Blockchain Technology Could Bring a Level of Efficiency to Corporate Structure Never Before Seen in Buisness by cryptofreedom

blockchain · @cryptofreedom · Jan 24 '17

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Blockchain Technology Could Bring a Level of Efficiency to Corporate Structure Never Before Seen in Buisness

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<h2>Is the hierarchy structure implemented by nearly every major corporation truly the most efficient form of management?</h2>
<p>I sure don't think so. Traditional management structures have been a trusted and "efficient" way of managing corporations since their inception, but over recent years we have begun to really see the flaws of these traditional structures.&nbsp;The income disparity between executive level positions and traditional employees has become much greater over the past half-century. Interestingly the ratio of CEO pay to average employee pay reached its highest level in the years prior to the internet boom, and has since made a slight retreat. Blockchain technologies could bring companies to levels of efficiency that have never been seen before. These types of blockchain applications are still in their early stages, but contain vast potential to change the structure of the corporation as we know it.&nbsp;</p>
<p><img src="https://thischangeseverything.org/wp-content/themes/tce/assets/img/og-tce-logo-300x300.jpg" width="300" height="300"/></p>
<h2>The deployment of smart contracts make it possible for businesses to find the perfect individuals for the job, even if they have never met.</h2>
<p>For an easy example let's suppose that a company needs a specific piece of code written, but don't necessarily have anyone in the company capable of constructing the code. Currently the company could either hire an outside firm to construct the code, or they could post the specifications needed and give the opportunity to the public in the form of a bounty. Both of those options both parties to have trust in the other, and are often relatively expensive for the company due to the time searching, reviewing, and posting the contract. Now let's imagine that the corporation implemented the use of smart contracts. Not only would the use of smart contracts allow both parties to have trust and faith in the other, but the implementation of smart contracts would also drastically reduce the amount of time that the company spends on searching and posting their contracts. When the contract is verified to be within the original parameters set by the poster, then the bounty is released instantly to the "worker".&nbsp;</p>
<h2>The abundant quantity of time and resources spent by businesses searching and finding the right "employees" or contractors is inefficient.</h2>
<p>The time spent on these tasks has always been abundant, but businesses never had any other options, <strong>until now</strong>. Let's assume that a platform arises that gives companies or individuals the ability to post contracts that they need completed and the requirements of the contract, and it is the same platform where individuals have the ability to accept and complete these contracts. The poster of the contract and the "completer" would both have specific profiles on the platform that showed the contracts that they have posted or completed in the past, their past payment history, and a reputation score based off of valid contracts and payment.&nbsp;This would drastically lower the barrier to entry for all parties involved. Which &nbsp;individuals are employed becomes less about connections and formal education, and much more on ability and talent for whatever specific type of work is required.&nbsp;The rise of smart contract platforms that are able to connect companies and employees has the potential to change the corporate management model as a whole.&nbsp;</p>
<h2>A formal resume would become secondary when an individuals work history and integrity is publicly accessible.&nbsp;</h2>
<p>If companies has the ability to look through the past work by an individual, it would give the company a much better idea about the individual's capability and ability when compared to a formal resume. The same would also be true for an individual who accepts the contract, they would have a clear picture of the poster's payment honesty and quickness.&nbsp;Once the contract is accepted an initiated the payment is automatically withheld until the contract is verified as valid, at which point &nbsp;the payment is automatically released. Image the potential effects and benefits for all parties in a truly level playing field. <strong>Whether you are from America with a degree from Harvard or are from India and grew up in poverty it is completely irrelevant on this type of platform.</strong> An individual or companies reputation is directly based upon their abilities and integrity.&nbsp;</p>
<p>https://labor.mo.gov/sites/labor/files/EOheader.png</p>
<h2>This would mitigate the need for many "middle-men" currently needed within businesses and be financially beneficial to both parties.</h2>
<p>Not only would the business reap huge costs savings from the removal or searching and the time associated, but it also presents the opportunities to those who have had no access prior. The use of smart contracts also give the businesses a larger pool of "employees" and thereby increases the likelihood of finding absolute best in the associated field. The implementation of smart contracts will bring about a whole new level of efficiency to businesses and individuals.&nbsp;</p>
<p>This type of corporate structure will likely have amazing potential for the "re" distribution of wealth. The current means of redistribution of wealth through taxes and other means have long since been ineffective, because it rarely makes it more feasible for new individuals to make money in the long run. Imagine a platform where individuals for the first time truly have a reliable and significant method of generating income. The only way to truly increase the distribution of wealth in the long term, is to have a larger percentage of individuals obtaining more of the total income in an economy. Technology in general has serious potential in allowing a greater number of individuals to have access to a greater percentage of the total income, but when blockchain platforms and technologies are widely adopted I think we will see the true potential of technology.</p>
<h2>I really hope you enjoyed this post and I encourage you to leave any input, discussions, or comments below. Thanks for reading!</h2>
<p><br></p>
<p>image sources <a href="https://thischangeseverything.org/wp-content/themes/tce/assets/img/og-tce-logo-300x300.jpg">1</a>-<a href="https://labor.mo.gov/sites/labor/files/EOheader.png">2</a>-</p>
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