The Use of Blockchain Technology in the Implementation of Monopolistic Activities

Abstract

The paper analyzes the possibility of using blockchain technology by economic entities in order to violate the norms of competition law, in particular the implementation of monopolistic activities. The author classifies blockchain systems into 4 main groups—public systems, limited access systems, private systems, and consolidated systems. The author considers the main types of monopolistic activity: the abuse of dominant position, coordinated actions of economic entities and anti-competitive agreements. The paper proposes a mechanism for assessing competition in commodity markets to identify the participant occupying a dominant position with due regard to the peculiarities of blockchain technology. The author evaluates some types of abuse of dominant position by using the blockchain technology. It is proposed to divide anti-competitive agreements and coordinated actions into two groups: actions undertaken against blockchain networks and actions undertaken using blockchain networks. The author concludes that the use of the public blockchain system to exchange information by competing business entities under the general rule will not constitute a violation of competition law.