The Power of blockchain technology

UNBLOCKED The Power of Blockchain Technology to

ESTABLISH TRUST, BUILD BRANDS & TRANSFORM BUSINESS

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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.

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1

The

TRUST MACHINE

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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

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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.

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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.

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” 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

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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

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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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2

THE BIG PICTURE:

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AND IT MATTERS BECAUSE?

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“ 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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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.

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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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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

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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.

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“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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