The virtues of the blockchain is that it would be that it's peer-to-peer settlement - no centralized settlement, no manipulation... And most importantly, there's nothing to capture. It's consensus based. It's stateless.

I'm not wed to bitcoin's blockchain. I'm blockchain-agnostic.

On the blockchain, you have a public ledger, which is the form of ownership. That means you are not doing net settlement - just netting everything down, which means that everything has been turned into fungible numbers.

t0 is blockchain-agnostic so, ultimately, we can use anybody's blockchain.

There is absolutely no reason in the world of blockchain to build in net settlement. It's like saying you have got a new Ferrari and we are going to put a lawnmower engine in it.

Right now, you've got three days between a trade and a settlement, with hundreds of millions in settlement risk tied up in that time. That all goes away in a blockchain system because you've reunited the trade with the settlement. They're not two separate processes.