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The Political Economy of the Blockchain

In: Disintermediation Economics

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  • Pēteris Zilgalvis

    (University of Oxford)

Abstract

The law and political economy of decentralized digital ecosystems is the policy, economic and legal framework surrounding the convergence of Blockchain/Distributed Ledger Technologies, the Internet of Things, decentralized Artificial Intelligence and other emerging technologies. The key unifiers are the enablement of multi-level governance, the decentralized management of data and the distributed nature of the technologies. They will challenge the existing more centralized economic and data management model of today’s Internet and will provide self determination to citizens in the management of their data and transactions. A challenge for the implementation of these technologies is linked to their very essence, their decentralized nature. Much existing legislation was adopted in a time when more centralized models dominated. The article analyses the legal challenges of applying such legislation to decentralized digital technologies, and reflects on the use of regulatory sandboxes as well as novel legislation in order to enable innovation in the economy and society based on the application of these technologies.

Suggested Citation

  • Pēteris Zilgalvis, 2021. "The Political Economy of the Blockchain," Springer Books, in: Eva Kaili & Dimitrios Psarrakis (ed.), Disintermediation Economics, edition 1, chapter 0, pages 249-266, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-65781-9_11
    DOI: 10.1007/978-3-030-65781-9_11
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