IDEAS home Printed from https://ideas.repec.org/p/lsa/wpaper/wpc36.html

Blockchain and Institutions (II): The Realm of Law

Author

Listed:
  • Plinio Limata

    (LUMSA University)

Abstract

Blockchains promise to bring disruptive changes at several levels well beyond the realm of cryptocurrencies, in which they were first deployed; centralized institutions are challenged. The present survey focuses on the potential frictions between the application of blockchain technologies and the realm of law. Several subtopics are highlighted as problematic. Findings show that the current state of the art does not sufficiently support the blockchain’s implementation on a societal level. Shortcomings and confusion among legal and economic concepts are highlighted to be addressed, and therefore clarity and uniformity are needed to ensure the benefits that may derive from the application of this technology.

Suggested Citation

  • Plinio Limata, 2020. "Blockchain and Institutions (II): The Realm of Law," CERBE Working Papers wpC36, CERBE Center for Relationship Banking and Economics.
    • Handle: RePEc:lsa:wpaper:wpc36
    as

    Download full text from publisher

    File URL: https://repec.lumsa.it/wp/wpC36.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. repec:cup:jechis:v:33:y:1973:i:01:p:16-27_07 is not listed on IDEAS
    2. Alastair Berg & Chris Berg & Mikayla Novak, 2020. "Blockchains and constitutional catallaxy," Constitutional Political Economy, Springer, vol. 31(2), pages 188-204, June.
    3. Vedat Akgiray, 2019. "The Potential for Blockchain Technology in Corporate Governance," OECD Corporate Governance Working Papers 21, OECD Publishing.
    4. David Yermack, 2015. "Corporate Governance and Blockchains," NBER Working Papers 21802, National Bureau of Economic Research, Inc.
    5. Holcombe, Randall G., 2014. "The economic theory of rights," Journal of Institutional Economics, Cambridge University Press, vol. 10(3), pages 471-491, September.
    6. Patrick Waelbroeck, 2018. "An Economic Analysis of Blockchains," CESifo Working Paper Series 6893, CESifo.
    7. David Yermack, 2017. "Corporate Governance and Blockchains," Review of Finance, European Finance Association, vol. 21(1), pages 7-31.
    8. Graafland, Johan, 2020. "Contingencies in the relationship between economic freedom and human development: the role of generalized trust," Journal of Institutional Economics, Cambridge University Press, vol. 16(3), pages 271-286, June.
    9. Cara Lapointe & Lara Fishbane, 2019. "The Blockchain Ethical Design Framework," Innovations: Technology, Governance, Globalization, MIT Press, vol. 12(3-4), pages 50-71, Winter-Sp.
    10. J. Michael Graglia & Christopher Mellon, 2018. "Blockchain and Property in 2018: At the End of the Beginning," Innovations: Technology, Governance, Globalization, MIT Press, vol. 12(1-2), pages 90-116, Summer-Fa.
    11. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    12. Howell, Bronwyn E. & Potgieter, Petrus H. & Sadowski, Bert M., 2019. "Governance of Blockchain and Distributed Ledger Technology Projects," 2nd Europe – Middle East – North African Regional ITS Conference, Aswan 2019: Leveraging Technologies For Growth 201737, International Telecommunications Society (ITS).
    13. Massimiliano Vatiero, 2018. "Smart contracts and transaction costs," Discussion Papers 2018/238, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    14. Peter Yeoh, 2017. "Regulatory issues in blockchain technology," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 25(2), pages 196-208, May.
    15. Potts, Jason, 2018. "Governing the innovation commons," Journal of Institutional Economics, Cambridge University Press, vol. 14(6), pages 1025-1047, December.
    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. Plinio Limata, 2020. "Blockchain and Institutions (I): trust and (de)centralization," CERBE Working Papers wpC35, CERBE Center for Relationship Banking and Economics.
    2. Plinio Limata, 2019. "Blockchains’ twilight zones. A reasoned literature review for a critical primer," Econometica Working Papers wp76, Econometica.
    3. Olivier Meier & Aurélie Sannajust, 0. "The smart contract revolution: a solution for the holdup problem?," Small Business Economics, Springer, vol. 0, pages 1-16.
