Blockchain’s spontaneous consensus mechanism, characterized by technologies of decentralization, immutability, high transparency, and codification, helps address agency costs and the formalization of shareholder meetings in traditional corporate governance. With the advancement of blockchain technology, the integration of legal rules and code rules in corporate governance has become the new norm. As per the transaction cost theory of law and economics and the Coase Theorem, blockchain has promoted changes in governance rules by markedly reducing agency costs within companies. Corporate governance will exhibit partial and gradual adjustments when blockchain technology substantially diminishes these costs but falls short of achieving the optimal state of zero transaction costs. These changes not only enhance the transparency and efficiency of corporate governance but also effectively curb the misconduct of controlling shareholders and protect the rights of minority shareholders.