UNBLOCKED The Power of Blockchain Technology to
ESTABLISH TRUST, BUILD BRANDS & TRANSFORM BUSINESS
1
MAY 201 7 OGILVYRED THINK SERIES
BY LAURA MASSE
Global Consulting Partner
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“BLOCKCHAIN TECHNOLOGY WILL TRANSFORM THE WORLD. If you understood in 1995 the opportunities and threats that the internet would ultimately present to your company, or industry, what would you have done differently? That is where we are with blockchain today.”
– Ginni Rometty, CEO, IBM
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NTRODUCTIO 4
EXECUTIVES ACROSS ALL INDUSTRIES ARE BUFFETED BY RELENTLESS CHANGE. Nearly two-thirds of CEOs globally say they are concerned about the speed of technological advances and their ability to keep up.1
In the midst of this technological tsunami, it would be
easy, and convenient, to gloss over blockchain technology. But it would be a mistake. Blockchain is a technology of consequence. It has tremendous transformative potential for individuals, for society, and for businesses. Most people with any knowledge of it at all have a limited perspective circumscribed to the digital currency Bitcoin. Bitcoin is really just the tip of the iceberg. Overlooking the full potential of the transformative blockchain technology that lies beneath Bitcoin is a major risk for companies and the executives who lead them.
HOW WILL BLOCKCHAIN TECHNOLOGY … … propel your innovation strategy? … disrupt your business model? … create new revenue streams?
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"UNBLOCKED: THE POWER OF BLOCKCHAIN TECHNOLOGY TO ESTABLISH TRUST, BUILD BRANDS & TRANSFORM BUSINESS� shines light on the myriad capabilities, applications and benefits of blockchain technology for businesses. It frames key questions for business leaders that open paths to unlock the value of the technology. It places the customer at the center of business strategy development. And it focuses on the ultimate end game, leveraging the blockchain to prevent disruption and provide competitive advantage. Blockchain technology itself can be understood relatively easily. The hard work is figuring out how to successfully apply it to your business. This paper provides inspiration for that heavy lifting. 6
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1
The
TRUST MACHINE
8
1
“The blockchain lets people who have no particular confidence in each other collaborate without having to go through a central authority.
SIMPLY PUT, IT IS A MACHINE FOR CREATING TRUST."² – The Economist
9
BLOCKCHAIN TECHNOLOGY and its most prominent application, the digital currency Bitcoin, were introduced in 2009 when cryptographer and computer scientist Satoshi
Nakamoto
published
technical
protocols that enable peer-to-peer transfer of digital assets.
As the internet allows
us to digitally transfer information, so the blockchain allows us to digitally transfer items of worth. Some have christened it “The Internet of Value.” 3 At its most basic, the blockchain is a decentralized digital ledger. The protocols that govern it guarantee security, transparency, authenticity, and credibility. Trust is built into this “machine.”
Satoshi Nakamoto Solves the Problem of Double Spending The internet allows us to share documents, video, and photos but not items of value. When a document is shared over the internet it is a copy; the originator retains the original. Obviously, this won’t work with money because if I owe you ten dollars it’s really important that the ten dollars transfers from me to you and that I don’t have the ten dollars to send to someone else. That would be a “double spend.” Through the internet we have been able to transfer value only through middlemen who verify possession of funds and clear transactions for a fee Visa, Western Union).
Through blockchain
technology, Satoshi Nakamoto solved the problem of double spending with decentralized verification protocols.
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(PayPal,
HERE’S HOW IT WORKS Encrypted transactions are initiated and accepted
The network is able to validate, timestamp and
peer to peer.
There is no financial middleman
clear a transaction instantly because that activity
or bank that establishes trust between the
happens immediately within the digital ledger itself,
parties. Instead, trust is established through the
not between institutions. After the transaction is
decentralized distributed ledger that is visible to
cleared, the network cryptographically links it to
anyone within the network.
the prior transaction and publishes them in blocks. Each block is linked to the previous block and so an
When a transaction is initiated, this worldwide
immutable chain is established. (Hence, the name
network of computers race to validate the
blockchain technology.) No information in a block
transaction
can be altered without changing all of the blocks
by
solving
complex
algorithms.
When the network reaches consensus that the
prior to it, making it virtually impossible to hack.
digital ledger reflects that the transferring party actually has the asset to transfer, the transaction
The protocols of blockchain technology ensure
is validated and executed. And the digital ledger
immutable trust. Security is guaranteed through
is updated, simultaneously, across the network.
encrypted transactions that are pseudonymous
Anyone with the necessary computer power can
and sealed into blocks. Transparency is ensured
participate in the verification process (aka become
through the open, public decentralized ledger that
a network “node�).
anyone can view.
Authenticity and credibility
are established through a permanent, unalterable record of events. 11
TRANSACTION SUMMARY
Jenny wants to send Mark $100.
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The transaction request is sent to every node in the network.
The nodes reach consensus that Jenny has the $100. The transaction is approved.
The money moves on the digital ledger and the transaction is sealed into a block.
The block is cryptographically and permanently linked to the previous blocks of transactions.
DISTINGUISHING CHARACTERISTICS of the
BLOCKCHAIN
SECURE TRANSPARENT PEER-TO-PEER TRANSFER ENCRYPTED AND PSEUDONYMOUS INSTANT, FRICTIONLESS SETTLEMENT EASY & ACCESSIBLE LOW COST
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A WORD ABOUT “NODES”
“MINERS”
As noted, anyone with the requisite
Right
computer
authenticating
processing
power
can
a
miner’s an
entire
reward
for
block
of
establish a “node” on the worldwide
transactions is 12.5 Bitcoin per block, or
network that validates transactions on
about $33,000. Not bad. But it takes a
the distributed ledger.
People that run
lot of expensive computing power and
nodes are called “miners.” Each time a
energy to support a mining operation.
miner solves the complex math problems
The majority of miners are actually big
necessary to authenticate an entire block
companies with acres of data centers –
of transactions, the miner is rewarded
not guys operating out of their basements.
with
a
newly-minted,
pre-determined
amount of Bitcoin. This Bitcoin reward is important. It acts as an incentive for miners to contribute their considerable computing power and energy to validate transactions. It is the distributed authority of miners to validate transactions that sustains the self-governing nature of the public decentralized ledger.
