The Blockchain Interviews with Dan Weiskopf: David Taylor & Gurpreet Sahota

Intro Vocals [00:00:01] You’re watching The Blockchain Interviews hosted by Dan Weiskopf. Each episode features interviews with leading industry experts so that viewers can have a deeper understanding of today’s quickly evolving blockchain marketplace. 

Dan Weiskopf [00:00:20] Here we are today focusing in on stablecoins with David Taylor, president and CEO of VersaBank, and Gurpreet Sahota, CEO of DRT Cyber. Thank you so much, both of you, for being on the Blockchain CEO series. I really appreciate your time. And you know, this is always about education for me. And this is a space, frankly, that needs a lot of education. So happy to have you on and look forward to a great discussion. 

Gurpreet Sahota [00:01:01] Likewise, thank you. 

Dan Weiskopf [00:01:03] You know, let’s start high level a little bit and talk about the history of VersaBank, how you’re a bank in Canada and how the banking system works. And then we’ll drill deeper into what a is stablecoin is and how that fits into your discussion. 

David Taylor [00:01:25] Certainly. Well, I can take it from the top, there, Dan. VersaBank is a bank that I conceived in the early 90s, which was, I guess, a lot before it’s time. I conceived a digital branchless bank and I put it together using telephone modems and IBM PCs to create this digital branch, this bank. So we were accepting deposits with the data flowing to us over telephone modems digitally back in those days. And as time progressed, technology got better and better. Internet came about and the bank expanded and grew. We were given a federal bank license in Canada, they’re called Schedule 1 bank licenses. So today we’re just as you’d expect, we evolved from those sort of humble beginnings, with telephone modems, raising deposits through partnerships with other wealth managers and other firms to what we are today. Still raising deposits in a similar fashion and lending out sort of the mirror image, the funds that we raise, mainly in the point of sale business through partners again, too. So each day we receive deposits from a network of partners digitally and we receive loans and leases from a network of partners digitally. And hopefully, like all banks, we hope to earn a spread. In our case, it’s around three percent in the middle, and that’s what we use to pay our fixed costs are overheads, and what’s left over is for the shareholders. 

Dan Weiskopf [00:03:12] But wait, you’re a Schedule 1 bank. Take a step back. What exactly does that mean? Because I think that’s that’s a label that here in the US, some of the folks won’t understand. 

David Taylor [00:03:24] It means a federal bank with unfettered access to it anywhere in the country. It’s just a similar license as the OCC Banks Office of the Comptroller of Currency Banks, the federal banks, the United States. 

Dan Weiskopf [00:03:42] And how many of there are there with that sense of security? I don’t know how to explain…

David Taylor [00:03:48] In Canada, they would be about 13 listed federal financial institutions. So it’s fairly rare in Canada. And unlike unlike United States, where there’s thousands and thousands of small banks. 

Dan Weiskopf [00:04:08] So lucky number 13. What do you have to do to become lucky number 13? What are the qualities to become a Schedule 1 bank that are required? 

David Taylor [00:04:19] Well, there’s quite a process. I was the first person and 18 years to acquire a new Schedule 1 bank license, so they’re not handed out that often. So what I did is I prototype the bank as a small type of financial institution called a trust company, put all the software together, hired the people, all the systems in that and showed the regulators what I had in mind in real time, rather than in a business plan. I put together the operation in a small sort of prototype and let them look at it, get comfortable with it. And then finally, when we applied for the Schdule 1, license we were granted it. 

Dan Weiskopf [00:05:03] And when was that? 

David Taylor [00:05:04] That was August 1st, 2002. 

Dan Weiskopf [00:05:09] Oh, congratulations. So, OK, I think that covers that area. At the end of the day, Canadian high quality bank, one of only 13. And you do business with institutions. You do business with retail. Explain your business model overall. 

