►
Description
A presentation of the Hyperledger Trade Finance Special Interest Group on February 10, 2021 featuring Rebecca Liao from Skuchain, Whitman Knapp from GTBInsights and Prof. John Lachlan Taylor.
More about the Hyperledger Trade Finance Special Interest Group is at: https://wiki.hyperledger.org/display/TFSIG/
----
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B
A
A
C
So
david,
I
will
go
through
the
policy
reading
as
usual,
you
know
during
our
meetings
about
hyperledger
policy,
so
here
we
are
just
a
few
seconds
more
linux
foundation
meetings,
involve
participation
by
industry
competitors
and
is
the
intention
of
the
linux
foundation
to
conduct
all
of
its
activities
in
accordance
with
applicable
and
trust
and
competition
laws.
It
is
therefore
extremely
important
that
attendees
dear
to
missing
agendas
and
be
aware
of
and
not
participate
in
any
activities.
C
If
you
have
questions
about
this
message,
please
contact
your
company
council
or,
if
you're,
a
member
of
the
linux
foundation,
feel
free
to
contact
and
enter
up
the
growth
of
the
firm
of
gasping
of
the
grove
llp,
which
provides
legal
counsel
to
the
linux
foundation.
Hyperledger
is
committed
to
creating
a
safe
and
welcoming
community
for
all
for
more
information.
Please
visit
our
hyperledger
contacts
so
welcome
everybody.
C
It
is
quite
strange
for
me
to
be
here
at
this
time
of
the
day,
because,
usually
you
know
we
are
deeply
rooted
in
the
epic
region.
So
usually
I
run
this
meetings
in
the
morning
so
welcome
everybody.
We're
going
to
have
a
nice
chat
today
in
our
speech
by
mr
whitman
now
mr
rebecca
yao
and
professor
john
taylor,
I
will
be
focused
on
you,
know:
drpc
the
disputable
ledger
payment
commitment,
I'm
so
eager
to
hear
about
this
subject,
because
I've
been
reading
so
much
about
it.
C
C
D
D
Just
to
introduce
us,
those
of
us
who
are
here-
I
am
chairman
of
gtv
insights,
llc,
a
advisory
firm,
and
I
have
been
a
part
of
the
transition
banking
industry
for
more
years,
and
I
will
admit
to
anybody
right.
We
also
have
with
us
john
taylor,
professor
of
law,
center
for
commercial
at
queen
mary
university
in
london,
who
has
been
our
leader
in
the
legal
framework
for
the
dlpc
and
then
the
rebecca
liao
co-founder
and
ceo
of
scootchain,
who
has
been
the
coach
chair
of
the
the
lpc
working.
D
Practitioner
in
the
actual
use
of
the
dlpc,
which
is
so
crucial,
I'm
going
to
I
I
before
we
go
any
further.
I
do
want
to
acknowledge
that
the
three
of
us
are
just
a
part
of
a
much
larger
group
of
professionals
who
have
been
working
on
this
and
we
want
to
make
sure
that
their
contributions
are
acknowledged,
particularly
jana
webkowski,
who
was
the
working
group
co-chair.
D
D
Baft
is
an
international
financial
services.
Industry
association,
its
members
include
nearly
300
financial
institutions
and
the
solution
providers
are
located
around
the
world
as
a
worldwide
forum
for
analysis,
discussion
and
advocacy
for
international
financial
services
has
provided
support
to
its
members,
who
are
active
in
trade
and
payments
globally
for
over
85
years.
So
it
has
a
long
and
distinguished
history.
D
However,
as
the
digital
transformation
of
banking
has
become
widespread,
it's
become
essential
that
a
new
legal
framework
was
required
to
cover
digitalized
digital
payment
element
of
the
newly
digitalized
trade
transactions,
and
I
keep
using
the
word
digitalize,
because
this
is.
This
is
really
the
crux
of
what
has
brought
us
to.
This
has
been
the
change,
the
move
from
paper
based
to
digital
based
trade
transactions
and,
of
course,
we've
seen
the
importance
of
digital
with
the
results
of
the
pandemic
on
our
working
environment.
D
But
in
addition
to
the
legal
framework,
which
is
ensures
that
digital
payments
are
legally
binding
and
enforceable
as
if
they
were
in
written,
wet
form,
wet
signatures,
a
standardized
and
interoperable
way
to
represent
a
digital
payment.
