Title: Decentralized Governance: Growing Phenomenon in the Digital Age
Authors: Ajay Sharma Chinnadurai, Mahera Imam
Volume: 8
Issue: 10
Pages: 84-90
Publication Date: 2024/10/28
Abstract:
The advent of the digital age has brought a significant shift in how governance operates, moving away from traditional centralized structures towards decentralized models. With the integration of digital technologies, decision-making processes have become more inclusive, enabling citizens to engage with governance through various online platforms. This shift has empowered individuals and communities to voice their concerns, share feedback, and contribute to policy-making in real-time. Grounded in principles like transparency, trust, participation, and inclusivity, decentralized governance utilizes innovative technologies like blockchain, smart contracts, and DAOs to redefine decision-making processes. This paper offers a thorough investigation into decentralized governance, covering its evolution, defining characteristics, technologies driving it, advantages, challenges, and future implications. The transformative potential of decentralized through case studies in various sectors like land record management, pharmaceutical supply chain, and educational certification, this paper navigates the obstacles of regulatory uncertainties, scalability concerns, and inherent governance complexities within decentralized systems. Despite these hurdles, the importance of decentralized governance remains undeniable, guiding future governance frameworks towards greater fairness, participation, and resilience. This paper aims to uncover the potential transformation brought by decentralized governance, providing perspectives on its influence across industries. It highlights the importance of ongoing exploration and collaboration to deliver its potential in the digital age.