David Taylor [00:05:36] Yeah, well, it’s, we have very little interaction with the humans, the biounits on the on the on the outside. We deal through a partner network, so on the deposit side, we have about 100 or so partners that are mainly wealth management firms that gather deposits for us and send them to us electronically. And on the lending side, we have seen a mirror image of it, in fact the software that looks after it is called AMS, Asset Management System. And on the liability side, it’s called DNS, Deposit Management System. Both we created for these purposes. So our partners on the lending side would be providing financing from everything that’s purchased basically in Canada. That would be hot tubs, motorcycles, cars, home improvement, lots of home improvement during the COVID times. So they finance these things at the point of sale, but not having a balance sheet like a bank or access to economical funding like a bank. They send these receivables to us electronically each day. So if you mentioned this, we’re sort of like a big electronic warehouse. On one side of the balance sheet, we have deposits pouring in the door electronically, and on the other side, we have loans pouring in the door electronically. And as I was saying, hopefully we get to keep three percent in the middle of what we earn on the other loans and pay on the deposits. And that’s how we cover our overheads and produce a return to our shareholders. 

Dan Weiskopf [00:07:20] Interesting. OK. So let’s bring Gurpreet into the conversation a little bit and educate some of our audience as to, you know, what a stablecoin is and how you will have hopefully a role in that offering as a utility value. You know, first off, you know, what exactly is a stablecoin? Maybe Gurpreet can answer that. And also, I should say, explain your role at the firm too, because I think that’s important. 

Gurpreet Sahota [00:07:54] Thank you, Dan. So I’m the chief operating officer at DRT Cyber, which is a wholly owned subsidiary of VersaBank. We basically are tasked with providing innovative cybersecurity and technology technology solutions both at the bank, but also for external customers. So anything that we’ve kind of developed in-house, we’re also finding that there’s opportunities with external customers for the same type of cyber security penetration testing or cybersecurity solutions. In addition to that, we developed a platform called VersaVault, which was essentially designed from the ground up to be secure first and acts as a secure digital asset storage and management platform. And that is essentially the heart of what we’re doing with the VCAD solution. To go back to your question in respect to stablecoins, the term really comes from the fact that a lot of the digital assets or cryptocurrencies really haven’t been stable in price, and that’s not necessarily in a bad way. They continue to accumulate in value. In other cases, they may decline a little bit or a lot. But essentially, what’s what’s happened over time is as holders of of cryptocurrency are looking to utilize these as part of transactions, either peer to peer or with merchants, there’s obviously a disparity between what the merchant and the customer is settling at and what those cryptocurrencies are essentially worth at the time that the settlement or transaction occurs. So simply put, if you go to buy something today with a merchant and let’s say you’re using one of these cryptocurrencies, you may buy it for what is the expected price, either by you or the merchant for for a good or a service, but within minutes or hours or by the end of the day, that price may have changed and it may change where either your out of pocket or the merchant is. And so stablecoins is a term that’s coined based on the fact that it’s a token or a coin that is tied to something else that has a value, a more stable value, let’s just say, within the regular fiat market. So that could be the U.S. dollar, the Canadian dollar, Euro. British pound. You may even get a few that are tied to other commodities, such as gold, silver, precious metals, again fluctuating with the price of each one of those specific commodities or currencies, but deemed to be somewhat stable because a merchant is able to accept, you know, whether it’s an ounce of gold at the time or whether it’s a U.S. dollar at the time or a Canadian dollar knowing that they’re essentially accepting a known amount of currency. So that’s essentially where the term stablecoin comes from. 

Dan Weiskopf [00:11:16] Yeah, yeah, that’s helpful, and I think there are four different types of stablecoins, correct? Commodities, crypto, fiat and something called Seigniorage? And I’m not sure I’m pronouncing it right. 

