Blockchain framework  149

⚬

⚬The main problem with the whole footprint of blockchain prod-

ucts is that they cannot talk to each other.

⚬

⚬There are multiple start-ups trying to come up with prod-

ucts to translate the protocols and messages used by different

products.

⚬

⚬The recommendation for the community and commercial organ-

isations, who are working on various blockchain products and

improvements in the technology, is to set a common standard and

a protocol to make the adoption seamless.

⚬

⚬Another recommendation is also to have a common organisa-

tion that is community-supported and funded by governments

to set up and enforce the standards like ISO (International

Organisation for Standardisation), NIST (National Institute

of Standards and Technology), IEEE (Institute of Electrical

and Electronics Engineers) and W3C (World Wide Web

Consortium)

Reference: D – Operating model

To have a successful business model to create value for the business and cus-

tomers, it is essential to have a correct operating model. Governance is one

of the key points within the operating model. We will discuss a full-fledged

strategy formulation in Chapter 6, but for this chapter, we will have a deep

dive into governance.

11. Governance:

• Concerns: Lack of governance surrounding blockchain adoption is

slowing blockchain adoption.

• Recommendations:

⚬

⚬With existing use cases for financial and non-financial, there are

mature governance frameworks like risks and controls and cyber

security frameworks.

⚬

⚬As blockchain adoption is maturing, we are still lacking a solid

and mature governance model. It is also more important than

before to have a governance model to continuously monitor the

parties within the eco-system and consortium.

⚬

⚬It is also important to have a mature blockchain governance model

to comply with regional regulations.