Blockchain is considered by many to be a disruptive core technology. Although many
researchers have realized the importance of blockchain, the research of blockchain is still in …

We survey extant literature on the economics of blockchain fundamentals, with particular
focus on Bitcoin, proof-of-work, and proof-of-stake. We formally clarify Bitcoin's economic …

Blockchain technology provides decentralized consensus and potentially enlarges the
contracting space through smart contracts. Meanwhile, generating decentralized consensus …

We investigate the role that transaction fees play in the bitcoin blockchain's evolution from a
mining-based structure to a market-based ecology. We develop a game-theoretic model to …

Can securities be settled on a blockchain, and, if so, what are the gains relative to existing
settlement systems? The main benefit of a blockchain is faster and more flexible settlement …

Motivated by the recent blockchain technology originally built for bitcoin transactions,
various industries are exploring the opportunities to redefine their existing operational …

With the ambitious plans of renewal and expansion of industrialization in many countries,
the efficiency, agility and cost savings potentially resulting from the application of industrial …

This study examines time–frequency relationship between Bitcoin prices and Bitcoin mining
based on daily data from January 2013 to October 2018. Bitcoin mining is measured through …

We introduce economic research on blockchains and its recent advances. In particular, we
highlight the (i) unifying concepts on blockchain as a decentralized consensus and its core …

Blockchain-based cryptocurrencies prioritize transactions based on their fees, creating a
unique kind of fee market. Empirically, this market has failed to yield stable equilibria with …