IDEAS home Printed from https://ideas.repec.org/a/eee/tefoso/v125y2017icp105-115.html
   My bibliography  Save this article

Blockchain and value systems in the sharing economy: The illustrative case of Backfeed

Author

Listed:
  • Pazaitis, Alex
  • De Filippi, Primavera
  • Kostakis, Vasilis

Abstract

This article explores the potential of blockchain technology in enabling a new system of value that will better support the dynamics of social sharing. Our study begins with a discussion of the evolution of value perceptions in the history of economic thought. Starting with a view on value as a coordination mechanism that defines meaningful action within a certain context, we associate the price system with the establishment of capitalism and the industrial economy. We then discuss its relevance to the information economy, exhibited as the techno-economic context of the sharing economy, and identify new modalities of value creation that better reflect the social relations of sharing. Through the illustrative case of Backfeed, a new system of value is envisioned, comprising three layers: (a) production of value; (b) record of value; and (c) actualisation of value. In this framework, we discuss the solutions featured by Backfeed and describe a conceptual economic model of blockchain-based decentralised cooperation. We conclude with a tentative scenario for blockchain technology that can enable the creation of commons-oriented ecosystems in a sharing economy.

Suggested Citation

  • Pazaitis, Alex & De Filippi, Primavera & Kostakis, Vasilis, 2017. "Blockchain and value systems in the sharing economy: The illustrative case of Backfeed," Technological Forecasting and Social Change, Elsevier, vol. 125(C), pages 105-115.
    • Handle: RePEc:eee:tefoso:v:125:y:2017:i:c:p:105-115
    DOI: 10.1016/j.techfore.2017.05.025
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0040162517307084
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.techfore.2017.05.025?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Erik S. Reinert (ed.), 2004. "Globalization, Economic Development and Inequality," Books, Edward Elgar Publishing, number 1570.
    2. Jacob H. Hollander, 1904. "The Development of Ricardo's Theory of Value," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 18(4), pages 455-491.
    3. Hollander, Jacob H., 1904. "The Development of Ricardo's Theory of Value," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 18, pages 455-491.
    4. Marsh, Leslie & Onof, Christian, 2007. "Stigmergic epistemology, stigmergic cognition," MPRA Paper 10004, University Library of Munich, Germany.
    5. Veitas, Viktoras & Weinbaum, David, 2017. "Living Cognitive Society: A ‘digital’ World of Views," Technological Forecasting and Social Change, Elsevier, vol. 114(C), pages 16-26.
    6. Carlota Perez, 2004. "Technological Revolutions, Paradigm Shifts and Socio-institutional Change," Chapters, in: Erik S. Reinert (ed.), Globalization, Economic Development and Inequality, chapter 7, Edward Elgar Publishing.
    7. Carlota Perez, 2002. "Technological Revolutions and Financial Capital," Books, Edward Elgar Publishing, number 2640.
    8. Yamey, Bs, 1964. "Accounting And The Rise Of Capitalism - Further Notes On A Theme By Sombart," Journal of Accounting Research, Wiley Blackwell, vol. 2(2), pages 117-136.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Alex Pazaitis & Primavera de Filippi & Vasilis Kostakis, 2017. "Blockchain and value systems in the sharing economy: The illustrative case of Backfeed," Post-Print hal-01676881, HAL.
    2. Erik S. Reinert, 2006. "European Integration, Innovations and Uneven Economic Growth: Challenges and Problems of EU 2005," The Other Canon Foundation and Tallinn University of Technology Working Papers in Technology Governance and Economic Dynamics 05, TUT Ragnar Nurkse Department of Innovation and Governance.
    3. Juan-Pierré BRUWER & André VAN DEN BERG, 2017. "The conduciveness of the South African economic environment and Small, Medium and Micro Enterprise sustainability: A literature review," Expert Journal of Business and Management, Sprint Investify, vol. 5(1), pages 1-12.
