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We develop a theory of blockchain governance. In our model, the proof of work system, which is the most common set of rules for validating transactions in blockchains, creates an industrial ecosystem with specialized suppliers of goods and services. We analyze the interactions between blockchain governance and the market structure of the industries in the blockchain ecosystem.
Our main result is that the proof-of-work system leads to a situation where a large firm captures the governance of the blockchain.
How will artificial intelligence (AI) and associated digital technologies reshape the work of lawyers and structure of law firms? Legal services are...