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Yackolley Amoussou-Guenou, Bruno Biais and Sara Tucci-Piergiovanni LTI Report V CAN BLOCKCHAINDECENTRALISE MONEY,CONTRACTS, AND FINANCE? LTI Report 5 CENTRE FOR ECONOMIC POLICY RESEARCH Centre for Economic Policy Research187 boulevard Saint-Germain75007, Paris, France 2 Coldbath SquareLondon EC1R 5HLUK Tel: +44 (20) 7183 8801Fax: +44 (20) 7183 8820Email: cepr@cepr.orgWeb: www.cepr.org ISBN: 978-1-917343-00-8 LONG-TERM INVESTORS@UNITO Long-Term Investors@UniToCollegio Carlo AlbertoPiazza Vincenzo Arbarello, 810122 Torino TOItaly Tel: +39 011 15630 822Fax: +39 011 15630 801Email: lti@carloalberto.orgWeb: https://www.carloalberto.org/research/lti CAN BLOCKCHAINDECENTRALISE MONEY,CONTRACTS, AND FINANCE? LTI Report 5 Yackolley Amoussou-GuenouUniversité Paris-Panthéon-Assas Bruno BiaisHEC and CEPR Sara Tucci-PiergiovanniCEA-List and Université Paris-Saclay CENTRE FOR ECONOMIC POLICY RESEARCH (CEPR) The Centre for Economic Policy Research (CEPR) is a network of almost 1,900 researcheconomists based mostly in European universities. The Centre’s goal is twofold: topromote world-class research, and to get the policy-relevant results into the handsof key decision-makers. CEPR’s guiding principle is ‘Research excellence with policyrelevance’. It was founded in the UK in 1983, where it is a Charity, and in November 2019CEPR initiated the creation of an Association under French law, in order to provide avehicle for an expansion in France. The members of the Conseil d’Administration of theAssociation are identical to the UK Board of Trustees. CEPR is independent of all public and private interest groups. It takes no institutionalstand on economic policy matters and its core funding comes from its InstitutionalMembers, projects that it runs and sales of publications. Because it draws on such a largenetwork of researchers, its output reflects a broad spectrum of individual viewpointsas well as perspectives drawn from civil society. CEPR research may include views onpolicy, but the Trustees/members of the Conseil d’Administration of the Association donot give prior review to its publications. The opinions expressed in this report are thoseof the authors and not those of CEPR. Sir Charlie BeanRichard PortesBeatrice Weder di MauroMaristella BotticiniAntonio FatásUgo PanizzaHélène ReyTessa Ogden Chair of the BoardFounder and Honorary PresidentPresidentVice Presidents LONG-TERM INVESTORS@UNITO (LTI@UNITO) Long-Term Investors@UniTo (LTI@UniTO) is athink tankestablished in 2017 asa joint initiative of some of the major Italian market players in long-term financingandthe University of Torino. LTI@UniTO aims to foster long-term investing in the realeconomy among institutional investors, growth and stability. The think tank supportsindependent research, promotes education on long-term investing and organizes eventsto bring together the perspectives of long-term investors, regulators and policymakers. LTI@UniTO publishes the LTI Reports together with CEPR, with the aim of fosteringthe debate on relevant and timely long-term investment issues. The views expressedin the present report are those of the authors and not of LTI@UniTO or any of itssponsors. Pietro Garibaldiis the Director of LTI@UniTO. About the authors Yackolley Amoussou-Guenouis Associate Professor at Université Paris-Panthéon-Assas, where he is also co-Director of the Master Finance. He holds a PhD in ComputerScience from Sorbonne Université. His research is mainly on blockchain and distributedtechnologies and has been published inReview of Financial Studies, ACM DistributedLedger Technologies, andTheoretical Computer Science. He also publishes in computerscience conference proceedings. He is part of the research project “Technologies, (Dis)-intermediation and Financial Transaction Monitoring” (MonFinTech), supported bythe French Agence nationale de la recherche (ANR). Bruno Biaishas taught at Toulouse, Carnegie Mellon, Oxford, and LSE, and is nowa Professor of Finance at HEC. He holds a PHD in Finance from HEC. His researchon finance, contract theory and experimental economics has been published inEconometrica, Journal of Political Economy, American Economic Review, Reviewof Economic Studies, Journal of Finance, Review of Financial Studies, andJournalof Financial Economics. He was editor of theReview of Economic Studiesand theJournal of Finance. He is a Fellow of the Econometric Society and the Finance Theorygroup. He has been a Scientific Adviser to the NYSE, Euronext, the European CentralBank, and the Bank of England, and is currently a member of the Scientific AdvisoryCommittee of the European Systemic Risk Board. His current research project,"Welfare, Incentives, and Dynamic Equilibrium", benefits from the support of theEuropean Resarch Council (ERC Advanced Grant). He has received the Paris Boursedissertation award and the CNRS bronze medal. Sara Tucci-Piergiovanniis a Research Director and CEA Fellow at CEA List, affiliatedwith Universi