    4. Ormazabal Sánchez, Kepa Mirena, 2011. "A new look at Marx's refutation of Ricardo's refutation of the labor theory of value," IKERLANAK 6258, Universidad del País Vasco - Departamento de Fundamentos del Análisis Económico I.
    5. Roncaglia, Alesandro, 2015. "¿Debería la Historia del Pensamiento Económico ser incluida en los Planes de Estudio de Economía en Pregrado? [Should the History of Economic Thought be Included in Undergraduate Curricula?]," MPRA Paper 67384, University Library of Munich, Germany, revised 30 Jun 2015.
    6. Christian Gehrke & Heinz Kurz, 2002. "Keynes and Sraffa's 'Difficulties with J. H. Hollander'," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(4), pages 644-671.
    7. Reinert, Erik S., 2004. "How rich nations got rich. Essays in the history of economic policy," MPRA Paper 48147, University Library of Munich, Germany.
    8. Erik S. Reinert, 2009. "The Terrible Simplifers: Common Origins of Financial Crises and Persistent Poverty in Economic Theory and the new ‘1848 Moment’," Working Papers 88, United Nations, Department of Economics and Social Affairs.
    9. Erik Reinert, 2007. "Towards an Austro–German theory of uneven economic development? A plea for theorising by inclusion," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 20(2), pages 155-170, September.
    10. Rainer Kattel & Erkki Karo, 2010. "Is 'Open Innovation' Re-Inventing Innovation Policy for Catching-up Economies?," The Other Canon Foundation and Tallinn University of Technology Working Papers in Technology Governance and Economic Dynamics 30, TUT Ragnar Nurkse Department of Innovation and Governance.
    11. Adel Ben Khalifa, 2019. "Direct and Complementary Effects of Investment in Knowledge-Based Economy on Innovation Performance in Tunisian Firms," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 10(2), pages 561-589, June.
    12. Reinert, Erik S. & Kattel, Rainer, 2004. "The Qualitative Shift in European Integration: Towards permanent wage pressures and a ‘Latin-Americanization’ of Europe?," MPRA Paper 47909, University Library of Munich, Germany.
    13. Adel Ben Khalifa, 2022. "Inter- and Intra-firm Diffusion of Technology: the Example of Software, Hardware, and Network Communications Empirical Evidence for Tunisian Manufacturing Firms," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 13(1), pages 236-263, March.
    14. Erkki Karo & Rainer Kattel, 2010. "The Copying Paradox: Why Converging Policies but Diverging Capacities in Eastern European Innovation Systems?," Institutions and Economies (formerly known as International Journal of Institutions and Economies), Faculty of Economics and Administration, University of Malaya, vol. 2(2), pages 167-206, October.
    15. Marco Gallegati, 2019. "A system for dating long wave phases in economic development," Journal of Evolutionary Economics, Springer, vol. 29(3), pages 803-822, July.
    16. Kriedel, Norbert, 2006. "Long waves of economic development and the diffusion of general-purpose technologies: The case of railway networks," HWWI Research Papers 1-1, Hamburg Institute of International Economics (HWWI).
    17. Diego Comin & Ramana Nanda, 2019. "Financial Development and Technology Diffusion," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(2), pages 395-419, June.
    18. Eve, CHIAPELLO, 2003. "Accounting and the Birth of the Notion of Capitalism," HEC Research Papers Series 786, HEC Paris.
    19. Alex Izurieta, 2009. "Forum 2009," Development and Change, International Institute of Social Studies, vol. 40(6), pages 1153-1190, November.
    20. repec:ers:journl:v:xv:y:2012:i:sie:p:157-194 is not listed on IDEAS
    21. Eric Kemp‐Benedict, 2020. "Convergence of actual, warranted, and natural growth rates in a Kaleckian–Harrodian‐classical model," Metroeconomica, Wiley Blackwell, vol. 71(4), pages 851-881, November.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:tefoso:v:125:y:2017:i:c:p:105-115. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.sciencedirect.com/science/journal/00401625 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.