Читать книгу Cryptocurrency All-in-One For Dummies - Peter Kent, Kiana Danial - Страница 177

Blockchains will usher in many new types of securities and investment products. New markets will be opening with more efficient ways of calculating risk because collateral will be a lot more transparent and fungible across institutions when they account for it within a blockchain back system.

Blockchain technology also has applications in helping reduce scams within the global warehouse market for fraudulent double-sold goods. Blockchain entries enable manufacturers and regulators to document the provenance of products and, in turn, allow buyers to check the authenticity of what they’re buying. Several solutions exist in the market, including Everledger and Provenance.

Hernando de Soto, the famous Peruvian economist, estimates that providing the world’s poor with titles for their land, homes, and unregistered businesses would unlock $9.3 trillion in assets. This is what is meant by the term dead capital: unfinanceable real property owned by people and organizations.

It is imaginable that countries that can free their dead capital will be able to bundle and sell the interests in these assets across a global marketplace. This would include assets like transparent mortgage-backed securities for new real estate developments in Colombia or Peru.

In the future, countries will be able to free up their dead capital. Owners of undeveloped land and un-financeable properties will then have the opportunity to sell the interests in these assets across a global marketplace.

These assets will be appealing because asset managers will be able to actively parse underperforming assets given the transparency and capability of one being substituted in place of another through blockchain-based technology. The use of blockchains to manage these assets will give managers the power always to own top-performing securities, removing the rotten apples, reclassifying them, and selling them as new securities.

For non-institutional customers, micro-investments will be an attractive outlet that is enabled globally and locally through blockchain trading platforms. Using blockchain technology will also give them the means of investing in companies and their specific activities without having minimums or going through intermediaries that take a percentage of the investment.

Decentralized autonomous organizations (DAOs) are already out there and making DAO investment pools happen for a few risk-tolerant and more technically savvy investors. It may be some time before an institutional investor utilizes one of these vehicles, or a portfolio manager recommends putting money into a DAO-based vehicle for their clients.

DAOs remove a lot of the necessary paperwork and bureaucracy involved in investing by creating a blockchain-based voting system and giving shares to those who invest in their product. To any blockchain, the “code as law” concept makes it unforgiving. The risks are many, particularly when poorly written code executes in unintended ways. The consequences are that hacks to this system can be severe. The transparent nature of the system and the poor code give hackers a wider attack vector and allow them to attack multiple times as they gain more and more information with each attack.

In the following section, we discuss the effects and benefits of blockchain technology on the world economy.