From Pilot to Production: The Institutional Path Onchain | Clare Adelgren (EY) at ETHConf

Sun, Aug 2, 2026, 12:00 AM

In this talk, Clare Adelgren, global blockchain leader at EY, explores the institutional path from pilot to production onchain, arguing the title captures exactly where the market sits today and why she is optimistic. She opens with a historical analogy: at the dawn of railroads people fixated on the trains (speed, cargo, destinations), but the bigger story turned out to be the rail network and how that infrastructure reshaped entire economies. Similarly, the car alone did not create modern transport; that took roads, safety standards, and institutions around the rules. She draws the parallel to blockchain, where for years attention centered on cryptocurrencies and tokenomics as the first vehicles on the rails, but the biggest shift now is toward the rails themselves, the infrastructure for moving assets, settling value, and coordinating trust in a programmable way, plus the rules and standards needed to operate at scale. Clare contrasts earlier institutional conversations (framed as experimentation, pilots, proofs of concept, consortia, and controlled off-chain or hybrid models that let institutions explore without full commitment) with 2026, where outlooks from the World Economic Forum onward describe a broad shift from experiment to enterprise-grade deployment, with major banks shipping products, regulators drawing clearer lines, and a growing pipeline of real world assets queued for issuance and servicing. The question has shifted from whether the technology works to whether institutions can operationalize it at scale in a trusted, governable, compliant, and valuable way. She argues this moment feels different not just because of regulation reducing uncertainty, but because technology maturity, workable economics, improving privacy, and serious interoperability are aligning at once. Framing technology as table stakes and institutional readiness as the real unlock, she says the next wave will be defined by industrialization rather than innovation, embedding blockchain into real operating models. She lays out five pillars of production readiness: trust and governance (accountability and aligned participants), compliance and controls (auditability, risk management, regulatory scrutiny), interoperability with legacy systems, privacy and confidentiality (selective disclosure and privacy on public blockchains, a major EY investment), and measurable business value rather than innovation theater. She closes that the next phase belongs to institutions that move from curiosity to capability and from experiments to execution. 00:00 Introduction 00:46 Why Clare Is Optimistic About the Path 01:00 The Railroad Analogy 01:32 Why the Car Alone Did Not Create Transport 02:18 Parallels to Blockchain Today 02:45 The Shift Toward the Rails Themselves 03:13 How Institutional Conversations Used to Look 03:51 Why That Caution Made Sense 04:38 How the Conversation Changed by 2026 05:18 Banks, Regulators, and the RWA Pipeline 05:51 The Question Has Shifted From Can It Work 06:25 Why This Moment Feels Different 07:01 Why Regulation Is Not the Whole Story 07:22 How Maturity, Economics, and Interoperability Align 08:01 EY's Long-Held View on Scale Adoption 08:39 Why Technology Is Only Table Stakes 09:27 From Technical Feasibility to Institutional Operability 10:03 Why the Next Wave Is Industrialization 10:30 What Production Readiness Really Means 11:01 Pillar One: Trust and Governance 11:26 Pillar Two: Compliance and Controls 11:57 Pillar Three: Interoperability With Legacy Systems 12:25 Pillar Four: Privacy and Confidentiality 13:08 Pillar Five: Measurable Business Value 14:03 Institutional-Grade Onchain Infrastructure 14:32 What It Means for Institutional Leaders 15:05 Why This Is an Execution Phase 15:31 Why Operationalizing Beats Talking About Innovation 15:57 Why This Is Just the Beginning 16:35 Closing _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ *ETHConf 2026* ETHConf is a 3 day event for founders, industry leaders, and builders who are excited about the possibilities of building on top of Ethereum. Connect with 2,000+ top innovators in crypto, finance, technology, and policy at our inaugural three-day event packed with showcases, demos, partnerships, and conversations shaping the future of the global economy. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅ *Follow ETHConf* X: https://x.com/ethconf Website: https://ethconf.com _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 🎟️ Get your early bird tickets for ETHConf 2027: https://ethconf.com/2027#tickets 🎤 View the full ETHConf 2026 Speaker Schedule: https://ethconf.com/schedule _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _