This is my entry to the The Daily Contest - Trillion Dollar Market Cap!
My crystal ball humbly reveals:
Fiat currency runs totally on the blockchain (CBDC).
Cash notes are completely abandoned.
The same is true for the current form of digital fiat, that is stored in relational databases, authorised and cleared by traditional payment networks (VISA, SEPA, ...).
Central banks issue their fiat currency directly, without lending to commercial banks. For the first time in history, we, the everyday people, become direct customers of Central Banks.Tax collection becomes an automated process operated by smart contracts on the blockchain. Sorry for the accountants friends, but their sector will be dead soon...
All kinds of state governance is operated on the blockchain technology. Every state document, certification of any kind, property right etc. is issued on the blockchain. Counterfeiting of these documents becomes a thing of the past.
Commercial banks finally engage with cryptos. They offer crypto custody services, as well as lending with crypto collaterals. They enter the Bitcoin mining sector and run validation nodes and stake pools for various coins/networks.
A whole new sector of decentralized apps flourishes and offers well paying jobs opportunities to the tech guys. A tiny percentage of them become the new Larry Page and Mark Zuckerberg of the blockchain era.
Consumers are offered a great variety of new, faster, cheaper, safer services.
Warren Buffett fails spectacularly one more time with tech. He denies to invest in the (about to boom) blockchain sector asking: "Why do we need blockchain?", as he did decades ago when he denied investing in Google on its infancy asking "Why do we need search engines?"
People carry on with their lives and use the new tech in the same way they used the old:
to manifest the best and the worst aspects of human nature...
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