A framework has been proposed by Arvind Narayanan and others that can be used to evaluate the decentralization requirements of a variety of things in the context of blockchain technology. The framework basically proposes four questions that, once answered, provide a clear idea as to how a system can be decentralized. These questions are listed as follows:
- What is being decentralized?
- What level of decentralization is required?
- What blockchain is used?
- What security mechanism is used?
The first question simply asks what system is being decentralized. This can be any system, for example an Identity system or trading. The next question can be answered by specifying the level of decentralization required by looking at the scale of decentralization discussed earlier. It can be full disintermediation or partial disintermediation. The third question is quite straightforward, where developers can make a choice as to which blockchain is suitable for a particular application. It can be bitcoin blockchain, Ethereum blockchain, or any other blockchain that is deemed fit for a specific application. Finally, a key question needs to be answered about the security mechanism as to how the security of a decentralized system can be guaranteed. It can be Atomicity, for example, whereby either the transaction executes in full or does not execute at all. In other words, it is all or nothing. This ensures the integrity of the system. Other mechanisms can include reputation, which allows varying degrees of trust in a system.
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