R3’s Corda project
For the sake of discussion, I think it's worth noting the difficulty in the adoption of products that support Corda and it's underlying architecture. At the heart of this is the difficulty of any legacy institution to adopt solutions that shift the value chain in fundamental ways.
That R3 developed Corda specifically for existing financial instutions and that this adoption difficulty still exists, speaks to the structural challenges facing markets today. I would not have expected Corda to be such a fundamental jump, but it seems to be so. Where this dissconnect is occuring is worth debate, such as if it's in the technical operational demands or if it's in the way Corda reduces emphasis of certain central clearing functions, among a few ideas.
I'm not sure what the answer is, but I think the Innovators Dilemma by Clayton Christensen is the best framework to view this challenge. And to me that means that whatever is happening in the crypto space holds quite a significant advantage if they can figure out how to bridge the gap into real markets.