Challenges of DLT-enabled Scalable Governance and the Role of Standards

Authors

  • Gayan Benedict Chief Information Officer, Reserve Bank of Australia, Australia

DOI:

https://doi.org/10.13052/jicts2245-800X.731

Keywords:

DLT, blockchain, Bitcoin, standards, scalable governance, decentralization

Abstract

Distributed Ledger Technology (DLT) and its blockchain subclass are emerging as a disruptive innovation with an expanding range of potential applications. While DLT systems promise significant benefits to participants and diverse industries, their use of cryptography and incentive models to displace intermediaries and central authorities present significant challenges to conventional models of institutionally-oriented governance. This is due to the disintermediation of such governance bodies displacing the accountabilities and decision rights such parties typically provide. This paper addresses the emerging research question of how standards can address the assurances lost by the displacement of conventional institutional governance mechanisms in DLT systems.

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Author Biography

Gayan Benedict, Chief Information Officer, Reserve Bank of Australia, Australia

Gayan Benedict is the Chief Information Officer of the Reserve Bank of Australia. In this role, he provides strategic leadership to the core IT functions that support the Reserve Bank’s policy, operational and corporate objectives. Gayan has previously held technology strategy, architecture and delivery leadership positions at Westpac, Oracle Corporation, and has worked across Australian, Asian, North American and European geographies.

Gayan holds Bachelors of Commerce (Hons) and Law (Hons) from the University of Queensland. He is a graduate of the Australian Institute of Company Directors and is currently completing doctoral research on DLT regulation at UTS. Gayan chairs Standards Australia’s IT-041 working group on Blockchain and Distributed Ledger Technologies and is an Australian representative on the ISO/TC307 Technology Committee on Blockchain and Distributed Ledger Technologies.

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Published

2019-09-20

How to Cite

Benedict, G. . (2019). Challenges of DLT-enabled Scalable Governance and the Role of Standards. Journal of ICT Standardization, 7(3), 195–208. https://doi.org/10.13052/jicts2245-800X.731

Issue

2019: Vol 7 Iss 3

Section

Articles