Streamlining Lending with Smart Contracts with DAML (Digital Asset)

Captions as YouTube publishes them, usually machine-generated, so names such as Daml and Canton can be misheard.

1. 0:00

   um welcome everyone thank you for being here um we have a very nice discussion and demo in store for you today um so just a quick context behind the theme for the webinar it actually started with a decentralized credit app that was built by noldis and as we were discussing a roadmap to adoption we ended up creating a roadmap of sorts on how to use smart car tracks and blockchain how do we get started with the adoption can we go to decentralized right right off the bat or should that be should there be some other incremental steps that we need to

2. 0:32

   take so we came up with uh you know a three-step road map and we'll cover that road map of course towards the end of the webinar but briefly you know the roadmap sort of showed us that we need to first address challenges within the enterprise and how smart contracts can help with that once we've done that then you know we can go to solving some challenges that have traditionally been looked at when it

3. 0:56

   comes to smart contracts and blockchain to look at challenges between two enterprises when two enterprises interact with each other however those are you know those obviously require more strategic level conversations alignment between corporate strategies and all of that stuff so it's a little difficult to achieve so we made that as step two of the road map and uh at the end of course uh finally

4. 1:19

   uh once we've done that then there's the option to move towards a fully decentralized model you know which is probably anyway going to be an integral part of this connected digital world that we live in so there's some parts of it that are always going to be decentralized and that's where we end up being at the end of the roadmap uh so you know that's what we're going to be covering um so you know smart contracts and blockchain how do you use them within the enterprise

5. 1:44

   how do you use them between you know two different enterprises what kind of innovations are possible with that and then obviously we end up with a nice demo of the decentralized credit app that no less has built up uh just a quick uh logistical um item so we definitely have a recording and i will send try to send out the recording uh latest you know by tomorrow to everyone on the webinar also please post your questions in the q

6. 2:08

   a area uh i'll try to take a look at them and post the post them to the audio to the panelists um you know at the right time and hopefully we can discuss them during the webinar if not we'll definitely follow up with you uh at the end so so then without further ado then uh let me introduce our panelists for today um uh who will you know share their insights into these important areas and my hope is that um

7. 2:32

   you will walk away with some new things you know to think about when you think about smart contracts and lending and blockchain and and you know and topics related to that so first i'd like to welcome niraj kumar uh he's the executive director for verenji uh among other things virenci is a fintech that makes products for the underserved and underbanked segment and most relevant for today's discussion

8. 2:56

   would be the q fund product that's aimed at lending that neeraj is going to talk about and you know share his experiences on so niraj would you like to say hello and maybe introduce q fund briefly hello everyone good afternoon good morning good evening wherever you are in which part of the world so like manish said virenci is a fintech company amongst some of the other things we do we are a public company listed on the

9. 3:20

   indian stock exchange um we have a number of pen related software one is a buy now pay later platform called payeez we have also recently launched a virtual slash mobile app based line of credit product called vcard in india which is gaining some traction but for the purposes of today's discussion i will focus on our experiences with our u.s based loan management software called q fund so we've had this lms in the in the us market for close to 20 years now

10. 3:52

    and it basically covers the entire loan lifecycle from loan origination to servicing and all the way to settlement or connections um so i'll briefly talk to you about the various interactions with different third parties legacy platforms etc that lead to some of the challenges that we'll be discussing in today's webinar just to give you a sense of our scale right at q fund uh we have served 12 million unique customers with over 10 billion dollars worth of loans in the

11. 4:24

    past five years alone which is more than 40 million transactions so i look forward to sharing our experiences some of the challenges we faced as well as some of the innovations that are happening in this uh in our fintech world in this in this space so i'm excited about it and uh i hope uh you will get something out of it thank you manish yeah thank you niraj and now i'd like to introduce uh our

