Distributed ledgers, artificial intelligence and the purpose of the corporation

By Christopher M. Bruner.

7 December 2020,  Cambridge Law Journal

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Abstract

Distributed ledgers and blockchain technology are widely expected to promote more direct shareholder involvement in corporate governance by reducing costs of voting and trade clearance. Meanwhile, artificial intelligence may shrink the decision-making terrain where corporations rely on human management. This article analyses these technologies and concludes that, while such outcomes are plausible, their potential corporate governance impacts are likely more complex and contingent. Despite the implicit libertarianism that characterises much of the discourse, we in fact have choices to make about how such technologies are developed and deployed – and these policy decisions will have to be grounded in a normative conception of corporate purpose external to the technology itself.


The Cambridge Law Journal , Volume 79 , Issue 3 , November 2020 , pp. 431 - 458

DOI: https://doi.org/10.1017/S0008197320000756

Published Dec. 11, 2020 9:13 AM - Last modified Dec. 11, 2020 2:19 PM