Gurpreet Sahota [00:11:31] Yes, Seigniorage is, basically at the time that the token is minted or provided, there’s basically an amount that’s taken by the person that’s providing that token or coin to the holder. It’s not something that VCAD is essentially going to be designed to do because it is essentially designed to be tied as a one to one representation of a Canadian dollar deposit. And that’s it, simply put it’s a one to one ratio to the Canadian dollar. So it’s not tied to any other specific crypto or commodity, per se. There may be users or partners or exchanges that might pair it with a specific cryptocurrency. So for example, saying, you know, a bitcoin is worth x amount of VCAD, et cetera. But the actual VCAD itself remains as with a one to one relationship to the Canadian dollar that’s deposited. 

Dan Weiskopf [00:12:36] VCAD, is what you’re calling it. Does that stand for something? 

David Taylor [00:12:41] Yes, we think of ourselves as the versatile bank. That’s why we’re VersaBank with a V. 

Dan Weiskopf [00:12:50] VersaBank, I gotcha. 

David Taylor [00:12:50] And the coins are VCAD for Canadian dollars and VUSD for US dollars. And that will likely have us a sterling and a euro too, all with Vs.

Dan Weiskopf [00:13:02] OK, that’s easy to remember. I like that. We’re going to conclude with this. Gurpreet, come on. Ok, so, sticking with the definition before we get a little bit ahead of us, explain to me why people get a yield or short, you know, these are stablecoins. 

Gurpreet Sahota [00:13:28] Well, technically, so on on the field aspect of things, that’s essentially where the stablecoins are being used by, whether it’s, you know, merchants, platforms, providers, whoever it is, are essentially using the associated deposits or associated value that is acquired that the stablecoin is pegged against and then using that to generate some type of revenue or, you know, whether that’s revenue internally, or revenue through partners, et cetera. And so the yield is essentially a portion of that that is being provided back to the holders. So for as a simple example, imagine I’m taking in X amount of deposits and then issuing X amount of tokens or coins, as long as the user is basically holding that deposit with me or holding those coins, I have access to whatever they’ve deposited with me, and I could use that for other business operations, or I could use it with my partners to provide liquidity for something. Whatever revenue is being generated that might return. Let’s say, for argument’s sake, a five percent return to me, in which case I might provide two, two and a half percent back to the user who has kindly held that deposit with me for that period of the year. Again, this is some of the examples of what’s already out there in the market. This isn’t necessarily how VCAD is designed, like I said, VCAD is specifically designed to be a one to one digital deposit with Canadian dollars and its utility may generate revenue vs. looking for the deposits to act as a a yield generator for folks that are holding it themselves or providing it to other partners. That would come as a normal natural use of VCADs versus its specific purpose. 

Dan Weiskopf [00:15:39] And I think I use the wrong term by shorting, and maybe it’s just because of the way my day worked out today. Forgive me on that. It has nothing to do with it, necessarily, but there is the variability right on the yields. Some of the stablecoins are yielding three or four or five, some of them are yielding eight and even more. You know, help me understand why that is. And then, I promise we’re going to jump right into VCAD and your future there. 

Gurpreet Sahota [00:16:10] Yeah. So this basically goes back to its usage for any given business that’s providing that type of yield. So depending on what those deposits are, what the underlying currency is being used for really determines the type of yield that is being given back to the user. So for example, I mean, you gave an example of shorting. Let’s just say there was some degree of speculation available through a specific platform. And as part of that speculation, there’s an expectation that the platform has sufficient liquidity to provide settlement to any of those, let’s just, for arguments sake, trades that liquidity has to come from somewhere, and that might be coming from stablecoins that are being held by that platform on behalf of users. And as part of providing that liquidity that exchange your platform might be providing a yield back to their users in return for that. So the expectation is the platform is earning a greater spread or yield on holding that liquidity or holding the deposits, and is able to provide back or give back some of that upside to the folks that are depositing with them. 

Dan Weiskopf [00:17:36] I got it, I gotcha. So we covered, you know, the different types of stablecoins, we covered lending, and we talked a little bit about utility of stablecoins. Where does VCAD fit in? Talk to us about VCAD.

