When is record-keeping better arranged through a blockchain than through a traditional centralized intermediary? The … out a blockchain trilemma: no ledger can satisfy all three properties simultaneously. A centralized record-keeper extracts …

We build on economic theory to discuss how blockchain technology can shape innovation and competition in digital …

, these two equations imply that (3) the recurring, “flow”, payments to miners for running the blockchain must be large … versus stock) if both (i) the mining technology used to run the blockchain is both scarce and non-repurposable, and (ii) any … majority attack is a “sabotage” in that it causes a collapse in the economic value of the blockchain; however, reliance on non …