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DLT - Beyond the Buzz

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2016/08/09
John Dwyer

We published our new report on distributed ledger technology (DLT) called Beyond the Buzz today where we take a look at a range of use cases for DLT within banking and capital markets in addition to profiling the state of play across this ever-growing ecosystem of financial institutions, Fintechs, Bigtechs, regulators, and industry consortia.

We bring together a framework for assessing the use cases identified in the report, specifically, their status: Announcement; Proof of Concept, Pilot, Implementation, or Broad Adoption versus whether a consortium is driving the technology or a more unilateral/ bilateral initiative is implementing it. The breadth of use cases and complexity of the underlying markets all point to a very mixed picture such that 2016 and 2017 will continue to be active on the news flow front as the number of use cases proliferates and learning curves are climbed.

Interoperability with legacy systems, regulatory clarity, and modularity of technology architecture will all be critical elements to generating the scale and network effects which are so critical to the financial markets. Parallel running of existing systems and markets versus new DLT-enabled systems and markets will present unique challenges. Consequently, we are excited by the opportunities for private market securities which will be a relatively easier breeding ground for testing and implementation of DLT than large, listed, markets. The risks around the inertia of incumbency as we call it will also be much lower.

Regulators have a very important role to play given the distributed nature of the underlying technology and the global nature of its possibilities which will demand regulatory clarity and consensus on a multi-jurisdictional basis. RegTech was a theme that we identified here at Celent earlier than anyone else and the RegTech benefits of DLT are likely to become clearer to regulators and financial institutions as testing and proofs of concept mature. This could become a very important and supportive dynamic.

While we have focused on markets and use cases which have a significant amount of incumbency, we are hugely excited about the potential of DLT to streamline business processes between organizations and the potential for new investable asset classes to emerge. We are also alive to the reality that so much innovation is taking place outside of traditional financial institutions that a broad lens of observation across the entire DLT ecosystem will be essential to keeping track of where viral adoption rates will occur first.

Our next research will focus on precisely that as we will highlight a DLT use case which seems to be significantly ahead of the pack already with full spectrum relevance to: retail and institutional investors; merchants and enterprises; developed markets and emerging markets; with a variety of use cases across finance…stay tuned.

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