Simon Mills and Bob McDowall
Z/Yen Group, Long Finance, and Cardano Foundation (July 2017), 48 pages.
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Mutual Distributed Ledger (MDL, aka blockchain) technology is in an emergent phase. New applications are under development; new uses are being researched; new consortia are being formed to explore MDL applications. Considering appropriate governance structures has had a lower priority so far, but trust in the increasingly popular systems will depend on their incorporating good governance principles. It was the aim of this study to identify those principles, in order to provide a roadmap for developers and users alike.
An analysis of the material collected through desktop research, as well as several discussions with practitioners and stakeholders including a conference and webinar on the subject, has revealed that effective governance in MDL systems relies on people rather than software and rests on three pillars: