Abstract
Enterprise blockchain projects have great promise. They can cut costs and promote efficiency through disintermediation, increase transparency for tracking intercompany transactions, expand knowledge through consortia databases, and improve workflows through shared business processes. Despite its potential, blockchain technology has failed to produce promised benefits for enter-prise networks. While the underlying technology has advanced rapidly, managerial capabilities needed to form and manage blockchain consortia have lagged and as a result, few consortia have succeeded. This paper reviews the extant literature on blockchain consortia and provides a frame-work that identifies 1) foundational conditions that precede effective consortium formation, 2) capabilities required for effective consortium functioning and evolution, and 3) partner and ecosystem-level outcomes associated with successful blockchain projects.
Highlights
Blockchain technology has the potential to fundamentally change the way businesses collaborate and to solve business problems in ways not previously possible [1, 2, 3]
In the remainder of this chapter, we review the extant literature on blockchain consortia and examine the capabilities needed for the successful formation and management of these solutions
We build upon academic research and trade literature to propose a framework that identifies (1) foundational conditions that precede effective consortium formation, (2) capabilities required for effective consortium functioning and evolution, and (3) partner and ecosystem-level outcomes associated with successful blockchain projects
Summary
Blockchain technology has the potential to fundamentally change the way businesses collaborate and to solve business problems in ways not previously possible [1, 2, 3]. While the underlying information technology continues to advance rapidly, the development of business capabilities necessary for creating and capturing value continue to lag [6]. This is true for consortium blockchain solutions, which require the formation and governance of cooperative networks [7]. Consortium blockchains are interorganisational systems that enable organisations to integrate their business operations and data [8]. For such systems, the organisational component is critical because people, their ideas, and decision-making processes are all affected [9]. The hallmark of consortia is that the partners collaborate to solve shared problems [11]
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