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The governance of blockchain financial networks

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  • Paech, Philipp

Abstract

Since the emergence of the virtual currency Bitcoin in 2009, a new, Internet-based way of recording entitlements and enforcing rights has increasingly captured the interest of businesses and governments. The technology is commonly called ‘blockchain’ and is often associated with a closely related phenomenon, the ‘smart contract’. The market is now exploring ways of using these concepts for financial assets, such as securities, legal tender and derivative contracts. This article develops a conceptual framework for the governance of blockchain-based networks in financial markets. It constructs a vision of how financial regulation and private law should set the boundaries of this new technology in order to protect market participants and societies at large, while at the same time allowing for the necessary room for innovation.

Suggested Citation

  • Paech, Philipp, 2017. "The governance of blockchain financial networks," LSE Research Online Documents on Economics 80440, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:80440
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    File URL: http://eprints.lse.ac.uk/80440/
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    Citations

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    Cited by:

    1. Robert Karaszewski & Paweł Modrzyński & Joanna Modrzyńska, 2021. "The Use of Blockchain Technology in Public Sector Entities Management: An Example of Security and Energy Efficiency in Cloud Computing Data Processing," Energies, MDPI, vol. 14(7), pages 1-19, March.
    2. Gersbach, Hans & Mamageishvili, Akaki & Tejada, Oriol, 2020. "Appointed Learning for the Common Good: Optimal Committee Size and Efficient Rewards," CEPR Discussion Papers 15311, C.E.P.R. Discussion Papers.
    3. Robert Karaszewski & Paweł Modrzyński & Gözde Türkmen Müldür & Jacek Wójcik, 2021. "Blockchain Technology in Life Cycle Assessment—New Research Trends," Energies, MDPI, vol. 14(24), pages 1-13, December.
    4. Gersbach, Hans & Mamageishvili, Akaki & Tejada, Oriol, 2022. "Appointed learning for the common good: Optimal committee size and monetary transfers," Games and Economic Behavior, Elsevier, vol. 136(C), pages 153-176.
    5. Kunpeng Li & Jun-Yeon Lee & Amir Gharehgozli, 2024. "Blockchain implementation in the maritime industry: a literature review and synthesis analysis of benefits and challenges," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 26(4), pages 630-657, December.
    6. Priti Jagwani & V. B. Singh & Noopur Agrawal & Aditya P. Tripathi, 2023. "Blockchain technology and software engineering practices: a systematic review of literature using topic modelling approach," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 14(1), pages 1-17, March.
    7. Min Xu & Xingtong Chen & Gang Kou, 2019. "A systematic review of blockchain," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 5(1), pages 1-14, December.
    8. Centobelli, Piera & Cerchione, Roberto & Esposito, Emilio & Oropallo, Eugenio, 2021. "Surfing blockchain wave, or drowning? Shaping the future of distributed ledgers and decentralized technologies," Technological Forecasting and Social Change, Elsevier, vol. 165(C).
    9. Dulani Jayasuriya Daluwathumullagamage & Alexandra Sims, 2020. "Blockchain-Enabled Corporate Governance and Regulation," IJFS, MDPI, vol. 8(2), pages 1-41, June.
    10. Morteza Alaeddini & Philippe Madiès & Paul J. Reaidy & Julie Dugdale, 2023. "Interbank money market concerns and actors’ strategies—A systematic review of 21st century literature," Journal of Economic Surveys, Wiley Blackwell, vol. 37(2), pages 573-654, April.
    11. Dulani Jayasuriya Daluwathumullagamage & Alexandra Sims, 2021. "Fantastic Beasts: Blockchain Based Banking," JRFM, MDPI, vol. 14(4), pages 1-43, April.

    More about this item

    Keywords

    blockchain technology; Fintech; financial assets; financial regulation; private law; private international law;
    All these keywords.

    JEL classification:

    • F3 - International Economics - - International Finance
    • G3 - Financial Economics - - Corporate Finance and Governance

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