The traditional, paper-centric infrastructure public-private partnership (PPP) contracts have experienced record numbers of failures and terminations due to contract compliance issues, lack of trust and transparency, and information distortions. While studies on the adoption of blockchain and smart contracts in PPP are still growing, a quantitative survey of global experts on the application areas and potential benefits of Blockchain-enabled smart contracts (BSC) in the context of PPP is lacking. This study comprehensively examined the potential application areas and benefits of BSC adoption in infrastructure PPP projects to understand their impact on the decision to digitalise PPP and ensure sustainable PPP project performance. The snowball sampling technique and questionnaire were used to gather data from experts across countries. Data analysis was done using means analysis, normalisation value, coefficient of variation , Kendall's coefficient of concordance, Kruskal-Wallis test and partial least square-structural equation modelling (PLS-SEM). The study found high awareness and knowledge of the potential benefits of smart contract adoption in infrastructure PPP projects. The leading benefits of BSC adoption in PPP are (1) decentralisation of payments and other transactions, (2) enhancing supply chain visibility and integration, (3) the autonomy in contract administration, (4) prevent misapplication of contractual provisions, and (5) enhances alternative dispute resolution (ADR). The PLS-SEM revealed that six of the eight hypothetical paths were significant. This study advocated for promoting the digitalisation of infrastructure PPP projects. It could serve as an essential resource to policymakers and industry professionals in their quest to improve PPP project performance and minimise failures.
The thesis โThe multiple invoicing system as a mechanism for financing the National budget, in reference to the case study as Rwanda Revenue Authorityโ is traced back on its uniqueness based on checking the level of invoicing system as the aid of tax collection in the fiscal years 2015/2022 while considering the implemented measures set to spearhead the use of this invoicing systems vis a vis tax revenue collection in Rwanda. The load used a fair road map method, of integrating a demographic populace equivalent 893 staff of RRA from whom a sample size of 276 employees of RRA were chosen by the use of stratified sampling techniques. A complete set of questions were utilized for soliciting data. The package of solid statistics, correlation analysis and Ordinary Least Squares to analyze data. The review came into force that RRA stewardship has invoicing systems which is strong. The research identified That multiple invoicing system as a mechanism for financing the Government has made a tremendous gross in terms of raising tax revenue collections; improving tax remittance among tax payers, minimization of tax collection costs in Rwanda and decreased tax fraud among stakeholders. This conveys that thereโs a positive and much critical link abiding multiple invoicing system and tax revenue collections. The gathered views recommended the stewardship of RRA to ensure radio calling Programs as a merit of benchmarking the achievement of the set force objectives. The Stewardship of Rwanda revenue authority have to be alerted about smooth functioning of the devices, by establishing policies and approaches for authorizations at the correct point level, the stewardship of Rwanda revenue authority has to draft certain concrete control of authority and decentralize responsibility. However, the much concern on future, should emphasize on other factors like bridging bilateral states, reducing double taxation agreement so as to facilitate foreign investments, doing business in Rwanda as world bank recommends, job creation on wide gap aimed for reducing unemployment, irrespective of sparing all the efforts only on multiple invoicing system which is contribute a prominent tax revenue collection with in the country. In summary, the invoicing system provides a clear road map of all the mechanism set by the Government in its policies of tax collection by use of different tools so as to comply with the set international standards
Economic, Social, and Public Health Issues in Russia and Globally
Abstract This chapter examines decentralized autonomous organizations (DAOs) through two theoretical lenses: the theory of the firm and Elinor Ostromโs institutional analysis framework. It argues that DAOsโ diverse organizational structures preclude broad generalizations about their economic and institutional nature. Some DAOs implement hierarchical arrangements characteristic of firms, others adopt different organizational models. The use of smart contracts does not definitively determine whether DAOs should be classified as contractual, firm-like, or as hybrid arrangements. The chapter critically examines the concepts of autonomy and decentralization in DAOs, revealing them as aspirational rather than fully realized characteristics. This analysis contributes to the legal scholarly discourse by providing a nuanced understanding of DAOsโ organizational nature and challenging simplistic categorizations of these emerging entities. It also assists practitioners in analyzing and developing the structure of particular DAOs.
