In a whitepaper published by professional services firm, PricewaterhouseCoopers (PwC), explored the challenges that current distributed ledger technologies (DLTs) face, as well as the strategies that the market is developing to deal with the limitations.
As the DLT space is developing and expanding rapidly, PwC suggested that this space might be currently the fastest growing area of innovation in the entire technology sector. PwC also indicated that “a strategy should be adopted to both foster innovation and control missteps that may occur due to experimentation and some inevitable misuse.”
Strategies suggested could range from the technical aspects, addressing scaling and privacy issuers, to establishing a new policy for creating an environment for technology.
Approaches to blockchain policies
A good policy, according to PwC, “should aim to achieve a stated set of goals, define its scope of operation, be clear on how to operate under it in a compliant manner, and define who the authorities are.” Policies are recommended to evolve continuously to adopt changing technological and regulatory environments.
Navigating the technological landscape
The solutions discussed in the whitepaper aims to establish ground rules to allow organizations to develop governance structures which will help them navigate the technological landscape.
Organizations are encouraged to adopt a technology-agnostic approach when implementing blockchain systems. Flexible policies towards blockchain are also suggested, as rigid policies could quickly become outdated. Innovative approaches are preferred over risk-averse approaches for the goal of launching successful initiatives.