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now,
It’s counter-intuitive to think that a
DECENTRALIZED, DISTRIBUTED LEDGER
IS MORE SECURE THAN ONE TIGHTLY CONTROLLED BY ONE ENTITY IN ONE PLACE. However, a centralized institution is actually more vulnerable to hacking because a perpetrator need only creep into one main system, as we have so alarmingly learned with the hacking of VISA, JPMorgan Chase, Target and others. A single point of control is also a single point of failure that can expose companies and their customers to disastrous security breaches. Distributing the blockchain digital ledger across tens of thousands of participating nodes who are anonymous protects the data. It’s impossible to hack all of the nodes at one time. And if any one node is attacked, the intrusion can be detected by the rest of the nodes and the activity associated with the attack invalidated.
15
” THE NOTION OF SHARED PUBLIC
LEDGERS MAY NOT SOUND REVOLUTIONARY OR SEXY. NEITHER DID DOUBLE-ENTRY BOOK-KEEPING. ” – The Economist
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COMPARE the ease and convenience of
BLOCKCHAIN TRANSACTIONS ARE STREAMLINED O1
A wants to send money to B. The transaction request is sent to every node in the worldwide network
O2
The network nodes validate that, according to the digital ledger, A actually has the money to send to B
O3
The transaction is approved and is sealed into a secure block and the block is linked to all previous blocks, forming an immutable chain.
O4
The money moves on the digital ledger from A to B. The transaction and settlement are instantaneous.
transferring digital currency on the blockchain to the complexity of an ordinary credit card transaction. In a credit card transaction there are a number of banking intermediaries, fees are incurred at various stages and settlements take days.
CREDIT CARD TRANSACTIONS
ARE COMPLEX & TAKE DAYS TO SETTLE
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O1
Customer pays with credit card
O2
Merchant captures credit card information and sends to the merchant’s bank
O3
The merchant’s bank forwards the transaction to the credit card company (VISA, Mastercard, etc.)
O4
The credit card company requests payment authorization from the bank that issued the credit card
O5
The card-issuing bank approves the transaction through the credit card company and the merchant’s bank
O6
Up to 48 hours later the transaction is posted to the cardholder’s monthly statement by the issuing bank and to the merchant’s statement by the merchant’s bank
The
BLOCKCHAIN
ECOSYSTEM There are two basic types of blockchains: public and private. A public blockchain is just that: open to everyone and anyone who wants to transact and/or verify as part of the network. It is permissionless, meaning there are no barriers to participation. A private blockchain is one that is restricted within a company or limited to a group of cooperating companies. It is permissioned as one needs credentials to participate. There are many public and private blockchains acting simultaneously and independently of each other.
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PUBLIC BLOCKCHAINS
BITCOIN and the
BITCOIN BLOCKCHAIN
The Bitcoin Blockchain is an example of a public blockchain and is so called because it is the blockchain on which the digital currency Bitcoin rides. Gartner calls it “the only proven blockchain.” Bitcoin is one example of a digital asset that can be transferred across the blockchain. It is not a national fiat currency backed by any one government. Part of what makes Bitcoin valuable is that there is a finite supply. Supply is limited by virtue of the way it is “mined” and by the fact that Satoshi Nakamoto capped the number of Bitcoin at 21 million to counteract inflationary pressure. As of this writing, every day around the globe, there are over 300,000 Bitcoin transactions. The government of Japan has just recognized Bitcoin as a legal form of payment. And one Bitcoin is worth $2,645. That’s more than an ounce of gold, valued at $1,270.
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PUBLIC BLOCKCHAINS Bitcoin Price Index
June 12, 2016 - June 12, 2017
$3000 $2500
$2000 $1500
$1000 $1000
JUL ‘16
20
OCT ‘16
JAN ‘17
APR ‘17
PUBLIC BLOCKCHAINS
ETHEREUM Ethereum is another public blockchain with its own digital currency, Ether. Ethereum is a powerful development platform on which innovators can build a diverse array of applications due to its core innovation, the Ethereum Virtual Machine. Through the EVM, the process of creating blockchain applications is easier and more efficient than on other blockchains.
Ethereum can be used to
codify, decentralize and trade almost anything. Ethereum pioneered the concept of “smart contracts,� programmable
conditions
that
run
automatically,
without
censorship, fraud or third-party interference. In 2016, Ethereum showcased the ultimate expression of smart contracts at work with the formation of a company that completely self-regulated through code: the Decentralized Autonomous Organization, or DAO.
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PUBLIC BLOCKCHAINS Ethereum Price Index
June 12, 2016 - June 12, 2017
$300
$200
$100
$0
JUL ‘16
22
OCT ‘16
JAN ‘17
APR ‘17
BITCOIN AND ETHEREUM are the two leading digital currencies with their own blockchains but there are other prominent digital currencies such as Ripple, Litecoin, and Dash. In the future, there are likely to be many simultaneously functioning digital currencies, tokens and public blockchains.
MULTIPLE INDEPENDENT PUBLIC BLOCKCHAINS
TOKEN PROTOCOL BLOCKCHAIN
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Bitcoin
Ethereum
Ripple
Dash
Litecoin
Bitcoin Protocol
Ethereum Protocol
Ripple Protocol
NEM Protocol
Litecoin Protocol
Bitcoin Blockchain
Ethereum
Ripple Blockchain
NEM Blockchain
Litecoin Blockchain
TOP
5
DIGITAL CURRENCIES & MARKET CAPITALIZATION
(As of June 5, 2017)
#
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NAME
MARKET CAP
PRICE
1
Bitcoin
$48,670,358,405
$2972.34
2
Ethereum
$22,867,367,463
$247.91
3
Ripple
$11,023,365,261
$0.285419
4
NEM
$2,016,468,000
$0.224052
5
Litecoin
$1,591,941,697
$30.95
PRICE GAP (7d)
PRIVATE BLOCKCHAINS Established financial institutions and large corporations
The
are enamored of blockchain technology and its potential
estimates that 80% of banks are
to help cut costs and increase efficiencies. They are,
working on private blockchain
however, pursuing the development of private, or
applications and that they will
permissioned, blockchains as opposed to a globally
spend $200 million on developing
open publicly distributed ledger.
blockchain technologies in 2017.
