Chapter 14: Commercial Blockchain Applications
“Once a new technology rolls over you, if you’re not part of the steamroller, you’re part of the road.”
One of the goals of this book is to provide the reader with actual, real-world use cases and examples of how applied blockchain technology will get used in our everyday life by the year 2035. Just like AI, blockchain will disrupt dozens of industries, especially those involving trust and value management, which are precisely where the blockchain shines.
The World Economic Forum estimates that it costs the global economy trillions of dollars per decade, with litigation estimated to have cost the United States 1.66 percent of the nation’s net GDP in 2011. According to the United States Chamber of Commerce, the direct costs to the global economy associated with commercial claims were roughly $870 Billion in 2012, of which the US accounted for $306 Billion.
Beyond the strictly monetary expenses created by litigation, legal disputes cost companies time and affect their ability to raise and borrow money, as time and money spent on litigation are not devoted to creating and selling better products. At an international level, the World Economic Forum highlights that the complexity of projects and international business arrangements, the diversity of domestic legal infrastructure, political and external factors that are beyond the control of both countries, and the distance between parties agreeing all militate against the clean and efficient management of legal agreements.
Beyond the strictly commercial, the U.S. legal system is estimated to be the world’s most expensive, charging over 150 percent more than the legal systems of the Eurozone, and 50 percent more than the UK. This cost is a multiplier on the general litigiousness of US businesses, the largest of whom employ massive legal and compliance teams whose role is to defend the firm’s interest from the administrative state and an ever-growing legal code...
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