Naslov (eng)

CRYPTO-DEMOCRACY: IMPLICATIONS OF THE BLOCKCHAIN TECHNOLOGY ON THE DEMOCRATIC CHOICE

Autor

Popović, Andrija
Milijić, Ana

Opis (srp)

Deciding by the majority is the simplest way of voting on the issues of public interest. Over time, the legitimacy of this system has been widely accepted and became the dominant form of government and public decision-making. However, global democracies are in decline due to the pressure of the multiple global challenges, and Blockchain technology is the possible solution. This paper aims to systematize and identify the potential implications of the Blockchain on the decentralization and the economy of collective decision-making. Methodological individualism and the Institutional Possibility Frontier (IPF) framework, applied to the model of the constitutional democracy, provide a logical foundation for the comprehensive analysis of the possibilities and limitations of blockchain implementation in democratic voting systems. The results show that blockchain technology provides significant benefits and cost reduction in any form of institutional decision making. Furthermore, crypto-democracy provides a decentralized, transparent, and reliable decision-making system which transforms traditional geographical constituencies into an unbundled agency system, which ensures that the individual opinion is reflected in the public choice. The study indicates that the research on the institutional application of blockchain technology is in the early stages. Therefore, recommends the careful but optimistic introduction of the presented system into the existing voting mechanisms.

Opis (srp)

Proceedings of the 6th International Scientific Conference on Contemporary Issues in Economics, Business and Management (EBM 2020), Faculty of Economics in Kragujevac, Republic of Serbia, pp. 389-399.

Jezik

engleski

Datum

2020

Licenca

Ovo delo je licencirano pod uslovima licence
Creative Commons CC BY-NC-ND 4.0 - Creative Commons Autorstvo - Nekomercijalno - Bez prerada 4.0 International License.

http://creativecommons.org/licenses/by-nc-nd/4.0/legalcode

Predmet

Crypto-democracy, Blockchain, Public Choice, Transaction Costs

Deo kolekcije (1)

o:2347

Radovi istraživača i saradnika Inovacionog centra Univerziteta u Nišu