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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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TheJournalofPrivateEnterprise35(2),2020,1–21Blockchains:LessGovernment,MoreMarketAlastairBergBlockchainInnovationHub,RMITUniversityBrendanMarkey-TowlerBlockchainInnovationHub,RMITUniversityMikaylaNovakBlockchainInnovationHub,RMITUniversity______________________________________________________AbstractWeprovideasurveyofblockchain’spotentialtopropelprivateentrepreneurialdiscoveryofinstitutionsthatchallengestatehegemony.Weintroduceinstitutionalcryptoeconomics,andthenwedescribeblockchainasatechnologythatincreasestheopportunitysetofentrepreneurialaction.Wethensurveyblockchain’spotentialtochallengestatehegemonyinfivesocioeconomicareas.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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Metadata [hide]

Title	Blockchains: Less Government, More Market
Authors/Creators:	Alastair Berg, Blockchain Innovation Hub, RMIT University Brendan Markey-Towler, Blockchain Innovation Hub, RMIT University Mikayla Novak, Mercatus Center at George Mason University
Year:	2020
Volume:	2
Number:	35
Pages:	1 - 21
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	blockchain, institutions, entrepreneurship, privatization, role of government

Citation:
Berg, Alastair; Markey-Towler, Brendan; Novak, Mikayla / 2020. "Blockchains: Less Government, More Market." The Journal of Private Enterprise, 2(35): 1-21.