The blockchain sector is often viewed as inherently competitive. Different concepts battle to succeed. Companies ultimately want to persevere in a sector that is still new, where succesful proof of concepts are few and far between.

However, collaboration, blockchain or otherwise, could in fact be the path to blockchain’s success, and ensure that it grows into a global industry.

The need for a more integrated sector

Blockchain technology is hugely valuable. However, the industry is currently largely fragmented. Multiple streams of innovation run separately whereby they could create better, more streamlined products if collaborated.

Blockchain is a technology built around collaboration. It requires limited trust – so that you can exchange information and assets with others without requiring intermediaries to mediate trust.

This means that not only will blockchain companies need to collaborate with one another, but they must also ensure that they collaborate with major corporations.

Blockchain is the technology of collaboration. But it needs our help to get there.

A new way of doing business

Blockchain has the potential to change the way we do things. This means banking, exchanging information, shopping, even gaming.

However, it cannot transform society on its own – and it needs the collaboration of multiple blockchain companies to ensure that it can be successful. However, it isn’t possible for one company to do all of us, especially not to the full potential.

There is no room in a nascent industry to covet technology, especially if we want blockchain to become a foundational technology in society.

Other forms of collaboration

Blockchain is a collaboratory platform. This also means, for it to succeed, people in a variety of industries will need to be willing to cooperate.

This could be across medical records, for example. If medical records are placed on the blockchain, multiple practitioners can access the same information. However, this would require medical practicioners to collaborate with one another and for different practioners to ultimately use the same technology.

Collaboration will be an integral part if we want blockchain to succeed. Are we ready?

To find out more about what blockchain can do, check out our blockchain-enabled platform STAMP.