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This chapter is from the book

This chapter is from the book

Essential Maturity Imperatives for Enterprise Blockchain

Although the early days of blockchain were all about disruption, education, understanding, investment, and business models, this model now needs to mature and reap the benefits of what industries wanted to achieve: an efficient system with built-in trust that leads to an efficient marketplace based on the efficacy of the technology application. In this section, we go back to basics and focus on the fundamentals of time and trust and the blockchain tenets of trade, trust, and ownership.

Our many client engagements have led us to realize that we still must focus on fundamentals to truly engage in a digital transaction system that includes verifiable digital identity, tokenization of assets (into digital assets), and digital fiat (another digital asset as a settlement vehicle). This focus ensures that we cover the bases of societal elements, such as verifiable claims, nonrepudiation, defining and verifying ownership, and mapping physical assets to digital assets (through tokenization). Moreover, it ensures that the governance system is the result of a robust system design that prevents wrongdoing and fraud and provides confidence that the resulting economic and financial system is ready for the digital age.

Essential elements for enterprise blockchain maturity include the following:

  • Digital identity as a foundation technology to ensure the trade and ownership tenets of the blockchain system. We need digital identity to assign ownership to a digital asset.

  • Digital fiat to address the last-mile issue of settlement for every financial transaction and every financial services use case. Money of fiat as a settlement instrument must be digitized to keep pace with the digital transaction network.

  • Asset tokenization to ensure that digital manifestations reflect real-world assets. A technological platform must ensure that the assets are digitized, are unique in a system, cannot be replicated and maintain their integrity to hold value, and preserve transfer value.

  • Security design of the blockchain system to address nonrepudiation, privacy, confidentiality, and verifiability of claims with consent-driven models.

  • Business of blockchain business models to ensure that regulated and enterprise systems can find the correct business model to advance the agenda of blockchain-based business networks.

  • A governance model, which may range from a self-governance network to a consortium-defined semi-autonomous governance structure. Again, you must find the correct governance model necessary to progress the agenda of blockchain-based business networks.

Figure 3.6 depicts the essential elements of an enterprise blockchain.

Figure 3.6

Figure 3.6 Essential elements of an enterprise blockchain.

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