2017 global blockchain benchmarking study
TRANSCRIPT
![Page 1: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/1.jpg)
![Page 2: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/2.jpg)
Table of Contents
2
1. Blockchain and DLT 101
2. DLT Landscape
3. Use Cases and Business Models
4. Architecture and Governance
2017 Global Blockchain Benchmarking Study
5. Challenges and Interoperability
6. Public Sector
7. Appendices
![Page 3: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/3.jpg)
Over 200 enterprise DLT start-ups, established corporations, central banks and other public sector institutions are included in the study sample*
32017 Global Blockchain Benchmarking Study
*A number of survey respondents prefer not to have their participation disclosed. The names of participating central banks and other public sector institutions have been kept confidential.The survey data has been supplemented with secondary data sources.
![Page 4: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/4.jpg)
Study Authors
4
Dr Garrick HilemanResearch Fellow, Head of Cryptocurrency and Blockchain [email protected]
Michel RauchsResearch [email protected]
2017 Global Blockchain Benchmarking Study
![Page 5: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/5.jpg)
Blockchain and DLT 101
![Page 6: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/6.jpg)
What are blockchains and distributed ledgers?
62017 Global Blockchain Benchmarking Study
![Page 7: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/7.jpg)
The five key components of a blockchain
72017 Global Blockchain Benchmarking Study
![Page 8: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/8.jpg)
Why use a blockchain?
82017 Global Blockchain Benchmarking Study
![Page 9: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/9.jpg)
Using a blockchain may help…
92017 Global Blockchain Benchmarking Study
![Page 10: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/10.jpg)
Debunking common blockchain myths (1)
102017 Global Blockchain Benchmarking Study
![Page 11: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/11.jpg)
Debunking common blockchain myths (2)
112017 Global Blockchain Benchmarking Study
![Page 12: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/12.jpg)
Debunking common blockchain myths (3)
122017 Global Blockchain Benchmarking Study
![Page 13: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/13.jpg)
Debunking common blockchain myths (4)
132017 Global Blockchain Benchmarking Study
![Page 14: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/14.jpg)
Enterprise blockchain requirements vs. public blockchains (e.g., Bitcoin, Ethereum)
142017 Global Blockchain Benchmarking Study
![Page 15: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/15.jpg)
Main types of blockchains segmented by permission model
152017 Global Blockchain Benchmarking Study
Note: this study will focus exclusively on closed blockchains and distributed ledgers, with the exception of permissioned applications built on top of open blockchains.
![Page 16: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/16.jpg)
The many different terms used for ‘blockchain’ sow confusion
162017 Global Blockchain Benchmarking Study
![Page 17: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/17.jpg)
Distributed ledger technology (DLT) has gained popularity in 2016 as an umbrella term, but this trend appears to be receding
172017 Global Blockchain Benchmarking Study
![Page 18: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/18.jpg)
Blockchains and distributed ledgers share properties with replicated and distributed databases
182017 Global Blockchain Benchmarking Study
![Page 19: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/19.jpg)
Blockchain ⊂ Distributed Ledger ⊂ Distributed Database
192017 Global Blockchain Benchmarking Study
![Page 20: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/20.jpg)
DLT Landscape
![Page 21: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/21.jpg)
DLT system layers and an example of a DLT integrated ‘stack’
212017 Global Blockchain Benchmarking Study
![Page 22: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/22.jpg)
Main enterprise DLT ecosystem actors
222017 Global Blockchain Benchmarking Study
![Page 23: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/23.jpg)
Overview of DLT software services providers
232017 Global Blockchain Benchmarking Study
![Page 24: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/24.jpg)
Depiction of users and operators of a distributed ledger network
242017 Global Blockchain Benchmarking Study
![Page 25: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/25.jpg)
Peripheral DLT ecosystem actors
252017 Global Blockchain Benchmarking Study
![Page 26: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/26.jpg)
The number of specialised DLT start-ups has significantly increased since 2014: majority are active in developing infrastructure
262017 Global Blockchain Benchmarking Study
![Page 27: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/27.jpg)
Several cryptocurrency-focused companies pivoted to DLT, primarily in 2014 and 2015
272017 Global Blockchain Benchmarking Study
![Page 28: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/28.jpg)
Nearly half of all DLT start-ups are based in North America
282017 Global Blockchain Benchmarking Study
![Page 29: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/29.jpg)
Estimated number of people working full-time on enterprise DLT
292017 Global Blockchain Benchmarking Study
