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(2021) 4.2 JCLG 166

Integration of Blockchain Technology in Corporate Governance : Implications and

Applications

INTEGRATION OF BLOCKCHAIN TECHNOLOGY IN CORPORATE GOVERNANCE : IMPLICATIONS AND

APPLICATIONS
by
Chitransh Bhansali and Devansh Dev*
ABSTRACT
Blockchain is receiving a lot of attention in almost every industry, including the corporate
world, and is attracting significant investments worldwide. Blockchain in its bare form is a
sort of ledger which is in the public domain. It has garnered attention for huge returns on
minimal investments in the cryptocurrency realm, however, there are multiple applications
of the technology that will ease the overwhelming burden of data that they need to store
and organize in every field, including corporate governance.
Blockchain technology can revolutionize the way companies are handled and how they
work. It is a framework that provides stakeholders with greater decentralization and greater
capacity for active and accurate decision-making and will be crucial to modern corporate
governance. Stakeholders can be highly benefitted from the transparency, permanence,
and efficiency that blockchain technology holds. Even organizing the data in a way that it is
not easily altered, or easily accessible would significantly improve the efficiency by which
any corporate would work. This paper aims to study the implications of the application of
Blockchain technology in the corporate governance world. The paper will attempt to
describe Blockchain in a non-technical language and will compare the implication with the
three major theories of corporate governance. The authors will then delve into its potential
application in the current corporate world; we will also highlight the potential challenges
with its implementation in order to provide a holistic study. The paper will ultimately
conclude with a short note on the future of Blockchain technology.
Keywords: Blockchain Technology, Corporate Governance, Cryptocurrency.

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TABLE OF CONTENTS
I. INTRODUCTION………………………………………………………… 167
II. BLOCKCHAIN TECHNOLOGY VIS-À-VIS CORPORATE 169
GOVERNANCE…………………………………………………………….
III. APPLICATION OF BLOCKCHAIN TECHNOLOGY IN CORPORATE 174
GOVERNANCE…………………………………………………………….
IV. SHORTCOMINGS………………………………………………………… 182
V. CONCLUSION……………………………………………………………. 185
I. INTRODUCTION
Cryptocurrency has been a much-debated issue in the past several years, and most of the
time, it has been on the wrong side of the law. Even in India, the Cryptocurrency and
Regulation of Official Digital Currency Bill, 2021,1 which may be presented before the
parliament in the monsoon session, proposes restricting all private cryptocurrencies in India
and providing a facilitative framework for Reserve Bank India's official digital cryptocurrency.
However, within all the chaos around the legality of cryptocurrencies, it is high time to
recognise the revolutionary potential of cryptocurrency's underlying technology, i.e.,
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Blockchain technology.
To reap the numerous benefits ranging from transparency to immunity of Blockchain
Technology, the Ministry of Electronics and Information Technology of India (hereinafter
referred to as “MeitY”) has already released its draft on “Strategy for Level Blockchain
Framework”.2 It acknowledges the fact that Blockchain technology will significantly change the
governance models in the field of finance, healthcare, education, legal, and so on.

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As seen in the last few decades, there has been an increase in corporate frauds and
corporate governance failures. Whether the cause is inefficiency or distressful economic
conditions in the country,3 a better framework is always suggested in the corporate
governance model. It is believed that these three combined forces : inadequacy of existing
recordkeeping systems, rampant corruption, and ineffective market regulators will lead to
early adoption of Blockchain technology in developing countries.4
The inclusion of blockchain technology could revolutionise the way things are governed. It
would eliminate the need of a third party to validate data and bring a system of a “peer-to-
peer” network that can itself execute the protocol by consensus.5 Even though, at this
juncture, such self-executing agreements does not have the backing of a law, their
functionality of tracking, monitoring, and implementing the data is equivalent to a legal
contract which promise enforcement due to the backing of law.6
Seeing the self-executing nature of data, a new form of corporate governance structure has
been developed, wherein a blockchain-based system is established in a decentralised model
and it is governed by self-executing codes. This form of blockchain integrated corporate

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governance model is commonly known as “The Decentralized Autonomous Organization

