Defining Blockchain Governance Principles: A Comprehensive Framework
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Blockchain eliminates the need for trusted third party intermediaries in business by enabling decentralised architecture in software applications. However, vulnerabilities in on-chain autonomous decision-making and cumbersome off-chain coordination have led to serious concerns about blockchain's ability to behave and make decisions in a trustworthy and efficient way. Blockchain governance has received considerable attention to support the decision-making process during the use and evolution of blockchain. Nevertheless, conventional governance frameworks are not applicable to blockchain due to its inherent distributed architecture and decentralised decision process, which leads to the absence of clear source of authority. Currently, there is a lack of systematic guidance on how blockchain governance can be implemented. Therefore, in this paper, we present a comprehensive blockchain governance framework that elucidates an integrated view of the degree of decentralisation, decision rights, incentives, accountability, ecosystem, and legal and ethical responsibilities. The proposed framework is evaluated using four well-known blockchain platforms in terms of feasibility, applicability, and usability.
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