If you are a CEO, CTO, CIO or CFO of a medium to large size company, chances are that blockchain has already caught your attention. Chances also are that you’re still in the very early stages of your blockchain journey. According to Gartner research earlier this year, enterprises are still in very early stages: 43% have blockchain on radar, but have planned no action, 14% have it in medium or long-term planning, 8% in short term planning or actively implementing, and only 1% of enterprises have invested and deployed it, at least for one use case. A whole 34% of enterprises have said they have no interest in blockchain at the moment. Where are you on your blockchain journey?
Majority of the companies with blockchain interest, the ones that have blockchain on radar or in medium-to long term planning, therefore fall into the Emerging stage of blockchain maturity model. This is a phase where time is spent on learning about blockchain and the opportunities it brings. Learning and opportunity analysis is done within one company, partnership networks have not emerged yet.
If your company is actively planning blockchain projects, your company is at Identified stage of the maturity model. At this stage, you’re defining use cases suitable for blockchain, and creating your blockchain strategy. You are actively seeking partnerships to your blockchain network and evaluating different technology options.
When your company is actively implementing a blockchain solution, you have moved to Defined stage of the maturity model. You’re actively developing your Proof of Concept on your selected platform and collaborating with your business network towards your common project. Your team gets more experienced and you start forming a good governance model within your business network. This is the stage where industry consortia can start to form, building standards for an entire industry. Insurance industry and their B3i effort, Blockchain Insurance Industry Initiative, is a great example of developing standards using Corda platform.
Once your company has its blockchain application live in production, you have evolved into Operational stage on the blockchain maturity model. This is where your partnership network operates at full capacity, and additional partners start joining your initial partnership network. Your team is experienced and your partnership works around a well-established governance model. This is currently your 1% of companies, including such as Walmart with their food traceability application.
So far, none of the companies have reached Matured stage yet, simply because the first applications haven’t been live long enough for them to allow for partnership network optimization, and creating totally decentralized autonomous organizations, DAOs, fully automated organizations that almost run by themselves.