After 2017: Managers Exit and Banks Arise
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.
- 1.BTMU testing virtual currency, considering launch for customer use, The Japan Times News, 10 Jun 2016. Retrieved October 31, 2017, from https://www.japantimes.co.jp/news/2016/06/10/business/btmu-testing-virtual-currency-considering-launch-customer-use/#.WfhE-0yKVBw.
- 2.Rizzo, P. (2016). Japans Largest Bank Latest to Develop Own Digital Currency. Retrieved October 31, 2017, from https://www.coindesk.com/japans-bank-tokyo-mitsubishi-mufg-coin/.
- 3.Szabo, N. (1997). The Idea of Smart Contracts. Retrieved October 31, 2017, from http://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/CDROM/Literature/LOTwinterschool2006/szabo.best.vwh.net/smart_contracts_idea.html.
- 4.Nakamoto, S. (2009). Bitcoin: A Peer-to-Peer Electronic Cash System. Retrieved October 31, 2017, from https://bitcoin.org/bitcoin.pdf.
- 6.Kinoshita, E. (2015). A proposal of thetical economy and antithetical economy by using operations research techniques. European Scientific Journal, July 2015 edition, 11(19), 29–48.Google Scholar