A prominent example of a private blockchain is Hyperledger. Formed in 2015, Hyperledger is a global collaboration hosted by The Linux Foundation and includes partners such as IBM, American Express, Intel, SAP and JPMorgan. “I believe 2017 is the year we see live networks versus proof of concepts,” said Jerry Cuomo, fellow and vice president of blockchain technologies at IBM. “I think we’re seeing the real evidence that blockchain is not going to come, it’s here.” 4
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World
Economic
Forum
VENTURE CAPITAL INVESTMENT IN BLOCKCHAIN
= $1.5 BILLION – ZDNet March 2017
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27
2
THE BIG PICTURE:
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AND IT MATTERS BECAUSE?
2
“ BLOCKCHAIN TECHNOLOGY REPRESENTS AN OPPORTUNITY to
REWRITE THE ECONOMIC POWER GRID and old order of things to solve some of the world’s most difficult problems.” – Don Tapscott The Blockchain Revolution
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1% OF THE GLOBAL POPULATION OWNS HALF
OF THE WORLD’S WEALTH WHILE 3.5 BILLION PEOPLE EARN FEWER THAN TWO DOLLARS A DAY.⁵ There are 2.5 billion people who are
The creation of an open, modern,
“unbanked,” living entirely outside
integrated, peer-to-peer, global
financial institutions, without bank
economy based on a decentralized,
accounts, credit lines, documented
distributed blockchain ledger has
assets or financial instruments
the power to change that.
of any kind. Established financial
developing
institutions do not have financial
in the global economy is the first
incentive
step to better and more robust
to
make
services
countries,
For
inclusion
available to populations with
economic
development,
very little cash. Without access,
healthcare, and better education.
billions of people are limited in
Integration into this economy via
the ways they can start small
blockchain
businesses, increase their standard
only a cellphone and a connection
of living and contribute to the
to the internet.
technology
better
requires
OPPORTUNITY TO CREATE A MORE INCLUSIVE ECONOMY
overall global economy.
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UNBANKED CELLPHONE POPULATION OWNERSHIP Sub-Saharan Africa
66%
93%
South Asia
54%
64%
East Asia
31%
64%
Latin America
49%
65%
— eMarketer, March 2017
“Blockchain technology could unleash the biggest untapped pool of human capital in history, bringing billions of engaged, prospering entrepreneurs into the global economy.” 4 – Don Tapscott
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THAT’S GOOD NEWS FOR DEVELOPED AND UNDERDEVELOPED COUNTRIES ALIKE.
LOCAL ECONOMIES WORLDWIDE WILL RETAIN THE BENEFITS OF THEIR LABOR The largest flow of capital from the developed world to the developing world is not foreign aid or corporate investment. It’s the $600 billion sent home by emigrants in the form of remittances. Currently that transfer of fiat currency goes though a middleman, be it a bank or Western Union, charging anywhere from 5% to 25% in remittance fees depending on where in the world the money is being sent. And it takes several days to clear. Imagine if that transfer were instant. Imagine if it were peer-to-peer, with no middleman fees. Goldman Sachs estimates that $100 billion annually could be saved and plowed back into local economies.
SOCIETIES WORLDWIDE WILL BE SERVED BY MORE EFFICIENT GOVERNMENTS
A significant number of governments around the world are applying blockchain technology to solve their most pressing problems. In Estonia, to combat healthcare fraud, the government has adopted blockchain technology to secure one million health records, accelerating transparency and auditability. 6 The UK government’s Department of Work and Pensions is partnering with Barclays to use the blockchain to distribute welfare payments, significantly reducing waste and fraud. 7 The Republic of Georgia is piloting a blockchain landtitling project. An estimated 70% of people around the world who own land have tenuous title to it. Without a valid title, the land can’t be borrowed against or sold. Documenting ownership of land, registering it as a verifiable asset on the blockchain, opens up new value for the owners. 8
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ON A PERSONAL LEVEL The impact of blockchain technology will be significant for individuals in countless ways. It will change not only the way we transact, but also the way we manage our privacy, create new value, and the way we participate 34
in self-governance.
RECAPTURE OUR IDENTITIES … And Maybe Make Some Money
Every
day,
we
reveal
personal
Blockchain
technology
enables
information and display behaviors
a “black box” virtual identity that
online, through transactions and
consumers can control.
surfing, which add up to a virtual ID
personal
that others monetize. For instance,
is the minimum needed for any
Facebook sells advertisers the ability
transaction. And no data or behavior
to target their ads to you based on
is accumulated or stored.
information
The only revealed
the demographic and psychographic information Facebook has compiled
A consumer could choose, however,
about you.
Facebook made $26
to disclose parts of their identity
billion dollars in advertising revenue
to companies in return for specific
in 2016. How much did you make
benefits. Imagine electing to reveal
from giving those ads your time and
your demographics and preferences
attention?
directly to a brand or company and having them pay you for your attention to their ads.
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ENSURE COMPENSATION FOR THOSE WHO CREATE VALUE
It seems fair that people who create
Let’s say an artist sells a painting for
value be compensated for it. Think
$1000. Over time, the artist becomes
of artists, writers and musicians
more popular and the buyer of that
and the contributions they make to
painting sells it to someone else for
individuals and society. Now think of
$50,000. The artist has created real
the way their content is distributed
value over time but realizes only the
through middlemen taking fees.
initial $1000.
Through blockchain
technology and smart contracts, a Imagine they could sell peer-to-peer
pre-determined percentage could be
and realize full compensation for the
attributed to the artist each time the
value they create. And imagine they
work is sold.
could participate in the lifetime value of their work.
So, blockchain technology enables those who create value to not only control the conditions under which their work is accessed and sold but to realize fair compensation for it over time.
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SECURE DEMOCRACY
Trust is an issue in the political realm. Blockchain technology enables transparent,
immutable
records
that can increase levels of trust in government. Jamie Smith, CCO of BitFury Group, says, “Imagine an election where citizens can vote with their phones from
the
factory
floor,
where
campaign finance disclosures are immediate and transparent, and where polling data is verifiably accurate, secure and easier than ever to share.�
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38
3
SPLASH
of
COLD
39
WATER
3
WITH ALL OF ITS POTENTIAL, BLOCKCHAIN AS A TECHNOLOGY IS STILL EXPERIMENTAL;
IT’S STILL EMERGING.
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HYPE CYCLE FOR EMERGING TECHNOLOGIES Gartner observes that, in keeping with patterns that other emerging technologies have followed, blockchain technology is poised at the “peak of inflated expectations” ready to descend into the “trough of disillusionment” before it ever reaches “the slope of enlightenment.” Ultimately they predict it is five to ten years away from mainstream adoption.
