Cross-Firm Utility

Definition ∞ Cross-firm utility describes the practical application or benefit of a technology or service across multiple distinct organizations or businesses. In the context of blockchain, it refers to the ability of a distributed ledger system or digital asset to provide value and function seamlessly for various entities. This interoperability and shared functionality allow for standardized processes and data exchange among participants. It reduces friction and improves efficiency within an industry.
Context ∞ Achieving cross-firm utility is a primary objective for many enterprise blockchain solutions, aiming to replace siloed systems with shared, transparent infrastructure. News often reports on consortiums and pilot programs testing blockchain applications that span multiple organizations. The challenges include establishing common standards, ensuring data privacy among competitors, and achieving broad industry consensus for adoption.