After the wave of hype that surround distributed ledger technology five years ago, DLT today might best be described as a red-pill, blue-pill situation: Either you’re in or you’re out—there is no in-between.

A few years ago, it seemed that every couple of weeks there were new DLT proofs of concept popping up left, right, and center. Experimentation is good; it’s how you learn if a new technology is applicable to the high volumes, complexity and regulation of the capital markets. But using DLT