As blockchain and cryptocurrencies continue their slow push for global adoption, the emergence of Decentralized Autonomous Organizations (DAOs) is beginning to challenge the economic and financial models that have long been established.

MakerDAO is the most well known of these emerging projects, a platform that allows users to collateralize their Ethereum in order to take out loans in the Dai stablecoin. True to the decentralized and people-empowering nature of blockchain, it’s the MakerDAO token holders that have a say in the overall governance of the platform as their MKR tokens allow them to vote on proposals that will affect the overall ecosystem.

Like all new ideas, the MakerDAO ecosystem has had its ups and downs and the platform continues to roll out new developments and tackle issues as they arise, but the long term view shows clear progress and adoption. So much so that its continued success has spawned multiple new projects looking to offer a similar function to the world.

Projects like Reserve Rights (RSR), which is backed by Coinbase and is currently focusing its attention on helping the people of Venezuela, a country that is in dire need of a functioning financial and economic ecosystem to return some of the financial power to the citizens. The RSR platform is in the final stages of the development of an App that will be released in Venezuela and allow citizens to access the RSR platform and interact with the RSV stablecoin.

Soon, Venezuelan’s will be able to access a secure, transparent platform on which they can store their hard-earned economic value and actually have a say in the overall governance and future developments.

And then there’s the newly announced Bidao project, a DAO ecosystem that is launching on the Binance Chain, with a similar set up to MakerDAO, but instead utilizing the BNB token rather than ETH to collateralize loans. With Binance doing everything in its power to become the global leader when it comes to cryptocurrency exchange platforms, there is a strong likelihood that this project will find major backing and evolve into a major player over time.

So what do all these emerging DAO platforms mean for the future global economic landscape? Do they have the power to supplant the current central banking hegemony that has established itself on a global scale, controlling every aspect of trade and finance?

While it is unlikely that these institutions and the governments that back them will just roll over an accept a future where the people are in full control of the economic system, their days of being the only show in town with no viable alternatives are over.

Now they will have to compete on a more level playing field and offer benefits that the people can clearly see and utilize, lest they simply choose to opt for a decentralized system where they have more of a say in how things evolve.

Of course, there are no certainties in life and the future is not written in stone, so this whole experiment of blockchain and decentralized financial systems can still play out in many different ways. What is clear, however, is that the old system of doing things is on its way out, and this will not change as long as the internet and global connectedness continue.

The emergence of multiple DAO organizations shows that people are not just going to sit around and wait for the governments of the world to solve the problems we face. While they continue to fight wars, print money ad infinitum, and remain detached from the wants and needs of the people, the next global financial system of interconnectedness is emerging right under their noses. Only this system is decentralized and controlled by the people.

One thing is for certain. We are not in Kansas anymore, and the world moving forward will soon become drastically different than the one we all grew up in. We are in the midst of a history-making transition that will redefine the global economic and financial landscape.