Why Blockchain Matters More Than You Think!

Blockchain is the next step of the internet, a complete overhaul of how things in our world are going to be recorded.

One aspect of it is the Decentralized Autonomous Organization (DAO). A DAO is like a democratic company that is automatically run. The distributed companies we have now are distributed people and resources with centralized management.

In a DAO, the people in the distributed network would decide on the rules, form a consensus and create a smart contract. A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties no lawyers). These transactions are trackable and irreversible as a result of being based on blockchains.

Decentralized autonomous organizations are typified as the ability of blockchain technology to provide a secure digital ledger to track financial interactions across the internet, hardened against forgery by trusted timestamping and by dissemination of a distributed database.

This approach eliminates the need to involve a mutually accepted trusted third party in a financial transaction, thus simplifying the transaction.

The costs of a blockchain-enabled transaction and of the associated data reporting may be substantially offset by the elimination of both the trusted third party and of the need for repetitive recording of contract exchanges in different records. For example, the blockchain data could, in principle and if regulatory structures permitted, replace public documents such as deeds and titles.

In theory, a blockchain approach allows multiple cloud computing users to enter a loosely coupled peer-to-peer smart contract collaboration.