    4. Dulani Jayasuriya Daluwathumullagamage & Alexandra Sims, 2020. "Blockchain-Enabled Corporate Governance and Regulation," IJFS, MDPI, vol. 8(2), pages 1-41, June.
    5. Plinio Limata, 2024. "Blockchain and institutions: trust and (de)centralization," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 71(1), pages 1-17, March.
    6. Olivier Meier & Aurélie Sannajust, 2021. "The smart contract revolution: a solution for the holdup problem?," Small Business Economics, Springer, vol. 57(2), pages 1073-1088, August.
    7. Martina Eckardt & Wolfgang Kerber, 2024. "Property rights theory, bundles of rights on IoT data, and the EU Data Act," European Journal of Law and Economics, Springer, vol. 57(1), pages 113-143, April.
    8. Shafaq Khan & Mohammed Shael & Munir Majdalawieh & Nishara Nizamuddin & Mathew Nicho, 2022. "Blockchain for Governments: The Case of the Dubai Government," Sustainability, MDPI, vol. 14(11), pages 1-22, May.
    9. Darcy W E Allen, 2020. "When Entrepreneurs Meet:The Collective Governance of New Ideas," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number q0269, May.
    10. Harris,Colin & Cai,Meina & Murtazashvili,Ilia & Murtazashvili,Jennifer Brick, 2020. "The Origins and Consequences of Property Rights," Cambridge Books, Cambridge University Press, number 9781108969055.
    11. Lars Hornuf & Milan F. Klus & Todor S. Lohwasser & Armin Schwienbacher, 2021. "How do banks interact with fintech startups?," Small Business Economics, Springer, vol. 57(3), pages 1505-1526, October.
    12. Randall G. Holcombe & Gregory J. Robson, 2025. "Are social contracts possible without actual negotiation?," Constitutional Political Economy, Springer, vol. 36(1), pages 68-79, March.
    13. Teck Ming Tan & Jari Salo, 2023. "Ethical Marketing in the Blockchain-Based Sharing Economy: Theoretical Integration and Guiding Insights," Journal of Business Ethics, Springer, vol. 183(4), pages 1113-1140, April.
    14. Romi Kher & Siri Terjesen & Chen Liu, 2021. "Blockchain, Bitcoin, and ICOs: a review and research agenda," Small Business Economics, Springer, vol. 56(4), pages 1699-1720, April.
    15. Fernanda Momo & Giovana Schiavi & Ariel Behr & Percival Lucena, 2019. "Business Models and Blockchain: What Can Change?," RAC - Revista de Administração Contemporânea (Journal of Contemporary Administration), ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração, vol. 23(2), pages 228-248.
    16. Bokolo Anthony Jnr., 2022. "Toward a collaborative governance model for distributed ledger technology adoption in organizations," Environment Systems and Decisions, Springer, vol. 42(2), pages 276-294, June.
    17. Saurabh, Kumar & Rani, Neelam & Upadhyay, Parijat, 2024. "Towards novel blockchain decentralised autonomous organisation (DAO) led corporate governance framework," Technological Forecasting and Social Change, Elsevier, vol. 204(C).
    18. Mohammad Hossein Ronaghi & Mohammad Mosakhani, 2022. "The effects of blockchain technology adoption on business ethics and social sustainability: evidence from the Middle East," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 24(5), pages 6834-6859, May.
    19. Santana, Carlos & Albareda, Laura, 2022. "Blockchain and the emergence of Decentralized Autonomous Organizations (DAOs): An integrative model and research agenda," Technological Forecasting and Social Change, Elsevier, vol. 182(C).
    20. Zahid, Haider & Ali, Amjad & Audi, Marc, 2025. "Cryptocurrency Regulation and Financial Disclosure: Cross-Jurisdictional Evidence on Corporate Reporting Practices," MPRA Paper 127482, University Library of Munich, Germany.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)
    • K11 - Law and Economics - - Basic Areas of Law - - - Property Law
    • P14 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Property Rights

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    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:lsa:wpaper:wpc36. 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: Matteo Rizzolli (email available below). General contact details of provider: https://edirc.repec.org/data/celumit.html .

    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.