Prospects of blockchain governance: Understanding key public values, principles, challenges, and opportunities

Abstract

Abstract The article elaborates on the potential of blockchain technology to transform governance in different sectors of economy. The research primarily relies on rich empirical data that have been collected from semistructured interviews and focus group studies with professional blockchain developers. In this regard, the article aims to answer the following questions: How could blockchain governance conceptually work? How could one illustrate schematically key principles of its implementation? What are the key features of blockchain governance? Why are they important? What benefits could the concept bring to different sectors of economy if its potential is realized? What are the typical barriers and limitations of blockchain governance? What could be recommended to overcome them?