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– Gartner (July 2016)
IN THE “TROUGH OF DISILLUSIONMENT” AN EMERGING TECHNOLOGY BEGINS TO DEAL WITH
IMPLEMENTATION CHALLENGES. Don Tapscott, an influential thinker in the space, acknowledges a bevy of implementation challenges for blockchain technology that will need to be overcome in order to move forward.9
Four are most pressing. 42
O1
THE TECHNOLOGY
IS NOT READY FOR PRIMETIME
The size of the transaction “blocks”
Within the Bitcoin blockchain community
determine the speed at which blockchains
there is currently considerable debate
can process transactions. Currently, the
about how to increase speed and capacity.
speed at which blockchains process
One camp proposes doubling the size of
transactions
slower
each block under existing protocols. The
more
other advocates eliminating any limits by
compared
are to
substantially
that
of
other,
traditional players like VISA and PayPal.
adopting new protocols.
If agreement is
And the various blockchains themselves
not reached, the Bitcoin blockchain will
process transactions at different speeds.
“hard fork” into two separate blockchains
Assuming that to be “ready for primetime”
much as Ethereum did in 2016.
a blockchain will need to process at least as fast as the dominant traditional player, there is work to be done to scale the technology.
TRANSACTIONS PROCESSED PER SECOND (TPS) VISA – 2000 TPS PayPal – 193 TPS Ethereum – 20TPS Bitcoin blockchain – 7 TPS – MyBroadband.co.za April 2017 43
O2
THE ENERGY CONSUMED
IS UNSUSTAINABLE
On the Bitcoin blockchain, the computing
In order to overcome this implementation
power necessary to mine digital tokens
challenge, many in the industry including
is enormous as is the attendant energy
BitFury Group are working on solutions
needed to run and cool the machines.
including developing more energy efficient
The
computers
New
Republic
has
reported
relocating
computing
“Processing and protecting the more
centers to geographies where alternative
than $3 billion worth of bitcoins in
energy
circulation
geothermal are available.
requires
more
than
$100
million in electricity each year, generating a volume of carbon emissions to match.�10
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and
sources
such
as
hydro
or
O3
GOVERNMENTS
WILL STIFLE IT
increasing.
In the U.S., policymakers are most
Governments the world over are grappling
concerned about consumer protection,
with how to handle issues surrounding
securities and commodities regulation,
digital currency and the blockchain. And
financial surveillance and privacy.
those in the blockchain ecosystem are
the U.S. Financial Oversight Committee
racing to educate policymakers on the
has noted, in its first reference to
technology. Their concern is that a lack of
blockchain in 2016, “Since the set of
understanding of the technology will lead
market participants which makes use
governments to regulate too soon and/or
of a distributed ledger system may well
too much, resulting in slower adoption and/
span regulatory jurisdictions or national
or limiting the potential of the technology.
boundaries, a considerable degree of
Regulatory
attention
is
And
coordination among regulators may be required to effectively identify and address risks associated with distributed ledger systems.� 11
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O4
THE EXPERIENCE NOT YET USER-FRIENDLY is
To own and transfer Bitcoin you need to
Real-time
and
historical
transaction
open a digital wallet. There is considerable
data on the Bitcoin blockchain can be
security around digital wallets. Passwords
accessed through the internet at such
must be complex to be strong. And, for
sites as blockexplorer.com and blockchain.
ultimate security, they are not stored
info. The data is searchable by Bitcoin
digitally in any central location. So the users
wallet addresses, but they are clunky,
have the responsibility to maintain and
unrecognizable strings of letters and
protect their passwords offline. Something
numbers. You cannot, for instance, search
many of us are not currently used to doing.
on activity for Target. Using the blockchain today is akin to using the internet preNetscape browser.
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So it’s wise to keep our feet on the ground. Appreciate the profound transformational power of blockchain technology yet with a rational, tempered enthusiasm. And recognize that although the technology is five to ten years away from mainstream adoption,
THE TIME FOR BUSINESSES TO DEVELOP THEIR BLOCKCHAIN STRATEGIES IS NOW.
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48
4
UNPACKING BLOCKCHAIN the
for
49
BUSINESS
4
“Blockchain is not a ‘disruptive’ technology, which can attack a traditional business model with a lowercost solution and overtake incumbent firms quickly. Blockchain is a
‘FOUNDATIONAL’ TECHNOLOGY;
it has the
POTENTIAL TO CREATE NEW FOUNDATIONS FOR OUR ECONOMIC AND SOCIAL SYSTEMS.¹² ” - Harvard Business Review
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Essentially
Viewing blockchain technology as simply a technical protocol that enables only the transfer of digital assets masks its wider strategic business application.
Examining the specific
functionality and characteristics of blockchain technology, separately and in combination, gives us a broader perspective on its potential value.
“UNPACKING” THE BLOCKCHAIN
IS KEY TO IMAGINING POSSIBILITIES UNDERSTANDING THE FUNDAMENTAL IMPACT IT CAN HAVE ON YOUR BUSINESS.
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UNPACKING THE BLOKCHAIN 52
THREE POWERFUL FUNCTIONS
01
THE BLOCKCHAIN as a
DECENTRALIZED LEDGER
Blockchain technology enables the transfer of digital currency through digital tokens on a digital ledger. As activity in the digital currency arena grows, and more businesses are blockchainenabled, movement toward a global cryptoeconomy will accelerate.
A crypto-economy
MAKING MONEY THROUGH
MICRO-TRANSACTIONS
opens potential for new value creation and new
Imagine a publisher who sells online
revenue streams.
subscriptions.
By
traditional
means,
it only makes sense to sell an “all or
53
Micro-Transaction Economy
nothing� subscription as small payments
Consider that digital tokens are divisible out to
per article would cost more to transact
eight decimal points. They can easily be used for
than the revenue they generate. With low-
micro-transactions, transactions that would be
cost, frictionless micro-transactions, a
too small to warrant the expense of transferring
publisher could sell individual sections of
fiat currency by traditional means. Imagine a
a paper, individual articles, photographs,
new micro-transaction economy that opens new
videos, stock prices, etc., generating
revenue streams and monetizes products and
incremental income with the same
services in new ways.
amount of content.
