Establishing an effective governance model for blockchain

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Traditional audit approaches don’t work with blockchain

Any new technology has trust implications, and blockchain is no different. Before companies can deploy blockchain applications at scale, they will have to learn to navigate a new world of digital risk. Enterprises will need a comprehensive controls framework to ensure their deployments will meet governance, risk management, and controls requirements.

considerations-for-blockchain-governance

    PwC Blockchain Risk and Controls Framework

Key issues that impact governance for blockchain applications

We see three key issues that impact governance for blockchain applications, any of which could stall innovation efforts: 

  • There is neither work-flow transparency nor a standard audit trail in a blockchain. 
  • From a risk perspective, no industry or enterprise consortium has widely explored or adopted a framework for evaluating risk. 
  • When considering controls, lack of knowledge of the technology creates a skills gap that may lead some to believe that auditing a blockchain environment is impossible. 

To establish an effective, efficient governance model for blockchain, innovators will need to implement an audit methodology and framework, often with supporting continuous audit software specifically designed for this groundbreaking technology.

Contact us

Charlie Latch
Business Development, New Ventures, PwC US
Tel: +1 (214) 616 3281
Email

A. Michael Smith
Internal Technology Audit Solutions Leader, PwC US
Tel: +1 (646) 471 9580
Email

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