A Golden Copy is a reliable, trusted, definitive reference copy of facts that may be aggregated from multiple sources. The creation of golden copies falls under the practice area of Master Data Management (MDM), covering key data such as customer and employee data, and transactional data such as billing and asset provenance. Creating an agreed golden copy between different organizations, that each can act on with certainty, is a primary function of a blockchain.
Current systems that generate golden copes have been brought into question in recent years. The argument goes that the practice of potentially eliminating other, possibly dissenting copies from consideration could be a failure to practice good governance. This is true if a rogue person or organization inserts data, which is subsequently taken up in the golden copy. Such a rogue would then, obviously, be incentivized to get rid of any dissenting copies to clear their tracks.
An innocuous mistake could result in something similar, and could be devastating.
The costs of processing and certifying golden copy data is enormous, and often duplicated across multiple organizatons.
Such actions are the subject of the mathematics behind public blockchains, where participants are economically de-incentivized from attacking the network’s consensus mechanisms.
ChainReactor enables organizations to architect golden copy creation into their business processes. In essence all data, normally residing in distinct organizational silos, should be dynamically normalized (eliminating duplication), and access authorization logic determines who it is to be shared with.
For example, the organizational rules may determine that a transaction generates a billing event that is visible internally to the accounting department and customer service, and externally to the customer.
The process that generates the transaction writes it to a ChainReactor linked database. The defined rules are applied to the data and its fields (each field can have different rules applied). Without any further processing that data is now shared with the entities that are authorized to view and interact with it.
- The customer can see the transaction as part of a billing interface
- Accounting can see the transaction and use its data in accounting and reporting
- Customer service has access to the transaction data if the customer were to query it
- Third parties, such as regulators, may require access to some of the data or meta data without having any insight into sensitive customer data, thereby protecting privacy
The ChainReactor approach does not call for the duplication or de-duplication of data, but rather for the creation of a holistic, golden copy at origin architecture, where the traditional constructs of departmental or organizational silos are disassembled.