What is a DAO and why does it matter to AEC?
Introduction Blockchain technology has revolutionized many industries worldwide, and the Architecture, Engineering, and Construction (AEC) industry is no exception. A significant innovation in this context is the DAO, which is a "Decentralized Autonomous Organization". A DAO is a blockchain-based organizational structure that operates decentralised, enabling transparent and collaborative decision-making and facilitating participatory governance. In this article, we'll explore what exactly a DAO is and why it's relevant and important to the AEC industry. What is a DAO? A DAO is an autonomous, organization-like entity that operates through smart contracts on a blockchain network. Unlike a traditional company, there is no hierarchical structure of power, nor the need for intermediaries such as managers or executives. Instead, decision-making is carried out collectively and transparently, through voting based on ownership of tokens or units of the DAO's native c...