With Sinclair Davidson and Jason Potts. Published in Richard E. Wagner (ed.), James M. Buchanan: A Theorist of Political Economy and Social Philosophy, Palgrave Macmillan, 2018, pp. 383–397.
Abstract: Blockchains are constitutional orders—rule-systems in which individuals (or firms, or algorithms) can make economic and political exchanges—and so offer a unique economic environment for institutional discovery and constitutional experimentation. Blockchains facilitate exchange, provide public goods (security, property rights), map identities, and provide a platform for contracting and the enforcement of contracts. Some applications of blockchains offer the possibility of new forms of ‘corporate’ organisation, such as distributed autonomous organisations. Others suggest the possibility of moving public good provision from states to networks, such as property titling and identity.