Theoretical Article
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Evolution and Impact of Decentralised Autonomous Organisations

Year 2024, , 25 - 54, 30.11.2024
https://doi.org/10.54733/smar.1545182

Abstract

Decentralized Autonomous Organizations (DAOs) are transforming corporate governance by leveraging the decentralized and immutable nature of blockchain technology to distribute decision-making authority among members rather than a centralized hierarchy. This study comprehensively examines the technological foundations of PLCs, their governance frameworks, and their impact on institutional structures. While they offer significant benefits such as transparency, efficiency and autonomy, they also face various challenges such as security vulnerabilities, legal uncertainties and scalability issues. Through an examination of leading examples of CSOs such as The DAO and Aragon, the practical applications of decentralized governance models, the risks faced, and the future potential of these structures are discussed in detail. The research emphasizes the need to develop robust governance mechanisms, clarify the regulatory framework and pursue technological innovation to address current limitations. If DAOs overcome these challenges, they have the potential to reshape the future of corporate governance by providing more inclusive, transparent and effective decision-making processes in the digital age.

References

  • Angelis, J., & da Silva, E. R. (2018). Blockchain adoption: A value driver perspective. Business Horizons, 62(3), 307-314. https://doi.org/10.1016/j.bushor.2018.12.001
  • Aragon. (2021). Aragon Whitepaper. https://www.allcryptowhitepapers.com/aragon-whitepaper/ (Erişim Tarihi: 01 Ağustos 2024).
  • Augustin, N., Eckhardt, A., & De Jong, A. W. (2023). Understanding decentralized autonomous organizations from the inside. Electronic Markets, 33, 38. https://doi.org/10.1007/s12525-023-00659-y
  • Beck, R., Czepluch, J. S., Lollike, N., & Malone, S. (2016). Blockchain–the gateway to trust-free cryptographic transactions. In Twenty-Fourth European Conference on Information Systems (ECIS), İstanbul, Turkey, 2016 (pp. 1-14). Springer Publishing Company.
  • Beck, R., Müller-Bloch, C., & King, J. L. (2018). Governance in the blockchain economy: A framework and research agenda. Journal of the Association for Information Systems, 19(10), 1020-1034. https://doi.org/10.17705/1jais.00518
  • Bellavitis, C., Fisch, C., & Momtaz, P. P. (2023). The rise of decentralized autonomous organizations (DAOs): a first empirical glimpse. Venture Capital, 25(2), 187-203. https://doi.org/10.1080/13691066.2022.2116797
  • Biais, B., Bisière, C., Matthieu, B., & Casamatta, C. (2019). The blockchain folk theorem. The Review of Financial Studies, 32(5), 1662-1715. https://doi.org/10.1093/rfs/hhy095
  • Buterin, V. (2014). A next-generation smart contract and decentralized application platform. https://ethereum.org/content/whitepaper/whitepaper-pdf/Ethereum_Whitepaper_-_Buterin_2014.pdf (Erişim Tarihi: 11 Eylül 2024).
  • Buterin, V. (2018). Notes on blockchain governance. https://vitalik.eth.limo/general/2017/12/17/voting.html (Erişim Tarihi: 29 Ağustos 2024).
  • Davidson, S., De Filippi, P., & Potts, J. (2016). Economics of blockchain. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2744751
  • De Filippi, P., & Hassan, S. (2016). Blockchain technology as a regulatory technology: From code is law to law is code. First Monday, 21(12). https://doi.org/10.5210/fm.v21i12.7113
  • De Filippi, P., & Wright, A. (2018). Blockchain and the Law: The rule of code. Harvard University Press.
  • De Filippi, P., Mannan, M., & Reijers, W. (2022). The alegality of blockchain technology. Policy and Society, 41(3), 358-372. https://doi.org/10.1093/polsoc/puac006
  • DuPont, Q. (2017). Experiments in algorithmic governance. In M. Campbell-Verduyn (Ed.), Bitcoin and beyond (pp. 157-177). Routledge. https://doi.org/10.4324/9781315211909-8
  • Gudgeon, L., Perez, D., Harz, D., Livshits, B., & Gervais, A. (2020). The decentralized financial crisis. In 2020 crypto valley conference on blockchain technology (CVCBT) (pp. 1-15). IEEE. https://doi.org/10.1109/cvcbt50464.2020.00005
  • Howell, S. T., Niessner, M., & Yermack, D. (2019). Initial coin offerings: Financing growth with cryptocurrency token sales. The Review of Financial Studies, 33(9), 3925-3974. https://doi.org/10.1093/rfs/hhz131
  • Hsieh, Y. Y., Vergne, J. P., & Wang, S. (2017). Internal and external governance of blockchain-based organizations. In M. Campbell-Verduyn (Ed.), Bitcoin and beyond (pp. 48-68). Routledge. https://doi.org/10.4324/9781315211909-3
  • Kaal, W. A. (2020). Decentralized autonomous organizations – Internal governance and external legal design. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3652481
