One of the greatest opportunities to explore in the Blockchain space is the area of Blockchain Governance, a virtual protocol, embedded in software, to act as a substitute for a code of conduct written in paper. Governments and Corporations alike are exploring the application to search for new ways to improve existing mechanisms.
It is one thing to visualize and root for a virtual law body that is democratic, trustless and unbiased by default, and another to actually build one. The first problem lies in trying to translate subjective and situational laws to objective and binary computer programs, then comes the problem of explaining the process to all the subjects, automatically assuming that the interface is simple enough for understanding and the last problem is finding the incentive structure that mandates the conversion from the previous mechanism to the new one, meaning that the cost of using the current system is higher than the cost to change the system.
Thus, it is more important to realize the political, economic and institutional challenges accompanying the change, than arbitrarily talking about implementing the change. Strategies have to be built and efficient think-tanks would have to be set up to reason out the challenges and formulate path ways to be built.
A detailed Follow Up is in the works. Please do make sure to comment your thoughts on the same.
Image Source: Dan Larimer - Medium
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