This paper scrutinizes blockchain and competition law in the European Union (‘EU’) and the United States (‘US’), investigating the multi-jurisdictional challenges caused by this emerging technology. The paper argues that while blockchain technology can potentially increase competition in certain markets, it poses new antitrust concerns requiring careful consideration. The paper argues that while blockchain technology can potentially increase competition in certain markets, it poses new antitrust concerns requiring careful consideration.
This paper explores the potential for blockchain technology to enable collusion, cartel formation, and monopolization through data aggregation. Additionally, it delves into the difficulties of applying competition law in a decentralized setting where conventional methods might be inadequate. To address these problems, the paper puts forth several recommendations. First, it proposes fostering collaboration between blockchain developers and competition regulators to address antitrust concerns during the initial stages of blockchain projects. Second, it advises competition authorities to consider adopting blockchain technology for enforcement purposes, particularly in data gathering and analysis. Finally, the paper encourages competition authorities to collaborate and establish a common understanding of the opportunities and challenges posed by blockchain technology, through continuous dialogue and cooperation on a transatlantic scale.
In summary, this paper highlights the significance of a collaborative strategy in tackling blockchain-related challenges and competition law within an EU-US comparative framework. Offering practical guidance to policymakers and practitioners on managing competition law concerns arising from blockchain technology, this paper contributes to the ongoing international law dialogue. The expected outcome of this project is to equip policymakers and practitioners with pragmatic guidance to address competition law challenges associated with blockchain technology.