Decentralized Autonomous Organizations and Decentralized Finance, A Bibliometric and Content Analysis

Decentralized Autonomous Organizations (DAOs) present a new technological advancement that may pose a challenge to traditional organizations in terms of governance and decision-making. DAOs offer a novel approach to organization and collaboration by implementing a decentralized, immutable, and trustless system. These organizations run on blockchain technology through the use of smart contracts, enabling autonomous and self-executing operations. Despite their potential, DAOs still face uncertainties regarding their security, governance, and scalability, among other challenges. To determine research gaps and aid in the successful development of DAOs, this paper conducts a bibliometric and content analysis, which is currently missing from existing literature, to provide structural support for this process. This paper identifies the most significant research streams and influential articles on DAOs, providing a comprehensive overview of the current state of this field. Moreover, it investigates the performance of major Decentralized Finance (DeFi) DAOs in light of these research streams, offering insights into their practical applications and effectiveness. To facilitate future research in this domain, the paper proposes several research questions for each identified research stream. These questions aim to address gaps in the current understanding of DAOs, paving the way for novel research that can contribute to the development and enhancement of this innovative technology

New business model for auction houses based on blockchain

Over the last few years, and perhaps due to the global pandemic, activity around blockchain technology, cryptocurrencies, and crypto-assets has become socially popular and mainstream. This technology presents a new digital infrastructure and offers a new governance model in the ecosystem that can bring improvements to current systems and represent a turning point. In the frenetic and constantly evolving world we live in, the implementation of these new technologies is a challenge for companies, and their early adoption can be a turning point for their growth and future development. The project's starting point is born at this precise moment when different companies and industries are racing to join the new technology and try to adapt and take advantage of it. In particular, there has been a revolution in the art sector thanks to the invention of NFTs and their use linked to the creation and trade of digital art. Despite the existence of significant and recognized marketplaces where these assets are traded, large auction houses have maintained a relevant role in managing some of the most famous NFTs auctions. Their role has meant nothing more than incorporating these new assets into their catalogs and, in some cases, creating digital spaces where they can exhibit them. This thesis presents a new business model for auction houses based on blockchain to enable them to go a step further and take full advantage of the possibilities and improvements that this technology offers. The new business model developed incorporates several applications of the technology in the current system to improve it and satisfy the new needs and requirements of the market. In order to carry out the design of the new model, the document first proposes a compilation chapter of the two main topics to be dealt with. On the one hand, historical documentation of auctions and auction houses up to their current model has been carried out to understand their evolution. On the other hand, a detailed explanation of blockchain technology and its set of applications has been developed to understand its characteristics and the possibilities it offers. Finally, in order to give the most accurate picture of the current situation, a state-of-the-art is developed in a timeline format with the most significant related events that have taken place over the last year. Once the foundations on which the new business model is built have been understood and internalized, the project enters the second chapter, where the current situation on the topic is analyzed in detail through three different analyses. First, the state-of-the-art is examined in-depth, and the characteristics and conclusions that define the present situation are drawn. For this purpose, the different news items are examined objectively in order to distinguish the reasons behind the events, understanding how and why they have taken place. Secondly, a set of interviews have been conducted with different actors involved in the main topic of the thesis in order to have a first-hand opinion and hear different perspectives. To conclude the analysis and deepen in the field of blockchain technology and particularly in the possibilities of smart contracts, a programming course in blockchain has been carried out in parallel to the project's development. The document section shows a summary of the follow-up of the course and explains all the new concepts acquired during the course. Finally, the last chapter of the thesis shows a description of the new business model for auction houses based on blockchain as a result of the analysis