Dr. Craig Wright made a presentation at the Fourth International Congress on Information and Communication Technology (ICICT) 2019 in London last month regarding decentralized autonomous corporations (DAC). The work he has done on DACs was impressive enough to see Wright receive the “Best Paper” award at the ICICT and an edited version of his presentation is now available for viewing on YouTube.
It’s a truly fascinating subject and one that should open the eyes of business owners and virtually everyone, regardless of industry. A DAC can be defined as a type of single corporation that spans multiple locations simultaneously; if one location or business point fails, the operations can continue without interruption.
DACs offer the ability to create organizational structures that make optimal use of autonomous agents, artificial intelligence and other advanced technology. These technologies eliminate failure points and allow for the automatic implementation of certain policies and procedures in order to ensure their authenticity at all times.
An autonomous agent is a computer system that is located in a certain environment, such as the Internet, and which is capable of autonomous actions in the environment in order to meet its design objectives. It is purely software that can receive and execute instructions, but cannot manufacture products, code or develop hardware.
The agents work through secure multiparty computation (SMC) protocols. These allow a group of mutually distrusting parties to compute a joint function on their private inputs. They also provide a threshold group to safeguard confidential information.
If it sounds like the idea is to create robotic industries, nothing could be further from the truth. On the contrary, the goal of DAC systems and autonomous agents is to put the control back in the hands of the people. As with all blockchain data and programs, every process, step, policy, contract and negotiating strategy is stored immutably. There can never be a question about the authenticity of the details surround a particular event, because all of the details are forever and indelibly engraved in the blockchain.
This ultimately means that individuals will have the control. There wouldn’t be a question over the legitimacy of a legal claim or of a news article, because everything is registered and visible on the blockchain.
Blockchain technology has begun to receive a significantly higher amount of attention and this is undoubtedly going to continue as it continues to prove itself. As further adoption occurs, DACs could potentially be the future of business.
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