CONTACT US GLOBAL LOCATIONS ALUMNI LOGIN WHO WE ARE WHAT WE DO INSIGHTS COMMUNITY CAREERS GLOBAL LOCATIONS SELECT AN OFFICE We staff all engagements with the industry experts who best meet our clients' needs, anywhere in the world. Our staff of 4,000 operates from offices in 50+ cities in 26 countries. nOW arriving: US Unit Revenue and Expense Continue Decline in Q2 2016 https://t.co/AaNPwobcjW #aviation https://t.co/twGyDwyLjK MARSH GUY CARPENTER MERCER OLIVER WYMAN TERMS OF USE © 2016 OLIVER WYMAN GROUP

CONTACT US GLOBAL LOCATIONS ALUMNI LOGIN WHO WE ARE WHAT WE DO INSIGHTS COMMUNITY CAREERS FINANCIAL SERVICES UNLOCKING ECONOMIC ADVANTAGE WITH BLOCKCHAIN A Guide for Asset Managers There is a growing realization that distributed ledger technology — popularly known as blockchain — will bring a radical shift in the way we think about financial assets and the way the financial industry will operate in the future. The blockchain journey is likely to be long and the outcome is uncertain, but a consensus is forming that it is the real deal. Disregarding it is a risk. In this joint report with J.P. Morgan, we argue that asset managers need to get off the sidelines and take the initiative to understand and embrace blockchain. The report is designed to serve as a guide to how the technology may evolve, the impact it can have on asset managers, and the action they can take. Like any guide, it is not comprehensive — blockchain is a complex technical topic and the many initiatives it has spawned are too wide-ranging to be encompassed in any single document. Rather, we have imagined ourselves in the driver’s seat of an asset manager organization and have raised the questions that the industry needs to address. For each member of the senior management team, we lay out a set of five key actions as they begin the journey. BACK TO INSIGHTS Download the Report RELATED INSIGHTS Blockchain in Capital Markets TEAM LEADER Q&A 7 QUESTIONS For Chris Allchin, Partner, Oliver Wyman 1 The report says the technology underlying blockchain is not new – why has it taken this long to emerge? Blockchain is a combination of proven, existing technologies: peer-to-peer networking, asymmetric, cryptography and cryptographic hashing. Bitcoin was the innovation that combined these technologies, offering the ability to transfer value, while preventing doublespend in a trustless, pseudonymous, publicly accessible system. Blockchain takes this innovative formula, but reinstates the accountability and governance models that make it appropriate for banking activities. Next nOW arriving: 2016 Average Stage Length Increases 7.4% Over 2011 https://t.co/1uWwxuXbzD #aviation https://t.co/lsMjJPwlR1 MARSH GUY CARPENTER MERCER OLIVER WYMAN TERMS OF USE © 2016 OLIVER WYMAN GROUP