DTS - Week 3 (MC)

A technology that allows participants in a network to share and agree upon a single, unchangeable record of transactions, ensuring fairness and transparency.

Governance in interorganizational relationships acts as a bridge between competition and collaboration, facilitating the creation of value while managing potential conflicts.

Traditional contracts often lack completeness and are expensive to enforce, creating uncertainty and risks in various business situations.

Contingency planning involves defining specific actions to take in response to unexpected events like delays, ensuring smooth operations even when things deviate from the norm.

Blockchain disintermediation eliminates the need for intermediaries like banks, reducing transaction costs and streamlining processes.

Trustless trust in blockchain means building trust without relying on a specific individual or institution. The trust is inherent in the technology's design.

Centralized management offers a stronger structure for enforcing rules and ensuring compliance, minimizing risks by having a single point of control.

A Single Source of Truth (SSOT) ensures data consistency and accuracy across an organization, eliminating conflicting versions and improving decision-making.

Multiple Versions of the Truth (MVOTs) allow tailoring data to specific business needs, providing flexibility for different teams and departments.

Without proper governance in data management, ambiguity arises in data definitions and rules, leading to confusion and errors in decision-making.

Balancing SSOT and MVOTs in data architecture ensures both control and flexibility, providing standardization while allowing for tailored views for specific needs.

Relying only on MVOTs without SSOT can lead to conflicting or redundant data across teams, making it difficult to identify the truth and hindering efficient decision-making.

Blockchain's "trustless trust" feature reduces opportunism in governance by eliminating the need to rely on the trustworthiness of specific actors.

SSOT focuses on standardizing data to ensure accuracy and consistency across the organization, serving as a single reliable source for all departments.

Governance mechanisms in blockchain systems act as rules and regulations that mediate between competition and collaboration, ensuring the network operates efficiently and fairly.

Involving competitors in a blockchain network can have significant challenges, including the risk of sensitive information being misused by competing entities.

A defensive data strategy prioritizes ensuring compliance with regulations and minimizing risks associated with data breaches, security vulnerabilities, and unauthorized access.

Industries like financial services, where data security and regulatory compliance are paramount, typically prioritize a defensive data strategy.

Decentralized data management can be advantageous for offensive strategies as it allows for agility and customization based on specific objectives and business needs.

Transforming data into actionable insights faces the challenge of poor governance and feedback loops, which can hinder accurate analysis, interpretation, and decision-making.

Good data governance ensures clear and consistent data rules across the organization, reducing ambiguity and promoting accurate decision-making.

In blockchain governance, a strategic trade-off involves balancing competitor involvement with managing risks, finding a balance between collaboration and competition.

MVOTs play a crucial role by tailoring data to specific business needs, allowing different departments to utilize data in ways relevant to their operations and objectives.

Blockchain enables network-level governance by disintermediating and reducing transaction costs, empowering the network to self-regulate and enforce rules.

Decentralized data management aims to prevent data silos and redundant systems, fostering a seamless flow of information across the organization.

Offensive strategies typically use predictive analytics to identify opportunities and drive business growth, leveraging data for competitive advantage.

Data-driven decision-making has a direct and measurable impact on business performance, improving productivity, profitability, and overall efficiency.

Feedback loops in governance play a critical role in identifying and correcting errors in data processes, ensuring accuracy and improving decision-making.

One of the primary advantages of blockchain-based governance is automated enforcement of rules, eliminating the need for manual intervention and ensuring consistent compliance.

SSOT serves as the authoritative, consistent source of data for both defensive and offensive strategies, ensuring data accuracy and reliability across the organization.