Dolzhenko, R. A. (2020). Transaction Costs by Using Blockchains and Smart Contracts in Labor Relations. Zhurnal Economicheskoj Teorii [Russian Journal of Economic Theory], 17 (1), 130-143
The paper presents an economic view of the possibilities and prospects of using blockchain technology and smart contracts in the labor relations system from the perspective of transaction costs theory. The author has considered the essence and features of the blockchain and described the options for blockchain platforms that can be used to fix transactions associated with labor. The author has tried to compare transaction costs in the case of using the blockchain in standard forms of labor relations. The study has shown that despite the advantages of the technology and significantly lower transaction costs due to minimization of the participants opportunism at the current level of development, with a small number of applications in the business environment, the blockchain has low prospects for mass implementation. It is highlighted the costs of lack of experience that is characteristic of the blockchain. It is necessary to support technology from the government authorities regulating the system of labor relations, to create a unified platform at the country level for fixing events significant for labor subjects in the field of labor relations (employment, training, pay, assessment, personnel changes) to eliminate the identified obstacles.