Law firm Harneys and Bahamas-based tokenization platform droppRW plan to issue the first catastrophe bonds whose ownership is recorded directly on a blockchain, with a first deal targeted for early 2027. This proposed structure, developed in Bermuda, would give investors legal title to the bond onchain, rather than merely representing an offchain asset. It could also lower the minimum investment from typical denominations of $250,000 or more to $5,000.