of the project. The first section develops the new system and its characteristics, the design of the blockchain infrastructure and its operation, and presents the modifications made to the new business model. The chapter continues with the justification for creating the model and explains how it arises from taking advantage of the opportunities offered by the new technology and the possible results and benefits that auction houses can obtain. In addition, other sections are added that qualitatively define the roadmap to be followed for its implementation, the economic analysis, and the environmental impact of the new model. To conclude, a feasibility analysis is carried out to show the current weaknesses to be taken into account before adopting the new modelNegli ultimi anni e a causa della pandemia globale, l'attività intorno alla tecnologia blockchain, alle criptovalute e ai crypto asset è diventata socialmente popolare e un argomento mainstream. Questa tecnologia presenta una nuova infrastruttura digitale e offre un nuovo modello di governance nell'ecosistema che può portare miglioramenti ai sistemi attuali. Nel mondo frenetico e in continua evoluzione in cui viviamo, l'implementazione di queste nuove tecnologie è una sfida per le aziende, e la loro adozione precoce può essere un punto di svolta per la loro crescita e sviluppo futuro. Il punto di partenza del progetto nasce in questo preciso momento in cui diverse aziende e industrie stanno correndo per unirsi alla nuova tecnologia e cercare di adattarsi e trarne vantaggio. In particolare, c'è stata una rivoluzione nel settore dell'arte grazie all'invenzione degli NFT e al loro utilizzo legato alla creazione e al commercio di arte digitale. Nonostante l'esistenza di importanti e riconosciuti marketplace di questi beni, le grandi case d'asta hanno mantenuto un ruolo rilevante nella gestione di alcune delle più famose aste di NFTs. Il loro ruolo non ha significato altro che incorporare questi nuovi beni nei loro cataloghi e, in alcuni casi, creare spazi digitali dove poterli esporre. Questa tesi presenta un nuovo modello di business per le case d'asta basato sulla blockchain per permettere loro di fare un passo avanti e sfruttare al massimo le possibilità e i miglioramenti che questa tecnologia offre. Il nuovo modello di business sviluppato incorpora diverse applicazioni della tecnologia nel sistema attuale per migliorarlo e soddisfare le nuove esigenze e richieste del mercato. Per realizzare la progettazione del nuovo modello, il documento propone innanzitutto un capitolo di compilazione dei due temi principali da trattare. Da un lato, è stata realizzata una documentazione storica delle aste e delle case d'asta fino al loro modello attuale per comprendere la loro evoluzione. Dall'altro, è stata sviluppata una spiegazione dettagliata della tecnologia blockchain e del suo insieme di applicazioni per capire le sue caratteristiche e le possibilità che offrono. Infine, al fine di dare il quadro più accurato della situazione attuale, è stato sviluppato uno stato dell'arte in formato timeline con gli eventi correlati più significativi che hanno avuto luogo nell'ultimo anno. Una volta che le basi su cui è costruito il nuovo modello di business sono state comprese e interiorizzate, il progetto entra nel secondo capitolo, dove la situazione attuale sull’argomento viene analizzata in dettaglio attraverso di tre diverse analisi. In primo luogo, si esamina in profondità lo stato dell'arte e si tracciano le caratteristiche e le conclusioni che definiscono la situazione attuale. A questo scopo, le diverse notizie vengono esaminate in modo oggettivo per distinguere le ragioni dietro gli eventi, capendo come e perché sono avvenuti. In secondo luogo, sono state condotte una serie di interviste con diversi partecipanti riguardo l'argomento principale della tesi, al fine di avere un'opinione di prima mano e sentire diverse prospettive. Per concludere l'analisi e approfondire nel campo della tecnologia e in particolare nelle possibilità degli smart contracts, è stato realizzato un corso di programmazione in blockchain in parallelo allo sviluppo del progetto. La sezione del documento mostra un riassunto del seguito del corso e spiega tutti i nuovi concetti acquisiti durante il corso. Infine, l'ultimo capitolo della tesi mostra una descrizione del nuovo modello di business per le case d'asta basato su blockchain come risultato dell'analisi del progetto. La prima sezione sviluppa il nuovo sistema e le sue caratteristiche, la progettazione dell'infrastruttura blockchain e il suo funzionamento, e presenta le modifiche apportate al nuovo modello di business. Il capitolo continua con la giustificazione della creazione del modello e spiega come nasce dallo sfruttamento delle opportunità offerte dalla nuova tecnologia e i possibili risultati e benefici che le case d'asta possono ottenere. Inoltre, vengono aggiunte altre sezioni che definiscono qualitativamente la tabella di marcia da seguire per la sua implementazione, l'analisi economica e l'impatto ambientale del nuovo modello. Per concludere, viene effettuata un'analisi di fattibilità per mostrare le attuali debolezze da prendere in considerazione prima di adottare il nuovo modell

