TY - JOUR
T1 - The rise of decentralized autonomous organizations (DAOs)
T2 - a first empirical glimpse
AU - Bellavitis, Cristiano
AU - Fisch, Christian
AU - Momtaz, Paul P.
N1 - Funding Information:
The authors are greatly indebted to Prof. Ibrahim Othman, Director General of the Atomic Energy Commission of Syria, for support this work.
Publisher Copyright:
© 2022 Informa UK Limited, trading as Taylor & Francis Group.
PY - 2023
Y1 - 2023
N2 - 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.
AB - 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.
KW - DAO
KW - blockchain
KW - decentralized autonomous organization
KW - ethereum
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U2 - 10.1080/13691066.2022.2116797
DO - 10.1080/13691066.2022.2116797
M3 - Article
AN - SCOPUS:85137026442
SN - 1369-1066
VL - 25
SP - 187
EP - 203
JO - Venture Capital
JF - Venture Capital
IS - 2
ER -