A decentralized token economy: How blockchain and cryptocurrency can revolutionize business

As the underlying technology of bitcoin, blockchain is expected to create a new economic system by revolutionizing the way we communicate over the internet. Blockchain seeks to improve information security and transparency by sharing encrypted data among peer-to-peer (P2P) networks. Due to its emphasis on security and trust, there is increased demand for blockchain’s application in a variety of business sectors. The decentralized nature of blockchain creates the new concept of a token economy in which the community’s revenue can be allocated to the actual content producers and service users who create value. This article looks at how blockchain technology and cryptocurrencies are evolving and interconnected, creating a token economy through different business models. Blockchain is expected to be a key technology that enables new protocols for the establishment of a token economy in the future, leading to a new economic paradigm.     

Blockchain adoption: A value driver perspective

The ongoing discussion regarding blockchain technologies is focused primarily on cryptocurrencies, but blockchain features and functionalities have developed beyond financial instruments. As the technologies provide new functionalities, the associated value proposition changes as well. This study explores the relationship between blockchain technologies and their underlying value drivers. Four identified distinct blockchain stages of increased maturity are analyzed and discussed. This covers the evolutionary technology types focused on transactions, smart contracts, decentralized applications, and the introduction of artificial intelligence supporting decentralized decision making. In addition, we address management issues around appropriate blockchain adoption using a blockchain value driver-focused framework that gives decision makers actionable questions and recommendations. We provide practitioners with a method for assessing suitable blockchain adoption that addresses the specific value creation associated with a given organizational strategy. For academics, we critically identify and assess the characteristics of the blockchain stages and their strategy implications and provide a structured approach conceptualizing blockchain technology evolution.     

Understanding Managers’ Reactions to Blockchain Technologies in the Supply Chain: The Reliable and Unbiased Software Agent

Organizations investing in supply chain information systems struggle to ensure successful adoption and implementation. Projects fail because of technical caveats, inability to meet business needs, and poor management of implementation. Implementation of blockchain technologies across a network of supply chain partners is more complex than internally focused technologies. It is necessary for partner firms to implement, contribute, and share information, and employees to actively use the capabilities of the technology to realize potential. Blockchain technologies can substitute for traditional interfirm intermediaries acting as an unbiased software agent embedded in the supply chain network. Understanding managers’ perceptions of and willingness to use blockchain technologies is crucial for successful implementation. Integrating design theory with classic diffusion processes, we conducted a scenario‐based role‐playing experiment with industry professionals to examine managers’ perceptions of blockchain technologies and willingness to use. We find that trustworthiness with regard to competence and perceived distributive justice is the focal drivers of managers’ willingness to use the technology. Additionally, both risk and interactional justice are not drivers of willingness to use blockchain technology despite significant claims to that effect. We provide implications for how managers can leverage these drivers to influence supply chain partners’ willingness to use the technology.     

Blockchain meets marketing: Opportunities,threats, and avenues for future research

Blockchain technology is having an increasingly profound impact on the business landscape. Blockchain—a means for storing information and transactions in secure, decentralized manner—has many potential applications for marketing. However, marketing research and practice are still tentative about the use of blockchain and are yet to fully understand it and embrace it. The goal of this editorial is to advance in this direction and offer a path toward incorporating blockchain technology into our scholarly marketing thinking. We review the basic terminology and principles of the blockchain process, provide a comprehensive overview of the potential impact of blockchain on several core marketing areas and propose research questions that can help advance both research and practice as this technology develops.This editorial is accompanied by five research notes written by leading marketing scholars, which explore applications of blockchain to the following marketing topics: Advertising (Joo et al., 2022), Branding (Colicev, 2022), Creative Industries (Malik et al., 2022), Pricing (Zhang, 2022), and Privacy (Marthews & Tucker, 2022).     

How blockchain technologies impact your business model

Much of the attention surrounding blockchain today is focused on financial services, with very little discussion about nonfinancial services firms and how blockchain technology may affect organizations, their business models, and how they create and deliver value. In addition, some confusion remains between the blockchain (with definite article) and blockchain (no article), distributed ledger technologies, and their applications. Our article offers a primer on blockchain technology aimed at general managers and executives. The key contributions of this article lie in providing an explanation of blockchain, including how a blockchain transaction works and a clarification of terms, and outlining different types of blockchain technologies. We also discuss how different types of blockchain impact business models. Building on the well-established business model framework by Osterwalder and Pigneur, we outline the effect that blockchain technologies can have on each element of the business model, along with illustrations from firms developing blockchain technology.     

