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The TC46/SC11 and TC308 Blockchain and distributed ledger technologies have formed a Joint Working group. Their goal is to explore the connections between the two domains.
The first objective is to create a Technical Report that describes the current state of these technologies. The report is currently in the Working Draft (WD) stage, and a Consolidated Draft (CD) is expected to be available for voting in the Summer/Fall timeframe.
Distributed ledger technology (DLT), which includes blockchain, is expected to be widely adopted in various industries and sectors. It has already proven its viability, and its recordkeeping capabilities make it applicable in any context.
Just like any other information system used for business and governance, DLT-based solutions generate and store records. These records need to be managed in accordance with legal, regulatory, business, and societal requirements. DLT-based solutions also have the potential to be used as records management tools.
DLT analysis from a records management perspective is necessary due to the unique characteristics of this technology, such as its distributed nature, immutability, and features like smart contracts. The way DLT is applied, such as the absence of a designated owner, distributed governance, trans-border use, and a new model of trust, further sets it apart from traditional information systems. These characteristics can both facilitate records management (e.g., maintaining integrity) and present challenges in terms of legal compliance, disclosure to authorities and courts, retention and disposition management, protection of personally identifiable information (PII), and e-discovery.
The document examines the challenges, considerations, and potential benefits of blockchain and DLT in relation to records management standards and related systems that:
- Create records that need to be considered authoritative records.
- Can function as records systems.
- Can be utilized for records management, including records controls.
The intended audience for this document includes records managers, IT professionals, application developers, legal and compliance professionals, researchers, educators, and anyone else interested in the subject matter.
