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00:00So, hi, everyone. My name is Ravi, and the co-founder, CEO of Zeev.
00:05And today on Vetri Voice, we have a very exciting guest,
00:10Maryam Ayati. And Maryam is the co-founder and president of Water Protocol.
00:16A very innovative, a very much-needed
00:18Vetri platform solving real enterprise need.
00:24And we'll deep dive into what Water is building
00:27and how it is going to revolutionize the commodities market.
00:31So, first of all, I'd like to welcome Maryam.
00:34Hi, Maryam. And to start with, we would love to have
00:38you introduce yourselves at the same time.
00:41Tell us about your Web3 journey, how moving from enterprise space
00:45to Web3 and getting into building Water Protocol.
00:52Well, Dr. Ravi and everyone from the Zeev community,
00:56thank you so much for having me here.
00:59I'm based in California, so it's almost properly morning for me, 6 a.m.
01:05And I'm really enjoying my cup of coffee
01:08to start the day off with everyone here.
01:13I have to also mention that, you know, all of these journeys,
01:19they start with having the key partners
01:21and enabling relationships in place.
01:25And as many of you know, Zeev has been
01:28and will continue to be a core partner for us
01:31at the Elwana at Water,
01:34as are, you know, the Avalanche and Avalapse team
01:37and many of our other co-founding partners
01:40in enterprise and tech.
01:43So it's really exciting for me to be having this conversation
01:47because without all of you, so much of what we're trying to do
01:51would be incredibly more complicated, slow,
01:55and less rapidly deployable.
01:59Talking about journey to here
02:01and how we ended up really thinking about water
02:05as a necessary missing layer one infrastructure
02:11to enable commodity flows,
02:13I invariably go back to a day in 2016
02:18when my, you know, many of my friends and colleagues
02:22from the commodity trading world
02:25at the time I ran Shell Trading's
02:30Global Origination and Investments Practice
02:33which looked after all of our physical commodity deals
02:39and flows that were across commodity
02:41and global across geography.
02:45And that really put me in this incredible vantage point
02:48of being able to see and participate
02:52in the world's largest flows of physical oil,
02:57oil products, carbon, etc.
03:01And so on that day in 2016,
03:03many of my peers from all the other industry
03:08from BP was there, Total was there, Chevron
03:13and many of the trading houses
03:15and many of the world's largest banks.
03:17We had met in Geneva for what was a very first,
03:22a world first gathering of most of the world's crude markets
03:28to talk about how might we within all of the considerations
03:35for competition law and regulatory rigor,
03:39how might we innovate within our industry
03:45and leverage all of the latest technology
03:48to eliminate some of the friction of being paper-based, etc.
03:51And that gave birth to what then became a holding company
03:57that all of us and many others contributed to.
04:01I had the privilege of being elected chair
04:04by my industry peers.
04:07And that holding company really pioneered
04:11enterprise blockchains back in 2016.
04:15And we co-invested in a series of digital ventures
04:20that we believed the industry needed to transition
04:25from its more paper-based, slow, prone to prod
04:36and mistake and human error
04:38and transition to a future that was fully digitized
04:42because all of us knew and deeply understood
04:45that silos don't work in an industry
04:49that connects the world's resources
04:52with the world's demand.
04:54That gave birth to many of the world's first enterprise blockchains
05:00and I had the privilege of being part of those
05:04as an investor, as a board member
05:06and ultimately with Shell as a customer.
05:10But what we could never really do collectively
05:14up to 2020 when I decided to leave Shell
05:20was we could never get to trade execution on-chain.
05:27We could never address the collective KYC
05:33and identity dilemma that we had
05:36bridging off-chain creditworthiness, KYC, AML
05:42with on-chain practices at a level that allowed us
05:47to really get rid of some of the friction
05:49that exists in today's traded world off-chain.
05:53And we couldn't get past
05:55how do you bridge this massive trade finance gap
05:58that really exists because financiers
06:02are fleeing commodity markets.
06:05The gap's about $3 trillion today.
06:08They're fleeing commodity markets
06:11because of so much of this risk
06:14and most of it is
06:15I don't know who I'm doing business with.
06:18I don't know if that person is on a sanctions list.
06:21I don't know if I'm buying
06:22what I'm buying is sanctions goods, etc.
06:26And finally, because all of the projects
06:30we were building were wonderful.