12. 4:48

    guests from oldis um so first off krishna singh he's the solutions leader known as he's also going to be demoing the decentralized credit app that we developed um that notice developed um and then of course i've got atul rawat with me he's vp of operations at noldis and he's going to be sharing some of his insights with when it comes to multi-party workflows and you know the innovations that are

13. 5:11

    possible with smart contracts um atul and uh do you want to say hello and maybe introduce noldis for a minute you are on mute hey sorry um uh can you hear me fine yeah we can we can all right thanks sorry for that problem hello everyone and um good morning good evening um so um so knowledge um you know we are a team of uh passionate uh technologist with a product uh mindset um you know we

14. 5:51

    we work in emerging technology space and work very closely with um with global businesses across domain and industry verticals to deliver compelling solution uh obviously keeping in mind the business challenges and provide you know competitive advantages um as you see in the screen uh our main capabilities are um uh of course you know in the blockchain space um uh and into the reactive products

15. 6:16

    iot micro services api data science data engineering and obviously on the um on the horizontal practices devops agile transformation etc we also have our strategic partnership you know with the likes of data breaks slide band confluent and many more uh to to deliver the value for our clients um obviously today um we have lined up the demo for the credit as manish uh talked about so i look forward for um to have a very active interaction

16. 6:48

    with you all thanks manish yeah thank you very much athol um so uh you know before we start let me actually uh launch a couple of polls just to understand who's among the audience um so we can just you know tailor the conversations a little bit um simple polls with you know what your experience is in that space so let me launch the first poll um let's see okay um can everybody see the screen uh

17. 7:21

    in the audience okay great yeah so um most of you seem to be smart contracts and dlt enthusiasts so far okay i think um okay great thank you yeah let me close the poll now and share the results with everyone um so we've got you know 73 smart contracts dlc enthusiasts which is uh good to know uh and then of course uh one of you works for a lending software provider which is great and then

18. 8:07

    um through a few others so we'll probably you know have to dig into that a little bit later so there's just one more question i wanted to bring up which is um your current experience with this tech so let's relaunch this poll um so just just to understand how well you know smart contracts in blockchain already okay okay that's great yeah let me share the results then so it looks like 50 50 between um folks who are new to smart contracts and dlts

19. 8:58

    and you know and obviously 50 or almost 50 on you have some experience looking to learn more and then a couple of you have obviously you're actively engaged so that's that's good to know and then you know we can obviously uh so we'll tailor the conversations accordingly so with that uh let me move on to let me set up the problem statement uh which is which is simply that islands exist between as well as within enterprises so traditionally we've seen

20. 9:31

    blockchain as a solution to bridge data silos or bridge you know gaps between two different organizations but smart contracts obviously especially demo smart contracts uh can can help bridge those silos within the enterprise as well and the problem here is that you know every enterprise and every department relies on multi-party workflows you know that's the name of the game every every business process is a series of

21. 9:54

    activities that which must be carried out typically those are different applications that carry out the business process and every application for the most part you know it has its own data stores and they try to keep in sync with the other application uh you know through the use of apis or file transfers and you know almost every enterprise has built up an entire infrastructure just to cater to that constant reconciliation and checks and balances that must happen between

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    organizations so that's the problem that we are starting out with the problem statement is that you know and as soon as something breaks uh there's always uh you know there there's an increased risk of uh you know customer experience whether it's financial risk uh you know it could be liability or uh you know it could be just that you know important timelines and and dates are missed when it comes to activities such as payments and and you

23. 10:42

    know various other things um more importantly i think there's also no um workflows you know so workflows are there but they are agreed in principle so you can never have a workflow in your hands it's always in a presentation or in the diagram um so you know and uh obviously uh because of that there are islands you know both between the and within the enterprise as well as uh between two companies or between multiple companies that are engaged in

24. 11:07

    executing a business process um so nirajan atul do you have any comments on that quickly sure so so like i was saying earlier right so we are in lms and if you think about how we operate right we who exist in a very complex ecosystem so we at any point in time we are interacting with the bank or the lenders legacy systems some of which might have come due to acquisitions mergers etc right so we have lenders who have a new