We estimate that established corporations have an additional several thousands of employees working full-time on DLT activities
![Page 30: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/30.jpg)
Infrastructure providers have twice the median number of full-time employees as app developers and operators
302017 Global Blockchain Benchmarking Study
![Page 31: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/31.jpg)
Use Cases and Business Models
![Page 32: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/32.jpg)
The banking and finance industry has the largest number of identified DLT use cases
322017 Global Blockchain Benchmarking Study
![Page 33: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/33.jpg)
Financial services and banking are the most frequently targeted sectors for DLT; increasing attention is given to non-monetary use cases
332017 Global Blockchain Benchmarking Study
![Page 34: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/34.jpg)
Percentage of DLT platforms tracking different items
342017 Global Blockchain Benchmarking Study
![Page 35: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/35.jpg)
Financial sector institutions are currently the main customers of DLT service providers
352017 Global Blockchain Benchmarking Study
![Page 36: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/36.jpg)
Some impressions from survey data about actual DLT usage
362017 Global Blockchain Benchmarking Study
![Page 37: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/37.jpg)
Three-quarters of study participants consider themselves to be software vendors
372017 Global Blockchain Benchmarking Study
![Page 38: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/38.jpg)
It is more common for infrastructure providers to open-source their DLT codebase
382017 Global Blockchain Benchmarking Study
![Page 39: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/39.jpg)
Open-source DLT codebases are most frequently licensed under Apache 2 and MIT
392017 Global Blockchain Benchmarking Study
![Page 40: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/40.jpg)
Product acceptance is the primary reason given for open-sourcing enterprise DLT codebase
402017 Global Blockchain Benchmarking Study
’Other’ includes, among others, showcasing the quality of the codebase, fitting the overall marketing strategy, as well as facilitating interoperability and standardisation.
![Page 41: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/41.jpg)
Business and revenue models used by enterprise DLT companies
412017 Global Blockchain Benchmarking Study
![Page 42: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/42.jpg)
Most infrastructure providers use a combination of multiple revenue models, whereas operators most commonly seem to focus on a single model
422017 Global Blockchain Benchmarking Study
There is still a significant degree of uncertainty among enterprise DLT ecosystem actors regarding revenue models
![Page 43: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/43.jpg)
Infrastructure providers with open-source codebases tend to focus on providing consulting services whereas closed-source providers are often still undecided
432017 Global Blockchain Benchmarking Study
![Page 44: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/44.jpg)
Monetisation primarily occurs at higher DLT stack levels: roles and lines between actors become increasingly blurred
442017 Global Blockchain Benchmarking Study
![Page 45: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/45.jpg)
75% of study participants have either fully operational production systems or are running advanced pilots
452017 Global Blockchain Benchmarking Study
![Page 46: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/46.jpg)
DLT companies that provide software development services are at a more advanced stage of deployment than operators
462017 Global Blockchain Benchmarking Study
![Page 47: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/47.jpg)
Lack of large-scale DLT deployments to date for a number of reasons
472017 Global Blockchain Benchmarking Study
![Page 48: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/48.jpg)
Predictions about future trajectory of enterprise DLT ecosystem
482017 Global Blockchain Benchmarking Study
• Core protocol layer will consolidate around a limited number of enterprise DLT frameworks and platforms, that each serve different business requirements and use cases
• Significant number of small- to large-scale networks will be deployed (industry-specific, use case-specific, region-specific)
![Page 49: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/49.jpg)
Architecture and Governance
![Page 50: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/50.jpg)
Core DLT architectural building blocks
502017 Global Blockchain Benchmarking Study
![Page 51: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/51.jpg)
While global data broadcast is still dominant, multi-channel data diffusion is rising
512017 Global Blockchain Benchmarking Study
Multi-channel: data is only broadcast to selected parties involved in a specific transaction (‘selective disclosure’)
Global: data is broadcast to all network participants
![Page 52: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/52.jpg)
Overview of different approaches to storing data on-chain
522017 Global Blockchain Benchmarking Study
One approach is not necessarily ’better’ than another as each has its advantages and drawbacks. It all depends on the acceptable trade-offs for the specific business case. This point applies in general to other DLT architectural design choices.
