{"title":"Application of Blockchain in Corporate Governance: Adaptability, Challenges and Regulation in BRICS","authors":"Siddharth Kanojia","doi":"10.21684/2412-2343-2023-10-4-53-67","DOIUrl":null,"url":null,"abstract":"The digital revolution has changed many facets of daily life over the past few decades. Think about how personal computers and smartphones are becoming more powerful and smaller, how the Internet has spread throughout the world and led to the emergence of new forms of social interaction, and how there is always access to massive volumes of automated algorithms processing cloud-based data that is utilised in a number of settings. Similarly, it has been observed that blockchain technology has the potential to provide clever fixes for traditional inefficiencies of corporate governance, particularly in the dynamically evolving paradigm in the emerging economics like BRICS nations i.e., Brazil, Russia, India, China, and South Africa. This paper aims to explore the possibilities of adopting blockchain technology within the arrays of internal governance mechanisms while emphasizing on the redressal to legal and regulatory challenges. The paper also critically analyzes the implication and utility of this evolved technology in the corporate governance systems of BRICS nations.","PeriodicalId":41782,"journal":{"name":"BRICS Law Journal","volume":"7 4","pages":""},"PeriodicalIF":0.2000,"publicationDate":"2023-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"BRICS Law Journal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.21684/2412-2343-2023-10-4-53-67","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"LAW","Score":null,"Total":0}
引用次数: 0
Abstract
The digital revolution has changed many facets of daily life over the past few decades. Think about how personal computers and smartphones are becoming more powerful and smaller, how the Internet has spread throughout the world and led to the emergence of new forms of social interaction, and how there is always access to massive volumes of automated algorithms processing cloud-based data that is utilised in a number of settings. Similarly, it has been observed that blockchain technology has the potential to provide clever fixes for traditional inefficiencies of corporate governance, particularly in the dynamically evolving paradigm in the emerging economics like BRICS nations i.e., Brazil, Russia, India, China, and South Africa. This paper aims to explore the possibilities of adopting blockchain technology within the arrays of internal governance mechanisms while emphasizing on the redressal to legal and regulatory challenges. The paper also critically analyzes the implication and utility of this evolved technology in the corporate governance systems of BRICS nations.
期刊介绍:
The BRICS is an acronym for an association of Brazil, Russia, India, China and South Africa, evolved from mere investment lingo to an organized network, in the process assuming a greater geopolitical role aimed at institutional reforms that shift global power. All five countries adhere to principles of inclusive macroeconomic and social policies and are focusing on responsible national growth strategies. The BRICS Law Journal is a platform for relevant comparative research and legal development not only in and between the BRICS countries themselves but also between those countries and others. The journal is an open forum for legal scholars and practitioners to reflect on issues that are relevant to the BRICS and internationally significant. Prospective authors who are involved in relevant legal research, legal writing and legal development are, therefore, the main source of potential contributions.