David Taylor [00:17:53] Well, I’ll start, let her flesh it out a bit. Well VCAD is unique in the industry in that it’s issued by a Schedule 1 federal bank and carries an investment grade rating. Now it’s no coins the entire world about that an A rating like our VCADs do because in fact, it’s a claim on the bank. It’s a deposit with the bank, so it’s ideal for transacting businesses, Gurpreet was talking about earlier, in that the merchant knows that they’ve always got one dollar, Canadian dollar, backing it or US, if they’ve chosen the VUS. And if they want, they can always burn it and get their money back from the bank. It’s a bank bank deposit. No, if interest rates start to go up, as it’s quite likely they will, we, being the bank, of course, will likely pay interest on our VCADs for US, just like we do in all our other deposits, we’ll push them through to the wallets of the holders so that they can patiently keep a deposit at their bank, or VCAD, or VUS. Use it for transacting or just hold it for the next car they want to buy. So it brings all that utility that the others don’t have. And you know, it’s extremely important in this world today, as is security. And of course, it’s about as secure as it can be on these various blockchains that we’re using. And the confidence to know that it’s issued by a bank highly regulated with a lot of oversight, which we banks have. So that the holder, you know, the holder is getting the best of both worlds. They’ve got a crypto they can use to buy whatever they want to buy with. Plus they have the safety and security of a bank, and they may very well get a little interest pushed if rates, if rates keep climbing. 

Dan Weiskopf [00:19:53] But what’s, just to be clear for everybody, what stage are you at in regards to the launch of VCAD in an official sense? 

David Taylor [00:20:03] Well, in an official sense, we’re waiting patiently for the SOC 2 audit to be completed, and we had ever expected it would be completed before Christmas. However, Omicron came along and here in Canada, I think some places in the states have been locked down and it’s slowed down the final step of that, which was a physical examination of our premises, where our servers are kept. So it slowed it down. And here we are in the new year. I think we’re a few weeks away from having that SOC 2 audit completed and then we plan to share it with our regulators and work with them so that they’ll have the comfort they should have when a bank issues a new product. But I’m not looking at too much longer the the actual DCADs and VUSDs are residents and in our wallets presently, it’s just that we wanted to get this audit finished, completed, signed off and we wanted to share it with our regulators before we went live. 

Dan Weiskopf [00:21:09] You know, I think in the U.S., people forget that the regulators are our friends and just, you got to be patient. It’ll happen and you can’t force these things. It’s not an option, right? 

David Taylor [00:21:26] Well, it’s interesting you said that, it’s a key part of our value proposition that our cryptocurrency, our virtual currency, it does have tremendous oversight. So it provides that security that the purchaser will have knowing that they are going to get their money back because it’s got a tremendous amount of oversight. So, you know, that’s what we bring to the table is a highly regulated oversight that means our coin is very, very stable and very, very trustworthy. 

Dan Weiskopf [00:22:04] Yeah, it would be another one of those things that the Canadian marketplace leapfrogs versus the U.S. marketplace in terms of, you know, the Bitcoin ETF as an example, right?

David Taylor [00:22:21] Well, sometimes you see that, you know, you see things developed in garages where large corporations that we’re taking forever to do it. So as analogous that we developed this in a small country, developed the point of sale program in small country, Canada, too, and we’re bringing it to the United States, too. And this is the same thing we developed the VersaVault, Gurpreet did that in Canada, and it’s an integral part of the VCADs so that we can provide this product, if we hadn’t built the Vault first, we wouldn’t be able to provide the products. 

Dan Weiskopf [00:22:53] Yeah, of course. Of course. 

David Taylor [00:22:55] It was kind of like the garage, a garage development, a country that might be thought of us as the garage. 

Dan Weiskopf [00:23:01] Hey, listen, you know, people forget that the ETFs were launched in Canada before they were in the U.S., so innovation comes out of Canada all the time. Along those same lines, Gurpreet, without giving trade secrets away. I’m not asking for that. But what exactly is proprietary from a technological standpoint about VCAD? 