Decentralizing Venture Capital: An Analysis of the Current and Future State of Investment Decentralized Autonomous Organizations

106 pagesFor over half a century, venture capital (VC) has been a staple of the startup ecosystem as a source of funding. Venture capital firms have historically backed some of the most well-known companies today, including Meta, Google, Uber, and countless others. More recently, VC firms have started setting their sights on a new category of startups that are hoping to lead the way to a more decentralized world by leveraging blockchain technology. Among the many applications within this space includes an emerging and alternative model for traditional VC that is facilitated through Decentralized Autonomous Organizations (DAOs). Historically, investing in venture capital funds has been limited to large institutions and high net worth individuals. However, the emergence of DAOs modeled as VC funds could potentially increase accessibility for a larger pool of investors to gain exposure to cryptocurrency and blockchain-focused startups and earn the astronomical returns that were a privilege previously limited to a select group. This thesis serves to examine the advantages and challenges of DAOs as venture capital investment vehicles and analyze the potential role that DAOs may eventually play the venture capital landscape

Next Generation Business Ecosystems: Engineering Decentralized Markets, Self-Sovereign Identities and Tokenization

Digital transformation research increasingly shifts from studying information systems within organizations towards adopting an ecosystem perspective, where multiple actors co-create value. While digital platforms have become a ubiquitous phenomenon in consumer-facing industries, organizations remain cautious about fully embracing the ecosystem concept and sharing data with external partners. Concerns about the market power of platform orchestrators and ongoing discussions on privacy, individual empowerment, and digital sovereignty further complicate the widespread adoption of business ecosystems, particularly in the European Union. In this context, technological innovations in Web3, including blockchain and other distributed ledger technologies, have emerged as potential catalysts for disrupting centralized gatekeepers and enabling a strategic shift towards user-centric, privacy-oriented next-generation business ecosystems. However, existing research efforts focus on decentralizing interactions through distributed network topologies and open protocols lack theoretical convergence, resulting in a fragmented and complex landscape that inadequately addresses the challenges organizations face when transitioning to an ecosystem strategy that harnesses the potential of disintermediation. To address these gaps and successfully engineer next-generation business ecosystems, a comprehensive approach is needed that encompasses the technical design, economic models, and socio-technical dynamics. This dissertation aims to contribute to this endeavor by exploring the implications of Web3 technologies on digital innovation and transformation paths. Drawing on a combination of qualitative and quantitative research, it makes three overarching contributions: First, a conceptual perspective on \u27tokenization\u27 in markets clarifies its ambiguity and provides a unified understanding of the role in ecosystems. This perspective includes frameworks on: (a) technological; (b) economic; and (c) governance aspects of tokenization. Second, a design perspective on \u27decentralized marketplaces\u27 highlights the need for an integrated understanding of micro-structures, business structures, and IT infrastructures in blockchain-enabled marketplaces. This perspective includes: (a) an explorative literature review on design factors; (b) case studies and insights from practitioners to develop requirements and design principles; and (c) a design science project with an interface design prototype of blockchain-enabled marketplaces. Third, an economic perspective on \u27self-sovereign identities\u27 (SSI) as micro-structural elements of decentralized markets. This perspective includes: (a) value creation mechanisms and business aspects of strategic alliances governing SSI ecosystems; (b) business model characteristics adopted by organizations leveraging SSI; and (c) business model archetypes and a framework for SSI ecosystem engineering efforts. The dissertation concludes by discussing limitations as well as outlining potential avenues for future research. These include, amongst others, exploring the challenges of ecosystem bootstrapping in the absence of intermediaries, examining the make-or-join decision in ecosystem emergence, addressing the multidimensional complexity of Web3-enabled ecosystems, investigating incentive mechanisms for inter-organizational collaboration, understanding the role of trust in decentralized environments, and exploring varying degrees of decentralization with potential transition pathways