The Public Blockchain Ecosystem: An Empirical Analysis

30 Pages Posted: 2 Jun 2020 Last revised: 30 Sep 2023

See all articles by Felix Irresberger

Felix Irresberger

Durham University

Kose John

New York University (NYU) - Department of Finance

Peter Mueller

Fordham University

Fahad Saleh

Wake Forest University - Schools of Business

Date Written: September 30, 2023

Abstract

We examine the universe of public blockchains over time, providing several important empirical insights. Of particular note, we identify a class of blockchains, referred to as modern blockchains, that are especially relevant for business applications. These modern blockchains are both environmentally sustainable and possess the ability for advanced functionality (i.e., smart contracts). Relatedly, there exist a variety of non-trivial economic applications already occurring on public blockchains, and we demonstrate that the vast majority of such activity occurs on modern blockchains. Our work highlights the fading relevance of Bitcoin and the need for researchers and practitioners to focus more so on modern blockchains.

Keywords: Modern Blockchains, Smart Contracts, Proof-of-Stake, Decentralized Finance

JEL Classification: C0, G0, O3

Suggested Citation

Irresberger, Felix and John, Kose and Mueller, Peter and Saleh, Fahad, The Public Blockchain Ecosystem: An Empirical Analysis (September 30, 2023). NYU Stern School of Business, Available at SSRN: https://ssrn.com/abstract=3592849 or http://dx.doi.org/10.2139/ssrn.3592849

Felix Irresberger (Contact Author)

Durham University ( email )

Old Elvet
Mill Hill Lane
Durham, Durham DH1 3HP
United Kingdom

Kose John

New York University (NYU) - Department of Finance ( email )

Stern School of Business
44 West 4th Street
New York, NY 10012-1126
United States
212-998-0337 (Phone)
212-995-4233 (Fax)

Peter Mueller

Fordham University ( email )

33 West 60th Street
New York, NY 10023
United States

HOME PAGE: http://petercmueller.com

Fahad Saleh

Wake Forest University - Schools of Business ( email )

P.O. Box 7659
Winston-Salem, NC 27109-7285
United States

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