Blockchain and the evolution of institutional technologies: Implications for innovation policy

A Cross-National Comparative Policy Analysis of the Blockchain Technology Between the USA and China

“…Michael et al [39] investigated blockchain technology regulatory in financial services which counsels face lots regulatory examination with this technology evolved. Allen et al [40] developed a new model related to innovation policy with the implications of blockchain innovation. In 2018, EU members signed a declaration to cooperate in the establishment of EBP (European Blockchain Partnership) and EBSI (European Blockchain Service Infrastructure) [57].…”

Blockchain Governance: What We Can Learn from the Economics of Corporate Governance

“…It can be as simple as writing a white paper that describes the protocol for a new business model, marking that code as open source, and posting it on a websit. Alternatively, many blockchain networks have undertaken initial coin offerings that have raised substantial funds for development and to subsidise development work within their communities [29,[70][71][72]. For blockchain networks, these two stages-the proto-entrepreneurial and the organisational-leave their mark on the later governance and shape the distribution of bargaining power by later stakeholders.…”

“…This body of thought, including transaction cost economics, brings together economics, law, and organisation theory to make the transaction as the basic unit of analysis and includes contributions by Ronald Coase (on why firms exit), James Buchanan (on club goods and constitutional rules), Oliver Williamson (on the economic institutions of capitalism), Oliver Hart (on incomplete contracting and make-or-buy decisions), and Elinor Ostrom (on commons) [17][18][19][20][21][22][23][24][25]. This coherent body of thought has been applied specifically to blockchain networks through institutional cryptoeconomics [26][27][28][29][30].…”

Economics of Technology Innovation for Sustainable Growth: With Reference to Sub-Saharan Africa (SSA)

“…Innovation as seen more lately is being pursued in all walks of life, for example as witnessed in the field of finance/banking, product development, and the enabling technologies to support the automated transactions. As championed by innovation economists (Allen et al 2020), there is a need for (blockchain) technology innovation to be made the centerpiece of institutional focus, with research evidence indicating high level of progress in the areas connected with Internet of Thing (IoT) and Artificial Intelligence (AI)this is also making it safe and cost effective for the world's growing population to address decent living conditions in highly populated (Smart) cities around the world (OECD 2018(OECD , 2019.…”