Blockchain Disruption and Smart Contracts
研究了区块链通过智能合约扩大契约空间、改变信息环境，如何影响竞争格局：既能缓解信息不对称、促进进入和竞争以提升福利，也可能因共识生成中的信息分布而助长合谋，并讨论了反垄断政策含义。
Blockchain technology provides decentralized consensus and potentially enlarges the contracting space through smart contracts. Meanwhile, generating decentralized consensus entails distributing information that necessarily alters the informational environment. We analyze how decentralization relates to consensus quality and how the quintessential features of blockchain remold the landscape of competition. Smart contracts can mitigate informational asymmetry and improve welfare and consumer surplus through enhanced entry and competition, yet distributing information during consensus generation may encourage greater collusion. In general, blockchains sustain market equilibria with a wider range of economic outcomes. We further discuss the implications for antitrust policies targeted at blockchain applications.Received May 31, 2017; editorial decision May 29, 2018 by Editor Itay Goldstein.