We assess Distributed Ledger Technology (DLT) as a modernization path for financial-market infrastructure (FMI)—the payment, clearing, and settlement rails that keep markets running. Drawing on recent advances in bond tokenization, the chapter maps three trends: (i) migration from manual workflows to digital, centralized platforms; (ii) a fresh move toward decentralized records via DLT; and (iii) regulatory adaptation to safeguard stability amid big-data and blockchain tools. We show that permissioned DLT raises transparency, trims settlement-cycle risk, and supports programmable asset tokenization, yet fully open networks carry operational and supervisory hazards. For bond markets, a “heterogeneous consortium” design—where selected banks and official nodes validate transactions—balances decentralization with oversight. Policy guidance is as follows. First, embed bond tokenization inside existing legal frameworks to digitize assets without fracturing liquidity. Second, involve regulators and diverse intermediaries as consortium validators to maintain trust. Third, roll out cross-border DLT links incrementally, allowing standards to mature alongside technology. A stepwise strategy converts blockchain from a disruptive weapon into constructive market infrastructure, reinforcing resilience while widening access to capital.