I mean that alone is a several trillion dollar a year improvement that will continue on indefinitely, and that's only one of the many applications for blockchain.
Consider that roughly 75% of American adults of working age are either unemployed or underemployed, and in most countries it's vastly worse than that. The reason most of them are unemployed or underemployed isn't (for the most part) that they're unable or unwilling to work or that they don't have valuable skills, but rather that double entry accounting doesn't enable a broad enough spectrum of economic relationships to capture the long tail of human talent.
When I say this is going to be a multi-quadrillion dollar technology I'm not kidding around. 99% of the stuff you own today wouldn't have been possible without the invention of double entry accounting, which vastly expanded the types of economic relationships that were possible and thereby vastly expanded the types of goods and services that could be produced. DLT isn't a replacement for your MySQL instance, it's a replacement for double entry accounting, and a 10x improvement at that. When people look back 500 years from now they're going to see that the vast majority of the (then) modern world wouldn't have been possible without it.
It's going to largely replace the middle class in the same way that automation has largely replaced the working class, because if you go down the Bureau of Labor Statistics list of jobs it's pretty clear that most middle class American jobs are basically just fulfilling glorified accounting functions.
Even just considering supply chain, as the profitability of creating counterfeit items decreases that doesn't just reduce the percentage of things you buy that are counterfeit, but it also makes it possible to make entirely new classes of (genuine) products that wouldn't have been economically viable previously.
Dynamic link tracking? Database Local Transformation?
And let’s be honest here, I’m gonna assume it is a clever buzzword designed to sell the failed blockchain technology to a new set of rubes, right?
And from the naked eye it definitely doesn't look like "most" middle class jobs are accounting - I see teachers, engineers, architects, healthcare, legal workers, protective services ..
https://www.bls.gov/emp/tables/emp-by-detailed-occupation.ht...
So my skepticism about your assessment of our labor situation and needs bleeds over to your enthusiasm about DLT.
It may cut fraud costs, but there are other ways to do that. Blockchain replicates computing costs relative to centralized data stores, so implementations have non-zero scaling costs.
Which is about as relevant as the cost of tea in china.
Or, to steal another analogy, counting on database efficiency as the competitive advantage for your business is like picking up nickels in front of a steamroller. Especially since DLT efficiency will eventually be figured out. Even if it takes another five or ten years or even twenty years, that's nothing in the grand scheme of things.
Lol. The BlockChain is inefficient by design! It is that exact inefficiency that makes it trustless.
Git is basically a distributed ledger without the proof of work inefficiency.
Game theory. Without DLT you make more money by doing these things. With DLT it just becomes the cream skimming problem, where you're just paying money to shuffle assets around but you're actually losing money because the total value of all the assets is still the same.
E.g. if you replace Wagyu beef with flank steak, A) you can only do that once rather than infinite times, like you can currently, because each asset still needs to have been originated somewhere B) you now have to either sell Wagyu beef as flank steak or else sell it into an unregulated market as a potential lemon, where you'll take a huge price hit anyway.
So it certainly doesn't eliminate all fraud, but it eliminates the vast majority of fraud by A) ensuring you can only commit fraud at most once per genuine item produced B) vastly reducing the profitability of any fraud you do commit.
Keep in mind that once DLT is common place, what's a status symbol isn't going to be the watch itself or whatever, but rather it's going to be having your purchase of the watch recorded in the DLT. This means that even if you do defeat all the tamper proof mechanisms or whatever, the original item is going to be basically worthless.
Whether it's going to eliminate 99% of fraud or only 97.5% of fraud or whatever in each industry is difficult to say, but regardless of the exact number it's going to be high enough that everything not on the DLT is going to be both considered a potential lemon and also carry substantial legal risk, and as such will priced accordingly.