# kaal:claim:3411897-017

**Claim.** Because governance guarantees are embedded in blockchain code, there is no need for a principal to institute oversight and monitoring, which eliminates the associated agency costs.

**Type.** mechanism  **Support.** argued

**Holds when.**

- assumes guarantees are genuinely enforced by the protocol

**Source quote.**

> Hence, in the blockchain infrastructure, there is no need for the principal to institute oversight and monitoring with the associated agency costs.

**From.** Wulf A. Kaal, *Decentralization - Past, Present, and Future* (2019), Part 2: The Present, The Brave New World of Decentralization, page 25

**Cite as.** Wulf A. Kaal, Decentralization - Past, Present, and Future (2019). SSRN: https://ssrn.com/abstract=3411897

**Verify.** sha256 of source PDF `82f0aea026b3e3a526ec51bc073b3b864dc06cd9083ff9c54c550037045edaa9` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202019%20-%20Decentralization%20-%20Past%2C%20Present%2C%20and%20Future.pdf

**Topics.** blockchain, corporate-governance, compliance, governance-design

**Keywords.** blockchain, agency-costs, monitoring, governance-by-code

**Related claims.**

- restates: https://wulfkaal.github.io/claims/3373393-021
- restated_by: https://wulfkaal.github.io/claims/3808867-035
- restates: https://wulfkaal.github.io/claims/3373393-018
- extends: https://wulfkaal.github.io/claims/3373393-002

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.