06:32We were reaching close to majority market share
06:37in some of the world's largest markets,
06:40but they weren't connected
06:43because we didn't have a layer one
06:45that really was built for commodity markets,
06:49for their trade, for their financing,
06:51and for their connected identity needs.
06:56And that's really the origin story of water
07:00was understanding those,
07:02understanding that the market
07:03didn't provide them
07:05and the need to have a layer one
07:08base infrastructure
07:09that all of these commodity applications
07:11could be built on
07:13while remaining connected, compliant,
07:16and bringing the financing and liquidity
07:19and the innovation of crypto
07:21into commodities.
07:24Got it.
07:25No, I think that's a very wonderful story
07:26and especially very, very focused
07:30on the problem statement
07:31and seeing, you know,
07:33how the problem can be solved
07:34using some of the emerging technologies,
07:36whether it be blockchain
07:37and then using some of the components
07:39of blockchain tech.
07:41So just to dig deeper into the problem today,
07:47which is there in the commodities market,
07:49as you rightly said,
07:50it's a massive market
07:51when we talk about metals or minerals,
07:54agri-produced and as well as oil,
07:57we are talking about a massive market, right?
08:00And at the same time,
08:01you mentioned some of the challenges
08:02which are there,
08:03whether it be challenges of liquidity,
08:08where commodity finance
08:09or trade finance is still limited
08:13and restricts the growth.
08:16And at the same time, you know,
08:17there is opacity
08:18as far as systems are concerned.
08:20There are very complex regulations
08:21and compliances that, again,
08:24stifle growth and innovation
08:25within this commodity market.
08:27And as we know,
08:28in the last 30, 40 years
08:29with so much of globalization,
08:32commodities have become
08:33not just massive,
08:35but at the same time,
08:36highly critical for any country to survive.
08:41So with all these problem statements,
08:45how you planned on using blockchain
08:49and various components
08:51to solve the challenges
08:54that we are seeing
08:54in the commodity market today?
08:57That's a wonderful question
08:59and a very big one.
09:00So I'm going to try to keep my reply short,
09:03but let's dig into any aspects
09:05that are of particular interest.
09:08I want to touch on scale.
09:11Scale is, you know,
09:12we talk about real world assets.
09:14We talk about digital assets growing up
09:17and being really a core pillar
09:21of the financial system.
09:23And I'm seeing so much great work
09:26being done in the financial space.
09:30What we're not really seeing
09:31outside of the work we're doing
09:33and outside of the work
09:34some of the enterprise partners are doing
09:36is expanding this digital asset infrastructure,
09:42the capabilities of blockchain
09:44and the core functionalities
09:46of decentralized finance
09:48and its liquidity into physical flows.
09:52The physical flows,
09:53as you rightly mentioned,
09:54of agriculture that feed the world,
09:57of metals that really built
09:59and power the world's mobility,
10:02architecture,
10:03all of our infrastructure,
10:04and the fuel that turns our lights on,
10:08moves our cars and engines, etc.
10:11That ability,
10:14that scale,
10:14and I just want to put some dimensions
10:16on the table
10:17for everyone to really think about it.
10:20The digital assets market,
10:22the crypto market,
10:24at its peak,
10:25is about $4 trillion
10:26on a really good day.
10:30Physical oil alone,
10:32physical oil,
10:33traded oil,
10:34in a given year
10:35is $3 trillion.
10:37The financial trade
10:40of that same oil
10:41in a given year
10:42is closer to $113 trillion.
10:46Now,
10:47the financialization of oil
10:49and oil products,
10:51which is even bigger,
10:53and gas,
10:54and copper,
10:55and all of the other physical attributes
10:57we think of,
10:58physical assets we think of,
11:00when we think about commodity markets,
11:02has that huge leap
11:04between $3 trillion
11:05to $113 trillion to go,
11:09and we really see
11:10blockchain,
11:13crypto,
11:14and cryptography
11:15being a core,
11:17core enabler
11:18of how we allow that expansion.
11:21So,
11:22for us,
11:22it's really about expansion,
11:23and A,
11:25bringing in liquidity
11:27in digital assets
11:29that is looking
11:30for a more practical,
11:36more essential,
11:37more value-adding deployment
11:40into the real-world economy.
11:43Second,
11:44for builders
11:45in the world
11:47of crypto
11:48and digital assets
11:49to be able
11:50to do more
11:51than participate
11:52in the financial
11:54infrastructure
11:54of the world,
11:56but to participate
11:57in the resource
11:58and physical infrastructure
12:00that powers our world.
