From Bitcoin to Decentralized Autonomous Corporations
Extending the Application Scope of Decentralized Peer-to-Peer Networks and
Blockchains
Kalliopi N. Kypriotaki, Efpraxia D. Zamani and George M. Giaglis
Department of Management Science and Technology, Athens University of Economics and Business,
Patission 76, 104 34 Athens, Greece
Keywords: Enterprise Architecture, Business Structure, Decentralization, Decentralized Autonomous Corporations,
Innovation.
Abstract: Inspired by the new technological advancements and the groundbreaking technology at the foundation of
cryptocurrencies, organizational structures are expected to evolve and new corporate structures to emerge,
based on full decentralization. We posit that the blockchain, i.e., the technology, system and protocol behind
and beyond the most popular digital crypto-currencies, will introduce decentralization in many manifestations
of our everyday life, especially in cases where an independent trusted third party is needed to ensure and
verify operations and transactions. This paper builds upon the blockchain technology and discusses how it
could enable fully decentralized forms of business structures to emerge; decentralized autonomous
corporations (DACs) are business entities totally based on code; running on the cloud, providing certain
services and creating value for their customers. Thus, we argue that DACs could prove a means of
decentralizing and automating decision making in organizations.
1 INTRODUCTION
The need of modern organizations to automate and
integrate tasks and processes so as to effectively
operate in the increasingly competitive environment,
is more than obvious in our era. Information
Technology enables the introduction of advanced
solutions to perform such tasks. Business structures
have also evolved over time, from hierarchical and
autocratic structures to more wide and open to
innovation models, to facilitate the way businesses
thrive towards effectiveness and productivity, making
enterprise architecture and structure a key decision
for the modern enterprise.
Important technological advancements of our
time may enable the invention and conception of new
and innovative business structures. More specifically,
the pioneering state-of-the-art technology at the
foundation of what is today known as digital
cryptocurrencies, namely the blockchain, could act as
the keystone for the decentralization of anything that
runs today under the support or surveillance of a
trusted third party to ensure its effective and proper
operation. This technology is still at its infancy and
the implications deriving from its implementation are
hard to overstate (Giaglis and Kypriotaki, 2014).
However, it has already been conceived as able to
support the invention of a new and fully decentralized
enterprise architecture; “Decentralized Autonomous
Corporations” are envisioned as open source entities
running on the cloud by themselves, once coded and
released, introducing notable opportunities for
competitive advantages.
In what follows, we provide a brief overview of
the way enterprise architecture has been conceived
and evolved over time. Next, we discuss the Bitcoin
technology, its disruptive nature and potential. This
allows us to discuss decentralization as its most
prominent and promising characteristic. Finally,
Decentralized Autonomous corporations and their
characteristics are introduced, igniting a discussion
about the competitive advantages as well as the
limitations accompanying this form of business.
2 ENTERPRISE ARCHITECTURE
OVER TIME
Enterprise architecture refers to “the fundamental
structures of a company (or government agency)” and
284
Kypriotaki K., Zamani E. and Giaglis G..
From Bitcoin to Decentralized Autonomous Corporations - Extending the Application Scope of Decentralized Peer-to-Peer Networks and Blockchains.
DOI: 10.5220/0005378402840290
In Proceedings of the 17th International Conference on Enterprise Information Systems (ICEIS-2015), pages 284-290
ISBN: 978-989-758-098-7
Copyright
c
2015 SCITEPRESS (Science and Technology Publications, Lda.)
seeks to “bridg[e] the gap between business and
information technology” (Aier et al., 2011). As a
result, it can offer support for the overall design
(Dietz, 2006) and the development of the
organisational capabilities and assets (Ahlemann et
al., 2012).
At the same time, enterprise architecture can be a
useful tool towards responding to a range of needs
and challenges that contemporary organisations face
today (Greefhorst and Proper, 2011). In the following
section, these challenges are briefly outlined.
