Beyond Bitcoin: What blockchain and distributed ledger technologies mean for firms |
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| Institution: | 1. Falmouth Business School, Falmouth University, Penryn, Cornwall TR10 9FE, UK;2. Beedie School of Business, Simon Fraser University, 500 Granville Street, Vancouver, BC V6C 1W6, Canada;3. Gustavson School of Business, University of Victoria, PO Box 1700 STN CSC, Victoria, BC V8W 2Y2, Canada;1. Department of Materials Science and Engineering, The Pennsylvania State University, University Park, PA 16802, USA;2. School of Materials Science and Engineering, Northwestern Polytechnical University, Xi''an, Shaanxi, 710072, China;3. U.S. Army Research Laboratory, Weapons and Materials Research Directorate, RDRL-WMM-F, Aberdeen Proving Ground, MD 21005, USA;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: | Blockchain technologies are benefiting from significant interest in both societal and business contexts. Cryptocurrencies like Bitcoin have grown rapidly in user adoption over the past 8 years. However, blockchain technologies, which fuel cryptocurrencies, have the potential to extend to other business applications even more profoundly. Blockchain can be leveraged to drive innovation and increase efficiencies in new domains—including digital arts management, supply chains, and healthcare—but there remain technical, organizational, and regulatory headwinds that must be overcome before mass adoption can occur. In this article, we provide a brief history of blockchain and identify some of the key features that have enabled its popular uptake in the world of cryptocurrencies. We discuss how blockchain technologies have evolved from traditional software and web technologies and then examine their underlying strengths and evaluate new, noncryptocurrency use cases. We conclude with a look at the limitations of blockchain and present several important factors for managers considering blockchain implementation within their organizations. |
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| Keywords: | Blockchain Smart contracts Distributed ledger Bitcoin Cryptocurrency |
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