How Do Business Networks Start?

Now that we have an idea of what a business network is, we might now ask how a Corda business network gets started?

While no single approach exists, there are a few common routes. Sometimes a business network already exists, and it simply adopts Corda. Other cases might involve the creation of a governing consortium or may be the result of a prototype or proof-of-concept design. It is worth noting that while there are many possible journeys toward creating a Corda business network, the outcome is, generally, similar.

Top-Down (Business-Led)

A top-down journey usually starts by recognising a valuable business problem, identifying likely participants, and creating a new venture, or consortium. Typically, this route requires the creation and adoption of technical standards, and a definition of governance principles. This usually evolves to include specialised resources such as Corda developers and legal advisors.

Bottom-Up (Technology-Led)

Sometimes a business network is the result of a developer or technology team building a prototype, or proof-of-concept to address a business problem. In these cases, the technology should align with a suitable problem and governance structure. While it may be easy to dismiss this as a solution looking for a problem, there has been a surprising degree of success with this type of approach, and this embraces the possibility of there being very simple solutions to non-controversial problems.

Adoptive

In some instances, a structure similar to a Corda business network may already exist. In such cases it is wise to consider adopting it. It may be possible to leverage existing governing policies and operational procedures where they are applicable, and modifying them were necessary to accommodate the blockchain nuances.