TOWARDS A BLOCK CHAIN GOVERNANCE
As we move ahead from Internet of Information to Internet of Value through the already flaunted Blockchain Technology, the bottlenecks are at all levels. Taking governmental functioning on this mode is a challenge, which Dubai wants to transform to, by 2020. The models of governance of this technology can replicate the Internet model with changes to suit. Being at a nascent stage the contours are yet to evolve, only persistent efforts can make it happen. The handicaps are enormous but the benefits expected would be more than commensurate.
As it stands, Don Tapscott & Alex Tapscott in their book Blockchain Revolution enumerate a few challenges. They are; the technology is not ready for prime time, the energy consumed is unsustainable, the governments would stifle or twist it, powerful incumbents of the old paradigm will usurp it, the incentives are inadequate for distributed mass collaboration, to name a few. HyperLedger & other leading projects might pave the way, by making the benefits more conspicuous & doable.
No government controls the internet or its standards. It is a vast ecosystem; open, distributed and collaborative. Global Solution Networks, GSNs, for Blockchain technology can show us the way. It would be a long haul till it matures. The GSNs being; knowledge networks, operational & delivery networks, policy networks, advocacy networks, networked institutions, platforms, standards networks, watchdog networks, governance networks and diasporas. This is the formula of Tapscott.
The ironing out of handicaps & creation of BlochChain governance mechanism will decide the pace of adoption, which has the possibility to transform the way we transact value. This would be transformational & more than anything else, governmental mindset & of middlemen organisations, would be critical. Only time will tell if and how governmental & all types of financial services move onto Blockchain.
BLOCK CHAIN GOVERNANCE WOULD DECIDE ITS ADOPTION.