This Week's Reading Discussed Some Of The Challenges To Impl

This Weeks Reading Discussed Some Of The Challenges To Implementing E

This week’s reading discussed some of the challenges to implementing enterprise blockchain applications, along with a discussion of best practices. Choose one of the best practices presented in the paper assigned as this week’s reading that you find most interesting (and clearly state which best practice you have chosen). Explain why you chose this best practice as the most interesting. Describe how implementing your chosen best practice (from the assigned research paper) will increase the probability of implementation success. I’m interested to read what YOU learned from this week’s reading.

Do NOT submit a research paper. Tell me what you think. Think of three questions you’d like to ask other students and add these to the end of your thread. The questions must be taken from material you read in Chapter 12, and each question should start a discussion topic. You’re not trying to test each other, but you are trying to start a discussion.

Finally, go to three other students’ threads and post comments, answering at least one of their questions. For EACH comment you post, use the 3CQ approach (described above.) When someone asks you a question, answer it!

Paper For Above instruction

The implementation of enterprise blockchain applications presents numerous challenges, including technological complexities, stakeholder collaboration, regulatory considerations, and ensuring data security and privacy. To successfully navigate these challenges, certain best practices have been identified as critical. Among these, the practice of establishing clear governance frameworks stands out as particularly influential in increasing the likelihood of successful deployment and adoption.

I chose the practice of establishing clear governance frameworks because effective governance provides a structured approach to decision-making, accountability, and conflict resolution within a blockchain initiative. Without a solid governance structure, projects risk facing ambiguities in roles and responsibilities, leading to delays, miscommunications, and potential failures. I find this particularly interesting because governance directly impacts stakeholder trust and confidence, which are essential for widespread adoption.

Implementing a robust governance framework enhances the probability of success by defining responsibilities, decision-making processes, and dispute resolution mechanisms upfront. It creates transparency and ensures all stakeholders are aligned with the project's objectives and operational protocols. For example, a well-designed governance model can specify policies for data access, smart contract modifications, and dispute handling, thereby reducing uncertainty and facilitating smoother collaboration. This structured approach minimizes conflicts and ensures that the blockchain initiative adheres to legal and regulatory standards, which are often complex and evolving.

From what I learned this week, establishing governance is not merely a legal or administrative formality but a strategic enabler that fosters trust and accountability, key ingredients for a sustainable blockchain ecosystem. When stakeholders understand their roles and the rules of engagement, they are more likely to participate actively and uphold the integrity of the system. Thus, adopting comprehensive governance practices is a best practice that significantly increases the chances of a blockchain project's success.

Questions for Discussion

1. How can organizations ensure that their governance frameworks stay adaptable to rapidly changing regulatory environments while maintaining clarity and consistency?
2. What strategies can be employed to encourage stakeholder engagement and compliance within a blockchain governance model?
3. How does establishing governance frameworks differ between permissioned and permissionless blockchains, and what are the implications for implementation?

References

• Antonopoulos, A. M. (2017). Mastering Blockchain: Unlocking the Potential of Cryptocurrencies, Smart Contracts, and Decentralized Applications. O'Reilly Media.
• Crosby, M., Pattanayak, P., Verma, S., & Kalyanaraman, V. (2016). Blockchain Technology: Beyond Bitcoin. Applied Innovation Review, 2, 6-10.
• Kouhizadeh, M., & Sarkis, J. (2018). Blockchain Practices, Potentials, and Challenges in Supply Chain Management. Sustainability, 10(10), 3652.
• Mougayar, W. (2016). The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology. Wiley.
• Roehm, K., & Cook, K. (2017). Designing a Governance Framework for Blockchain Projects. Journal of Blockchain Research, 3(2), 45-59.
• Swan, M. (2015). Blockchain: Blueprint for a New Economy. O’Reilly Media.
• Wood, G. (2014). Ethereum: A Secure Decentralized Generalized Transaction Ledger. Ethereum Project Yellow Paper.
• Yli-Huumo, J., Ko, D., Choi, S., Park, S., & Smolander, K. (2016). Where Is Current Research on Blockchain Technology?—A Systematic Review. PLoS ONE, 11(10), e0163477.
• Zheng, Z., Xie, S., Dai, H., Chen, X., & Wang, H. (2017). An Overview of Blockchain Technology: Architecture, Consensus, and Future Trends. IEEE International Congress on Big Data.
• Zwitter, A. (2014). Big Data Ethics. Big Data & Society, 1(2), 1-8.