  • Kaal, W. A., & Bykowski, J. (2023). Decentralized autonomous organizations (DAO) – A market meta analysis. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4529715
  • Karaarslan, K., & Demi̇rden, A. (2023). White collar crime: Awareness and perception analysis. OPUS Journal of Society Research, 20(Human Behavior and Social Institutions), 938-968. https://doi.org/10.26466/opusjsr.1349701
  • Karadeniz, S. (2022). Merkeziyetsiz otonom organizasyonların hukuki niteliği. Seçkin Yayıncılık.
  • Karatekin Alkoç, Y. (2023). Merkeziyetsiz otonom kuruluşlar (DAO) ve vadedilen yeni yönetim anlayışı üzerine bir literatür taraması. Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 25(4), 1923-1934.
  • Kim, C. (2020). Ethereum 2.0: How it works and why it matters. CoinDesk. https://www.coindesk.com/ethereum-2-0-how-it-works-and-why-it-matters (Erişim Tarihi: 01 Ağustos 2024).
  • Li, X., Jiang, P., Chen, T., Luo, X., & Wen, Q. (2020). A survey on the security of blockchain systems. Future Generation Computer Systems, 107, 841-853. https://doi.org/10.1016/j.future.2017.08.020
  • Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. https://bitcoin.org/bitcoin.pdf (Erişim Tarihi: 12 Temmuz 2024).
  • Reijers, W., O’Brolcháin, F., & Haynes, P. (2016). Governance in blockchain technologies & social contract theories. Ledger, 1, 134-151. https://doi.org/10.5195/ledger.2016.62
  • Santana, M., & Albareda, L. (2022). Blockchain and the emergence of decentralized autonomous organizations (DAOs): An integrative model and research agenda. Technological Forecasting and Social Change, 182, 121806. https://doi.org/10.1016/j.techfore.2022.121806
  • Sarıkaya, O. (2021). Örgütlerde “beyaz yaka suçları”: Mevcut alanyazın kapsamında bir değerlendirme. Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi, 23(4), 1468-1476. https://doi.org/10.32709/akusosbil.897824
  • Shrimali, B., & Patel, H. (2022). Blockchain state-of-the-art: Architecture, use cases, consensus, challenges, and opportunities. Journal of King Saud University—Computer and Information Sciences, 34(9), 6793-6807. https://doi.org/10.1016/j.jksuci.2021.08.005
  • Spychiger, F., Lustenberger, M., Martignoni, J., Schädler, L., & Lehner, P. (2023). Organizing projects with blockchain through a decentralized autonomous organization. Project Leadership and Society, 4, 100102. https://doi.org/10.1016/j.plas.2023.100102
  • Szabo, N. (1997). The idea of smart contracts. Nick Szabo's Papers and Concise Tutorials. https://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/CDROM/Literature/LOTwinterschool2006/szabo.best.vwh.net/idea.html (Erişim Tarihi: 18 Ağustos 2024).
  • Tapscott, D., & Tapscott, A. (2016). Blockchain revolution: How the technology behind bitcoin is changing money, business, and the world. Penguin.
  • van Vulpen, P., Siu, J., & Jansen, S. (2023). Governance of decentralized autonomous organizations that produce open source software. Blockchain Research and Applications, 5(1), 100166. https://doi.org/10.1016/j.bcra.2023.100166
  • Von Krogh, G., & Von Hippel, E. (2006). The promise of research on open source software. Management Science, 52(7), 975-983. https://doi.org/10.1287/mnsc.1060.0560
  • Wang, S., Ding, W., Li, J., Yuan, Y., Ouyang, L., & Wang, F. (2019). Decentralized autonomous organizations: Concept, model, and applications. IEEE Transactions on Computational Social Systems, 6(5), 870-878. https://doi.org/10.1109/tcss.2019.2938190
  • Wright, A., & De Filippi, P. (2015). Decentralized blockchain technology and the rise of lex cryptographia. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2580664
  • Yaga, D., Mell, P., Roby, N., & Scarfone, K. (2018). Blockchain technology overview. National Institute of Standards and Technology. https://doi.org/10.6028/NIST.IR.8202 (Erişim Tarihi: 27 Ağustos 2024).
  • Yılmaz Orhan, B. Z. (2022). Merkeziyetsiz otonom organizasyonlar, kurumsal yönetim ve blokzincir. Maltepe Üniversitesi Hukuk Fakültesi Dergisi, (2), 153-164.
  • Yu, G., Wang, X., Yu, K., Ni, W., Zhang, J. A., & Liu, R. P. (2020). Survey: Sharding in blockchains. IEEE Access, 8, 14155-14181. https://doi.org/10.1109/access.2020.2965147
  • Zavolokina, L., Ziolkowski, R., & Bauer, I. (2020). Management, governance, and value creation in a blockchain consortium. MIS Quarterly Executive, 19(1), 1-17. https://doi.org/10.17705/2msqe.00022
  • Zhang, S., & Lee, J. (2020). Analysis of the main consensus protocols of blockchain. ICT Express, 6(2), 93-97. https://doi.org/10.1016/j.icte.2019.08.001
  • Ziegler, C., & DuPont, Q. (2023). Navigating the research landscape of decentralized autonomous organizations: A research note and agenda. arXiv preprint. https://doi.org/10.48550/arXiv.2312.17197
  • Zwitter, A., & Boisse-Despiaux, M. (2018). Blockchain for humanitarian action and development aid. Journal of International Humanitarian Action, 3, 16. https://doi.org/10.1186/s41018-018-0044-5

