provide their customers with weather related risk protection.

The IBISA platform is a full stack from underwriting to policy handling, customer administration, and loss assessments. IBISA’s partners can now have a platform to provide commercially viable and scalable protection.

 

About the small-scale agriculture market

Risk sharing, mutuality, is an ideal model for high frequency, low severity events. This is the case for small scale agriculture where you have every three or four years a drought and the insured amount is small as the premiums the farmers pay are also small – high frequency and low severity.

According to the World Bank there are approximately 500 million smallholder farming households that produce between 70 – 80% of the world’s food. The insurance market potential to covering the basic needs,

Lisa Butters, is the General Manager at GoDirect Trade, a marketplace for used aerospace parts, part of Honeywell . Used aerospace parts is a $5 billion a year industry of which almost none of it is done online. Numerous emails and phone calls along with paper work is used to close a transaction. Blockchain was felt to be an applicable technology to manufacture digital trust between buyers and sellers in the used aerospace parts industry.

 

What is blockchain?

Honeywell uses blockchain technology in an enterprise manner. Lisa defines blockchain as a highly secure way to crowdsource a decentralised database. Traditional enterprises will have a centralised databased with a walled garden approach to data collection. With blockchain technology you’re using the technology so that you can get the data from various enterprises and parties in a secure manner.

 

Who is Honeywell?

Honeywell is a $40 billion company that operates in numerous industries. Lisa’s particular area is focused within aerospace. Within the aerospace industry Honeywell is an OEM, original equipment manufacturer, of components and piece parts all the way up to engines. Honeywell is the largest repair facility for aerospace parts across the world. Honeywell are also traders who trade used aerospace parts in the market.

 

Challenges of the used aerospace parts industry

 

According to Global Market Insights the global aerospace parts market will be worth $14 billion by 2025.

Lisa notes that there are some interesting parallels with the used aerospace parts industry to the used car industry. When buying a used car, buyers are compelled to negotiate on price, or else they don’t feel they’re getting the best price. In the used aerospace parts industry people don’t feel responsible if they’re not negotiating the best price on the parts.

There are fundamentally two reasons why that industry is so manual with emails and phone call:

* High dollar transactions - On GoDirect Trade transactions can go anywhere from nuts and bolts all the way to multimillion dollar engine, with the average transaction at around $10,000

* Safety - The parts being sold on GoDirect Trade have to be safe enough to reinstall back into an aircraft. This requires a very high bar of safety within the aircraft aerospace industry.

The combination of high dollar transaction and safety of parts to be reinstalled back into an aircraft are the two reasons why it has been difficult for buyers and sellers to move their transactions online. That are the reasons why Honeywell found blockchain technology so interesting for this space because it helps to manufacture that trust for people to start checking out online.

 

Guaranteeing the quality of use aerospace parts

According to NTSB data compiled and analysed by the NVC Bar Area Investigative Unit, unapproved aviation parts played a role in nearly two dozen crashes that killed seven and injured 18 others since 2010.

Lisa states that she has around 20 competitors in her space that list products for sale and facilitate some kind of online transaction. GoDirect Trade though is the only platform that requires price, product images, and quality documents for a product to be listed for sale.

Joan Zerkovich, Senior Vice President, Operations at American Association of Insurance Services (AAIS) walks us through how AAIS have expanded their OpenIDL blockchain application beyond streamlining regulatory reporting for carriers. In this episode she explains to us how OpenIDL helps insurers develop a network data strategy that provides data standards and a secure, scalable and cost-effective platform for carriers.

 

What is blockchain?

Blockchain is a distributed ledger of which a copy of the ledger is available to all the participants of the network. Blockchain solves a key problem that other data technologies didn’t provide which was an immutable record. It provides a secure way to store data, transparency in how the data is being used and an immutable record that is so critical to trusting any activity that happens on the network.

It enables to create systems networks for a wide variety of solutions such as transactional networks or in the case of OpenIDL as an analytics platform.

 

What is the American Association of Insurance Services (AAIS)

In the United States, the insurance industry is regulated at the state level.  A National Advisory organisation exists to provide consistency between all the state regulations. AAIS is formed by regulation and is licensed in all 50 states to do the following:

* Serve as a bridge between the carriers and the regulators in the way they exchange and share data

* Through that exchange the AAIS uses some of that data to create products such as a homeowner’s policy with a rating plan or an auto plan. AAIS brings consistency across all the states in the way those products are delivered to the market. Carriers pick up the AAIS products to add value on top of them.

AAIS has been doing this for over 80 years. They realise it isn’t as efficient as it should be and that it needed to be modernised due to the different data needs in the industry today.

