The decentralization concept in addition to the industry lack
of centralized governance means that it is theoretically open to anyone, even to those who have, up until now, been left out of the investment market.
The bank is introducing
stricter centralized governance and controls for new spending, rationalizing its IT platform and accelerating capital demand reduction.
While there is no guaranteed recipe for success, the Koreans have demonstrated the utility of
a centralized governance approach involving interagency co-operation given the economy - wide challenge of effecting a clean tech transition.
Yao is no the first official from a Chinese regulatory agency to argue that central banks should adopt distributed ledger technology (DLT) but maintain
a centralized governance structure.
The Internet has
no centralized governance in either technological implementation or policies for access and usage; each constituent network sets its own policies.
There is no third party or
centralized governance involved.
However, in the cryptocurrency industry, effective cybersecurity is an even greater challenge because it is a distributed model with
no centralized governance or regulation.