The thesis of the Berg et al. effort is that the key problem (at the margin, at least) is trust. The optimizing organizational response involves institutional cryptoeconomics. As they note, the chief problem in cryptoeconomics is designing mechanisms for generating reliable consensus; this is rather technical, and involves code that embodies solutions to strategic problems. Institutional cryptoeconomics asks what institutional forms will best embed cryptoeconomic solutions organically and with little friction into their daily operations.Again, the authors recognize the significance of their claim. If they are right, the new solutions to the problems of trust are just as important, and as disruptive, as the creation of the joint stock corporation. That means that the transformation, if it occurs, will happen on a massive scale and at breathtaking speed. The institutional advantages of the joint stock corporation, in terms of raising large amounts of capital and monitoring and enforcing contracts, were such that the commercial world went from “no corporations” to “above a certain size, only corporations” within a century. By analogy, at this point, uses of blockchain protocols to solve large-scale commercial problems are nearly unknown, but, in a few years, no other form of organization will be viable.
Source: Understanding the Blockchain Economy: An Introduction to Institutional Cryptoeconomics: The Independent Review: The Independent Institute