Blockchain front-running involves multiple agents, other than the legitimate agent, claiming a payment from performing … a contract. It arises because of the public nature of blockchain transactions and potential network congestion. This … eliminates blockchain front-running. In each case, the mechanism relies on threats to remove ownership from all claimants and …

participants on the blockchain. Second, we document the concentration and regional composition of the miners which are the backbone … of the verification protocol and ensure the integrity of the blockchain ledger. Finally, we analyze the ownership …

In recent years, the designs of many new blockchain applications have been inspired by the Byzantine fault tolerance …

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 …

, 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 …

We rely on economic theory to discuss how blockchain technology will shape innovation in digital platforms. We identify … operate a digital marketplace without the need for a traditional intermediary. A blockchain allows a decentralized network of …