Ranchi Mall Incorporation Blockchain Contract
Traditionally, the right to register a voluntary association of people through articles of association and memorandums of understanding has been controlled by governments through royal charters, incorporation licenses, registration of partnerships, trusts and limited liability entities. Blockchains are a game changer in this area. Ranchi Mall — in order to be a beneficiary of a revolutionary event like the evolution of blockchains — is the first ever entity to incorporate itself on blockchain. Traditionally, a corporation with operations in multiple countries needs to incorporate individually in each of the countries, with a lot of cross-holdings, creating a complicated ownership structure. Incorporation on the blockchain provides a way forward to simplify cross-country incorporation issues, at the same time, it publicly binds itself to its articles of association and memorandum of understanding. As blockchains are unregulated, it frees the incorporated entity from the compliance over-burden that most government sanctioned incorporated entities have to abide by. The price to pay for this freedom is no financial support from any government entity and loss of the ability to participate in government contracts, tenders and, incentive schemes. However, blockchains are developing their own economy at a rapid rate and blockchain incorporated entities can very well meet their financial needs without any government assistance.
Ranchi Mall is a self-funded venture which has grown as a result of its products and has met all of its cash needs by its previous initiatives. It has grown slowly and sustainably and has managed to fund its operations through its own products and offerings since its start. This gives us the ability to forsake any kind of government, banking or venture capital assistance and subsist directly through our customers. So long as Ranchi Mall is profitable and its expenditures are lower than its receipts, its cash margin of safety will keep on growing. Over a period of time, the ability to tokenise its initiatives on the blockchain will create further revenue streams and it will strengthen its ability to fund itself.
The Incorporation Blockchain Contract can also own parts of government incorporated entities in different geographies of the world. For instance, Ranchi Mall Incorporation Blockchain Contract owns 1% of Ranchi Mall FZE in UAE and 10% of Ranchi Mall Ltd in the UK. Delegation of ownership of these government incorporated entities has been done on FLO Blockchain. The Incorporation Blockchain Contract also manages the initial coin offering of Ranchi Mall.
Ranchi Mall has innovated a new concept called Blockchain Contracts. The Incorporation Blockchain Contract is the owner of all of Ranchi Mall’s Blockchain Contracts.
Incorporation on the blockchain permits an entity to create alternate management structures in contrast to the traditional CEO, board, audit committee governance system. It also frees up the entity to follow its own bookkeeping system, separate from the troublesome double-bookkeeping system of accounting. Neutral oversight of operations is a must for continued existence of a corporate and a blockchain incorporated entity can create its own oversight system. Ranchi Mall, for example uses a WhatsApp group-based continuous supervision by its largest investors. Transparency is also a powerful supervisory mechanism and Ranchi Mall shares as much information as possible on its Facebook page, its Medium page and, its WhatsApp groups for its stakeholders to be informed properly to perform supervisory functions.
Blockchain-based incorporation offers dramatic new ideas in corporate organisation and governance. Ranchi Mall Incorporation Blockchain Contract is an initiative to maximise investor wealth through these new age instruments.