This work aims investigate the relationship between Blockchain Technology and Transaction Costs. More in detail, the object is to analyze how this technology contributes to reduce transaction costs by influencing the sources of transaction costs. In particular, I consider transaction costs along the supply chain. To this end, I provide a detailed illustration of Blockchain and Transaction Cost Theory. On one hand, I describe the Blockchain, introduced, in 2008, by Satoshi Nakamoto. This technology is born in the financial sphere, in particular in relation to cryptocurrencies. I highlight its characteristics, benefits, and implementation challenges. Moreover, I present the existent relation between the technology and the supply chain, introducing some interesting case studies worldwide. This is a crucial point in order to understand the potentialities of this technology. On the other hand, I present the Transaction Costs Theory. This theory, formulated by Oliver Williamson, who received the Nobel Prize in 2009, holds that the firms’ boundaries (i.e., a make or buy decision) depend heavily on the costs associated with a transaction (i.e., transaction costs). Consequently, if making a market transaction involves high costs, a firm chooses to internalize the activity. If costs are low, the firm has incentives to resort to market transactions. Once presented these two topics, I propose a theoretical model, which holds that Blockchain Technology can influence some sources of the transaction costs. In order to illustrate this model empirically, I made some cases studies of Italian firms, which have implemented blockchain projects. Through the interview, I collected qualitative data about how blockchain relates to transaction costs. Theoretical and empirical contributions allow me to find significant results.
Questo lavoro mira a proporre una relazione tra la tecnologia Blockchain e i Costi di Transazione. Più in dettaglio, l'obiettivo è analizzare l'influenza della tecnologia (cioè Blockchain) su ogni elemento che genera un costo di transazione. Per fare ciò, propongo un’analisi dettagliata di Blockchain e della Transaction Cost Theory. Da un lato, descrivo la Blockchain, introdotta, nel 2008, da Satoshi Nakamoto. Questa tecnologia nasce in ambito finanziario, in particolare in relazione alle criptovalute. Cerco di evidenziarne le caratteristiche, i benefici e le difficoltà nell'attuazione. Inoltre, presento la relazione esistente tra la tecnologia e la supply chain introducendo alcuni casi studio interessanti in tutto il mondo. Questo è un punto cruciale per comprendere in modo pratico le potenzialità di questa tecnologia. D'altro canto, presento la Teoria dei Costi di Transazione. Questa teoria, formulata da Oliver Williamson e premiata con il premio Nobel nel 2009, sostiene che la governance di una società dipende fortemente dai costi associati a una transazione. Di conseguenza, se rivolgersi al mercato comporta costi elevati, una società è spinta a internalizzare l'attività. Se i costi sono bassi, l'azienda ha incentivi a rivolgersi a fornitori esterni. Una volta presentati questi due argomenti, propongo un modello teorico che sostiene che la tecnologia Blockchain può influenzare alcuni elementi che generano i costi di transazione. Per sostenere questo modello, ho realizzato un sondaggio indirizzato ad alcune aziende italiane, che hanno implementato un progetto Blockchain. Attraverso l'intervista, ho raccolto dati qualitativi sulla relazione tra Blockchain e Costi di transazione. I contributi teorici ed empirici mi hanno permesso di ottenere risultati significativi.
Relations between blockchain technology and transaction cost theory : an empirical analysis of Italian companies
del TORCHIO, JOAO LUCAS
2018/2019
Abstract
This work aims investigate the relationship between Blockchain Technology and Transaction Costs. More in detail, the object is to analyze how this technology contributes to reduce transaction costs by influencing the sources of transaction costs. In particular, I consider transaction costs along the supply chain. To this end, I provide a detailed illustration of Blockchain and Transaction Cost Theory. On one hand, I describe the Blockchain, introduced, in 2008, by Satoshi Nakamoto. This technology is born in the financial sphere, in particular in relation to cryptocurrencies. I highlight its characteristics, benefits, and implementation challenges. Moreover, I present the existent relation between the technology and the supply chain, introducing some interesting case studies worldwide. This is a crucial point in order to understand the potentialities of this technology. On the other hand, I present the Transaction Costs Theory. This theory, formulated by Oliver Williamson, who received the Nobel Prize in 2009, holds that the firms’ boundaries (i.e., a make or buy decision) depend heavily on the costs associated with a transaction (i.e., transaction costs). Consequently, if making a market transaction involves high costs, a firm chooses to internalize the activity. If costs are low, the firm has incentives to resort to market transactions. Once presented these two topics, I propose a theoretical model, which holds that Blockchain Technology can influence some sources of the transaction costs. In order to illustrate this model empirically, I made some cases studies of Italian firms, which have implemented blockchain projects. Through the interview, I collected qualitative data about how blockchain relates to transaction costs. Theoretical and empirical contributions allow me to find significant results.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/150893