Matchmaking for tech platforms
By OAX Foundation
When 1920s funnyman Groucho Marx asked, “Marriage is a wonderful institution — but who wants to live in an institution?” he tapped into a common theme: the partnership between two people can become restrictive and onerous, lacking in benefits for both parties.
Because business collaborations are sometimes compared to marriages, this rather negative prejudice often follows. But when OAX looks for a partner, we’re not setting out to institutionalise the relationship: quite the opposite. We’re looking for ways of creating something that benefits everyone over the long term — delivering positive results for users, operators and the wider economy.
A new ecosystem
The advent of blockchain and distributed ledger technologies created a slew of new concepts and buzzwords across trade, industry and finance. Commentators widely predicted a revolution in business, with new models replacing the accepted concepts of corporations and utilities that go back to the industrial revolution starting in the 1760s.
A strong theme among all this is the notion of partnerships rather than takeovers or mergers. While in the early days many saw digital challengers as a threat to established players like banks and exchanges, as these entities become more familiar with each other and explore ways of adjusting to each other’s presence, we’re seeing companies looking to work together — perhaps mixing the banks’ financial muscle and client networks with digital challengers’ innovative technology and nimbleness.
This is driving platformification, where banks offer APIs that enable FinTechs to develop new products and services to the benefit of both; we’re seeing the development of ecosystems, where networks of stakeholder organisations share resources in symbiotic relationships beneficial to all in ways they couldn’t achieve alone. This is after all in line with the principle of decentralization...