Blockchain Disruption and Smart Contracts

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ID: 300682
2019
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Abstract
Blockchain technology provides decentralized consensus and potentially enlarges the contracting space through smart contracts. Meanwhile, generating decentralized consensus entails distributing information that necessarily alters the informational environment. We analyze how decentralization relates to consensus quality and how the quintessential features of blockchain remold the landscape of competition. Smart contracts can mitigate informational asymmetry and improve welfare and consumer surplus through enhanced entry and competition, yet distributing information during consensus generation may encourage greater collusion. In general, blockchains sustain market equilibria with a wider range of economic outcomes. We further discuss the implications for antitrust policies targeted at blockchain applications. Received May 31, 2017; editorial decision May 29, 2018 by Editor Itay Goldstein.
Reference Key
openalex_W3122636688 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Lin William Cong, Zhiguo He
Journal review of financial studies
Year 2019
DOI
10.1093/rfs/hhz007
URL
https://doi.org/10.1093/rfs/hhz007
Keywords Keywords not found

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