‘Docklands DAO’ plan to help Melbourne precincts recover from the pandemic
The Royal Melbourne Institute of Technology’s (RMIT) Blockchain Innovation Hub has released a report proposing the implementation of pilot Decentralized Autonomous Organization (DAO), to assist specific precincts in Melbourne’s CBD in recovering from the impacts of the pandemic.
The report, which is part of a five-piece series of reports funded by the Victorian Government in Australia, details how blockchain technology — specifically DAOs — can be used to help cities like Melbourne recover from a lack of economic activity during the pandemic and to survive into the future with the likely persistence of hybrid working arrangements.
Created in consultation with the City of Melbourne, the state government and local businesses, the report outlines a detailed and actionable plan for a DAO pilot program called the “Docklands DAO” which would be implemented in the Docklands precinct of the Melbourne CBD.
The report’s author is Blockchain Innovation Hub researcher Dr Max Parasol — also a contributor to Cointelegraph Magazine.
He told Cointelegraph that DAOs offer cities an innovative way to utilize anonymously pooled data to optimize resource allocation, increase overall efficiency, and create opportunities for strategic placemaking (collectively reimagining and reinventing public spaces.)
A DAO is an crowd sourced entity governed by token holders and organized around a specific set of rules enforced on a blockchain.
“DAOs incentivize participation, so those who work for the DAO will get more governance capability and so on… ultimately the community gets to decide the governance mechanisms,” Parasol said.
DAOs have witnessed a rapid global uptake as the technology becomes increasingly utilized by an increasingly wide array of
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