Big data as an economic resource for the functioning of decentralized autonomous organizations

Abstract

Modern digital innovation technologies, such as blockchain, artificial intelligence and social networks,<br> combined with methods of data collection and processing, represent new opportunities at several<br> levels of economic relations. In the context of digitalization of the economy, new forms of cooperation<br> are becoming relevant with a simultaneous reduction in the role of intermediaries. Increasing the<br> number of electronic communication devices will lead to the creation of new forms of cooperation,<br> where borders and distances will not be an obstacle to combine human efforts and resources,<br> while increasing information exchange and strengthening data quality requirements. Decentralized<br> autonomous organizations (hereinafter – DAO) are becoming a reliable and effective substitute for<br> the institution of economic mediation and traditional forms of commercial cooperation. Despite the<br> attractive optimization of a number of processes due to digital freedom and the absence of bureaucracy,<br> a number of issues related to protocol security, legal uncertainty and the temporary complexity of the<br> internal mechanism remain unresolved.<br> The capabilities of blockchain technology for working with digital data provide opportunities for a<br> new type of economic cooperation, where through smart contracts, as a structural part of DAO, a<br> transparent, efficient, fair and democratic system of cooperation is achieved.<br> In this article, we offer an overview of DAO technology as a digital collaboration for big data, focusing<br> on current approaches, opportunities and future directions. A brief overview of blockchain and DAO<br> technology and their necessary characteristics for working with big data, various DAO services for<br> data collection, storage, analysis and confidentiality, use of such data, as well as problems and future directions for further research. Blockchain technologies have the potential for effective big data<br> analytics through enhanced security and privacy, an effective management system, with ideas fully<br> protected by blockchain, and joint investment and control of such digital assets through a DAO as a<br> new form of cooperation.