25. 11:36

    application for their loan sort of management but they are still carrying some of the traditional legacy stuff that they have acquired maybe or they had in the past which they haven't really gotten rid of you know even after multiple years and then you have the external third parties that we interact with it could be your credit rating agencies uh equifax experian pulse union it could be payment

26. 12:00

    processors it could be lead providers there's a number of customer communication things that we do we could just be integrated with back office things devices printers scanners bi and reporting so the ecosystem is complex there's a mult number of different interactions that happen and and what is important to understand here is that each of these parties may use different technologies different standards so their data requirements are different

27. 12:32

    so every time there is some level of customization required and whenever there's customization uh they end up managing their own copy of the data like you said managed right and that is where these islands exists and some of the problems that we talked about are going to talk about will come come to the fore yeah exactly do you have a comment quickly on this yeah no absolutely i think i agree i

28. 12:56

    mean if we look at uh the lending space you know today i mean it's almost uh you know what seven thousand billion dollar kind of a you know industry in itself uh and i agree uh you know with neeraj in terms of the you know the multiple complexities that exist today whether it is in terms of multiple workflow uh that manish you alluded earlier or multiple handoffs um you know there

29. 13:19

    are different stakeholders right the creditor the lenders uh and again you know this is a highly regulatory uh uh sort of a space and then again within the regulation you have a country level regulation and um you know multiple um other sort of you know regulatory requirement and hence it becomes absolutely important that how you actually able to synthesize uh you know all that so but it's very important to understand these complexities

30. 13:43

    um issues with the you know front office back office how the how these uh you know they interact with each other uh so that you know the overall process for the end customer is actually smooth um you know and seamless without any issues yeah got it okay i think there are a couple of questions which i'm unable to get to right now so uh so yeah let me get to the next slide and then i'll i'll get back to those

31. 14:07

    um so continuing with the theme then uh let's look at within the enterprise first you know so this maps well with the roadmap as well so what are the islands within the enterprise and as you can see um you know anybody who's working the enterprise space knows that you know any business process is a series of activities and those activities obviously done by multiple applications in this case you see loan application is

32. 14:33

    received you know it's underwritten you know then you have to service and receive payments on it you have to probably hopefully not but in many cases obviously you have to deal with collections you have to deal with customer service and obviously uh you know every enterprise is also aspiring to engage in cross-sell as well as upsell to customers both during application as well as during the life cycle of the loan

33. 14:56

    and um you know each of these uh because of this you know there are multiple applications that service all of these things and there's a lot of data back and forth that is happening between different applications in some cases i think you might want to comment on this q fund is a fully packaged app of course you know but in many complex organizations you know many complex organizations may or may not be able to follow it or follow a centralized model primarily because it's not because they don't want to but

34. 15:26

    it's just because of how business evolves you know different geographies different customer segments different products and acquisitions etc so what do you think on this absolutely so so in our case at least when we are working with a bank or a lender so it may vary from lender to lender but for the specific bank that we work with you know the the issues that we face are not around

35. 15:50

    data collection or data loss because pretty much we have the data the the challenges come from creating different views of the same data for different audiences right uh there'll be different workflows so you can understand for example a management report will need different views of the same data as opposed to an underwriting system or a regulatory report because the purpose of each of these data requests are

36. 16:14

    different right so so how they slice and dice the data and look at it differently is the issue there rather than uh not having a single view of that customer or or of that that data so but at least in the in the learning industry today right so there's a big push towards having an omni channel experience what does that mean it means that for example and i'll take a customer here because it's easier to understand so the customer has the same experience

37. 16:45

    or should have so so maybe in most cases we don't have that but the idea is or the ideal goal is that the customer has the same experience across different touch points so if you think about how a bank or a lender might reach customers you know it could be online it could be food to their mobile device it could be them walking into a branch even text messaging an email that you do sometimes these are not in sync with

