Various characteristics of blockchain technology such as immutability and the creation of a "shared truth" might have substantial implications on the economy by dramatically changing transaction costs. In a recent study, Davidson, Novak and Potts estimate that the cost of trust accounts for 35% of (U.S.) employment.

Article The Cost of Trust: A Pilot Study

If blockchain technology can be used to reduce those costs, the structure of the economy might change considerably. What do you think?

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