Nobel Prize Laureate Oliver Hart to Join Advisory Board of Blockchain Startup

Nobel Prize Laureate Oliver Hart to Join Advisory Board of Blockchain Startup

Nobel Prize laureate Oliver Hart and Preston McAfee, a former chief economist at Microsoft, have joined the senior advisory board of Prysm Group, a blockchain economics, and governance design startup.

Prysm Group provides blockchain startups counseling in “complex economic fields of market design, game theory, social choice, and contract theory.” McAfee told media that he was very “excited” about working with the team, adding that blockchain supports and encourages new business models by allowing “decentralization and publication of digital records”.

He added that there is no other technology that provides privacy, verifiability, and decentralization, all at the same time. He further said:

 “Many blockchain applications involve creating economic systems [or] groups of agents who interact in multiple ways, with distinct roles. The challenge in designing such systems is that they have many interacting parts — various incentives, policing, contract rules, information provision, prices — that need to be simultaneously optimized if good performance is to be achieved.”

Oliver Hart said, echoing the words of McAfee, it was crucial for founders of blockchain-based startups to understand and analyze possible problems that can arise from creating code to replace traditional power structures and institutions, to be able to develop betters systems that are far more likely to achieve their goals.

He added that the fact that blockchain technology permits developers to design better contracts and incentives intrigues him.

He said:

“Prysm Group is dedicated to the idea that economic principles provide a powerful tool for understanding the issues and I am excited by the prospect of working with them,”

Hart’s statements indicate that he will be exploring something new, drawing a parallel to his past work. Hart won the Nobel Prize in 2016 for his work on contract theory.

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