Different types of government and governance in the blockchain

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Abstract

This research work, a study was carried out on blockchain technology and its types, as well as the creation of new models of government and governance from the scope of an organization, infrastructure and platform. Governance and commercial models were addressed, based on standardization of data and legal frameworks. On the other hand, it showed how operational governance causes consequences in business models, whether with transactions, multi-signature, forks, consensus mechanism, smart contracts, tokenization, online dispute resolution and decentralized application (World Economic Forum, 2020, pp. 97 196). It was discovered that at least in current business models, private blockchain networks are more useful than public networks because they have greater operational flexibility and data governance, without exempting that public networks must also have mechanisms of governance since sometimes a human consensus must be reached to make updates to protocols and technical rules (The Law Society, 2020, pp. 24-61). This paper shows the basic principles that must be observed about governance and regulation in the implementation of blockchain technologies in systems created by governments, corporations and/or organized civil societies.

Keywords: Blockchain, Government, Governance, Decentralized Autonomous Organization

Authors’ individual contribution: Conceptualization – I.N.L.C.; Methodology – J.Z.L.C. and I.N.L.C.; Writing – Original Draft – J.Z.L.C.; Writing – Review & Editing – J.Z.L.C. and I.N.L.C.; Supervision – J.Z.L.C. and I.N.L.C.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: G30, G38, K24, L22, M15

Received: 19.10.2020
Accepted: 21.01.2021
Published online: 22.01.2021

How to cite this paper: Llamas Covarrubias, J. Z., & Llamas Covarrubias, I. N. (2021). Different types of government and governance in the blockchain. Journal of Governance & Regulation, 10(1), 8-21. https://doi.org/10.22495/jgrv10i1art1