The article has been co-authored by Alex Pazaitis, Primavera De Filippi and Vasilis Kostakis.

Abstract: This article explores the potential of blockchain technology in enabling a new system of value that will better support the dynamics of social sharing. Our study begins with a discussion of the evolution of value perceptions in the history of economic thought. Starting with a view on value as a coordination mechanism that defines meaningful action within a certain context, we associate the price system with the establishment of capitalism and the industrial economy. We then discuss its relevance to the information economy, exhibited as the techno-economic context of the sharing economy, and identify new modalities of value creation that better reflect the social relations of sharing. Through the illustrative case of Backfeed, a new system of value is envisioned, comprising three layers: (a) production of value; (b) record of value; and (c) actualisation of value. In this framework, we discuss the solutions featured by Backfeed and describe a conceptual economic model of blockchain-based decentralised cooperation. We conclude with a tentative scenario for blockchain technology that can enable the creation of commons-oriented ecosystems in a sharing economy.

Full text available here: http://www.sciencedirect.com/science/article/pii/S0040162517307084 (find this and more publications of the P2P Lab openly accessible here).

Photo by portalgda

The post Blockchain and value systems in the sharing economy: The illustrative case of Backfeed appeared first on P2P Foundation.