Blockchain and Distributed Ledger Technologies (DLT) can potentially power and create fully new ecosystems and business models. Working with blockchain is not so much about the technology as such but more around what this technology further enables, and that is building ecosystems.
As per our experiences, building blockchains requires a varied set of skills and people, making this truly a team sport in terms of project team – but also in terms of ecosystem participants, who share vision and goals to certain extend. For example, TradeIX and Marco Polo– projects combine number of actors that are competitors in this field, but through this technology and ecosystem they can discover new markets and new market share for all participants. In consequence blockchain unites rivals to join a common team.
Future ecosystems may include parties from different industries as well and that makes the operating environment of blockchain technology an ultimate team sport environment. Participation on all kinds of ecosystem and collaboration with potential competitors requires new way of thinking from companies and adoption of ecosystem thinking.
Teaming all the way
Team sport goes all the way through the operating environment into building of the systems themselves. From the technology perspective working with blockchain projects requires knowledge of various environments, cryptography, databases and security, but for the whole project to be meaningful also relevant business and domain specific skills – a long-list of deep expertise and skills that rarely resides within any single individual.
As an example, our latest project completed on Hyperledger Fabric & IBM Blockchain platform 2.0 in just 4 weeks with number of front-ends, databases, environments and fully functional blockchain backend. Again, skills needed to complete project with tight timelines were UI/UX, Hyperledger Fabric, usability and full stack development capabilities. Kudos to the team; Benny, Igor, Jonny, Anna, Emma, Tiril, Carlos, Christer & whole ACIT team!
From individuals to teams and from companies to consortiums
When blockchain systems are built in ecosystems, smart contracts are widely used. Smart contracts enable automation in blockchain environment and hence a level of autonomy in these systems as well. Autonomy brings efficiency but also a set of new risks. Therefore, it is essential to focus on how these systems are built.
We’ve been supporting startups and building smart contracts knowledge cluster in Finland through collaboration with Smart Contract Company. Smart Contracts hold tremendous promise for future process efficiency and new business models but also require combination of industry domain skills, technology know how and legal expertise – importance of teaming shows up again.
As per old proverb: if you want to go fast go alone, if you want to go far go together. And to create new business models and ecosystems we need to push our thinking further and cooperate with likeminded forward looking companies and individuals willing to rethink and redesign existing business models. Luckily we are already in good start, collaborating with companies across industry boarders – from public services to financial services companies and many more and soon we’ll have more news to release from our latest projects.
Still we’re always looking in search for new ideas, individuals and organizations to innovate business models and ecosystems. Lets get connected to create something new!