Centralization vs. Decentralization is a frequent topic in the world of Blockchain. However, with so much uncertainty around regulation, laws and government intervention, many often wonder how the path to decentralization will ever eventuate.
What people fail to realize, is that the path is already being walked. We are much closer to decentralization than we think, and a long way ahead of the mass adoption of Blockchain technology.
The blockchain is blazing the path and creating new global standards when it comes to the way we work, the way we think and the way we operate. The very structure of modern day companies is being redefined due to a varying number of factors, including the global Cryptocurrency markets being open for trading 24/7.
We have long seen global operations adjust to meet the demands of local consumers in traditional markets and the burgeoning contact center industry offering round the clock support from places such as the Philippines and India. There has also been a shift toward having a more rounded presence and representation in stronger retail markets.
Blockchain, however, has brought a different element to the table. An increasing number of projects start out as a concept or idea, and the teams are built up post-ICO fundraising. With a specific requirement for skills, coding languages, traditional market experience and often ambitious timelines on roadmaps, the search for resources is truly global. What this means is that an increasing number of projects don’t have a physical head office and often have staff or contractors scattered across the planet. The traditional 9 to 5 hours to meet market demand doesn’t exist here, but a middle of the night conference call with representatives from more than five countries is commonplace.
There is an increased dependency on management through influence and a heavy reliance on a series of ‘peer to peer’ working relationships. With flatter management structures that exist in traditional businesses and the collective will to make a project successful through a shared vision or belief. This is often not the case in conventional businesses where success and goals are measured by more controlled KPIs, centralized governance and the fact that people are all in the one place at the one time.
Still a long way from resembling Holacracy, there is the need for a more liberal approach to tasks and the participation of people across deliverables. This eventuates in many people wearing many hats and a decrease in the traditional ‘silo’ mentality that exists in many traditional businesses.
Although the mass adoption of Blockchain technology is still some distance away, the adoption of decentralization, at least in the sense of working structure is well underway. Technology will soon facilitate the global peer to peer market in an entirely borderless way.
You can follow me on Twitter @bennydoda01 and I produce regular YouTube videos relating to the space as Bitcoin Benny.
This post is not financial advice and reflects the personal views of author. The author invests in digital assets and has positions in cryptocurrencies.
Disclaimer: This article should not be used as investment or financial trading advice. Please conduct careful due diligence before investing in any digital asset.