DAO, or Decentralized Autonomous Organization, is another promising byproduct of blockchain technology, with its concept revolutionizing the banking sector as we know it . Banks today have started using blockchain technology for their internal operation, but many like JP Morgan have also started with blockchain-based transactional and other services.

1. What is a DAO? Can it replace Bank in Future?
DAO, or Decentralized Autonomous Organization, is another promising byproduct of
blockchain technology, with its concept revolutionizing the banking sector as we
know it
. Banks today have started using blockchain technology for their internal operation,
but many like JP Morgan have also started with blockchain-based transactional and
other services.
So, what is DAO?

2. DAO or Decentralized Autonomous Organization is a decision-making entity of an
institution that is not centralized, meaning a single person does not make decisions.
DAO is operated by a community organized around a specific set of rules enforced by
the blockchain.
The internet native organizations, which the members collectively own, also have a
built-in treasury accessible only after members' votes. Decisions are proposed on
the blockchain, and the DAO members must vote before the set time limit.