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Analysis of Contracts in Various Formats of Blockchain

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  • Hegadekatti, Kartik

Abstract

One of the important features of Blockchain is that it allows the hosting and execution of contracts. Such a contract in the digital world is known as a Smart Contract. But the process and consequences of a contract vary radically from one format of Blockchain to another. One of the formats (and the most common at present) is the Unregulated Blockchain (like Bitcoin and Ethereum) with no government supervision whatsoever. Another format is the Controlled Blockchain which is managed and guaranteed by the Government. It is this difference that is vital in understanding the impacts and consequences of entering into and abiding by Smart Contracts. Firstly, the concept of cryptocurrencies (also referred to as cryptocoins in this paper) is explained. Then the concept of Regulated and Sovereign Backed Cryptocurrencies (RSBCs) is discussed. Later on, I explain how contracts vary between the two Blockchain formats. Finally, the paper concludes as to how smart contracts can be best executed and on which format of Blockchain.

Suggested Citation

  • Hegadekatti, Kartik, 2016. "Analysis of Contracts in Various Formats of Blockchain," MPRA Paper 82868, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:82868
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    File URL: https://mpra.ub.uni-muenchen.de/82868/1/MPRA_paper_82868.pdf
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    References listed on IDEAS

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    1. Hegadekatti, Kartik & S G, Yatish, 2016. "The K-Y Protocol: The First Protocol for the Regulation of Crypto Currencies (E.g.-Bitcoin)," MPRA Paper 82067, University Library of Munich, Germany.
    2. Hegadekatti, Kartik & S G, Yatish, 2016. "Roadmap for a Controlled Block Chain architecture," MPRA Paper 82070, University Library of Munich, Germany, revised 16 Aug 2016.
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    Cited by:

    1. Gottschlich, Florian, 2018. "Benefits and challenges of factors influencing the integration of blockchain technology," Journal of Applied Leadership and Management, Hochschule Kempten - University of Applied Sciences, Professional School of Business & Technology, vol. 6, pages 1-17.

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    More about this item

    Keywords

    blockchain; bitcoin; cryptocurrency; RSBC; nationcoins; K-Y Protocol;
    All these keywords.

    JEL classification:

    • D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
    • J52 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Dispute Resolution: Strikes, Arbitration, and Mediation
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
    • L24 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Contracting Out; Joint Ventures
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out

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