A review on blockchain governance

Download This Article

This work is licensed under a Creative Commons Attribution 4.0 International License.

Abstact

Having both opportunities and threats, blockchain is inevitably a game-changer disruptive innovation in our time. It keeps penetrating a wide scope of areas including banking, insurance, supply chain, trade finance and many more. During this penetration, it both affects and is affected by traditional governance mechanisms. Like the evolution of traditional governance mechanisms from shareholder to stakeholder model, blockchain technology advances towards optimizing the reciprocal effects of on-chain and off-chain governance. Based on the sophisticated and technology-dominated papers in the literature, this study handles blockchain governance by focusing on both technical and economic aspects of the concept. By analyzing different features of blockchain governance, we come up with the view that technical and economic success seems to be the highest in a hybrid governance structure at this stage.

Keywords: Blockchain Governance, On-Chain Governance, Off-Chain Governance, Exogenous Rules, Endogenous Rules, Public Blockchain, Private Blockchain, Consortium Blockchain, Hybrid Blockchain, XDC

JEL Classification: G30, G29, G39

Received: 10.05.2022
Accepted: 16.05.2022

How to cite: Atici, G. (2022). A review on blockchain governance. In G. M. Mantovani, A. Kostyuk, & D. Govorun (Eds.), Corporate governance: Theory and practice (pp. 128–133). https://doi.org/10.22495/cgtapp23