Why establish a CGO-SIG?

As we observe the landscape of blockchain business technologies we clearly see that day after day it requires interoperability, cross functional capabilities, and business cooperation from different industries. Blockchain consortia are playing a key role in terms of technology implementation in society for business use cases, from big corporations to SMEs.

Further studying how to manage at best practices this phenomenon is necessary for a better software development, with the goal to further investigate the upcoming business needs and requirements. At the same time it is vital to create an interaction between all different areas of industry that nowadays SIGs are focusing on,, from a technological perspective,such as interoperability.

Blockchain-based collaboration cannot come from a single company. Industry collaboration has to proactively drive disruption, innovation, and transformation throughout the industry by identifying and modeling areas that can best work for society.

Because effective consortia rely on the participation of multiple members, it is of utmost importance to identify the critical participants and intermediaries involved in a specific use case, understand their incentives and trust loops involved in their interactions, and have enough influence to drive the development of a cohesive platform for future developments.

Each member’s individual success is, at the core, based on the group’s success; as such, every participant must commit to building a shared platform that provides a strong business case for each member in the short term, while also outlining a memorandum of understanding about the value drivers to pursue in the long term.

There are several key questions you should consider before determining which type of consortium, new or existing, is right for you, such as  for instance:

1. What are the consortium goals? Do they align with your corporate goals?
2. What is the participation structure and governance model?
3. What is the funding model?
4. Who owns the intellectual property?
5. What are the consortium business, technology, and regulatory risk factors?

In addition many areas have still no secure answer,  the business is very peculiar and cross functional so, no theory in the books is available.

• Consortium formation process: ( MOU - pre agreement - final).

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