Is this needed for the clock drift in the CC hand terminal that creates these "clock sync" errors that make it so the bank can't figure out my balance / avoid an overdraft?
There is digital radio time code, there is the internet and NTP where you can pull directly from the atomic clock standard, there is GPS. You can get your own atomic clock and get by for a while even IF you need some kind of perfect sync so the credit card reader doesn't have a "clock sync" error.
The claim here is apparently that relatively insane levels of percision are needed so that normal database transactions remain atomic. That I can withdraw cash from an ATM. That I can use my credit card.
I remain skeptical. Withdrawing from an ATM depends on ONE system knowing what your balance is. Your banks. While it might be nice to be accurate to the microsecond, it's not a requirement. To the second is going to be fine. Similarly, when you swipe a credit card, the auth process does a live inquiry (balance, fraud control etc). Again, I'm extremely skeptical of the claims here that we need microsecond SYNCED time for any of this.