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The institutional economics of blockchain

In: Understanding the Blockchain Economy

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Abstract

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.

Suggested Citation

  • ., 2019. "The institutional economics of blockchain," Chapters, in: Understanding the Blockchain Economy, chapter 2, pages 15-36, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:18636_2
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    Cited by:

    1. Yen, Ju-Chun & Wang, Tawei, 2021. "Stock price relevance of voluntary disclosures about blockchain technology and cryptocurrencies," International Journal of Accounting Information Systems, Elsevier, vol. 40(C).
    2. Dwivedi, Yogesh K. & Balakrishnan, Janarthanan & Das, Ronnie & Dutot, Vincent, 2023. "Resistance to innovation: A dynamic capability model based enquiry into retailers’ resistance to blockchain adaptation," Journal of Business Research, Elsevier, vol. 157(C).
    3. Gryglewicz, Sebastian & Mayer, Simon & Morellec, Erwan, 2021. "Optimal financing with tokens," Journal of Financial Economics, Elsevier, vol. 142(3), pages 1038-1067.
    4. Ioannis A. Katselidis, 2019. "Institutions, Policy and the Labour Market: The Contribution of the Old Institutional Economics," Economic Thought, World Economics Association, vol. 8, pages 13-30, December.
    5. Sokolov, Konstantin, 2021. "Ransomware activity and blockchain congestion," Journal of Financial Economics, Elsevier, vol. 141(2), pages 771-782.
    6. Ute Schmiel & Hendrik Sander, 2022. "What are markets? Selected market theories under genuine uncertainty in comparison," Journal of Evolutionary Economics, Springer, vol. 32(1), pages 9-33, January.
    7. Dutta, Pankaj & Choi, Tsan-Ming & Somani, Surabhi & Butala, Richa, 2020. "Blockchain technology in supply chain operations: Applications, challenges and research opportunities," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 142(C).

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