Digital Credentials, Supply Chain
Blockchain technology holds a lot of promise for a variety of industrial use cases. However, companies have struggled to create a strong value proposition to make a case for enterprises to start adopting the technology. As with connected devices, the blockchain industry has not evolved to consider the challenges associated with interoperability and as such, while most companies are focused on innovative yet niche applications, enterprises have found it hard to scale it beyond Proofs of Concepts (PoCs) and adapt to a diverse set of regulatory environments. The company is engaged with IDL to create an adoption ecosystem.
Our significant experience at the intersection of innovative technology, business models and regulatory compliance quickly enabled us to think broadly and strategically about how to create and nurture an ecosystem of partners. We began with an objective analysis of the market readiness for blockchain technology and zeroed in on applications that are more mature. Our conversations with CXOs across industries and business units helped us surface their priorities, expectations and ideas. We understood that to be successful, the company needed a strong enterprise backing to overcome the hurdles of organizational readiness to technology and privacy issues.
As a first step, IDL pushed the company to create interoperability tools to integrate with the tech stack of a Fortune 100 cloud service provider and create a joint go-to-market program to tap into three markets: digital credentials, supply chain and trade finance solutions. From an interoperability standpoint, IDL is also instrumental in exploring standardization of the company’s technology for ushering in transparency in the logistics industry.