Commitment
for
any
trade-in
for
instrument
is
pro
is
absolutely
essential.
D
Now
I'd
like
to
say
that
the
working
groups
agenda
was
set
on
date,
one
the
first
meeting
but,
as
you
know,
would
have
to
be
the
case.
It
took
a
lot
of
effort
and
we
spent
three
years
of
intensive
effort
by
a
group
of
trade
bankers,
technical
specialists
and
lawyers.
Many
of
those
most
of
those
were
cited
on
that
slide
that
I
showed
you
up
front
meeting
weekly
on
weekly
conference
calls
to
produce
the
baft
dlpc.
D
D
Much
of
this
feedback
was
actually
based
on
the
use
of
the
dlp
standards
in
live
transactions
during
the
spring
and
summer
of
2020.,
so
with
revisions
based
on
actual
commercial
use
in
it.
In
late
august
of
last
year,
2020
the
lpc
working
group
published
initial
release
version
1.1
of
the
baf
dlpc
best
business
practices
and
release
vision,
1.1
of
the
dlpc
best
technical
practices,
setting
the
background
to
actual
use
of
the
uhd.
D
B
Well,
thank
thank
you
very
much
whit
and
our
thanks
to
all
the
colleagues
who
have
made
this
presentation
possible.
We
really
appreciate
this
opportunity
to
talk
about
the
dlpc
while
I'll
be
concentrating
on
the
legal
framework
for
the
dopc
I'll.
Try
not
to
make
this
too
legalese,
and
please,
when
we
complete
our
presentation,
ask
any
questions.
B
B
B
More
importantly,
perhaps
from
your
perspective
is
it's
open
sourced
and
it's
readily
available
on
the
baft
website.
The
effort
that
we've
made
we
and
others
have
made.
We
decided
we'd
make
it
available
for
the
industry
as
a
whole.
It's
meant
as
a
benefit
to
the
industry.
It's
open
sourced.
You
can
use
it,
you
don't
have
to
pay
for
a
license
or
other
payment.
You
can
take
the
idea
and
see
how
you
can
best
apply
it
to
the
transaction
that
you
have
in
mind
and
interesting.
B
B
Finally-
and
this
was
the
tough
nut
that
we
had
to
crack
to
be
honest,
it's
within
a
legal
framework
that
does
ensure
that,
although
the
commitment
is
in
a
digital
form,
it
is
or
it
will
be,
legally
binding,
enforceable
and
more
than
that
is
negotiable,
a
negotiable
instrument
and
the
way
in
which
we
did
this
we
can
describe
on
the
next
slide.
Please.
A
D
A
B
B
B
B
B
Half
my
career
was
spent
as
in
the
international
financial
institutions
in
the
asian
development
bank
in
the
world
bank,
and
I
was
general
counsel
of
the
european
bank
for
reconstruction
and
development,
and
I
know
the
efforts
that
those
institutions
have
made
to
encourage
trade
finance
and
we
think
this
dlpc
would
fit
very
nicely
with
the
sort
of
work
which
they
undertake
as
well.
So
with
that,
let
me
finish,
and
if
you
you
have
questions,
please
raise
them
over
to
you.
Please
rebecca.
E
E
E
E
Second,
major
category
is
deep
tier
financing
that
is
based
on
an
invoice
from
the
tier
one
supplier,
so
the
tier
one
supplier
will
send
an
invoice
to
the
buyer
for
their
for
their
finished
goods,
and
then
the
buyer
will
approve
that
invoice
as
they
normally
do,
and
that
invoice
will
then
go
into
a
liquidity
pool
which
can
be
used
to
finance
the
deep
tier
of
that
supply
chain.
A
third
example
is
that
we
use
the
dlpc
for
a
contractual
take
or
pay
guarantee.
E
E
E
Okay,
great,
thank
you.
So,
let's
start
with
what
is
probably
the
easiest
way
to
use
a
dlpc,
so
a
dlpc
can
serve
as
an
alternative
to
a
letter
of
credit.
So
one
important
thing
to
remember
is
that
a
dlpc
is,
as
the
name
would
suggest,
specifically
for
distributed,
ledger
and
so
you're
not
just
getting
the
benefits
of
the
instrument,
but
you
are
also
getting
the
benefits
of
the
blockchain
technology
that
underlies
it
and
that's
what
we're
going
to
take
advantage
of
in
this
structure.
