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Multi-Stakeholder Governance in the Era of Decentralized Finance

In: The Palgrave Handbook of Technological Finance

Author

Listed:
  • Shin’ichiro Matsuo

    (Georgetown University
    NTT Research Inc.)

  • Ryosuke Ushida

    (Georgetown University
    Fintech and Innovation Office, Japan Financial Services Agency)

Abstract

Permissionless blockchain technology opens a new world of innovation for financial industry. Before the Bitcoin, most of all financial rules are discussed and defined at a level of regulators. However, Bitcoin introduced a concept of “permissionless innovation” to financial industry and regulators. This is old for the Internet and IT industry, but entirely new for financial industry. This change requests all stakeholders of financial industry to revisit a style of governance. In this chapter, we describe the impacts to ordinary governance of financial industry caused by permission innovation, then propose an idea to introduce “multi-stakeholder governance” which is a key success factor of decentralized Internet innovation, with revisiting key success factors of the Internet governance, consideration of applicability to financial industry. At the end of this chapter, we describe the way forward to establish healthy style of governance in the era of permissionless financial innovation based on polycentric stewardship.

Suggested Citation

  • Shin’ichiro Matsuo & Ryosuke Ushida, 2021. "Multi-Stakeholder Governance in the Era of Decentralized Finance," Springer Books, in: Raghavendra Rau & Robert Wardrop & Luigi Zingales (ed.), The Palgrave Handbook of Technological Finance, pages 287-309, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-65117-6_12
    DOI: 10.1007/978-3-030-65117-6_12
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