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Author: Trent MacDonald
Publisher:
ISBN:
Category :
Languages : en
Pages : 16
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Book Description
This chapter uses economic theory to explore the implications of the blockchain technology on the future of banking. We apply an economic analysis of blockchains based on both new institutional economics and public choice economics. Our main focus is on the economics of why banks exist as organizations (rather than a world in which all financial transactions occurring in markets), and how banks are then impacted by technological change that affects transaction costs. Our core argument is that blockchains are more than just a new technology to be applied by banks, but rather compete with banks as organizations, enabling banking transactions to shift out of centralized hierarchical organizations and back into decentralized markets. Blockchains are a new institutional technology -- because of how they affect transaction costs in financial markets -- that will fundamentally re-order the governance of the production of banking services. We then explore this implication through broader political economy lens in which banking moves out of organizations and deeper into markets. We examine this as a form of institutional economic evolution in which the boundary of catallaxy -- i.e., a self-organized economy -- is enlarged, at the margin of the banking sector. Such institutional competition enables evolutionary discovery in the institutions of banking.
Author: Trent MacDonald
Publisher:
ISBN:
Category :
Languages : en
Pages : 16
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Book Description
This chapter uses economic theory to explore the implications of the blockchain technology on the future of banking. We apply an economic analysis of blockchains based on both new institutional economics and public choice economics. Our main focus is on the economics of why banks exist as organizations (rather than a world in which all financial transactions occurring in markets), and how banks are then impacted by technological change that affects transaction costs. Our core argument is that blockchains are more than just a new technology to be applied by banks, but rather compete with banks as organizations, enabling banking transactions to shift out of centralized hierarchical organizations and back into decentralized markets. Blockchains are a new institutional technology -- because of how they affect transaction costs in financial markets -- that will fundamentally re-order the governance of the production of banking services. We then explore this implication through broader political economy lens in which banking moves out of organizations and deeper into markets. We examine this as a form of institutional economic evolution in which the boundary of catallaxy -- i.e., a self-organized economy -- is enlarged, at the margin of the banking sector. Such institutional competition enables evolutionary discovery in the institutions of banking.
Author: Chris Berg
Publisher: Edward Elgar Publishing
ISBN: 1788975006
Category : Business & Economics
Languages : en
Pages : 253
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Book Description
Blockchains are the distributed ledger technology that powers Bitcoin and other cryptocurrencies. But blockchains can be used for more than the transfer of tokens – they are a significant new economic infrastructure. This book offers the first scholarly analysis of the economic nature of blockchains and the shape of the blockchain economy. By applying the institutional economics of Ronald Coase and Oliver Williamson, this book shows how blockchains are poised to reshape the nature of firms, governments, markets, and civil society.
Author: Thomas J. Anderson
Publisher: John Wiley & Sons
ISBN: 1119564069
Category : Business & Economics
Languages : en
Pages : 272
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Book Description
Discover how blockchain will facilitate a new currency that will transcend space and time Largely inspired by The Denationalization of Money by Fredrich Hayek, Money Without Boundaries’ ideological foundation is also inspired by economists and thought leaders like Milton Friedman and Irving Fisher, advancements in capital markets over the past 50 years, and the convergence of old and new technologies. Author Thomas J. Anderson explains how blockchain acts as the filter and the glue, making it all possible. Compared with other currencies, blockchain-managed money markets are more straightforward and transparent. It is easier to monitor, understand, and assess the quality of their "full-faith and credit." Money Without Boundaries shows how not only money, but also the process of borrowing and lending, will evolve to be conducted in a 100% trusted, secure, transparent, open architecture environment. Anderson begins with a history of money and discusses the rise of cryptocurrency, concluding with a comparison of decentralized money markets to all other alternatives. Money without Boundaries: • Demonstrates how blockchain technology allows full transparency • Explains how blockchain makes it possible for money to be fully commoditized • Explains how this fully market-based, decentralized, self-regulating system has vast implications throughout the global financial system • Shows how everyone will benefit when they have the opportunity to compete on “full faith in credit” If you are interested in cryptocurrency, money, monetary theory, or understanding how the applied uses of blockchain technology will change your everyday life, this is essential reading.
Author: Eva Kaili
Publisher: Springer Nature
ISBN: 3030657817
Category : Business & Economics
Languages : en
Pages : 339
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Book Description
This book provides a coherent Blockchain framework for the business community, governments, and universities structured around microeconomics, macroeconomics, finance, and political economy and identifies how business organizations, financial markets and governmental policies are changed by digitalization, specifically Blockchain. This framework, what they authors call “disintermediation economics,” affects everything by providing a paradigm that transforms the way we organize markets and value chains, financial services, central banking, budgetary policies, innovation ecosystems, government services, and civil society. Bringing together leading and experienced policy makers, corporate practitioners, and academics from top universities, this book offers a road map of best practices that can be immediately useful to firms, policy makers as well as academics by balancing theory with practice.
Author: Hanna Halaburda
Publisher: Springer Nature
ISBN: 3030889319
Category : Business & Economics
Languages : en
Pages : 223
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Book Description
Over the last few years, we have witnessed an upsurge of enthusiasm about cryptocurrencies and, more generally, the so-called blockchain technology. In this new and updated edition, the authors explore what exactly these new technologies entail and promise. They argue that to understand the potential challenges and further developments in the market, one needs to develop an understanding of what needs these innovations fulfill and what business models are consistent with their use. For that, we need to sufficiently understand both the technology and how it affects the economic forces at play. This book goes beyond the headlines that say “blockchain will decentralize everything” and provides in-depth, rigorous analysis of what can be effectively decentralized and how this decentralization will work. The book draws not only on the general knowledge of digital currencies and blockchain technologies, but also on recent academic research on the topic. Featuring a fully updated chapter on cryptocurrencies and new chapters on smart contracts and enterprise blockchains, this book is critical reading for those interested in how technology developments impact business and society.
