Decentralized autonomous organizations review, importance, and applications

Abstract

Blockchain technology has the potential to provide a secure digital ledger for tracking financial transactions across the internet. Which is projected to serve as the conceptual foundation for “Distributed autonomous organizations (DAOs), were launched to destabilize the existing hierarchical management structure and drastically cut enterprises' communication, management, and cooperation costs. Meanwhile, DAOs continue to confront other obstacles, including security and privacy concerns, an unknown legal position, etc. Cyber Movement Organizations (CMOs) on the Web and Distributed Artificial Intelligence (DAI) can all be considered embryonic forms of DAOs, laying the groundwork for their emergence. This article covers the literature on decentralized autonomous organizations, and a brief of its governance challenges, besides the linkages between DAOs, the new term of Metaverse, Non-Fungible Tokens, and blockchains to demonstrate their importance and potential in the future.