unblocked: the power of blockchain technology to establish trust, build brands & transform...
TRANSCRIPT
1
U N B L O C K E D
OGILVYREDTHINK SERIES
J U N E 2 0 1 7LAURA MASSEGlobal Consulting Partner
B Y
The Power ofBlockchain Technology to
E S TA B L I S H T R U S T,B U I L D B R A N D S &T R A N S F O R M B U S I N E S S
2
3
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
“BLOCKCHAIN TECHNOLOGY WILL TRANSFORM THE WORLD.
4
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.
EXECUTIVES ACROSS ALL INDUSTRIESARE BUFFETED BY
INTR
ODUC
TION
RELENTLESS CHANGE.
5
… propel your innovation strategy?… disrupt your business model?
… create new revenue streams?
H O W W I L LB L O C K C H A I N T E C H N O L O G Y …
6
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.
THE POWER OF BLOCKCHAINTECHNOLOGY TO ESTABLISH TRUST,BUILD BRANDS & TRANSFORM BUSINESS”
"UNBLOCKED:
7
8
1TRUSTThe
MACHINE
9
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 MACHINEFOR CREATING TRUST."²
– The Economist
1 0
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 Solvesthe 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 (PayPal, Visa, Western Union). Through blockchain technology, Satoshi Nakamoto solved the problem of double spending with decentralized verification protocols.
BLOCKCHAINTECHNOLOGY
1 1
HERE’S HOW IT WORKSEncrypted transactions are initiated and accepted
peer to peer. There is no financial middleman
or bank that establishes trust between the
parties. Instead, trust is established through the
decentralized distributed ledger that is visible to
anyone within the network.
When a transaction is initiated, this worldwide
network of computers race to validate the
transaction by solving complex algorithms.
When the network reaches consensus that the
digital ledger reflects that the transferring party
actually has the asset to transfer, the transaction
is validated and executed. And the digital ledger
is updated, simultaneously, across the network.
Anyone with the necessary computer power can
participate in the verification process (aka become
a network “node”).
The network is able to validate, timestamp and
clear a transaction instantly because that activity
happens immediately within the digital ledger itself,
not between institutions. After the transaction is
cleared, the network cryptographically links it to
the prior transaction and publishes them in blocks.
Each block is linked to the previous block and so an
immutable chain is established. (Hence, the name
blockchain technology.) No information in a block
can be altered without changing all of the blocks
prior to it, making it virtually impossible to hack.
The protocols of blockchain technology ensure
immutable trust. Security is guaranteed through
encrypted transactions that are pseudonymous
and sealed into blocks. Transparency is ensured
through the open, public decentralized ledger that
anyone can view. Authenticity and credibility
are established through a permanent, unalterable
record of events.
1 2
Jenny wants to send Mark $100.
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.
TRANSACTION SUMMARY
1 3
DISTINGUISHING CHARACTERISTICS
BLOCKCHAINof the SECURE
TRANSPARENT
PEER-TO-PEER TRANSFER
ENCRYPTED AND PSEUDONYMOUS
INSTANT, FRICTIONLESS SETTLEMENT
EASY & ACCESSIBLE
LOW COST
1 4
As noted, anyone with the requisite computer processing power can establish a “node” on the worldwide network that validates transactions on the distributed ledger. People that run nodes are called “miners.” Each time a miner solves the complex math problems necessary to authenticate an entire block of transactions, the miner is rewarded 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.
Right now, a miner’s reward for authenticating an entire block of transactions is 12.5 Bitcoin per block, or about $33,000. Not bad. But it takes a lot of expensive computing power and energy to support a mining operation. The majority of miners are actually big companies with acres of data centers – not guys operating out of their basements.
A WORD ABOUT “NODES” “MINERS”
1 5
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.
to thinkthat a
It’s counter-intuitive
IS MORE SECURE THAN ONE TIGHTLY CONTROLLED BY ONE ENTITY IN ONE PLACE.
DECENTRALIZED,DISTRIBUTED LEDGER
1 6
THE NOTION OF SHARED PUBLIC LEDGERS MAY NOT SOUND REVOLUTIONARY OR SEXY. NEITHER DID DOUBLE-ENTRY BOOK-KEEPING.
– The Economist
”
”
1 7
the ease and convenience of 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.
A wants to send money to B. The transactionrequest is sent to every node in the worldwide network
The network nodes validate that, according to thedigital ledger, A actually has the money to send to B
The transaction is approved and is sealed into a secure block andthe block is linked to all previous blocks, forming an immutable chain.
