With the block chain, for the first time, we no longer need these central institutions for settlement or for guaranteeing the value of coins or for land titling. All of these functions can be replaced by a transparent public ledger that is safe from tampering and which can make value and ownership clear and open for everyone.
Patrick M. Byrne0
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Patrick M. Byrne:
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If we get to a world of digital securities, then there isn't a need for DTC and Cede & Co. anymore.