2.1 Current Organisational Needs and
Pressures
Contemporary organizations are faced with an ever-
increasing complexity and the need to effectively use
their technical resources (Shah and Kourdi, 2007).
Generally, most of the pressures they experience are
extra-organizational and the challenges they need to
respond to originate from outside the organizational
environment.
On a more abstract level, Greefhorst and Proper
(Greefhorst and Proper, 2011) have identified several
challenges. To begin with, they argue that, due to
globalisation, organisations need to position
themselves within the global marketplace and offer
products and services that either respond to the needs
of global consumers or are built on a differentiation
basis. Next, they discuss the need for aligning with
the service-oriented economy, which requires
organisations to become service providers, even when
they are in fact product providers, in the form of
offering integrated services. In relation to this, they
further identify “the shift of powers in the value
chain”. This refers to consumers and clients who are
today more demanding and powerful. Last but not
least, they refer to the changing role and capabilities
of Information Technology (IT); while previously IT
was used primarily for automating processes and
procedures, today it offers a range of opportunities
and has transformed entirely the landscape by nesting
within the core of the organisation. Most importantly,
it can be the instrument for the transformation of the
organisation towards responding to contemporary
needs.
On a more practical level, the aforementioned
issues are interpreted into specific needs of the
modern organisation (or business). As it has been
highlighted, markets today are integrated, consumers
and customers are quite more demanding and
competition remains strong. Therefore, the
aforementioned issues “change the conditions for
control in companies” (Nilsson and Lindvall, 2014).
In more detail, organisations today, particularly those
that are small or medium sized, need a series of skills,
ranging from IS, business, and general management
skills to specific organizational processes for the
exploitation of these skills (Cragg et al., 2011).
Further, all organisations need a way to integrate their
various functions and link all the stages within the
supply chain. This can result into information
integration (e.g., financial and accounting
information, human resources information, customer
information) and to the best management practices
(Momoh et al., 2010). Most often, these needs are
met, completely or partially, through the use of
Enterprise Resource Planning information systems.
In larger organisations, there is an additional need;
modern organisations experience the decentralisation
of their resources, among their individual
departments, but also between their various business
partners. As a result, there is a great need for
information exchange and sharing across
heterogeneous applications environments (Wang and
Xu, 2011). The most common solution that addresses
this need is IT, as it can enable the integration and the
automation of information, while supporting the
integration and automation of processes, despite that
there is weak evidence that IT solutions can improve
the supply chain integration (Marra et al., 2012).
2.2 Different Enterprise Structures and
Their Development over Time
To date, several enterprise structures have emerged,
ranging from the brick and mortar paradigm, to e-
commerce and mobile commerce, which, supported
by ubiquitous internet access, are gaining increasing
adoption nowadays.
To begin with, the brick and mortar paradigm
refers to the traditional paradigm of doing business
from a physical location (e.g., store, offices).
Naturally, this structure has not been replaced entirely
by other forms. However, it is quite evident that the
internet in general has transformed significantly “the
way of doing business […] and commerce” (Maamar,
2003). First of all, consumers have greater power on
the web, as they have the opportunity to send and
receive information from multiple sources for
multiple products and services (Madhavi and Akbar,
2011). As a result, there is great demand for
supporting the aforementioned processes through IT
and for maintaining business processes that are
aligned with consumers’ needs (Maamar, 2003),
through e-commerce. As a result, there are several
brick and mortar businesses that have moved into the
internet era, maintaining both an electronic and
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physical presence, while others have completely
transferred their activities to the web.
Nevertheless, we are witnessing today yet another
transformation of commerce. The advent of mobile
technologies, supported by the great availability of
wireless networks and easy to use handled devices
has given way for the rise of mobile commerce (m-
commerce). This type of activity is basically “an
important step towards achieving an anywhere,
anytime paradigm” since it is possible to buy and sell
products and services at all times from all locations,
i.e., these two dimensions no longer constrain
business activities (Maamar, 2003).
