Yuval Rooz

The question actually implies, in my opinion, the hardest challenge in this industry.

But I will put a small correction.

The blockchain itself is just a very

advanced database technology.

So it is just a technology.

I think, I think your question though, does point out to a bigger challenge that the industry have with or without blockchain, which is in order to have these efficiencies and kind of stream stream through processing alignment around data models.

And how do you process these things is a big component of it, right?

The reason why equities or treasuries are the biggest markets and are as efficient is because they are standardized products.

right?

There is no special treasuries, right?

It's just one type of treasury.

You have different durations, you have different coupons, but those are just plugins, right?

The treasury is a treasury is a treasury.

And I think that that's a very good point.

And one of the challenges of private markets very specifically is, is there a non-standardized kind of model?

So what, one of the things that we're doing there is we're trying to come up with as many templates as possible where you could have

the uniqueness, whether you want of a fund or a helicopter, but at their core, they do kind of distill down to kind of similar templates at the bottom layer.

But again, that's easier said than done.

I think it's the biggest challenge of the industry.

It's not necessarily because it's on blockchain, but how do you standardize these contractual agreements in order to have this kind of scaling?