Jan 1, 2025ยทProceedings of the ... Annual Hawaii International Conference on System Sciences/Proceedings of the Annual Hawaii International Conference on System Sciences
Andrea Peรฑa Calvรญn, David Duenas-Cid, Junaid Ahmed
This study analyzes voting dynamics and proposal outcomes within Decentraland, a prominent Decentralized Autonomous Organization (DAO), by examining its voting behaviors and decision outcomes. We offer insights into how a DAO is employed to facilitate decision-making and discern the nature of the issues about which decisions are made. DAOs promise horizontal and democratic decision-making. However, our research reveals a high concentration of voting power among a few members despite them not utilizing it to a great extent. Additionally, we identify the prevailing themes in decision-making processes within the organization through topic modeling. The primary topics identified are the effective management and governance of the platform and community and the platformโs strategic growth, with a particular emphasis on wearable technology. This research addresses fundamental questions regarding the democratic integrity of DAOs and their ability to achieve equitable representation and decision-making.
Nina-Birte Schirrmacher, Johannes Rude Jensen, Michel Avital, Omri Ross
Accountability is crucial for the success of organized social enterprises. In centralized organizations, hierarchical structures clearly define accountability. However, in decentralized organizations, which rely on technology for collaboration, accountability can be ambiguous because, in many cases, these organizations lack centralized planning, have no formally-identified leadership, and allow members to leave without obvious consequences. This study examines how decentralized organizations, specifically decentralized autonomous organizations (DAOs), enact accountability. We conducted a theory-building study using digital data from a DAO to explore the enacted accountability mechanisms. The findings revealed two main approaches. First, iterative public governance forums provide โsoftโ accountability, fostering answerability over time. Second, these forums often lead to โhardโ accountability, where binary voting via digital tokens allows for immediate sanctioning when deemed appropriate by members. These insights advance knowledge on accountability in decentralized organizations, which constitute a fast-growing sector of technology-dependent work environments.
DAOs (Decentralized Autonomous Organizations) are fundamentally changing how companies are run in several key ways, through decentralized decision-making, social audibility, and limited liability principle. The following research examines the changes that DAOs bring to conventional corporate governance and analyses how they are being implemented worldwide. DAOs have advantages that include the decentralization of power, and the ability to improve the speed with which innovation occurs. However, they present obstacles that include legal uncertainty, problems of governance, and security vulnerabilities. This research comprehensively examines how DAOs could disrupt corporate processes such as decision-making, stakeholdersโ interactions, and power relations. It then reviews the current legal and regulatory environment for DAOs across different legal systems and considers the notion of liability issues. The research also presents a checklist of strengths and weaknesses for DAOs in emerging markets based on considerations such as technology adaptation, regulatory definition, and community engagement. When the trends of socioeconomic impacts are unveiled, it will be possible for lawmakers, managers, and investors to adapt to new conditions and utilize the evolved concept of corporate governance through DAOs.
The financial sector is going through a major transformation and evolution with the emergence of Decentralized Finance (DeFi). It is a modern concept that is reshaping the traditional financial landscape and thus changing traditional financial structures. This research delves into the term โDecentralized Financeโ by exploring its various advantages, associated challenges, and future patterns and trends. Leveraging blockchain technology, DeFi offers new financial services without intermediaries that in turn enhance financial inclusion, autonomy, and economic empowerment of individuals, though this also entails enormous risks and challenges, including vulnerability to smart contract vulnerabilities, regulatory uncertainty, and market volatility. This research also attempts, through a systematic literature review, to identify the most significant opportunities for DeFi, such as democratized access to financial services, lower transaction fees, and increased liquidity. Additionally, this research highlights the key challenges facing the development of DeFi, such as limitations on its ability to handle large transactions, concerns about user data protection, and the need to adhere to regulatory standards. The paper concludes with a view and insights into the future of DeFi, emphasizing the importance of regulatory clarity, technological innovation, and community governance in shaping the trajectory of DeFi. This analysis contributes to gaining a deeper understanding of the potential and capabilities of DeFi, and provides stakeholders with indispensable insights to navigate the dynamics of DeFi.
