Blockchain: A Coordination Mechanism

Lesław Pietrewicz

A chapter in Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference, Rovinj, Croatia, 12-14 September 2019, 2019, pp 137-143 from IRENET - Society for Advancing Innovation and Research in Economy, Zagreb

Abstract: Blockchain technology is firmly established in the public awareness as a revolutionary new technology underpinning cryptocurrency. However, its potential applications can be found across sectors and industries in providing a novel way of producing coordination necessary to transact online, making it a timely invention in the age of progressing digitalization and increasing demands for efficiency and security of online transactions, and a promising research topic addressing the growing academic interest in the coordination aspect of the contract scholarship. The aim of this conceptual paper is to model blockchain as a coordination mechanism for online transactions. Three key aspects of coordination with blockchains are identified and examined – (1) producing consensus about the facts relevant to a transaction, (2) coding contracts, and (3) autonomously executing transactions. They are argued to be integral parts of the mechanism, jointly enabling blockchains to function as a complete mechanism of coordination for online transactions. The model is intended to inform debates on the prospects for the blockchain technology and can be further used to integrate coordination and contract scholarship.

Keywords: algorithmic coordination; blockchain; consensus; contract; coordination mechanism (search for similar items in EconPapers)
JEL-codes: D23 D26 D86 L14 L23 L86 M11 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.econstor.eu/bitstream/10419/207673/1/1 ... etrewicz-137-143.pdf (application/pdf)

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:zbw:entr19:207673

Access Statistics for this chapter

More chapters in Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference (2019), Rovinj, Croatia from IRENET - Society for Advancing Innovation and Research in Economy, Zagreb
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().