Accenture and DTCC come together to research on blockchain governance

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Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

Depository Trust and Clearing Corporation(DTCC) is collaborating with Accenture, and have published a whitepaper, Governing DLT Networks. This introduces a distributed ledger technology(DLT) model to help the management of risks and consequences of an evolving DLT platform.

The model proposed in the paper explains the responsibilities and critical functions in operating and maintaining a DLT platform. DLT offers built-in consistency, security, and privacy, promises to transform the digital landscape, but its full potential will be realized with the implementation of a secure and transparent governing model.

The whitepaper introduced a governance model that will help in operating and maintaining a private and permissioned DLT platform. This platform will focus on eight functional areas; these are:

1. Governance: providing high-level risk and control oversight, strategic decision-making functions for the DLT network community.

2. Participant Lifecycle: This includes the management and operations of every aspect of onboarding a new network member, interactions with the member during their participation, and steps to look after during the off-boarding of a member.

3. Runtime Operations: covering day-to-day execution of DLT implementation, including functions on the DLT runbook such as monitoring, reporting, support, change, and release management.

4. Data Governance: This introduces a new concept around participant entitlement and confidentiality models.

5. Third-party Management: This feature will help in highlighting the functions assigned to supervise service providers and the vendors that are connected to the network.

6. Platform Management: This is the DLT ecosystem version of the traditional “application development” model.

7. Infrastructure: This will help to address the core network management functions, which will include the management of third-party providers and defining ownership responsibility for the infrastructure operations.

8. Legal and Finance: This will focus on addressing areas such as vendor and licensing risk, patent risk, open-source risk, and risk, which will be associated with crossing global borders.

The managing director of Accenture, Wynn Davies, believes that the power of DLT can help the industry grow by providing significant operational efficiencies. From operating facilities, offices, and data centers in 16 countries, DTCC automates, centralizes and standardizes the processing of the financial transactions. It reduces the risks, increases transparency, and driving efficiency for several brokers/dealers, custodian banks, and asset managers.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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