12:03You know,
12:04everyone's talking about
12:05AI
12:06and compute
12:07and how much energy
12:08it needs.
12:09Well,
12:10all of that energy
12:11requires also
12:12raw materials
12:13such as
12:14copper,
12:14lithium-ion,
12:16crude oil,
12:17natural gas,
12:18because that's where
12:19our energy comes from.
12:21So,
12:21when we're
12:22going back
12:23to thinking
12:25about
12:25need
12:26and demand,
12:27those basic
12:28raw materials
12:29of prosperity
12:30is where we'd like
12:31to attract
12:33the builders
12:33and the liquidity
12:34of crypto
12:36and digital assets
12:37to,
12:38and as I mentioned
12:39earlier,
12:40then you need
12:41an app store,
12:43a hub
12:44for these things
12:45to work,
12:46and we
12:47streamline
12:49all of the
12:50compliance
12:51and regulatory
12:51and privacy
12:54needs
12:54of enterprise
12:56specifically
12:57in the physical
12:58commodity space
12:59on water
13:00so builders
13:01can get
13:02to the important
13:03work of building
13:03and innovating
13:04and financiers
13:06can get to
13:07the important
13:07work of
13:08providing,
13:09finding,
13:10and participating
13:10in those
13:11upsides.
13:12Got it.
13:14Now,
13:14I think
13:15that makes
13:15this very,
13:16very clear
13:16and it also
13:18showcases
13:18the importance
13:20of a platform
13:20or the protocol
13:21like water.
13:22so as we
13:25understand
13:26from a
13:28technology
13:28standpoint,
13:29one,
13:30there is
13:30the underlying
13:31decentralized
13:32network
13:32infrastructure
13:33for which
13:33you
13:35selected
13:37Avalanche L1
13:38as the stack
13:39to power
13:40the decentralized
13:41network
13:41and on top
13:42of it
13:42you have
13:44designed
13:45very critical
13:46components
13:47like this
13:48water ID
13:48which is a
13:49decentralized
13:49identity
13:50and then
13:50water mark
13:51and then
13:52you have
13:52a new
13:53reserve
13:53for provenance
13:54and then
13:55at the same
13:56time,
13:56you know,
13:56when we
13:57talk about
13:57commodities
13:58we are
13:59talking about
13:59enterprises,
14:00large
14:01government
14:02organizations
14:02so privacy,
14:04compliances,
14:05risk management,
14:06etc.
14:06becomes super,
14:07super important.
14:08So I
14:09understand
14:09it's a
14:10massive
14:10collection
14:13of different
14:15tech pieces
14:16or components
14:17to bring them
14:18together to
14:19serve this.
14:19So starting
14:21with the
14:22choice of
14:23Avalanche L1
14:23as the
14:24stack,
14:26what were
14:26the areas
14:27that,
14:27you know,
14:29why you
14:30chose
14:31Avalanche L1
14:31whether it
14:32be security,
14:34compliances,
14:35throughput,
14:36or
14:37sovereignty,
14:38what were
14:39your motivations
14:39to go
14:40with L1?
14:41Well,
14:44as anyone
14:45who's
14:46followed
14:46our
14:47journey
14:47from our
14:48origin
14:49will know
14:50we have
14:51been
14:53working
14:54toward
14:55and looking
14:56toward
14:56finding
14:57the right
14:58core
14:59infrastructure
15:00partner
15:00that allows
15:01us the
15:01scalability,
15:03the speed,
15:04and the
15:05performance
15:05we need
15:06to bring
15:07the world's
15:07largest
15:07physical
15:08commodities
15:09on-chain.
15:09So the
15:10table stakes
15:11are an
15:13infrastructure
15:13stack
15:14where we're
15:16not worried
15:16about
15:17things like
15:18decentralization.
15:19Is it
15:19decentralized
15:20enough?
15:21Are we
15:21going to
15:22have issues
15:22with it
15:23having
15:23downtime?
15:24Can it
15:25actually
15:25scale to
15:26where it
15:27does give
15:27us those
15:28instant
15:29settlements
15:29that we
15:30need as
15:31the market
15:32starts to
15:33bring more
15:33and more
15:33physical
15:34commodities
15:34that are
15:36bigger than
15:37the crypto
15:37market is
15:38today?
15:39And Avalanche
15:40was a
15:40hands-down
15:40yes.
