We apply economic principles to understand how distributed ledger technology (DLT) might impact the innovation process and eventual market structure in the security settlement industry. Our main conclusions are that: i) Although DLT has the potential to significantly reduce costs in securities settlement. implementation is challenging. ii) technological innovation in the post-trade in... https://www.roneverhart.com/Western-Digital-Ultrastar-DC-HC550-WUH721816ALE6L0-0F38460-16TB-7-2K-RPM-SATA-6Gb-s-512e-ISE-3-5in-Hard-Drive/