It's a good model and has been scaled up to large multinational corporation size in the Mondragon Corporation, but we don't need blockchain or cryptocurrency to do it.
I've been incredibly well-served by both credit unions and cooperative grocery stores.
Corporations exist to serve the interests of their shareholders. If you are a customer or employee of a corporation that you are not a shareholder of, then that corporation is not necessarily trying to do business in my interest but quite possibly could be operating at the expense of my interests in order to serve the interest of the shareholders. We hope that these interests are aligned, but often we see that they aren't. Cooperative businesses naturally align these interests by making the workers or consumers (or both) shareholders. And they remain voluntary.
It addresses many of the drawbacks of unionization, of traditional capitalist corporations, and socialism. It really should be copied more widely. Given my positive experiences with the cooperative business model, I would gladly seek out such businesses if they were more widely available.