(hereinafter referred to as “DAO”)”.7

Globally, some corporations have already started experimenting with Blockchain technology
in corporate governance, with the DAO form of framework based on Ethereum Blockchain,8
which essentially provides shareholders or token holders with algorithm certainty of smart
contracts which allows them to take a vote on proposals and automatically executes it with
complete transparency.9
While Blockchain technology has countless applications, the objective of the article will be
an attempt to analyse and explore its potential in the corporate governance world. Part I of
the paper will provide a basic description of how blockchain technology works and attempt to
compare its implication with the broadly categorised corporate governance theories. Part II of
the paper will deal with the potential of application that Blockchain technology may have in
corporate governance. Part III of the paper will study the potential challenges associated with
the implication of blockchain technology.
II. BLOCKCHAIN TECHNOLOGY VIS-à-VIS CORPORATE GOVERNANCE
Blockchain, or it can be aptly said “a[n] [open] distributed ledger”, is a decentralised
database that can record various entries through linked blocks (as a chain). This chain of
blocks operates on a peer-to-peer network, and each block stores all previous records in a
public ledger (un-permissioned) or a private ledger (permissioned).

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Instead of depending on intermediaries, it uses cryptography and hash function, which

encrypts the input data by condensing them into secure output data in a block formed. Later,
this block in a chain is verified through other computers on the networks as a collective chain
unit. Thus, the most distinct feature is that it can track and validate entries with complete
accuracy without any intermediary with almost to perfect immutability. Even if a hacker tries
to modify any record, they will have every block on the chain to do so, which is impossible
without a highly powerful computer. Therefore, while considering the applicability of
Blockchain technology, the focus should be placed on its three key features, i.e., security,
traceability, and transparency.
Another key application of Blockchain is “smart contracts” that could significantly affect
how contracts and agreements are executed in the corporate world. Smart contracts are
Blockchain protocols that run when predetermined conditions are met without any
intermediary's involvement. Agency connections in smart contracts operate exactly as
programmed, with no chance of the agent engaging in opportunistic conduct. All contractual
conditions are available to the public and are completely transparent to check.
The Blockchain's potential to enhance corporate governance is quite indicative from its core
features of de-centralisation, traceability, and transparency which will be beneficial for having
strong corporate. Features of Blockchain will ensure the fulfilment of four pillars of corporate
governance:“Transparency, Accountability, Fairness, and Responsibility”.10 Additionally, many
international scholars have considered these core functions of Blockchain technology as a
possible innovation that can significantly change the corporate governance landscape.11 Even

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the state of Delaware, USA, has already amended its corporate code to replace the paper and
electronic stock ledger with Blockchain technology for efficient record-keeping.12

While the primary objectives of good corporate governance are about promoting fairness,
transparency, and accountability in a company,13 the current models fail to ensure every factor
to its fullest. To attain maximum level of cooperate governance, a “peer-to-peer” or
“community-driven forms of corporate organisation and governance” could be adopted,
wherein technology will allow authoritative decision making in the absence of a centrally
defined authority that makes and enforces these decisions by the stakeholders of the
company.14 Such technological models will disrupt the existing traditional hierarchical model
structure of the companies.
To further analyse the potential of Blockchain, it is pertinent to identify and compare the
implications of the new Blockchain technology model with the three broadly categorised
theories of corporate governance:
A. AGENCY THEORY
This theory is based on the notion of separation of ownership and authority; however, this
delegation of authority given to the managers or board of directors (agents) by the
shareholders (principal) leads to the fulfilment of self-interested goals of the agents.15 Thus, in
contrast, it is advocated that the key factor for good corporate governance is to protect

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and work towards stakeholders' interests.16 The main aim is to enhance the conceptual
structure that governs the relationship between the principal and the agents.

However, the existing corporate governance against unavoidable agency issues falls short of
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achieving the quality and stability required for good governance.17 Even though the Indian
Government has responded by implementing numerous compliances, one at times manages to
slip under the radar.18
Blockchain holds numerous benefits for agency issues. Firstly, principals can examine all
transactions by agents or the system itself and flag anomalies or inconsistencies. Secondly, by
obviating the requirement for a central delegated authority, Blockchain technology has the
potential to eliminate agency expenses in the business context. It substantially decreases
agency expenses by providing decentralised artificial intelligence with the monitoring of
agents. In addition, a smart contract allows for the public’, a fully transparent, secure, and
completely networked exchange between the principal and agents, disallowing any sort of
alteration of data 19

