a16z Crypto has highlighted the limitations of traditional finance systems, which, despite appearing digital, rely on fragmented systems and continuous reconciliation. The core issues identified include asset ownership confirmation, settlement timing, transaction ordering, and applicable rules. The article suggests that Wall Street's adoption of blockchain is driven not by decentralization ideals but by the need to resolve counterparty coordination challenges. Blockchain is seen as a neutral, programmable shared infrastructure that can facilitate the combination, expansion, and integration of financial assets.