בלוקצ׳יין ודיני תחרות

Blockchain technology came with a promise to promote competition on various markets, as it offers a more efficient method for executing some online transactions and information transfers. Today, over a decade after its introduction, it is time to consider whether Blockchain technology indeed changed market dynamics; whether it had an impact on market concentrations, entry barriers, or competition; and what role competition law plays in regulating it.To answer these questions, this paper first examines the features of Blockchain technology that could significantly change various industries. The advantages analyzed include, interalia, lowering transaction costs, enhancing the security and reliability of transactions, offering privacy protections, and enabling more efficient supervision of suppliers. These advantages could change the structure of markets by, for example,lowering the costs of engaging with external suppliers and promoting the decentralization of markets. Concerns of anti competitive conduct within or by the Blockchain network are analyzed as well.Competition law applies to anti competitive conduct. As this paper shows, however,two central technological features of some Blockchain networks – the anonymity of users and the immutability of the blocks that make up the Blockchain – inherently prevent the application of competition law. Moreover, Blockchain technology gives rise to broader regulatory issues such as the appropriate forum for addressing such issues, the ability to identify transaction locations, and jurisdiction. All of these issues must be dealt with so that the anti competitive concerns that Blockchain technology creates could be addressed .Our analysis leads to the conclusion that, despite its advantages, Blockchain technology will not lead to complete decentralization, elimination of intermediaries, and absence of concentrations of market power. This is partly due to the existence of intermediaries and other third parties active on Blockchain networks who can potentially accumulate market power.