BNY Mellon’s usage of blockchain technology is ahead of proof-of-concepts developed by other financial institutions, according to research from Morgan Stanley.In its latest whitepaper, Blockchain: Unchained, Morgan Stanley assessed five blockchain case studies, concluding BNY Mellon’s offering was ahead of its counterparts.According to the report, BNY Mellon’s blockchain-based platform for US treasury bond settlement- BDS360-has been “up and running internally” since 2016 and ahead of other projects discussed in the whitepaper.Other case studies analysed include blockchain developments from ASX, Project Ubin in Singapore, Ripple’s cross-border payments offering as well as UBS’ work with utility settlement coin.According to the paper all of these developments remain in the “experimental proof-of-concept phase.”In spite of this, the paper states the world’s largest custodian has more work to do for a wider rollout of the offering.Specifically, work is required on client interface and BNY Mellon is also required to engage in “regulatory dialogues and establish necessary standards and protocols.”The paper also concluded the US custodian is “well-positioned” to take on these challenges.BNY Mellon had not responded to a request for comment at time of publication.Other findings from the paper revealed that many of the outstanding questions on blockchain have yet to be answered as the technology has not been tested at scale in a “fast-moving business environment.”In addition, the paper states the next step should focus on incorporating integrating blockchain within the existing infrastructure and “socialising” the technology to answer legal, regulatory and business questions.It also states that despite numerous blockchain projects there is no “killer app” which would kick start wider adoption of the technology.The findings follow a number of blockchain deployments across various parts of the industry.