Everyone has an opinion about it, but not many organisations are actually doing anything. Therefore, […]
Banding together for blockchain
Does it make sense for your company to join a consortium?
Blockchain is a technology that requires banding and collaboration to be effective, which is why companies—both allies and competitors—have begun working together in consortia. But creating a successful blockchain consortium requires planning, investment, and commitment.
Some technologies—say, spreadsheets or photo-editing software—are valuable in the hands of a single user. Others require buy-in from many users, both partners and competitors, with their value increasing as more parties sign on.
Blockchain—the digital distributed ledger technology that underpins Bitcoin and promises to transform so many industries—is evolving rapidly.1 But one blockchain trend is not particularly technological in nature: A growing number of companies that are seeking to develop and deploy business solutions based on blockchain technology are pursuing their goals as part of a consortium, which is a group of companies that join together, typically to set standards to enable the development of new infrastructures.