Despite the economic hardships many companies faced, IDC forecasted blockchain
to maintain double-digit year-over-year growth, with worldwide spending reaching $4.3 billion for 2020.
With the benefit of hindsight, the explosion in adoption of multiparty systems isn’t all that surprising. Multiparty systems enable a shared data infrastructure between individuals and organisations that drive efficiency and build new business and revenue models. They include blockchain, distributed ledger, distributed database, tokenization and a variety of other technologies and capabilities.
Many projects were already in the queue. COVID-19 made it clear that public service organisations can’t navigate through disruption and uncertainty alone – and put multiparty system projects on the fast track to implementation.
One of the biggest impacts of the pandemic was how it unveiled global enterprise fragility, leaving companies across industries cut off from their alliances and scrambling for answers.
Yet, in many cases, governments were remarkably resilient.
Now public service organisations are facing an enormous imperative to forge an adaptable and trustworthy foundation for their existing and future partnerships.
There’s opportunity here. Disruption has upended previous expectations for ecosystems and ambitious enterprises are creating new standards for the industry. Coordinated, strategic ecosystem partnerships will set public service entities up to address today’s disruptions and be better prepared to weather new ones; they’ll also enable ways to create new interactions or discover new ways to deliver outcomes. These partnerships could start to converge to solve new problems, like the emerging collaboration between healthcare and travel, or even begin to define new industries entirely.
Over the next three years, public service organisations will likely face sudden shifts from evolving customer desires, geopolitical forces and more. No single agency or jurisdiction -could be able to manage this level of change alone, and a trusted foundation for partnership could be critical to survival.
Coordinate through chaos
Savvy organisations will look beyond mere survival and spot the opportunity to emerge as innovators. COVID-19 has changed how data is shared, which represents a huge opportunity to be seized. When you're better able to transact, share data and shift between partners seamlessly and securely, you have an advantage in driving outcomes not just locally but regionally and even globally.
Build these advantages on technology and sustain them by committing to a new approach to partnerships, where success for the enterprise is inextricably tied to the success of the ecosystem.