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

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  • Cristiano Bellavitis
  • Christian Fisch
  • Paul P. Momtaz

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.

Suggested Citation

  • Cristiano Bellavitis & Christian Fisch & Paul P. Momtaz, 2023. "The rise of decentralized autonomous organizations (DAOs): a first empirical glimpse," Venture Capital, Taylor & Francis Journals, vol. 25(2), pages 187-203, April.
    • Handle: RePEc:taf:veecee:v:25:y:2023:i:2:p:187-203
    DOI: 10.1080/13691066.2022.2116797
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    Citations

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    Cited by:

    1. Li, Sen & Chen, Yan, 2024. "Governing decentralized autonomous organizations as digital commons," Journal of Business Venturing Insights, Elsevier, vol. 21(C).
    2. Nils Augustin & Andreas Eckhardt & Alexander Willem Jong, 2023. "Understanding decentralized autonomous organizations from the inside," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-14, December.
    3. Christian Ziegler & Syeda Rabab Zehra, 2023. "Decoding Decentralized Autonomous Organizations: A Content Analysis Approach to Understanding Scoring Platforms," JRFM, MDPI, vol. 16(7), pages 1-12, July.
    4. Saurabh, Kumar & Rani, Neelam & Upadhyay, Parijat, 2024. "Towards novel blockchain decentralised autonomous organisation (DAO) led corporate governance framework," Technological Forecasting and Social Change, Elsevier, vol. 204(C).
    5. Lukas Kung & George M. Giaglis, 2024. "DAOs' Business Value from an Open Systems Perspective: A Best-Fit Framework Synthesis," Papers 2406.12445, arXiv.org.
    6. Tara Merk, 2024. "Why to DAO: a narrative analysis of the drivers of tokenized Exit to Community," Papers 2407.14327, arXiv.org.

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