The money moves on the digital ledger from A to B. The transaction and settlement are instantaneous.
Customer pays with credit card
Merchant captures credit card information and sends to the merchant’s bank
The merchant’s bank forwards the transaction to the credit card company (VISA, Mastercard, etc.)
The credit card company requests payment authorization from the bank that issued the credit card
The card-issuing bank approves the transaction through the credit card company and the merchant’s bank
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
BLOCKCHAIN TRANSACTIONSCOMPARE ARE STREAMLINED
CREDIT CARD TRANSACTIONSARE COMPLEX & TAKE DAYS TO SETTLE
O1
O1
O2
O2
O3
O3
O4
O4
O5
O6
1 8
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.
ECOSYSTEMBLOCKCHAIN
The
1 9
BITCOINand the
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.
BITCOIN BLOCKCHAIN
PUBLICBLOCKCHAINS
2 0
Bitcoin Price Index
PUBLICBLOCKCHAINS
June 12, 2016 - June 12, 2017
JUL ‘16 JAN ‘17 APR ‘17OCT ‘16
$3000
$2500
$2000
$1500
$1000
$1000
2 1
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. The EVM streamlines the process and increases the efficiency of creating blockchain applications. 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.
ETHEREUM PUBLICBLOCKCHAINS
2 2
Ethereum Price Index
PUBLICBLOCKCHAINS
JUL ‘16 JAN ‘17 APR ‘17OCT ‘16
$200
$300
$100
$0
June 12, 2016 - June 12, 2017
2 3
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
Bitcoin Protocol Ripple ProtocolEthereum Protocol NEM Protocol Litecoin Protocol
TOKEN
Bitcoin Blockchain Ripple Blockchain
Bitcoin Ethereum Ripple Dash Litecoin
Ethereum NEM Blockchain Litecoin BlockchainBLOCKCHAIN
PROTOCOL
2 4
1
2
3
4
5
Bitcoin
Ethereum
Ripple
NEM
Litecoin
$48,670,358,405
$22,867,367,463
$11,023,365,261
$2,016,468,000
$1,591,941,697
$2972.34
$247.91
$0.285419
$0.224052
$30.95
NAME MARKET CAP PRICE PRICE GAP (7d)#
DIGITAL CURRENCIES& MARKET CAPITALIZATION
(As of June 5, 2017)
5TOP
2 5
Established financial institutions and large corporations are enamored of blockchain technology and its potential to help cut costs and increase efficiencies. They are, however, pursuing the development of private, or permissioned, blockchains as opposed to a globally open publicly distributed ledger.
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
The World Economic Forum estimates that 80% of banks are working on private blockchain applications and that they will spend $200 million on developing blockchain technologies in 2017.
PRIVATEBLOCKCHAINS
2 6
= $1.5 BILLION– ZDNet March 2017
VENTURE CAPITALINVESTMENT
IN BLOCKCHAIN
2 7
2 8
2THE BIG PICTURE:
AND ITMATTERSBECAUSE?
2 9
2 – Don TapscottThe Blockchain Revolution
to
BLOCKCHAIN TECHNOLOGY REPRESENTS AN OPPORTUNITY
REWRITE THE ECONOMIC POWER GRID
and old order of things to solve some of the world’s most difficult problems.”
“
3 0
OF THE GLOBAL POPULATION OWNS HALFOF THE WORLD’S WEALTH WHILE 3.5 BILLIONPEOPLE EARN FEWER THAN TWO DOLLARS A DAY.⁵There are 2.5 billion people who are “unbanked,” living entirely outside financial institutions, without bank accounts, credit lines, documented assets or financial instruments of any kind. Established financial institutions do not have financial incentive to make services available to populations with very little cash. Without access, billions of people are limited in the ways they can start small businesses, increase their standard of living and contribute to the overall global economy.
The creation of an open, modern, integrated, peer-to-peer, global economy based on a decentralized, distributed blockchain ledger has the power to change that. For developing countries, inclusion in the global economy is the first step to better and more robust economic development, better healthcare, and better education. Integration into this economy via blockchain technology requires only a cellphone and a connection to the internet.
OPPORTUNITY TO CREATEA MORE INCLUSIVE ECONOMY
— eMarketer, March 2017
Sub-Saharan Africa
East Asia
South Asia
Latin America
66%
31%
54%
49%
93%
64%
64%
65%
UNBANKEDPOPULATION
CELLPHONEOWNERSHIP
1%
3 1
“Blockchain technology could unleash the biggest untapped pool of human capital in history, bringing billions of engaged, prospering entrepreneurs into the global economy.” 4
THAT’S GOOD NEWS FOR DEVELOPED AND UNDERDEVELOPED COUNTRIES ALIKE.
