The blockchain alternative for organizations, where decision-making rights are distributed among shareholders rather than appropriated by a central authority.
A decentralized autonomous cooperative (DAC) is the offshoot of the concept of decentralization for organizations. It effectively removes the need for overly powerful central authorities by distributing decision-making rights among the shareholders of the organization. As a result, corporate interests do not reflect the ideas and preferences of any one person, but the choices of the entire board of shareholders.
Apart from the abolition of central authorities, DACs are also characterized by widely accepted rules that are coded into an accessible and transparent computer program. These rules serve as the guiding framework for the organization and ensure that there is no successful abuse of power at any point.