38. 17:10

    each other you know so what what a branch personnel might see for a customer might not be the same as what they see online themselves or what a centralized call center might see so so that is the ideal goal that we want to move to and which is where these data silos kind of come into play yeah awesome awesome right that makes sense i agree in terms of you know so important thing is that how we are able to actually uh recognize these different data silos

39. 17:42

    uh because obviously you know the processes the for example if you look at the underwriting one right to be uh you know syndicate lending or a single lending or you know uh once you get the loan there are securitized or you know collateral lending as well you know that that sort of takes place and therefore important thing is that how to uh identify those uh you know silos uh and then sort of you know ultimately

40. 18:05

    how we can actually uh look at uh eliminating the manual sort of intervention and you know have technology sort of play a more important role in terms of ensuring a seamless collaboration with the you know with the front office back of middle office and back office that that we talked about yeah yeah so i think the primary challenge then is within the enterprise can you use smart contracts to um you know to actually bridge all of these different islands uh so

41. 18:31

    that everyone has access to the same state of data while maintaining the privacy because you know some of these departments may or may not want to know uh you know everything may not may or may not want to disclose everything that's happening to the other department for example but still i think they need to have a single state of uh of the data so that uh they are not out of sync at the same time so i think that's the challenge and that's what smart contracts can help

42. 18:56

    accomplish um so that's within the enterprise now so let's move on to interactions across enterprises um you know which sort of as you may have guessed you know the challenges are similar as we strive to maintain and reconcile multiple different data stores um so you know the technology is you know we have enough in a good advanced technology right now for example apis most of our

43. 19:21

    enterprises interact with each other through apis but that doesn't still solve the challenge of multiple data stores they are still not going away because both the caller and the colleague have their own data stores that they then update based on the results of the api call um you know and so this is not just a technology architecture challenge though so uh you know how do we need to think about this uh for example so neeraj do you have any comments

44. 19:45

    sure and then look um the the challenges uh when it comes to data being passed across different enterprises or just different systems are slightly more difficult right and i'll give you a very simple example of how how this plays out so like i said you know we work with graduating agencies for example or third party services so let's take a simple example of i have a customer for whom i want to pass on information to another third party right i might have 10 different fields for that

45. 20:18

    customer it could be they could have uh their income details their where they live you know their social security number and whatnot and obviously we're talking within regulations what you can share in the morning but the receiving party might not have those temples they might have eight fees or they might have five other fields that i don't have for example a customer might have two income sources so let's say i am i have two jobs and i

46. 20:42

    have one job where i earn a thousand dollars a month and another job where i earn 500 a month so in my system i see this customer as somebody who has a 1500 monthly income but if the receiving party only has one data field for income now suddenly that receiving party sees me as a different customer because now i am only earning a thousand dollars as opposed to 1500 sometimes you might have uh things like you know when do you when you do payment processing multiple bank account information and so on and so forth

47. 21:14

    so this is where data lost happens sometimes it's not really the data uh uh changed it's just that data got lost um and that is where the interaction between inter enterprises is difficult because everybody has their own data sets their data feeds right um and those challenges come to the fore when it's sort of interaction between enterprises exactly and i think when you spoke about credit management i think

48. 21:45

    almost all of us have faced it as consumers um our information is not the same um across the credit reporting agencies that absolutely even if you think about just three credit rating agencies we have yeah uh you know our you know the way just just the information that they have it obviously they have different regards in terms of how they score you but just the information that they have is different you know so they don't have

49. 22:09

    the exact copy of your information uh they have different copies of your information and that is where the differences and scores come about yeah yeah although you want to comment on this quickly uh sure manish so i think uh you know it is so i think part of the problem that manish had called out already but uh yeah not only just the the kind of data but you know the disparate data

