But government laws and regulations still have precedence over smart contracts or blockchain transactions. “But it’s written in the smart contract” is not a valid excuse for breaking the law of the country you reside in, and will be thrown out in any court. So instead of replacing one governance system with another, you’ve create a second, subservient system that is overruled by the first, have you not?
That’s the part I’ve never understood. Sure, you could use a blockchain that is anonymous to try and avoid scrutiny and legal trouble, but at that point you’re basically just a criminal.
Yep yep. Your points are all valid and true, as far as I can see.
I think it would be interesting of governments started using this tech (Blockchain, smart contracts, etc) to improve existing systems. To me, I can see this tech being used to improve infrastructure in a lot of public services (library cards, driver license registry, etc)
Estonia has been doing that. I bet there is something that other countries can learn about what works and what doesn't
Web3 (blockchain or not... the important feature is decentralisation) enables choice of governance - you can pick the "neutral third party". This destroys the governance monopoly and creates a marketplace.