– Don Tapscott
3 2
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.
3 3
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 land-titling 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
SOCIETIES WORLDWIDE WILL BE SERVED BY MORE EFFICIENT GOVERNMENTS
3 4
ON A PERSONAL LEVELThe 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 in self-governance.
3 5
RECAPTURE OUR IDENTITIES … And Maybe Make
Some Money
Every day, we reveal personal information and display behaviors online, through transactions and surfing, which add up to a virtual ID that others monetize. For instance, Facebook sells advertisers the ability to target their ads to you based on the demographic and psychographic information Facebook has compiled about you. Facebook made $26 billion dollars in advertising revenue in 2016. How much did you make from giving those ads your time and attention?
Blockchain technology enables a “black box” virtual identity that consumers can control. The only personal information revealed is the minimum needed for any transaction. And no data or behavior is accumulated or stored.
A consumer could choose, however, to disclose parts of their identity to companies in return for specific benefits. Imagine electing to reveal your demographics and preferences directly to a brand or company and having them pay you for your attention to their ads.
3 6
ENSURE COMPENSATION
FOR THOSE WHO CREATE VALUE
It seems fair that people who create value be compensated for it. Think of artists, writers and musicians and the contributions they make to individuals and society. Now think of the way their content is distributed through middlemen taking fees.
Imagine they could sell peer-to-peer and realize full compensation for the value they create. And imagine they could participate in the lifetime value of their work.
Let’s say an artist sells a painting for $1000. Over time, the artist becomes more popular and the buyer of that painting sells it to someone else for $50,000. The artist has created real value over time but realizes only the initial $1000. Through blockchain technology and smart contracts, a pre-determined percentage could be attributed to the artist each time the work is sold.
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.
3 7
SECUREDEMOCRACY
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.”
3 8
3 9
3SPLASH of
COLD WATER
4 0
3WITH ALL OF ITS POTENTIAL, BLOCKCHAIN AS A TECHNOLOGY IS STILL EXPERIMENTAL;
IT’S STILL EMERGING.
4 1
HYPE CYCLE FOR EMERGING TECHNOLOGIESGartner 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.
– Gartner (July 2016)
4 2
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.
IN THE “TROUGH OF DISILLUSIONMENT” AN EMERGING TECHNOLOGY BEGINS TO DEAL WITH IMPLEMENTATION CHALLENGES.
4 3
The size of the transaction “blocks” determine the speed at which blockchains can process transactions. Currently, the speed at which blockchains process transactions are substantially slower compared to that of other, more traditional players like VISA and PayPal. And the various blockchains themselves process transactions at different speeds. Assuming that to be “ready for primetime” a blockchain will need to process at least as fast as the dominant traditionalplayer, there is work to be done to scale the technology.
Within the Bitcoin blockchain community there is currently considerable debate about how to increase speed and capacity. One camp proposes doubling the size of each block under existing protocols. The other advocates eliminating any limits by adopting new protocols. If agreement is not reached, the Bitcoin blockchain will “hard fork” into two separate blockchains much as Ethereum did in 2016.
TRANSACTIONS PROCESSED PER SECOND (TPS)
– MyBroadband.co.za April 2017
VISA – 2000 TPSPayPal – 193 TPSEthereum – 20TPSBitcoin blockchain – 7 TPS
THE TECHNOLOGYIS NOT READYFOR PRIMETIME
O1
4 4
On the Bitcoin blockchain, the computing power necessary to mine digital tokens is enormous as is the attendant energy needed to run and cool the machines. The New Republic has reported “Processing and protecting the more than $3 billion worth of bitcoins in circulation requires more than $100 million in electricity each year, generating a volume of carbon emissions to match.”10
In order to overcome this implementation challenge, many in the industry including BitFury Group are working on solutions including developing more energy efficient computers and relocating computing centers to geographies where alternative energy sources such as hydro or geothermal are available.
THE ENERGY CONSUMED IS UNSUSTAINABLE
O2
4 5
Regulatory attention is increasing. Governments the world over are grappling with how to handle issues surrounding digital currency and the blockchain. And those in the blockchain ecosystem are racing to educate policymakers on the technology. Their concern is that a lack of understanding of the technology will lead governments to regulate too soon and/or too much, resulting in slower adoption and/or limiting the potential of the technology.
