Some Simple Economics of the Blockchain

@article{Catalini2016SomeSE,
  title={Some Simple Economics of the Blockchain},
  author={Christian Catalini and J. Gans},
  journal={NBER Working Paper Series},
  year={2016}
}
We build on economic theory to discuss how blockchain technology can shape innovation and competition in digital platforms. We identify two key costs affected by the technology: the cost of verification and the cost of networking. The cost of verification relates to the ability to cheaply verify state, including information about past transactions and their attributes, and current ownership in a native digital asset. The cost of networking, instead, relates to the ability to bootstrap and… Expand
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