Gurpreet Sahota [00:23:28] So from a technical standpoint, David touched on the fact that it uses VersaVault for the minting and burning process. So VersaVault, like I said, was built with security first. Basically, it’s designed to map business processes with technical security controls. In layman’s terms, it basically means that you can have the appropriate number of people approve any type of minting or burning transaction that’s required for the type of transaction or the size of transaction. And what that in turn relates to is, as you can imagine, the minting of new currency of new VCAD, let’s just say, or new deposit receipts, is very sensitive. You can’t or wouldn’t want someone to arbitrarily mint New VCAD without having the appropriate deposits in place and in reverse, you wouldn’t want to burn VCAD without ensuring that the appropriate redemption is occurring with the number of Canadian dollars. And so VersaVault allows us to do this in a very secure manner. When we say military grade technology and security controls, we actually mean, and the SOC 2 to report will reflect this, it is essentially using the same type of military grade encryption identity controls that you would expect with not just governments and military organizations, but also banks as well. So as you can imagine, you know, the issuing of credit cards or anything that’s sensitive within a bank today has to undergo a lot of specific controls that involve the business and technology. And VersaVault basically mimics that from a digital asset perspective. I would not be exaggerating if I was to say that VersaVault is unique in that space in respect to what it does in the way it does it with digital assets. And that ensures, along with the bank, ensuring that the deposits are there and that the deposits are always going to be there for the end users or holders. VersaVault Is the equivalent of that of ensuring that the appropriate VCADs are or aren’t in circulation at any given moment in time. 

Dan Weiskopf [00:26:03] You used to terms my friend. 

Gurpreet Sahota [00:26:05] Yes. 

Dan Weiskopf [00:26:05] Minting and burning. Yes. If you better explain them because somebody might think that you’re really earning something,

Gurpreet Sahota [00:26:15] So minting, similar to a central bank mint, is the creation of new coins or tokens. So in our case, as we take Canadian dollars in, for example, if we take $10000 in, the expectation is that we need to mint or create or generate 10000 vehicles that then go into circulation. So basically, that’s a way of increasing circulation of a given coin or token. Burning is the opposite. So basically, this is the equivalent of taking. And again, you know, the mints to do this today for four currencies, they might take old banknotes in and they basically burn them and ensure that, you know, they’re either replenishing those or they’re being burnt to actually reduce the circulation. We’re doing the same. So anytime someone wants to redeem their digital deposit, the VCAD, we basically ensure that if they give us 10000 VCAD and we’re giving them ten thousand Canadian dollars back, those 10000 VCADs are essentially being destroyed or in our case burned. So that’s what minting and burning is. 

Dan Weiskopf [00:27:25] It’s so funny because you’re telling us all about this. And you know, there are a lot of folks from the ETF side in the US who jumped into the blockchain or crypto space, right? And what you’re describing is creation redemption process here in the US, and it’s just a different language. That’s all. It’s the same kind of thing. So it’s definitely something that our audience can appreciate and understand that that’s a great explanation, and I appreciate it. So, you know, we’re in this world, you know, not just to make money, but a lot of the people on the show are trying to figure out how to make money. How does one make money in creating a stablecoin? How do your shareholders benefit as a result of it? I mean, it must help you grow or you make some vig on it. But then how does it stay stable? 

David Taylor [00:28:22] Well, good question, because we are bankers and we’re always about making more money. At least that’s how we’re characterized. So for us, it was just finding a new, economical, diversified source of deposits, not unlike when we created the bank to start with when we created that new channel of deposits from foreign partners. So what we thought is, well, the blockchain is sophisticated enough, blockchain sophisticated enough people want the highly encrypted deposit, they want transferability, they want to be able to settle up with it. So the time is right. So from our perspective, it gives us a new, very large new channel of very economically priced deposits pouring into our bank. And banks, as like all banks, we lend it back out. So somebody’s buying a motorcycle or a hot tub or or putting a swimming pool in and we earn a yield on that. So if we’re paying, say, one percent, pushing it through the wallets with our VCAD and we’re earning five percent on the loan to the guy building the pool, we got four percent. We’re keeping in the middle. So that covers overheads and goes to the shareholders. So it’s a brand new, economical, diversified source of deposits, a wonderful new source of deposits that, you know, I’m just so happy that it’s happened because back in the good old days, it was not possible without a blockchain to be able to issue this type of deposit receipts. 

