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  • 13 - The Viability of Blockchain in Corporate Governance

  • Edited by Luca Enriques, University of Oxford, Giovanni Strampelli, Università Commerciale Luigi Bocconi, Milan
  • Book:
    Board-Shareholder Dialogue
    Published online:
    31 August 2024
    Print publication:
    07 November 2024, pp 400-425

  • Summary

    Blockchain and distributed ledger technologies are considered as transformative for corporate governance and enabling decentralized autonomous organizations (DAOs) that challenge hierarchical structures. However, legal, governance, and liability issues surround DAOs. Despite the aim for decentralization, practical implementation often reveals centralized elements. The chapter also explores blockchain’s impact on traditional corporations, emphasizing improvements in share issuance, trading, and decision-making. Blockchain can also address custody chain problems, enhancing transparency in securities and stock ownership. Yet, transitioning to blockchain, exemplified by ASX CHESS Replacement, is complex. While blockchain holds promise in fostering shareholder and stakeholder rights, a nuanced assessment of limitations and practicalities is crucial. More classical alternatives like secure and transparent centralized systems should also be considered in corporate governance.