Blockchain Defined

The global economy faces (what we expect will be) a lengthy period of uncertainty about how facts that underpin it will be restructured, dismantled, and Reorganised. The best uses of the Blockchain have to be ‘ discovered’. Then they have to be implemented in a real world political and economic syst...

Classical and Neoclassical economists study production and distribution of scarce resources. Institutional Cryptoeconomics studies the institutional consequences of Cryptographically secure ledgers. It focuses on the economic principles and theory underpinning the Blockchain and alternative Blockcha...

The Internet has Revolutionised the way we interact and do business. But the Blockchain allows us to exchange differently. It is usually compared to the internet, but that is not entirely true. Blockchain can be better understood if it is compared to mechanical time.

Mechanical time...

The blockchain economy puts pressure on government processes in a whole host of ways, from taxation to regulation, to service delivery.

Investigating these changes is an ongoing project of ours. But consider, for instance, how we regulate banks.

The ability to write more complete contracts on the Blockchain means entrepreneurs and innovators will be able to maintain ownership and control of their human capital and profit at the same time. The age of human capitalism is dawning. Entrepreneurs will be able to write a valuable App and relea...

The 2009 Nobel laureate in economics argued that people produce and Exchange in markets, firms, or governments depending on the relative transactions costs of each institution. The government keeps databases of citizenship and the right to travel, taxation obligations, social security entitlement...

Each country asserts the right to control who crosses its borders. Each country maintains a ledger of which of its citizens have the right to travel. A passport is a physical item — call it a token — that refers back to this ledger. In the nineteenth century, the possessor — ‘ be...

Smart contracts on the Blockchain allows contractual agreements to be automatically, autonomously, and securely executed. A complete contract specifies what is to occur under every possible contingency. An incomplete contract allows the terms of the contract to be renegotiated in the case of unex...

Ledgers record the facts underpinning the modern economy. Property title registers map who owns what and whether their land is subject to Caveats. A club is a ledger, structuring who benefits and who does not. Ledgers map economic and social relationships, says Robert McDonald. Mcdonald: a ledger is...