Junglas and Watson argue that these two
paradigms, e-commerce and m-commerce, exhibit
some features, which differentiate them entirely from
one another. Specifically, the authors argue that m-
commerce and e-commerce exhibits significant
differences along the concepts of reachability,
accessibility, localization and portability (Junglas and
Watson, 2003). Indeed, while it may be said that both
paradigms provide to a certain extent all of the above,
the former, i.e., m-commerce, subject to other
variables (e.g., network availability) manages to
provide them in an unrestricted fashion, without
setting limits to e.g., reachability and portability.
Following m-commerce, it is posited that yet
another paradigm is about to emerge, that of ultimate
commerce (u-commerce) (Junglas and Watson,
2003). Weiser has introduced ubiquitous information
systems in his seminal paper (Weiser, 1991). In it, he
described a world where the boundaries between
everyday life and technology blur together as
information systems weave themselves into our
everyday activities. Based on this, Watson et al. have
defined u-commerce as “the use of ubiquitous
networks to support personalized and uninterrupted
communications and transactions between a firm and
its various stakeholders to provide a level of value
over, above, and beyond traditional commerce”
(Watson et al., 2002). In other words, u-commerce,
supported by ubiquitous networks and universal
devices, will help commerce become independent
from space and time, and extend itself beyond the
traditional paradigms (Junglas and Watson, 2003).
At the same time, beyond the transformations that
commerce has been undergoing recently, businesses
are yet again faced with more changes. It has been
noted that the structure of a typical business has been
changing recently as well, and that the typical
hierarchical structure has slowly but steadily shifted
into a pancake design. These two examples, the
pyramid and the pancake, occupy the two opposing
extremes of a spectrum (Schneckenberg, 2009), while
in between them there are several variations and
combinations of the two. To elaborate further, the
traditional pyramid reflects the “hierarchical culture,
in which leadership makes centralized decisions at the
top of the organization and pushes these decisions
vertically down to lower-level employees for
execution” (Schneckenberg, 2009). In contrast, the
pancake design places all employees on the same
level, as they are rather autonomous and make their
own decisions, drawing from their experience and
expertise. In these cases, the employees do not
necessarily need the authorization of central
management, but they can rely on their own
judgment.
These changes have been facilitated by two
different features. First of all, studies reveal that
currently there is a shift of demand from goods to
services. Therefore, contemporary businesses are in
need to deliver a service even in cases where they are
in fact produce a specific product (Greefhorst and
Proper, 2011). Secondly, recent advances have
allowed the decrease of costs for information and
communication technologies within a given
enterprise and there are those who posit that this is in
fact the primary reason for the organisational
transformation we witness today (Schneckenberg,
2009, Malone, 2004). What is important however, is
that this organizational transformation, from the
pyramid to the pancake, has led to the introduction of
decentralization of decision-making in modern
business; (Schneckenberg, 2009).
Lately, the trend towards lean and open to
innovation models of operation is increasing; Google
allows their employees to spend a significant percent
of their time in projects they initiate and conceive,
whereas GitHub, the developers’ online community,
has adopted the “open allocation” mode of operation.
The latter is the model of operation which enables
employees self-organize and deal with the problems
they think as important, without top management
guidelines or formal business structures at all. GitHub
team members, inspired by a common vision and
maintaining an advanced level of communication and
collaboration, have proved that this decentralized
approach is workable; it counts at least one effective
application, as GitHub ranks as a very popular tool
and repository for developers nowadays.
In the following paragraphs, the blockchain
technology is defined and briefly explained, including
insights to its main characteristics.
