In the first three months, the alliance will break down the priories of its members by developing working groups that are vertically specific, and then identifying a number of common threads to establish the best practices for blockchain applications moving forward.
This includes looking at several vertical market focuses. The alliance already has approved a supply chain working group, as the broader team has agreed that supply chain is the second most lucrative blockchain IoT application after financial services, said Nannra.
"We'll look at how to facilitate and adopt the use cases, including asset tracking and tracing and supply chain risk management … there's a number of threads that can be created with the working group," said Nannra. "There will also be applications we'll look at in the energy, oil and gas spaces as well ... we're seeing a number of large energy producers take notice of blockchain as it enters the IoT space, and we're having a number of conversations with them."