I am absolutely delighted to let you know about the publication of a new article I co-authored with Vitalik Buterin (co-founder of the Ethereum): “Blockchain Code as Antitrust“.
It starts from the following premise: the rule of law does not govern all human interactions. Against this background, one may want to rely on other means to increase the common good, and we contend that blockchain is a great candidate to do so. More specifically, we explain, from a game-theory perspective, why blockchains create trust between contracting parties at the individual level, enabling them to transact freely and increase consumer welfare (part 1). Concomitantly, blockchains also help in increasing decentralization, an objective shared with antitrust laws. That is all the more true when blockchain features specific characteristics that we detail (part 2).
But there’s a catch. Blockchains can only supplement antitrust if the legal constraints do not impede their development. The law should thus support the decentralization of blockchains, so that blockchain-based mechanisms may take over (even if imperfectly) where the law does not apply. We explain how to provide such support using sandboxes and safe harbors (part 3).
Dr. Thibault Schrepel