A major consequence of the Internet era is the emergence of complex “platforms” that combine technology and process in new ways that often disrupt existing industry structures and blur industry boundaries. These platforms allow easy participation that often strengthens and extends network...

[ES] La estrategia de la Banca española con respecto a Internet se ha enmarcado entre la modernización del sector y el miedo a la competencia de terceras partes. En el artículo mostramos como, desde la efervescencia inicial, las entidades se han centrado en construir un negocio rentable parte...

The electronic revolution in commerce is strongly affecting the performance of the economies. Banking over the internet has attracted increasing attention over the past several years from bankers and other financial services industry participants and this is due to the rapid and significant...

The design of the Bitcoin difficulty adjustment algorithm (DAA) is vulnerable as it dismisses miners' responses to policy changes. We develop an economic model of the Proof-of-Work blockchain system. Our model allows miners to pause operation when it is not profitable. Hence, the supply of...

Confirmation of the settlement on-[block]chain transactions is both costly and takes time as it requires the actions of others (i.e., “bitcoin miners”) who compete to mine a block into which they can compile transactions. In the on-chain settlement competition for bitcoin transactions, users...

Proof-of-Work cryptocurrencies, such as Bitcoin and its forks, hire miners (freelance contributors) to maintain the system by algorithmically setting the reward. Therefore, the nature of miners' labor supply is essential for the cryptocurrency's stability. We develop a short-run supply-side...

We study an e-commerce platform’s incentive to enter the credit market and offer loans for vendors’ innovations. The platform earns from both its lending ac- tivity and fees collected on transactions in the marketplace. If the platform does not offer loans, it might find it convenient to...

We take a first look at financial patents at the European Patent Office (EPO). As is the case at the US Patent and Trademark Office (USPTO), the number of financial patents in Europe has increased significantly in parallel with significant changes in payment and financial systems. Scholars have...

We take a first look at financial patents at the European Patent Office (EPO). As is the case at the US Patent and Trademark Office (USPTO), the number of financial patents in Europe has increased significantly in parallel with significant changes in payment and financial systems. Scholars have...