Markets for rules : the promise and peril of blockchain distributed governance

Purpose: The purpose of this paper is to explore the possible contributions of blockchain technology to creating new governance structures that facilitate social cooperation. Design/methodology/approach: Conceptual analysis with key ideas in new institutional economics and political theory is used in this paper. Findings: Blockchain technology provides a new tool through which political entrepreneurs can credibly alienate some of their power within a system of rules that they have established. Originality/value: This paper links discussion of blockchain entrepreneurship in commercial markets to research into private governance.