Blockchain Disruption and Smart Contracts
Blockchain Disruption and Smart Contracts
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DOI：
10.2139/ssrn.2985764
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发表时间：
2018-03
期刊：
影响因子：
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通讯作者：
L. Cong;Zhiguo He
中科院分区：
文献类型：
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作者：
L. Cong;Zhiguo He
区块链技术提供了去中心化的共识，并可能使用具有防篡改和算法执行的智能合约来扩大合同空间。同时，产生去中心化的共识需要分发信息，这必然会改变信息环境。我们分析了去中心化如何影响共识有效性，以及区块链的典型特征如何重塑产业组织和竞争格局。智能合约可以通过增强进入和竞争来缓解信息不对称，改善福利和消费者剩余，但在共识生成过程中信息的不可约分布可能会鼓励更大的共谋。总的来说，区块链可以维持市场均衡，带来更广泛的经济成果。我们进一步讨论了针对区块链应用的反垄断政策影响，例如将共识记录保存者与用户分离。
Blockchain technology provides decentralized consensus and potentially enlarges the contracting space using smart contracts with tamper-proofness and algorithmic executions. Meanwhile, generating decentralized consensus entails distributing information which necessarily alters the informational environment. We analyze how decentralization affects consensus effectiveness, and how the quintessential features of blockchain reshape industrial organization and the landscape of competition. Smart contracts can mitigate informational asymmetry and improve welfare and consumer surplus through enhanced entry and competition, yet the irreducible distribution of information during consensus generation may encourage greater collusion. In general, blockchains can sustain market equilibria with a wider range of economic outcomes. We further discuss anti-trust policy implications targeted to blockchain applications, such as separating consensus record-keepers from users.