3 Key Points to Consider with the Blockchain other than the Technology
Posted by Gordon Tampol, Principal of GPMS on Wednesday, January 4, 2017
Happy New Year and welcome 2017! With a new year among us and many companies anxious to get started with their first Blockchain solution, there are several non-technical or functional components to consider when implementing a Blockchain. Although many of us are accustomed to downloading apps to our phones or tablets and we are off and running, the Blockchain doesn’t fall into this category. Whether you are in Banking, Pharma or Retail, implementing a Blockchain leaves several questions to be answered by an organization. As a Master Participant (a term borrowed from one of our clients which refers to the organization implementing the Blockchain), there must be a vision as to how the blockchain will function and be managed moving forward. The following are 3 key points to consider when implementing a Blockchain:
- Governance – Within a Blockchain Architecture, entities must still decide how data and assets are managed, as well as, how are the entities managed. There must be an organizational structure or group that makes decisions for all Trusted Participants to ensure that all Regulatory, Compliance and Best Practices are being met to ensure the integrity of the Blockchain. Governance may also extend into security, transactions and audit for all parties involved.
- Ownership – As data and assets pass through the Blockchain, Ownership becomes a very important factor to identify, relinquish and accept. The Blockchain can provide Provenance; however, as transactions are created and data is modified, Ownership needs to be identified at each level. Ownership is more than the rights to an asset, it is also the responsibility associated with that asset. Ownership should be clearly defined and accepted by all entities before participating in a Blockchain.
- Enterprise – A model should be developed which identifies the guidelines for having an enterprise Blockchain which may include Trusted Participants from an outside organization. The model should have the flexibility for each entity to incorporate their own business rules while still adhering to the enterprise business rules pertaining to all entities involved. The business rules and application functionality which quantify an application as ‘enterprise’ should be accepted by all Trusted Participants and should include security, network and service level agreements.
So, there you have it! There are still many more things to consider when implementing a Blockchain, which is why the implementation team should be a mix of functional and technical resources. If you need more information or tips on implementing a Blockchain for your organization, contact us at firstname.lastname@example.org. GPMS offers functional and technical support for Blockchain solutions and has expertise within Finance and Life Sciences industries. Contact GPMS with any question regarding our Blockchain Solutions. Enjoy!