No doubt, there is some very significant innovation potential in public blockchains in this field, maybe similar to the promise of big open government data. But our take is that the majors will still delineate hard between intra and extra chains, making just enough available to buy themselves the right to dip into public for their own benefit. Competitive advantage, security and privacy concerns, whether real or perceived, will make this a slow development on their part. The bigger and more integrated you are, the more secret sauce there is to the integrated play. Small and medium size players, or a carve-out from a major will likely lead.