Toward a Multidimensional Conceptualization of Decentralization in Blockchain Governance: Commentary on ‘Two Sides of the Same Coin? Decentralized Versus Proprietary Blockchains and the Performance of Digital Currencies’ by Cennamo, Marchesi, and Meyer

Abstract

In this commentary, we argue that studies similar to Cennamo, Marchesi, and Meyer (2020) should distinguish four dimensions of control in blockchain governance, all of which could be more or less decentralized. For some of these dimensions, decentralization is likely beneficial, while for others centralization may be preferable. Cennamo et al. (2020) provide evidence that the initial design stages of blockchain systems benefit from centralization. Future research is needed to provide empirical insights for other dimensions of control in blockchain governance.