50. 22:33

    sources that we have you know while actually uh interacting with across the enterprises right i think that is also you know uh sort of poses uh the the challenges um you know and obviously uh if you look at these different functions um uh obviously there are certain rules regulatory requirement etc that sort of prohibits certain exchange of data uh and therefore you know it becomes very important how to share a part of the data which is actually useful for a particular transaction um you know in this lending space or or

51. 23:05

    any any other particular you know industries that we're talking about so yes i mean different data sources across um the enterprises um you know obviously poses a great challenge uh you know to ensure uh that we get uh seamless you know uh processing uh for the business yeah yeah and obviously you know the boxes that you see on the slide are not exhaustive of course we listed out some examples

52. 23:30

    the loans can be transferred for example that loan transfer happens between two different organizations uh we've seen how painful that can be sometimes a lot of it a lot of stuff happens in the background we are not aware of we see the end result but we also see when the process doesn't work you know as expected um so you know for so let's uh you know let's let's get to you know the the

53. 23:55

    you know the foundation of this webinar is uh how do we use smart contracts and what smart contracts do especially you know we are going to be talking in the context of daimler damil you know today they allow they maintain privacy obviously privacy is very important between when it comes to interacting between two different companies or two different enterprises but it's also sometimes important when you're dealing with two different departments which need not

54. 24:19

    which which do not you know always have to see a complete customer information for example you know uh somebody who's cross-selling doesn't need to know customer balances for example you know so stuff like that so how do you maintain privacy but still give all of these stakeholders and different companies access to a single golden source of data so that's what smart contracts can bring and as you've seen there is potential both within the enterprise as well as

55. 24:43

    obviously workflows between the between two enterprises as well and that brings us to uh you know quick uh summary of what is um you know how does this tech stack look like you know so a lot of you are obviously enthusiasts with smart contracts and blockchain so i think you'll appreciate this slide um damn smart contracts um you know there are two or three you know key properties that i wanted to mention today

56. 25:07

    one is obviously you know they'll they'll help you they're fit for purpose you know so they are fit for multi-party workflow so you're not using a general purpose language to define privacy and and all of that stuff that's all baked into baked into the smart contract language the other big property is that damol is completely portable so as you can see at the bottom it runs on so many different ledgers or blockchains and those dlts and blockchains are

57. 25:32

    useful when it comes to interacting between two enterprises but if you are trying to implement smart contracts and improve collaboration within within one enterprise you you may or may not want to use a blockchain you know or a dlt because of the additional overhead it might entail so you might want to use the properties of smart contracts maintain privacy but facilitate that collaboration while using your uh you know traditional databases so

58. 25:55

    damil also runs as you can see on on traditional databases as well and of course you know since it's the same application if tomorrow you decide to switch databases or tomorrow you decide to switch blockchains obviously your application and your front end of course is completely portable and the second big property i wanted to talk about is interoperable so which means that you know um

59. 26:18

    you might be deploying or one part of the organization may be deploying something on demo maybe on a blockchain while the second part of the enterprise or another enterprise for example could be deploying their own network either on a database or in a blockchain what demo does is it allows you to seamlessly transact across the two networks atomically transact um you know which gives you complete interoperability between two different networks so that's

60. 26:43

    also a very important feature of you know how smart contract contracts can work and um how daml especially you know makes that happen and of course you know damol is obviously being used by uh pretty significant organizations there are you know significant projects that are being executed today um so you know we'll cover that in a separate webinar or maybe you can find that out on tamil.com um but you know that with this

61. 27:06

    foundation it sets us up for a lot of innovation so now that you've mapped and bridged silos and islands between enterprises as well as inside your enterprise um you know how do you you know how do you drive innovation and some of these things that you see you know you can drive kyc obviously subject to regulations one customers kyc can be used by another lender for example um or some parts of the kyc can be used

62. 27:35

    uh you know regulatory reporting can be simplified these are obviously the you know tip of the iceberg there's you know there's a lot that goes under it but uh you know once you have this foundation of a golden source of data you know private uh you know mutualized workflows then obviously sky is the limit um neeraj and atul do you have any comments on this no uh yeah i i think i would like to add no so most of these so you know if you look at the um different