Deigo de Saldnha, Adam Trope, Omokolade Akinsomi, Daramola Olapade ยท 5 authors
The advancement in digital technologies such as cryptography, blockchain, artificial intelligence (AI), virtual and augmented realities has blurred the difference between reality and the digital world. Through the Metaverse, a 3D virtual environment that serves as a hub for all types of business, education, and leisure experiences; investment activities akin to those in real world are being carried out with the help of augmented and virtual reality services. People now invest in virtual real estate and other digital assets using Non-Fungible Token (NFT). It is however unclear how investors in developing economies such as South Africa view such an investment option. This paper examines the perception of investors in South Africa (SA) on investing in virtual real estate in the Metaverse. This study employs a mixed method approach involving questionnaire administration and interview. Questionnaire were administered on 20 selected investors in South Africa (SA). This was followed up by interview. The results were analysed using descriptive approach. The findings reveal that is a high awareness level (85%) among the selected SA investors on investment in virtual real estate, the willingness to invest in it is however lower (65%) and only 15% of the investors have investment in virtual real estate. The low entry rate of investment in virtual real estate in the Metaverse amidst a high level of willingness to invest shows that there are certain factors preventing investments in it. The study recommends that a robust governance should be put in place to allay the security concern and high volatility expressed by investors This paper is among the few studies that have considered investment in the Metaverse from a real estate perspective.
This paper provides a systematic analysis of the financial attributes of non-fungible tokens. The study synthesizes the theme and author characteristics of 48 empirical studies published in JCR-listed journals or shared in the SSRN repository from 2021 to 2023. This paper constructs NFTs as a digital investment system within the framework of systems theory. The composition of this system includes NFT assets, markets, investors, and regulations. The financial attributes of NFTs, such as pricing, return, and risks, interact with the segments of this system. This framework reveals the current progress in the research on NFTs as a digital investment. There is a high degree of heterogeneity among studies that examine this empirical phenomenon. Additionally, the bibliometric analysis reveals that this new area of study possesses unique characteristics in terms of publications, author identity, journals, analytical methods, and other relevant factors. Based on the analysis and review, potential areas for future research are identified and practical implications are discussed from the investor, regulator, and market participant perspectives.
In recent years, Decentralized Autonomous Organizations (DAOs) have advanced significantly, transforming organizational operations through blockchain technology by replacing traditional hierarchical management with community-driven decision-making via smart contracts. Despite early skepticism and regulatory challenges, DAOs have evolved into various forms, particularly Investment DAOs, which facilitate pooled asset management and democratize investment opportunities across sectors such as Web3 and real estate tokenization. Given this evolution, a comprehensive financial framework is urgently needed to address the specific governance structures of DAOs. Traditional financial metrics like the Current Ratio, Cash Flow Management, and Liquidity Coverage Ratio (LCR) must be adapted to the unique dynamics of decentralized organizations, promoting a deeper understanding of financial health and operational efficiency while ensuring transparency and accountability. As DAOs now manage treasuries exceeding $40 billion, robust financial oversight is essential. Integrating traditional accounting principles with blockchainโs transparency can revolutionize financial reporting, risk management, and governance, enabling stakeholders to make informed decisions and fostering trust and collaboration within the DAO ecosystem. This fusion of accounting methods and technology will not only enhance internal governance but also ensure sustainable growth. In conclusion, the increasing prominence of DAOs within the financial landscape highlights the need for forward-looking financial structures that blend established accounting practices with cutting-edge technological solutions, ensuring their continued success in a rapidly changing environment.
