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Blockchain: The Economic and Financial Institution for Autonomous AI?

Author

Listed:
  • Binh Nguyen Thanh

    (The Business School, RMIT University, Ho Chi Minh City 70000, Vietnam)

  • Ha Xuan Son

    (The Business School, RMIT University, Ho Chi Minh City 70000, Vietnam)

  • Diem Thi Hong Vo

    (The Business School, RMIT University, Ho Chi Minh City 70000, Vietnam)

Abstract

This paper examines how the combination of artificial intelligence (AI) and blockchain technology can enable autonomous AI agents to engage and execute economic and financial transactions. We critically examine the constraints on AI agents in achieving predefined objectives independently, especially due to their limited access to economic and financial institutions. We argue that AI’s access to these institutions is vital in enhancing its capabilities to augment human productivity. Drawing on the theory of institutional economics, we propose that blockchain provides a solution for creating digital economic and financial institutions, permitting AI to engage with these institutions through the management of private keys. This extends AI’s capabilities to form and execute contracts, participate in marketplaces, and utilize financial services autonomously. The paper encourages further research on AI as a general-purpose technology and blockchain as an institutional technology that can unlock the full capabilities of autonomous AI agents.

Suggested Citation

  • Binh Nguyen Thanh & Ha Xuan Son & Diem Thi Hong Vo, 2024. "Blockchain: The Economic and Financial Institution for Autonomous AI?," JRFM, MDPI, vol. 17(2), pages 1-20, January.
    • Handle: RePEc:gam:jjrfmx:v:17:y:2024:i:2:p:54-:d:1330606
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    References listed on IDEAS

    as
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    Full references (including those not matched with items on IDEAS)

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