The rise of decentralized autonomous organizations (DAOs): a first empirical glimpse

Cristiano Bellavitis, Christian Fisch, Paul P. Momtaz

Research output: Contribution to journalArticlepeer-review

1 Scopus citations

Abstract

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.

Original languageEnglish (US)
JournalVenture Capital
DOIs
StateAccepted/In press - 2022
Externally publishedYes

Keywords

  • blockchain
  • DAO
  • decentralized autonomous organization
  • ethereum

ASJC Scopus subject areas

  • Business and International Management
  • Finance

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