We explore the holographic principle in the context of asymptotically flat
spacetimes. In analogy with the AdS/CFT scenario we analyse the asympotically
symmetry group of this class of spacetimes, the so called Bondi-Metzner-Sachs
(BMS) group. We apply the covariant entropy bound to relate bulk entropy to
boundary symmetries and find a quite different picture with respect to the
asymptotically AdS case. We then derive the covariant wave equations for fields
carrying BMS representations to investigate the nature of the boundary degrees
of freedom. We find some similarities with 't Hooft S-matrix proposal and
suggest a possible mechanism to encode bulk data.