1 2 3 4 5 6 The most impactful DLT applications will require deep collaboration between incumbents, innovators and regulators, adding complexity and delaying implementation Updating financial infrastructure through DLT will require significant time and investment. Three key observations must be taken into consideration for this implementation to be successful. Key observations and insights Replacing existing financial infrastructure by DLT will Aligning key stakeholders for require significant time and collective action will require investment Infrastructure Competing difficult balancing of interests in replacement interests the face of diverging interests and zero-sum games Implementingnew financialinfrastructure will Achieving all three key observations will require changes to existing regulations, delay large-scale, multi-party DLT standards of practice, and the creation of new Legal, regulatory and implementations in highly regulated legal and liability frameworks. Specifically, the governance frameworks markets. However, if successful, these implementation of smart contracts will could enable scalable infrastructure require additional stakeholder alignment and fabrics, industry-wide solutions and governance considerations standardized processes WORLD ECONOMIC FORUM | 2016 23