15:41We went
15:42through
15:42quite a
15:44detailed
15:44RFP
15:46process,
15:47request for
15:47proposal for
15:48those of
15:48you who
15:49aren't
15:49from my
15:49world,
15:50and we
15:52spoke to
15:54every
15:54major
15:55infrastructure
15:56provider out
15:57there,
15:58and Avalanche
15:59was really
15:59the only
16:00one that
16:00fit the
16:01bill,
16:01while being
16:02able to
16:03give us
16:03the sovereignty
16:04we require,
16:06because our
16:07customers and
16:08partners have
16:09very, very
16:10different needs
16:11and requirements
16:12than, for
16:14example, the
16:14financial market
16:15would, or
16:16the gaming
16:17market would.
16:18So that
16:18sovereignty
16:19aspect of
16:19the subnets
16:20and L1s
16:21was really
16:21important.
16:22But I
16:23think the
16:23thing that
16:23really, really
16:25made it a
16:26no-brainer
16:26for me and
16:28our industry
16:28partners was
16:30the team at
16:31Avalanche,
16:32people like
16:34Emin
16:36Gunsirer
16:36and John
16:37Nahas,
16:38and everyone
16:39who supports
16:40them and
16:41builds this
16:42community,
16:43because not
16:45only did
16:45they deeply
16:47understand what
16:48we are doing
16:49and the
16:50dilemmas where
16:51we're trying to
16:52turn into
16:53opportunities,
16:54but they
16:54really were
16:55some of the,
16:57in my mind,
16:58some of the
16:58sharpest people
16:59we met in
17:00this industry.
17:02And I,
17:03you know,
17:03every time you
17:04do a partnership,
17:05you're partnering
17:06with people just
17:07as much as
17:08you're partnering
17:08with the tech
17:09and us,
17:11our enterprise
17:12partners and
17:13our board was
17:14really excited
17:15about what
17:16we could do
17:17with the
17:18Avalanche team
17:19alongside us
17:20and the
17:20Avalanche tech
17:21powering
17:23everything we
17:24do.
17:24Oh,
17:25I absolutely
17:27agree with you.
17:28I think
17:28Avalanche is a
17:30great stack
17:31and as you
17:32rightly said,
17:33they have an
17:34amazing team,
17:36very professional,
17:37very professionally
17:37managed organizations
17:38and at the same
17:39time,
17:40very robust
17:41ecosystem and
17:42massive ecosystem
17:43support they
17:44provide to all
17:45the builders.
17:46And in terms
17:47of tech,
17:47I think the
17:48subnets in
17:49new avatar L1
17:50allows you to
17:52launch your
17:52permissionless chain,
17:53you can extend
17:54your validator
17:55set,
17:55make it more
17:56and more
17:56decentralized.
17:57At the same
17:58time,
17:59critical stakeholders
18:02can join the
18:03chain,
18:04high throughput,
18:06privacy,
18:07all the features
18:09that you
18:09mentioned is
18:10something that
18:11L1stack offers
18:12today and I
18:12think it's
18:12very lean
18:13and stacked.
18:15So the
18:16cost of
18:17running Avalanche
18:18infrastructure is
18:18also very,
18:20very competitive
18:21as compared to
18:22other stacks in
18:23the market.
18:23So absolutely
18:24an amazing
18:25choice,
18:26a very solid
18:27ecosystem that
18:27supports the
18:28underlying tech.
18:31Now,
18:31you know,
18:32on top of
18:33it,
18:34you know,
18:35when we talk
18:35about trade
18:37finance,
18:38so I have
18:39worked with
18:40trade finance
18:41in the past
18:42before starting
18:43Zeeve as an
18:43infra player.
18:45And we
18:45realized that
18:46any enterprise
18:46system has
18:48got some
18:49core requirements,
18:50whether we
18:50talk about
18:50RWA,
18:51whether we
18:52talk about
18:52trade finance
18:53or supply
18:54chain
18:55traceability,
18:56et cetera.
18:56So there
18:57needs to be
18:57identity,
18:58there needs
18:58to be a
19:00proper
19:00decentralized
19:00data storage,
19:02there needs
19:02to be
19:03privacy and
19:04compliances,
19:05data compliances
19:06specifically.
19:07So I see you
19:09have launched
19:10WaterID and
19:11WaterMap,
19:12these two
19:12products,
19:12which is
19:13helping build
19:14the whole
19:15identity-backed
19:15trade finance.