![Page 53: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/53.jpg)
Operators predominantly store hashes (i.e., cryptographic fingerprints/digests of actual data) on-chain rather than the actual data
532017 Global Blockchain Benchmarking Study
51% of study participants support the integration of decentralised storage protocols and systems (e.g., IPFS, Siacoin, STORJ)
![Page 54: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/54.jpg)
Reaching agreement on the global state of the ledger is the most common approach to consensus
542017 Global Blockchain Benchmarking Study
Bilateral/multilateral: consensus is reached at the local level, i.e., only between participants involved in a specific transaction or trade
Global: consensus is reached at the global level of the ledger, i.e., by all participants on the entire transaction history
![Page 55: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/55.jpg)
Smart contracts: definition and differences in architecture
552017 Global Blockchain Benchmarking Study
Smart contract:
Simply put, a computer program that can automatically perform some function (e.g., make a payment). Smart contracts can live on a distributed ledger and can execute automatically once triggered by an event (e.g., payment is made once an asset is transferred).
![Page 56: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/56.jpg)
The majority of industry actors integrate smart contracts with the legal system
562017 Global Blockchain Benchmarking Study
In practice, many operators tie smart contract code to existing legal contracts, making them effectively legally enforceable ‘smart legal contracts’
![Page 57: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/57.jpg)
Two-thirds of study participants use or support systems with extensive smart contract functionality
572017 Global Blockchain Benchmarking Study
![Page 58: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/58.jpg)
Advantages and drawbacks of implementing business logic (smart contracts) at different layers
582017 Global Blockchain Benchmarking Study
![Page 59: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/59.jpg)
Majority of operators have not implemented fully-functional smart contract capabilities, although most software vendors support them
592017 Global Blockchain Benchmarking Study
It is not always clear whether the business logic resides at the core protocol layer or whether it is implemented on a separate, but linked layer on top
![Page 60: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/60.jpg)
Smart contracts appear to be, for the most part, executed by every node in current implementations
602017 Global Blockchain Benchmarking Study
![Page 61: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/61.jpg)
Gatekeepers/administrators of permissioned networks and applications can assume different roles
612017 Global Blockchain Benchmarking Study
![Page 62: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/62.jpg)
Software services provide different models for selecting the gatekeeper of a permissioned system; currently 100% of operators act as gatekeepers in their network
622017 Global Blockchain Benchmarking Study
![Page 63: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/63.jpg)
Software vendors predominantly maintain the codebase while operators approve software upgrades
632017 Global Blockchain Benchmarking Study
![Page 64: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/64.jpg)
Offering regulators a node is the most common intended method for granting regulatory access to ledger data
642017 Global Blockchain Benchmarking Study
‘Other’ includes, among others, regulators receiving a full replica of sub-ledger transactions or being copied into each transaction they show a specific interest in
![Page 65: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/65.jpg)
Tokenisation vs native assets (both tangible and intangible)
652017 Global Blockchain Benchmarking Study
a) Issuance of new (native) assets:An asset (e.g., bond) is issued on a distributed ledger (‘primary issuance’): its existence is solely defined by the ledger, and so is ownership. The asset becomes a digital bearer asset in the sense that the entity controlling the corresponding private key owns the asset.
b) Tokenisation of existing assets:An existing asset (e.g., gold held in custody) is digitally represented on a distributed ledger (‘tokenised’): the ledger keeps a record of ownership changes, but cannot enforce transfers of the underlying asset on-chain, as it is outside of its reach (‘off-chain’).
