Because these blockchains are private, the members will need to agree on the governance rules under which they will operate. This is a process like the negotiation of international standards which typically takes years. This is because different actors seek to advance their particular spin on the standard. And blockchain governance typically involves achieving consensus on a large number of standards: membership, access control, what data are on-chain and what data are stored off-chain, procedures for verifying and validating transactions, blockchain ownership, blockchain management, etc.
In time, there is sufficient benefit to blockchain transactions that both the technological and governance hurdles will be overcome. But significant progress will be needed on both fronts before enterprise blockchain applications attain widespread use.”
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