Computer corporations: DAC attack | The Economist - 0 views
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Patrick Savalle on 22 Mar 14"Imagine a corporation that engages in economic activity without guidance or direction from humans. Programmed with a mission statement-maximize profit for shareholders from the sale of widgets, for example-the corporation could own capital, enter contracts, and employ robots. People could even be hired for more creative tasks. Such an entity would live on the Internet, distributed across thousands or millions of nodes (stakeholders who host the DAC on their computer). DACs hold the potential to reduce friction in many markets, allowing for instantaneous, trust-less business transactions across the globe. Near-term applications of the DACs concept include peer-to-peer bond and stock trading, verifiable-yet-anonymous voting, and decentralised currency exchange. A DAC also wouldn't have to employ a board of directors, and a CEO's hefty pay cheque could be returned to shareholders in the form of dividends."