The Delaware Court of Chancery (leading corporate law court in the US) ruled on Wednesday in a case that involved miscounting of shares as part of a buyout of Dole. In a footnote the court notes that blockchain technology would be a good solution to one of the key issues in the case:
“[D]espite laudable and largely successful efforts by the incumbent intermediaries to keep the system working, the problems have grown. ... Distributed ledger technology offers a potential technological solution by maintaining multiple, current copies of a single and comprehensive stock ownership ledger.” - Footnote #1, pgs. 8-9
From the introduction of the case:
“... provided for the settlement proceeds to be distributed to class members through a traditional claims process. There were 36,793,758 shares in the class. At the conclusion of the claims process, however, claimants had submitted facially valid claims for 49,164,415 shares. Despite diligent efforts, the settlement administrator and class counsel could not resolve the discrepancy.”
I blogged about this topic in December & January: https://www.cameronhuff.com/blog/how-rwanda-can-compete-with-delaware-for-corporations-blockchain/index.html & https://www.cameronhuff.com/blog/blockchain-corporate-voting/index.html.
Here's a good write-up on Bloomberg about the background to the case by Matt Levine: https://www.bloomberg.com/view/articles/2017-02-17/dole-food-had-too-many-shares.