Multi-Stakeholder Governance in the Era of Decentralized Finance

Shin’ichiro Matsuo () and Ryosuke Ushida ()
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Shin’ichiro Matsuo: Georgetown University
Ryosuke Ushida: Georgetown University

A chapter in The Palgrave Handbook of Technological Finance, 2021, pp 287-309 from Springer

Abstract: Abstract Permissionless blockchain technology opens a new world of innovation for financial industry. Before the Bitcoin, most of all financial rules are discussed and defined at a level of regulators. However, Bitcoin introduced a concept of “permissionless innovation” to financial industry and regulators. This is old for the Internet and IT industry, but entirely new for financial industry. This change requests all stakeholders of financial industry to revisit a style of governance. In this chapter, we describe the impacts to ordinary governance of financial industry caused by permission innovation, then propose an idea to introduce “multi-stakeholder governance” which is a key success factor of decentralized Internet innovation, with revisiting key success factors of the Internet governance, consideration of applicability to financial industry. At the end of this chapter, we describe the way forward to establish healthy style of governance in the era of permissionless financial innovation based on polycentric stewardship.

Keywords: Governance; Multi-stakeholder collaboration; Permissionless innovation; Polycentric stewardship (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-65117-6_12

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DOI: 10.1007/978-3-030-65117-6_12

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