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Tokenization of the economy. Foundations and implications for network governance

Author

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  • Magali Chaudey

    (GATE Lyon Saint-Étienne - Groupe d'Analyse et de Théorie Economique Lyon - Saint-Etienne - UL2 - Université Lumière - Lyon 2 - UJM - Université Jean Monnet - Saint-Étienne - EM - EMLyon Business School - CNRS - Centre National de la Recherche Scientifique)

  • Cyril Chambefort

    (GATE Lyon Saint-Étienne - Groupe d'Analyse et de Théorie Economique Lyon - Saint-Etienne - ENS de Lyon - École normale supérieure de Lyon - UL2 - Université Lumière - Lyon 2 - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon - UJM - Université Jean Monnet - Saint-Étienne - CNRS - Centre National de la Recherche Scientifique)

  • Nicolas Barbaroux

Abstract

The question addressed in this proposal is that of the tokenization of the economy and its implications for governance in general and network governance in particular. The diversity of use cases shows that tokenization is a promising process for (re)thinking the governance of the economy in a new context, that of blockchain. Can we say that this tokenization encourages more decentralized governance? We define tokenization as a new principle of decentralized governance based on a blockchain in which relations between agents are managed via a smart contract. This tokenization of the economy does not exclude the presence of institutions or regulators to guarantee its operation and/or ensure its security. Blockchain is a technology for storing and transmitting information, in the form of a database shared simultaneously with all its users and not dependent on any central body. Its distinctive features are that it is fast and secure. The tokens, a digital entity that embodies certain rights or ownerships within a decentralized ecosystem derived from blockchain, transcends initial monetary expectations by introducing new distribution of power characterized by agent equality and network transparency. The smart contract, defined as a computer program, registered in a blockchain, lays new foundations for governance and contractual relations.

Suggested Citation

  • Magali Chaudey & Cyril Chambefort & Nicolas Barbaroux, 2023. "Tokenization of the economy. Foundations and implications for network governance," Post-Print hal-04674263, HAL.
    • Handle: RePEc:hal:journl:hal-04674263
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