In the U.S., policymakers are most concerned about consumer protection, securities and commodities regulation, financial surveillance and privacy. And the U.S. Financial Oversight Committee has noted, in its first reference to blockchain in 2016, “Since the set of market participants which makes use of a distributed ledger system may well span regulatory jurisdictions or national boundaries, a considerable degree of coordination among regulators may be required to effectively identify and address risks associated with distributed ledger systems.” 11
GOVERNMENTSWILL STIFLE IT
O3
4 6
To own and transfer Bitcoin you need to open a digital wallet. There is considerable security around digital wallets. Passwords must be complex to be strong. And, for ultimate security, they are not stored digitally in any central location. So the users have the responsibility to maintain and protect their passwords offline. Something many of us are not currently used to doing.
Real-time and historical transaction data on the Bitcoin blockchain can be accessed through the internet at such sites as blockexplorer.com and blockchain.info. The data is searchable by Bitcoin wallet addresses, but they are clunky, unrecognizable strings of letters and numbers. You cannot, for instance, search on activity for Target. Using the blockchain today is akin to using the internet pre-Netscape browser.
O4
THE EXPERIENCENOT YET
is
USER-FRIENDLY
4 7
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.
4 8
4 9
4UNPACKINGthe
forBLOCKCHAIN
BUSINESS
5 0
” 4“Blockchain is not a ‘disruptive’ technology, which can attack a traditional business model with a lower-cost solution and overtake incumbent firms quickly. Blockchain is a
POTENTIAL TO CREATE NEW FOUNDATIONS FOR OUR ECONOMIC
AND SOCIAL SYSTEMS.
it has the
- Harvard Business Review
‘FOUNDATIONAL’TECHNOLOGY;
¹²
5 1
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.
TO IMAGINING POSSIBILITIES UNDERSTANDING
“UNPACKING”THE BLOCKCHAIN
IS KEY
Essentially
THE FUNDAMENTAL IMPACT IT CAN HAVE ON YOUR BUSINESS.
5 2
THREEPOWERFULFUNCTIONSU
NPA
CKI
NG
TH
E BL
OKC
HAI
N
5 3
THE BLOCKCHAIN
DECENTRALIZED LEDGERBlockchain 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 blockchain-enabled, movement toward a global crypto-economy will accelerate. A crypto-economy opens potential for new value creation and new revenue streams.
Micro-Transaction EconomyConsider that digital tokens are divisible out to eight decimal points. They can easily be used for micro-transactions, transactions that would be too small to warrant the expense of transferring fiat currency by traditional means. Imagine a new micro-transaction economy that opens new revenue streams and monetizes products and services in new ways.
01
as a
Imagine a publisher who sells online subscriptions. By traditional means, it only makes sense to sell an “all or nothing” subscription as small payments per article would cost more to transact than the revenue they generate. With low-cost, frictionless micro-transactions, a publisher could sell individual sections of a paper, individual articles, photographs, videos, stock prices, etc., generating incremental income with the same amount of content.
MAKING MONEY THROUGHMICRO-TRANSACTIONS
5 4
Investment VehicleDigital currencies are coming to be seen by many as an investment vehicle rather than as a means of purchasing goods and services. Many of the large digital currency mining companies are 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 TransferDigital 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
currency transfer. They’ve launched a solution called Linq on the Bitcoin blockchain that enables private companies to digitally represent share ownership.
01
5 5
THE BLOCKCHAIN
DISTRIBUTED BASEThe blockchain can time stamp, notarize and permanently record information other than transactions of value. So in addition to it being a distributed ledger, it is also a distributed database that can house unchangeable records of all kinds: health records, land titles, provenance documentation, and the like. This opens tremendous opportunity for businesses in areas outside transactions on a decentralized digital ledger.
Blythe Masters, one of the most powerful people on Wall Street and now CEO of start-up Digital Asset Holdings says, “I had an ‘aha moment’ where I began to appreciate the potential implications of the technology. While the cryptocurrency application of the distributed ledgers technology was interesting, the underlying database technology itself had far broader implications.“13
Healthcare is one industry that can be dramatically improved and made more efficient and effective for all parties through blockchain technology and its unique functionality as a distributed database.
At the most personal level, patient records can be uploaded, updated and immutably stored on private blockchains. At a routine doctor’s visit, for example, blood pressure readings, weight, and EKG results could be recorded as “transactions” that the physician validates and time-stamps onto the blockchain. Patients themselves can control the access to their records by doctors and hospitals of their choosing. Communication between patients and healthcare providers becomes frictionless, saving time and improving efficiency in delivering necessary care.
