In the past few months, we’ve been seeing more interest around industry associations either starting or discussing blockchain, and the impact it will have on their industry.
The Expansion of Networks
The critical success factor for blockchain effectiveness is developing the ecosystem of participants or consortiums, which we’ve been hearing and seeing at recent conferences.
The industry association relationships already exist, and blockchain is simply a new technology for the group to consider. This trend is at the top of our watch list, because without a consortium blockchain has limited effectiveness. Even the key vendors in this space recommend finding and joining a blockchain rather than creating their own.
Another version is the “founder” model, where a dominant company can impose the technology on its suppliers. This is something that our clients should be aware of because mandatory participation demanded by the dominant player could jeopardize our clients’ business.
Sirius offers various services to help organizations define and develop their blockchain solution. If you have questions about the specific benefits of blockchain for your industry, you can email me directly or visit our Blockchain Solutions webpage.