63. 28:08

    business uh you know processes i think uh what is important is that how some of the uh some of this actually you know runs uh you know in the in other industries as well you know so uh kyc today is being used across you know the industry right and um there could be you know from a consumer and corporate perspective wherein you know you on the corporate side you might get 600 700 pages of

64. 28:30

    kyc with a lot of things to be to be checked and that is where i think um some of the information that i think money shared in the previous slide i think can be helpful in ensuring that um you know not only you're able to solve for uh you know the uh the manual sort of uh you know intervention but also you know how we can actually bring in elements of uh you know cross sharing of data

65. 28:54

    privacy of data uh and and that you know to ensure that you know that golden uh sort of data can be shared across the different stakeholders manish i just like to add sorry yeah yeah go ahead so we obviously deal much more in the consumer learning space right so rather than the enterprise vending space so kyc across lenders for example are subject to regulations there is potential to innovate um especially if you have a common regulatory safe framework that we can

66. 29:26

    follow and standardize you know standardize the data processing and and the the challenge for us is that is something that we cannot do at an lms level or a private provider sort of level or even a bank level that is something that comes let's say from a cra level so if there is standardized regulations around data collection and data reporting uh by let's say the crate rating agencies

67. 29:50

    so so that's uh that's a different wall game then then you have some standardized procedures to follow for example if you look at how india has implemented recently aadhaar or upi right so that is uh closest to in terms of current that i can think of a standardized central repository from which lenders or lms's or the third party providers can benefit so so that's a very good sort of case study for for us right now yeah yeah and obviously you know this gets us talking about some of the futuristic things that are happening so

68. 30:22

    we've been talking forever about how do we give customers you know ownership of their identity instead of them having to authenticate and their identity being kept at you know multiple different uh multiple different organizations how can customers carry their own identity with them and produce it on demand and get it verified on demand so things like those are possible then you know with this uh with this concept and obviously it brings us to

69. 30:46

    d credit which is decentralized lending which krishna i'm going to pass pass along to you um to show you know how we can accomplish this marketplace where lenders borrowers you know multiple service providers can come together and we can fully automate uh you know the process and subject of course to the same regulatory uh requirements uh and you know compliance needs that that are that are required you know in a feasible marketplace that works um so the bottom line here is you know

70. 31:16

    like um once we solve this problem uh we can you know bring our own unique advantages to the game instead of trying to use our innovation dollars to manage the underlying plumbing i think that's uh that's i think the biggest difference that it that it brings um so quickly on the roadmap you know so we saw how we can solve islands you know or bridge islands within the enterprise um so that is the easiest first step to

71. 31:42

    take if you are working for an enterprise um you know and if you see these challenges which you will uh multiple data bases and you know always constant reconciliations you can obviously try to use uh you know smart contracts within the enterprise and then move on to the inter enterprise workflows between two different companies and then finally obviously you know which this um i think it's more like phase three it's like a component

72. 32:07

    of your digital fabric where you know some parts of it will always be decentralized and by this we mean that multiple ecosystems will come together and they can interact across different ecosystems so one lender working with another lender on kyc for example you know or one customer you know with decentralized identity for example you know so those are some of the things that can that can happen here as well as lending um so krishna before i hand over to you let me

73. 32:32

    just quickly look at the q a tab for some reason it's not coming up but uh why don't i hand over to you um krishna and then in the meanwhile i look at the look at the q a sure uh so hello everyone so d credit is basically a direct landing platform where legal agreements established between parties and payments can be completed and everything can be done on shared distributed ledger in real time so we are trying to eliminate middlemen by creating direct landing platform

74. 33:04

    where borrowers and lender together come on platform and can deal with each other next slide so in d credit we have primary three different roles borrower validation authority and lender so borrower can request a loan and can select any one of proposal proposed by lender and validation authority can verify user can ban on ban them and can do some some other stuff and can also create a verified request for all lenders

