Blockchain's potential One technology we're exploring is blockchain. It has numerous potential applications in financial services, from transactions to simplifying the back office. We are investigating not only how blockchain technology can be leveraged within the financial systems, but also how it can accelerate our business in areas such as rewards. As with any emerging technology, there are a lot of potential opportunities and challenges. Smart contracts could have a transformative blockchain application, but security is still a big concern. One area we're exploring is around alternative techniques for implementing secure and private smart contracts. We're also exploring potential paths to help overcome some of the tech challenges that preclude industrial-scale application of blockchain for key financial use cases. 08 Another question we're asking, though, is what should not be solved via blockchain? The protocol is very powerful and it has a lot of potential. But at the same time, it won't solve every single problem. And so we're being really selective in ensuring that we aren't moving to blockchain just because everyone says that's what you should do. Staying skeptical These skeptical questions about new technologies are important to ask. The Industrial Revolution completely transformed everything that we do. It's why we have our schooling system, why we have