Blockchains Evolving: Institutional and Evolutionary Economics Perspectives

15 Pages Posted: 29 Apr 2018  

Chris Berg

RMIT University - School of Economics, Finance and Marketing

Brendan Markey‐Towler

University of Queensland - School of Economics

Mikayla Novak

RMIT University

Jason Potts

RMIT University

Date Written: April 11, 2018

Abstract

In this paper we develop a perspective on systems for interaction organised by Blockchains which makes use of evolutionary-institutional and psychological economics to reveal the process of their origination, diffusion and interaction. We discuss Blockchain and its uses as a distributed ledger technology for the establishment of institutional systems governing socioeconomic interaction. We apply the micro-meso-macro perspective to the origination and diffusion of these systems as meso-rules, and formalise the microfoundations of this process of emergence using psychological and institutional economics. We establish that successful Blockchains will be those which continue to adapt their institutional structure to meet evolving capability requirements and provide complementarities. Our perspective offers valuable insights for designers of Blockchain systems and establishes some of the forms of resistance which might constrain their efforts to diffuse Blockchain technology.

Keywords: Blockchain, Technology, Evolution, Diffusion, Psychology

JEL Classification: D02, D71, H11, P16, P48, P50

Suggested Citation

Berg, Chris and Markey‐Towler, Brendan and Novak, Mikayla and Potts, Jason, Blockchains Evolving: Institutional and Evolutionary Economics Perspectives (April 11, 2018). Available at SSRN: https://ssrn.com/abstract=3160428 or http://dx.doi.org/10.2139/ssrn.3160428

Chris Berg (Contact Author)

RMIT University - School of Economics, Finance and Marketing ( email )

Level 12, 239 Bourke Street
Melbourne, Victoria 3000
Australia

Brendan Markey‐Towler

University of Queensland - School of Economics ( email )

Brisbane, QLD 4072
Australia

Mikayla Novak

RMIT University ( email )

124 La Trobe Street
Melbourne, 3000
Australia

Jason Potts

RMIT University ( email )

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