01
Investment Vehicle Digital currencies are coming to be seen by many
currency transfer. They’ve launched a solution
as an investment vehicle rather than as a means
called Linq on the Bitcoin blockchain that
of purchasing goods and services. Many of the
enables private companies to digitally represent
large digital currency mining companies are
share ownership.
making money by holding their currency, not by spending it. And the SEC has twice considered establishing an Exchange Traded Fund based on Bitcoin. So in some ways, a crypto-currency economy has established a new investment vehicle, like gold or stocks. Value Beyond Currency Transfer Digital tokens can also be programmed to carry other units of value, not just currency. Any asset or piece of unique value that can be digitized can be transferred on the blockchain: land and building titles, deeds, a shareholder vote. In December 2016, Overstock.com became the first publicly traded company to issue stock over the Bitcoin blockchain. Overstock’s CEO, Patrick Byrne, called it a “Sputnik Moment,” meaning that it’s a first, but largely symbolic.
NASDAQ
has also played a leadership role in exploring the benefits of blockchain technology beyond 54
02
THE BLOCKCHAIN as a
DISTRIBUTED BASE
The blockchain can time stamp, notarize and
Healthcare
permanently record information other than
dramatically improved and made more efficient
transactions of value. So in addition to it being
and effective for all parties through blockchain
a distributed ledger, it is also a distributed
technology and its unique functionality as a
database
distributed database.
that
can
house
unchangeable
is
one
industry
that
can
be
records of all kinds: health records, land titles, provenance documentation, and the like.
This
At the most personal level, patient records can
opens tremendous opportunity for businesses
be uploaded, updated and immutably stored on
in areas outside transactions on a decentralized
private blockchains. At a routine doctor’s visit, for
digital ledger.
example, blood pressure readings, weight, and EKG results could be recorded as “transactions”
Blythe Masters, one of the most powerful people
that the physician validates and time-stamps
on Wall Street and now CEO of start-up Digital
onto the blockchain. Patients themselves can
Asset Holdings says, “I had an ‘aha moment’
control the access to their records by doctors
where I began to appreciate the potential
and hospitals of their choosing. Communication
implications of the technology.
While the
between patients and healthcare providers
cryptocurrency application of the distributed
becomes frictionless, saving time and improving
ledgers
efficiency in delivering necessary care.
technology
was
interesting,
the
underlying database technology itself had far 55
broader implications. “ 13
02
These new processes and interoperability will dramatically improve the health insurance industry.
Bruce Broussard, President & CEO,
Humana says, “ With (blockchain) transparency and automation, greater efficiencies will lead to lower administration costs, faster claims and less money wasted.�14 And health research can be dramatically transformed. Consider that the pseudonymous nature of the blockchain would enable vast pools of patient data to be aggregated. These pools could be mined for factors that impact outcomes, determining optimal treatment options based on genetic markers, and identifying behaviors that influence preventative medicine.
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03
THE BLOCKCHAIN as a
“SMART CONTRACT” PLATFORM
“Smart” contracts are an essential and unique
A smart contract is not the same as a
functionality of the blockchain and innumerable
contractual agreement. It is enabling software
possibilities open up through their power. Smart
code that enforces and executes terms of legal
contracts are contracts that can be programmed
agreements as stipulated by contracting parties.
directly onto the blockchain and automatically
It is dynamic, as opposed to static, in that it can
executed as terms are met. Simply put, smart
be programmed to automatically interact with
contracts program trust, translating it into use
databases and other sources of information to
for specific business circumstances.
make determinations on whether terms have been met and a contract should be executed. It is this dynamic agency which differentiates smart contracts from the online password protected contractual agreements available through the internet today.
57
“SMART CONTRACTS� AT WORK For example, one could sell a piece of
The buyer transfers the purchase price
manufacturing
a
in digital currency to the public address
smart contract on the blockchain. The
of the seller on the blockchain and the
parties agree to the terms and program
seller transfers the title to the public
them into a smart contract. They agree
address of the buyer. The smart contract
that, for the protection of each party, they
verifies that the terms have been fulfilled,
will use multi-signature authentication
releases keys to each party so that each
(multisig), meaning a third party will need
can access their asset. Had there been
to verify that terms have been satisfied if
a disagreement on the fulfillment of the
the parties disagree in the future. Each
terms, the third party would be called in
party has an encrypted public key, two of
as arbiter to determine if the contract
the three are needed to access the assets:
terms had been met.
equipment
through
digital currency from one party, title to the equipment from the other.
58
03
Because smart contracts are peer-to-peer and instantaneously settled, they have a huge role to play in increasing the efficiencies and lowering costs in such industries as Real Estate, Automotive and Manufacturing.
At present
software developers are the primary coders of smart contracts but user-friendly interfaces are being built and will enable lawyers and others to write them. Importantly,
because
smart
contracts
are
transparent on the blockchain, it is public record that the contracting parties have met their terms. The details of the transaction cannot be accessed, but the fact that each party fulfilled their obligation can.
In this way, blockchain
transparency acts to establish the reputations of individuals and businesses. In fact, transparency in meeting one’s business obligations over time, as immutably recorded by the blockchain, will be a major lever of control for corporations wishing to build or restore their reputations.
59
THE BLOCKCHAIN AS A DECENTRALIZED DIGITAL LEDGER. THE BLOCKCHAIN AS A DECENTRALIZED DATABASE. THE BLOCKCHAIN AS A PLATFORM FOR SMART CONTRACTS. Each of these functions enable businesses to imagine new paths to innovation and growth based on peer to peer trust.
“This is the ‘aha’ for me.
Blockchain
technology is not really about digital payments, but establishing trust in transactions in general. It’s a technology that can change the world.”15 – Arvind Krishna, SVP, Director of Research, IBM 60
What can you do
FROM A PLACE OF
IMMUTABLE
TRUST? Immutable trust is a rare opportunity. 58% CEO’s worry that a lack of trust in business will harm their company’s growth. And in an increasingly digitized world, 69% of CEOs think it’s harder for businesses to gain – and retain – people’s trust.16 VW, Uber, Chipotle and Wells Fargo have all learned the hard 61
way about the value of trust to the bottom line.
IMMUTABLE TRUST THE MOST EMPOWERING CHARACTERISTIC OF THE BLOCKCHAIN IS IMMUTABLE TRUST and it is built on the characteristics of security, transparency, authenticity and credibility.
It can be unpacked to illuminate real business opportunity. 62
IMMUTABLE TRUST
IMAGINE
BUSINESS BENEFTIS
SECURITY
63
Ensure customer privacy
TRANSPARENCY
AUTHENTICITY
CREDIBILITY
Develop open platform for demonstrating corporate values to customers
Differentiate products & services
Improve & maintain corporate reputation
Establish superior value
Vet potential partners & suppliers
Drive preference & lifetime value
Inspire loyalty
Amplify brand relevance
IMAGINE a health insurance company is able to establish a “healthy living” program that offers discounts as members achieve key metrics and irrefutably notarize them on the blockchain. Then imagine the cost efficiencies as the process is automated through smart contracts.
