Blockchains as constitutional orders

Berg, C, Davidson, S and Potts, J 2018, 'Blockchains as constitutional orders' in Richard Wagner (ed.) James M. Buchanan: A theorist of political economy and social philosophy, Springer Nature, London, United Kingdom, pp. 383-398.

Document type: Book Chapter
Collection: Book Chapters

Title Blockchains as constitutional orders
Author(s) Berg, C
Davidson, S
Potts, J
Year 2018
Title of book James M. Buchanan: A theorist of political economy and social philosophy
Publisher Springer Nature
Place of publication London, United Kingdom
Editor(s) Richard Wagner
Start page 383
End page 398
Subjects Public Economics- Public Choice
Summary Blockchains are the distributed ledger technology underpinning cryptocurrencies such as Bitcoin and Ethereum. Blockchains facilitate exchange, provide public goods (security, property rights), map identities, and provide a platform for contracting and the enforcement of contracts. Some applications of blockchains offer the possibility of new forms of corporate organisationsuch as distributed autonomous organisations. Other applications suggest the possibility of removing public good provision from states to networkssuch as property titling and identity. This chapter offers a constitutional political economy perspective on the development of the blockchain ecosystem. We argue that blockchains are constitutional ordersrule-systems in which individuals (or firms, or algorithms) can make economic and political exchanges, and so offer a unique economic environment for institutional discovery and constitutional experimentation.
Copyright notice © The Author(s) 2018
ISBN 9783030030797
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