Chinese luminary: how blockchain disrupts corporate structures, banking, insurance

How can blockchain disrupt regulated industries and corporations? How can it bring an “organizational revolution”? Today, Chinese blockchain economist and luminary Zhu Youping answered these questions in an interview with the Bank of China. The deputy director at the China Information Network Management Center outlined his views on the technology’s transformative power.

Corporate structures and DAO

Three years ago, the Decentralized Autonomous Organization (DAO) was launched on Ethereum. It hoped to use the blockchain’s immutability and consensus mechanism to create a fund controlled by its owners, not managers or directors. While a security flaw in its code caused a controversial hard fork in Ethereum, the original idea of the DAO is here to stay. As Zhu explains: “The blockchain has created a DAO community through anti-counterfeiting and tamper-resistant data, strangers’ mutual trust, evidence-based incentives, and smart contracts.”

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