全球智库信息集成服务系统(G2TT): Blockchain Disruption and Smart Contracts

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w24399
来源ID	Working Paper 24399
	Blockchain Disruption and Smart Contracts
	Lin William Cong; Zhiguo He
发表日期	2018-03-12
出版年	2018
语种	英语
摘要	Blockchain technology provides decentralized consensus and potentially enlarges the contracting space using smart contracts with tamper-proofness and algorithmic executions. Meanwhile, generating decentralized consensus entails distributing information which necessarily alters the informational environment. We analyze how decentralization affects consensus effectiveness, and how the quintessential features of blockchain reshape industrial organization and the landscape of competition. Smart contracts can mitigate informational asymmetry and improve welfare and consumer surplus through enhanced entry and competition, yet the irreducible distribution of information during consensus generation may encourage greater collusion. In general, blockchains can sustain market equilibria with a wider range of economic outcomes. We further discuss anti-trust policy implications targeted to blockchain applications, such as separating consensus record-keepers from users.
主题	Microeconomics ; Market Structure and Distribution ; Economics of Information ; Financial Economics ; Financial Institutions ; Industrial Organization ; Market Structure and Firm Performance ; Antitrust ; Development and Growth ; Innovation and R& ; D
URL	https://www.nber.org/papers/w24399
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/582073
推荐引用方式 GB/T 7714	Lin William Cong,Zhiguo He. Blockchain Disruption and Smart Contracts. 2018.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w24399.pdf（914KB）	智库出版物		限制开放	CC BY-NC-SA	浏览