![Page 66: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/66.jpg)
Support for tokenising existing assets and issuing new assets is significantly lower amongst operators
662017 Global Blockchain Benchmarking Study
![Page 67: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/67.jpg)
Tokenising real-world assets will always require off-chain processes
672017 Global Blockchain Benchmarking Study
![Page 68: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/68.jpg)
Challenges and Interoperability
![Page 69: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/69.jpg)
Legal risks and an unclear regulatory environment are perceived as key inhibitors of broader DLT adoption, followed by privacy and a reluctance to change established practices
692017 Global Blockchain Benchmarking Study
![Page 70: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/70.jpg)
Important takeaways from survey respondents on DLT challenges
702017 Global Blockchain Benchmarking Study
![Page 71: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/71.jpg)
Wide range of additional challenges are slowing down broad enterprise DLT adoption
712017 Global Blockchain Benchmarking Study
![Page 72: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/72.jpg)
Privacy is frequently cited as a key challenge; on-chain data encryption is the most common method for enhancing privacy
722017 Global Blockchain Benchmarking Study
![Page 73: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/73.jpg)
Majority of DLT software roadmaps include the implementation of zero-knowledge proofs and ring signatures
732017 Global Blockchain Benchmarking Study
![Page 74: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/74.jpg)
Performance and scalability claims from survey respondents
742017 Global Blockchain Benchmarking Study
![Page 75: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/75.jpg)
Desired interoperability generally falls into two major categories
752017 Global Blockchain Benchmarking Study
![Page 76: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/76.jpg)
Only 25% of DLT networks run by operators are interoperable with other DLT networks and applications
762017 Global Blockchain Benchmarking Study
Lack of standards makes interoperability between networks built on different protocol specifications difficult to achieve
![Page 77: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/77.jpg)
DLT interoperability is most common with Ethereum, Bitcoin and Hyperledger Fabric
772017 Global Blockchain Benchmarking Study
![Page 78: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/78.jpg)
Percentage of DLT providers who are part of at least one industry initiative or consortium
782017 Global Blockchain Benchmarking Study
![Page 79: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/79.jpg)
Public Sector
![Page 80: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/80.jpg)
Countries where public sector institutions have publicly announced various DLT engagements; US has > 10 different institutions working on DLT, followed by UK and Russia with 4
802017 Global Blockchain Benchmarking Study
![Page 81: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/81.jpg)
Public sector interest in DLT research programs and projects has become a global phenomenon
812017 Global Blockchain Benchmarking Study
![Page 82: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/82.jpg)
European public sector institutions represent just under half the study sample, followed by Asia-Pacific (23%)
822017 Global Blockchain Benchmarking Study
![Page 83: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/83.jpg)
Public sector study sample is approximately equally composed of central banks and other government institutions
832017 Global Blockchain Benchmarking Study
![Page 84: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/84.jpg)
A quick note about the term ‘OPSIs’ – Other Public Sector Institutions
842017 Global Blockchain Benchmarking Study
![Page 85: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/85.jpg)
We conservatively estimate that more than 500 public sector staff are working full-time on various DLT-related activities
852017 Global Blockchain Benchmarking Study
![Page 86: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/86.jpg)
Central banks have in general more staff working on DLT-related activities than OPSIs
862017 Global Blockchain Benchmarking Study
![Page 87: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/87.jpg)
Central banks are investigating a wide range of DLT uses beyond digital currency and payments
872017 Global Blockchain Benchmarking Study
![Page 88: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/88.jpg)
Other use cases explored by central banks
882017 Global Blockchain Benchmarking Study
![Page 89: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/89.jpg)
OPSIs are exploring a wide variety of DLT use cases, with managing identities and ownership records most common
892017 Global Blockchain Benchmarking Study
72% of OPSIs are exploring two or more different use cases, compared to 53% of central banks
![Page 90: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/90.jpg)
Other use cases explored by OPSIs
902017 Global Blockchain Benchmarking Study
![Page 91: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/91.jpg)
Benefits of using DLT – central banks
912017 Global Blockchain Benchmarking Study
