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Blockchain Implementation And Principal-Agent Theory

Author

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  • Ajeng Septiana WULANSARI

    (Universitas Pembangunan Nasional Veteran Jakarta, Indonesia)

Abstract

One of the biggest issues in organization in centuries is problem raised by the relationship between actor inside. This problem called principal-agent problem which explained by principal agent theory (PAT). The emerged new technology disruption called blockchain technology (BCT) receive the challenge to offers the solution for principal agent problem, it claims empirically could reduce or even eliminate the problem, thus lead to lower cost to solved the problem, called agency cost. This technology application wide spread in several sectors, the example is the implementation of Decentralized Autonomous Organization (DAO). DAO is the blockchain based new form of organization, who run based on a smart contract or algorithm run in the computer network. This paper is conceptual paper, we explained about the basic of blockchain, and we analyzed the correlation between blockchain and principal agent theory.

Suggested Citation

  • Ajeng Septiana WULANSARI, 2023. "Blockchain Implementation And Principal-Agent Theory," Business Excellence and Management, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 13(2), pages 97-113, June.
    • Handle: RePEc:rom:bemann:v:13:y:2023:i:2:p:97-113
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    References listed on IDEAS

    as
    1. Dietmar Braun & David H Guston, 2003. "Principal-agent theory and research policy: An introduction," Science and Public Policy, Oxford University Press, vol. 30(5), pages 302-308, October.
    2. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
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