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 …

renegotiation. Smart contracts written on blockchain ledgers may offer a solution. We explain the basic economics of these …

This paper extends the blockchain sustainability framework of Budish (2018) to consider proof of stake (in addition to …

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

Initial coin offerings (ICOs) are sales of blockchain-based digital tokens associated with specific platforms or assets …

, 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 …

Blockchain technology provides decentralized consensus and potentially enlarges the contracting space using smart … effectiveness, and how the quintessential features of blockchain reshape industrial organization and the landscape of competition …-trust policy implications targeted to blockchain applications, such as separating consensus record-keepers from users …