IMAGINE a non-profit aid organization is able to establish its integrity and increase donations to disaster victims because donors can trace the flow of their dollars directly into the hands of those in need. Then imagine those dollars get there swiftly, without friction, and at low cost.
IMAGINE a national jewelry chain is able to authenticate that every gem has been mined responsibly, establishing superior value and brand preference by “doing good.”
Inspire customer confidence
IMAGINE an automobile company has been faulted and fined for using flawed parts. Then imagine going forward they vet suppliers on the blockchain and reestablish a reputation for responsible sourcing.
IMMUTABLE TRUST can empower significant business transformation, transformation that can increase productivity, improve cost efficiency, enhance revenue, establish brand preference, and create new value. And it is being put to work right now, today, across industries and across functions by an increasing number of companies worldwide.
64
ATTRIBUTION
SUPPLY CHAIN
SOURCING
Spotify partnering with Mediachain Labs to help solve their music licensing issues.
Walmart partnering with IBM to track food on the blockchain.
Everledger using blockchain for counterfeit diamond detection & insurance fraud.
Spotify and Mediachain Labs are working together on developing better technology for connecting artists and other rights holders with the tracks hosted on Spotify’s service.17
With blockchain, Walmart will be able to obtain crucial data from a single receipt, including suppliers’ details on how and where food was grown and who inspected it.18
Everledger uses the blockchain to track individual diamonds, from the mine to the consumer and beyond. 19
OPERATIONS
CUSTOMER EXPERIENCE
ENERGY DISTRIBUTION
JPMorgan Chase replacing complicated databases with blockchain ledger.
ING set to improve customer experience using blockchain.
Solar Change uses blockchain to increase the use of solar energy worldwide.
The hope among Quorum’s developers is that blockchain can solve some banks’ most intractable problems including long and expensive settlement times, systems breakdowns and lack of clarity about risk exposures. 20
Working with 10 other banks, ING showed it could simplify the ‘Know Your Customer’ process so customers only have to submit identity documents once rather than each time they open a new account. This increases transparency, security and cost-efficiencies for banks. 21
Solar Change introduces SolarCoin - a revolutionary digital currency reward program designed to improve and increase the use of solar energy worldwide. 22
65
5
A MARKETER
UNPACKS
66
the
BLOCKCHAIN
5
TRUST IS THE FOUNDATION OF A BRAND. Trust in the experience a brand promises. Trust that the experience will be consistent. Trust that the brand expresses and shares our values.
67
THE BLOCKCHAIN IS A TRUST MACHINE.
INCREASINGLY , consumers and customers are attracted to brands that meet their needs not only on rational and emotional levels, but on a social level as well. From Toms to UnderArmour, brands that do, and do good, are able to establish and increase brand relevance. They become brands that matter.
CREATING A BRAND THAT MATTERS IS THE NUMBER ONE CONCERN OF MARKETERS. 68 Image Credit: Toms Shoes
CONSIDER THE WAYS BLOCKCHAIN-ENABLED TRUST CAN HELP MARKETERS BUILD
BRANDS THAT MATTER:
Irrefutably trace the provenance of materials and ingredients to their sources Indisputably document that a brand’s supply partners employ workers under acceptable conditions
Transparently display the charitable giving and activities of the brand Instantly verify that a brand is environmentally, socially and economically responsible
69
Securely transact in ways that put customers in control of their personal data
Figuring out ways to irrefutably prove that your brand is trustworthy is critical to establishing and maintaining a brand that matters.
THE BLOCKCHAIN
CAN HELP YOU GET THERE
70
IMAGINE ESTABLISHING A BRAND THAT MATTERS WITH THE BLOCKCHAIN A national women’s fashion retailer is
The tag on each scarf carries the retailer’s
struggling to update their image and become
blockchain
a brand that matters among younger
records confirm Bhujodi as the origin of the
Millennials.
They’ve done their research
fabric and verifies that all-natural dyes were
and carefully considered their customer’s
used to create the fabric. Further, it validates
journey.
They understand that younger
that the company of hand-loomers has a
Millenial women favor brands that express
reputation of employing their workers under
individuality and authenticity as well as
better than average conditions. Through the
brands that have a positive social agenda,
blockchain, the product carries a transparent
brands that “do.”
extended brand narrative of authenticity and
address
whose
immutable
trust directly to the Millennial consumer. So they’ve created a new line of scarves sourced entirely with fabrics from Bhujodi,
Moreover, knowing that “brands that do”
India where the one-of-a-kind fabrics are
are important to Millennials, the retailer’s
hand-loomed. So far, so good. The retailer
marketing department has developed a
could tell this story across social and
cause-related campaign to benefit Bhujodi.
traditional media and hope their customer
The village’s electrical grid is unreliable and
receives and believes the message.
frequently there are extended power outages.
OR, THE RETAILER COULD PUT THE BRAND INTO ACTION ON THE BLOCKCHAIN to transparently prove their authenticity, to connect with their audience from a single source of immutable truth in order to build 71
trust and brand relevance.
The retailer has decided to donate up to 10 generators, based on the enthusiasm of its customers to interact with its brand.
A SMART CONTRACT IS CREATED ON THE BLOCKCHAIN. THE TERMS BETWEEN THE RETAILER AND A MANUFACTURER OF ELECTRICAL GENERATORS ARE PROGRAMMED INTO IT. Each time a customer interacts with the retailer’s brand -- through a purchase, a social media share, interacting with promotional materials – an agreed upon Bitcoin micro-donation is made by the company to the manufacturer. When the total price of the generators is aggregated and verified through the smart contract, the funds are released to the manufacturer who automatically ships the generators directly to Bhujodi. The trail of donations and the progress against objectives is fully transparent to customers on the blockchain. Their actions are advancing a cause. And the retailer is building trust, becoming a brand 72
that matters.
