DAO.LINK Bridges Gap Between Business & Blockchain
Despite best efforts from various startups, there is still a gap between blockchain and companies staying true to their physical presence. DAO.LINK, a new initiative by the Slock.it team, aims to bridge this gap in the coming years. Also read: ECB Reveals Plans for Blockchain E-Governance DAO.LINK Can Be a Powerful Ally Most companies who have […]
Despite best efforts from various startups, there is still a gap between blockchain and companies staying true to their physical presence. DAO.LINK, a new initiative by the Slock.it team, aims to bridge this gap in the coming years.
DAO.LINK Can Be a Powerful Ally
Most companies who have only recently ventured into the world of e-commerce are hesitant to approach blockchain technology. Not necessarily because they don’t see the value of this concept, but more due to how there is no convenient way to get involved with this innovative solution.
This is where DAO.LINK wants to come into the picture, as the initiative is focused on making brick-and-mortar enterprise interactions with blockchain-oriented organizations a lot easier. This will be of particular interest to creators of DAOs – Decentralized Autonomous Organizations – in the future as their business model is based around and built on top of the blockchain in its entirety.
The interaction between such a DAO and the “real world” will take place through entities known as Contractors. Every single Contractor is to be hired based on various terms, including payment structure, milestones to be reached, and much more. The Slock.it team posted a very comprehensive blog post about this concept recently.
Establishing a properly decentralized DAO is – for now at least – only possible on the Ethereum blockchain, due to the support for complex smart contracts. But while Ethereum has much appeal among investors and cryptocurrency enthusiasts, the same cannot be said for established real world businesses. In fact, most of them struggle to grasp the concept of blockchain altogether, let alone make the effort to get involved with DAOs.
DAO.LINK is designed to make this process a lot easier for established brick-and-mortar businesses. Although many people see the DAO concept as the future of any business in the foreseeable future, there will be a lengthy transitional period before they can become a reality. This “on-boarding process” will be provided by DAO.LINK, while respecting the existing regulatory frameworks and operating within the confines of existing legislature.
What makes this solution even more attractive is how DAO.LINK will remain true to the decentralized nature of blockchain technology. People should envision this project as a tool to set up a legal framework for companies to work with DAOs while contracting with these blockchain-based organizations to provide the necessary legal documentation.
Partnership with BITY
Such a vast project could not be undertaken by Slock.it themselves, as they collaborated with Ethereum and Bitcoin exchange platform BITY. This exchange is quite forward-thinking as well, despite being operated by a fully-licensed company in Switzerland and being audited by KPMG.
BITY co-founder Gain Bochsler told the press:
We live in a world organized around laws and regulations. This cannot be ignored, but in time, a day will come when technology and regulation find an equilibrium. Each big innovation creates a gap which needs to be filled. The DAO.LINK model helps bridge the gaps.
The DAO.LINK initiative holds a lot of promise for the future, although there are still a few questions waiting to be answered. More information on this project will be revealed in the coming weeks. But until that happens, there is a lot to think about for businesses who have been waiting for a chance to get involved with blockchain-based companies in the near future.
What are your thoughts on the DAO.LINK initiative? Will this bridge the gap between brick-and-mortar stores and DAOs? Let us know in the comments below!
Images courtesy of BITY, Shutterstock