Blockchain and Competition Law
Ernesto Rengifo García · GRUR International · 2020
In a survey led by the World Economic Forum of over 800 executives and experts from the information and communications technology industry, respondents predicted that by 2027, an average of 10% of the global gross domestic product will be stored on blockchains, with 58% of respondents expecting this tipping point to occur by 2025. This permits the assumption that even emerging economies will benefit from this development – its transparency characteristic is currently allowing the implementation of projects like the land titling reform in India. Nonetheless, this technological tool permits coordination between competitors, providing the means not only to share information but also to monitor its participants in order to ensure that the terms of private agreements are being followed. In addition, depending on the development of the technology and market conditions, private blockchains also pose exclusionary risks. Given the optimism around the spread of this technology, these risks should be taken seriously. Hence, this editorial does not focus on the traditional flattery that blockchain has received for its multiple benefits. Instead, it centers on how private blockchains can generate a series of anti-competitive events which must be subject to analysis in light of competition law.