Institutional Cryptoeconomics: Understanding the Blockchain Economy
Vortragsreihe "WIFO-Extern", 4.7.2019 16:15
Veranstalter: Österreichisches Institut für Wirtschaftsforschung
Online seit: 05.06.2019 0:00
Blockchains are a new digital technology that combines peer-to-peer network computing and cryptography to create an immutable
decentralised public ledger. When 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. I 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, and an instance of institutional evolution.
I propose a transaction cost based model of blockchains as a three-sided market. I will explain why blockchain technology
is the foundation of next generation digital economic infrastructure for global trade and commerce.
Forschungsbereich:Makroökonomie und europäische Wirtschaftspolitik