SoK: Defining Blockchain Governance - An Overview of Existing Literature Related to a New Empirical Study

This paper evaluates and systematizes the existing knowledge (SoK) on blockchain governance. It starts with an overview of existing research on decentralized blockchain governance through a little-known but extremely relevant paradox on blockchain governance, called the governance paradox. In that paradox a distinction is made between making the rules and following the rules, something various other studies also found be it slightly differently worded. The paper then presents the results of an empirical study, defining what blockchain governance is, inspired by the views of blockchain insiders and experts. Through a Delphi study, they were asked several questions related to blockchain governance. This was done remotely, over time, iteratively and, ideally, led to a group consensus in the spirit of blockchain philosophy. The respondents identified 43 attributes by which they described the governance of the decentralized blockchain. After coding and analysis, they were subsequently reduced to core categories, leading to the characterization of blockchain governance by only two attributes. The results were then compared with existing academic literature, showing a remarkable overlap. The empirical component, in which blockchain experts were interviewed, added a new insight that matched the existing research and, by that, validates both the existing literature and the empirical findings of this study. This paper ends with three conclusions regarding blockchain governance. To begin with, governance can be reduced to two attributes, namely engagement and confidence. Furthermore, the human factor, as represented by the attribute engagement, plays and should play a significant role. Lastly, there should be an ongoing interaction between engagement and confidence: the blockchain governance loop.