Blockchain adoption: A value driver perspective |
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| Institution: | 1. School of Industrial Engineering & Management, KTH - Royal Institute of Technology, Lindstedtsvagen 30, 114 28 Stockholm, Sweden;2. Research Institute of Industrial Economics, Grevgatan 34, SE-10215 Stockholm, Sweden;3. Pontifical Catholic University of Parana, R. Imaculada Conceição 1155, 80215-901 Curitiba, Brazil;1. St Antony’s College, University of Oxford, 62 Woodstock Road, Oxford OX2 6JF, UK;2. College of Business Administration, Prince Sultan University, Rafha Street, PO Box – 66833, Riyadh 11586, Saudi Arabia;1. Kenan-Flagler Business School, University of North Carolina at Chapel Hill, Campus Box 3490, McColl Building, Chapel Hill, NC 27599-3490, U.S.A.;2. IBM, 4204 S. Miami Boulevard, Durham, NC 27703, U.S.A.;1. Gustavson School of Business, University of Victoria, PO Box 1700 STN CSC, Victoria, BC V8W 2Y2, Canada;2. Falmouth Business School, Falmouth University, Penryn, Cornwall TR10 9FE, UK |
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| Abstract: | 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. |
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| Keywords: | Blockchain Distributed ledger Value drivers Artificial intelligence Decision making |
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