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What are the ingredients that can improve and make blockchain technology a viable candidate for enterprise operations? What are the technological and cultural changes that are needed?
The IBM Blockchain report states that “If blockchain is to move beyond the technological fringe and into the mainstream, to underpin the nexus of a more trusting and transparent world, we must, as innovators, remain committed to a set of ideals.”
The Five Principles for Blockchain outlined by IBM are as follows:
Use of Open Source promotes innovation and better quality code
A permissioned network promotes trust and confidentiality. Unlike anonymous blockchains like Bitcoin and Ethereum, illegal activity can be controlled.
Universal and transparent governance ensures that the network is not abused and serves the needs of its users.
Use of interoperable standards encourage innovation. Today’s blockchain implementations are primarily independent entitites.
Blockchain should be able to control who can access data and when. Privacy regulations, like GDPR, also need to be complied with.
Jerry Cuomo, Vice President of IBM Blockchain , said that “over the past 3 years, we have worked with many clients and have gained perspectives that have driven these principles. There are ways to use blockchain technology that are critical and would lead to good outcomes, but let’s make sure we don’t leave that to guess work. That is how these 5 principles came about and it’s our responsibility to abide by them wisely and share them with others.”