If $(\mathcal H_i)_{i \in I}$ is a family of Hilbert spaces, we can form their Hilbert space direct sum $$ \tilde{\mathcal H} := \oplus^{\ell^2}_{i \in I} \mathcal H_i $$ where the $\ell^2$ expresses that norms of elements of $\tilde{\mathcal H}$ have to summable with respect to the 2-norm.
Now, for simplicity, let $\mathcal H_i = \mathcal H$ for one fixed Hilbert space and let $$ \tilde{\mathcal H} := \oplus^{\ell^2}_{i \in I} \mathcal H = \ell^2(I, \mathcal H), $$ using the notation of Bochner-Lebesgue spaces (I think I will have to restrict $\mathcal H$ to be a separable space, right?).
Let $\mathfrak B(\mathcal H)$ denote the space of all bounded operators on $\mathcal H$. From the algebraical viewpoint we have that $$ \mathfrak B(\ell^2(I, \mathcal H)) \subseteq M_I(\mathfrak B(\mathcal H)) := \left\{ (x_{ij})_{ij} \colon x_{ij} \in \mathfrak B(\mathcal H) \right\}, $$ i.e. every element of $\mathfrak B(\ell^2(I,\mathcal H))$ is a "matrix" with entries in $\mathfrak B(\mathcal H)$.
Can we characterize an element $x$ of $\mathfrak B(\ell^2(I,\mathcal H))$ in terms of its "entries" $x_{ij}$?
Here are my thoughts: Let $x = (x_{ij})_{ij}$ and $\xi = \oplus_i \xi_i \in \tilde{\mathcal H}$. If we want $x \in \mathfrak B(\tilde{\mathcal H})$ the following calculation could provide some necessary conditions: $$ \| x\xi\|_2^2 = \left\| \bigoplus_i \left(\sum_j x_{ij} \xi_j\right) \right\|_2^2 = \sum_i \left\| \sum_j x_{ij} \xi_j \right\|^2 \leq \\ \sum_i \sum_j \|x_{ij}\|^2 \|\xi_j\|^2 \leq \underbrace{\sum_i \left( \sup_j \|x_{ij}\| \right)^2}_{=: C < \infty} \sum_j \|\xi_j\|^2, $$ where for the last inequality to hold I assumed that for each $i \in I$ the family $(x_{ij})_{j \in I}$ is uniformly bounded and that the family $s_i := \sup_j \|x_{ij}\|$ is in $\ell^2$.
This would give me something like $x \in \ell^2( I, \ell^\infty(I, \mathfrak B(\mathcal H))$, but this is clearly not an algebra.
I am happy about comments on my approach. Maybe someone can share a reference on this matter?