Conclusion

This chapter summarizes the study on blockchain-based bonds in corporate financing. Key findings indicate potential long-term benefits in accessibility, overall risk, cost, and transparency, however, not being fully realizable in the current setup. Adoption is in early stages, hindered by technological fragmentation, regulatory complexity, and liquidity issues. Market intermediaries’ roles are evolving. Future research should focus on real-world applications, comparative case studies, and the transformation of financial intermediaries. Practical implications include new capital-raising methods and changes in intermediary roles. Limitations include a focus on Germany, expert interview subjectivity, and the evolving nature of blockchain technology.