02
as a
5 6
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.
5 7
THE BLOCKCHAIN
“SMART CONTRACT” PLATFORM“Smart” contracts are an essential and unique functionality of the blockchain and innumerable possibilities open up through their power. Smart contracts are contracts that can be programmed directly onto the blockchain and automatically executed as terms are met. Simply put, smart contracts program trust, translating it into use for specific business circumstances.
A smart contract is not the same as a contractual agreement. It is enabling software code that enforces and executes terms of legal agreements as stipulated by contracting parties. It is dynamic, as opposed to static, in that it can be programmed to automatically interact with databases and other sources of information to 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.
03
as a
5 8
For example, one could sell a piece of manufacturing equipment through a smart contract on the blockchain. The parties agree to the terms and program them into a smart contract. They agree that, for the protection of each party, they will use multi-signature authentication (multisig), meaning a third party will need to verify that terms have been satisfied if the parties disagree in the future. Each party has an encrypted public key, two of the three are needed to access the assets: digital currency from one party, title to the equipment from the other.
The buyer transfers the purchase price in digital currency to the public address of the seller on the blockchain and the seller transfers the title to the public address of the buyer. The smart contract verifies that the terms have been fulfilled, releases keys to each party so that each can access their asset. Had there been a disagreement on the fulfillment of the terms, the third party would be called in as arbiter to determine if the contract terms had been met.
“SMART CONTRACTS” AT WORK
5 9
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.
6 0
THE BLOCKCHAIN AS A DECENTRALIZED DIGITAL LEDGER.THE BLOCKCHAIN AS A DECENTRALIZED DATABASE.THE BLOCKCHAIN AS A PLATFORM FOR SMART CONTRACTS.
“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
Each of these functions enable businesses
to imagine new paths to innovation and
growth based on peer-to-peer trust.
6 1 ?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 way about the value of trust to the bottom line.
IMMUTABLE
TRUST?FROM A PLACE OFWhat can you do
6 2
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 illuminatereal business opportunity.
6 3
IMAG
INE
Develop open platform for demonstrating corporate values to customers
Inspire loyalty
Ensure customer privacy
Inspire customer confidence
Drive preference& lifetime value
Differentiate products & services
Establish superior value
Amplify brand relevance
Improve & maintain corporate reputation
Vet potentialpartners & suppliers
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.”
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 an automobile company has been faulted and fined for using flawed parts. Then imagine going forward they vet suppliers on the blockchain and re-establish a reputation for responsible sourcing.
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.
SECURITY TRANSPARENCY AUTHENTICITY CREDIBILITY
IMMUTABLE TRUSTBU
SINES
S BEN
EFTIS
6 4
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.
Walmart partnering withIBM to track food on
the blockchain.
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.
Everledger using blockchainfor counterfeit diamond detection
& insurance fraud.
Everledger uses the blockchain to track individual diamonds, from the mine to the consumer and beyond.
Spotify partnering with MediachainLabs to help solve their music
licensing issues.
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.
JPMorgan Chase replacingcomplicated databaseswith blockchain ledger.
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.
SUPPLY CHAIN SOURCINGATTRIBUTION
OPERATIONS
Solar Change uses blockchainto increase the use of solar
energy worldwide.
Solar Change introduces SolarCoin - a revolutionary digital currency reward program designed to improve and increase the use of solar energy worldwide.
ING set to improvecustomer experience
using blockchain.
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.
ENERGY DISTRIBUTIONCUSTOMER EXPERIENCE
17
20 21
22
18
19
6 5
6 6
5UNPACKS BLOCKCHAIN
A MARKETER
the
6 7
5T R U S TIS THE FOUNDATION OF A BRAND.
THE BLOCKCHAIN IS A TRUST MACHINE.
Trust in the experience a brand promises.
Trust that the experience will be consistent.
Trust that the brand expresses and shares our values.
6 8
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.
Image Credit: Toms Shoes
CREATING A BRAND THAT MATTERS IS THE NUMBER ONE CONCERN OF MARKETERS.