 

The Open Insurance Data Link (OpenIDL)

https://youtu.be/4Z6SDGtKgtE

In September 2018 we featured Joan Zerkovich on Insureblocks to tell us about the Insurance Regulatory Reporting using Blockchain – AAIS introduce openIDL.

Joan reminds us that her team didn’t know they were going to create OpenIDL when they started off on that journey. They knew that they had a problem in the way they were collecting data and sending reports over to the regulators. There were a lot of pain points in the participants in that process. The old-style statistical data plans that had been used for the last decades didn’t contain enough information the AAIS as an advisory organisation needed. The regulators also found that the stat plans didn’t have the necessary data for them to answer the questions they were getting from their legislators.

Consequently, the regulators would go around the advisory organisations by making data calls directly to the carriers to get the data they need. This caused a lot of pain points with the carriers who saw an increasing volume of data leaving the security of their data centres beings transferred to third parties without any oversight in how the data was being used.

Through a number of design thinking sessions AAIS was able to identify those pain points and look into possible solutions. The available data technology platforms had a number of problems in terms of data security, transparency of how the data was being used and of course as a regulated industry the need for an auditable and immutable record was r...

Krystal Webber is the Global Design & Strategy Leader at IBM Blockchain Services. She helps her clients understand how blockchain might solve their business problems in a way that maximises benefits in the shortest amount of time. In this podcast she shares her deep experience in blockchain network design from a governance, business value and technology design. A must listen for anyone looking to launch and scale a blockchain network.

 

What is blockchain?

Krystal calls answering that question her “blockchain party pitch”.

In today’s world we do business with each other. Where two companies, who have a business relationship, will each keep a record of the work they do together. From time to time records don’t match up. This can create disputes which are both time consuming and frustrating.

Blockchain is about having a shared set of records where both parties agree on the correctness of records before they get written onto that shared ledger. Once you have a trusted shared set of records you can start to automate business processes on top of it.  With consensus you have records which are valid, true and trusted. Encryption ensures that the whole blockchain is super secure.

 

What is design?

Design means a lot of different things to different people, from graphic design, to fashion design or how things look.  The Oxford English Dictionary definition of design is the “purpose, planning, or intention that exists behind an action, fact, or material object.” Said another way, design is the intent behind an outcome. Design is about being intentional.

Krystal and her team when they think about design what they are thinking is “what is it that we're trying to achieve? And how do we strategically and intentionally achieve that?”

 

What is a blockchain network design?

There are three elements to a blockchain network design:

* Governance design - is the strategy and the operational model behind a business network.

* Business value design – is the monetization strategy that is underpinned by an incentive strategy which allows the realisation of revenue, efficiencies or savings from the network. It’s also about stimulating collaboration between members to creating network effects.

* Technology design – creating digital products that are human centered, easy to use, scalable and stable on the back end to reach the business objectives for that network.

What is important to understand is that these three elements are very interrelated. So, decisions made in one work stream really impact decisions made in another work stream.

 

Governance design

At IBM they use an acronym called BOLT which stands for: Business, Operations, Legal and Technology. They believe that when looking at governance you need to look at it from those three areas.

 

Business from a governance perspective

This begins with the network of intent where the aspiring network have to answer the questions of “why are you here?”, “Why do you exist?”, “What are you trying to accomplish in the marketplace?”  Then there are questions on the “network model”. “Are you trying to be differentiated in the market?”, “Are you creating some level of market utility?”, “Are you trying to create an entire new market?”.

Answering these questions will provide the strategic direction when looking at governance design, business value design and technology design. It will also influence the branding of the platform, sales, recruitment, adopt and what’s going to get participants to join the platform.

Humayun Sheikh is the CEO & co-Founder of Fetch.ai. Fetch.ai is an 18 months old company that develops solutions around multi agent systems that utilises the principles of the technology behind blockchain. In this podcast we discuss Fetch.ai and how autonomous economic agents can transact and settle transactions autonomously in an economic manner to facilitate the exchange of insights and inferences without the sharing of data sets.

***Image taken on the 27th of February prior to social distancing***

 

What is blockchain?

For Humayun, blockchain is just a record keeping mechanism that has the unique feature that enables people to interact with it in a decentralised manner without the need for a centralised entity to control it.

Its other interesting feature is that you can exchange economic value on it which makes it a key differentiator from a centralised database.

 

Challenges of today’s suboptimal digital world

In today’s digital world we use a lot of technology. Unfortunately, it is done in different pockets of different things. The challenge is that as we try to connect them all we are faced with issues of interoperability.

For example, how does an individual’s train timetable get connected to their personal assistance? How does their calendar become aware of the train timetables and its possible delays? These examples illustrate some of the very inefficient interconnectivity that people have to deal with in their lives.