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3 DAC - A NEW BUSINESS
STRUCTURE UNDER
DEVELOPMENT
Corporations are a way that people use to organize
towards a common goal; this means to design and
implement a business idea, create and offer a product
or service in order to generate added value and thus,
raise profits. It has been widely argued that
corporations are people (The Economist, 2014),
meaning that their successful establishment and daily
operation are based on the team of people that “runs”
the business. Are there types of businesses, though,
that offer specific products or services and can be
coded into making decisions and generating profit,
with just (or even without) human lead and guidance?
As previously discussed, a constantly increasing
percentage of big corporations faces the need to re-
adjust or even re-engineer their business processes, in
order to operate effectively and sustain their
competitive advantage. The integration and use of
advanced technology in already established
businesses, typically provides sophisticated solutions
for integration or automation of tasks, thus tackling
the aforementioned issue.
At the same time, start-up entrepreneurship is
promoted and supported a lot in our era; lean
methodologies act catalytically in the development of
new business ventures, and arguably require flexible,
open-to-innovation business models and operation
plans in order for startups to launch and find their way
to success.
We suggest that both modern corporations and
new business ventures about to flourish, need to
consider and exploit innovative technological
breakthroughs, and more specifically to examine
whether their infrastructure could be improved to
facilitate effectiveness and productivity. The
blockchain technology is proposed as an
infrastructure of such high-calibre and promising
potential.
3.1 Blockchain Technology –
Introducing a New Alternative?
Based on decades of scientific research results in
diverse, multidisciplinary fields, a revolutionary
technological invention has quite recently emerged;
digital currencies and the blockchain infrastructure.
The blockchain is an online, global, publicly
available, distributed registry (ledger) that can be
updated by all nodes of a peer to peer (P2P)
distributed network, based on their consensus,
ensured by the use of a proof-of-work algorithm
(Antonopoulos, 2014). The blockchain technology
provides the users of a P2P network, previously
unknown to each other, with the opportunity, for the
first time in history, to reach a decision on the next
“block” to be added in the “chain”, without the need
of a trusted third party.
To date, Bitcoin is the most popular private,
decentralized, digital crypto-currency, and the first
widely accepted application of the blockchain
technology. The original white paper (Nakamoto,
2008), written and distributed by Satoshi Nakamoto,
re-introduced the concept of currency as a
decentralized means of exchange and store of value,
which until then relied solely on trusted third parties,
i.e., banks.
Bitcoin as a concept, according to Antonopoulos
(2014), refers to all of the following:
a de-centralized peer-to-peer network (the
bitcoin protocol);
a public transaction ledger (the blockchain);
a de-centralized mathematical and
deterministic currency issuance mechanism;
and
a transaction verification mechanism (Proof-
of-Work and mining).
A moment's thought would enable the reader
realise that the blockchain technology can ignite
applications of decentralized public records, like land
titles, vote or criminal records, private records like
wills and trusts, while it will probably be met in
medical records or issuance of certifications in the
near future. A plethora of innovative ideas, based on
the blockchain technology, has already flourished;
attempts to disrupt the nature of products or services
offered by a central sovereign, by enabling a user
driven changing process of change of ownership, vary
among meta-coins and asset registration ledgers,
issuance of certificates of any kind, smart contracts
(contractual agreements implemented using
software), etc. Could, the very same technology
possibly enable the invention of a new form of
corporations, a dynamic and decentralized business
structure?
3.2 What Is a DAC?
As already discussed, corporations and their structure
have substantially developed over the last decades.
The aforementioned blockchain technology is
believed to be the base for the next potential
unfolding with regards to business structures of the
future. Corporations that are code on the cloud, based
on an algorithm, set up to perform a certain function
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that creates value; this is the most simplistic
description of decentralized autonomous corporations
(DACs), an expression of decentralization that will
disrupt the way businesses are organized, to an extent
much greater than Bitcoin has affected the way we
think about currency.
In fact, Bitcoin has been considered as the first
decentralized autonomous corporation by some
pioneers in the field; its code runs in the nodes of the
network, whereas everyone who owns bitcoins is
actually a part of the “company’s” shareholders.
