Blockchains as Implementable Mechanisms: Crypto-Ricardian Rent and a Crypto-Coase Theorem
We suggest that the promise of blockchains is to be found not merely in the more proximate fact that they are immutable ledgers, but the broader impact that comes from blockchains as a template for mutable design. We discuss mechanism design theory to suggest where blockchains may or may not be seen...
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| Format: | Article |
| Language: | English |
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The British Blockchain Association
2018-09-01
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| Series: | The Journal of The British Blockchain Association |
| Online Access: | https://doi.org/10.31585/jbba-1-2-(4)2018. |
| _version_ | 1827118007495688192 |
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| author | Prateek Goorha |
| author_facet | Prateek Goorha |
| author_sort | Prateek Goorha |
| collection | DOAJ |
| description | We suggest that the promise of blockchains is to be found not merely in the more proximate fact that they are immutable ledgers, but the broader impact that comes from blockchains as a template for mutable design. We discuss mechanism design theory to suggest where blockchains may or may not be seen as implementable mechanisms. We further discuss the idea of defining self-identity as an `elastic asset' using the blockchain in order to generate Ricardian rent from the cryptoeconomy. We suggest how this connection might be exhibited by the Bitcoin blockchain mechanism by discussing the shape of the cryptoeconomy it produces. Finally, we develop an application of the Coase theorem for the cryptoeconomy as a method for analyzing interactions between the traditional economy and the cryptoeconomy. |
| first_indexed | 2024-04-11T19:47:03Z |
| format | Article |
| id | doaj.art-6f471a5fabbc4e439e7785716b380c40 |
| institution | Directory Open Access Journal |
| issn | 2516-3949 2516-3957 |
| language | English |
| last_indexed | 2025-03-20T12:58:36Z |
| publishDate | 2018-09-01 |
| publisher | The British Blockchain Association |
| record_format | Article |
| series | The Journal of The British Blockchain Association |
| spelling | doaj.art-6f471a5fabbc4e439e7785716b380c402024-09-12T22:53:01ZengThe British Blockchain AssociationThe Journal of The British Blockchain Association2516-39492516-39572018-09-0112Blockchains as Implementable Mechanisms: Crypto-Ricardian Rent and a Crypto-Coase TheoremPrateek GoorhaWe suggest that the promise of blockchains is to be found not merely in the more proximate fact that they are immutable ledgers, but the broader impact that comes from blockchains as a template for mutable design. We discuss mechanism design theory to suggest where blockchains may or may not be seen as implementable mechanisms. We further discuss the idea of defining self-identity as an `elastic asset' using the blockchain in order to generate Ricardian rent from the cryptoeconomy. We suggest how this connection might be exhibited by the Bitcoin blockchain mechanism by discussing the shape of the cryptoeconomy it produces. Finally, we develop an application of the Coase theorem for the cryptoeconomy as a method for analyzing interactions between the traditional economy and the cryptoeconomy.https://doi.org/10.31585/jbba-1-2-(4)2018. |
| spellingShingle | Prateek Goorha Blockchains as Implementable Mechanisms: Crypto-Ricardian Rent and a Crypto-Coase Theorem The Journal of The British Blockchain Association |
| title | Blockchains as Implementable Mechanisms: Crypto-Ricardian Rent and a Crypto-Coase Theorem |
| title_full | Blockchains as Implementable Mechanisms: Crypto-Ricardian Rent and a Crypto-Coase Theorem |
| title_fullStr | Blockchains as Implementable Mechanisms: Crypto-Ricardian Rent and a Crypto-Coase Theorem |
| title_full_unstemmed | Blockchains as Implementable Mechanisms: Crypto-Ricardian Rent and a Crypto-Coase Theorem |
| title_short | Blockchains as Implementable Mechanisms: Crypto-Ricardian Rent and a Crypto-Coase Theorem |
| title_sort | blockchains as implementable mechanisms crypto ricardian rent and a crypto coase theorem |
| url | https://doi.org/10.31585/jbba-1-2-(4)2018. |
| work_keys_str_mv | AT prateekgoorha blockchainsasimplementablemechanismscryptoricardianrentandacryptocoasetheorem |