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

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  • Alex Pazaitis

    (TTÜ - Tallinn University of Technology)

  • Primavera de Filippi

    (CERSA - Centre d'études et de recherches de science administrative - CNRS - Centre National de la Recherche Scientifique - Institut Cujas - UP2 - Université Panthéon-Assas)

  • Vasilis Kostakis

    (TTÜ - Tallinn University of Technology)

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

  • 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.
    • Handle: RePEc:hal:journl:hal-01676881
    DOI: 10.1016/j.techfore.2017.05.025
    Note: View the original document on HAL open archive server: https://hal.science/hal-01676881
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    References listed on IDEAS

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    Keywords

    Blockchain; Backfeed; theory of value; information economy;
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