Rich by Coin

BLOCKCHAIN technology is often hailed as “trustless” — but is it really?
Blockchain systems operate on decentralised networks governed by consensus mechanisms rather than traditional hierarchies.
Yet decentralisation does not remove governance; it simply reshapes where power resides.
Public blockchains combine on-chain governance, where token holders vote on upgrades, with off-chain governance driven by developers, validators, foundations, and community debate.

Private blockchains, in contrast, rely on organisational governance, with a single entity or consortium controlling participation and rules, often using simpler consensus mechanisms.
Network upgrades are one key governance practice, requiring coordination, debate, and decision-making to maintain network integrity.
For example, the recent Ethereum upgrades, such as the Fusaka upgrade that took place on Dec 3, 2025, involved extensive human decision-making and debate over which Ethereum Improvement Proposals (EIPs) to adopt.
This illustrates a broader lesson for businesses: even systems designed to be automated require clear governance, structured oversight, and accountable decision-making.

The phrase “code is law” suggests software executes rules automatically, yet code is never neutral.
Trust shifts from institutions to systems and to the people who design, maintain, and oversee those systems.
In Malaysia, blockchain activities are shaped by a multi-layered regulatory framework drawing from securities regulation, financial services rules, company law, anti-money laundering (AML) requirements, and general contract principles.
Sound governance still depends on human stewardship — to set the rules, manage risks, and intervene when the system is tested.