Merkeziyetsiz Özerk Organizasyonların Evrimi ve Etkileri

Year 2024, , 25 - 54, 30.11.2024
https://doi.org/10.54733/smar.1545182

Abstract

Merkeziyetsiz Özerk Organizasyonlar (MÖO), blok zinciri teknolojisinin merkeziyetsiz ve değişmez yapısından yararlanarak, karar alma yetkisini merkezi bir hiyerarşi yerine üyeler arasında dağıtarak kurumsal yönetişimi dönüştürmektedir. Bu çalışma, MÖO'ların teknolojik temellerini, yönetişim çerçevelerini ve avantajları yanında zorlukları ve riskleri de verilen iki örnekle ele almaktadır. MÖO'lar şeffaflık, verimlilik ve özerklik gibi önemli faydalar sunarken, aynı zamanda güvenlik açıkları, yasal belirsizlikler ve ölçeklenebilirlik sorunları gibi çeşitli zorluklarla da karşı karşıyadır. The DAO ve Aragon gibi MÖO örneklerinin incelenmesi aracılığıyla, merkezi olmayan yönetişim modellerinin pratik uygulamaları, karşılaşılan riskler ve bu yapıların gelecekteki potansiyelleri detaylı olarak tartışılmaktadır. Çalışma, mevcut sınırlamaları gidermek için sağlam yönetişim mekanizmalarının geliştirilmesi, düzenleyici çerçevenin netleştirilmesi ve teknolojik yeniliklerin sürdürülmesi gerekliliğine vurgu yapmaktadır. MÖO'ların bu sorunların üstesinden gelmesi durumunda, dijital çağda daha kapsayıcı, şeffaf ve etkin karar alma süreçleri sunarak kurumsal yönetişimin geleceğini yeniden şekillendirme potansiyeline sahip olduğu belirtilmektedir.

