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.

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.

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.

There is an opportunity to recreate the financial world as we know it in the parallel universe that is the blockchain. We are writing rules for this whole new universe.

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.

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