The State of Global Blockchain Consortia
Back in 2000, business-to-business consortia marketplaces were all the rage. They quickly became popular in every industry segment possible. The premise was that the Web could enable a new level of collaboration among industry players to streamline B2B transactions, and eliminating redundant processes. At the height of their popularity, there were close to 200 such initiatives, with hundreds of companies as their respective industry members. Following the dot-com crash, almost each one of these initiatives folded, for one reason or another, and only two survived. The theory of B2B....
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A recent Deloitte report indicates increasing adoption of blockchain technology, influenced by industry working groups and consortia. Blockchain consortium has found a new follower in Deloitte. The “Big Four” consulting firm, according to a report, attributes the success of blockchain technology to various groups. The consortium of global banking and financial institutions headed by R3 and other similar consortia seems to have played an important role in blockchain adoption. Deloitte is one of the early adopters of distributed ledger technology. It has been supportive towards startups....
State Street is on the verge of putting a significant amount of its workflow on a blockchain. The financial corporation with $2tn in assets under management is now testing 10 early stage blockchain tools that could help automate everything from internal operations to transactions between business and consortia-level multiple-party deals. Thus far, the bank has divided its efforts into three categories, each of which is being built largely independently of the others, bank officials said. But as more and more applications become production-ready, their various functionalities will....
To scale up its blockchain work, 'Big Four' audit firm PwC is thinking small with its strategy. PwC FinTech director Geraldine Balaj yesterday revealed fresh details about her firm's plans at Blockchain Conference New York. There, Balaj didn't talk about joining the latest, large industry consortia, but about how her company is seeking to form smaller groups designed to find efficiencies in markets on a much more local scale. Addressing a group of about 200 people at her company’s global headquarters, Balaj said: "We are really establishing micro-consortia and playing match-maker to a....
After a week of rumors and speculation, this much we know: Goldman Sachs, Banco Santander and Morgan Stanley (most likely) have left R3CEV. The departures by three of the blockchain consortium's larger members is being taken by some as a sign that blockchain enthusiasm is waning, and consortia are losing influence. Neither viewpoint is accurate. While we are not privy to the closed-door meetings that led to the respective decisions (which are apparently unrelated), we can deduce that the banks did not leave because they no longer believe in blockchain tech. Between them, they have....
Deloitte, one of the many multi-bln dollar research firms that have expressed optimism towards Blockchain over the past few years, stated in an annual report released in December that banks and financial institutions must form consortiums in order to pursue the implementation and commercialization of Blockchain technology. Eric Piscini, a principal with Deloitte, stated in an interview that the company is focused on the development and establishment of consortiums or collaborative projects that could optimize the implementation phase of Blockchain. There exist numerous conflicts the....