Blockchain: The Economic and Financial Institution for Autonomous AI?

Binh Nguyen Thanh, Ha Xuan Son () and Diem Thi Hong Vo
Additional contact information
Binh Nguyen Thanh: The Business School, RMIT University, Ho Chi Minh City 70000, Vietnam
Ha Xuan Son: The Business School, RMIT University, Ho Chi Minh City 70000, Vietnam
Diem Thi Hong Vo: The Business School, RMIT University, Ho Chi Minh City 70000, Vietnam

JRFM, 2024, vol. 17, issue 2, 1-20

Abstract: This paper examines how the combination of artificial intelligence (AI) and blockchain technology can enable autonomous AI agents to engage and execute economic and financial transactions. We critically examine the constraints on AI agents in achieving predefined objectives independently, especially due to their limited access to economic and financial institutions. We argue that AI’s access to these institutions is vital in enhancing its capabilities to augment human productivity. Drawing on the theory of institutional economics, we propose that blockchain provides a solution for creating digital economic and financial institutions, permitting AI to engage with these institutions through the management of private keys. This extends AI’s capabilities to form and execute contracts, participate in marketplaces, and utilize financial services autonomously. The paper encourages further research on AI as a general-purpose technology and blockchain as an institutional technology that can unlock the full capabilities of autonomous AI agents.

Keywords: artificial intelligence (AI); blockchain technology; autonomous AI agents; economics and financial institutions (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/1911-8074/17/2/54/pdf (application/pdf)
https://www.mdpi.com/1911-8074/17/2/54/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jjrfmx:v:17:y:2024:i:2:p:54-:d:1330606

Access Statistics for this article

JRFM is currently edited by Ms. Chelthy Cheng

More articles in JRFM from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().