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Governance and control in distributed ledgers : understanding the challenges facing blockchain technology in financial services
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Zachariadis, Markos, Hileman, Garrick and Scott, Susan V. (2019) Governance and control in distributed ledgers : understanding the challenges facing blockchain technology in financial services. Information and Organization, 29 (2). pp. 105-117. doi:10.1016/j.infoandorg.2019.03.001 ISSN 1471-7727.
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Official URL: http://dx.doi.org/10.1016/j.infoandorg.2019.03.001
Abstract
As blockchain platforms are becoming increasingly noticeable in financial services and beyond, questions arise regarding their suitability to compete with or replace existing payment systems and marketplaces and redesign the financial infrastructures of the future. Prominent among these concerns are issues around governance and control in distributed ledgers: How are distributed ledger technologies governed? Can blockchains address complex administration problems? What key issues of note for practitioners and academics have emerged thus far? In this paper we aim to review the existing governance practices of established or popular blockchain and decentralized autonomous organization (DAO) systems with a view to understanding how they hold up in times of crises. What questions are raised when they are compromised or faced consensus challenges in coordinating action especially around control and accountability? We use a translational process, generating focal insights about present concerns from the reference point of completed academic studies and extensive practitioner consultation. Rather than adopting a declarative approach attempting to provide all the answers, we draw insights from the IT platform governance literature to offer a critical perspective for asking the right questions around key governance issues in financial infrastructure such as decision rights, control mechanisms, and incentives.
Item Type: | Journal Article | ||||||||
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Divisions: | Faculty of Social Sciences > Warwick Business School > Information Systems & Management Faculty of Social Sciences > Warwick Business School |
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Journal or Publication Title: | Information and Organization | ||||||||
Publisher: | Pergamon | ||||||||
ISSN: | 1471-7727 | ||||||||
Official Date: | June 2019 | ||||||||
Dates: |
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Volume: | 29 | ||||||||
Number: | 2 | ||||||||
Page Range: | pp. 105-117 | ||||||||
DOI: | 10.1016/j.infoandorg.2019.03.001 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Restricted or Subscription Access |
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