Skeptical observers have long used “crypto” as a catch-all term for shadowy evil lurking beyond the regulated financial market. A look at the history of the concept of financial securities — and their digitalization — leads to a different conclusion.
Blockchains are really the latest move in a centuries-long evolution of attempts to create secure proofs of ownership. Whereas physical security documents like deeds once allowed people to produce irrefutable proof of ownership and other legal rights, the realities of the modern market — which until recently required relying on central custodians, since swapping physical certificates became impractical at scale — alienated citizens from fundamental property rights. Distributed ledger protocols like blockchain are a promising way to return ownership back into the hands of citizens.
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