Kaal & Evans on Blockchain and Securities Offerings

Wulf A. Kaal and Samuel Evans have posted Blockchain-Based Securities Offerings on SSRN with the following abstract:

Blockchain technology has the potential to supplement the existing infrastructure for securities offerings. After examining the shortcomings of historical attempts, the article analyses the redeeming features of blockchain-based securities offerings including lower overall cost structure, substantially reduced settlement cycle, counter-party risk and systemic risk reduction, enhanced transparency, among others. The authors examine the tradeoffs between opportunities and risks of blockchain-based securities offerings.