IN SUMMARY:
THE
BLOCKCHAIN
UNPACKED
POWERFUL FUNCTIONS Blockchain as Decentralized Digital Ledger Blockchain as Distributed Database Blockchain as a “Smart Contract” Platform
ENABLING CHARACTERISTICS Immutable Trust Security Transparency Authenticity Credibility
UNIQUE CAPABILITIES Transfer digital currency & assets Enable microtransactions Time-stamp & notarize documents Create an immutable record-of-events 73
Verify authenticity of data, assets, ownership
A LIKELY
ADOPTION SCENARIO BLOCKCHAIN for
TECHNOLOGY
It’s
early
technology. strategies support
days
for
blockchain
Developing business that
generate
iteration
and
learning, create
a
deliberate path toward innovation while avoiding unnecessary risks is critical to success.
Understanding
the likely adoption scenario for the technology will inform solid decisionmaking. Marco Iansiti and Karim R. Lakhani of Harvard University have likened the emergence of blockchain technology to that of the internet.
Companies
first used TCP/IP protocols to develop single-use
and
localized
internal
applications that were entirely within their control before moving on to bolder new substitute business models and transformational services. Blockchain technology seems to be following this path as many companies are currently focused on private blockchains vs. public blockchains.
74
HOW FOUNDATIONAL TECHNOLOGIES TAKE HOLD “The adoption of foundational technologies
typically
in four phases.
happens
Each phase is
make them workable. Applications low in novelty and complexity gain acceptance first.
Applications
high in novelty and complexity take decades to evolve but can transform the economy.
TCP/IP
technology, introduced on ARPAnet in 1972 (in black), has already reached the transformation phase, but blockchain applications (in red)
HIGH
the coordination efforts needed to
LOW
applications and the complexity of
Amount of Complexity and Coordination
defined by the novelty of the
SUBSTITUTION
TRANSFORMATION
Retailer gift cards based on bitcoin
Self-executing smart contracts
Amazon online bookstore
Skype
SINGLE USE
LOCALIZATION
Bitcoin payments
Private online ledgers to process financial transactions
E-mail on ARPAnet
Internet corporate e-mail networks
are in their early days.” 23 LOW
HIGH
Degree of Novelty
75
From “The Truth About Blockchain,” by Marco Iansiti and Karim R. Lakhani, HBR, Jan-Feb 2017
Adoption is also fundamentally influenced by the pace at which an organization is able educate its management teams, enlist and enroll its business partners, and influence overall participation in the technology. How quickly executives begin
to
understand
the
right
questions to ask to form strategic plans determines how nimble they and their organizations will be in exploiting the opportunities inherent in blockchain technology.
76
AQUESTION good
A good question is not concerned with a correct answer. A good question cannot be answered immediately. A good question challenges existing answers. A good question is one you badly want answered once you hear it, but had no inkling that you cared before it was asked. A good question creates new territory of thinking. A good question is the seed of innovation in science, technology, art, politics, and business. –Kevin Kelly, Former Executive Editor, WIRED 24
77
12
78
GOOD QUESTIONS THAT UNLEASH IMAGINATION on the blockchain
O1
How can a
SINGLE IMMUTABLE PLACE OF TRUTH ADDRESS YOUR MOST PRESSING CHALLENGES?
79
O2
How will blockchain technology
SUPPORT AND/OR PROPEL
YOUR INNOVATION STRATEGY?
80
O3
Does blockchain technology
CHANGE WHAT PRODUCTS AND SERVICES YOU DELIVER OR JUST HOW YOU DELIVER THEM?
81
O4
How can blockchain technology
DISRUPT YOUR BUSINESS AND HOW DO YOU GUARD AGAINST IT?
82
O5
How can your
BRAND BE BUILT MADE MORE RELEVANT
THROUGH IMMUTABLE TRUST, SECURITY, TRANSPARENCY, AUTHENTICITY AND CREDIBILITY?
83
O6
How will using blockchain technology
IMPACT THE PERCEPTION OF YOUR COMPANY WHAT WILL YOU NEED TO DO TO WEAVE IT INTO YOUR BRAND NARRATIVE?
84
O7
How will using blockchain technology
AND THE CHARACTERISTICS OF IMMUTABLE TRUST
AMPLIFY CUSTOMER BENEFITS AND AMELIORATE CUSTOMER “PAIN POINTS”?
85
O8
How will using blockchain technology
OPEN UP NEW REVENUE STREAMS?
86
O9
What is
THE BEST WAY FOR YOUR ORGANIZATION TO
EXPERIMENT, GAIN KEY LEARNING and COMPETITIVE ADVANTAGE in these early days?
87
1O
How will you use
THE PHASES OF BLOCKCHAIN ADOPTION – (Single use, localization, substitution, and transformation)
TO INFORM YOUR IDEATION AND IMPLEMENTATION STRATEGIES?
88
11
How does the adoption of blockchain technology
DOVETAIL
WITH YOUR DIGITAL TRANSFORMATION STRATEGY?
89
12
The success of blockchain
WILL DEPEND ON THRESHOLD ACCEPTANCE BETWEEN INTERNAL CONSTITUENCIES, PARTNERS, SUPPLIERS AND CUSTOMERS.
WHAT IS YOUR PLAN
to get them onboard?
90
91
6
CONCLUSION
92
6
“Over the next decade, what the Internet did to communications, blockchain is going to do to about 150 industries." 25
- Patrick Byrne, CEO Overstock
93
Blockchain
technology
unleashes
tremendous potential for business transformation,
innovation,
and
growth. Harnessing that potential is an imperative for every business leader. Not next month or next quarter, but now, while the technology is emerging and there is latitude to experiment and to learn. Creating a “critical mass� of blockchaineducated
strategists
within
your
organization is the first step. Inspiring them to imagine how its unique capabilities can be applied across the enterprise to drive growth is the second. Building a strategic roadmap for adoption is the third.
HAVE YOU BEGUN TO HARNESS THE POTENTIAL OF BLOCKCHAIN TECHNOLOGY? 94
OgilvyRED runs tailored blockchain technology workshops.
PARTNER WITH US TO UNPACK THE POWER OF THE BLOCKCHAIN FOR YOUR BUSINESS. 95
GLOSSARY BLOCKCHAIN
DECENTRALIZED AUTONOMOUS ORGANIZATION
A distributed ledger and database that is used to
A virtual organization that is governed entirely by
maintain a continuously growing list of records,
smart contracts on the Ethereum blockchain.
stored in blocks, which are secure from tampering and revision
BLOCKCHAIN TECHNOLOGY
DECENTRALIZED DIGITAL LEDGER An open, public accounting of transactions that forms the backbone of the blockchain.
