In October 2017, the largest bank in the United States, JPMorgan Chase, quietly revealed that a small network of competitors had been secretly testing a way to send payments to each other using blockchain, the technology first popularized by bitcoin.
While the explosion of members joining these consortia has become a cliché among many in the industry, seen as an easy way to get media coverage, it turns out there is a little-known economic principle powering the phenomenon, according to a research paper published today by blockchain startup Prysm.
“Each business has sort of its secret sauce which it doesn't want to share,” says Hurder, who has a Ph.D. in economics from Harvard University and is a visiting scholar at USC’s Center for Physical Systems and the Internet of Things. “But then there's a lot of benefits for sharing data that's non-trade secrets, and if people can successfully not only get over the hold-up problem, but also successfully implement these consortia, we'll see a lot of value created.
But even after competitors identify a common problem, that doesn’t stop the blockchain and distributed networks themselves from competing, according to, Thomas Pizzuto, the global director of medical giant Johnson & Johnson’s emerging technology and supply chain. This competition too can result in a form of hold-up, he says.
In addition to working at the WEF’s Center for the Fourth Industrial Revolution, helping central banks research crypto, and exploring the public ethereum blockchain, Lannquist is a cofounder of the Mobility Open Blockchain Initiative , which brings the auto industry together to explore how sharing data about driver habits could create safer driving conditions and lead to better fuel economy.
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