ISO/TS 23635:2022
(Main)Blockchain and distributed ledger technologies — Guidelines for governance
Blockchain and distributed ledger technologies — Guidelines for governance
This document provides guiding principles and a framework for the governance of DLT systems. The document also provides guidance on the fulfilment of governance, including risk and regulatory contexts, that supports the effective, efficient, and acceptable use of DLT systems.
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General Information
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TECHNICAL ISO/TS
SPECIFICATION 23635
First edition
2022-02
Blockchain and distributed ledger
technologies — Guidelines for
governance
Reference number
© ISO 2022
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ii
Contents Page
Foreword .v
Introduction . vi
1 Scope . 1
2 Normative references . 1
3 Terms and definitions . 1
4 Governance principles for DLT systems . 1
4.1 Overview . 1
4.2 Principles . 2
4.2.1 Principle 1: Define identifiers of entities involved . 2
4.2.2 Principle 2: Enable decentralized decision-making . 2
4.2.3 Principle 3: Ensure explicit accountability . 2
4.2.4 Principle 4: Support transparency and openness . 2
4.2.5 Principle 5: Align incentive mechanisms with system objectives . 2
4.2.6 Principle 6: Provide performance and scalability . 2
4.2.7 Principle 7: Make risk-based decisions and address compliance obligations. 2
4.2.8 Principle 8: Ensure security and privacy . 3
4.2.9 Principle 9: Consider interoperability requirements . 3
5 Governance framework for DLT systems . 3
5.1 Overview . 3
5.2 Comparison with other governance frameworks . 3
5.3 Specific governance considerations for DLT systems . 4
5.4 Decision rights and decision-making . 7
5.5 Accountability . 7
5.6 Incentives and incentive mechanisms . 8
6 Governance of different types of DLT systems . 9
6.1 Types of DLT systems . 9
6.2 Governance in permissioned systems .12
6.3 Governance in permissionless public systems .12
7 Governance throughout a DLT system’s lifecycle and contexts .13
7.1 Governance throughout a DLT system’s lifecycle . 13
7.1.1 General .13
7.1.2 Governance in the Establish stage . 14
7.1.3 Governance in the Operate stage . 14
7.1.4 Governance in the Terminate stage . 15
7.2 Governance in the DLT systems contexts . 15
7.2.1 Overview of the DLT governance contexts . 15
7.2.2 Data context . 15
7.2.3 Protocol context . 16
7.2.4 Application context . 16
7.2.5 Institutional context . 16
8 Roles in the governance framework .16
9 Governance instruments .19
9.1 General . 19
9.2 On-ledger and off-ledger governance instruments . 20
9.2.1 General .20
9.2.2 On-ledger governance instruments . 21
9.2.3 Off-ledger governance instruments . 21
9.3 Considerations in implementing instruments. 21
9.3.1 Adaptability . 21
9.3.2 Risk . 22
9.3.3 Privacy .23
iii
10 Governance of interoperability .24
Bibliography .26
iv
Foreword
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This document was prepared by Technical Committee ISO/TC 307, Blockchain and distributed ledger
technologies.
Any feedback or questions on this document should be directed to the user’s national standards body. A
complete listing of these bodies can be found at www.iso.org/members.html.
v
Introduction
This document addresses how key governance characteristics such as decision rights, accountabilities,
and incentives operate effectively and efficiently in DLT systems.
Due to the fast-evolving nature of DLT systems and their adoption, this document has been developed
at a level of abstraction to provide guidance and instruction in diverse contexts. “Distributed ledger
technologies” (DLT) includes blockchain technologies. The specific blockchain technology will be
named explicitly only where specific characteristics of blockchain technologies warrant doing so.
DLT systems challenge our existing understanding of governance as these systems are often
decentralized in their governance. In the case of permissionless public distributed ledgers, they can
comprise an unrestricted number of potentially pseudonymous DLT users and nodes. Even permissioned
public blockchains can have hybrid governance structures, comprising elements of centralized as well
as decentralized governance. In the absence of a central governing authority for distributed ledger
systems, several governance questions regarding ownership, decision rights, responsibilities and
accountabilities, and incentive structures emerge that cannot be addressed by applying traditional
governance mechanisms.
Thus, for distributed ledger systems, it is important for participants to establish who they are dealing
with (identity) and who is responsible and accountable for the directing and control of the DLT system
(governance). For organizations and broader industries, it is difficult to engage in the development of
DLT systems in the absence of effective DLT-governance mechanisms.
In general, DLT systems aim for decentralizing decision rights and the technical implementation of
accountability. The locus of achieving consensus is decentralized, meaning that the records that form
the foundation of the DLT systems are not only distributed but also in many instances validated by
multiple DLT users. Moreover, disagreements can be resolved in a decentralized way if users initiate
‘forks’ by copying and branching existing codebases and developing th
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