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A Brief Introduction to Blockchain Economics

In: Information for Efficient Decision Making Big Data, Blockchain and Relevance

Author

Listed:
  • Long Chen
  • Lin William Cong
  • Yizhou Xiao

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.

Suggested Citation

  • Long Chen & Lin William Cong & Yizhou Xiao, 2020. "A Brief Introduction to Blockchain Economics," World Scientific Book Chapters, in: Kashi R Balachandran (ed.), Information for Efficient Decision Making Big Data, Blockchain and Relevance, chapter 1, pages 1-40, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811220470_0001
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    Cited by:

    1. Cong, Lin William & Li, Ye & Wang, Neng, 2022. "Token-based platform finance," Journal of Financial Economics, Elsevier, vol. 144(3), pages 972-991.
    2. Lin William Cong & Yizhou Xiao, 2021. "Categories and Functions of Crypto-Tokens," Springer Books, in: Maurizio Pompella & Roman Matousek (ed.), The Palgrave Handbook of FinTech and Blockchain, edition 1, chapter 0, pages 267-284, Springer.

    More about this item

    Keywords

    Accounting; Decision Making; Economic Information; Stock Trading; Acquisitions; Mergers; Financing Reporting; Reliable Information; Company Decisions;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • A1 - General Economics and Teaching - - General Economics

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