E
So
you
don't
have
to
follow
all
the
different
lines
in
the
flowchart.
Suffice
to
say
that
what
happens
when
a
buyer
issues
a
purchase
order
is
that
a
dlpc
gets
carved
out
from
that.
That
is
connected
to
a
restricted
bank
account
and
that
bank
account
essentially
acts
as
a
treasury
or
an
escrow
for
the
amount
of
the
dlpc.
E
The
purpose
that
a
bank
is
serving
in
this
case
is
really
just
to
receive
the
payment
instructions
from
the
buyer
or
a
draft
from
the
seller
in
order
to
be
able
to
remit
payment
to
the
seller,
they're
also
providing
the
restricted
bank
account
that
is
connected
to
the
dlpc
other
than
that
there
is
no
other
bank
function
so
as
an
alternative
to
a
letter
of
credit.
This
is
very,
it
bears
a
huge
cost
advantage.
E
Okay,
I
wait
next
slide.
Please
great!
Thank
you.
So
there
are
some
instances
in
which
a
supplier
is
not
comfortable,
taking
the
risk
of
just
the
buyer,
so
in
that
case
a
bank
still
needs
to
be
involved
in
the
middle.
In
those
situations,
the
dlpc
is
really
acting
as
sort
of
a
guarantee
or
standby
letter
of
credit.
So
what
happens
here
is
the
buyer
issues
a
purchase
order
and
a
dlpc
as
they
normally
would.
E
However,
the
dlpc
is
issued
to
the
bank,
and
then
the
bank
will
turn
around
and
issue
a
dlpc
to
the
supplier,
so
that's
a
sequence
of
dlpcs
here.
As
with
the
previous
example,
the
bank
does
not
have
to
look
at
any
documents
they
don't
have
to
review.
Anything.
All
they
have
to
do
is
take
direction
from
the
buyer's
dlpc.
E
Great,
so
this
is
deep
tier
financing
for
both
purchase,
orders
and
invoices.
So
on
the
left
here
you
have
an
example
of
purchase,
order,
financing
and
that's
where
the
purchase
order
becomes
a
dlpc
and
the
upstream
suppliers
are
able
to
get
working
capital
off
of
that
dlpc.
Once
the
dlpc
is
on
a
blockchain
network,
it
is
visible
to
financiers
that
are
on
that
network
and
because
it's
interoperable
it's
available
to
financiers
outside
that
blockchain
network
as
well.
E
E
E
It's
also
to
make
it
more
efficient
and
cost
effective
for
banks
to
do
trade
transactions,
certainly
to
distribute
trade
finance
assets.
But
having
said
that,
it
really
does
place
control
of
a
trade
finance
transaction
in
the
hands
of
the
entity
that
actually
needs
that
financing
and
that's
the
buyer.
E
E
For
that,
then
the
the
dlpc
will
get
discharged,
but
the
reason
why
we're
using
a
dlpc
here
is
that
once
you
start
to
go
across
multiple
tiers
for
inventory
financing,
and
once
you
start
to
have
more
inventory
in
your
program,
you
need
a
way
to
always
evidence
the
correct
credit
risk
that
is
relevant
to
the
transaction
and
that's
where
a
dlpc
can
be
connected
to
the
transaction
documents
to
go
ahead
and
provide
that
evidence.
But
it
can
also
be
connected
to
the
inventory
itself.
E
C
D
C
C
C
C
E
C
D
So
perhaps
I
could
start
with
just
the
baft.
As
we've
said,
it
is
completely
open
source,
so
you
are
invited
to
go
to
the
bafta
website,
download
the
best
practices,
both
business
and
technical,
which
give
you
the
most
comprehensive
way
of
actually
utilizing
the
the
both
the
the
rationale
and
the
background
for
utilizing
it,
and
then
the
technical
steps
in
utilizing
it.
B
C
B
Yes,
andrea
yeah,
it's
it's
difficult
because
and-
and
you
know
I
keep-
I
I
keep
pressing
everybody
every
time
we
have
a
session
like
this
as
well
as
at
bath
itself.
I
keep
pressing
the
bankers
and
the
colleagues
look
go
to
your
legislatures
and
and
tell
them
there
really
does
need
to
be
an
updating
of
the
laws.
