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Any time two or more different parties enter into any sort of business relationship, they need to spend tons of money on third-party service providers tracking
by Alex3917 7y ago
Any time two or more different parties enter into any sort of business relationship, they need to spend tons of money on third-party service providers tracking who owns what. If DLT can reduce the cost of that by, say, 60 - 80% then that's a savings of several trillion dollars per year.
If you read a book about the impact that double entry accounting had on the world then I think it's easier to imagine all the ways that triple entry accounting (DLT) will transform the economy.
- ericd 7y agoInteresting, thanks for explaining. Any recommendations for good books on the impact of double entry accounting?
- Alex3917 7y agoThere is a book called Double Entry. The first few chapters are worth reading to understand how it actually changed the world and created wealth. It gets kind of boring after that. I think understanding DLT as a 10x less labor-intensive version of double entry accounting is key to understanding its ability to enable new and qualitatively different types of business relationships.
- ericd 7y agoI'll check it out, thanks!