Blockchain Applications in Supply Chain Transactions

Blockchains, a disruptive technology with potentially many applications in modern‐day supply chain (SC) transactions, have not been adequately reflected by theory. Researchers and business managers must understand where and when blockchains’ application may be expected and investigated. The present study clarifies the discussion about blockchain application areas (BAAs) in SC transactions and their relevance for businesses. This study combines the findings from three methodological approaches: an extant literature review, a Delphi study, and a survey of 151 German machinery and equipment sector business managers. The results further our understanding of blockchains’ business opportunities among SC transactions and verify and extend Iansiti and Lakhani’s (Harvard Business Review 2017; 95: 118) blockchain adoption framework. Verified customer reviews and product quality certification are identified as the most relevant blockchain usages in SC transactions. Interestingly, we anticipate the least likely adoption of blockchains to occur for document‐signing processes despite arguments within the literature that suggest otherwise. Two newly identified BAAs—logistics and delivery systems—and token‐curated registries rank among the top four most relevant. The present study’s valuation of BAAs advances theory and will likely affect business strategies by indicating where, when, and why businesses should participate in blockchain networks.     

Mind the gap: Tech-based dispute resolutions in global supply blockchains

Blockchain, a type of distributed ledger technology (DLT), can be used for supply chain and is commonly discussed among distribution giants and small players. Blockchain’s actual and perceived benefits, in addition to track-and-trace mandates from regulatory bodies, have driven these discussions. However, there is no mention of how existing dispute resolution processes have been overhauled in favor of blockchain smart contracts, which can be used to manage and resolve disputes. This conversation gap is critical as trust will erode if supply chain partners cannot settle disputes adequately. We highlight the importance of supply chain DLT management and suggest tactics for resolving the inevitable disputes that arise with disparate information. These guidelines, including adopting portable and enforceable contractual terms and a standardized dispute resolution process, can have practical applications beyond blockchain.     

Blockchain technology for enhancing supply chain resilience

With the soaring value of bitcoin and frenzy over cryptocurrency, the blockchain technology that sparked the bitcoin revolution has received heightened attention from both practitioners and academics. Blockchain technology often causes controversies surrounding its application potential and business ramifications. The blockchain is a peer-to-peer network of information technology that keeps records of digital asset transactions using distributed ledgers that are free from control by intermediaries such as banks and governments. Thus, it can mitigate risks associated with intermediaries’ interventions, including hacking, compromised privacy, vulnerability to political turmoil, costly compliance with government rules and regulation, instability of financial institutions, and contractual disputes. This article unlocks the mystique of blockchain technology and discusses ways to leverage blockchain technology to enhance supply chain resilience in times of increased risks and uncertainty.     

What blockchain can and can’t do: Applications to marketing and privacy

Marketing has enjoyed unparalleled transformation in terms of its effectiveness and ability to delivery measurable return on investment due to the digital revolution. The spread of blockchain technology has led to suggestions that it may have significant marketing applications. Though blockchain is indeed an amazing technology with significant applications, this paper argues that its usefulness in many traditional marketing applications may be limited. The reasons why throw important light on the interactions between blockchain technologies, data and privacy. Blockchain, by its nature, may lead to substantial privacy harms when used indiscriminately for marketing purposes.¹     

On the quest for supply chain transparency through Blockchain: Lessons learned from two serialized data projects

The ability to look into the supply chain has long enticed SCM scholars and practitioners. The possibilities created by such visibility are endless—from risk reduction and continuity planning to inventory management and cost reduction, nothing is off the table when end‐to‐end visibility is a possibility. Because of such enticements, there is usually much buzz in the industry every time a new technology that promises visibility and transparency is brought forward. Yet, years later, stories sometimes emerge that said technologies either failed to deliver or were not everything they were made out to be. Blockchain is yet another emerging technology in this space. Some consultants promise that it will be the final answer to the transparency and visibility woes that companies currently face. Yet, there is little empirical investigation regarding how the technology may benefit adopters, what the bottlenecks may be, and to what extent it may be able to deliver on these promises, without massive system‐wide upgrades of extant hardware and computing prowess. The current study takes a step in this direction by investigating a blockchain‐driven proof of concept across an industry consortium to identify promises, possibilities, and challenges of blockchain.     

