业务
非中介化
数字货币
中介的
产业组织
商业
数字加密货币
互联网
过程(计算)
金融科技
金融服务
计算机科学
计算机安全
付款
营销
财务
万维网
操作系统
出处
期刊:European Journal of International Management
[Inderscience Enterprises Ltd.]
日期:2021-01-01
卷期号:15 (1): 135-135
被引量:4
标识
DOI:10.1504/ejim.2021.111945
摘要
Major innovations are about reducing transactions costs. This has been true since the beginning of the Industrial Revolution and it continues along the inventive process in the last 220 years. The innovative technology of blockchains and cryptocurrencies with smart contracts (distributed digital technology) has a potential for substantial reduction of transactions costs that are rooted in human nature. Like earlier transformational innovative technologies, such as the steam locomotive and the internet, the new distributed digital technology may create disruptions in the market today, but if successful it will increase welfare by transforming the way that people transact in the market in the future. The major feature of the new digital technology is that it makes it possible for individuals to match their supply and demand without intervention of organisations like firms, financial intermediaries and regulating agencies. The new digital technology gets us closer to the neoclassical perfect market model. Distributed digital technology progresses in a step-by-step fashion. The first step was the Bitcoin: electronic peer-to-peer cash transfers without the need for central regulations. A number of services, particularly those that can be traded digitally, are next in line. Two potential applications of distributed digital applications are global trade in services and to MNEs.
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