When good blocks go bad: Managing unwanted blockchain data |
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| Institution: | 1. Farmer School of Business, Miami University, Oxford, OH, USA;2. 10XTS, Cincinnati, OH, USA;1. M.E. Rinker, Sr. School of Construction Management, University of Florida, Gainesville, FL 32611, USA;2. Department of Anthropology and Sociology, Western Carolina University, Cullowhee, NC 28723, USA;3. International Center for Adaptation and Design (iAdapt), School of Landscape Architecture and Planning, University of Florida, Gainesville, FL 32611, USA;1. Institute of Management Technology (IMT), Raj Nagar, Ghaziabad, 201001, India;2. National Institute of Industrial Engineering (NITIE), Vihar Lake Road, Powai, Mumbai, 400087, India;3. University of Puerto Rico, San Juan, PR, USA |
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| Abstract: | Blockchain has been praised for providing the technical infrastructure that enables a group of self-interested entities to share data without relying on intermediaries. Technically, blockchain is a distributed and decentralized append-only database. This latter aspect leads to an important, yet overlooked governance issue, namely what should the network members do when erroneous or malicious data are added to the blockchain ledger? We start by describing three public cases when the above happened. For each case, we elaborate on the adopted solution, which we refer to as the “rollback,” the “do nothing,” and the “overturn” solution. Drawing from these previous cases, discussions with experts, and from our own experience with blockchain research and development, we provide suggestions concerning managerial, technical, and information security policies and practices organizations should follow when contemplating enterprise-level applications of the blockchain technology. |
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| Keywords: | Blockchain Cryptocurrency Information security IT governance Smart contract |
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