Decentralized Technology Governance
The term "blockchain technology" can conjure up many things for most people. For some it will mean a technology behind digital currencies such as Bitfinex and Maidsafe. For others it will mean a technology behind the peer-to-peer lending industry such as Lending Tree. And, for yet others it will mean a lack of governance in the industry. However, the true meaning of this term is far more complex than what people think. Let's break down what this term means and analyze the problems of using this word in the context of business and finance.
First, it does not stand for anything. It is just a name. Using the word "blockchain" in conjunction with other technologies does not denote an existing technology but rather an interpretation of what certain technologies mean. Therefore, it would make more sense to speak of "blockchain technologies" instead of "blockchain technology". This is the proper term and it gives everyone more of a context to understand what they are talking about.
Secondly, it is very much related to how certain industries work. Think about how traditional insurance works. There are a board of directors, a CEO, and a company board. There are also a marketing team, a financial team, a risk management team, and business development team. Each team has a specific purpose and the leader of each team holds the ultimate responsibility for how that team implements its mission and how it measures its success over time. This is the very same principle with decentralized technology governance systems: each group of stakeholders will hold the reins to how their project will evolve and will have a key role in how successful it is. You can check: https://governordao.org/ for details on these services.
Decentralized technology governance allows for the evolution of any project while ensuring that no single actor or entity has the ultimate power or control over the project. The benefit of a decentralized technology governance system is that it is inclusive of many stakeholders and therefore it provides an environment where multiple points of view can be shared and used to make collective decisions. This is very different from an industry-specific governance system which tends to be more one-sided and tends to favor the interests of one organization alone. Because the Internet is open and anyone can become involved in the development of any new technological breakthrough, there is no singular point of control over how any project will develop.
Additionally, because the Internet is open and accessible to anyone, there is no physical location in which a technological project must be developed or deployed. A good example of this is the development of Internet payment systems. Everyone has access to the Internet, and anyone can develop new payment systems regardless of whether they are located in the same physical location or in another part of the world. This is the exact opposite of most traditional industries. The benefits of decentralized technology governance are that it tends to foster a collaborative environment where multiple actors can participate and build off each other without having to worry about biases or personal agendas.
One of the most compelling aspects of utilizing this type of decentralized governance model is that any stakeholder is a potential participant in the decision making process. Because everyone has a stake in the development of any new breakthrough innovation, there is no need to assign individual stakeholders authority or skill sets that are based solely on their own abilities. With a basic baseline of equity stakeholder participation, the system becomes a platform for multiple stakeholder dialogues where each stakeholder is given the opportunity to participate and contribute towards a solution to a problem or to an issue facing the organization. This results in greater understanding and a successful execution of any given project. You can check out this: https://en.wikipedia.org/wiki/Corporate_governance to get more info on the topic.