6 9
Irrefutably trace the provenance of materials and ingredients totheir sources
Securely transactin ways that put customers in controlof their personal data
Instantly verify that a brand is environmentally, socially and economically responsible
Indisputably document that a brand’s supply partners employ workers under acceptable conditions
Transparently display the charitable giving and activities of the brand
CONSIDER THE WAYSBLOCKCHAIN-ENABLED TRUSTCAN HELP MARKETERS BUILD
BRANDS THAT MATTER:
7 0
THE BLOCKCHAINCAN HELP YOU
Figuring out ways to irrefutably prove that your brand is trustworthy is critical to establishing and maintaining a brand that matters.
GET THERE
7 1
A national women’s fashion retailer is struggling to update their image and become a brand that matters among younger Millennials. They’ve done their research and carefully considered their customer’s journey. They understand that younger Millenial women favor brands that express individuality and authenticity as well as brands that have a positive social agenda, brands that “do.”
So they’ve created a new line of scarves sourced entirely with fabrics from Bhujodi, India where the one-of-a-kind fabrics are hand-loomed. So far, so good. The retailer could tell this story across social and traditional media and hope their customer receives and believes the message.
to transparently prove their authenticity, to connect with their audience from a single source of immutable truth in order to build trust and brand relevance.
The tag on each scarf carries the retailer’s blockchain address whose immutable records confirm Bhujodi as the origin of the fabric and verifies that all-natural dyes were used to create the fabric. Further, it validates that the company of hand-loomers has a reputation of employing their workers under better than average conditions. Through the blockchain, the product carries a transparent extended brand narrative of authenticity and trust directly to the Millennial consumer.
Moreover, knowing that “brands that do” are important to Millennials, the retailer’s marketing department has developed a cause-related campaign to benefit Bhujodi. The village’s electrical grid is unreliable and frequently there are extended power outages. The retailer has decided to donate up to 10 generators, based on the enthusiasm of its customers to interact with its brand.
IMAGINE ESTABLISHING A BRANDTHAT MATTERS WITH THE BLOCKCHAIN
OR, THE RETAILER COULD PUT THEBRAND INTO ACTION ON THE BLOCKCHAIN
7 2
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 that matters.
A SMART CONTRACT IS CREATED ON THE BLOCKCHAIN. THE TERMS BETWEEN THE RETAILER AND A MANUFACTURER OF ELECTRICAL GENERATORS ARE PROGRAMMED INTO IT.
7 3
IN SUMMARY:
UNPACKEDBLOCKCHAINTHE
POWERFUL FUNCTIONSBlockchain as Decentralized Digital Ledger
Blockchain as Distributed Database
Blockchain as a “Smart Contract” Platform
Immutable Trust
Security
Transparency
Authenticity
Credibility
Transfer digital currency & assets
Enable microtransactions
Time-stamp & notarize documents
Create an immutable record-of-events
Verify authenticity of data, assets, ownership
ENABLING CHARACTERISTICS
UNIQUE CAPABILITIES
74
ADOPTIONSCENARIO
It’s early days for blockchain technology. Developing business strategies that generate learning, support iteration and 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 decision-making.
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.
BLOCKCHAINTECHNOLOGY
for
A LIKELY
7 5
HOW FOUNDATIONALTECHNOLOGIES TAKE HOLD
“The adoption of foundational technologies typically happens in four phases. Each phase is defined by the novelty of the applications and the complexity of the coordination efforts needed to 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) are in their early days.” 23
From “The Truth About Blockchain,” by Marco Iansiti and Karim R. Lakhani, HBR, Jan-Feb 2017
SUBSTITUTION TRANSFORMATION
SINGLE USE LOCALIZATION
Retailer gift cards based on bitcoin
Amazon online bookstore
Bitcoin payments
E-mail on ARPAnet
Self-executing smart contracts
Skype
Private online ledgers to process financial transactions
Internet corporate e-mail networks
LOW
LOW
HIG
H
Amou
nt o
f Com
plex
ity a
nd C
oord
inat
ion
Degree of NoveltyHIGH
7 6
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.
7 7
AQUESTIONgood
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
7 8 12GOOD QUESTIONSTHAT
on the blockchain
12 UNLEASH IMAGINATION
7 9 01SINGLE IMMUTABLEPLACE OF TRUTH ADDRESS YOUR
How can a
MOST PRESSING CHALLENGES?
O1
8 0 02YOUR INNOVATION STRATEGY?
How will blockchain technology
SUPPORT AND/OR PROPEL
O2
8 1 03Does blockchain technology
CHANGE WHAT PRODUCTSAND SERVICES YOU DELIVER OR JUST HOW YOU DELIVER THEM?
O3
8 2 04YOUR BUSINESS AND HOW DOYOU GUARD AGAINST IT?
