Paper #1549

Título:

Blockchain's struggle to deliver impersonal exchange

Autor:

Benito Arruñada

Data:

Enero 2017

Resumen:

The paper identifies what value blockchain adds to the contractual and property processes, exploring its potential and analyzing the main difficulties it is facing. It argues that, contrary to naive conceptions that proclaim the end of intermediaries and state involvement, blockchain applications will rely on a variety of interface, completion and enforcement specialists, including standard public interventions, especially for property transactions. Without these interventions, blockchain applications will at most enable trade in in personam claims—instead of in rem rights—, therefore facilitating personal instead of truly impersonal—that is, asset-based—transactions.

Palabras clave:

property rights, enforcement, transaction costs, impersonal exchange, blockchain, distributed ledgers.

Códigos JEL:

D23, K11, K12, L85, G38, H41, O17, P48.

Área de investigación:

Economía de la Empresa y Organización Industrial

Publicado en:

Minnesota Journal of Law, Science & Technology, 19, 55-105.

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