A Brief Introduction to Blockchain Economics

Long Chen, Lin Cong and Yizhou Xiao

Chapter 1 in Information for Efficient Decision Making:Big Data, Blockchain and Relevance, 2020, pp 1-40 from World Scientific Publishing Co. Pte. Ltd.

Abstract: We introduce economic research on blockchains and its recent advances. In particular, we highlight the (i) unifying concepts on blockchain as a decentralized consensus and its core benefits, (ii) equilibrium characterizations and allegedly irreducible tensions among consensus formation, decentralization, and scalability, (iii) major issues including network security, overconcentration, energy consumption and sustainability, adoption, multi-party computation and encryption, smart contracting, and information distribution and aggregation, and (iv) future directions concerning blockchains and their applications such as informational and agency issues, as well as game-theoretical and mechanism design approaches to blockchain protocols.

Keywords: Accounting; Decision Making; Economic Information; Stock Trading; Acquisitions; Mergers; Financing Reporting; Reliable Information; Company Decisions (search for similar items in EconPapers)
JEL-codes: A1 M41 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (3)

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