B
So
they
need
yeah,
there
needs
to
be
legal
reform
and
there
are
efforts
being
undertaken
to
give
that
legal
reform.
So
even
if
you
feel
I
mean
the
reason
we
suggested
dlpc
should
be
structured
under
delaware.
Law
is
because
that's
where
we
see
a
really
sensible
and
and
proper
framework
as
the
laws
of
other
jurisdictions,
though
come
into
the
21st
century,
then
you
can
use
those
laws.
I
mean
logically,
you'd
probably
be
more
comfortable
to
use
the
laws
that
you're
most
familiar
with,
but
until
those
laws
have
changed.
C
A
B
What
we
believe
is
a
negotiable
instrument
in
digital
form,
because
that's
what
the
delaware
law
permits
and
we've
sought
to
comply
with
the
delaware
law
requirements.
But
in
doing
that,
we
also
believe
we've
satisfied
the
cree
key
criteria
of
the
onset
trial
law
so
that
they
sit
alongside
one
another.
One
doesn't
supplant
the
other,
but
utilizing
what
we've
suggested
for
the
dlpc.
C
A
Thank
you.
So
I
want
to
address
the
state
of
michigan
and
just
and
just
say
briefly
that
what
starts
in
michigan
it
goes
to
the
rest
of
the
nation,
I'm
just
going
to
cite
the
speed
limit
of
55
going
to
70.
that
started
in
michigan
and
essentially
the
county
of
oakland,
where
I'm
from
they're
incubating
the
our
project
in
its
about
taxation
and
what
I
had
to
stand
before.
A
A
B
C
C
E
Yeah,
so
I
know
that
we're
accustomed
to
thinking
of
legal
documents,
as
you
know,
a
piece
of
paper
or
a
piece
of
paper
that
has
been
pdf'd
or
scanned.
But
the
idea
here
is
that
the
dlpc
is
a
it's
an
asset,
think
of
it
as
an
asset.
It's
a
digital
asset
because
we
use
it
for
financing
purposes.
We
call
it
a
financial
asset.
E
E
But
the
reason
why
the
dlpc
is
a
legally
binding
instrument
is
a
combination
of
the
fact
that
it
is
a
set
of
data
and
it
has
a
legal
framework
that
backs
it
in
the
same
way
that
if
you
used
an
e-signature
service,
for
instance,
that
signature
is
a
legal.
Not
a
legal
entity
per
se,
but
it
is
a
legal
artifact,
even
though
it's
purely
digital,
if
you
were
to
create
a
document
completely
digitally
that
would
also
fall
into
the
category
of
dlpc
as
well.
B
B
They
identify
the
dlpc,
the
particular
payment
commitment
by
a
number
they
identify.
Who
originates
that
payment
commitment?
You
know,
is
it
the
buyer?
Is
it
the
seller?
Is
it
the?
Is
it
the
bank
who
who
originates
it?
It
has
a
a
reference
to
the
particular
trade
instrument
that
the
dlpc
is
connected
to
that
the
payment
commitment
is
connected
to
it
tells
you
who
has
made
the
commitment
who's.
The
obligor
who
says
I
promise
to
pay
it
it
identifies.
B
That
person
can
transfer
his
commitment
to
somebody
else,
a
bank
or
an
institutional
investor
or
whoever,
and
that
will
be
shown
in
the
record.
So
it's
it's
elements
like
this.
I
could
go
through
the
through
the
the
remaining,
but
I
don't
want
to
bore
you
to
tears.
Please
have
a
look
at
particularly
the
technical
best
practices.
These
are
not.
These
are
not
lengthy
documents
and
those
of
you
who
are
familiar
much
more
so
than
I
am
with
the
digital
world.
B
C
Yeah,
would
you
describe
mr
taylor,
you
know
being
a
long-term
letters
of
credit
petitioners
dealing
with
his
with
his
issues.
You
know
it's
sort
of
revolution
in
some
ways
are
what
an
lc
is
and
a
simplified,
maybe
version
of
an
llc.
You
know
which
causes
some
trouble,
some
problems
when
going
through
from
the
bank
of
the
applicants
to
the
beneficiary
one.
You
know,
and
you
face
several
troubles,
several
mismatches
in
the
middle.
