This paper argues that the practical implementation of blockchain technology can be considered an institution of property similar to legal institutions. Invoking Penner's theory of property and Hegel's system of property rights, and using the example of bitcoin, it is possible to demonstrate that blockchain effectively implements all necessary and sufficient criteria for property without reliance on legal means. Blockchains eliminate the need for a third-party authority to enforce exclusion rights, and provide a system of universal access to knowledge and discoverability about the property rights of all participants and how the system functions. The implications of these findings are that traditional property relations in society could be replaced by or supplemented with blockchain models, and implemented in new domains.

中文翻译：

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区块链技术作为财产制度

本文认为，区块链技术的实际实施可以看作是类似于法律制度的财产制度。援引彭纳的财产理论和黑格尔的产权制度，并以比特币为例，可以证明区块链有效地实现了所有必要和充分的财产标准，而无需依赖法律手段。区块链消除了对第三方机构强制执行排除权的需要，并提供了一个对所有参与者的财产权以及系统如何运作的知识和可发现性的普遍访问系统。这些发现的含义是，社会中的传统财产关系可以被区块链模型取代或补充，并在新领域实施。