Here are the major blockchain consortium trends for 2020 so far:
- New Consortia formation continues to lag 2019: July was the weakest month in 2020 with respect to new blockchain consortia formation. Only two new blockchain consortia were added. As we move ahead, the trendline for new consortia formation for 2020 has started to decisively fall behind 2019.
- COVID disruption seems to have hit new consortia formation: The tally of 48 new consortia in the first seven months of 2020 is impressive. The visible slack compared to last year can be attributed to the COVID-induced disruptions that have rocked the IT-spending across sectors. This is a result of organizations having to deal with disrupted supply chains and uncertain demand scenarios. Consequently, several organizations refraining from starting new blockchain projects and consortia.
- The Healthcare sector is shining amidst the COVID crisis. The Impact of the pandemic can be seen if we compare the sector focus of the new consortia formed in 2020 so far, with the sector focus of all consortia formed. We note that the healthcare sector has seen its contribution rise from 9.2% in overall consortia to 16.7% in the consortia formed during 2020. Multiple new consortia have been formed in this sector during the first half of the year. These consortia are focusing on use cases such as contact tracing, medical supplies tracing, and digital health passports.
- Disrupted Supply Chains have hit the Transportation and Logistics Sector hard: The COVID-induced lockdowns across the globe in the first half of the year, have dealt a body blow to the transportation and logistics sector. As a result, the sector has not seen any new consortia formed in 2020 so far. However, at an overall level, the contribution of this sector to all consortia is at 4.9%. This sector has clearly seen benefits from some proven blockchain use cases such as trade finance and paperless transactions. However, companies in this sector have turned cautious of late and are not investing in new IT initiatives.
- Banking and Financial Services sector remains resilient: The Banking and financial services sector continues to be the engine of growth for blockchain consortia formation. In terms of overall blockchain consortia, this sector’s contribution is highest at 27.1%. The sector has managed to stay resilient to the COVID crisis and has contributed 22.9% of all new consortia this year. The formation of new consortia in this sector is fuelled by emerging themes such as decentralized finance and digital currencies.
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