Attempts to connect all these services require an exchange of economic value to enable the settlement of these services. Because of these reasons, Humayun believes we are living in a suboptimal world because you can’t build a centralised system from top down which can account for all of these problems. These challenges has led to an increasing move towards software defined systems and autonomous systems.

Whilst APIs are an attempt at trying to facilitate interconnectivity between disparate systems they still require software to be written to connect them up. Additional code is also required to extract the data and process it in a meaningful manner. Because of these reasons Humayun doesn’t believe we are solving the problem because organisations are still building solutions to connect different things together.

The other side of the problem is how do you discover those APIs? How can an organisation rapidly identify an API and connect with it without writing any code in a near real time basis?

 

What is Fetch.ai and its mission?

Humayun describes Fetch as a connectivity and intelligent connectivity solution. He defines connectivity as having three components:

* How do you find something to connect?

* How do you actually connect? (the technical aspect of making a connection)

* Once you have connected, how do you connect economically?

These three components are effectively the different components of Fetch. Fetch is a layered solution that provides a substrate where the economic value exchange, the search and discovery and where the actual physical connectivity can take place.

These three components are delivered via Fetch’s:

* Distributed ledger

* Open economy framework

* Autonomous economic agents

 

Fetch’s distributed ledger technology & smart contract

With a multitude of existing distributed ledger technology (DLTs) which exist, Humayun explained why Fetch built their own ledger.

Silvia Attanasio, is the Head of Innovation at ABI (Italian Banking Association). Previously to that role she worked for 17 years at ABI Labs, the centre of research and innovation at ABI. Her present mission is to support the innovation amongst the banks within the Italian Banking Association. In this podcast she shares with us the exciting journey ABI has taken in launching a blockchain for Italian interbank reconciliation. We are also very grateful for her to be recording this podcast with us from her home in Milan during the Coronavirus Pandemic.

 

What is blockchain?

From Silvia’s point of view, blockchain is a way to organise a history of events and guarantee the integrity of the data in order to make it easy for a group of people or companies to agree on it.

However, Silvia also wants to say that blockchain isn’t a cost cutting technology. She agrees that the technology has the potential to bring efficiency gains but from her point of view we have yet reached that point.

 

What is Spunta?

Spunta is the reconciliation of bilateral accounts, a sort of nostro and vostro account. It’s a process aimed to clear the mismatch in a double entry bookkeeping.

Quick definition: (source: Investopedia)

* A Nostro account is a reference used by Bank A to refer to "our" account held by Bank B. Nostro, is a shorthand way of talking about "our money that is on deposit at your bank."

* Vostro is the term used by Bank B, where Bank A's money is on deposit. Vostro is a reference to "yours" and refers to "your money that is on deposit at our bank." A Vostro account is like any other account held by a bank. The account is a record of money owed to or maintained by a third party, typically another bank, but it can be either a company or an individual.

In Italy the way bilateral accounts are used is where you have a single account, co-owned by two counterparties that have an automatic matching process. After that the operators deal with the suspended movement – operations that need to be confirmed before being registered in the bilateral account. This interbank process, based on bilateral registers, can be quite complex because it is based on a single account that requires the point of view of Bank A and of Bank B to match on the same ledger.

To complicate matters even further, there is a rule that states that the ownership of that single account has to switch every three years form one bank account to another. When a bank has ownership of the account they see all the information, movements, and balance. But when the ownership switches to the corresponding bank, they can’t see the information anymore and have to request it from the corresponding bank via phone calls, emails and fax. This is a very cumbersome process.

Opportunities and challenges to updating Spunta

In 2010 ABI attempted to reform this process. However, it was realised that there wasn’t the will to issue a new banking agreement. The Spunta process is ruled by an interbank agreement dating from 1978. It was only when ABI discovered blockchain technology that the necessary commitment was found by the banks to explore reforming this process for two different reasons:

* Individuals closely linked with the Spunta process were eager to try new approaches to reform the process

* Innovation departments within the banks were looking for opportunities to run experiments with new technologies

The interesting thing was that no one from the Spunta world knew about blockchain and no one from the blockchain world k...

Dante Disparte, is the Vice Chair and Head of Policy and Communications at the Libra Association. Dante returns to Insureblocks to share his experience of being at Libra and what the insurance industry can learn from that experience.

It is worth nothing that Dante is the Chairman of the Risk Cooperative, a member of the FEMA National Advisory Council and a Forbes contributor. He has also participated in two podcasts on Insureblocks: Blockchain vs. the insurance trust deficit in April 2018 and A retrospective look on blockchain for 2018 in Feb 2019. We are absolutely delighted to have Dante back on our show in 2020.

 

Insureblocks’s 100th episode!