References

  • Angelis, J., & da Silva, E. R. (2018). Blockchain adoption: A value driver perspective. Business Horizons, 62(3), 307-314. https://doi.org/10.1016/j.bushor.2018.12.001
  • Aragon. (2021). Aragon Whitepaper. https://www.allcryptowhitepapers.com/aragon-whitepaper/ (Erişim Tarihi: 01 Ağustos 2024).
  • Augustin, N., Eckhardt, A., & De Jong, A. W. (2023). Understanding decentralized autonomous organizations from the inside. Electronic Markets, 33, 38. https://doi.org/10.1007/s12525-023-00659-y
  • Beck, R., Czepluch, J. S., Lollike, N., & Malone, S. (2016). Blockchain–the gateway to trust-free cryptographic transactions. In Twenty-Fourth European Conference on Information Systems (ECIS), İstanbul, Turkey, 2016 (pp. 1-14). Springer Publishing Company.
  • Beck, R., Müller-Bloch, C., & King, J. L. (2018). Governance in the blockchain economy: A framework and research agenda. Journal of the Association for Information Systems, 19(10), 1020-1034. https://doi.org/10.17705/1jais.00518
  • Bellavitis, C., Fisch, C., & Momtaz, P. P. (2023). The rise of decentralized autonomous organizations (DAOs): a first empirical glimpse. Venture Capital, 25(2), 187-203. https://doi.org/10.1080/13691066.2022.2116797
  • Biais, B., Bisière, C., Matthieu, B., & Casamatta, C. (2019). The blockchain folk theorem. The Review of Financial Studies, 32(5), 1662-1715. https://doi.org/10.1093/rfs/hhy095
  • Buterin, V. (2014). A next-generation smart contract and decentralized application platform. https://ethereum.org/content/whitepaper/whitepaper-pdf/Ethereum_Whitepaper_-_Buterin_2014.pdf (Erişim Tarihi: 11 Eylül 2024).
  • Buterin, V. (2018). Notes on blockchain governance. https://vitalik.eth.limo/general/2017/12/17/voting.html (Erişim Tarihi: 29 Ağustos 2024).
  • Davidson, S., De Filippi, P., & Potts, J. (2016). Economics of blockchain. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2744751
  • De Filippi, P., & Hassan, S. (2016). Blockchain technology as a regulatory technology: From code is law to law is code. First Monday, 21(12). https://doi.org/10.5210/fm.v21i12.7113
  • De Filippi, P., & Wright, A. (2018). Blockchain and the Law: The rule of code. Harvard University Press.
  • De Filippi, P., Mannan, M., & Reijers, W. (2022). The alegality of blockchain technology. Policy and Society, 41(3), 358-372. https://doi.org/10.1093/polsoc/puac006
  • DuPont, Q. (2017). Experiments in algorithmic governance. In M. Campbell-Verduyn (Ed.), Bitcoin and beyond (pp. 157-177). Routledge. https://doi.org/10.4324/9781315211909-8
  • Gudgeon, L., Perez, D., Harz, D., Livshits, B., & Gervais, A. (2020). The decentralized financial crisis. In 2020 crypto valley conference on blockchain technology (CVCBT) (pp. 1-15). IEEE. https://doi.org/10.1109/cvcbt50464.2020.00005
  • Howell, S. T., Niessner, M., & Yermack, D. (2019). Initial coin offerings: Financing growth with cryptocurrency token sales. The Review of Financial Studies, 33(9), 3925-3974. https://doi.org/10.1093/rfs/hhz131
  • Hsieh, Y. Y., Vergne, J. P., & Wang, S. (2017). Internal and external governance of blockchain-based organizations. In M. Campbell-Verduyn (Ed.), Bitcoin and beyond (pp. 48-68). Routledge. https://doi.org/10.4324/9781315211909-3
  • Kaal, W. A. (2020). Decentralized autonomous organizations – Internal governance and external legal design. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3652481
  • Kaal, W. A., & Bykowski, J. (2023). Decentralized autonomous organizations (DAO) – A market meta analysis. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4529715
  • Karaarslan, K., & Demi̇rden, A. (2023). White collar crime: Awareness and perception analysis. OPUS Journal of Society Research, 20(Human Behavior and Social Institutions), 938-968. https://doi.org/10.26466/opusjsr.1349701
  • Karadeniz, S. (2022). Merkeziyetsiz otonom organizasyonların hukuki niteliği. Seçkin Yayıncılık.
  • Karatekin Alkoç, Y. (2023). Merkeziyetsiz otonom kuruluşlar (DAO) ve vadedilen yeni yönetim anlayışı üzerine bir literatür taraması. Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 25(4), 1923-1934.
  • Kim, C. (2020). Ethereum 2.0: How it works and why it matters. CoinDesk. https://www.coindesk.com/ethereum-2-0-how-it-works-and-why-it-matters (Erişim Tarihi: 01 Ağustos 2024).
  • Li, X., Jiang, P., Chen, T., Luo, X., & Wen, Q. (2020). A survey on the security of blockchain systems. Future Generation Computer Systems, 107, 841-853. https://doi.org/10.1016/j.future.2017.08.020
  • Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. https://bitcoin.org/bitcoin.pdf (Erişim Tarihi: 12 Temmuz 2024).
  • Reijers, W., O’Brolcháin, F., & Haynes, P. (2016). Governance in blockchain technologies & social contract theories. Ledger, 1, 134-151. https://doi.org/10.5195/ledger.2016.62
  • Santana, M., & Albareda, L. (2022). Blockchain and the emergence of decentralized autonomous organizations (DAOs): An integrative model and research agenda. Technological Forecasting and Social Change, 182, 121806. https://doi.org/10.1016/j.techfore.2022.121806
  • Sarıkaya, O. (2021). Örgütlerde “beyaz yaka suçları”: Mevcut alanyazın kapsamında bir değerlendirme. Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi, 23(4), 1468-1476. https://doi.org/10.32709/akusosbil.897824
  • Shrimali, B., & Patel, H. (2022). Blockchain state-of-the-art: Architecture, use cases, consensus, challenges, and opportunities. Journal of King Saud University—Computer and Information Sciences, 34(9), 6793-6807. https://doi.org/10.1016/j.jksuci.2021.08.005
  • Spychiger, F., Lustenberger, M., Martignoni, J., Schädler, L., & Lehner, P. (2023). Organizing projects with blockchain through a decentralized autonomous organization. Project Leadership and Society, 4, 100102. https://doi.org/10.1016/j.plas.2023.100102
  • Szabo, N. (1997). The idea of smart contracts. Nick Szabo's Papers and Concise Tutorials. https://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/CDROM/Literature/LOTwinterschool2006/szabo.best.vwh.net/idea.html (Erişim Tarihi: 18 Ağustos 2024).
  • Tapscott, D., & Tapscott, A. (2016). Blockchain revolution: How the technology behind bitcoin is changing money, business, and the world. Penguin.
  • van Vulpen, P., Siu, J., & Jansen, S. (2023). Governance of decentralized autonomous organizations that produce open source software. Blockchain Research and Applications, 5(1), 100166. https://doi.org/10.1016/j.bcra.2023.100166
  • Von Krogh, G., & Von Hippel, E. (2006). The promise of research on open source software. Management Science, 52(7), 975-983. https://doi.org/10.1287/mnsc.1060.0560
  • Wang, S., Ding, W., Li, J., Yuan, Y., Ouyang, L., & Wang, F. (2019). Decentralized autonomous organizations: Concept, model, and applications. IEEE Transactions on Computational Social Systems, 6(5), 870-878. https://doi.org/10.1109/tcss.2019.2938190
  • Wright, A., & De Filippi, P. (2015). Decentralized blockchain technology and the rise of lex cryptographia. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2580664
  • Yaga, D., Mell, P., Roby, N., & Scarfone, K. (2018). Blockchain technology overview. National Institute of Standards and Technology. https://doi.org/10.6028/NIST.IR.8202 (Erişim Tarihi: 27 Ağustos 2024).
  • Yılmaz Orhan, B. Z. (2022). Merkeziyetsiz otonom organizasyonlar, kurumsal yönetim ve blokzincir. Maltepe Üniversitesi Hukuk Fakültesi Dergisi, (2), 153-164.
  • Yu, G., Wang, X., Yu, K., Ni, W., Zhang, J. A., & Liu, R. P. (2020). Survey: Sharding in blockchains. IEEE Access, 8, 14155-14181. https://doi.org/10.1109/access.2020.2965147
  • Zavolokina, L., Ziolkowski, R., & Bauer, I. (2020). Management, governance, and value creation in a blockchain consortium. MIS Quarterly Executive, 19(1), 1-17. https://doi.org/10.17705/2msqe.00022
  • Zhang, S., & Lee, J. (2020). Analysis of the main consensus protocols of blockchain. ICT Express, 6(2), 93-97. https://doi.org/10.1016/j.icte.2019.08.001
  • Ziegler, C., & DuPont, Q. (2023). Navigating the research landscape of decentralized autonomous organizations: A research note and agenda. arXiv preprint. https://doi.org/10.48550/arXiv.2312.17197
  • Zwitter, A., & Boisse-Despiaux, M. (2018). Blockchain for humanitarian action and development aid. Journal of International Humanitarian Action, 3, 16. https://doi.org/10.1186/s41018-018-0044-5
There are 43 citations in total.

Details

Primary Language Turkish
Subjects Organisational Behaviour, Strategy, Management and Organisational Behaviour (Other)
Journal Section Conceptual Articles
Authors

Ahmet Erkasap 0000-0002-6239-1700

Publication Date November 30, 2024
Submission Date September 7, 2024
Acceptance Date November 2, 2024
Published in Issue Year 2024

Cite

APA Erkasap, A. (2024). Merkeziyetsiz Özerk Organizasyonların Evrimi ve Etkileri. Sosyal Mucit Academic Review, 5(Innovative Conceptual Approaches to Social Sciences), 25-54. https://doi.org/10.54733/smar.1545182