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I’m probably ignorant to some big issue here, but it’s. It obvious to me that ledgers solve a big problem. Yes contracts are a big problem in general, but the ledger seems like they’re giving me a new pen to sign them with or a new box to put them in. The work in contracts is in the negotiation and I don’t see that’s affected at all.

Ahh, blockhain and smart contract technology. I take it that a16z are hoping to get a piece of that major financial player action by investing in that space?

Big Time.

Couldn't they create RESTful APIs instead?

No, a blockchain is an immutable ledger, you can't equate a blockchain to an API. That would be like comparing an apple to a car.

Lots of blockchain tech (defi) use various API's in their own ecosystems, some private, and some public like Chainlink's oracle system.