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- Publisher Website: 10.1093/rfs/hhac051
- WOS: WOS:000842620800001
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Article: Corporate Capture of Blockchain Governance
| Title | Corporate Capture of Blockchain Governance |
|---|---|
| Authors | |
| Issue Date | 2022 |
| Citation | The Review of Financial Studies, 2022, Forthcoming How to Cite? |
| Abstract | We develop a theory of blockchain governance. In our model, the proof-of-work system, the most common set of rules for validating transactions in blockchains, creates an industrial ecosystem with specialized suppliers of goods and services. We analyze the interactions between blockchain governance and the market structure of the industries in the blockchain ecosystem. We show that the proof-of-work system may lead to a situation in which some large firms in the blockchain industrial ecosystem—blockchain conglomerates—capture the governance of the blockchain. |
| Persistent Identifier | http://hdl.handle.net/10722/316226 |
| ISI Accession Number ID |
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.author | Ferreira, D | - |
| dc.contributor.author | Li, J | - |
| dc.contributor.author | Nikolowa, R | - |
| dc.date.accessioned | 2022-09-02T06:07:46Z | - |
| dc.date.available | 2022-09-02T06:07:46Z | - |
| dc.date.issued | 2022 | - |
| dc.identifier.citation | The Review of Financial Studies, 2022, Forthcoming | - |
| dc.identifier.uri | http://hdl.handle.net/10722/316226 | - |
| dc.description.abstract | We develop a theory of blockchain governance. In our model, the proof-of-work system, the most common set of rules for validating transactions in blockchains, creates an industrial ecosystem with specialized suppliers of goods and services. We analyze the interactions between blockchain governance and the market structure of the industries in the blockchain ecosystem. We show that the proof-of-work system may lead to a situation in which some large firms in the blockchain industrial ecosystem—blockchain conglomerates—capture the governance of the blockchain. | - |
| dc.language | eng | - |
| dc.relation.ispartof | The Review of Financial Studies | - |
| dc.title | Corporate Capture of Blockchain Governance | - |
| dc.type | Article | - |
| dc.identifier.email | Li, J: jli1@hku.hk | - |
| dc.identifier.authority | Li, J=rp02406 | - |
| dc.identifier.doi | 10.1093/rfs/hhac051 | - |
| dc.identifier.hkuros | 336139 | - |
| dc.identifier.volume | Forthcoming | - |
| dc.identifier.isi | WOS:000842620800001 | - |