Since blockchain can encrypt and securely store smart contracts, it can be used to establish the governance of an organization that’s based on those immutable, contractual agreements. Organizations that use this governance system are called Decentralized Autonomous Organization (DAO), pronounced “Dow.” Given their empowering and inclusive nature, blockchain-enabled DAOs will be an ideal underlying structure for informal groups, clubs, and even public sector governing bodies. Enforced organizational transparency, inclusion, joint decision making – these guiding principles that are inherent in DAOs will be valuable for nearly any collective structure of human beings that share a common purpose. While this represents a radical departure from the traditional way businesses operate, we will be discovering fairer and more impactful ways for managing our organizations in the future. (NOTE - DAOs are being tested in higher education. - ray)
