Bitcoin’s underlying technology, blockchain, has been in the news for quite some time now. The growing popularity of the technology is dragging various industries into analyzing blockchain’s capabilities in their respective sectors. The use of blockchain in industries arose due to the need to secure the large volume of digital data entering organizations today.
But, there arises a question. Can industries implement blockchain with the traditional information governance? Well, the answer is no.
The traditional information governance offers a rigid approach to managing data. There is no denying the fact that the conventional information governance secures data, manages assets, and provides a high-level of trust. But, today we live in a world where we are surrounded by digital data. Tons and tons of digital assets – a mix of both structured and unstructured – are generated every second. The traditional information governance supports the structured data alone, not the unstructured data.
This lack of support necessitates the need for a bimodal information governance model that will not limit the potential of blockchain by supporting the management, use, and security of digital assets.
Why the need for bimodal information governance
A blockchain is a continuously growing ledger of records in real-time. The resilience of this technology against hacking is one of the prime reasons why companies are increasingly adopting it. Furthermore, the capability of blockchain to eliminate the ‘go-betweens’ or the intermediaries has escalated its implementation in areas that desire decentralization. But, to adopt this technology , there is a need for a bimodal information governance model. Why? Well, the legacy information governance model limits blockchain’s potential due to its pre-defined rules and regulations that industries need to confirm to.
The endless data that comes in from both online and offline sources, demands high storage space. But, the conventional information governance model fails to store such voluminous data due to limited budget constraints and data space limitation. This means that a traditional governance model limits the storage of bulky data, which is is unavoidable for businesses today.
Besides, for industries to disrupt and to stay ahead of the curve, there is a need to leverage advanced technologies. But the traditional governance model offers a restricted approach that does not support new technologies and innovation. Hence, a bimodal information governance model is the solution, which will enable industries to achieve both – steer their usual business operations with the legacy model and also focus on innovation.
How bimodal information governance supports blockchain
Now that you know why bimodal information governance is needed to implement blockchain, it is time to transform your existing information governance model. Transforming does not mean replacing the traditional model with blockchain governance styles. It merely means building a model that allows the management and use of all types of data, to run business operations smoothly. A bimodal information governance model includes two modes – one that guides industries in performing the reliable operations and the other one for the adoption of new technologies like blockchain. With the help of such a model, industries can enjoy the benefits offered by blockchain, while simultaneously performing other operations with the legacy model. Thus, the model helps industries achieve both – agility and business transformation- in this digital era.