Does transferring a token also transfer "ownership"? On-chain finance from the perspective of transactions and transfers ("So That's Blockchain Ep.13" Yoshihiko Uchida, Yuya Sakai, Shinya Otsuga)

In this podcast, Yoshihiko Uchida, who has a background in banking supervision at the Bank of Japan and the Financial Services Agency and currently teaches blockchain at Shunan University, Yuya Sakai, a founder of a gourmet app who has built a Web3 business by combining blockchain with Web2 services, and Shinya Otsuga, deputy editor of the crypto media "New Economy," introduce essential knowledge about blockchain.

In this 13th episode, based on the discussion of "What is a token?" from Part 1, we debated "transactions" and "transfers" as the first part of "Existing Finance x Blockchain."

Defining finance as "the circulation of money," we concluded that if it only involves payments, finance is unnecessary; it is only when "credit" is added that finance begins. Using the primitive transaction of buying and selling an apple for 100 yen as an example, we confirmed that in a "DVP (Delivery Versus Payment)" where exchanges occur simultaneously in the same place, there are no remaining claims or debts. In contrast, in transactions that occur at a distance or with time differences, discrepancies in ownership arise, necessitating trust in the counterpart, or "credit." We explained that credit is not about lending but rather an expectation of future realization, serving as an engine that expands the economy through triangular transactions and the time lag between purchasing and selling.

In the latter half, we expanded the discussion to ownership of assets that cannot be physically grasped, confirming the structure where claims are turned into "securities" on paper, digitized, and transferred to "Hofuri (Securities Depository and Transfer Organization)," with the law establishing that database as "correct" to facilitate the transfer of ownership. We raised the issue that ownership of crypto assets and security tokens remains ambiguous under civil law, questioning whether on-chain finance is progressing without proper legal or judicial backing.

From episode 13 to episode 18, we will explore the foundations of existing finance and the potential for integration with blockchain.

The next episode, the 14th, is scheduled to be released on August 25, 2026.