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Understanding the Blockchain Economy

An Introduction to Institutional Cryptoeconomics

Chris Berg, Sinclair Davidson and Jason Potts

Blockchains are the distributed ledger technology that powers Bitcoin and other cryptocurrencies. But blockchains can be used for more than the transfer of tokens – they are a significant new economic infrastructure. This book offers the first scholarly analysis of the economic nature of blockchains and the shape of the blockchain economy. By applying the institutional economics of Ronald Coase and Oliver Williamson, this book shows how blockchains are poised to reshape the nature of firms, governments, markets, and civil society.
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Chapter 7: The V-form organisation and the future of the firm

Chris Berg, Sinclair Davidson and Jason Potts


This chapter details how blockchains facilitate a new category of firm: the V-form organisation, where vertical integration is outsourced to a distributed ledger. The chapter first outlines the evolution of the firm from the unitary structure (U-form) to the multidivisional (M-form), and explains how V-form organisations are distinct. V-form organisations are structured around supply chains of information. The chapter looks at the experience of V-form organisations so far, and makes some predictions about the future of the firm, which the authors expect to be smaller, less hierarchical, and more networked.

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