Stakeholders in a Blockchain Solution
In this post, we are going to discuss the ecosystem of a typical blockchain. The ecosystem in this context refers to the different stakeholders and their interactions with the blockchain network.
The blockchain is a digital mechanism that enables people who don’t know each other to engage in trusted transactions with full confidence in the integrity of the assets being exchanged.
Blockchain doesn’t replace the current way of doing things, but rather, complements it.
Eager Enthusiasts and Professionals initially approached blockchain with caution during its first few years of existence due to its unknown effects and uses.
It’s only for the past two years or so that blockchain has inherited immense popularity because of its potential to affect multiple industries in an innovative way.
Understanding how each of these stakeholders fit into a blockchain ecosystem will not only give you a better appreciation of how a blockchain works but will also allow you to better evaluate its potential for growth. The more attractive a blockchain is for each of the above stakeholders the more likely it is to experience healthy growth.
Responsible for the architecture and design of the Blockchain solution.
The overall authority in a business network. Specifically, regulators may require broad access to the ledger’s contents.
The business user, operating in a business network. This role interacts with the Blockchain using an application. They are not aware of the Blockchain.
The developer of applications and smart contracts that interact with the Blockchain and are used by Blockchain users.
Blockchain developers primary interests are Application and Smart Contracts and how they interact with the ledger and other integrated systems.
Developers should not have to care about operational concerns, such as Peers, Consensus and Security.
Manages and monitors the Blockchain network. Each business in the network has a Blockchain Network operator. Blockchain administrator/operator primary interests are in the deployment and operation part of the blockchain.
Blockchain Admins looks into Application Code, Smart Contracts , Events and Network Integration.
Blockchain Admins should have to care about operational concerns such as Peers, Consensus and Security.
Manages the different types of certificates required to run a permissioned Blockchain.
Traditional Processing Platform:
An existing computer system which may be used by the Blockchain to augment processing. This system may also need to initiate requests into the Blockchain.
Traditional Data Sources:
An existing data system which may provide data to influence the behavior of smart contracts.
The types of stakeholders and number of stakeholders involved in the blockchain strategy system are often changing with new stakeholders emerging frequently.
What is evident is the fact that the blockchain strategy system causes industry disruption and organisational and societal decentralization. Blockchains allow to create new markets where they couldn’t exist before, whether for political or for economic reasons. To do this, we have to be able to trust the blockchain, and to trust that no one controls it.