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Blockchain technology brings much-needed value and opportunities to companies that adopt it — for instance, joining or building a blockchain consortium boosts industry collaboration and positions you to unleash your full potential in capturing economic value from this ground-breaking technology.
Yet blockchain consortia still face challenges when it comes to effectively running and scaling their blockchain ventures — such as establishing and maintaining the right governance and permissions, ensuring interoperability across the network, and building a strong consortium that will only continue to grow. To future-proof blockchain consortia with unmatched scalability and continuous success, we’ve reimagined our Blockchain Transformation Platform to support any consortia achieve their blockchain ambitions.
The Challenges of Blockchain Consortium Management
A blockchain consortium running services for its members will never achieve true network and partnership success if they don’t have a way to easily and efficiently manage their blockchain applications, systems, and relationships. While a consortium does offer benefits like increased collaboration, enhanced data safety due to limited accessibility, and more efficient scalability, it still faces unique challenges when managing blockchain applications or member infrastructure, including:
- Permissioning and Governance
Governance is one of the key factors in a consortium staying together and running well — or falling apart — and it’s often difficult to implement the right level of permissioning and governance that satisfies every party. With effective governance, a consortium can easily set and enforce member rules, policies, and project objectives, allowing for faster and more reliable scaling. Yet, ineffective governance, like with any poorly managed company, can lead to project inefficiencies, unfair dynamics, and uncertainty, jeopardizing growth and the willingness for new members to join. - Interoperability
Ensuring interoperability across consortium members is another challenge, as you can’t gain network effect benefits if the systems don’t talk to one another. Members of a consortium rely on interoperability for exchanging data and the infrastructure to make their blockchain applications function. Yet if certain nodes or member systems don’t work with other nodes or member systems, then both the effectiveness of the consortium and its blockchain initiatives will be negatively impacted. - Maintaining a Strong Consortium
While blockchain consortia are becoming more common, it’s not necessarily joining together that’s the issue — it’s staying together. Members of the consortium may bow out at any time due to inefficient governance, disputes, or even regulatory pressure. Building a strong consortium involves entities working collaboratively for the good of the group — which can be a challenge as well.
How SettleMint Stays at the Forefront of Innovation to Support Consortia Achieve their Blockchain Ambitions
To truly realize the benefits of blockchain, a consortium needs solutions that enable more streamlined control of systems across the network and that allow for continuous functionality and interoperability. That solution can be found in the latest innovations ofSettleMint’s Blockchain Transformation Platform (BTP).
To meet the unique needs of the modern blockchain consortia, here are just three ways our BTP brings increased organization, clarity, and functionality to a consortium’s management to prime you for blockchain success.
- Multi-Organization Management, Including Enhanced Governance and Access Control
SettleMint enables the creation and management of multiple organizations, which is at the core of how a consortium works. SettleMint’s platform also enhances governance through supporting the integration of various entities within the consortium, ensuring streamlined collaboration that can boost consortium effectiveness and strengthen relationships as well. - Modular Consortium Configurations
Modular configurations also offer a consortium flexibility in how they manage their blockchain services and member infrastructures. SettleMint’s platform allows each member of a consortium to self-manage their blockchain infrastructure and their allocation of resources to a granular degree — whether it’s designed for private or public sector use cases. This enables the creation of tailored and highly distributed consortium governance systems, further enhancing trust amongst consortium stakeholders. - High Availability Deployments
Consortia need high availability for consistent functionality and performance, which is why SettleMint’s BTP ensures data availability, even if regional disruptions occur and when different member infrastructures are involved. The BTP full stack can be hosted across different clouds or regions, and maintains consensus so that even when a member of the consortium has infrastructure downtime, the network can continue with the other consortium members.
Build Better Blockchain Applications Today
How can blockchain consortia all over the world more easily realize their blockchain ambitions? With SettleMint’s reimagined Blockchain Transformation Platform (BTP), the latest innovative features including multi-organization management, modular configurations, and high availability deployments supports consortia across industries to overcome their limitations and build the blockchain applications they always wanted.
Ready to explore the only platform you need to future-proof your blockchain consortium?
About SettleMint
SettleMint, the Blockchain Transformation Company, bridges the gap between people, processes, and technology. In doing so, we accelerate the tangible realization of blockchain's potential and its practical application within enterprises and their end-users. Our platform empowers organizations to build and deploy blockchain solutions that address real-world problems, making the technology accessible and actionable. We go beyond just offering technology; we provide the tools, knowledge, tailored methodologies, and support that teams need to succeed in their Blockchain Transformation journey. Our holistic approach ensures that every initiative aligns with your business objectives, helping you drive significant value creation and gain a competitive edge in today’s digital economy.