Abstract Body

Blockchain technology, its characteristics and structural pillars, operationalization, types, potentialities, risks arising from its use matter to society and to the law. Departing from Williamson and Irti doctrine, the blockchain technology is related to governance structures and markets concept to subsequently place it face to the New Institutional Economics and to the Law. Issues related to transaction costs and to its distinct technology characteristics are analysed to place it and consider its impacts. Within the scope of the New Institutional Economics, the behavioral components and the complex dimensions of the transactions explored by Williamson are combined with the unique characteristics of the technology in question to consider it as a new governance structure that enables the execution of transactions in a decentralized manner depending on transaction costs. With regard to Law, in line with Irti, the relevance of this legal science to the economics is observed, considering legal concepts and their de-bordering in the face of innovations. The essay points to potential transformations arising from technology and to the role of Law in society regarding technological evolution and opening of territorial borders, while also seeking to analyze the challenges to regulation and antitrust legislation resulting from its disruptive and innovative attribute.