Blockchain: A business model innovation analysis

Abstract

The adoption of blockchain-based technologies by organisations can bring benefits in terms of firms' profitability, productivity and efficiency, making companies rethink their existing business models. However, as the technology is still developing and the research on the implications of the different types of blockchain networks (i.e. public, private, consortium) is scarce, their role in business model innovation requires closer attention. To address this gap, the paper provides a conceptual insight into the role of blockchain technology in companies with different value configurations by examining the technological conditions that can impact business models and probing the role of technology benefits in driving company value. The analysis contributes to the literature by discussing the business implications of innovative technologies and uncovering their positive and negative consequences for the value creation, delivery and capture activities. Such analysis sheds light on the functions of blockchains that have a differentiating impact on business processes. Also, the paper puts forward managerial implications by discussing the paths of business model innovation using blockchain technologies.

Keywords

• Business model innovation
• Digital transformation
• Value creation
• Value capture
• Value delivery
• Blockchain