Block Consult is a Swiss based Web3 consulting firm which provides value by creating holistic Web3 concepts tailored to the individual needs of any project.
A decentralized autonomous organization (DAO) was developed as a proof of concept to demonstrate the successful implementation of blockchain technology in the management of an international steel company. This case study explores the process of establishing the DAO in Switzerland, its governance model, token distribution, and operational expansion plans.
Developing a Blockchain-Powered DAO Model
The steel company required a well-structured DAO model that allowed for decentralized governance, easy token distribution, an efficient decision-making process and the ability to share revenue with DAO members. The main challenges included creating a suitable legal framework in Switzerland, selecting board members, defining a governance model, and determining the token distribution method.
DAO Model and Governance System Implementation
Implementing a successful Decentralized Autonomous Organization (DAO) model and governance system for a traditional company involves several crucial steps. These include understanding the company’s goals and structure, researching existing models and legal requirements, ideating potential models with stakeholder analysis and risk assessment, executing the chosen model through legal documents, token distribution plans, and smart contracts, and testing the model’s resilience and adaptability. Following these steps can ensure the effective implementation of a tailored DAO model and governance system for a steel company.
Addressing Challenges Through a Structured Approach
By following a detailed implementation process, a comprehensive DAO model was developed to address legal frameworks, governance, token distribution, and expansion challenges in managing an international steel company. This proof-of-concept DAO demonstrates the successful implementation of blockchain technology in managing the company and highlights the potential benefits of a tailored DAO model for other businesses in the industry.