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Summer 2020
ISSN 0890-913X
Volume 2, Number 35

Blockchains: Less Government, More Market

Alastair Berg, Blockchain Innovation Hub, RMIT University
Brendan Markey-Towler, Blockchain Innovation Hub, RMIT University
Mikayla Novak, Mercatus Center at George Mason University
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/index.php?action=ajax&rs=GDMgetPage&rsargs[]=2020 Journal of Private Enterprise Vol 35 No 2 Summer parte1.pdf&rsargs[]=0
TheJournalofPrivateEnterprise35(2),2020,121Blockchains:LessGovernment,MoreMarketAlastairBergBlockchainInnovationHub,RMITUniversityBrendanMarkey-TowlerBlockchainInnovationHub,RMITUniversityMikaylaNovakBlockchainInnovationHub,RMITUniversity______________________________________________________AbstractWeprovideasurveyofblockchainspotentialtopropelprivateentrepreneurialdiscoveryofinstitutionsthatchallengestatehegemony.Weintroduceinstitutionalcryptoeconomics,andthenwedescribeblockchainasatechnologythatincreasestheopportunitysetofentrepreneurialaction.Wethensurveyblockchainspotentialtochallengestatehegemonyinfivesocioeconomicareas.Wealsodiscusssomeimplicationsofblockchainbasedeconomicinfrastructureforpublicpolicyandregulation.Thesecontributionssuggestanincreasingscopeforentrepreneurialactionusingblockchaintochallengestatehegemony.Theyalsosuggestanecessaryshiftintheprovisionofpublicgoodsandgovernmentregulatorycontrol.______________________________________________________JELCodes:O33,O35,O39,P00,P40,P49Keywords:blockchain,institutions,entrepreneurship,privatization,roleofgovernmentI.IntroductionBlockchainisaninstitutionaltechnologythatchangesthescopeofhumaninteractionwithinandacrossthepublicandprivatespheres.Whilethistechnologywasfirstusedtotransactvalueacrosstheinternetwithoutanyfinancialintermediary,itisnowbeingusedinprivateentrepreneurialdiscoveryinseveralareasthathavetraditionallybeenthepreserveofgovernment.Thecentralfindingoftheemergingfieldofinstitutionalcryptoeconomicsisthatblockchaintechnologyisnotjustageneral-purposetechnology,butratheraninstitutionaltechnologyofgovernancethatcompeteswiththeothereconomicinstitutionsofcapitalism.Consideredinsuchamanner,blockchainsbroadentheinstitutionalsuiteofmarkets,hierarchies,andrelationalcontractingthroughwhicheconomicexchangehas
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