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B. STEWARDSHIP THEORY
According to this theory,20 managers are trustworthy and unlikely to defraud investors of
their cash. Managers place a high premium on their individual reputations. Stewardship theory
asserts that when managers are left to their own devices, they will act responsibly as stewards
of the assets under their supervision. This is in contrast to agency theory, which assumes
managers operate in their own self-interest at the expense of shareholders. These stewards
think that by working toward organisational, communal goals, they can meet personal needs
and match their interests with those of the business and its owners. As a result, a steward is
motivated to optimise organisational performance in order to fulfil shareholders' interests.
With the implementation of Blockchain technology, it would eliminate the knowledge
disparity about the organisation, and shareholders will have the opportunity to become a value
creator, thereby increasing the incentives and profit opportunities for stakeholders. Users with
greater ownership/power have the opportunity to act as managers and promote platform
innovation. Steem21 is an example of a Blockchain network that rewards stewardship.22
C. STAKEHOLDER THEORY
Stakeholder theory advocates the enhancement of stakeholders' interests (rather than
shareholders' interest) to achieve long-term sustainable development.23 Apart from
shareholders, stakeholders majorly include customers, board members, employees, and the
community. Due

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to the diverse set of interests among the stakeholders, it gets difficult to quantify and balance
everyone's interests.

Countless corporate scams occurred in the past as due to alteration of the information by
the managers, which has affected stakeholders at large.24 However, with the implementation
of Blockchain, such incidents could be avoided, as the transactional data and records would be
available to everyone and can easily be scrutinised without the risk of any alteration. Thus,
Blockchain technology would reflect as a source of trust, integrity, and auditability among the
stakeholders.
To inculcate the interest of its stakeholders, two blockchain projects, EOS and TEZOS,
provides its token holders the right to vote over various proposals. Initially, even the alleged
founder(s) of the bitcoin had some discussion with the online community to discuss about the
governance structure of the project.25
III. APPLICATION OF BLOCKCHAIN TECHNOLOGY IN CORPORATE GOVERNANCE
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We will begin with an example to understand how structures that look over or manage
some large-scale activity require blockchain technology to be implemented in the first place.
Let us say there is a water board set up in any of the metropolitan cities of India, which
provides water to the houses. This single-board overlooks different functions such as pumping
water from the source itself and making it useable for household uses, estimates the cost,
manage how the water is supplied to the houses, also

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takes precautions in case there is some failure in the chain, undertake repairing work and also
manages the distribution of water during times of peak demand.

Now, add one more variable, that an individual can store water via rainwater harvesting,
and use that for their households or even supply to other households, if it is excess.
Blockchain technology can come into play to manage this for a whole city, wherein the
information regarding metrics, requirements, and usage is stored securely and updated
regularly. This system can be set up for the entire city by some other authority, for which an
individual will incur a nominal fee. Since you have the authority over the water stored by you,
you have a say on how it is managed and how you want it to be allotted to others. Some of
the significant issues in the system include how the price for the water is calculated, how it is
channelled in times when the supply is high or vice versa, who has the authority on up-
gradation of such system, or who would be held liable by law in case there has been some
wrongdoing. These are the issues that blockchain technology aims to respond to.
India does not have any law or set of regulations to govern Blockchain or Distributed Ledger
Technology (hereinafter referred to as “DLT”), although it heavily discusses about
implementation and application of blockchain technology in the recent MeitY's draft on
“Strategy for Level Blockchain Framework”.26 Moreover, since the technology has been gaining
attention in recent years, several houses of the Government Authorities have shown a positive
stance towards implementing the same. We will be talking about some of the examples in
more detail underneath.
In spite of the fact that many scholars have advocated for its application, there has not
been any full-fledged application of global

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regulations that have been adopted as such. According to Yermack (2017),27 among other
benefits, the adoption of Blockchain Technology in Corporate Governance would result in
increased liquidity, lower costs, accurate recordkeeping, and transparent ownership, to name a
few examples. Researchers such as Catalini and Gans (2016)28 assert that the integration of
multiple bank ledgers via Blockchain would speed up processes while also lowering expenses
for the banks. In their paper, Abadi and Brunnermeier (2018)29 express concerns about the
ability of Blockchains to maintain cost-effectiveness, decentralization, and accuracy at the
same time while also being decentralized. Jayasuriya and Sims (2019)30 state that blockchain-
based financial applications have a wide range of application in accounting, including triple-
entry accounting, reduced earnings management, real-time auditing, and real-time settlement
of accounts. Since the server is not owned by any particular entity, it also offers greater
liquidity and accountability to the consumers.

