# kaal:claim:3441904-012

**Claim.** Barzel's rationale for the firm, the added efficiency of a centralized production monitoring agency, becomes largely irrelevant under efficient smart contracting, because the smart contract performs the production monitoring function and largely removes agents.

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

**Holds when.**

- efficient smart contracting environments

**Source quote.**

> is also largely irrelevant with efficient smart contracting as the smart contract performs the production-monitoring function and largely removes agents.

**From.** Wulf A. Kaal, *Blockchain-Based Corporate Governance* (2019), II.3 The Theory of the Firm Revisited, page 11

**Cite as.** Wulf A. Kaal, Blockchain-Based Corporate Governance (2019). SSRN: https://ssrn.com/abstract=3441904

**Verify.** sha256 of source PDF `e6b562527f7f19accaa35491db0a0db168b6a936755e1dca424e9f30bee7a815` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202019%20-%20Blockchain-Based%20Corporate%20Governance.pdf

**Topics.** compliance, smart-contracts

**Keywords.** theory-of-the-firm, monitoring, smart-contracts, barzel

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