Can you trust the blockchain? The (limited) power of peer-to-peer networks for information provision


Franke, Benedikt ; Gao, Qi ; Stenzel, André



URL: https://www.crctr224.de/en/research-output/discuss...
Weitere URL: https://ssrn.com/abstract=3475383
Dokumenttyp: Arbeitspapier
Erscheinungsjahr: 2019
Titel einer Zeitschrift oder einer Reihe: Discussion Paper Series - CRC TR 224
Band/Volume: 138
Ort der Veröffentlichung: Bonn
Verlag: Collaborative Research Center Transregio 224
Sprache der Veröffentlichung: Englisch
Einrichtung: Fakultät für Betriebswirtschaftslehre > ABWL u. Rechnungswesen (Simons 2004-)
Fachgebiet: 330 Wirtschaft
Abstract: We theoretically investigate the potentials and limits of privacy-preserving blockchain technology for the generation of information. In our model, heterogeneous firms can rely on traditional institutions or adopt a blockchain to inform the capital market. The blockchain leverages its peer-to-peer structure and disseminates aggregate information while ensuring the privacy of individual data entries. Within this system, firm-specific information provision depends on two critical factors: (i) the blockchain's fit for analyzing a given firm's data, and (ii) its reach into the economy as provided by the proportion of firms adopting the blockchain in equilibrium. The technology can improve information provision in two ways. The adoption decision itself may serve as a credible signal of a firm's valuation, and the blockchain may generate more information than traditional institutions when its reach is sufficiently high. However, we characterize an equilibrium in which high-value and low-value firms are present both inside and outside the blockchain, which limits both channels' ability to generate information. We show that the information provision can even fall below the benchmark case in which blockchain technology is not available.
Zusätzliche Informationen: Online-Ressource




Dieser Eintrag ist Teil der Universitätsbibliographie.




Metadaten-Export


Zitation


+ Suche Autoren in

+ Aufruf-Statistik

Aufrufe im letzten Jahr

Detaillierte Angaben



Sie haben einen Fehler gefunden? Teilen Sie uns Ihren Korrekturwunsch bitte hier mit: E-Mail


Actions (login required)

Eintrag anzeigen Eintrag anzeigen