kaal:claim:3411110-007

Because direct ownership on a blockchain removes the need for the Depository Trust Corporation to hold the certificate and for a broker to record beneficial ownership, agency costs can be cut and ownership clarity increases.

By establishing a system that makes the DTC obsolete, agency costs have the potential to be cut and clarity surrounding ownership will increase.

Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019), III.1 Cost Reduction, p. 14
https://ssrn.com/abstract=3411110 · source PDF

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

• direct registration of ownership on the ledger
• no third party custodian

mechanismsupport: arguedcorporate-governancedecentralizationdefi

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