The coordination and organization of economic activity has always been one of the greatest challenges of humanity. For a long time, centralized models have been the dominant approach, but the emergence of technologies such as the internet, open-source software, peer-to-peer and ubiquitous computing, smart contracts and blockchain is leading to a shift toward decentralization. This trend is now culminating with a new phase of innovation called Decentralized Autonomous Organization (โDAOโ). DAOs offer the potential to empower communities, promote decentralization and reliable coordination, and increase transparency and meritocracy in corporate governance using the institutional technology that is blockchain. In this paper, we present a systematic literature review of 195 academic publications on the DAO phenomenon using the PRISMA methodology. We aim to answer the following research questions: What are the characteristics of DAOs? What topics related to DAOs were researched by whom? Why do DAOs show great potential? When do DAOs face limitations? Where can solutions be found for the identified limitation? We also propose a research agenda and suggest future research directions.
Purpose Scaling up smart city infrastructure projects will require a large financial investment. Using publicโprivate partnerships is one of the most effective ways to address budget constraints. Numerous factors have varying degrees of influence on the performance of Public private partnerships (PPP) projects; certain PPP factors are more crucial to the success of a smart city infrastructure project than others, and their influence can be greatly increased when they are fulfilled collectively. This study aims to find out what factors are unique to smart city PPP initiatives, as well as how these factors work together, so that successful smart city infrastructure PPP projects can be scaled up. Design/methodology/approach The methodology included three sequential stages: identifying the critical success factors (CSF) of PPP for smart cities based on an extensive literature review, collecting data from a sample of 90 PPP practitioners using a Likert scale questionnaire and estimating interrelationships among the CSF and their emergent clusters using structural equation modelling. Findings The best fit model developed in this study demonstrated the significance of each factor and their interrelationships within their categories in enhancing the performance of PPPs in smart city infrastructure projects. Five categories of critical success factors for PPPs in smart city infrastructure projects have been established: partnership and collaboration; financial sustainability; contractual duties and outsourcing; smart integration; and contract governance. Practical implications The proposed model represented the causal interrelationships among relevant critical success factors derived from literature, which may help in directing the organizationโs attention and resources to more critical areas, leading to the effective fulfilment of the smart city infrastructure projectโs objectives. In addition to the theoretical and methodological contributions, this study produced a usable and readily adaptable list and clusters of critical success factors for research in the area of the implementation of PPP in smart city infrastructure projects. Originality/value To the best of the authorsโ knowledge, this is the first study to identify PPP critical success factors and their themed clusters for smart city infrastructure projects.
Qinxu Ding, Weibiao Xu, Zhiguo Wang, David Kuo Chuen Lee
This paper aims to provide a comprehensive overview of the different voting schemes used in DAO governance. We will examine the various features of these schemes and compare their differences. We propose a new hypothetical voting mechanism specifically designed for decentralized and permissionless DAO governance. This new scheme, which incorporates incentive designs, is intended to be more efficient than existing schemes and can be easily adapted to a permissioned scenario. Through this examination and proposal, we hope to contribute to the ongoing discourse on how to govern decentralized autonomous organizations effectively.
Ensuring Critical Infrastructure Resilience (CIR) hugely relies on decisions and actions made by networks of public and private stakeholders and their inter-organizational collaborative capabilities.Public-Private Collaborations (PPCs) are currently the most prominent approach for building CI resilience all around the world, but still face many obstacles and challenges.The Decentralized Autonomous Organization (DAO) paradigm, enabled by blockchain technology and smart contracts, provides the conceptual and technological means for new kinds of decentralized systems and allows for the emergence of new ways of governance and coordination for CIR.The paper explores the potential of DAO for enhancing governance, decision-making, and coordinated resource management in order to tackle the current challenges of cross-organizational collaboration in CIR.It does so by critically comparing the traditional multi-actor governance models and the innovative DAO governance approach, taking the main objectives of PPCs and their current challenges in CIR as conceptual lenses.The key aspects of network governance are discussed, along with the advantages/shortcomings of different approaches, and their implications in the context of PPCs for CIR.This explorative study paves the way for both new streams of theoretical research and blockchain pilot projects in real contexts.