The benefits of coopetition in blockchain has been saved
The benefits of coopetition in blockchain
Embracing blockchain consortia
So you’ve decided to join a blockchain consortium. This new form of “coopetition” between independent and often competitive business organizations is becoming increasingly important to the growth and development of current and future blockchain initiatives across the globe.
- Why should a business work directly with its competitors?
- Why coopetition in blockchain?
- Getting started: Strategic planning and visioning
- Blockchain consortia
- Get in touch
Why should a business work directly with its competitors?
Data and information are the foundation upon which businesses make key decisions about everything from product development to manufacturing and marketing, and on which they create their own unique marketplace identities.
Why then, should any business work directly with its competitors on something as important and, potentially, game-changing as blockchain? The answer can be found in the technology itself. As a distributed ledger system, blockchain offers utility from network effects, and a blockchain industry consortium allows individual companies to better leverage these network effects for their own specific needs by providing them the ability to streamline business processes of common concern to all consortium members.
Among its many potential benefits, a consortium can help facilitate the synchronization of sensitive customer and transactional information without breaching data privacy laws. And, because consortium members have access to not only their own data, but also to the shared data contributed by other members of the ecosystem, a well-defined blockchain industry consortium can enable building and training very powerful artificial intelligence engines and provide highly insightful analytics on key metrics related to risk and fraud.
Executive respondents to Deloitte’s 2019 Global Blockchain Survey support this, saying they already belong to or lead a consortium or plan to join or lead one within a year.
Why coopetition in blockchain?
Coopetition in blockchain provides companies investigating new blockchain initiatives and consortia the opportunity to quickly and cost-effectively establish unique positions within a still-evolving marketplace by leveraging their complementary strengths. For new businesses, coopetition in blockchain enables the faster development of new technologies and solutions that can help them to take on larger, more established competitors while, at the same time, disrupting the market in which they are playing.
Getting started: Strategic planning and visioning
Not all consortia are created equal, nor are they designed to achieve the same goals for their members. In fact, there are a variety of consortia types and models that provide differing levels of access and serve specific needs. Determining the type of blockchain industry consortium you want to join is based, in part, on what your business does and on what you hope to achieve. Explore three examples of consortium models:
A simple guide to blockchain consortia
An article series that covers the aspects of how blockchain consortia are formed, their purpose, the concept of coopetition, and how businesses can leverage a consortium’s network effect to streamline business processes and reduce costs.