VGSF - WU Vienna - LC

Daniel Ferreira, London School of Economics

Campus WU D3.0.225 11:00 - 12:30

Organizer VGSF

As part of the ser­ies of the "Fin­ance Re­search Sem­inar", VGSF wel­comes Daniel Fer­reira from the Lon­don School of Eco­nom­ics to present his re­search pa­per.
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Cor­por­ate Cap­ture of Block­chain Gov­ernance

We develop a the­ory of block­chain gov­ernance. In our model, the proof-of-­work sys­tem, which is the most com­mon set of rules for val­id­at­ing trans­ac­tions in block­chains, cre­ates an in­dus­trial ecosys­tem with spe­cial­ized sup­pli­ers of goods and ser­vices. We ana­lyze the in­ter­ac­tions between block­chain gov­ernance and the mar­ket struc­ture of the in­dus­tries in the block­chain ecosys­tem. Our main res­ult is that the proof-of-­work sys­tem leads to a situ­ation where the gov­ernance of the block­chain is cap­tured by a large fi…rm.

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