Among executives knowledgeable about blockchain technology, 18% already participate in a consortium, 45% are likely to join one, and 14% are considering forming one. Industry consortia are focusing on developing solutions to their business issues with the help of blockchain technology, whereas technology consortia are focusing on developing use case agnostic blockchain technologies, and are mostly formed by blockchain technology providers. These technology providers drive innovation for consensus algorithms, transaction efficiency, and interoperability across different blockchain platforms.