BLOCKCHAIN IMPLEMENTATION AND PRINCIPAL-AGENT THEORY
BLOCKCHAIN IMPLEMENTATION AND PRINCIPAL-AGENT THEORY
Author(s): Ajeng Septiana WULANSARISubject(s): Business Economy / Management, Organizational Psychology, Management and complex organizations, ICT Information and Communications Technologies
Published by: Facultatea de Management, Academia de Studii Economice din Bucuresti
Keywords: Blockchain; principal-agent theory; decentralized autonomous organization; agency cost;
Summary/Abstract: One of the biggest issues in organization in centuries is problem raised by the relationship between actor inside. This problem called principal-agent problem which explained by principal agent theory (PAT). The emerged new technology disruption called blockchain technology (BCT) receive the challenge to offers the solution for principalagent problem, it claims empirically could reduce or even eliminate the problem, thus lead to lower cost to solved the problem, called agency cost. This technology application wide spread in several sectors, the example is the implementation of Decentralized Autonomous Organization (DAO). DAO is the blockchain based new form of organization, who run based on a smart contract or algorithm run in the computer network. This paper is conceptual paper, we explained about the basic of blockchain, and we analyzed the correlation between blockchain and principal agent theory.
Journal: Business Excellence and Management
- Issue Year: 13/2023
- Issue No: 2
- Page Range: 97-113
- Page Count: 17
- Language: English