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Prospects of Blockchain in Contract and Property

In: Disruptive Technology, Legal Innovation, and the Future of Real Estate

Author

Listed:
  • Benito Arruñada

    (Pompeu Fabra University and Barcelona GSE)

Abstract

Recurrent difficulties are delaying, if not killing off, what for the time being are still modest applications of blockchain. This chapter identifies what value this new technology adds to the contractual and property processes, exploring its potential and analyzing the main difficulties it is facing. Paying particular attention to the distinction between contract (personal or in personam) rights and property (real or in rem) rights, it first examines the difficulties for trading contract rights through blockchain-based applications, mainly those to complete contracts ex ante without relying on third-party enforcers. Second, it explores the difficulties faced by blockchain to enable trade in property rights.

Suggested Citation

  • Benito Arruñada, 2020. "Prospects of Blockchain in Contract and Property," Springer Books, in: Amnon Lehavi & Ronit Levine-Schnur (ed.), Disruptive Technology, Legal Innovation, and the Future of Real Estate, edition 1, pages 35-55, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-52387-9_3
    DOI: 10.1007/978-3-030-52387-9_3
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    References listed on IDEAS

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    1. Hansmann, Henry & Kraakman, Reinier, 2002. "Property, Contract, and Verification: The Numerus Clausus Problem and the Divisibility of Rights," The Journal of Legal Studies, University of Chicago Press, vol. 31(2), pages 373-420, June.
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    3. Carl Shapiro, 1983. "Premiums for High Quality Products as Returns to Reputations," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 98(4), pages 659-679.
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    5. Holden,Richard & Malani,Anup, 2021. "Can Blockchain Solve the Hold-up Problem in Contracts?," Cambridge Books, Cambridge University Press, number 9781009001397, January.
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    More about this item

    Keywords

    Property rights; Enforcement; Transaction costs; Impersonal exchange; Blockchain; Distributed ledgers; Smart contracts; Registries;
    All these keywords.

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • K11 - Law and Economics - - Basic Areas of Law - - - Property Law
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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