Abstract

Blockchain promises the lucrative feature of trusted peer-to-peer value transfer interactions. It has the potential to go beyond its first manifestation namely Bitcoin which is the digital value transfer system. However, issues such as lack of governance, scalability, and adaptability of blockchain-based solutions remain in the way of it becoming a mainstream technology. So far a series of hack incidents and the technology being used by malicious entities targeting such blockchain-based solutions put this technology largely under shade and thwarts it going mainstream. Therefore my thesis is that an effective and trusted governance framework for blockchain-based solutions is imperative. Such a framework should allow things to go wrong and should have a mechanism in place through which the system can heal, in large part, on its own. This requires a trusted intervention mechanism for the, mostly, close-walled nature of a blockchain system so that its decentralised nature can be preserved. I will be considering two main overarching themes related to the extent of governing a use case using a blockchain-based platform and its effectiveness (in terms of scalability, adaptability, and speed).