The Role of Blockchain and Smart Contracts in International Relations

Abstract

This chapter deals with the current and potential role of blockchain technology in the context of international relations. The development of blockchain technology spreads increasingly across various branches and sectors, from IT to financial and politics applications. The most important characteristic of this development is the implementation of a more efficient and more secure data verification, more efficient because it enables a decentralized storage within the network, and more secure because the data is secured by the proof of work concept, which is independent of a centralized server or entity. The first model, the rational actor model, assumes that decisions are made and actions are taken by governments as primary actors. The action is chosen according to a calculated solution to a strategic problem. Organizational choice requires the generation of all possible alternatives, the assessment of the probabilities of all consequences, and the evaluation of each set of consequences for all relevant goals.