Sustainable Corporate Governance Using Blockchain Technology

Abstract

This chapter investigates the potential impact of applying blockchain technology to corporate governance by presenting previous studies, corporate cases, and the European Blockchain Service Infrastructure initiative. The adaptation of blockchain technology to corporate governance can help decentralize the concentration of information by large Information and Communications Technologies global companies such as Google, Apple, Facebook, and Amazon (GAFA), and bring it back to the original internet. This also affects the corporate governance of GAFA. By applying blockchain technology to evaluate corporate governance, the transaction logs conducted by companies in real time can be recorded and preserved on this distributed ledger, enabling all participants to simultaneously share a large amount of information. This transaction history is difficult to tamper with using blockchain technology and enables real-time control and auditing of companies by stakeholders. This chapter proposes the application of blockchain technology to stakeholder management based on the fundamental concept of corporate governance and presents the possibility of solving environmental problems on a global scale and centralized concentration in the corporate world.