B
Yeah
well,
please
I'd
like
very
much
if
she,
if
she
would
be
willing
for
rebecca
to
share
with
you,
because
she's
been
really
at
the
cutting
edge
of
the
application
of
the
dlpc
in
specific
instances
that
she
described
and
rebecca.
I
know
that
the
lc
was
one
of
the
examples
that
you
have
been
working
on
and
perhaps
you
might
be
best
I
mean
I
could
mention
one
or
two
things,
but
please
let
me
let
let
the
good
audience
hear
what
the
person
right
in
the
practice
has
experienced.
E
C
No,
I
was,
I
was
just
figuring
out,
I
mean.
Is
this
sort
of
a
simplification
of
what
an
lc
is
you?
You
saw
the
map
in
this
sort
of
typical
swift
message,
making
up
an
lc.
You
know
there
are
so
many
fields.
Applicants,
applicants
back.
This
sounds
to
me,
you
know
not
seen
it
in
a
piracy
way
sounds
to
me
something
which
is
more
simple
in
dealing
with,
and
you
know
more
effective,
reducing
the
the
mistakes
in
the
middle
wine
transit.
You
know.
E
E
E
So
an
lc
is
really
used
in
the
trading
context.
It's
also
used
in
opportunistic
transactions
where
there
there
isn't
that
sort
of
relationship
between
buyer
and
supplier.
What
dlpc
does
in
those
instances
is
that
you
know,
as
you
say,
andrea,
it
simplifies
the
process.
It
provides
a
very
similar
level
of
security
using
the
benefit
of
the
technology,
without
all
the
steps
that
are
required
in
an
lc.
E
What
we've
seen
so
far
is
that
moving
to
an
lc
or
sorry
moving
from
an
lc
to
a
dlpc
has
provided
some
benefits
of
cost
and
time
savings
that
most
buyers
want
to
move
in
that
direction.
What
happens
when
you
move
to
dlpc?
Is
you
no
longer
have
to
pay
for
the
fees
of
an
lc,
obviously,
and
you
no
longer
have
to
pay
for
document
handling
by
the
bank,
so
it's
a
significant
cost
savings.
E
So,
from
the
supplier
perspective,
you
know
any
fees
that
they
were
paying
to
their
advising
bank
in
order
to
handle
the
the
lc
fulfillment.
That
also
goes
away
completely.
In
most
cases
we
actually,
as
as
you
saw
in
in
the
diagrams,
you
only
have
one
bank
and
that's
because
there
only
needs
to
be
one
bank
that
issues
a
dlpc
or
that
ultimately
remits
payment
to
the
supplier.
C
Wonderful,
this
is
much
you
know.
A
great
detail
into
this
c
allows
me
to
have
a
deeper
understanding
of
the
instrument.
You
know
myself
being
so
stuck
on
all
season
on
how
they
work
and
how
sometimes
cumbersome
and
complicated
they
are.
That's,
not
the
question
always
from
beeping
he's
asking
as
it
is
negotiable.
Could
you
call
it
a
digital
currency.
E
I
would
stay
away
from
currency,
so
a
dlpc,
because
it
is
so
put
it
this
way.
It
has
a
lot
more
in
common
with
a
token
and
a
currency
in
terms
of
the
underlying
technology,
but
as
a
legal
matter,
and
as
you
know,
in
the
way
that
it
functions
in
a
business
transaction,
it's
not
meant
to
be
a
currency.
E
B
Yes,
yeah
and-
and
indeed
I
would
certainly
say
from
a
legal
perspective-
it
certainly
couldn't
be
characterized
as
a
as
a
digital
currency.
It's
it's
a
payment,
a
method
of
payment.
I
I
like
to,
but,
interestingly
it's
it's
negotiable.
It's
a
it's
a
negotiable
instrument,
just
in
the
same
way
that
if
you
have
a
promissory
note,
written
and
signed,
wet
signature,
you
have
a
negotiable
instrument
or
a
check.
It's
a
negotiable
instrument.
It's
not
a
check
is
not
a
promissory
note,
as
you
know,
but
a
check
is
a
negotiable
instrument.
B
It's
it's
readily
transferable
and
the
holder
has
special
protections
and
benefits
and
we've
what
we've
sought
to
do
is
to
create
in
the
digital
space
the
same
type
of
instrument.
