After 2017: Managers Exit and Banks Arise

Abstract

I describe how economic models are changed by blockchain infrastructures. Managements of corporations are whether maximize profits or minimize debt, and it represented in optimization problems. Since blockchain technologies can automatically fulfil business contracts and achieve managements, managers will be treated as software. New economic agent “banks” is introduced in this article. The banks provide finance service and financial intermediation to other economic agents, and other agents provide electricity and computing resources to the banks. Also, I point out that a new kind of corporations will arise. The corporations provide products whose marginal cost is zero by replacing the cost to accounting subject to other corporations and consumers.