# Legacy institutions

`kaal:entity:legacy-institutions`

**Status.** derived

This node is assembled mechanically from the 2 claims that carry the concept tag `legacy-institutions`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

2 claims across 2 works, 2019 to 2021.

**2019**

- [3406323-026](https://wulfkaal.github.io/claims/3406323-026) [failure/argued] *(failure mode)* -- Legacy insurers will not underwrite smart contracts that sit outside the traditional legal framework, and even if they eventually enter the DApp market their actuarial risk assessment methods may be only partially compatible with rapidly evolving decentralized products.
  > Most legacy insurance companies will not consider underwriting a smart contract that is not subject to the traditional legal framework.
  Wulf A. Kaal, Decentralization - A Primer on the New Economy (2019). SSRN: https://ssrn.com/abstract=3406323

**2021**

- [3782201-014](https://wulfkaal.github.io/claims/3782201-014) [failure/argued] *(failure mode)* -- The democracy and transparency achieved by the founders of current institutions has been subverted by the natural concentration of power that evolves under competition, leaving hierarchies ossified and likely too brittle to adopt processes derived from radically different information technologies.
  > The hierarchies have ossified. They are likely too brittle now, to adopt processes that come from such radically different in- formation technologies. Changes are likely to be seen as a threat to power and re- sisted.
  Craig Calcaterra, Wulf A. Kaal, Future of Decentralization (2021). SSRN: https://ssrn.com/abstract=3782201

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/legacy-institutions.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.