Answering this question should be a fruitful area for research. Cryptography Modern cryptography is creating a third school of computer security. This school is characterized by the assumption that authority and identity are rooted in knowledge of secrets, the requirement that all prohibitions be enforeable. We see a natural affinity between capabilities and modern cryptography. The world of financial cryptography has converged on bearer instruments , almost by necessity given the above two principles.
Capabilities are a pure logic of bearer instruments.
We see no comparable affinity between ACLs and modern cryptography.