The immutability concept of blockchains and benefits of early standardization

Abstract

The blockchain technology can be regarded as a groundbreaking invention with the potential to bring the digital revolution to the next stage by helping to realize peer economy solutions. The blockchain technology and the concept of blockchain immutability is discussed. The benefits of early standardization of the blockchain technology are argued based on the literature and the analysis of the central blockchain immutability characteristic. From this, a framework is proposed aimed at understanding the dimensions and boundaries of blockchain immutability. The resulting framework is suggested as a good practice standard for the implementation of blockchain systems. Based on these efforts, the article supports initiatives to better exploit the blockchain technology's full potential by standardization.