I dont see how counterparty risk is reduced... especially if these products are OTC products with regularly scheduled payment legs, you will always have counterparty risk. It is an inherent part of trading.
counterparty risk is still there, but you have a verifiable public record of the transactions. Would take regulators and court cases to set precedence after a transaction has happened. The ability to undo a transaction would have to be there as well (fraud).
This is also something that needs to happen. "unregistered public offering in accordance with Rule 506(c) of Regulation D". Cuts out a lot of the market, as many can not trade in unregistered offerings.
Once you're confirmed on the Bitcoin network - you're immutable. This is completely unlike incumbent systems. Even in the case that Bitcoin 'went down' the account information isn't changing. Risk is normalized under a huge swath of actors from across the world who are burning energy to attest to truth. As opposed to a single company who has complete authority over the data and/or value.
These issues are fairly rare, and in this case, it was due to some miners who did not upgrade their bitcoind (when everyone was made very clear that there were a number of large changes). Bitcoin is a WIP. If you're not a wizard, use a bank such as coinbase or circle who will happily insure you against such rare events.
Currently they're not fungible enough to reduce counterparty risk. The entire Bitcoin community is progressing towards complete fungibility, at which time, the risk is completely reduced.
