An Emerging Political Economy of the BlockChain: Enhancing Regulatory Opportunities

64 Pages Posted: 2 Jan 2019

See all articles by John W. Bagby

John W. Bagby

Pennsylvania State University

David Reitter

Pennsylvania State University - College of Information Sciences & Technology

Philip Chwistek

Pennsylvania State University - College of Information Sciences & Technology

Date Written: August 3, 2018

Abstract

Blockchains are inherently secure, encrypted technologies, enabling electronic transaction processing, communications, authentication, and recordkeeping. Blockchain circumvents traditional (banking) systems, promising transaction cost savings and speculative profits. Blockchain is an open, encrypted and distributed ledger system underlying crypto-currencies (BitCoin) and initial coin offerings (ICO). Both masquerade as media of exchange. Future blockchain applications include supply chains, identity management and healthcare information exchange. Blockchains’ technical complexity obscure comprehension by many legislators, regulators, lawyers and judges. Libertarian technologists cheer these barriers to regulation. This paper explores blockchain operations, reviews evolving cryptocurrency policies, and proposes regulatory approaches, urging expanded jurisdiction over blockchain bubbles.

Suggested Citation

Bagby, John W. and Reitter, David and Chwistek, Philip, An Emerging Political Economy of the BlockChain: Enhancing Regulatory Opportunities (August 3, 2018). Available at SSRN: https://ssrn.com/abstract=3299598 or http://dx.doi.org/10.2139/ssrn.3299598

John W. Bagby (Contact Author)

Pennsylvania State University ( email )

P.O.Box 9
Green Ridge, MO MO 65332
United States

David Reitter

Pennsylvania State University - College of Information Sciences & Technology

University Park, PA 16802
United States

Philip Chwistek

Pennsylvania State University - College of Information Sciences & Technology

University Park, PA 16802
United States

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