19:17So a bit
19:17about these
19:18two products
19:19and how
19:20you are
19:21driving or
19:22revolutionizing
19:23the trade
19:23finance piece
19:24pertaining to
19:25a commodity
19:26space.
19:29I love
19:30that we're
19:31going right
19:31to that
19:32because identity
19:34is the
19:35master
19:36citizen,
19:37the connective
19:38tissue in
19:39physical commodity
19:41flows.
19:42I need to
19:43know who I'm
19:43doing business
19:44with and I
19:45need to know
19:46what that
19:46business entails.
19:48And we
19:49hear a lot
19:50about all
19:52the fraud
19:52and corruption
19:53and the
19:54consequences of
19:56regulatory rigor
19:57on crypto
19:58markets.
19:59I invite you
20:00to just
20:01Google
20:01oil
20:03trading,
20:04commodity
20:04trading and
20:05fraud and
20:06you will see
20:07the order of
20:08magnitude of
20:09regulatory
20:09rigor on
20:11commodity
20:12trading is
20:13significantly
20:14higher than
20:15what it is
20:16even in an
20:17industry like
20:18crypto because
20:20there is so
20:21much value
20:22trading hands
20:23and there
20:24are, yes,
20:25many people
20:26taking shortcuts
20:27but also
20:28many people
20:29honestly getting
20:30caught up in
20:31things they
20:32didn't really
20:33understand they
20:33were getting
20:34caught up in.
20:35And as some
20:36of the largest
20:37industry players
20:38in the world
20:40back when I
20:42sat in my
20:43enterprise seat
20:44at Shell,
20:45we were very
20:47aware of
20:48this dilemma
20:50of KYC
20:52and identity
20:52because it
20:54was essential.
20:56It was our
20:57license to
20:57operate as
20:59an industry.
21:00It was
21:01really old
21:03school and
21:03outdated the
21:04way we had
21:05to do it.
21:06There were so
21:07many bloated
21:08intermediaries who
21:10monetized our
21:12ability, you know,
21:13to get private
21:14data from a
21:16potential counterpart
21:17to then do the
21:19vetting and
21:20screening and
21:21then get a, you
21:22know, a red light,
21:23yellow light,
21:24or green light
21:25for doing
21:26business with
21:27them and
21:27then do it
21:28all over again
21:29across the
21:30industry for the
21:31same counterpart
21:31probably about
21:3230, 40 times
21:34and then do it
21:35all over again
21:36in a year.
21:36No one other
21:38than the
21:38intermediaries ever
21:39owning the
21:40data and never
21:41being able to
21:42reuse that.
21:43So, for
21:43example, if a
21:45shell does
21:46KYC on
21:47counterparty Y and
21:49they find out
21:50that counterparty
21:51Y isn't
21:52someone you can
21:53do business
21:54with, you
21:55know, there's
21:55no way that
21:56the next
21:56partner can
21:58just leverage
21:59that knowledge
22:00and ditch the
22:01six months of
22:01work and
22:02delay.
22:04And what's
22:04really wonderful
22:05about decentralized
22:08identity and the
22:10way you can
22:11manage that in a
22:12blockchain
22:13environment is
22:15all of the
22:16onus and
22:17ownership of
22:18that data
22:19management, that
22:21verification can
22:22become self
22:23sovereign so a
22:24counterparty can
22:25own all of
22:26those data
22:27points, the
22:29verification, keeping
22:30it up to date
22:31and that KYC
22:33AML can become
22:34transferable and
22:36interoperable
22:37across a whole
22:38ecosystem of
22:40doing business
22:41and financing.
22:41So water
22:43ideas are
22:44really about
22:45flipping that
22:45model.
22:46And, you
22:47know, I'm
22:47really privileged
22:48to work with
22:49my colleague
22:49Nitin Gavane
22:51who I
22:52believe and
22:53I think much
22:54of industry
22:55believes is
22:56one of the
22:57leading
22:58creators and
23:00builders and
23:01designers and
23:02architects in
23:03decentralized
23:04identities for
23:05physical
23:06commodities.
23:07he is our
23:08CTO and
23:09what I
23:10believe the
23:11team have
23:11created allows
23:13us to, you
23:14know, just
23:15shorten the
23:16time, the
23:17burden and
23:18the cost of
23:21actually knowing
23:21who you're doing
23:22business with, make
23:23that interoperable
23:24across the whole
23:25water ecosystem.
