Blockchain and Governance: Theory, Applications and Challenges
Bhavya Ahuja Grover, Bhawna Chaudhary, Nikhil Kumar Rajput, Om Dukiya · 2021
Every systematic organization abides by laws, even the universe. There needs to be an authority, a Governor, who can frame rules, implement them and monitor each system. The present scenario has been dictated by a centralized scheme of governance. The scheme has its own flaws. There is a lack of trust and transparency, delayed processing, and complexity involved in the whole system. Hence, the wave is transitioning towards decentralized governance and it may become the modus operandi in the near future. A decentralized control structure makes the system more versatile and trustworthy by eliminating several unwanted middle authorities as well as removing the single locus of control. Blockchain has emerged as a powerful tool and can serve as a building block for realizing the implementation and benefits of decentralized governance. In this piece of work, we attempt to highlight the advantages that the blockchain infrastructure can reap in, ventures wherein blockchains have been utilized to bring about improvements from the current centralized implementations and finally the challenges that need to be catered to before we can fully switch to a decentralized model of governance.