How can blockchain technology
DISRUPT
O4
8 3 05THROUGH IMMUTABLE TRUST, SECURITY, TRANSPARENCY,AUTHENTICITY AND CREDIBILITY?
How can your
BRAND BE BUILT MADE MORE RELEVANT
O5
8 4 06WHAT WILL YOU NEED TO DO TO WEAVEIT INTO YOUR BRAND NARRATIVE?
How will using blockchain technology
IMPACT THE PERCEPTION OF YOUR COMPANY
O6
8 5 07AND THE CHARACTERISTICS OF IMMUTABLE TRUST How will using blockchain technology
AMPLIFY CUSTOMER BENEFITS ANDAMELIORATE CUSTOMER “PAIN POINTS”?
O7
8 6 08OPEN UPHow will using blockchain technology
NEW REVENUE STREAMS?
O8
8 7 09THE BEST WAY FOR YOUR ORGANIZATION TOWhat is
and
in these early days?
O9
EXPERIMENT, GAIN KEY LEARNING COMPETITIVE ADVANTAGE
8 8 10(Single use, localization, substitution, and transformation)
How will you use
1O
TO INFORM YOUR IDEATION ANDIMPLEMENTATION STRATEGIES?
THE PHASES OF BLOCKCHAIN ADOPTION –
8 9 11WITH YOUR DIGITALTRANSFORMATION STRATEGY?
How does the adoptionof blockchain technology
11
DOVETAIL
9 0 12WILL DEPEND ON THRESHOLD ACCEPTANCE BETWEENINTERNAL CONSTITUENCIES, PARTNERS, SUPPLIERS AND CUSTOMERS.
The success of blockchain
12
WHAT IS YOUR PLANto get them onboard?
9 1
9 2
6CONCLUSION
9 3
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
9 4
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 blockchain-educated 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 THEPOTENTIAL OF BLOCKCHAIN TECHNOLOGY?
9 5
OgilvyRED runs tailored blockchain technology workshops.
PARTNER WITH US TO UNPACK THE POWER OFTHE BLOCKCHAIN FOR YOUR BUSINESS.
9 6
GLOSSARYBLOCKCHAIN A distributed ledger and database that is used to
maintain a continuously growing list of records,
stored in blocks, which are secure from tampering
and revision
BLOCKCHAIN TECHNOLOGY The protocols that govern how data is encrypted,
packetized, addressed, transmitted, verified, routed
and stored on the blockchain
BLOCKS Groups of immutably linked
transactions on the blockchain.
BITCOINDigital token representing digital currency that
operates on the Bitcoin Blockchain.
BITCOIN BLOCKCHAINDistributed ledger and database designed to
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
DECENTRALIZED AUTONOMOUS ORGANIZATIONA virtual organization that is governed entirely by
smart contracts on the Ethereum blockchain.
DECENTRALIZED DIGITAL LEDGERAn open, public accounting of transactions that
forms the backbone of the blockchain.
DECENTRALIZED VERIFICATION PROTOCOLSThe technical standards that govern how digital
transactions are authenticated on a public,
decentralized ledger
DIGITAL CURRENCYA balance of money stored on the blockchain.
Digital currency is not under control of any one
central national government.
DIGITAL TOKENSA digital file that carries indication of digitized
value.
DISRUPTIVE TECHNOLOGYA technology that attacks a traditional business
model with lower-cost, higher value propositions
and can overtake incumbent businesses quickly.
9 7
ENCRYPTIONThe process of encoding a message or information
in such a way that only authorized parties can
access it.
ETHERA digital token representing digital currency that
rides on the Ethereum blockchain.
ETHEREUMA public blockchain known for
its flexible development platform.
FOUNDATIONAL TECHNOLOGYA technology with broad potential to change the
fundamental underpinnings of our economic and
social systems.
HARD FORKThe adoption of a change in blockchain protocol
that results in the creation of a second blockchain,
or “hard fork” off of the original blockchain.
MINERSCompanies or people who establish nodes on
the worldwide network of computers that govern
decentralized blockchains. In return for solving
the complex algorithms that verify transactions,
they are awarded freshly-minted, predetermined
amounts of digital currency.
MULTI-SIGNATURE AUTHENTICATIONA process whereby the execution of smart
contracts is independently verified by a party other
than the contracting parties.
NATIONAL FIAT CURRENCYCurrency established as money by a government.
NODEA single participant computer on the world wide
network of computers that govern decentralized
blockchains
PRIVATE BLOCKCHAINA blockchain that is exclusive to specified members
and requires permission to join.