Blockchain tokens and the potential democratization of entrepreneurship and innovation

Over the past few years, Bitcoin has emerged as the first decentralized, global currency. The rise of Bitcoin has brought attention not only to digital currencies but also to the underlying technology empowering digital currencies: blockchain technology. A blockchain is a distributed ledger that records and secures transactions in a peer-to-peer network. Besides empowering digital currencies, blockchain technology has given innovators the capability of creating digital tokens to represent scarce assets, potentially reshaping the landscape of entrepreneurship and innovation. Blockchain tokens may democratize (1) entrepreneurship by giving entrepreneurs new ways to raise funds and engage stakeholders, and (2) innovation by giving innovators a new way to develop, deploy, and diffuse decentralized applications. Blockchain technology and tokens have sparked a new wave of innovation, which may start to revolutionize entrepreneurship and innovation.     

Tortoise,not the hare: Digital transformation of supply chain business processes

With the rapid development of digital technologies, many supply chain professionals are wondering how to move forward. Three technologies are poised to change supply chain business processes: robotic process automation (RPA), artificial intelligence (AI)/machine learning (ML) and blockchain. Based on interviews with supply chain professionals in 14 large, mature manufacturing and service organizations, we outline the promise of each technology and forecast their broad-scale adoption potential. Organizations should take the following measures to ensure their readiness to adopt and effectively use one or more of these technologies: (1) identify a supply chain technology visionary who can lead through the maze of technologies and the changing digital landscape, (2) develop a digital technology roadmap for their supply chain processes, and (3) update foundational information systems.     

The promise of a decentralized internet: What is Web3 and how can firms prepare?

What is Web3, and what does it mean for established companies? Web3 describes a broad range of emerging internet applications for blockchain technology (i.e., a decentralized, public database that allows information to be securely recorded on a network of computers rather than verified and controlled by centralized entities). Central to this evolution of the internet are four distinct blockchain-enabled applications: fungible tokens (cryptocurrencies), nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), and metaverses. In this article, we define each of these applications and discuss their capacity to increase peer-to-peer interactions, decrease large companies’ control of information and services, and facilitate access to user networks at a much lower cost than currently possible. These distinctions make Web3 both a natural evolution of Web 2.0 and a broader paradigm shift that may fundamentally alter the online interface, organizational structure, and business practices. We conclude by addressing how established companies can prepare for a more decentralized internet.     

Blockchain entrepreneurship opportunity in the practices of the unbanked

Two billion people in developing economies have limited or no access to formal financial services, creating cause for substantial research interest in financial inclusion as a complex multidimensional phenomenon. Digital finance technologies, including blockchain, have empowered a type of crescive entrepreneurship that seeks opportunities in relation to financially excluded individuals. This article hypothesizes that nonmonetary causal factors and informal financial practices play a major role in habits of the financially excluded, which would favor blockchain’s disintermediation features over the incumbent approach. After applying fuzzy-set Qualitative Comparative Analysis (fsQCA) to determine the conditions related to financial practice and motivations that explain the absence of a formal bank account, I prescribe five sensitivities that blockchain entrepreneurs need to consider when targeting this segment. The value of this article’s approach extends well beyond traditional unisystemic views for financial inclusion, as blockchain-based entrepreneurial opportunities emerge to reveal alternative forms of disintermediated financial services, which we exemplify in startups modeling informal practices. Blockchain entrepreneurship can generate semi-formal financial services that bring financial aspirations closer to people. My perspective is relevant to blockchain entrepreneurs who aim to understand the practices of the unbanked as source information for the development of innovative solutions.     

