The new rating services could enable a migration of the $117 trillion debt securities industry, which is administered and governed by custodians and trustees, to a decentralized financial network, Michael Brawer, chief operating officer at Morningstar Credit Ratings, said in a Forbes interview on Tuesday.

Morningstar Credit Ratings is planning an evaluation system for debt securities issued as tokens on a blockchain to make the emerging asset class more credible for investors.

Billions of dollars investment would enter the crypto space as the new rating services can make the new asset class more credible, Brawer said.

The rating arm of Morningstar will give publicly available ratings of one to five stars to the crypto assets, while launching a premium custom service that uses its internal modeling to help a client evaluate such investments.

According to the report, Morningstar’s system for rating bonds will be place directly on the Ethereum blockchain and eventually on other blockchains, through technology called an oracle.

The public ratings could be launched later this year whereas the premium service would come out by the end of 2020.

Brawer said:

“We’re looking to see how we can also provide credit opinions, whether it’s a credit rating or different types of credit data and credit analytics that accompany those debt instruments, and we’re also looking to provide our services on a blockchain.”

Morningstar realized the demand for rating services in the crypto space when it was approached by a range of investors who issue and securitize debt securities, including small business loans and home equities on blockchain.

While the company’s rating services cover both government and corporate bonds, its blockchain products are still limited to structured debt instruments, the company said in the report.

Beside security and convenience, investors can directly connect lenders and borrowers, and eliminate custodians and trustees in a transaction saving as much as 500 basis points in fees.

Morningstar is still not sure if the U.S. Securities and Exchange Commission will ask them to “enhance” their blockchain methodology.

“There’s a very elaborate and intricate governance process which is all based on Dodd-Frank law and SEC regulations”, Brawer said in the report.

There are a few potential candidates that would partner with Morningstar to launch the inaugural product, including fintech startup Figure, alternative investment company Cadence and DeFi platform Polymath.

Filecoin Is Mailing Out Hard Drives of Climate Data to Kick-Start Its File-Storage Network

Get a giant hard drive from the Filecoin team stuffed with data on climate, the world’s literature or the human genome and get ready to earn some crypto.

“I think people don’t fully appreciate the enormous logistics involved with moving data at a massive scale,” Ian Darrow, head of operations at Filecoin, told CoinDesk in an interview.

The Filecoin Foundation is inviting anyone to join its “mission to improve the internet,” Darrow said in a press statement. The new program is called Filecoin Discover, and it is seeding the file storage network early with what Filecoin calls “verified datasets.”

This data will be delivered to future miners physically, on eight-terabyte hard drives, with instructions on how to link the devices to the Filecoin system, which should go live this year. (In a post last month on the project’s cryptoeconomics, Filecoin explained why the physical delivery of data was more efficient.)

Each hard drive will cost $265 but presumably future Filecoin miners expect storing that much data will ultimately be worth the upfront cost in fiat.

There may be some advantage to being early on Filecoin, according to the recent cryptoeconomics post, but when the network is small, some block rewards will also be deferred, in order to align miner incentives with user needs.

The datasets available through Discover are in the public interest, offered by the Filecoin Foundation as a way of advancing its mission to make humanity’s data robust and accessible. The company hopes the nature of the data and the support that comes with it will help attract new, smaller users to the network.

That said, future miners will need to understand that mining for Filecoin is different than other kinds of mining. It’s not just putting in work but being continuously accessible.

“As a Filecoin miner, you are storing specific pieces of real data for real people, so you do want that data to be reliably available,” Darrow said.

At 8 terabyte, Darrow noted, this is feasible for someone to set up in their home. While it is a technical process, it comes with instructions and the team is optimistic that by following them users will be ready to run their first hard drive and become interested in expanding their participation. Having lots of smaller users helps make the network more decentralized.

“This serves as an entry point to get people more involved,” Darrow said of the new program.

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