Abstract
Blockchains are having a disruptive effect on how organisations transact and operate in domestic and international markets. Indeed, the characteristics of blockchain technology have the potential to upend some of the long-held assumptions that researchers hold about market transactions, the role of institutions, the nature of the firm, and the internationalisation patterns of multinationals. Yet, there is a paucity of research that focuses on the implications of this technology for key management and organisation theories, as well as related international business theories. We focus on these theories because blockchain enables transactions to be conducted between decentralised, autonomous economic actors in domestic and international markets at much lower costs, with less uncertainty, reduced risk, and without central control by governments. We refer to these effects as organisational democratisation. Thus, this situation points to an opportunity for institutional innovation that will lead to the emergence of new ways to organise economic activities.
