IBM's 5 blockchain principles to follow

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A leader in blockchain development, IBM believes the decentralized ledger has the potential to become mainstream, according to a May 13 IBM blog post.

To help blockchain achieve a positive reputation, IBM follows five principles.

1. Open is better

Blockchain networks need to foster diverse communities of open source contributions in order to be successful.

2. Permissioned doesn't mean private

For enterprise blockchains to ensure regulatory and fiduciary compliance, the decentralized ledgers should have permissioned and trusted access.

3. Governance is a team sport

There shouldn't be a central source or person that runs the network and validates transactions. Rather there should be three trust anchors that prevent a concentration of influence

4. Common standards are common sense

Common standards must be in place to foster interoperability and a robust ecosystem of innovation.

5. Privacy is paramount

Data on the blockchain should always belong to the developer in order to safeguard information. All application programming interfaces should require permissioned access.

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