Can someone explain to me the benefit in doing this? How is it an improvement on the traditional system,
Not 100% sure, but probably the option to buy/sell these stocks through using bitcoin or other cryptocurrencies, instead of using fiat.
it is not hard for people to currently buy or sell stocks.
I don't think so. Investing in stocks(especially US stocks or whatever foreign stock) are probably difficult, especially if you're living on a 3rd world country, as chances are, you're probably only limited to stocks of businesses in your country. I really can't say how advantageous this exchange will be though. I'm honestly expecting strict KYC/AML requirements.
Using it to circumvent laws isn't going to go down kindly with regulators if that is the reason.
Can someone explain to me the benefit in doing this? How is it an improvement on the traditional system, it is not hard for people to currently buy or sell stocks. The only difference I can think of is the ledger but do people really want to see how many stocks others hold and when they're sold/bought/moved
In one word, transparency. With today's exchanges you don't even own real stock. You pay a custodian who claims to own the shares and they are regularly audited by government agencies to make sure they have the stock to back up their ownership claims to customers. Many skeptics believe that there aren't appropriate auditing methods in place to account for all customer stock ownership claims. Having assets be tokenized would allow custodians or individual customers to prove their ownership claims using a public blockchain as opposed to trusting custodians and auditors. There is no doubt in my mind that tokenization of assets will take place, but whether it will be on the Bitcoin blockchain, a secondary asset layer, or an entirely separate chain will be for the future to decide.
Right, so then this would only be an improvement if the company that issued the stock were the ones who enforced the change. I imagined for the most part it would be similar to what you said where some company would be claiming to hold real stocks and then issuing blockchain stocks.