23:26So if you're a
23:27DAP team and
23:29you're onboarding
23:30and you want to
23:30be able to
23:31interface with
23:32all of the
23:33industry giants,
23:35what our
23:35WaterID stack
23:36does is it
23:37allows you to
23:39onboard once
23:41with many and
23:42to be able to
23:44be in an
23:45ecosystem of
23:46trusted
23:46counterparts without
23:47having to carry
23:49the burden of
23:49doing that.
23:50And for
23:51enterprise, it
23:51allows us to
23:52be able to
23:53leapfrog this
23:55KYC AML
23:56hurdle and to
23:57make it much
23:58cleaner, safer.
23:59And we also
24:00have a
24:01watermark, which
24:02really is, at
24:04its essence, a
24:05track and
24:05trace platform,
24:07but it's a
24:08true track and
24:10trace platform
24:11that we created
24:12with our
24:13partners, Rio
24:14Tinto, which
24:14is one of the
24:15world's largest
24:15mining companies
24:17to be used
24:19with General
24:19Motors, one
24:20of the
24:20world's largest
24:21auto
24:22manufacturing
24:23companies, and
24:24every supply
24:26chain participant
24:27from the time
24:29a piece of
24:31metal comes out
24:32of a mine
24:32and it's
24:33transported, it's
24:35processed and
24:37becomes a
24:38hood of a
24:39car in a
24:40truck for
24:41General Motors.
24:42Our track and
24:43trace really
24:44follows the
24:45physical commodity
24:46and creates a
24:48decentralized
24:49verified
24:50identity, a
24:52watermark as
24:53it were, for
24:54that physical
24:56piece of
24:56metal.
24:57So it's not
24:58taking a piece
25:00of paper at
25:00inception, putting
25:02that on a
25:04ledger and
25:06then doing a
25:07mass balance and
25:08saying, well,
25:09here's your
25:10identity passport
25:11at the end of
25:11that value
25:12chain.
25:12it's really
25:13following the
25:14molecule so
25:15that counterparts
25:16know what
25:18they're buying
25:18and what its
25:20actual journey
25:21from origin to
25:22consumption has
25:23been.
25:24You marry those
25:25two as
25:26optional, some
25:28people opt in,
25:29as optional
25:30connective tissue,
25:33you really have
25:34an environment
25:36in Web3
25:37that while being
25:38decentralized and
25:40fully open
25:40mimics the
25:42regulatory
25:43requirements of
25:45the real world
25:46and really
25:47allows, like I
25:48said, builders,
25:50customers,
25:51partners, and
25:52financiers to go
25:54from off-chain to
25:55on-chain without
25:57being scared of
25:58what that really
25:59means.
26:00Got it.
26:01No, I think it's
26:02a paradigm shift
26:03because as we
26:05know, initially,
26:06when initial
26:07blockchain-based
26:08systems were
26:09created in the
26:09enterprise space,
26:10KYC was just
26:11a layer.
26:12It was not
26:13enabling true
26:15decentralized
26:16identities.
26:17And today, when
26:18we talk about
26:19a complete
26:20on-chain
26:21of tradability
26:23or supply
26:24chain traceability
26:25or provenance,
26:27I think having a
26:28decentralized identity
26:29combined with that
26:29makes a lot of
26:30difference, especially
26:31not just from
26:32securing the
26:36system or making
26:37it robust, but
26:38also enabling
26:39much, much
26:40better user
26:40experience.
26:42So I think it's
26:42a pretty solid,
26:45I know, like
26:46Securitize did
26:47this for some
26:48of the RWA
26:49assets, like
26:50financial assets,
26:51but I think this
26:52is something
26:53amazing where you
26:54can create your
26:55identity, that
26:56identity can
26:57retain all the
26:58privacy, your
26:59access control,
27:00yet at the same
27:01time, other
27:02participants can use
27:03it based on
27:04consent.
27:05And then at the
27:05same time, whenever
27:06you are interacting
27:07with the smart
27:08contracts, you are
27:09interacting with
27:09any of the
27:10decentralized
27:10apps, you
27:12don't need to
27:12go through the
27:13whole process
27:14and you don't
27:15need to dip
27:16into a
27:16centralized KYC,
27:17you can actually
27:18use the verified
27:20credentials that
27:21are there as
27:21part of the
27:22contract.
27:23So moving
27:24further, I
27:26think the second
27:27problem that you
27:27are solving, which
27:28is even bigger,
27:29is managing the
27:30liquidity.
