It has been argued that the adoption of the blockchain technology may lead to the disruption of many current institutions such as markets, property rights, public registries, and so on. The academic literature exploring the potential institutional applications of blockchain technologies is in its infancy but is proliferating. This literature review focuses on certain institutional critical aspects of the blockchain. Trust and (de)centralization are pivotal to the functioning of markets and society in general; blockchain promises to profoundly transform both and their correlated institutions. Technology and behaviors have a reciprocal influence. Results show several issues that must not be underestimated to develop the applications of the blockchain properly, and therefore reach shared benefits and avoid unintentional negative impacts at both micro (individual) and macro (societal) level.
Can the blockchain be the infrastructure of the circular economy paradigm? In the present paper, we first explore the concepts of the blockchain and circular economy and consider why and how they could interact. Our inquiry of the literature provides a positive theoretical answer. However, shortcomings are also reviewed in terms of their practical implementation. Much will depend on how the blockchain technology and its functionalities (e.g., smart contracts, distributed autonomous organizations) will be able to support the circular economy ecosystem.
Blockchains promise to bring disruptive changes at several levels well beyond the realm of cryptocurrencies, in which they were first deployed; centralized institutions are challenged. The present survey focuses on the potential frictions between the application of blockchain technologies and the realm of law. Several subtopics are highlighted as problematic. Findings show that the current state of the art does not sufficiently support the blockchain’s implementation on a societal level. Shortcomings and confusion among legal and economic concepts are highlighted to be addressed, and therefore clarity and uniformity are needed to ensure the benefits that may derive from the application of this technology.