9 8
PROTOCOLSTechnical standards that govern operations and
capabilities of technology.
PSEUDONYMOUSRepresentation of personal and transactional
data with minimal attributable information and in
such a way as to protect the identity of the parties.
While not anonymous, pseudonymous information
can only be revealed through an enormous amount
of triangulation of data.
PUBLIC BLOCKCHAINA blockchain that is open and public and requires
no permission to join.
REMITTANCESMoney sent from emigres to their families in their
native countries.
REMITTANCE FEESFees charged by financial middlemen to transfer
money from emigres to their families in their native
countries.
SMART CONTRACTSSoftware code, programmed directly onto the
blockchain, which enforces and executes terms of
legal agreements. Smart contracts are dynamic
in that they can interact with databases and other
sources of information to make determinations
TCP/IP PROTOCOLSTransmission Control Protocol (TCP) and
Internet Protocol (IP) specify how data should be
packetized, addressed, transmitted, routed and
received on the Internet
9 9
FOOTNOTES1. PwC, 2016 CEO Survey
2. “The Trust Machine.” The Economist.
31 Oct 2015
3. Tapscott, Don and Tapscott, Alex, Blockchain
Revolution, How the Technology Behind Bitcoin is
Changing Money, Business, and the World. Penguin
Random House, 2016. Page 6
4. Popper, Nathaniel, and Steve Lohr. "Blockchain:
A Better Way to Track Pork Chops, Bonds, and
Peanut Butter?" The New York Times. 4 Mar. 2017
5. Tapscott, page 173
6. Aru, Iyke. “Estonian Government Adopts
Blockchain To Secure 1 Million Health Records.”
Cointelegraph.com. 24 Mar 2017
7. Das, Samburaj. “UK Trials Blockchain-Based
Social Welfare Payments.” Cryptocoinnews.com.
7 Jul 2016
8. Shin, Laura. “Republic of Georgia To Pilot Land
Titling On Blockchain with Economist Hernando
de Soto, BitFury.” Forbes.com. 21 Apr 2017
9. Tapscott, page 254 -263
10. Schneider, Nathan. “After The Bitcoin
Goldrush.” The New Republic. 24 Feb 2015
11. US Financial Stability Oversight Council. 2016
Annual Report. page 127
12. Iansiti, Marco, and Lakhani, Karim R. “The
Truth About Blockchain.” Harvard Business Review.
Jan-Feb 2017
13. Tapscott, page 65
14. Broussard, Bruce. “Blockchain,
Transformational Technology for Healthcare.”
LinkedIn.com. 8 Aug 2106
15. Popper, Nathaniel, and Steve Lohr.
"Blockchain: A Better Way to Track Pork Chops,
Bonds, and Peanut Butter?" The New York Times.
4 Mar 2017
16. PwC. 2017 CEO Survey
17. Perez, Sarah. "Spotify Acquires Blockchain
Startup Mediachain To Solve Music’s Attribution
Problem." TechCrunch. 26 Apr. 2017
18. Popper, Nathaniel, and Steve Lohr.
"Blockchain: A Better Way to Track Pork Chops,
Bonds, Bad Peanut Butter?" The New York Times.
4 Mar. 2017
19. Lomas, Natasha. "Everledger Is Using
Blockchain To Combat Fraud, Starting With
Diamonds." TechCrunch. 29 Jun 2015. Web
20. "Quorum™." Quorum | J.P. Morgan. Web
21. "ING Set To Improve Customer Experience
Using Blockchain." The Paypers. 31 Jan 2017. Web
22. "17 Blockchain Disruptive Use Cases." Everis
NEXT. NTT Data, 31 May 2016. Web
23. Iansiti, Marco, and Lakhani, Karim R. “The
Truth About Blockchain.” Harvard Business Review.
Jan-Feb 2017
24. Kelly, Kevin The Inevitable, Understanding The
12 Technological Forces That Will Shape Our Future.
Viking, 2016
25. del Castillo, Michael, "Overstock Just Closed
It's First Day of Blockchain Stock Trading",
coindesk.com. 16 Dec 2016
1 0 0
CREDITSOGILVY CONTRIBUTORS: Susan Machtiger
Thomas Crampton
Manoj Gopalan
Spencer Schrage
Eric Tsytsylin
Hayley Brown
DESIGN: Lori Argyle
AUTHOR:Laura MasseGlobal Consulting Partner, OgilvyRED
1 0 1