Research on the Reciprocal Mechanism of Hybrid Governance in Blockchain

This paper aims to discuss the reciprocal mechanism of governance-by-blockchain and governance-of-blockchain within the context of hybrid governance, a model that combines both on- chain and off-chain methods to create reciprocal structure. Assuming the contingency theory, the effectiveness of a hybrid model depends on the collective interactions between technology, management, and public sphere. We found that technical innovations in governing methods promote the formation of effective technology management and the performance of blockchain as a governing tool is symbiotically linked to the consistent regulation of blockchain. After considering the different possible implementations of blockchain for governance, we concluded that the probability of success is highest in consortium blockchain, followed by public blockchain and private blockchain. By studying the Dream Valley Blockchain Project, a site currently attempting to realize the hybrid model on the scale of a small city, we confirmed some of the concerns regarding blockchain governance. In conclusion, the interactions between blockchain and governance are mutually beneficial. A significant amount of research and development still remains before hybrid governance is achieved. However, the difficulty surrounding the task of managing rapidly developing technology can be alleviated best by incorporating technological advancements into the governance structure