It may be hard to believe, but the workplace hasn’t changed much for centuries. Companies big and small, past and present, all have relied and continue to rely on one thing — trust. Without a culture of trust within companies, there would be no way of doing business securely and efficiently. Think about it. Would you do business with someone if you aren’t sure they’d deliver? Probably not. Blockchain technology is supposed to change all that.
The workplace operates on trust
But first, back to corporations. This is why we’ve built these sprawling conglomerates: to act both as safeguards against ourselves and to do what we could never do alone. We can be sure that a particular employee in a company will be held accountable for their work because they have an immediate superior to make sure of that. And that immediate superior has a superior of their own. This goes on and on until you get to the top, where executives are the ones pulling all the strings. These executives define the company’s culture and direction. Under the right leadership and a sound business plan, profit is the result. The profit is then shared among investors, who fund the company and continue to do so because they have trust in it.
This is how corporations as we know them still exist today. In short, the trust economy works. But is it the best way to do business, in an age where new economic systems are increasingly being sought after? There’s a debate that’s brewing — and it’s drawing out more and more voices from both sides.
Blockchain is the future
Blockchain technology is one of the main reasons for this corporate upheaval. When Satoshi Nakamoto created the first working blockchain (and Bitcoin) in 2008, no one knew just how much our lives would change due to this technology. Fast forward a decade, and developers are racing to disrupt the traditional corporate structure.
In the future, organizations of all sorts may be stored and operated completely on blockchains. These organizations would run on software and algorithms. They would be completely transparent and efficient, more than humans could ever be. Because of this, we would essentially be outsourcing our “trust” to blockchains. Centralized organizations may become obsolete as a result. These new decentralized companies won’t be owned by any one person. Instead, they will be owned by the communities they serve and the users who participate in them.
Change is coming slowly
Today, we don’t know exactly how these blockchain companies would work. But we’re starting to get ideas of how it may change our lives in the long run. From the way businesses are funded, how they’re managed, to how they create value in the economy, blockchain tech is starting to make an impact. In fact, a survey of experts by the World Economic Forum predicts that 10% of the global GDP may be stored with blockchains by 2027. Farther in the future, critical managerial functions may even be completely replaced by artificial intelligence. This seems to be the final frontier for this particular application of blockchain. If we do manage to overcome this hurdle, we could find ourselves free of our monotonous responsibilities at work. We could become more creative than we’ve ever been as a society. And we could innovate more than we ever have before.
For now, much of the corporate structure and culture will stay the same. But amid growing demand for new technologies to disrupt our economic systems, we could see blockchain tech in the limelight for many years to come.
If you found this article interesting, check out In Blockchain We Trust. 3 Reasons this Technology Matters.
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