Dan Weiskopf [00:29:59] And that all requires you to be working with other banks. Is that the assumption here? 

David Taylor [00:30:05] Well, not really. No. We had hope other banks will work with us, but all it really requires is that folks want to buy our VCADS and VUS, transact business with them, look for a little interest that we’re willing to pay them, leave them with us, and then we’ll lend them back out through this other network we have and earn a yield. And 

that spread I was talking about is how the bank makes money. And usually the constraint for a bank is economical, diversified deposit base. Usually that’s what constrains a bank.

And this new channel we’re going into is tremendous size. I think the stablecoin market now is one hundred and twenty billion and they’re not not like ours. 

Dan Weiskopf [00:31:03] But who’s going to be the buyer of that, you know, of the stablecoin, is it somebody who is going to be doing transactions on with somebody else on the crypto exchanges? 

David Taylor [00:31:15] I’m guessing there be, there are retail depositors who may, let’s say they’re in in a coin like bitcoin or Ethereum, and they want to swap out into a into a currency that they can count on, i.e. prior to us coming along that have to sell the bitcoin and make a deposit with the bank and fiat to to to rest assured that they’re going to keep their money. Now they don’t have to do that anymore. Now they can just swap the bitcoin into the VCAD and leave it there, let the market settle down, then hop back out of the VCAD back into the bitcoin. So it gives them a seamless, easy way to go in and out of currencies that might have a will have a lot more volatility to them, maybe a lot more upside, without having to rush down to the traditional bank branch with cash and make a deposit. 

Dan Weiskopf [00:32:12] Yeah, so somebody owns the VCAD and when it’s launched, they collect the interest until they want to redeploy it into some other crypto adoption. So it’s wonderful innovation. I commend you guys for creating it. I look forward to seeing it launched. As innovators, you know, I always have to ask hard questions and maybe you’ve seen the interviews before, so they’re not so wild card anymore. Look, you know, looking backwards, you know, years from now, what do you think will be the most obvious thing about the blockchain disruption that people should have taken advantage of? 

David Taylor [00:33:00] Well, I’ll let Gurpreet weigh in on this one, too. I think the innovation of the blockchains has, well, it’ll pervade all industries. It’ll transform all industries. All industries need to have secure, safe ability to be able to transact business, particularly the industry we’re in, the financial services industry, so it’s going to transform our industry and we may be the first bank to produce a digital deposit receipt. We certainly won’t be the last. I think all banks will do that. It’s the only way to go. Their depositors, their customers will demand it. They’ll want to have the utility of a digital deposit receipt that they can buy a bicycle with or keep in their wallet wherever they may be, and earn some interest or swap in and out of other cryptocurrencies as they see fit. They’ll just demand it. So I think looking back, other bankers are probably saying, Holy smokes, why don’t we get into that? It’s, you know, it’s like when I started. Forty five years ago, our deposit receipts were in paper, and that’s how banks operated. Now you can have a deposit receipt on a blockchain with all the utility that comes with it. Of course you’ll do that. 

Dan Weiskopf [00:34:20] Of course you do. 

David Taylor [00:34:21] It’s a natural. 

Dan Weiskopf [00:34:22] Assuming the regulators say yes, here in the U.S., you guys are probably going to get it first. You know, what’s your answer on looking backwards? 

