Blockchain Technology Impacting Property Rights and Transaction Cost Regimes

Stefan Hopf, Claudia Loebbecke, Michel Avital

Research output: Chapter in Book/Report/Conference proceedingArticle in proceedingsResearchpeer-review

Abstract

The convergence of the physical and virtual worlds radically challenges our legal, economic and other institutional regimes. In contrast, property rights and transaction cost regimes are still largely based on the pre-digital era. The blockchain architecture seems to offer a way for one Internet user to safely and securely transfer a unique piece of digital property to another in such a way that anyone knows that the transfer has taken place and no one can challenge the legitimacy of the transfer. Subsequently, transaction costs could diminish and property rights be unbundled and partially enforced on an unprecedented granular level. This paper explores the implications of blockchain technology for our established property rights and transaction cost regimes. It aims to discuss whether the established regimes and theories will prevail or will need to adapt to the advent of blockchain technology.
The convergence of the physical and virtual worlds radically challenges our legal, economic and other institutional regimes. In contrast, property rights and transaction cost regimes are still largely based on the pre-digital era. The blockchain architecture seems to offer a way for one Internet user to safely and securely transfer a unique piece of digital property to another in such a way that anyone knows that the transfer has taken place and no one can challenge the legitimacy of the transfer. Subsequently, transaction costs could diminish and property rights be unbundled and partially enforced on an unprecedented granular level. This paper explores the implications of blockchain technology for our established property rights and transaction cost regimes. It aims to discuss whether the established regimes and theories will prevail or will need to adapt to the advent of blockchain technology.
LanguageEnglish
Title of host publicationAMCIS 2018 Proceedings
Number of pages5
Place of PublicationOnline
PublisherAssociation for Information Systems. AIS Electronic Library (AISeL)
Date2018
ISBN (Electronic)9780996683166
StatePublished - 2018
Event24rd Americas Conference on Information Systems. AMCIS 2018: Digital Disruption - New Orleans, LA, United States
Duration: 16 Aug 201818 Aug 2018
https://amcis2018.aisconferences.org/

Conference

Conference24rd Americas Conference on Information Systems. AMCIS 2018
CountryUnited States
CityNew Orleans, LA
Period16/08/201818/08/2018
Internet address

Keywords

  • Blockchain technology
  • Property rights
  • Transaction cost
  • New institutional economics

Cite this

Hopf, S., Loebbecke, C., & Avital, M. (2018). Blockchain Technology Impacting Property Rights and Transaction Cost Regimes. In AMCIS 2018 Proceedings Online: Association for Information Systems. AIS Electronic Library (AISeL).
Hopf, Stefan ; Loebbecke, Claudia ; Avital, Michel. / Blockchain Technology Impacting Property Rights and Transaction Cost Regimes. AMCIS 2018 Proceedings. Online : Association for Information Systems. AIS Electronic Library (AISeL), 2018.
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Hopf, S, Loebbecke, C & Avital, M 2018, Blockchain Technology Impacting Property Rights and Transaction Cost Regimes. in AMCIS 2018 Proceedings. Association for Information Systems. AIS Electronic Library (AISeL), Online, New Orleans, LA, United States, 16/08/2018.

Blockchain Technology Impacting Property Rights and Transaction Cost Regimes. / Hopf, Stefan ; Loebbecke, Claudia; Avital, Michel.

AMCIS 2018 Proceedings. Online : Association for Information Systems. AIS Electronic Library (AISeL), 2018.

Research output: Chapter in Book/Report/Conference proceedingArticle in proceedingsResearchpeer-review

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Hopf S, Loebbecke C, Avital M. Blockchain Technology Impacting Property Rights and Transaction Cost Regimes. In AMCIS 2018 Proceedings. Online: Association for Information Systems. AIS Electronic Library (AISeL). 2018.