To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below. Key challenges “ There have been a few different start-ups trying to create basically their own blockchains with specific use-cases. In our view we feel that kind of defeats the purpose of having a network itself because it just 31 recreates silos.” Tim Swanson, head of research at R3CEV As the blockchain ecosystem evolves and different use- Organisation cases emerge, organisations in all industry sectors will face The blockchain creates most value for organisations a complex and potentially controversial array of issues, as when they work together on areas of shared pain or well as new dependencies. shared opportunity – especially problems particular to each industry sector. The problem with many current Awareness and understanding approaches, though, is that they remain stove-piped: The principal challenge associated with blockchain is a lack organisations are developing their own blockchains of awareness of the technology, especially in sectors other and applications to run on top of them. In any one than banking, and a widespread lack of understanding industry sector, many different chains are therefore being of how it works. This is hampering investment and the developed by many different organisations to many exploration of ideas. As George Howard, contributor different standards. This defeats the purpose of distributed to Forbes Media and Entertainment, says about the ledgers, fails to harness network effects and can be less music business, “Artists – visual, musical, or otherwise efficient than current approaches. – really must educate themselves about these emerging technologies, or suffer the fate of being exploited by those Key questions every leader should ask: 32 who do”. This is a message that applies to organisations, • What problems or opportunities does my organisation also. share with others in the sector? Key questions every leader should ask: • Will a blockchain approach still leave a marketplace in • Who is a thought leader in my industry in blockchain which we can compete? technology? • What are the bottlenecks that might prevent us from • To whom do I turn to in my organisation to explain working together? blockchains? • How can we take a lead in bringing the community • How do we increase our level of understanding – together? at all levels? • How many organisations would be needed to create a • Is a blockchain right for my organisation? And, if so, critical mass? how are we thinking about applying it and what would this mean organisationally and culturally? • What are the common standards we require? • With whom do I interact within my organisation to collaborate and deliver? • What are my competitors and peers saying about blockchain? 10