To experiment with the benefits of blockchain technology, JP Morgan in 2020, developed an

in-house system which was based on Blockchain named as “Onyx Blockchain Platform”, to
initiate and settle repurchase agreements between the United States Treasury Bonds and JP
Morgan's own digital currency known as JPM Coin. It found that using Blockchain Technology
helped them settle the transaction significantly faster than the conventional system. 31
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What the conventional method does in several days, the Blockchain Platform did it in a
mere few hours and showed the enormous potential it holds. Thus, we will now look into the
major applications and how implementing the technology can significantly ease the working of
the corporate governance sector.
A. SHAREHOLDER VOTING
Even though the corporates employ countless people, cater to the mass via their products
or services, and sometimes even influence the national environment, they are still answerable
to their shareholders' votes. In today's world, shareholder voting has become a liability for
corporate governance. Due to the fact that certain shareholders cast varied numbers of votes
and that some clever investors take advantage of the traditional system of ownership, even
the recordkeeping task of ownership is time-consuming.32
Blockchain technology, if implemented, has the potential to provide intelligent solutions for
inefficiencies in traditional corporate governance, particularly in the interaction between
shareholders and the corporation.
Organizations would benefit from blockchain-based shareholder voting as it will offer them
a secure and immutable digital copy of the voting opinions expressed by shareholders during
annual general meetings. It will ensure that voters may exercise their rights in a safe and
transparent manner, as well as promoting cross-border investment opportunities. If regulators
require access to voter data, they can do so using the private blockchain network. The voting
instructions can be checked and traced because all records are accessible to every member,
and they cannot be tampered with because all records are visible to everyone.

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Due to improvements in ownership identification, some voting behaviours, such as over

voting and hedging, may be rendered obsolete as a result of these advancements. In the
future, it is possible that vote counts will become more exact, precise, and verifiable. At the
very least, the legitimacy of corporate governance would be partially restored.
Moreover, according to the present framework, the board of directors have a significant
influence over the corporate's decision making, however, the advocates for shareholder
empowerment have a better stand with the implementation of Blockchain technology as the
products built on Blockchain technology shall allow shareholders to engage with firms in whole
new ways if and when they are produced. Additionally, new tools of networking and engaging
via the chain will help the shareholders participate more in the decision-making scenario by
removing conventional structural hurdles.33
B. RECORD KEEPING
A records management system (hereinafter referred to as “RMS”) is a system that allows
an organisation to manage its records over a long tenure. It is the responsibility of this
management to maintain systematic and efficient control over the creation, maintenance, and
destruction of records, as well as over the business transactions that are related to those
records. Record management is regarded as a critical component of operational efficiency
since it increases the value of an organization's information assets.34 Records have been
defined by the International Records Management Standard (ISO 15489-1 : 2016) as
“information created,
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received and maintained as evidence and as an asset by an organization or person, in

pursuance of legal obligations or in the transaction of business”.35

In order to sign every transaction (for e.g., the transfer of assets from one person to
another) with a unique digital signature belonging to the user who initiated the transaction,
blockchain technology offers services under the realm of cryptography. These signatures are
kept confidentially, but they are verifiable in the public domain, which enhances the credibility
of the transaction, as well as, the accountability of the user.
We refer to our waterboard example stated earlier in this section. The DLT offers a system
under which records are secure and easily accessible. Moreover, the system offers less
involvement of bureaucracy as these transactions won't require the approval of multiple
government agencies and offices in order to be ratified, validated, and approved multiple
times, but instead require the approval of only one government agency and office.
In the 2019 report, released by Ministry of Finance, the Department of Economic Affairs
talks positively about how DLT's applications reduce administrative or transaction costs as well
as make the data more accountable, which helps in detecting fraud as well. The report talks
about several sectors where this technology could revolutionize the whole system, such as the
insurance sector, banking sector, payment systems, Know Your Customer (hereinafter referred
to as “KYC”), Land Registries, Assets and Commodities management etc. 36

