Maturity. If there is one central theme of this year’s “DLT in the Real World” survey it is how our efforts to realise the benefits that DLT offers are stabilising and strengthening.

The fashion and the hype around crypto have arguably passed. We are more commercial about DLT. We are getting better at delivering on DLT projects. We are clearer on which asset classes drive real benefits. We are more discerning in our use of DLT. And, as we get closer to execution, we are increasingly accepting that this will take time.

Despite all of the challenges of 2022, we are more committed to the DLT journey than ever. There continues to be a strongly positive view of DLT across the industry in 2023 and a continuing ambition to derive its benefits across operations and beyond in the years ahead.

We have a long way to go though and the continuing evolution of the DLT operating model relies on our ability to now form interoperability bridges – between DLT projects, between cash and securities and between operations and treasury.

We are extremely grateful to the 359 teams and departments from 305 unique institutions who have made this year’s “DLT in the Real World” survey our biggest ever survey campaign. As a truly industry-wide effort, the insights in this handbook are based entirely on their insights – from our survey and from subsequent debriefs. Thanks to this support, we have huge volumes of supporting data to draw on and so please make sure to reach out to us if ever you would like to dig further into these findings together as you prepare your next case for DLT transformation.