What is Blockchain?
Blockchain technology is a distributed ledger technology whereby a database is distributed across numerous users, and changes to the database are validated by consensus among the users. Blockchain technology can be widely applied to improve business processes, increase transparency, and drive the creation of new jobs and industries.
Objective
Blockchain usage presents agencies with the potential to create more efficient government processes, assist industry to be more competitive by streamlining regulatory compliance and reduce the risk tied to financial and identity verification transactions.
Policy Elements
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Consider whether Blockchain is the most appropriate solution to meet the business outcomes.
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Determine if there are any specific ethical, privacy or legislative requirements that need to be taken into account, and how these are best addressed in the proposed solution.
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Establish monitoring and reporting systems and processes that will measure and report on Blockchain technology performance, risks, and key operational issues post implementation.
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Engage with other agencies with prior experience in adoption of this technology to leverage existing investment as well as knowledge, patterns, and services.
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Ensure that there are appropriate Blockchain governance and risk management frameworks in place while the technology is implemented and operationally supported