“Dividends” are distributed proportionately, based on
a rationale implemented in the algorithm running on
top of the blockchain – by this we refer to mining
rewards, distributed to the miner effectively solving a
block every ten minutes, whereas decisions are
reached over the blockchain – by this we refer to
proof of work scheme, with the use of which,
consensus is achieved and decisions are reached at
large scale, via a voting system that enables
shareholders gain control over the system to the
extent they contribute to it, without the need or the
presence of a trusted third party to ensure the validity
of transactions.
The engaged reader would probably argue that
Bitcoin, the currency, could not be considered a
corporation itself, in the sense that it does not perform
a function that creates value for its customers and thus
generates revenues and profits; it is just code, that
does not interact with the broader environment and it
is up to its users to adopt it, make full use of it and
enjoy all the benefits that can derive from it as a
decentralized form of currency.
Decentralized Autonomous Corporations (DACs)
however are envisaged as forms of new and
innovative corporate structures, that will enable new
venture ideas become established and incorporated
into business entities - autonomously running over the
blockchain - most importantly, with a very specific
goal: to generate revenues.
In more detail, a DAC is a company that lives in
the cloud, performing functions valuable for its
customers. Its customers are automatically charged
and have to pay the respective fees for the services
they receive. All the operations that are to be
performed, will be accomplished by the code, the
implementation of the DAC’s business logic within
the algorithm and over the blockchain. This is the first
time in history that technology would allow such a
business structure to evolve and exist.
More specifically, DACs will be programmed to
divide its tasks into two different categories;
repetitive, trivial tasks which can be automated with
the use of software and tasks that require creative
thinking, innovation, responsibility or crisis
management, tasks that cannot easily be fulfilled by a
computer. For this latter category of tasks, human
engagement will be required, which will be attracted
by certain incentives - again offered by the code that
governs the operation of the business.
DACs are also characterized by the fact that no
one will be able to change or manipulate their code,
once it becomes available, and their software once it’s
released; no one, including its creators, will be able to
change its “content”, “business logic” or way of
operation, unless the majority of the users/
shareholders agrees and reaches consensus for such
action to be taken. Furthermore, DACs are, by nature,
based on open source code, enhancing their
transparency and trustworthiness in a trustless
environment; their source code will obviously be
publicly available to any involved or interested party
or individual, who would like to access, review it and
even propose changes or amendments.
3.3 Decentralization; Does It Always
Work?
As already stated, the blockchain technology could
enable the establishment of virtual business entities
and the launch of their operations, by encoding the
mission to be accomplished into software. However,
we should consider whether such an innovative
business structure could find applications in all
different and diverse business sectors. We suggest
that such a structure could, indeed, enable the
decentralization of service provision in certain
sectors, like election processes, charities or
donations. Other examples of autonomous
corporations could deal with content management,
domain names and online marketing campaigns
management, filling for patents or copyright, or
specific financial services, as well as smart contracts
and the capabilities they offer for the decentralization
of contractual services.
On the contrary, decision making in a production
line of a factory, especially when the production
process is in progress, is an example that vividly
highlights circumstances under which
decentralization in the decision making process
would probably not be a wise action to be taken.
Furthermore, we should consider whether this
technology could be employed to implement and
support parts of business processes that could
algorithmically be addressed, assigning the most
complex and managerial tasks to senior level
executives. In other words, such technologies could
alternatively enable partial decentralization of certain
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business processes of existing businesses (for
instance, decentralization on the way a market
research project is conducted) or even the
decentralization of a certain portion of their business
units or departments to a certain extend. For instance,
are there cases where customer service could be
facilitated or partially automated?
3.4 What Could This New Enterprise
Architecture Offer?
The introduction of DACs can be correlated with
positive characteristics and changes into the way
business is taking place today, but also with
significant risks that will have to be confronted.