As
a
promissory
note
in
written
and
wet
signature
form
and
and
the
legal
underpinning
comes
from
the
fact
that
we've
governed
it
we,
we
recommend
it
to
be
governed
by
delaware
law,
because
the
delaware
statutory
law
gives
it
that
characteristic
and
as
soon
as
the
laws
of
other
jurisdictions
do
the
same,
then
we
would
say
use
those
other
laws.
B
D
D
C
D
But
just
I'm
not
quite
sure,
what's
happening
with
my
my
connection,
but
basically
just
the
the
point
that
I
want
to
to
leave
with
everybody
is
that
the
dlpc
is
an
evolving
instrument,
is
going
to
be
used.
I
think
in
different
ways
over
time
will
evolve
to
be
used
in
different
ways.
One
of
the
areas
where
I
think
we
will
be
seeing
the
dlpc
to
facilitate
getting
trade
assets,
institutional
investors
because
of
its
negotiability.
B
Naturally
legally
rely
upon,
and
we
believe
the
dlpc
in
the
way
that
it's
been
recommended
gives
them
a
reliable
negotiable
instrument.
They
can
buy
the
instrument
and
then
they
can
sell
it
onwards
if
they
want
to
sell
it
onwards.
If
it's
appropriate
and
banks
ought
to
like
this,
because
it
takes
assets
off
their
books
if
it
goes
to
institutional
investors
and
allows
the
banks
then
to
create
new
assets
on
their
books.
F
A
F
I
would
like
to
share
my
my
comment
on
on
on
that
just
try
to
speculating
a
bit
okay
and
in
the
future
of
what
can
happening
from
a
legal
point
of
view,
I
mean
my
my
suggestion.
We
we
can
see
globally
that,
for
instance,
europe
by
2024
could
have
like
a
sort
of
comprehensive
legal
framework,
recognition
for
dlt
and
tokenized
asset
and
me
by
the
same
time,
the
model
electronic
law
that
now
has
been
enforced
by
a
couple
of
countries
could
have
a
more
widespread
application.
F
So
I
I
would
like
just
to
leave
this
idea
to
be
to
the
owners
that
maybe
the
in
a
two
three
four
years
time
slot.
We
may
see
dlpc
solution
or
other
solution
like
provide
by
the
itfa
in
europe,
working
globally
with
in
finding
common
breast
practices
that
find,
at
the
same
time,
legal
recognition
in
the
national
law,
but
also
in
the
international
application
framework.
B
F
B
Great,
if
I
may
just
interject
again,
I
please
continue
with
that
idea,
eugenio,
because
we
also
are
in
discussions
we,
that
is
to
say
the
bath
working
group.
We've
been
in
discussions
with
itfa
with
itfa
we're
watching
closely
what
the
european
commission
is
doing,
we're
watching
closely
with
what
the
british
law,
reform,
commission
or
law
commission
is
doing,
there's
a
lot
of,
as
you
say,
a
lot
of
new
initiatives
that
could
be
brought
together
on
this
and
we
would
like
to.
We
would
like
to
cooperate
with
them.
B
We're
not
saying
look
here
is
a
take
it
or
leave
it
instrument.
You
know
you've
got
to
take
it.
We're
not
saying
that
at
all
we're
just
saying
here's
an
instrument
that
could
be
used
now,
if
you
like,
but
if
we
could
bring
about
a
global
change
in
this
direction
that
you
have
been
describing
bath,
would
really
support.
That
would
really
support.
C
Oh
any
other
question
from
the
attendance.
I
think
we
you
know
we
have
exceeded
a
little
the
usual
time
frame.
You
know
of
an
hour
during
the
missing.
This
is
good
sign.
I
mean
the
discussion
has
been
pretty
interesting,
so
it
means
that
you
know
we
we
managed
to
to
raise
the
interest
of
the
attendance
and
we
can
somehow
succeed
in
doing
this.
A
B
A
B
F
F
C
Thank
you
all
of
the
three.
It
was
a
great
session,
one
of
the
greatest
that
we
had
you
know
during
the
last
year.
So
thank
you
so
much
rebecca
whitman
and
john
taylor
for
joining
us
today.
It
was
a
real
pleasure
and
I
hope
to
see
you
again
in
the
future.
Maybe
we're
going
to
have
more
of
these
at
this
time
of
day.