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With AI and blockchain technologies maturing, people are left wondering how will it all change ‘office work’ — will AI take our jobs? Will we just use prompts going forward? Or should we ban it all before its too late? Kill it with fire are and nuke the site from orbit.

While studying blockchain and smart-contract development one will eventually run into the term ‘self-executing’. Statements might be similar to these:

I recently had a chat with a prominent character in the Web3 space who said doing proper accounting is difficult.

One could say no-one is really using blockchain — yes, we have DeFi, and NFTs but for most people blockchain is not useful in their daily lives. Web3 is, for now, a buzzword unlike Web2 which offered value in the form of SaaS, e-commerce and social media. When we exclude trading-related activities (DeFi and NFTs) what actual tangible value is captured on chain, at scale? For one there are illegal activities such as scam, buying weapons, illegal services or drugs on sites like Silk Road — totaled to around 14$ billion last year (Crypto Crime Trends for 2022: Illicit Transaction Activity Reaches All-Time High in Value, All-Time Low in Share of All Cryptocurrency Activity — Chainalysis).
This is, on one hand the elephant in the room but it is highlighting an important aspect — real observable utility.