The internal and external governance of blockchain-based organizations: evidence from cryptocurrencies
File(s)
Author(s)
Hsieh, Ying-Ying
vergne, Jean-Philippe
Wang, Sha
Type
Chapter
Abstract
Blockchain technology proposes to create value by decentralizing the creation, verification, validation, and secure storage of economic transactions, both within and between organizations. The chapter provides deeper understanding of how these blockchain solutions would be operated and by whom. It focuses on decentralization as the key dimension by which organizational governance forms vary. The chapter utilizes theory on organizational and corporate governance to unpack how blockchain-based organizations operate. It examines the relationship between internal and external governance design features and cryptocurrency returns. Blockchain-based organizations such as cryptocurrencies compete with traditional economic institutions by proposing alternative forms of organizational governance. Demand for cryptocurrencies mainly stems from two sources: first, consumers and merchants using cryptocurrencies as a means of payment; and second, investors holding a cryptocurrency as an investment, hoping that the price will rise. Many cryptocurrencies were created from the open-source Bitcoin software code, and follow the same open-source development model.
Editor(s)
Campbell-Verduyn, Malcom
Date Issued
2017-11-28
Citation
Bitcoin and beyond. Cryptocurrencies, blockchains, and global governance, 2017, pp.48-68
ISBN
9781315211909
Publisher
Taylor & Francis Group
Start Page
48
End Page
68
Journal / Book Title
Bitcoin and beyond. Cryptocurrencies, blockchains, and global governance
Copyright Statement
© The Author(s) 2018. This chapter is available open access. The Open Access version of this book, available at
www.taylorfrancis.com, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license (https://creativecommons.org/licenses/by-nc-nd/4.0/)
www.taylorfrancis.com, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license (https://creativecommons.org/licenses/by-nc-nd/4.0/)
Article Number
3