Blockchain Technology for Effective Organizational Governance: A Review

Abstract

If you are a true techno-enthusiast, you must have heard news like Dubai becoming the World’s first blockchain-powered government, news about Telangana government’s decision to set up India’s first blockchain district in Hyderabad, also, news about Jharkhand becoming the first state in the nation to distribute seeds utilizing the blockchain technology and many more. Recently, we have witnessed how a variety of transactions are enforced autonomously without any intermediary in between. The remarkable use of Blockchain technology in cryptocurrency or digital currency was just the beginning. This technology has transformed the way we ensure corporate governance and security. This disruptive technology has great potential to change business models to enhance security. Such innovation that promotes the existence of decentralized autonomous organizations (DAOs) with the required decision-making, regulatory, accountability and incentive framework looks so fascinating. You cannot deny the fact that these decentralized ledger records, smart contracts to automate the processes and continuous auditing procedures can control system manipulations to a great extent. This technology can provide the necessary foundation and infrastructure needed for the Web3 iteration of the World Wide Web (WWW). Let’s understand how Web3 and blockchain together may help minimize the power and control of Big Tech giants by providing more transparent and distributed sharing options. The present research study highlights the tremendous potential that blockchain technology has in solving day to day issues that are encountered in governance. It tries to address the root causes behind it rather than controlling them superficially. This technology, surely, helps organizations and the government in controlling the scope of manipulations in the system.