[rebuilder]

I'm looking at it from the buyer's perspective. The big selling point of blockhain transactions is zero trust and no counterparty risk. There is clear counterparty risk in synthetic shares sold on a blockhain.

IOW, the buyer is still stuck relying on the issuer of the "real" shares to honour the blockhain sale, or on the seller not defaulting.

Edit: just to expound further on something I think most people miss: The primary innovation of Bitcoin was that it is provably scarce without relying on any legal framework. That's it, and it's pretty radical. If you start relying on the law to provide value, the blockhain idea tends to become extraneous.