Understanding Open Governance Networks

Throughout the modern business era industries and commercial operations have shifted substantially to digital processes. Whether you look at EDI as a means to exchange invoices or cloud-based billing and payment solutions today businesses have steadily been moving towards increasing digital operations. In the last few years weve seen the promises of digital transformation come alive particularly in industries that have shifted to software-defined models. The next step of this journey will involve enabling digital transactions through decentralized networks.

A fundamental adoption issue will be figuring out who controls and decides how a decentralized network is governed. It may seem oxymoronic at first but decentralized networks still need governance. A future may hold autonomously self-governing decentralized networks but this model is not accepted in industries today. The governance challenge with a decentralized network technology lies in who and how participants in a network will establish and maintain policies network operations onoffboarding of participants setting fees configurations and software changes and are among the issues that will have to be decided to achieve a successful network. No company wants to participate or take a dependency on a network that is controlled or run by a competitor potential competitor or any single stakeholder at all for that matter.

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