Distributed ledger technologies (DLTs) such as blockchain have the potential to disrupt not just the way information is stored, accessed, and shared but also how private individuals, citizens, governments or businesses interact with one another. A system of decentralised trust, DLTs build incorruptible public ledgers of data stored in a decentralised, distributed, and interconnected way. Known for being the software behind the cryptocurrency Bitcoin, DLTs are now beginning to be applied in various sectors and fields, such as the finance industry, data storage and exchange in the medical sector, e-voting, shareholder governance or smart contracts. As DLTs do not require intermediaries, traditional authorities in many sectors including public life might be called into question.
Given the potentially far-reaching consequences of large-scale deployment of DLTs, understanding the governance challenges associated with such technologies is paramount for decision-makers in the public and private sectors. A risk governance approach could help structure the thinking about the implications of DLTs in order to identify relevant risk issues early on.
This paper will present on-going IRGC project work on the governance of risks and opportunities of DLTs, drawing among others on an expert workshop and background paper. It will focus on applying the IRGC Risk Governance Framework for the purpose of laying the groundwork for decision-makers to start considering risk management approaches to this issue.