Optimizing Business Decisions With Blockchain Technology

by | 24-11-2020

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Many businesses fail to make better decisions, and as a result, they are bound to fail. Previous studies indicate that the cause of failure is strategy formulation and execution rather than product development. A business can have the best product globally, but it is doomed if it fails in the implementation process. 

There is a need for leadership that can support better decision-making. Although leadership is needed at all levels, they must collaborate to share information and deliberate on every move. 

Small businesses require a manageable team because manageable teams make it easier for them to make better decisions. However, they must grow faster to keep out competitors and thus increase their teams’ size.

When the size of the organization and team is big, decision making becomes complex and erratic. This is why most large companies invest an immense amount of money in strategic guidance and execution by recruiting third-party management consulting firms.

Even with these steps in place, decision-making is still vulnerable to error, given the mechanism’s fragmentation.

How Blockchain Can Help?

Blockchain technology’s number one aim is to do away with bureaucratic processes, including centralized management. Both decision-making and execution of the plan were automated and implemented by smart contracts with the technology.

DAO, a decentralized autonomous organization, is the name given to those organizations where decisions are made electronically through the blockchain and smart contracts system.

When a company operates in such a system, it is governed by open voting rules, with the number of tokens owned by the voter deciding each vote’s weight. Depending on the contribution made to the business, the tokens are received either in finance or services. Here are examples that illustrate how this theory has evolved since its inception.

 

The DAO Project

In 2016, an ethereum based project as the DAO was introduced to decentralize venture capital. The blockchain company was designed to allow investors to pool their funds together and then vote on which projects to invest in. When an investor enters the program, in the form of tokens, they will earn awards.

An investor’s voting power will be measured by the number of tokens in their hands. Similarly, on the DAO platform, companies would be allowed to write proposals, and the token holders would vote on which projects they would like to be supported.

The choices taken by voting will then be converted into laws and enforced by smart contracts. A new project known as DaoStack aims to remove security and compliance problems found in the DAO while allowing collaborative decision-making on a large scale.

The DaoStack Project

DaoStack project provides a comprehensive framework that allows the more straightforward and more feasible creation and maintenance of DAOs.The goal is to make decentralized organizations more secure, viable, and practical. With the DaoStack project, parties in independent organizations can collaborate efficiently. And there is not even a need for technical expertise or intermediaries. 

Moreover, businesses can create their decentralized applications on it with ease and build and manage teams where their contribution to the project determines each’s value.

However, the DaoStack platform aims to enable smooth decision-making in organizations where groups can collaborate and make decisions on an open forum at a minimal cost and with high accuracy.

The Future of Business

With the advancement of DAO platforms, the decision making the future of business is bright. Organizations will choose from a range of options to position their projects shortly, saving on the expense, encouraging openness, and driving productivity. With more DAO creativity, organizations will be able to provide both employers and workers alike with a better working atmosphere. Keep up with the latest trends in the blockchain technology to ensure you are doing everything right.

 

Conclusion

Blockchain is a system by which people may use an anonymized ledger to decide on code, sign, and timestamp. Individuals can create contracts that involve a set of conditions that can revoke and annul a commitment based on defined parameters. Businesses can definitely take help from these advanced technologies to make their life easy.

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Muhammad Mustafa is a software developer at Ropstam having rich experience of more than 5 years. With a background in software development, Mustafa combines his knowledge of various technology stacks with a passion for DevOps and software quality assurance. Besides coding and writing, he loves cricket and traveling.

Muhammad Mustafa

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