Antitrust in the Blockchain Era

Abstract

Similar to the Internet Era, which generated new value chains based on digital marketplaces, the block-chain has the potential to be the next cutting-edge technology which will revolutionize markets. Block-chain technology built on a consensus mechanism can make intermediaries [or third parties] unnecessary and reduce the market power of today’s centralized platforms. Antitrust enforcers should oversee the transformation of digital markets by means of block-chain technology to prevent anti-competitive conduct that might block the path to innovation. Using the Web as a model of reference, a public block-chain could run on universal and open protocols; with goods and services traded in a single universal block-chain. Antitrust enforcers are fundamental in keeping block-chain markets open and free. Rather than leading to the death of antitrust and regulation, block-chain will require more sophisticated versions of both.

Keywords: Block-chain, Antitrust, Regulation, Web, Open Network, Open Markets, Economic Democracy, Technologies

JEL Classification: D4, D42, K21, L5, L12, L17, L86, O31