Blockchain and the Future of the Firm | WSJ
Given the continuing advances of internet-based technologies, as well as emerging blockchain-based technologies, are companies passé? CIO Journal Columnist Irving Wladawsky-Berger taps an 80-year old economics paper and a recent book by two MIT faculty members to chart the future of the firm in an increasingly decentralized economy.
“One of the fundamental reasons that firms exist, then, is that it’s just not possible for market participants to get together and write complete contracts – ones that specify who does what, and who gets what, in all possible contingencies: all the ways the real world could unfold in the future.”