Blockchains and institutional competition in innovation systems. Issue 2 (6th September 2019)

• Record Type: Journal Article
• Authors: Markey-Towler, Brendan
• Is Part Of: Journal of entrepreneurship and public policy. Volume 9:Issue 2(2020)
• Page Start: 185
• Page End: 193
• Publication Date: 2019-09-06
• Subjects: Evolution -- Technology -- Diffusion -- Innovation systems -- Blockchain; D02 -- D71 -- H11 -- P16 -- P48 -- P50; Entrepreneurship -- Government policy -- Periodicals; 338.0405
• DOI: 10.1108/JEPP-03-2019-0015
• Languages: English
• ISSNs: 2045-2101

Abstract

Abstract : Purpose: The purpose of this paper is to introduce the notion of blockchain as an institutional technology, defend the idea of National Innovation Systems as institutional systems, and then make use of the theory of institutional competition to characterise challenges posed by innovation public policy by blockchain technology. Design/methodology/approach: The approach is to consider the nature of blockchain technology as an institutional technology, and to consider the nature of National Innovation Systems as institutional systems. The author then applies a theory of institutional competition developed elsewhere to appraise the interaction of the two. Findings: The author expects for there to emerge sustained competition for National Innovation Systems from innovation systems implemented using blockchains. There will be pressure exerted by the latter upon the former to become more integrated, secure, usable and to greater support profit expectations for entrepreneurs. Originality/value: The theory of institutional competition upon which this work is based makes use of cutting-edge behavioural and institutional economics. It has hitherto only been applied at a general level and has not been applied to a specific set of institutions such as National Innovation Systems.