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Post-trade financial service firm Depository Trust & Clearing Corporation (DTCC) and Accenture, a global accounting giant, have revealed a distributed ledger technology (DLT) operating model to manage risks and consequences of an emerging DLT landscape.
The model, introduced in a whitepaper “Governing DLT Networks,” aims to ensure the safety of the network for the benefits of those involved and to allow DLT to attain its full potential, including governing functions to make decisions that will affect activity, connectivity, software changes, contractual agreements, and transaction finality for all network participants.
Other functions include participant lifecycle, runtime operations, data governance, third-party management, platform management, infrastructure, and legal and finance.
“DLT, with its built-in consistency, security and privacy, holds great promise to transform the digital landscape, but DLT’s full potential will only be realised from the implementation of a strong and transparent governing model,” Robert Palatnick, DTCC Chief Technology Architect, said.
As per a press release, DLT-Governance Model (GM) is a vital part of the trade information warehouse initiative of DTCC to migrate an existing central, industry-wide ledger for credit default swaps from a legacy mainframe database to a DLT platform leveraging the cloud.
“Accenture has developed a governance model to manage the risks and consequences of a distributed ledger landscape, and we believe this governance paper is the beginning of a critical dialogue that needs to continue,” Accenture Capital Markets Managing Director Wynn Davies said.
“Research, experimentation, and learning about the challenges and potential for DLT-based governance processes will be essential as these platforms become more widely adopted,” he added.
In June, Accenture signed a formal agreement with Canada, the Netherlands, and other groups to use blockchain in identifying travelers, to be called “Known Traveler Digital Identity,” which aims to customize the encounters of passengers using biometric information in around 2 weeks’ time.
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