On 14 July, our panel of experts came together to explore opportunities for monetizing data and services within consortium networks. MOBI Co-Director and Founder, Chris Ballinger, steered the panel, introducing the core services of GAIA — Governance, Authority, Identity, and Assurance — as the basis of any shared digital infrastructure. Our panelists spoke at length about how these core services can accelerate monetization, providing examples and potential best practices for each.
The panelists agree that as governance comes across as the brakes on the system rather than the accelerator, identity is the most critical element in business blockchain networks.
Joined by Brian Behlendorf of Hyperledger, Shiv Malik of Pool Foundation, and Rich Meszaros of Accenture, Chris compared the ‘old economy’ consortia of Visa and Swift to new blockchain industry consortia like MOBI. While similarities exist, ‘new economy’ consortia are increasingly geared toward interoperability and global community building. As Rich put it, “it’s not just about the technology, it is about all of the collaboration activities across these consortiums to make the business viable.”
We’ve seen a lot of excitement around new monetization opportunities for data and services in business networks. Such opportunities span from possible ledger-based business models for mobility to permissioned data and the “Trusted Trip.” According to Brian, “pulling together stakeholders around a shared technology is natural. Blockchain is a consortium technology used when you want to solve problems at scale with a community of stakeholders and peers.”
During a lively Q&A, one audience member inquired whether it would be necessary to settle network transactions with cryptocurrency, to which Shiv replied, “if you’re not building for crypto at the heart of it, you’re going to fail.”
As Chris remarks, human data is the one thing that cannot be replicated by machines. Our preferences, interests, and movements are unique. In the future, this may be the only avenue for monetizing human activity. The goal is to create an ecosystem where people can monetize their personal data while preserving their identity. Watch the recap to hear our panelists’ perspectives on how we should approach such a monumental task.