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

Cyril Chambefort () and Magali Chaudey ()
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Cyril Chambefort: GATE Lyon Saint-Étienne - Groupe d'Analyse et de Théorie Economique Lyon - Saint-Etienne - UL2 - Université Lumière - Lyon 2 - UJM - Université Jean Monnet - Saint-Étienne - EM - EMLyon Business School - CNRS - Centre National de la Recherche Scientifique
Magali Chaudey: GATE Lyon Saint-Étienne - Groupe d'Analyse et de Théorie Economique Lyon - Saint-Etienne - UL2 - Université Lumière - Lyon 2 - UJM - Université Jean Monnet - Saint-Étienne - EM - EMLyon Business School - CNRS - Centre National de la Recherche Scientifique

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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.

Keywords: blockchain; contractual analysis; DAO; governance; smart contract; token (search for similar items in EconPapers)
Date: 2024-08-13
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Published in European Management Review, 2024, 21 (3), pp.511-515. ⟨10.1111/emre.12677⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04673533

DOI: 10.1111/emre.12677

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