Blockchains = Less Government, More Market

Abstract

We provide a survey of blockchain's potential to propel private entrepreneurial discovery of institutions that challenge state hegemony. We introduce institutional cryptoeconomics, and then we describe blockchain as a technology that increases the opportunity set of entrepreneurial action. We then survey blockchain's potential to challenge state hegemony in five socioeconomic areas. We also discuss some implications of blockchainbased economic infrastructure for public policy and regulation. These contributions suggest an increasing scope for entrepreneurial action using blockchain to challenge state hegemony. They also suggest a necessary shift in the provision of public goods and government regulatory control.

The Identity, Fungibility and Anonymity of Money

“…Finally, any discussion of entrepreneurial discovery which challenge domains traditionally managed by the state (in the manner of Berg et al , forthcoming) should fully account for competing motivations. Fungible currencies are attractive to individual economic actors, owing both to their certainty in future use, as well as the privacy protections they offer.…”

“…Likewise, the quality of money in its various guises is directly relevant to any comparative examination of monetary institutions. In this respect, discussions around privatised monetary institutions are not a recent phenomenon (see Hayek, ; Selgin, ; White, ), while more recent technological innovations add extra impetus to this question of competition with fiat currency (Berg et al , forthcoming). This is a neglected topic, as much of the literature concerning the theory of money focuses on quantitative, rather than qualitative aspects (see Bagus, , ).…”

Blockchain e a Perspectiva Tecnológica para a Administração Pública: Uma Revisão Sistemática

“…Among the potential impacts from the results obtained (Figure 4), it is demonstrated that the use of Blockchain leads to improvements in data storage, which could result in the reduction of bureaucratic processes, speeding up data processing and allowing, for example, the use of smart contracts. Furthermore, Blockchain is an important tool for sharing information such as clinical pathological data, drug distribution and supply chain stages of a wide number of products, contributing to more efficient surveillance and control (Abelseth, 2018;Atzori, 2018;Berg et al, 2018;Buth et al, 2019;Engin & Treleaven, 2019;Johnson, 2019;Kossow, 2019;Li et al, 2019;Marchionni, 2018;Thakur et al, 2019;Tseng et al, 2018).…”

“…The identification that Blockchain would impact on the facilitation of direct democracy and data transparency was verified based on the possibility of offering a new mechanism for the construction of public policies and social participation, considering the possibility of reliable electronic elections (Berg et al, 2018;Lander & Cooper, 2017). By making use the distributed network, it would be possible to improve the reliability and ease of communication between the actors involved, allowing a bottomup model of organized and efficient public policy making (Ducas & Wilner, 2017).…”

“…Another impact was the possible need to change the State and market organizational structures in relation to it. This change would begin with the reorganization of public administrative structures and could lead to a state reform because, with the new operating dynamics being provided by Blockchain -such as efficiency in data management -institutions, government bodies or sectors may become obsolete, needing to alter their activity or functionality (Berg et al, 2018;Marchionni, 2018;Ølnes et al, 2017). It should also be considered that the use of Blockchain technology requires greater cooperation between State, society and market, given that technology has its core in sharing the database, generating transparency and accountability, making it necessary to build permanent dialogue structures among actors (Abelseth, 2018;Buth et al, 2019;Scholl & Bolívar, 2019).…”