Is the DAO the beginning of the end for the conventional chief executive?
Recently dubbed “the biggest crowdfunding project ever”, the decentralised autonomous organisation (DAO) is essentially an investment fund without humans making the investment decisions.Established in April 2016, the DAO draws from the notion of a human-led organisation, but unlike traditional companies, is automated. Formalised governance rules are enforced through software, not a board of directors. No one body owns or controls the DAO, and essentially everyone can take part. More than 10,000 have done so already, raising more than US$150 million for the fund. The DAO is not a physical entity, instead transactions and balances are kept on a public ledger which is sustained by enormous amounts of computing power coupled with the use of algorithms. Instead of a hierarchical management structure managed and regulated by humans, the DAO is typified by the use of blockchain technology which involves people interacting with each other according to a protocol specified in code. Blockchain technology is based on Bitcoin protocol, digital open-source currency which was generated in 2009. With all of this technology working towards an automated entity, the DAO brings into question what the organisation of the future will look like. This question is especially prominent now, with the recent hacking attack on the DAO leading some to wonder how the DAO will respond in restoring its finances and reputation.
Impact and interest:
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|Item Type:||Journal Article|
|Divisions:||Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Advertising, Marketing & Public Relations
|Deposited On:||17 Jul 2016 22:27|
|Last Modified:||20 Jul 2016 03:30|
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