One of the biggest challenges of governance over the blockchain is understanding how to design and build systems that balance the interests of each of these stakeholders and ensure the success of the network, regardless of how that success is defined (De Filippi and Loveluck, 2016). Thus, blockchain governance is about how decisions are made, not the decisions themselves: who chooses and how they choose, rather than what is chosen.

According to Yermack (2017) and Lafarre (2018), blockchain has great potential to provide efficient solutions to many problems that negatively affect current corporate governance systems, for example:

Increased transparency of ownership and ownership changes

Efficient and fair shareholder meetings

Real-time accounting

Each and every one of these changes could drastically affect the balance of power amongst investors, directors, and shareholders.

For investors, blockchain could enable the identification of ownership positions and reduce the opportunity for rent-seeking or unfair behavior by regulators, exchanges, and listed companies. For directors, the technology could enable faster and more affordable stock acquisitions, but possibly with much less secrecy than under the current system.

For shareholders, blockchains could offer lower trading costs and more transparent ownership records, while allowing real-time visible observation of share transfers from one owner to another.

However, it should be noted that the impact of these benefits will depend on the type of blockchain used, whether public, as is the case with Bitcoin and other digital currencies, or restricted, such as the model currently being tested by several established financial institutions and consortiums. 

Shareholders´ Activism: The impact of Blockchain in Corporate Governance – Econlib