When securitisation meets blockchain

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      <subfield code="a">Blockchain is a record-keeping technology based on a distributed - as opposed to centralised - ledger. The goal of blockchain is to allow digital information to be recorded and distributed, but not edited, creating an immutable data record. Counterparties of economic and financial transactions can therefore trust each other's digital records without relying on intermediaries (eg have an auditor to validate your business accounts) to establish trustworthiness first. As a result, the cost of building trust is reduced substantially. When transactions are dis-intermediated, what is currently prohibitively expensive can become economically feasible, eg an initial public offering for a small business. Therefore, more assets can, and will, be issued and securitised. Reduced market friction is expected to expand investors' opportunity set into what is currently private and illiquid. All investors, including retail and DC investors, could potentially easily own and trade a fraction of Leonardo da Vinci's Salvator Mundi, last sold for an eyewatering US$450m in 2017. While the future path is still very uncertain, investors should consider building a reliable information channel to monitor the creation of new tokenised assets. Investors might also want to debate whether blockchain technology itself presents an investment opportunity and whether they can build successful investment strategies via those companies that look to monetise it.</subfield>
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