Gurpreet Sahota [00:34:33] I think David touched on it there. I think every industry that is basically moving into the digital world in some way, shape or form is going to be reliant on the blockchain to basically help protect, you know, whether there are specific assets, whether it’s data, whether it’s transactions with their partners, their customers or the users, et cetera. It’s a natural part of it. It’s the best and most effective way of having a trusted while not trusting in, you know, specific peers or individuals, basically trusting parties that you don’t know, which, as you know, on the internet, you know, every party or interface that you have has to be treated as an untrusted entity until they can provide some level of trust. And that’s what blockchain will bring or is bringing. And this can go all the way from supply chain. So, you know, from acquiring goods or services without necessarily knowing who’s providing it or who’s touched it, or who’s had custody of said good or service along the way. Blockchain can essentially transform that. And this is not just for the centralized blockchains, i.e. specific partners or industries using their own closed network blockchains. This can expand into that decentralized ability that cryptocurrency is currently relying on, which basically means, you know, anyone and everyone can essentially provide, you know, nodes or compute capability to allow those less fortunate or less trusted or less trusting to leverage blockchain capabilities to ensure that there’s a trusted service that’s being provided either to them or to their customers or users. So simply put, I think, you know, it’s where everything is essentially heading with the advent of everything being digital first or internet connected blockchains going to play a very, very important part in that to ensure that there’s a level of trust or security. 

Dan Weiskopf [00:36:45] Trust is a key part. I totally agree with you on that. And which industries do you think will be most affected? Putting aside financial services for a second, I mean, you, I see I see education being impact. I see media being impacted, you know, healthcare. You know, which areas do you see as an industry besides financial service would be the most impacted by blockchain? 

Gurpreet Sahota [00:37:14] I think healthcare is an important one that you picked on, there. I think the ability for healthcare to basically be borderless, compared to where it is now, and and this isn’t necessarily geographical or country based borders, et cetera, I’m talking about any type of digital data border that that might be present today, where one entity is unable to share something at the time that it needs to be shared with another entity because of the trust element of things. Blockchain can help with that. And this could be as something as very, very simple as me traveling to another part of the world or another part of the country or into another jurisdiction and my health records being required or needed by someone else. But today, it’s a difficult thing for them to share or provide because of, you know, are they allowed to do this? Can they do this in a way that is private and secure? The blockchain has a, you know, an inherent capability of being able to do that. Again, going back to that trust and security element. So I think that’s key where, you know, today there might be specific restrictions in the ability to share something or provide something because of system incompatibilities or because of the inability to share something with an untrusted party, or sorry, I should say an unknown party. That’s basically whether I feel the bridge is. And the reason I can’t come up with specific ideas is because it’s applicable to pretty much anything that you put your mind to. If you sit down and look at, you know, whether it’s data sharing, asset management, anything, there’s a blockchain story that can be applied if done right. 

Dan Weiskopf [00:39:06] David, you got any additional comments. 

David Taylor [00:39:09] Well, I’d certainly endorse what Gurpreet has said about the healthcare industry. The way I look at it, this is maybe me being a little a little optimistic or philosophically optimistic, but I believe that the answer to a lot of medical issues that we humans face is probably in the data. It’s probably there. It just needs to be collated, analyzed and the blockchain can facilitate that. So if all the characteristics of a certain disease from every hospital in the world are being transmitted without fear that it’s it could be corrupted or misused or or perverted in some way using a blockchain technology, it would work then that an analyst sees that huge data and would quite likely see why a certain medical condition is happening. 

Dan Weiskopf [00:40:15] The future is encouraging, and the future is all about the blockchain. Thank you so much for all that you do in terms of blocking and tackling for your shareholders. I think that’s important. I look forward to the approval and thank you. 

David Taylor [00:40:34] Thank you, thanks very much. 

Gurpreet Sahota [00:40:36] Thank you, Dan. 

David Taylor [00:40:36] Our pleasure. Thank you. 

Dan Weiskopf [00:40:38] Be well. 

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This interview is being distributed for informational purposes only and should not be considered investment advice or a recommendation of any particular security, strategy, or investment product. It does not constitute legal or tax advice. The information provided is not intended as a complete analysis of every material fact and the underlying assumptions and views are subject to change based on market and other conditions. 

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