CONTRACTING IN THE SMART ERA: THE IMPLICATIONS OF BLOCKCHAIN AND DECENTRALIZED AUTONOMOUS ORGANIZATIONS FOR CONTRACTING AND CORPORATE GOVERNANCE.

Thispaperexplores blockchain technology'spotential to altercontractingbothinthemarket and within organizations. We identify and discuss how blockchain reduces certain types of transaction costs while introducing additional costs that have not been present in traditional contracts. Blockchain technology also presents a new method to mitigate or avoid certain types of agency costs that stem from contracting with agents inside the firm. Through this theoretical discussion, our paper proposes several avenues for future research on howblockchain may alter contracting and corporate governance. [ABSTRACT FROM AUTHOR]