Blockchain-based Governance, Risk Management, and Compliance for Fractional Ownership: Design and Implementation of A Decentralized Autonomous Agent System
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2023-01-03
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3870
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Fractional ownership makes homeownership more affordable. But there are challenges in a fractional ownership real estate transaction (FORET) regarding governance, risk management and compliance (GRC) processes. Centralized GRC solutions are less effective in managing the tiered structure of communications in a FORET, which can lead to principal-agent problems such as information asymmetry, risk aversion, and moral hazard. In this research we investigate how these principal-agent problems in FORET could be mitigated. Using an agency theory perspective, we adopt a design science multimethodological research approach. We propose conceptual and system artefacts to support the design and implementation of a decentralized autonomous agent system. These artefacts deliver a formal problem representation structure related to centralized GRC in fractional ownership. We illustrate our solution with a system prototype and implementation. We evaluate the research outputs and compare them with existing GRC systems. This paper contributes to the understanding of GRC in supporting fractional ownership decision making.
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Enterprise Blockchains, blockchain, compliance, decentralized autonomous organization, fractional ownership, governance, information asymmetry, risk management
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10
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Proceedings of the 56th Hawaii International Conference on System Sciences
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Attribution-NonCommercial-NoDerivatives 4.0 International
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