75. 33:42

    why lenders can check borrower's request and can propose offer to the borrower depending you know on its profile um so this is the workflow between borrower and validator first of all follower creates a profile and after validator verifies profile borrower can apply for a loan validator can also ban and when user if they if there is any violation so as you can see here borrower can

76. 34:13

    initiate whole process by creating loan request then after verifying request validator can address now borrower has to uh transfer money to the requested wallet and will provide transaction id to the validator after validator verifies transaction id and approves the request now it will be visible to all the lenders as you can see here selected by the borrowers uh next slide yeah and and krishna we are just showing the origination workflow here right

77. 34:47

    yeah yeah so uh now once lender receives the request he can either create proposal or market as an as you know as it as he is not interested now different lender can quote different proposal and now different proposals are visible to borrower now it's up to the borrower to choose any one of them or reject all of them in case borrower selects any one of them or proposal will get automatically archived and the final contract is created between lender and borrower now once the final agreement is

78. 35:18

    established borrower can receive the loan amount and you know all the other further steps um manish next slide please so uh we are using devil to host our application i think as it as it is a great option to build a scalable backend for sas application so basically using doubles you know we can deploy application back in in seconds and it automatically generate application api and also use authentication authorization

79. 35:48

    policies are automatically generated as well and we can also integrate third party services without any hassle yeah so this is essentially the double cloud so you can uh look at this at projectdouble.com uh which is a free to start of course so you can just simply write your demo models upload them to projectdiable.com and uh and you're up and running you know so it's that simple actually and you can

80. 36:13

    also host your um ocr web front end that krishna is going to show you in a couple of minutes right on project level so you don't have any separate hosting infrastructures to worry about um so we are ready to go to demo krishna do you want to share your screen yeah yeah okay i'm gonna stop sharing them okay oh is my screen visible yeah i can see it okay so um i so i will going to uh give a quick demo specifically about the loan origination process of our application

81. 36:53

    so let's begin i already created few user for demo purpose so let's login as alice borrower so profile of alice borrower is already verified by the validator so now he can apply for a loan from here he can apply for a loan he can provide the amount requirement 1000 time period and collector details yeah just a quick comment uh krishna while you're doing this so the ui that you see um is uh open source

82. 37:49

    actually not this particular ui but the template on which this is based is open source uh it's called the damn ui template so if you go on to github uh developers among you go to github.com digital asset and look for demo ui template you can download this uh react template and um quickly configure it to work on your on your demo model so it's uh it doesn't require any extensive coding just a little bit of configuration and

83. 38:13

    you can get a ui like this for your ml models which you can also host on project level uh okay so let's so i uh i logged in as a validator so as you can see now validator um can you know verify the request and will ask borrower to transfer the collateral by sending him some you know wallet address sorry for that you're using crypto as the collateral in this case but it can be any other any other physically collateral as well yeah right yeah right now we're using collector but

84. 39:17

    it can be anything yeah see if we look at it i mean uh so yes uh you know this one particular example we use cryptocurrency as a collateral but i mean if you look at some of the use cases nowadays land registration getting digitization so those could be you know can be done as well so it could be used for various uh you know asset types as well yeah okay so now now we have a validator

85. 39:42

    wallet address so borrower can transfer collateral and can provide transaction id for that particular transaction so uh that's it we want to now validator can verify the transaction transaction id after clicking verify this request will be visible to the all the lenders which were selected by uh um the borrower during you know doing the selection process during the loan uh initialization process

86. 40:29

    now let's login as a first lender uh as you can see now for slender the first lender can see the verified request now he can propose some offer to the alice borrower so you know he can see the details and um and can propose offer on the basis of that detail so so it proposed so uh he proposed the uh interest rate of 12 to the uh for over now let's login as a second lender

