Unlocking Economic Advantage with Blockchain, .P. Morgan or Oliver Wyman, July 2016. “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, 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 may 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…”