Introduction. Ravi Beegun KPMG Luxembourg

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2 Introduction Ravi Beegun KPMG Luxembourg

3 9am 9:10am Introduction Ravi Beegun, KPMG Luxembourg Demystifying blockchain Eric Larcheveque, Ledger Wallet WiFi Username: digitalfund Password: :30am The investment management revolution beyond blockchain Pierre Gerard, Scorechain 9:50am The FinTech that the investment management sector has been waiting for? Practical implications Debate with: - Fabrice Croiseaux, InTech - Eric Larcheveque, Ledger Wallet - Laurent Kratz, Scorechain moderated by Said Fihri, KPMG Luxembourg 10:30am Closing and Q&A

Blockchain potential applications a few examples Trading Clearing and Settlement Recording Identity verification Trading of illiquid securities Instantaneous execution and settlement Proof of

6 Blockchain potential applications a few examples Trading Clearing and Settlement Recording Identity verification Trading of illiquid securities Instantaneous execution and settlement Proof of existence and ownership of assets Blockchain based KYC No reconciliations / Perfect audit trails 2016 KPMG Luxembourg, Société coopérative, a Luxembourg entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved Document Classification: KPMG Confidential

7 Demystifying Blockchain Eric Larcheveque Ledger Wallet

8 demystifying blockchain Eric Larchevêque

9 blockchain database distributed fully auditable irreversible slow, inefficient

10 blockchains permission-less permissioned public trustless censorship resistant irreversible semi-private trusted regulated reversible Ƀ Ξ R3CEV / IBM /...

11 Permissioned blockchains are a challenge for IT departments. Bitcoin s blockchain is a challenge for executive committees.

13 The strength of Bitcoin powers the resilience of the blockchain. It drives a new paradigm: innovation without permission.

14 Smart contract programmable money

15 Abra Turning smartphones into ATMs Global peer to peer money transfer network

16 BTCjam Global peer-to-peer lending platform

17 ChangeTip Micropayment infrastructure

18 Colu Issuing digital assets on the Bitcoin blockchain Fully traceable, transferable and secured.

19 notarization proof of existence digital identity securities loyalty points prediction markets pre-paid minutes energy credits asset management votes...

20 What we do at Ledger trusted hardware for blockchain applications

21 thank you

22 The investment management revolution beyond blockchain Pierre Gerard Scorechain

23 KPMG April 19 th 2016 Pierre GERARD cofounder Scorechain S.A.

24 Blockchain Public ledger Distributed Database Distributed Computer Smart contracts Independence No central authority Scorechain S.A.

25 Public Ledger Distributed accounting The ledger validates the transactions Can register any assets tokenization Scorechain S.A.

26 Smart contracts A legal contract is a program in a Blockchain Can verify external sources and identity digital signatures & KYC, Can generate instructions such as payments or moving assets Scorechain S.A.

27 Fund Industry Scorechain S.A.

29 Shareholders Sponsor Brokers Investment Manager FUND Distributors Retail Customers Custodians Administrator Transfer Agent Scorechain S.A.

30 need for third party to intermediate? Bookkeeping? exchange & verify information? Scorechain S.A.

31 Transfer Agent maintain records of shareholder accounts, calculate and distribute dividends and capital gains, and prepare account statements, income tax information, and other shareholder notices Scorechain S.A.

32 Custodian responsible for holding and safeguarding the securities owned by a fund Scorechain S.A.

33 Dividends, capital gains Tax report withholding tax? Shareholders reports NAV Calculation Account balances, Statement Trailer fees Audit KYC / AML Subscription, Settlement! Scorechain S.A.

34 Regulation not too soon, please! regulators can use blockchain to monitor the activity while maintaining the privacy read only access "Blockchain tech has the potential to impact of all three of our core businesses advisory, tax and audit. KPMG - Scorechain S.A.

35 YES WE CAN open protocol improves availability, reliability reduces cost almost real time opportunities for new comers Robot Investors? DAO?

36 NO, IT WON T WORK integration with legacy systems cost of change privacy (New?) Regulation banks don t want to change banking

38 incubated during 18 months incorporated in July 2015 blockchain analytics & intelligence now for Bitcoin for customers also for assets management insurance, smart-contracts

39 Scorechain S.A.

40 Scorechain S.A.

41 Scorechain S.A.

42 Interested in all blockchain applications and use cases Scorechain S.A.

43 Q US VC investment is more than $800m 2.6x rest of the world combined

45 Practical implications - Panel Fabrice Croiseaux InTech Eric Larcheveque Ledger Wallet Laurent Kratz Scorechain Said Fihri KPMG Luxembourg Moderator

46 Q and A & Closing remarks Thank you

47 Coming up

Blockchain for Government Finance and Audit Professionals

Blockchain for Government Finance and Audit Professionals April 12, 2018 Opening Remarks Moderator Kinney Poynter Executive Director NASACT Presenter Christina Dorfhuber Principal Deloitte Consulting LLP