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But a loan documented on the blockchain is just as assignable as one documented on paper, and a lender has no more incentive to agree to a clause prohibiting off-chain assignment than a clause prohibiting assignment without the borrower's knowledge or consent.

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On the face of it, the lender has no more incentive, but having an unforgeable trail of ownership and payment may improve the value of the loan as it passes from hand to hand.

That all said, a blockchain is not really required. Better standards and a trusted third party would do fine.

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