Chapter 2: The institutional economics of blockchain
Chris Berg
,
Sinclair Davidson
, and
Jason Potts
Category:
Monograph Chapter
Published:
30 Aug 2019
Page Range:
15–36
Collection:
Economics 2019
DOI:
https://doi.org/10.4337/9781788975001.00007
Restricted access

This chapter introduces the institutional economics of distributed ledger technology. Blockchains are a distinct general purpose technology that provide reduce the transaction costs of exchange; that is, they are an institutional technology. The chapter presents the economic attributes of blockchains in the framework developed by Oliver Williamson. Blockchains complement and compete with other institutions that work to mitigate opportunism by industrialising trust. The chapter concludes with a comparative institutional analysis of blockchains as an institutional technology.

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Cover Understanding the Blockchain Economy
Understanding the Blockchain Economy
Monograph Book
Published:
30 Aug 2019
Print ISBN:
9781788974998
eISBN:
9781788975001
DOI:
https://doi.org/10.4337/9781788975001
Pages:
c 224
Collection:
Economics 2019
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