To begin with, numerous advantages can be
identified. Firstly, DACs could be thought as a way
to reduce barriers to entry for players that want to
enter to existing markets or create new ones, due to
no geographical, regulatory or political constraints.
The only prerequisite for such a form of business
entity to be established is internet connection, and the
only thing its further development depends on is
adoption rate of its users/ customers. Cryptography is
employed to ensure the validity of transactions and
cryptocurrencies like Bitcoin are the prominent way
to complete related financial transactions, fully
decentralizing operation and avoiding the need to
depend on a trusted third party.
Moreover, no board of directors or high level
executives will have to be hired or occupied for the
formulation of a DAC, which results into a generous
amount of money that would be attributed to their
remuneration (salaries, bonuses, etc.), which now can
be attributed to the shareholders of the corporation
(i.e. distributed as dividends).
More effective time management and immediate
response to customers’ requests is (expected to be
considered as) granted, since every possible
“reaction” to a customers’ action or call will
correspond to a pre-programmed reciprocation script.
Furthermore, DACs encode, thus explicitly set
imperishable business processes, rules and guidelines
for their operation, in open source code, thus
reviewable by everyone interested and not easily
modified or manipulated once the software is
released; this leads us to a business structure that is
built to prevent corruption and manipulation.
Most importantly, as already explained, DACs’
incorporation will support the automation of
repetitive tasks that drain the creativity and waste the
energy of the human brain; immediately, more space
will be provided for humans to employ creative
thinking and innovation, and envision and create new
business opportunities.
On the other side, DACs carry some risks which
should be identified, so as proper mitigation actions
are designed and put in place. First of all, the
blockchain technology is in its infancy. This means
that it needs time to breathe; we, humans, also need
time to understand and conceive its different aspects
and manifestations and realize its potential, thus the
risk of misinterpretation or manipulation of the term
DAC is prominent.
Secondly, in order to form and establish a DAC,
we need to trust and rely on code and software; as in
early stages of development of every new type or kind
of software products, the first attempts run the risk to
be vulnerable to malevolent attacks. However, the
fact that there are no central points of control or
failure to be attacked makes this risk less dangerous.
Additionally, the short Bitcoin history has proved that
this can be turned into an opportunity form
adjustments and overall improvement so that the next
software editions to be released are more robust and
resilient to malwares or cyber-attacks.
4 SUMMARY AND
CONCLUSIONS
Enterprises are the way that people are organized so
as to achieve common goals towards
commercialization and provision of services and
products. The way they are structured is of vital
importance for their effective every day operation and
management. Radical changes in the way businesses
are structured have taken place the last decades,
enabling their evolution from hierarchical and strict
structures to more horizontal and circular forms.
A promising technological breakthrough, the
blockchain, has emerged, enabling the achievement
of consensus and trust among previously unknown
nodes of a peer to peer network. This newly
introduced, groundbreaking technology has inspired
humans to perceive a totally disrupting form of
operation for modern businesses, which they namely
refer to as ‘decentralized autonomous corporations’
(DACs).
DACs, this potential unfolding and application of
the blockchain technology, will empower people
encode business processes that create value, into
software that will automatically and autonomously
run in the cloud, resulting in productive, transparent
and effective, profit-making business entities. Not all
business sectors and fields may find appropriate
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applications, at least in the near future; sky is the
limit, however, when it comes to entrepreneurial
innovation.
The way decentralized autonomous corporations
are going to be organized and structured is under the
process of design thinking in our era; this new
business structure, with a “politically correct” use,
can result into opportunities for cost minimization or
differentiation, thus for competitive advantages and
adding value services or products.
It is evident that, more time is required for the
effective development of this newly formed type of
enterprise architecture, DACs, and their actual mode
of operation is in need of a more accurate and detailed
definition. Last but not least, significant challenges
yet remain and have to be addressed for such business
structures to become viable and sustainable in the
future.
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