87. 41:30

    so uh he can also propose some offer now that will be 13 percent uh now let's log in as a borrower uh as you can see borough got the proposal from the first letter as well as the second lender he can accept any one of them depending on the ddt so let's accept this one so as soon as um the borrower accepts the software it will create a final agreement between alice and the first lender

88. 42:14

    so this is this was a quick demo of the loan origination process of our application so uh what do you mention yeah thank you so much i'm not sure if you noticed i think but the same workflow can also be used for um i was thinking leads management and bidding on the leads right by the various folders absolutely um okay so i'm going to share my screen again okay okay so um okay great so yeah thank you so much for the for the nice uh demo krishna and it's obviously can be deployed on project level it was coded in demo of

89. 43:13

    course and uh wanted to get you back to this uh quick slide so as we saw today you know as we summarize um you know you can do it within the enterprise of course you can deploy your contracts on a database and a question came up from daniel which i wasn't able to get to before uh the question is obviously uh you know we can go from intra enterprise to intel etc that's a great roadmap but what about the roadmap within an

90. 43:38

    enterprise when you have to modify all these applications to start using demo so obviously there are multiple approaches to that daniel however your core applications need not change at the point of when they exchange data with each other that is the point at which we can uh insert uh interaction with the demo smart contract layer through apis um so that you know the uh in the first phase uh when you're trying to prove out the value you don't need to actually uh you know wrap it you know transform

91. 44:10

    everything within your application landscape but you can sort of play an integration game and then slowly as you move forward you could then you know include more and more functionality into your demo smart contracts and sort of you know uh make it a more smart contract heavy uh landscape uh and the same thing goes for intra and inter enterprise as well um so with that said i think um that brings us to the uh you know to a conclusion um and i'd

92. 44:36

    like to say you know um you know the first phase obviously gives you immediate return on investment you know as you're thinking about use cases and you know your roi return on investment obviously accelerates as you keep moving on the right moving to the right it's you can also think about it when i heard it at an event last year instead of thinking of it as an roi uh most enterprises also like to invest as

93. 45:01

    ior which is invest on return uh so you can show your returns uh you know by uh in the enterprise by executing simple use cases using smart contracts and demo within the enterprise and then then you can invest further as you get those benefits um neeraj atul any any last comments that is very interesting uh but but it is true look i mean just if you just think in terms of risk reduction right uh just uh the thing in terms of availability or transparency of data

94. 45:34

    uh just in terms of whether data is able to flow uh on a real-time basis or it's clunky or whatnot right so just that itself give that investment gives you return right so i'm going to use that ior thing again yeah great yeah go ahead do you have any last minute uh closing comments uh sure thanks manish i think uh you know overall if you look at um you know the um uh the kind of complexities uh

95. 46:06

    you know which is there as part of the you know business processes be it lending the demo that we saw or the similar uh you know in uh similar kind of businesses when you have complexities within front office middle office back office you know the um different island as manish called about called you know that exists i mean our our experience of using damil uh you know was you know was quite effective in terms of the the application demo that you saw because it really brings in um you know a lot of

96. 46:38

    effectiveness in terms of managing some of these issues with regard to multiple you know handoffs using uh key data still you know keeping the privacy etc infrastructure depend independence so those kind of different functionalities really help in uh the improving the overall you know the the processes so um you know so that that's been a real real experience in fact we have been um you know uh we have been uh now using it uh and

97. 47:09

    in advance talks with you know one of the cryptocurrency uh provider uh who now wants to uh use their crypto asset uh you know to use for lending as a product demo that you saw so um you know so so and likewise there are similar kind of use cases that we are currently in talks in terms of uh you know in the in the lending environment perfect perfect yeah that makes sense um yeah so that brings us to the end of the discussion today uh thank you everyone for joining and i'll i've recorded the webinar obviously and i'm going to share a

98. 47:40

    recording with you uh latest by tomorrow um and uh yeah stay in touch and expect an email from me um thank you very much atul niraj krishna excellent discussion thank you so much thank you