Public and consortium blockchains are widely considered to be disruptive innovations by enabling new market and low-end market footholds.
Consortium networks can be the preferred blockchain architecture for businesses because they enable partners to retain control of certain rights while reaping the benefits of a decentralised network.
But what kind of business model can support blockchain innovations? Well, the decentralised focus of blockchains means that traditional centralised business model canvases are not really fit for purpose. Blockchain will also have multi-dimensional impacts on the four dimensions of business models to unleash new opportunities.
Out with the old - in with the new. Some key aspects to consider:
1. Blockchain can enable increased operational efficiency, the removal of intermediaries in transactions, micro-economics, crowdfunding, digital ownership and authentication of assets.
2. Blockchain's democratising effects can empower users and create a shift in power structures between providers and users.
3. Users can be increasingly engaged in both value creation and the infrastructure needed for value delivery.
4. Blockchain can change the role of trust. Businesses need to have a greater focus on customer relationships.