Thing is, for the last 40 years, there's been no alternative to this model
Even before digital securities, stock certificates were processed essentially the exact same way...
In fact, talking to dozens of industry veterans and interacting with hundreds of issuers, we found that
the more $$$ transfer agents charge, the 'higher security' their services appear (isn't that completely sideways?)
Service => Trust => Bill => Trust => Service => Bigger Bill
Thus, you get stuck on the short end of the stick ):