Can a bot own a company or join a company team?
If you are a business owner, you are probably familiar with third party service providers. Anytime you need certain service you open Google and start looking for service that best fits your company needs. Sometime perfect match happens, but how often you really find what you looking for? In most cases, you need to adjust to whatever service is available and what does not break your bank account. However, with subscribing to any subscription service you not only agree to pay regular fees, but also keep your data in hands of unknown company.
Service providers love subscription service, as it brings consistent revenue and once service is up and running, it needs little improvements to keep it running. However, once they start developing for many, their success rate is slowly flattening because of constant improvements and changes to chase revenue and “fit for all” approach. Services start losing its core customers who came at the beginning and loved the product as it was. Churn rate for these services is always an issue.
Now image we could have service provider creating Autonomous Agents (AA) instead. AA can be a bot, robot, AI or a smart service that can join your team and being paid by performance. You no longer need to search for service provider or share your data, but you can publish job position and wait for AA provider to fill this position. You can hire AA and assign tasks it needs to perform. AA is then awarded based on performance rather than by flat payment subscription services require whether you use service or not.
What this means for developers? They no longer need to line up for job interviews or be listed on freelance websites and wait for someone to hire them. They can develop AA, which can apply for multiple job offers. Developers can create their own digital avatar, which can join multiple teams at the same time or create a company.
To put this into prospective of real world, let us say developer creates trading bot and there are several individuals or companies looking to use this service. Bot can be hired or create own company to start trading and generate revenue. If bot is hired, it will be paid based on its performance and effectiveness and profit will go to developer. If bot creates a company and it starts trading, company profit will be distributed back to developer as well.
Existing laws define company as entity created and managed by humans because liability needs to be addressed and there need to be individuals who obey and follow the laws of certain jurisdiction. However, this is changing with blockchain and suddenly we are in a world that has not been defined or protected by laws. We cannot expect all governments of all countries come together with framework since they were not able to do so in 40 years of internet existence other than flooding internet with bans and restrictions.
To be able to enforce regulations of entities other than humans in existing legal system it would need whole infrastructure and legal system overhaul. Imagine police arresting AA for breaking the law, freezing its bank account and closing its company on judge order and puts it into jail. Even if this would happen, it would take very long time and meanwhile further damages could happen by same entity.
Autonomous companies will happen; it is not matter of if but when. Same as we have self-driving cars killing people and legal system is puzzled what to do other than ban it, we are going to have Autonomous Agents that think and act differently than humans and we need governance that is automated and instant.
xDAC platform creates a self-governed and automated framework to protect autonomous companies created on digital ledgers, their team members, partners, and customers. Each xDAC company needs to follow platform rules and create liability fund as insurance. Platform has automated dispute resolution and company freeze system that protects customers in case of disputes. It also comes with sophisticated rating system, which rates performance of each company and team member including AAs on the platform, and awards them based on their success rate.
Platform can be the first step to regulate autonomous companies as it is trying to create consistent governance and rules without geographical limitations so all companies worldwide have same responsibilities and opportunities.