![Page 92: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/92.jpg)
Benefits of using DLT – OPSIs
922017 Global Blockchain Benchmarking Study
![Page 93: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/93.jpg)
Majority of central banks and OPSIs are already engaged in proofs of concept and/or more advanced trials
932017 Global Blockchain Benchmarking Study
![Page 94: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/94.jpg)
Central banks are engaged in more activities, but OPSI activities are more advanced in terms of deployment
942017 Global Blockchain Benchmarking Study
![Page 95: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/95.jpg)
Two-thirds of central banks and 86% of OPSIs are directly experimenting with DLT protocols
952017 Global Blockchain Benchmarking Study
![Page 96: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/96.jpg)
Ethereum is more frequently used by central banks than by other public sector institutions (OPSIs); 57% of central banks are experimenting with the Ethereum codebase*
962017 Global Blockchain Benchmarking Study
*Note: some institutions are experimenting with multiple protocols. For example, several central banks are experimenting with both the public and permissioned versions of Ethereum, and so the total % of central banks testing some version of the Ethereum codebase is 57%
![Page 97: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/97.jpg)
Differences exist between which protocols are actually being tested and what is publicly reported
972017 Global Blockchain Benchmarking Study
![Page 98: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/98.jpg)
OPSIs more frequently undertake DLT projects in collaboration with DLT software vendors than do central banks
982017 Global Blockchain Benchmarking Study
![Page 99: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/99.jpg)
DLT-related projects undertaken by central banks and OPSIs often involve the participation of a variety of different private sector actors
992017 Global Blockchain Benchmarking Study
![Page 100: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/100.jpg)
Central banks are more actively collaborating on the international level than OPSIs; however, mostly information exchange
1002017 Global Blockchain Benchmarking Study
![Page 101: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/101.jpg)
Majority of OPSIs plan to trial DLT this year; central banks are significantly more conservative
1012017 Global Blockchain Benchmarking Study
![Page 102: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/102.jpg)
OPSIs are expressing a greater likeliness of DLT adoption in the next few years than central banks
1022017 Global Blockchain Benchmarking Study
![Page 103: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/103.jpg)
Central banks are considerably more reserved about the impact of global DLT use in the public sector in the future
1032017 Global Blockchain Benchmarking Study
![Page 104: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/104.jpg)
Key challenges to DLT adoption in the public sector
1042017 Global Blockchain Benchmarking Study
![Page 105: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/105.jpg)
Challenges to DLT adoption in the public sector – central bank perspective
1052017 Global Blockchain Benchmarking Study
![Page 106: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/106.jpg)
Challenges to DLT adoption in the public sector – OPSI perspective
1062017 Global Blockchain Benchmarking Study
![Page 107: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/107.jpg)
Additional challenges mentioned by public sector institutions
1072017 Global Blockchain Benchmarking Study
![Page 108: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/108.jpg)
Appendices
![Page 109: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/109.jpg)
List of DLT use cases compiled from survey responses (1)
1092017 Global Blockchain Benchmarking Study
![Page 110: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/110.jpg)
List of DLT use cases compiled from survey responses (2)
1102017 Global Blockchain Benchmarking Study
![Page 111: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/111.jpg)
Nearly 90% of study participants indicate using a ‘blockchain’ data structure
1112017 Global Blockchain Benchmarking Study
However, this does not imply that control over this data structure is necessarily decentralised – chaining hashes together has been common practice for decades (‘journaling’)
![Page 112: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/112.jpg)
Glossary: Technology (1)
1122017 Global Blockchain Benchmarking Study
![Page 113: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/113.jpg)
Glossary: Technology (2)
1132017 Global Blockchain Benchmarking Study
![Page 114: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/114.jpg)
Glossary: DLT system
1142017 Global Blockchain Benchmarking Study
![Page 115: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/115.jpg)
Glossary: Enterprise DLT ecosystem actors
1152017 Global Blockchain Benchmarking Study
![Page 116: 2017 Global Blockchain Benchmarking Study](https://reader034.vdocuments.site/reader034/viewer/2022050613/5a647aba7f8b9a5d568b4807/html5/thumbnails/116.jpg)
A note on the term ‘validators’
1162017 Global Blockchain Benchmarking Study
Suggested alternative terms:• Blockchains: block signers• Non-blockchain distributed ledgers: consensus nodes