Skip to content

Deon Swiggs

Reach high, take on challenges and dig deep to overcome fear. Never let anyone or any experience bring you down.

Menu
  • Updates
    • Christchurch Updates
    • Christchurch City Council
    • Environment Canterbury
    • Education
    • Christchurch NZ
  • Contact
    • Who is Deon
  • Election
Menu
Corporate governance: ruled by code not a CEO

Corporate governance: ruled by code not a CEO

Posted on July 2, 2020 by University of Canterbury


Corporate governance: ruled by code not a CEO

Imagine an organisation that performs thousands of transactions, but has no governing structure, no board, no chief executive and no middle managers.

UC building

This is exactly what the research paper The DAO controversy: The case for a new species of corporate governance? addresses. Authored by Robbie Morrison, Dr Natasha Mazey and Associate Professor Stephen Wingreen, it was recently published in Frontiers in Blockchain and explores the implications of a non-human led governance structure, and the impact on a decentralised autonomous organisation following a ‘hack’ of its code.

In 2016 The DAO, a venture capital fund, was set up. It had no governing structure and wasn’t tied to any nation or its legal framework. It used the Ethereum Blockchain and traded in cryptocurrency. Community members agreed to its terms and had voting rights to jointly determine how funds would be invested and managed, all of which was controlled and executed by the smart contract.

Associate Professor Stephen Wingreen says, “It’s not new for companies to use Blockchain, essentially a decentralised distribution ledger, to perform transactions, but The DAO took it a step further and decided the entire corporate governance of the company would be done using Blockchain. In other words, no trusted authorities would be running the organisation.”

A member of The DAO community found and exploited a loophole in the smart code.



Check the sauce for more

Share this:

  • Facebook
  • Twitter
  • LinkedIn
  • Email

Welcome to deonswiggs.com. A place of updates and info about our city, our environment and things that interest me. Join the conversation and reach out for a chat, coffee, game of golf or a deal 😀

Whāia te mātauranga hei oranga mō koutou
Seek after learning for the growth of your soul

I am standing for election to Environment Canterbury (ECan) in the Christchurch West Ward.

Authorised by Deon Swiggs;
vote@deonswiggs.com

Looking for Something?

Join the conversation

https://www.facebook.com/DeonSwiggsNZ

Posts

© 2023 Deon Swiggs | Powered by Superbs Personal Blog theme