27:31So you
27:32talked about
27:32tokenization of
27:34some of the
27:35commodity
27:35reserves and
27:36how new
27:38commercial
27:39models or
27:39financial models
27:40you are
27:40designing to
27:41solve the
27:42liquidity
27:42challenges, make
27:43it very, very
27:44easy and
27:46enable this
27:47trade, dismantling
27:48the existing
27:50opaque and
27:51fragmented
27:51systems.
27:52So a bit
27:53about new
27:53reserves, your
27:54product, which
27:55is addressing
27:55the liquidity
27:56challenges.
27:56technologies.
27:59Well, that's, you
28:00know, I look at
28:01water ID, water
28:02marks, and the
28:04layer one as the
28:06core enabling
28:07infrastructure.
28:08You cannot do
28:09business in the
28:10real traded
28:11world if you
28:12don't know who
28:13you're working
28:13with and you
28:15don't know what
28:16business you're
28:16doing and you
28:17don't have the
28:18privacy rails.
28:19So for me, those
28:21are, you know, it's
28:22sort of the, that
28:23the moat to be
28:24able to
28:25participate in
28:26traded commodity
28:28worlds and then
28:29you get to the
28:30to the step, the
28:32fun part, which
28:33is expanding
28:34trade.
28:35And I, I like
28:36to talk about
28:37expansion because
28:39the work we're
28:41doing and the
28:42parts of the
28:42value chain we
28:44are focusing on
28:45at new
28:46reserve are,
28:47aren't occupied
28:48by incumbents
28:51or anyone else.
28:53these are, these
28:54are really the
28:54areas of the
28:56traded value
28:57chain where
28:59traditional
29:00financing models
29:02and traditional
29:03pricing models
29:05and traditional
29:06identity miles
29:09models have,
29:11have, have
29:13left a massive
29:14gap because they
29:16cannot address
29:17it.
29:18And so for
29:19us, it's about
29:20expanding commodity
29:22financing.
29:23trade finance
29:24is a very
29:25small niche,
29:26which is really
29:27about financing
29:28the journey of
29:30a cargo from
29:31production to
29:33consumption while
29:35it's on the
29:35seas and
29:36selling, you
29:38know, the, the,
29:38the credit of
29:39that cargo to
29:40get some money
29:41and you can do,
29:42you can sell
29:42your own credit
29:43as a trading
29:44house to get a
29:45bigger portfolio,
29:46but you're really
29:47financing trade.
29:48for us, it's, it's
29:49about commodity
29:50financing as a
29:51much bigger pie
29:54that goes all
29:56the way, you
29:57know, throughout
29:57the life cycle of
29:59a commodity and
30:00addresses some of
30:01the, some of the
30:03gaps that, that
30:04exist in price
30:06discovery, that
30:07exist in financing,
30:08that exist in
30:09identity.
30:11And I'm
30:12deliberately being
30:12vague here because
30:13the work we're
30:15doing is, is
30:16pretty cool and,
30:17and, and we're
30:18still being very
30:19hush-hush about
30:20it.
30:20But I guess what
30:21I can share
30:22here is for
30:25builders and
30:26financiers who
30:28are interested in
30:30tapping into
30:31that $113
30:33trillion market
30:35market of
30:36financializing
30:37the, the
30:39oil and
30:39copper markets,
30:40that's really
30:41where we are
30:42at with some
30:43of the largest
30:44participants in
30:45those markets
30:46and addressing
30:47gaps that
30:48TradFi has
30:49left instead
30:50of trying to
30:52compete with
30:52TradFi in a
30:54very, you
30:55know, in a
30:55very small,
30:56narrow space of
30:57trade finance.
30:59And, yeah,
31:01no, and, and
31:02all of this
31:03stuff around
31:03identity,
31:04and verifiability
31:06of cargoes
31:07are core
31:08enablers of
31:09that, as
31:10is the, you
31:12know, DeFi
31:13as a, as a,
31:14as a, as a
31:15whole financial
31:17system for
31:18bringing new
31:19capital into,
31:20into traditional
31:21markets.
31:24Absolutely.
31:24I think this
31:25sounds, this
31:26sounds great.
31:28So I think,
31:29Mariam, thanks
31:31a lot.
31:31I think you
31:32have covered
31:32a lot and,
31:33and we're
31:33very excited
31:36to know about
31:36water protocol.
