Exploring Business Potential with Blockchain DAO Development

Exploring Ownerless Business Potential with Blockchain and DAOs

Posted by : Mudit Kumar | 21-Mar-2020

  • Blockchain technology is gaining significant traction across industries. Before blockchain, the financial sector was reliant on banks as intermediaries, like trusted third parties. They safeguard our money, however, the processes are slow with hefty fees. Blockchain is a  type of distributed ledger technology. It demonstrates that multiple entities can use a single secure, shared system of records with rich features.

    Decentralized Autonomous Organization with Blockchain

    The concept of developing DAOs with blockchain may be a cost-effective and fair business model. They address the challenges of traditional centralized businesses with blockchain features. Traditional centralized systems involve middlemen and complicated stakeholder requirements.

    However, a completely decentralized autonomous organization built with blockchain platforms like Ethereum can protect the interest of the business itself.

    Decentralized blockchain solutions development can eliminate the need for having employees or executive managers working in offices. It can provide services regardless of salaries, third-parties, or profits. It enables businesses to survive even on unimaginable margins and only requires them to pay the price for existence.

    With several notable projects coming into the DAO domain, Aragon is one of the popular instances. It functions as a ‘plug-and-play’ company that provides services to automate initial steps of building a replacement business.

    Also, DAO blockchain companies like Colony are providing solutions to tackle various aspects of DAOs, including corporate governance. These DAOs work toward enhancing the hierarchy of corporates. They facilitate team members’ rewards on a ‘systematic peer review’ that takes completed work and its reputation and quality into consideration to incentivize them with tokens.

    Ethereum | The DAO-based Blockchain Platform

    With DAO-like projects based on the blockchain can benefit numerous business types. The distributed ledger as the underlying infrastructure can facilitate the execution of a smart contract. A smart contract triggers based on coded business terms. For instance, it creates an invoice for a shipment autonomously. Upon the arrival of the shipment, it notifies with scanners or IoT sensors connected to the ledger. Further, it executes the payment in cryptocurrency to a receiver. What is more interesting, it extracts customer information from a CRM system upon the arrival of an order,  prints labels, and accelerates shipping automatically with a blockchain platform.

    Also, Read | Decoding DAO | Ethereum Smart Contracts at Work

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About Author

Mudit Kumar (Writer)

Mudit has been working with Oodles since 2017. He writes about technologies that not only disrupt the digital space but also influence the physical world. Initially, he explored revolutionary technologies like ERP (Enterprise Resource Planning) and AI (Artificial Intelligence). Now, he focuses on unfolding the elements of blockchain technology, given its potential and edge over others.

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