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Current records management solutions rely on a centralised collection of electronic records

that have been captured and preserved within an organization's structures and systems to
function properly. Some companies, for example, utilise content management systems to
identify, classify, and administer collections of photographs, among other things. Blockchain
transfers the duty and trust for keeping electronic records from the organization's structures
and processes to a distributed network, thereby reducing the need for human intervention. A
shift in the function of centralised records management systems and tools has occurred, with
the blockchain itself taking on the role of validity and trust that had previously been fulfilled
by records management systems and products.37
Recently, even the Central Board of Secondary Education issued a statement that it would
be utilizing blockchain technology so that the board exam results are documented in a linked
chain structure and cannot be altered. This system would not just help the passing batches of
the current year but also from the previous years. The statement also mentioned that it would
be making the signed certificates available for class 10th and 12th from 2019 to 2021 and will
be uploading the certificates of previous years' batches as well.38
C. AUDITING
Referring back to our water board example, assume that the system is implemented for
quite some time now. If all the data and transactions are listed in the public domain and
doesn't have much involvement from the bureaucratic authorities, it streamlines the whole
process for any auditor or rather, eases its job to a significant extent.

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When it comes to applications, blockchain opens up new opportunities for auditors, such as
the review of certain transactions and the verification of the existence of digital assets, as well
as attestation of consistency between information stored on a blockchain and information
stored in the physical world. Furthermore, blockchain has the potential to radically alter the
auditing process. Due to the fact that a comprehensive record of transactions is recorded on a
blockchain, auditors will no longer be required to seek and then wait for data and
documentation from trading partners. Furthermore, blockchain will outperform the existing
audit sampling approach by enabling continuous audits for any “on-chain” transactions that
occur during any given period of time.39
When blockchain technology is implemented, it will free up resources that were previously
dedicated to evidence collection and verification. Since the whole system and its application is
new, the new responsibilities might be difficult to complete, especially because there are no
centralised authorities on the blockchain to guide the auditors. Auditors must draw on their
knowledge of IT system audits in order to develop unique approaches of achieving strategic
partners.
One of the vital factors to consider is data reliability. Since DLT acts as a new medium
altogether, an auditor cannot just rely on the information but has to deal with how reliable is
that data on the blockchain. One of the key factors then becomes the chances of the data on
the blockchain to be altered somehow. The correctness of data on a blockchain is an extra
factor to consider when evaluating the trustworthiness of data on a blockchain. According to
the following statement made by a board member of the Public Company Accounting
Oversight Board in response to this concern:

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“Blockchain does not magically make information contained within it inherently

trustworthy Events recorded in the chain are not necessarily accurate and complete.
Recording a transaction on a blockchain does not alleviate the risk that the transaction is
unauthorized, fraudulent or illegal Blockchain also does not address threats that parties to a
transaction are related, or that side agreements exist that are not reflected in the chain.”40
Due to this, it is critical that the auditor understands the method by which data is
submitted to a blockchain and the corresponding control processes that are involved with
accurate input.
IV. SHORTCOMINGS
While implications of Blockchain technology in corporate governance looks alluring in
theory, however, the technology is still at a nascent stage, and there are some shortcomings
that need to be addressed before its actual applications.
A. STORAGE AND ENERGY CONSUMPTION OF BLOCKCHAIN TECHNOLOGY
Setting up a Blockchain technology requires a lot of storage space and energy consumption
for running its systems and various other transaction fees,41 all these costs will be borne by
stakeholders only in the form of gas fee/transaction fee. Further, the high energy consumption
will harm our environment as well.

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More the demand, more systems will be required; thereby, endangering the environment
by increased energy consumption.42 The energy consumed will be used to maintain the real-
time ledger. Storage capacity is a major issue because the necessary computational power of
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a participating system (node) rises as every Blockchain develops;43 and every time a new
node is created, it has to communicate with all the previous nodes to ensure transparency and
this process will keep on repeating to maintain transparency and security in the blockchain.
However, these actions will increase the energy consumption unnecessarily and will hamper
the future growth potential of a Blockchain.
However, there are different kind of blockchain, uses different amount of energy. For
instance, Solana blockchain uses less energy than Bitcoin blockchain. Therefore, blockchain of
different models must be explored.
B. FULL TRANSPARENCY VS PRIVACY
Privacy concerns also arise from the use of Blockchain. All records are easily accessible in a
public or semi-public type of Blockchain. However, for any reason, certain stockholders or
management may choose to remain anonymous as clearly stated in Nakamoto's original white
paper:
“The necessity to announce all transactions publicly precludes this method, but privacy
can still be maintained by breaking the flow of information in another place : by keeping
public keys anonymous.”44
Even in a purely permitted Blockchain with perfect anonymity, the history of active
transactions gives some validators (those who verify the flow of data) and up to current
information than any place else. Services

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that specialise in de-anonymising nodes may also be developed. Alternatively, too much
privacy provides anonymity that enables illegal or unlawful activity.45 Balancing privacy and
transparency is probably an unresolved problem, and it needs to be addressed.

