Regarding governance, most enterprise applications will operate on dedicated, private blockchains. And these will not be single-owner applications such as Everledger. Ownership will be shared by a group of competitors. Banks are working together to devise new payment systems. And logistics companies and banks are working together to develop a trade-finance solution. These enterprises will eschew the public blockchains such as Bitcoin and Ethereum in order to achieve their needed throughput and to better control confidentiality. (Today's transactions on Bitcoin and Ethereum are private only because there is insufficient variation in their transactions to allow big-data analytics to identify transacting parties. This is not true of most enterprise transactions.)