This article originally appeared on Asian Banking and Finance.

With all the noise surrounding distributed ledger technology (DLT), you’d expect participants in financial markets in Asia Pacific and elsewhere to be racing full-bore to get ready for it. But many are not. Presented almost daily with new claims about DLT’s disruptive and revolutionary potential, some executives have begun to wonder when they’ll actually begin to see some benefits from the technology.

Financial market participants know DLT is coming. In Asia Pacific and around the world, about 80% of executives at financial institutions surveyed by Bain & Company believe the technology will be transformative, and a similar percentage expect their organisations to begin using it before 2020. Yet, at the same time, they’re hesitant to commit resources now. Among the market participants Bain surveyed, 38% said they’ve adopted a wait-and-see approach to DLT.

What’s holding them back?

First, uncertainty. It is hard to predict the exact timing or path of DLT. There are different types of DLT platforms (public or private, for example) and a wide spectrum of potential applications, from narrow cases such as proxy voting and Know Your Customer (KYC) vetting to broader uses such as post-trade clearing and settlement for equities.

The way DLT evolves in a localised market like Australia, for example, is likely to be different from how it develops in a more connected market like Hong Kong. Much will depend on regulations that are still being formulated. Some regulators, such as the Monetary Authority of Singapore, actively support DLT innovation.

Read the full article at Asian Banking and Finance.

Thomas Olsen is a partner with Bain & Company in Singapore in the Financial Services and Strategy practices. Frank Ford is a partner with Bain in London in the Financial Services and Information Technology practices.