Theoretical and Applied Economics
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Publications of Finogeev Aleksey Germanovich
Security Issues, 2018-3
Finogeev A.G., Vasin S.M., Gamidullaeva L.A., Finogeev A.A. - The Use of the Blockchain-Based Smart Contracts Technology for Minimization of Transaction Costs in Regional Innovation Systems pp. 34-55


Abstract: The main barrier hindering efficient interaction of innovation activity actors is the high level of transaction costs of innovation activity. The growth of interaction between innovation system actors is the mechanism of the development of innovation activity at different stages of the innovation process, from the moment when the idea appears till the moment when innovation is commercialized. The subject of the research is the organisation of secure interaction between innovation activity actors in economic regional systems. The article also covers the issues of creating the mechanism of safe and reliable interaction of regional innovation system actors on the basis of smart contracts created in teh blockchain system. The research methods include scientific inquiry, axiomatization, analysis, blockchain, object-oriented approach, algorithmization, planning and construction of hypotheses. The technology developed by the authors allows to reduce the probability of deception from the side of dishonest participants as well as to eliminate the need in the third party by transferring functions of the third party to the smart contract. This is important for ensuring trustworthy and clear relationship between innovation project participants and concerned actors of socio-economic activity in the region. Smart contracts are created using the blockchain platform Ethereum. Based on that platform, the authors develop transaction components to be used during conclusion of treaties, creation and implementation of innovations, cession of intellectual property rights, use of rights and licences for innovation activity, etc. The main component of the system is the distributed registry of transactions with digital copies of innovation objects. 
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