Institutional Encryption: The New Form of the Next Century

While cryptography is already a vibrant research field, the study of plucin should not be left only to computer scientists and researchers. The introduction of plucchin technology raises complex questions in many areas such as economics, public policy, law, sociology and political economy. What we call "institutional cryptography" begins with a simple hypothesis: that the blockachin is not just a new general purpose technology but a new institutional technique. General purpose technologies allow us to do what we usually do better, faster and cheaper, where economists look at general purpose technologies (such as steam or semiconductors) as major drivers of economic growth. There is no doubt that balksin is a general-purpose technology, but it is also much more.

Better to say that the bloc is a new mechanism for coordinating economic activity and facilitating cooperation among individuals. Providing new opportunities for exchange, cooperation and community building that had previously been closed owing to high information costs and transaction costs.

Old thought
With new institutional technology, we expect that the blocins will disrupt and transform economic activity and social organization. Institutional coding is a new analytical framework for the study of this evolutionary process. In the first place, we believe that the approach to transaction costs by Oliver Williamson - who won the Nobel Prize in Economics in 2009 - is the ideal theoretical framework for understanding the technique of plaquein. Williamson was primarily interested in understanding the "buy" decisions that companies made. Is it better to buy inputs in the open market or internally?

This option may identify company boundaries, which in turn define the incentive structures faced by decision makers. Thus, one of the major determinants of company boundaries is "opportunism" or "self-interest with a subtle pursuit" which Williamson described of human behavior. The combination of opportunism and asset specificity (which indicates how easy it is to resell or reallocate the investment) means that complex economic behavior must occur in large firms. This implies the need to invest large capital of money. We have seen the dominance of capitalism for shareholders in the nineteenth and twentieth centuries.

The new model
It breaks the relationship between size, opportunism and asset specificity. By eliminating opportunism to a large extent (as "unreliable" technology), where the licencin allows the deployment of assets identified in small companies that are not supported by large amounts of