> So a real-world example, then, that it takes 20 years for a new, efficient 2 billion-euro post-trade system with full central-bank backing to start recouping its cost.
Right, so the article establishes that clearing systems currently are eyewateringly expensive!
> It would be a miracle if blockchain could repeat this feat in a fraction of the time without similar backing or funding.
Well maybe - but the whole point of disruptive technologies (mobile phones, uber, etc) is that they can do what existing technologies do at a fraction of the cost.
Not to say that there isn't any hype in this space, but the pie is worth so much that it's surely worth a decent chunk of R&D budget!