DLT & Open Source.
We are living in an extraordinary time.
DLT is about moving from an internet of information to an internet of value. Empowering a new wave of digital assets.
While Distributed Ledger Technologies were once classified as a technology experiment, it now represents a true agent of change that is affecting the entire organization. It is about removing the middle man system to bring greater transparency and decentralisation to our society. The current system is crowded, complex, demanding and filled with system failures, corruption and unequally weighted centralised powers. These systems are open for corruption and control and force exclusion of billions of people.
Organisations of the future: DAOs.
DAO's on the other hand are typified by DLTs to provide a secure and transparent digital ledger. They rely on smart contracts, or pre-programmed rules that describe what can happen in the system. The people within the organisation interact with each other according to a self enforcing open source protocol. Individual behaviour is incentivised through native tokens issued to the participants in the DAO. The tokens can be used as voting rights or to complete transactions - contributing towards any sort of decision that needs to be made and ensuring cryptographically guaranteed democracy. The transparent rules are enforced by machine consensus and there is only one governing law (the protocol/smart contract) regulating the behaviour of all network participants.
In this system, not only is data transfer much faster and in real time, it also allows companies to operate without traditional hierarchical management. Trusted third parties can also be eliminated, thus simplifying all transactions i.e. the smart contract will define the rules and so there will be no need for interacting with law firms, financial P2P transactions can take place and so there will be no need for involving banks etc.
Open Source Principles
Open Source Software has changed the software industry for good. Open source is the future.