Prospects of Blockchain in Contract and Property

Pompeu Fabra University, Economics and Business Working Paper 1696, 2020

27 Pages Posted: 19 Mar 2020

See all articles by Benito Arruñada

Benito Arruñada

Pompeu Fabra University - Department of Economics and Business; Barcelona GSE

Date Written: February 23, 2020

Abstract

Recurrent difficulties are delaying what for the time being are still modest applications of blockchain. This paper identifies what value this new technology adds to the contractual and property processes, exploring its potential and analyzing the main difficulties it is facing. Paying particular attention to the distinction between contract (personal or in personam) rights and property (real or in rem) rights, it first examines the difficulties for trading contract rights through blockchain-based applications, mainly those to complete contracts ex ante without relying on third-party enforcers. Second, it explores the difficulties faced by blockchain to enable trade in property rights.

Keywords: Property Rights, Enforcement, Transaction Costs, Impersonal Exchange, Blockchain, Distributed Ledgers, Smart Contracts, Registries

JEL Classification: D23, K11, K12, L85, G38, H41, O17, P48

Suggested Citation

Arruñada, Benito, Prospects of Blockchain in Contract and Property (February 23, 2020). Pompeu Fabra University, Economics and Business Working Paper 1696, 2020, Available at SSRN: https://ssrn.com/abstract=3543137 or http://dx.doi.org/10.2139/ssrn.3543137

Benito Arruñada (Contact Author)

Pompeu Fabra University - Department of Economics and Business ( email )

Ramon Trias Fargas 25-27
Department of Economics and Business
Barcelona, 08005
Spain
+34 93 542 25 72 (Phone)
+34 93 542 17 46 (Fax)

HOME PAGE: http://www.econ.upf.edu/~arrunada

Barcelona GSE ( email )

Ramon Trias Fargas, 25-27
Barcelona, Barcelona 08005
Spain

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