31:38So since
31:39we are coming
31:39to the end
31:40of the
31:40session, I
31:42would like to
31:42know more
31:42about, you
31:43know, what
31:44is the
31:44current road
31:45map, where
31:46water protocol
31:47is, and,
31:48you know, how
31:49soon you can
31:50see whether it
31:51be commodity
31:52professionals or
31:53financial institutions
31:55and other
31:56stakeholders in the
31:56commodity market,
31:58when they can,
31:59can they start
31:59interacting with
32:00water protocol
32:01well and using
32:01it?
32:04Well, yesterday
32:05with, you
32:07know, with
32:07collaboration with
32:09your team and,
32:10and the
32:11wonderful, um,
32:13the wonderful set
32:13of engineers and
32:14enablers there, as
32:16well as AFA
32:16labs, we had
32:18our, uh, beta
32:20mainnet launch.
32:21And so all
32:22of our
32:23infrastructure and
32:24tech stack is
32:25now available and
32:26accessible in a
32:27POA format for
32:30anyone who wants
32:31to look more
32:33into what it
32:34looks like to
32:35participate and,
32:37and build on
32:38water.
32:39They should keep
32:40an eye on
32:41community.water.org
32:43or just go to
32:44water.org and
32:46navigate their way
32:47from there.
32:47We already
32:49have, um, key
32:51enterprise partners
32:52who use our
32:54watermark tech in
32:56a private
32:58environment that
32:59will be
33:00transitioning to,
33:02to the, to
33:03the mainnet, um,
33:05and leveraging
33:06our privacy
33:07protocols, which
33:08really means no
33:10one will be able
33:10to see the, the,
33:12the data of our
33:14industry partners,
33:15partners, but
33:16the underlying
33:17technology and
33:18solutions that
33:19will be available
33:21open source to
33:22other industry
33:23partners and other
33:24builders who want
33:25to build on it.
33:26The same with our
33:27water ID, um,
33:29protocols and to
33:31get involved in
33:32the financing
33:33work we're doing
33:35and in the
33:36neoreserves work
33:37that really is
33:39more of a
33:40commercial
33:40conversation with
33:41our commercial
33:42team at this
33:43stage.
33:44But we have
33:45folks really
33:47building a lot
33:48of solutions on
33:50their own, whether
33:51it's invoice
33:52financing or, um,
33:55talent management
33:56using water IDs
33:58that we support
33:59and enable at, at
34:01NEO, which is our
34:02ecosystem development
34:04team.
34:05And that will sit
34:07alongside what we
34:09hope are many
34:10third-party
34:10applications leveraging
34:12those solutions, either
34:14sponsored by our
34:15enterprise partners or
34:16hopefully many
34:18created from the
34:20Web3 community.
34:22Go ahead.
34:23No, I think that's
34:23amazing.
34:24And I would like to
34:25take a moment to
34:26thank you for
34:28partnering with
34:28Zeef.
34:29I think we are very
34:29excited to partner
34:30with Water for
34:31managing the
34:32Avalanche
34:33Alman Infra.
34:34And I think this
34:36has been a very
34:38thought-provoking
34:39conversation.
34:40And thanks for
34:40sharing so
34:42generously about
34:43the commodity
34:43markets, what are
34:44the pressing
34:45challenges and how
34:46Water is solving
34:47those challenges.
34:48It's a very
34:49enlightening, I
34:50would say.
34:51And I'm sure all
34:52the listeners who
34:53are listening to
34:54this podcast and
34:55will continue to
34:56listen to it, I
34:57think, will gain a
34:59lot of value,
34:59especially taking an
35:01enterprise problem,
35:02using emerging tech
35:03like blockchain to
35:04solve it, and
35:05amalgamate how the
35:06centralized system
35:07problems can be
35:09solved using
35:09decentralization,
35:10bringing some of
35:11the core components,
35:12yet retaining the
35:13privacy data
35:14compliances in
35:16place.
35:16I think this is a
35:18wonderful case
35:19study and I
35:20think will inspire
35:22a lot of people
35:22who are looking at
35:23the defy and
35:24prettify kind of
35:26amalgamation in
35:28time to time.
35:29So thanks once
35:30again for joining
35:31us and
35:32thank you and
35:34we'll be more
35:35excited to post
35:36search webinars
35:37with you as you
35:37continue your
35:38journey with
35:38water.
35:39We would love to
35:40know more about
35:41how it is going,
35:43how the success is
35:43happening and how
35:44different stakeholders
35:45are using the
35:46water protocol to
35:47solve these
35:47challenges.
35:49Thanks everyone.
35:50Thanks for
35:50joining.
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