Blockchain consortiums enable multiple companies to track the efficiency and process of their industry. The consortium’s end result could vary from establishing a cryptocurrency to a blockchain-based system of smart contracts for use within an industry. The solutions are almost limitless, and the transparency and cybersecurity of the blockchain has encouraged various industries to adopt the technology and create consortiums.

In May, for example, Big Four firm KPMG joined the Trusted IoT Alliance blockchain consortium to assist in developing and establishing a standard for an open source blockchain to support IoT technology in various industries. Trusted IoT launched in 2017 with founding members that included Bosch, Bank of New York Mellon, Cisco and other organizations, according to a TokenPost article.

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