Blockchains and the economic institutions of capitalism

Davidson, S, De Filippi, P and Potts, J 2018, 'Blockchains and the economic institutions of capitalism', Journal of Institutional Economics, vol. 14, no. 4, pp. 639-658.


Document type: Journal Article
Collection: Journal Articles

Title Blockchains and the economic institutions of capitalism
Author(s) Davidson, S
De Filippi, P
Potts, J
Year 2018
Journal name Journal of Institutional Economics
Volume number 14
Issue number 4
Start page 639
End page 658
Total pages 20
Publisher Cambridge University Press
Abstract Blockchains are a new digital technology that combines peer-to-peer network computing and cryptography to create an immutable decentralised public ledger. Where the ledger records money, a blockchain is a cryptocurrency, such as Bitcoin; but ledger entries can record any data structure, including property titles, identity and certification, contracts, and so on. We argue that the economics of blockchains extend beyond analysis of a new general purpose technology and its disruptive Schumpeterian consequences to the broader idea that blockchains are an institutional technology. We consider several examples of blockchain-based economic coordination and governance. We claim that blockchains are an instance of institutional evolution.
Subject Industry Economics and Industrial Organisation
Economic Development and Growth
DOI - identifier 10.1017/S1744137417000200
Copyright notice © Millennium Economics Ltd 2018
ISSN 1744-1374
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