How Enterprises are adopting the new wave of technologies and Web 3 structures

Blockchain-enabled Large collaborative organizations or Consortiums have become an old-school concept now, and apparently, they need to adjust to the current Web 3 arena.

As the enterprise blockchains can’t deny the evolutions, they need to rethink the role played by blockchain consortia.

The Web 3, DAOs, blockchain are all emerging constantly with new and enhanced technologies, and there is a need to match the pace.

Blockchain and its applications in varied sectors have been quite a matter of limelight in recent years. Organizations and entities are now reconsidering how they want to deliver value.

According to PWC, blockchain technology is expected to add $1.76 trillion to the economy worldwide by the year 2030. And a considerable part might be played by business-to-business (B2B) implementations, which might benefit the most from the security, streamlining opportunities, and immutability afforded by blockchain-based transactions.

Although, emerging and new technologies are easy to be adopted by small and medium businesses as they are faster when it comes to enterprises the adoption process becomes a bit slow. As the sales cycles are comparatively longer with more gateways, there remain strong incentives for several internal stakeholders to keep things as they are.

The primacy of enterprise blockchain has emerged from the growing wish by corporate decision-makers to gather together with others to create and work on similar situations. All desired that more and more entities working together in creating and managing proofs-of-concept would make the developments more valuable. These efforts have been implemented via membership to large collaborative organizations or what is commonly known as Consortiums.

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Enterprises willing to experiment with the technology are often adjourned from doing so on public chains because of the limitations and also to keep their operations internal and private. Earlier Developers were forced to develop blockchain in siloed ways, as they were permissioned and governed by consortia. Until Blockchain interoperability came into the picture.

And now so many years later, still the consortiums are focused on private permissioned implementations. The enterprise blockchain just can’t deny the evolution. Now greater interoperability and the emergence of Web 3 signifies that there is a need to reassess the primary role played by blockchain consortia in the equation.

DAOs: A fast emerging Concept

Now the industry is fast moving towards Decentralised Autonomous Organisations (DAOs), powered by smart contracts and governance protocols. DAOs have now attracted a lot of attention from prominent investors like billionaire Mark Cuban who highlighted that they are an ultimate amalgamation of capitalism and progressivism. And the concept of DAOs can replace the idea of Blockchain consortia.

In Fact, the significant VC firm Andreessen Horowitz also initiated massive fundraising rounds for individual DAOs and companies that supported the creation of DAOs.

Industry Consortia can’t really compete with the constantly evolving tech industry bringing new solutions platforms and networks. And the voting and agreeing on a consensus on features would happen with the need of intermediaries in the future.

Crypto industry, Blockchain technology, Web 3, DAOs are all making significant positions in the world and are constantly bringing up enhanced technologies with them, and matching the pace with them has become essential for the industry Consortiums.