The protocols that govern how data is encrypted, packetized, addressed, transmitted, verified, routed and stored on the blockchain
BLOCKS
DECENTRALIZED VERIFICATION PROTOCOLS The technical standards that govern how digital transactions are authenticated on a public, decentralized ledger
Groups of immutably linked transactions on the blockchain.
BITCOIN Digital token representing digital currency that
DIGITAL CURRENCY A balance of money stored on the blockchain. Digital currency is not under control of any one central national government.
operates on the Bitcoin Blockchain.
BITCOIN BLOCKCHAIN Distributed ledger and database designed to
DIGITAL TOKENS A digital file that carries indication of digitized value.
facilitate transfer of digital assets including but not limited to Bitcoin. Any item of value that can be digitized can be transferred on the Bitcoin Blockchain – a land title, a share of stock, a vote
96
DISRUPTIVE TECHNOLOGY A technology that attacks a traditional business model with lower-cost, higher value propositions and can overtake incumbent businesses quickly.
ENCRYPTION
MINERS
The process of encoding a message or information
Companies or people who establish nodes on
in such a way that only authorized parties can
the worldwide network of computers that govern
access it.
decentralized blockchains. In return for solving the complex algorithms that verify transactions,
ETHER A digital token representing digital currency that rides on the Ethereum blockchain.
ETHEREUM A public blockchain known for
they are awarded freshly-minted, predetermined amounts of digital currency.
MULTI-SIGNATURE AUTHENTICATION A process whereby the execution of smart contracts is independently verified by a party other
its flexible development platform.
than the contracting parties.
FOUNDATIONAL TECHNOLOGY
NATIONAL FIAT CURRENCY
A technology with broad potential to change the fundamental underpinnings of our economic and social systems.
Currency established as money by a government.
NODE A single participant computer on the world wide
HARD FORK The adoption of a change in blockchain protocol that results in the creation of a second blockchain, or “hard fork� off of the original blockchain.
network of computers that govern decentralized blockchains
PRIVATE BLOCKCHAIN A blockchain that is exclusive to specified members and requires permission to join.
97
PROTOCOLS
SMART CONTRACTS
Technical standards that govern operations and
Software code, programmed directly onto the
capabilities of technology.
blockchain, which enforces and executes terms of legal agreements. Smart contracts are dynamic
PSEUDONYMOUS Representation of personal and transactional data with minimal attributable information and in
in that they can interact with databases and other sources of information to make determinations
such a way as to protect the identity of the parties.
TCP/IP PROTOCOLS
While not anonymous, pseudonymous information
Transmission
can only be revealed through an enormous amount
Internet Protocol (IP) specify how data should be
of triangulation of data.
packetized, addressed, transmitted, routed and
Control
received on the Internet
PUBLIC BLOCKCHAIN A blockchain that is open and public and requires no permission to join.
REMITTANCES Money sent from emigres to their families in their native countries.
REMITTANCE FEES Fees charged by financial middlemen to transfer money from emigres to their families in their native countries.
98
Protocol
(TCP)
and
FOOTNOTES 1. PwC, 2016 CEO Survey
9. Tapscott, page 254 -263
18. Popper, Nathaniel, and Steve Lohr.
2. “The Trust Machine.” The Economist.
10. Schneider, Nathan. “After The Bitcoin
Bonds, Bad Peanut Butter?" The New York Times.
31 Oct 2015
Goldrush.” The New Republic. 24 Feb 2015
4 Mar. 2017
3. Tapscott, Don and Tapscott, Alex, Blockchain
11. US Financial Stability Oversight Council. 2016
19. Lomas, Natasha. "Everledger Is Using
Revolution, How the Technology Behind Bitcoin is
Annual Report. page 127
Blockchain To Combat Fraud, Starting With
"Blockchain: A Better Way to Track Pork Chops,
Changing Money, Business, and the World. Penguin Random House, 2016. Page 6
Diamonds." TechCrunch. 29 Jun 2015. Web 12. Iansiti, Marco, and Lakhani, Karim R. “The Truth About Blockchain.” Harvard Business Review.
4. Popper, Nathaniel, and Steve Lohr. "Blockchain:
20. "Quorum™." Quorum | J.P. Morgan. Web
Jan-Feb 2017 21. "ING Set To Improve Customer Experience
A Better Way to Track Pork Chops, Bonds, and Peanut Butter?" The New York Times. 4 Mar. 2017
13. Tapscott, page 65
Using Blockchain." The Paypers. 31 Jan 2017. Web
5. Tapscott, page 173
14. Broussard, Bruce. “Blockchain,
22. "17 Blockchain Disruptive Use Cases." Everis
Transformational Technology for Healthcare.”
NEXT. NTT Data, 31 May 2016. Web
6. Aru, Iyke. “Estonian Government Adopts
LinkedIn.com. 8 Aug 2106 23. Iansiti, Marco, and Lakhani, Karim R. “The
Blockchain To Secure 1 Million Health Records.” Cointelegraph.com. 24 Mar 2017
15. Popper, Nathaniel, and Steve Lohr.
Truth About Blockchain.” Harvard Business Review.
"Blockchain: A Better Way to Track Pork Chops,
Jan-Feb 2017
7. Das, Samburaj. “UK Trials Blockchain-Based
Bonds, and Peanut Butter?" The New York Times.
Social Welfare Payments.” Cryptocoinnews.com.
4 Mar 2017
7 Jul 2016
24. Kelly, Kevin The Inevitable, Understanding The 12 Technological Forces That Will Shape Our Future.
16. PwC. 2017 CEO Survey
Viking, 2016
Titling On Blockchain with Economist Hernando
17. Perez, Sarah. "Spotify Acquires Blockchain
25. del Castillo, Michael, "Overstock Just Closed
de Soto, BitFury.” Forbes.com. 21 Apr 2017
Startup Mediachain To Solve Music’s Attribution
It's First Day of Blockchain Stock Trading",
99
Problem." TechCrunch. 26 Apr. 2017
coindesk.com. 16 Dec 2016
8. Shin, Laura. “Republic of Georgia To Pilot Land
CREDITS AUTHOR:
OGILVY CONTRIBUTORS:
Laura Masse
Susan Machtiger
Global Consulting Partner, OgilvyRED
Thomas Crampton
laura.masse@ogilvy.com
Manoj Gopalan
212-237-6316
Spencer Schrage Eric Tsytsylin Hayley Brown
DESIGN: Lori Argyle
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