区块链技术在出口危险货物包装检验监管中的应用

区块链作为全球最新的信息技术应用,正在成为经济发展的新动能。区块链技术颠覆了原有的模式框架,为传统工作模式大幅提升效率提供了有效的解决方案。出口危险货物及其包装的检验监管是事关人民经济财产和生命健康安全的大事,历年来受到世界各国从业人员及监管部门的高度重视。本文通过分析区块链技术特点和我国出口危险货物包装检验监管工作现状,探讨区块链技术在出口危险货物包装检验监管全流程中的实践路径和应用优势。     

数字加密货币运行的法律基础——以货币信任与信用为视角

技术信任和法律信任是相辅相成、互为补充的关系。传统货币是依托国家和权威第三方以及法律为基础的货币信任模式。大多数数字加密货币依托区块链为底层技术,形成以技术信任为基础的“去中心化”货币信用机制。但以区块链技术为核心的去中心化的信任机制并不能完全取代传统货币的信任基础。货币的价值源于社会信任及其自身信用,数字加密货币目前面临严重的技术和程序限制,各个国家接受程度不尽一致,难以单独建立起使社会群体信任的货币信任方式。数字加密货币信任机制的建立,既离不开国家信任背书,也需要依靠其自身技术和成熟的内部规则。通过法律治理和区块链技术自动化治理的结合,使法律规则和技术规则融合,以全新的治理模式形成新的货币信任机制。     

Discussion of “Recognizing Ethical Issues: An Examination of Practicing Industry Accountants and Accounting Students”

Although the political and consumer consciousness has turned increasingly green, many firms continue to resist the adoption of environment-friendly technological innovations—even in the face of higher costs, negative health effects, and stricter government oversight. This article examines how business owners weigh the trade-offs associated with environment-friendly innovations by examining the role of prosocial motivation in their decision-making process. We use primary data to overcome a common restriction in studying environmental innovations—the scarcity of relevant data—to analyze how business owners’ expectations, perceptions, and motivations affect innovation in organizational processes and, consequently, the level of environmental friendliness of their products or services. We found that prosocial motivation had a significant negative impact on innovation adoption and that it is expressed differently under high and low levels of customer compatibility—possibly because business owners have a larger number of competing social objectives and priorities. Our results further showed that the innovation’s ability to satisfy downstream customer demands has the greatest impact on environment-friendly innovation adoption decisions by business owners. This study enhances our understanding of how business owners make innovation decisions based on competing business, environmental and social objectives and provides a foundation for future research in this area.     

Blockchain in Additive Manufacturing and its Impact on Supply Chains

Additive manufacturing (AM) appears to be a particularly attractive use case for blockchain. This research combines inductive in‐depth interviews with the Delphi method to explore what potentials blockchain technology in AM creates, which adoption barriers firms need to overcome, and how supply chains will be affected by the integration of these two potentially disruptive technologies. The results suggest opportunities that are related to intellectual property (IP) rights management, the monitoring of printed parts throughout their lifecycle, process improvements, and data security. The most important barriers for blockchain adoption in AM are an absence of blockchain‐skilled specialists on the labor market, missing governance mechanisms, and a lack of firm‐internal technical expertise. By addressing important limitations of AM, blockchain is expected to improve the competitiveness of AM in parts’ production, catalyzing the trend toward more decentralized manufacturing resulting in more agile, resilient, and flexible supply chains and reduced logistics costs. Beyond that, blockchain‐based AM platforms are expected to enhance supply chain visibility, drive supply chain digitalization, support supply chain finance, and contribute to the emergence of shared factory systems.     

It’s real,trust me! Establishing supply chain provenance using blockchain

In a global marketplace, customers are often unaware of the exact sources of the products they purchase and consume. To address this lack of awareness, blockchain technology can be implemented in supply chains to increase customers’ knowledge of products’ provenance. Provenance knowledge—information about products’ origin, production, modifications, and custody—enables customers to be assured of their purchasing decisions. This assurance comes from information on the origin, authenticity, custody, and integrity of the product that helps reduce risk perceptions. We develop a provenance knowledge framework and show how its application can enhance assurances and reduce perceived risks via the application of blockchain. We present a guide on how to implement blockchain to establish provenance knowledge and close with a kind warning on the importance of demonstrating the value of blockchain to customers.