# kaal:claim:3411110-001

**Claim.** Existing ledger structures for securities offerings are defective: because individual firms rely on batch processing, the model generates dependencies, multi-day settlement times, distinctive operational risks, and duplicative costs.

**Type.** failure  **Support.** asserted

**Holds when.**

- legacy, non blockchain securities settlement infrastructure

**Source quote.**

> ledger structures applicable to securities offerings are subject to significant shortcomings: While for individual firms, batch-processing is the norm, this model creates numerous dependencies, multi-day settlement times, unique operational risks, and duplicative costs.

**From.** Wulf A. Kaal, Samuel Evans, *Blockchain-Based Securities Offerings* (2019), I. Introduction, page 5

**Cite as.** Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110

**Verify.** sha256 of source PDF `c7626eeb7642045b79f8745df1f7232a8fe8bc44a1f7e87b592850e35b392b50` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Evans%20-%202019%20-%20Blockchain-Based%20Securities%20Offerings.pdf

**Failure mode.** batch-processing ledger fragmentation  (family: liquidity-and-market-structure-failure)

**Topics.** risk-and-incentives, economics

**Keywords.** legacy-systems, batch-processing, settlement, operational-risk, transaction-costs

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