Abstract
This research work, a study was carried out on blockchain technology and its types, as well as the creation of new models of government and governance from the scope of an organization, infrastructure and platform. Governance and commercial models were addressed, based on standardization of data and legal frameworks. On the other hand, it showed how operational governance causes consequences in business models, whether with transactions, multi-signature, forks, consensus mechanism, smart contracts, tokenization, online dispute resolution and decentralized application (World Economic Forum, 2020, pp. 97 196). It was discovered that at least in current business models, private blockchain networks are more useful than public networks because they have greater operational flexibility and data governance, without exempting that public networks must also have mechanisms of governance since sometimes a human consensus must be reached to make updates to protocols and technical rules (The Law Society, 2020, pp. 24-61). This paper shows the basic principles that must be observed about governance and regulation in the implementation of blockchain technologies in systems created by governments, corporations and/or organized civil societies.
Highlights
The devastating effects caused by the global financial crisis of 2008 resulted in society losing confidence in society‘s systems, that is, in the fundamental institutions of the economy that were deposited in banks, regulators and government
It was discovered that at least in current business models, private blockchain networks are more useful than public networks because they have greater operational flexibility and data governance, without exempting that public networks must have mechanisms of governance since sometimes a human consensus must be reached to make updates to protocols and technical rules (The Law Society, 2020, pp. 24-61)
This paper shows the basic principles that must be observed about governance and regulation in the implementation of blockchain technologies in systems created by governments, corporations and/or organized civil societies
Summary
The devastating effects caused by the global financial crisis of 2008 resulted in society losing confidence in society‘s systems, that is, in the fundamental institutions of the economy that were deposited in banks, regulators and government. As a result of this financial collapse, the Bitcoin white paper emerged in 2008 and was formally implemented in January 2009, this disruptive technology emerged, with the main idea of creating a form of electronic money of person to person, which allows the sending of online payments, directly between the parties and without passing through financial institutions, supplying some trusted third parties through cryptographic technology Another important factor to take into consideration is the interruption of administrative, legal and corporate processes caused by the pandemic known as COVID-19, forced governments, companies and society in general to re-evaluate the acceleration and construction of new models of services, goods and businesses, which would allow the evolution or the extinction of contemporary institutions. It is necessary to ask whether each blockchain corresponds to an autonomous legal order, in addition to whether these systems can self-regulate without the need for a central (public) authority (Cappiello & Carullo, 2020, p. 2)
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