I’m Walid Al Saqqaf, your host. Since the 19th of March 2018 we’ve produced weekly podcasts on blockchain in the insurance, pharmaceutical, supply chain, banking and many other industries from case studies, PoCs, pilots and production grade roll outs.

We’ve also covered topics around the convergence economy, how AI, IoT and blockchain converge. We’ve covered the subject of diversity, blockchain for social good, digital identity, tokenisation and much more. Today’s episode is our 100thone! We all can’t believe we’ve just reached this milestone. It feels like just yesterday when we recorded our first episode with Gary Nuttal.

We want to thank all our speakers and all of you, our listeners, for making this show such a success!

 

What is blockchain?

In last year’s podcast, Dante had defined blockchain in a slightly philosophical way, using words like trust, decentralisation and self-sovereignty. Whilst he believes those ideals very much still matter he now sees a growing wave of enterprise blockchain efforts and investment and adoption that are starting to give the technology a real opportunity, not in its own, but together with other emerging technologies to drive real change in the market.

 

What is Libra & the Libra Association

The Libra Association is an independent, not-for-profit membership organization, headquartered in Geneva, Switzerland that was first announced on June 18th 2019.

The goals of the Libra Association are threefold:

* Develop a blockchain based payment system that would support low friction high trust payment on a peer to peer basis. Today there are 1.7 billion people who are on the margins of the formal economy. Libra is developing a blockchain based system that can help support pulling more of them into the formal economy

* Building a payment system that supports competition and innovation.

* The third objective of the Libra Association is to reach the above objectives in a regulatory compliant manner.

The fundamental promise of blockchain and cryptocurrency technology is with notion of financial empowerment. The Libra project is a consortium of member organisation who have a common cause, with a wide range of enterprises, public sector actors and stakeholders to effectively address the insidious issue in the global financial system. 1.7 billion people who are unbanked, 1.3 billion who are under banked who to send a cross border payment or remittance costs on average 7% worldwide.

Roughly a billion people have access to a mobile phone. In a world where the mobile phone can become a payment endpoint,

Chris Ballinger is the CEO and founder of MOBI – the Mobility Open Blockchain Initiative. MOBI is a non-profit smart mobility consortium working with forward thinking companies, governments, and NGOs to make mobility services more efficient, affordable, greener, safer, and less congested by promoting standards and accelerating the adoption of blockchain, distributed ledger, and related technologies in the mobility industry.

 

About Chris Ballinger

Chris started out in monetary economics and worked briefly for the Council of Economic Advisors in the United States. Chris moved into Fintech in the early days of the derivates market. More recently he joined Toyota as the CFO of their financial service organisation, the same year that Lehman Brothers went bankrupt.

Whilst at Toyota he eventually went on to work at the Toyota Research Institute, which is Toyota’s arm in Silicon Valley that does the development of autonomous vehicles and robotics and AI.

Whilst he was there, Chris developed his thinking on new mobility services and how blockchain and distributed ledger's might be able to improve the new mobility service economy. Two years ago, Chris left the Toyota Research Institute ,and launched along with others MOBI.

 

What is blockchain?

Blockchain is a particular kind of distributed database that is append only where the rules for appending blocks are designed to make sure that the information is agreed on by the participants.

But more generally, blockchain is common usage, it’s a broad collection of technologies, including cryptography, open databases, payments, perhaps identity, and probably quite a few other things.

 

Blockchain’s potential for redefining the automotive industry

For Chris blockchain and related technologies broadly bring four unique capabilities to the table:

* Digital twins: bringing digital identities to physical things.

* Micropayments: Today’s banking system is relatively expensive as is the variety of other trust services related to payments. By reducing the cost of those trust services and enabling peer to peer payment, the size of the payment you can do goes down. Once that goes down you can pay for more things with micropayments, thus enabling things that aren’t monetizable today to become monetizable. That may include the buying and selling of data from a car. Charging for city infrastructure in small increments for congestion pricing, pollution pricing, carbon footprint pricing and all these kinds of things might become possible with lower overhead costs for payments.

* Trusted shared data. When Chris was the CFO at Toyota, most of the financing was through securitization. Securitization, is the main financing mechanism for vehicles where a collection of auto loans get sold off to third parties. The overhead costs for that process, such as legal fees, accounting fees, reconciliation fees and trust are 1 to 2% of the value of the loan. Being able to have an open database that everybody can look at, share and agree as the single source of truth can potentially reduce the cost for transacting quite a bit.

* Data privacy and protection – the ability to control user data or third-party app data at its source, instead of it being shipped to a central database where it can be a single point of attack.

These are the four basic capabilities that blockchain can bring to the mobility industry. They can be combined in various different ways to create a lot of interesting use cases.

For Chris the single most interesting one is the ability for vehicles to pay as they go for things.

The combination of blockchain,