Author: Paolo Tasca
Publisher: Springer
ISBN: 3319424483
Category : Science
Languages : en
Pages : 319
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Book Description
Do you know how banking and money will look like in the new digital age? This book collects the voices of leading scholars, entrepreneurs, policy makers and consultants who, through their expertise and keen analytical skills, are best positioned to picture from various angles the ongoing technological revolution in banking and finance. You will learn how lending and borrowing can exist without banks; how new forms of money can compete to better serve different society needs; how new technologies are banking the unbanked communities in the poorest parts of the world, and how ideas and small projects can be financed by the crowds without the need to rely upon banks. You will learn how, in the new digital age, we will interact with new self-organised and autonomous companies that operate without any human involvement, based on a set of programmed and incorruptible rules. You will learn that new business models will emerge thanks to technology-enabled platforms, upon which one can build new forms of non-hierarchical cooperation between strangers. And you will also learn that new forms of risks and threats are emerging that will destabilise our systems and jeopardise the stability of our financial order.
Author: William Mougayar
Publisher: John Wiley & Sons
ISBN: 1119300339
Category : Business & Economics
Languages : en
Pages : 129
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Book Description
The definitive pioneering blueprint covering the what, why and how of the blockchain. Blockchains are new technology layers that rewire the Internet and threaten to side-step older legacy constructs and centrally served businesses. At its core, a blockchain injects trust into the network, cutting off some intermediaries from serving that function and creatively disrupting how they operate. Metaphorically, blockchains are the ultimate non-stop computers. Once launched, they never go down, and offer an incredible amount of resiliency, making them dependable and attractive for running a new generation of decentralized services and software applications. The Business Blockchain charts new territory in advancing our understanding of the blockchain by unpacking its elements like no other before. William Mougayar anticipates a future that consists of thousands, if not millions of blockchains that will enable not only frictionless value exchange, but also a new flow of value, redefining roles, relationships, power and governance. In this book, Mougayar makes two other strategic assertions. First, the blockchain has polymorphic characteristics; its application will result in a multiplicity of effects. Second, we shouldn’t ask ourselves what problems the blockchain solves, because that gives us a narrow view on its potential. Rather, we should imagine new opportunities, and tackle even more ambitious problems that cross organizational, regulatory and mental boundaries. Drawing on 34 years of technology industry experience as an executive, analyst, consultant, entrepreneur, startup mentor, author, blogger, educator, thought leader and investor, William Mougayar describes a future that is influenced by fundamental shifts brought by blockchain technology as the catalyst for change. William Mougayar has been described as the most sophisticated blockchain business thinker. He is a blockchain industry insider whose work has already shaped and influenced the understanding of blockchain for people around the world, via his generous blogging and rigorous research insights. He is a direct participant in the crypto-technology market, working alongside startups, entrepreneurs, pioneers, leaders, innovators, creators, enterprise executives and practitioners; in addition to being an investor, advisor, and board member in some of the leading organizations in this space, such as the Ethereum Foundation, OpenBazaar and Coin Center. Just as the Internet created new possibilities that we didn’t foresee in its early years, the blockchain will give rise to new business models and ideas that may still be invisible. Following an engaging Foreword by Vitalik Buterin, this book is organized along these 7 chapters: 1. What is the Blockchain? 2. How Blockchain Trust Infiltrates 3. Obstacles, Challenges & Mental Blocks 4. Blockchain in Financial Services 5. Lighthouse Industries & New Intermediaries 6. Implementing Blockchain Technology 7. Decentralization as the Way Forward The Business Blockchain is an invitation for technologists to better understand the business potential of the blockchain, and for business minded people to grasp the many facets of blockchain technology. This book teaches you how to think about the blockchain.
Author: Kshetri, Nir
Publisher: Edward Elgar Publishing
ISBN: 1802208178
Category : Business & Economics
Languages : en
Pages : 217
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Book Description
Timely and invigorating, this book explores how blockchain technology is disrupting economies and transforming societies. It offers detailed insights into the synergistic and complementary effects of blockchain and other new and emerging technologies such as artificial intelligence, the Internet of Things, satellite imagery and digital twins.
Author: Wenqian Wang
Publisher: Cambridge University Press
ISBN: 1009076590
Category : Business & Economics
Languages : en
Pages : 123
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Book Description
Blockchains have become increasingly important for organizing contemporary economic and social activities. This Element offers a deeper understanding of blockchains to both management scholars and practitioners, with an emphasis on blockchains' strategic implications for fundamental issues in organizing. It provides a critical examination of the core themes, theoretical lenses, and methodologies used in blockchain research in business and management scholarship. Furthermore, it offers an in-depth discussion of why and how blockchains offer a new way of organizing, providing profound implications for three major issues of strategic organization: contracting, trust, and organizational design. It also discusses several limitations of the technology in its current stage of development. Finally, this Element points to the implication of blockchains on both scholarly research and business practice.
Author: Fred Steinmetz
Publisher:
ISBN: 9781788212267
Category :
Languages : en
Pages :
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Book Description
