Blockchain, tokens, smart contracts, and “decentralized autonomous organization”: Expanding and renewing the mechanisms of governance?

IF 3.4 3区管理学 Q2 MANAGEMENT European Management Review Pub Date : 2024-08-13 DOI:10.1111/emre.12677

Cyril Chambefort, Magali Chaudey

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Abstract

Blockchain, tokens, smart contracts, and decentralized autonomous organization (DAO) are increasingly shaping discussions in media and research. The aim of this contribution is to explore how governance theory can clarify these concepts and how the application of theory to this new problem can also enrich governance theory itself.

We focus on the technical environment (blockchain and tokens) that is at the heart of this new form of organization. By exploiting the intrinsic attributes of blockchain (decentralization, immutability, and transparency), smart contracts and DAOs are coordination mechanisms that expand the possibilities of interagent interactions and horizontal coordination, eliminating information asymmetries and the need for trusted third parties. In addition, by taking advantage of the transparency and immutability inherent in blockchain, smart contracts and DAOs make it possible to find and record agreements securely, automating contractual clauses.

We argue that these technologies have a significant potential to renew the contractual approach to governance and to overcome some of the limitations of traditional theory.

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区块链、代币、智能合约和 "去中心化自治组织"：扩展和更新治理机制？

区块链、代币、智能合约和去中心化自治组织（DAO）越来越多地影响着媒体和研究领域的讨论。本文旨在探讨治理理论如何能够澄清这些概念，以及将理论应用于这一新问题如何能够丰富治理理论本身。我们重点关注作为这种新组织形式核心的技术环境（区块链和代币）。通过利用区块链的内在属性（去中心化、不可更改性和透明度），智能合约和 DAO 是一种协调机制，它扩大了代理间互动和横向协调的可能性，消除了信息不对称和对可信第三方的需求。此外，通过利用区块链固有的透明度和不变性，智能合约和 DAO 可以安全地查找和记录协议，实现合约条款的自动化。我们认为，这些技术在更新治理的合约方法和克服传统理论的一些局限性方面具有巨大潜力。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Management Review MANAGEMENT-

CiteScore

7.20

自引率

13.50%

发文量

期刊介绍： The European Management Review is an international journal dedicated to advancing the understanding of management in private and public sector organizations through empirical investigation and theoretical analysis. The European Management Review provides an international forum for dialogue between researchers, thereby improving the understanding of the nature of management in different settings and promoting the transfer of research results to management practice. Although one of the European Management Review"s aims is to foster the general advancement of management scholarship among European scholars and/or those academics interested in European management issues.