C. BLOCKCHAIN WALLETS
To give users the decentralised autonomy, each Blockchain wallet has a public-key (or
asymmetric) cryptography to allow users to store Blockchain data. It is basically a digital
wallet that holds the user's data, tokens, and other digital items, and each wallet's address
has a private key for each Blockchain, this private key is solely provided to the user during the
time of wallet creation and it should be kept secret and safe as if it gets lost there is no
chance of recovery. They also need to make sure to not share this key to anyone, else their
data and funds will be at risk. Not everyone is a tech expert to handle such information, thus
there is a high chance that they might misplace or lose the private key.
Furthermore, even the chance of hacking or even modifying a single piece of information,
which is called to be immutable as the attacker would have to go through very expensive and
complicated process of changing every chain of data. However, as Huru Hasanova and his
team has laid out in their paper that there are still various cyber vulnerabilities such as 51%
hack, ransomware attacks, wallet security, private forks, double spending, DDos's attack and
many others that could hack or interrupt the blockchain.46 Therefore, proper safety measures
are needed to be implemented to safeguard the blockchain from such attacks.

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V. CONCLUSION
Through our research, we have found that the corporate governance issues that generally
lead to massive shortcomings can be solved easily by Blockchain technology if implemented
efficiently. Blockchain today can be compared to the Internet in the early 1990s in terms of
functionality. Over the past two decades, we have witnessed how the “Internet of Information”
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has transformed our society. Now, we are entering a phase in which Blockchain has the
potential to do the same by ushering in a new paradigm that includes the “Internet of Trust”
and the “Internet of Value”.47
As per the applications and examples stated, it is our conclusion that blockchain technology
has the potential for a wide variety of applications which would help ameliorate the
functioning of the corporate sector. However, there are some issues that exist which are yet to
be decided upon, including the infamous debate if a permissioned blockchain server should be
used or a public blockchain server should be used, the costs of maintenance, the vulnerability
of the system, and the lack of deep research, which can only be countered by well thought
legal framework behind its implementation
We have highlighted a few different potential applications, out of which the most significant
implication of Blockchain technology for corporate governance is its decentralization which will
immensely increase transparency in the corporate world. Corporations have been embroiled in
scandals and financial crises. Specific forms of corporate governance are inefficient and
ineffective. In turn, the current complexity of the investment chain may contribute to the
current state of systems—the distance between two points.

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Moving ahead, we would like to highlight the fact that the number of households (money
owners) and corporations (money users) have increased because of the complex financial
system. There is a web of intermediaries (managers of money and providers of services).
Since the invention of Blockchain technology, eliminating some forms of intermediation holds
the most significant promise, as it presents a tremendous opportunity for better outcomes.
One of the first sectors to be impacted by the widespread adoption of Blockchain and its
associated Distributed Ledger Technologies may be the financial services industries. The
extent to which this technology will impact depends on how quickly industry players can
capitalize on it and the nature of the support it receives from other stakeholders. Poor
corporate governance can play a significant role in the failure of a company.
A transition from paper-based corporate records to Blockchain technology does not appear
to conflict with the current regulatory framework in India, even though the Ministry of
Corporate Affairs has made no official statements on the subject.
Therefore, this perspective on the potential of Blockchain technology with its various
applications that could improve corporate governance would be worth exploring in greater
depth.
———
*
The authors are 3rd year law students at National Law Institute University, Bhopal and Kirit P. Mehta School of Law,
Mumbai, respectively.
1
Parliament of Ind, Lok Sabha Bulletin Part - II, No. 1989-2025 (2021),
[Link]
2
Ministry Electronics & Info. Tech, Gov't of Ind, Strategy for Level Blockchain Framework (2021),
https : //[Link]/writereaddata/files/NationalStrategyBCT_%20Jan2021_final.pdf.
3
Press Trust of India, Improve Corporate Governance to Lift Economic Efficiency : RBI to India Inc, Bus. Standard (Dec.
27, 2019) https : //[Link]/article/pti-stories/das-asks-cos-banks-to-improve-corporate-governance
-to-help-lift-efficiency-of-economy-119122701022_1.html.
4
David Yermack, Corporate Governance and Blockchains, 21(1) Rev. Fin. 7 (2017).
5
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