[en] Blockchain technology and smart contracts are catalysts for decentralization and disintermediation. These new technologies reduce transaction costs, agency costs, and offer a basis for trustless social and economic interactions. They are fueling new business models for decentralized platforms and have revolutionized crowdfunding. A recent trend, Decentralized Autonomous Organizations (DAOs), stands to fundamentally transform organizing and governance. DAOs are blockchain-native, decentralized organizations that are collectively owned and managed by their members via smart contracts. In this note, we assess the promises and challenges of DAOs, with a focus on decentralized governance and disintermediation, and offer a first empirical glimpse at the rise and functioning of DAOs. Overall, DAOs may introduce a new era in organizational economics, transforming the global corporate landscape from hierarchical organizations to democratic and distributed organizations powered by organizational entrepreneurship and innovations.
Centre de recherche :
Interdisciplinary Centre for Security, Reliability and Trust (SnT) > Entrepreneurship, Innovation, and New Technology (EINT) NCER-FT - FinTech National Centre of Excellence in Research
Disciplines :
Stratégie & innovation
Auteur, co-auteur :
Bellavitis, Cristiano
FISCH, Christian ; University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > Entrepreneurship, Innovation, and New Technology (EINT)
Momtaz, Paul
Co-auteurs externes :
yes
Langue du document :
Anglais
Titre :
The rise of decentralized autonomous organizations (DAOs): a first empirical glimpse
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