"Decentralized ledger technology" (which includes blockchains) is only valuable if there's a legal framework and actual companies and banks (not ponzi schemes) governing and backing the data that goes through the ledgers. Basically, the same way bank and settlement services of any asset like bonds, stocks, and money already operate. I think this technology won't fundamentally change anything except companies and governments settling things faster on the back end. Property deeds will be faster to transfer and will make dealing with the DMV less rage inducing (hopefully).
But, SEPA in europe and Fednow in the US already make transaction settlement instant 24/7 and hence parasitic middlemen (Visa, mastercard, paypal, etc) that take 3 to 5% in merchant fees of the total transaction's value won't be needed just to do digital payments. I only see DLT being useful for cross border transactions, but it will be owned and controlled by governments and banks and the DLT system will be far more energy efficient (proof of work is dumb) and probably won't use a "blockchain." Crypto assets will not benefit from this as they are ultimately only useful for crime and have no other use case.
"Decentralized ledger technology" (which includes blockchains) is only valuable if there's a legal framework and actual companies and banks (not ponzi schemes) governing and backing the data that goes through the ledgers. Basically, the same way bank and settlement services of any asset like bonds, stocks, and money already operate. I think this technology won't fundamentally change anything except companies and governments settling things faster on the back end. Property deeds will be faster to transfer and will make dealing with the DMV less rage inducing (hopefully).
But, SEPA in europe and Fednow in the US already make transaction settlement instant 24/7 and hence parasitic middlemen (Visa, mastercard, paypal, etc) that take 3 to 5% in merchant fees of the total transaction's value won't be needed just to do digital payments. I only see DLT being useful for cross border transactions, but it will be owned and controlled by governments and banks and the DLT system will be far more energy efficient (proof of work is dumb) and probably won't use a "blockchain." Crypto assets will not benefit from this as they are ultimately only useful for crime and have no other use case.