146  Blockchain

Reference: B – Collaboration

For a successful blockchain implementation and getting a real value out of

its uses cases, it is essential to have multiple parties within the eco-system.

The following are some of the businesses concerns related to the collabora-

tion that is indeed essential to gain value.

4. Difficulty to establish the blockchain eco-system

• Concerns: Difficulty in getting buy-in from multiple parties to join the

common blockchain eco-system

• Recommendations:

⚬

⚬One of the requirements to deliver a value for the business to get

value from blockchain use cases is to have multiple parties involved.

⚬

⚬As there are various businesses with different interests involved,

there are more chances of tractions with regards to business inter-

ests and personalities.

⚬

⚬Businesses need to collaborate with other parties to reach an

agreement on common and agreeable ways of working for block-

chain projects.

5. Trust issues

• Concerns: Trust issues amongst multiple business parties and end

users to adopt blockchain

• Recommendations:

⚬

⚬It is always difficult to collaborate with competitors, and with

respect to blockchain, it is one of the positive criteria to col-

laborate with third parties with similar interests to establish an

eco-system.

⚬

⚬It is essential to have a common ground amongst multiple par-

ties and also share the value add for their businesses to make

sure that all have common interests in creating a blockchain

eco-system.

⚬

⚬It is also recommended to earn trust amongst parties to have col-

laborative, transparent and ethical business cases together.

6. Difficulty in establishing consortium

• Concerns: Businesses find it difficult to establish a consortium to cre-

ate a successful blockchain eco-system

• Recommendations:

⚬

⚬Blockchain useful business cases require an establishment of con-

sortium with multiple third parties, who agree to common busi-

ness interests. One of the difficulties business faces is to convince

different parties to join the consortium.

⚬

⚬The recommendation is to collaborate and showcase the shareable

benefits for other parties to join the consortium.