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Governing the entrepreneurial discovery of blockchain applications

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  • Darcy W.E. Allen

Abstract

Purpose - The purpose of this paper is to examine the institutional context of the entrepreneurial discovery of blockchain applications. Design/methodology/approach - This paper draws on institutional and entrepreneurial theory to introduce the economic problem entrepreneurship in the early stages of new technologies, examines the diversity of self-governed hybrid solutions to coordinating entrepreneurial information and draws policy implications. Findings - To perceive a valuable and actionable market opportunity, entrepreneurs must coordinate distributed non-price information under uncertainty with others. One potential class of transaction cost economising solution to this problem is private self-governance of information coordination within hybrids. This paper explores a diverse range of entrepreneurial hybrids coalescing around blockchain technology, with implications for innovation policy. Originality/value - This paper points to the problem of how the defining of the innovation problem as either choice-theoretic or contract-theoretic changes the remit of innovation policy. Innovation policy and blockchain policy should extend beyond correcting sub-optimal investments or removing barriers to action, to incorporate how polices impact entrepreneurial choices over governance structures to coordinate information.

Suggested Citation

  • Darcy W.E. Allen, 2019. "Governing the entrepreneurial discovery of blockchain applications," Journal of Entrepreneurship and Public Policy, Emerald Group Publishing Limited, vol. 9(2), pages 194-212, October.
    • Handle: RePEc:eme:jepppp:jepp-03-2019-0017
    DOI: 10.1108/JEPP-03-2019-0017
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