The Theory of the Firm - On-Chip Organizations

Dows is an on-chain organization, it's a nexus of maybe smart contracts or smart contract code. My sort of theory around that is that in the last 20 years what we've been innovating on is the measurement of activity in these organizations rather than the execution of actions within these organizations. We're pushing people further away from the decision-making abilities of an organization rather than bringing them closer to that meat space. And as a result, creating much more transaction costs because we're involving so many decision makers and so closely trying to monitor and measure the activity within these Organizations.

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