Governance in Blockchain


Blockchain changes a number of Governance concepts fundamentally. Firstly, the approach is completely different in terms of "resilience" and business continuity management.

After all, transactions that use Blockchain are completely digital. Physical aspects of paper should only be taken into account to a very limited extent. One does not depend on "central" dependencies such as servers and mainframes. The mechanism is self-scaling and has a fully decentralized effect. The services that blockchain provides cannot in any way "go down".

The decentralized aspect is one of the major forces. Unless a global internet outage would occur, the network cannot actually go down and transaction history is recorded irrefutably. The treatment of confidentiality and integrity in particular will require a different approach. After all, compliance is embedded in the system and it can be said that risks such as censorship, deliberate change of data, fraud, deliberate intrusion of all kinds are effectively excluded.

Governance parameters are built in based on the concept of "trust" (instead of "identity")

When it comes to data protection, things must of course be carefully considered, since the decentralized principle of blockchain is fundamentally different with a "central" approach (responsible for processing) in the GDPR and most local legislations in the EEA.