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Council Post: Why Blockchain-Enabled Digital Ecosystems Are Vital To Your Digital Transformation

Blockchain is being used by leading organizations to aid in the adoption of digital ecosystems. While ecosystems have been in existence in some form or another for quite some time, digital changes all that. Digital ecosystems exceed the sum of their connections; they are complex, adaptive, learning and self-organizing.

Examples such as Uber or Airbnb show that the reinvention of existing business models into platform businesses can be widely successful. Blockchain provides capabilities to bridge these connections while also supporting the fundamental economic principles of a platform business model. This model is so pervasive that it is reflected by the top 10 companies worldwide based on market capitalization.

Blockchain provides compelling new ecosystem capabilities that enable the interaction between people and things that may render existing models either ineffective or obsolete.

What Is A Blockchain-Enabled Digital Ecosystem?

A blockchain-enabled digital ecosystem is a value network that harnesses digital technologies and data decentralization techniques. These ecosystems leverage the unique capabilities of blockchain, such as data self-sovereignty, tamper-resistant data, peer-to-peer data collaboration and distributed governance.

These ecosystems can be complex given the many different facets to them. There are four major aspects to a blockchain-enabled ecosystem. These aspects ensure a separation of duties, such as a governing board-setting policies, and they provide broad oversight to the technical road map, deployment and daily support issues. The following aspects are found in blockchain-enabled ecosystems:

• Governing organization: A group of organizations that sets policies and provides broad oversight into the vision, economics and capability development of the ecosystem.

• Ecosystem operations: The ecosystem platform covers two major areas: ongoing development and technical road maps, al...

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