IDEAS home Printed from https://ideas.repec.org/a/eee/bushor/v66y2023i4p529-541.html
   My bibliography  Save this article

Interoperability: Our exciting and terrifying Web3 future

Author

Listed:
  • Park, Andrew
  • Wilson, Matthew
  • Robson, Karen
  • Demetis, Dionysios
  • Kietzmann, Jan

Abstract

This article introduces the next major generational evolution of the web: Web3. We review the fundamental evolution of the internet and the web over the past 3 decades, including a brief presentation of the publications in Business Horizons that are important in a discussion of the emergence of Web3. We then discuss what these recent developments mean to organizations, consumers, and the public. Though the degree to which Web3 will be widely adopted is uncertain, these technologies are already creating both exhilarating and terrifying implications for e-commerce, digital media, online social networking, online marketplaces, search engines, supply chain management, and finance, among others. We propose the consideration and management of technical, organizational, and regulatory interoperability for Web3 to deliver on its promises of value and that failure to consider these interoperability components may destroy economic value, consumer confidence, or social issues online. We also call on our fellow researchers to focus on these interoperability issues and how they might impact the positive and negative sides of Web3 technologies to help us understand and shape our Web3 future.

Suggested Citation

  • Park, Andrew & Wilson, Matthew & Robson, Karen & Demetis, Dionysios & Kietzmann, Jan, 2023. "Interoperability: Our exciting and terrifying Web3 future," Business Horizons, Elsevier, vol. 66(4), pages 529-541.
    • Handle: RePEc:eee:bushor:v:66:y:2023:i:4:p:529-541
    DOI: 10.1016/j.bushor.2022.10.005
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0007681322001318
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.bushor.2022.10.005?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Malhotra, Arvind & O’Neill, Hugh & Stowell, Porter, 2022. "Thinking strategically about blockchain adoption and risk mitigation," Business Horizons, Elsevier, vol. 65(2), pages 159-171.
    2. Min, Hokey, 2019. "Blockchain technology for enhancing supply chain resilience," Business Horizons, Elsevier, vol. 62(1), pages 35-45.
    3. Lee, Jei Young, 2019. "A decentralized token economy: How blockchain and cryptocurrency can revolutionize business," Business Horizons, Elsevier, vol. 62(6), pages 773-784.
    4. Beninger, Stefanie & Robson, Karen, 2015. "Marketing at the base of the pyramid: Perspectives for practitioners and academics," Business Horizons, Elsevier, vol. 58(5), pages 509-516.
    5. Maltseva, Kateryna, 2020. "Wearables in the workplace: The brave new world of employee engagement," Business Horizons, Elsevier, vol. 63(4), pages 493-505.
    6. Hughes, Alex & Park, Andrew & Kietzmann, Jan & Archer-Brown, Chris, 2019. "Beyond Bitcoin: What blockchain and distributed ledger technologies mean for firms," Business Horizons, Elsevier, vol. 62(3), pages 273-281.
    7. Chohan, Raeesah & Paschen, Jeannette, 2023. "NFT marketing: How marketers can use nonfungible tokens in their campaigns," Business Horizons, Elsevier, vol. 66(1), pages 43-50.
    8. Morkunas, Vida J. & Paschen, Jeannette & Boon, Edward, 2019. "How blockchain technologies impact your business model," Business Horizons, Elsevier, vol. 62(3), pages 295-306.
    9. Sharma, Luv & Olson, John & Guha, Abhijit & McDougal, Lori, 2021. "How blockchain will transform the healthcare ecosystem," Business Horizons, Elsevier, vol. 64(5), pages 673-682.
    10. Chaudhry, Peggy E., 2017. "The looming shadow of illicit trade on the internet," Business Horizons, Elsevier, vol. 60(1), pages 77-89.
    11. Montecchi, Matteo & Plangger, Kirk & Etter, Michael, 2019. "It’s real, trust me! Establishing supply chain provenance using blockchain," Business Horizons, Elsevier, vol. 62(3), pages 283-293.
    12. Chen, Yan & Bellavitis, Cristiano, 2020. "Blockchain disruption and decentralized finance: The rise of decentralized business models," Journal of Business Venturing Insights, Elsevier, vol. 13(C).
    13. Chen, Yan, 2018. "Blockchain tokens and the potential democratization of entrepreneurship and innovation," Business Horizons, Elsevier, vol. 61(4), pages 567-575.
    14. Parise, Salvatore & Guinan, Patricia J. & Kafka, Ron, 2016. "Solving the crisis of immediacy: How digital technology can transform the customer experience," Business Horizons, Elsevier, vol. 59(4), pages 411-420.
    15. Kietzmann, Jan H. & Hermkens, Kristopher & McCarthy, Ian P. & Silvestre, Bruno S., 2011. "Social media? Get serious! Understanding the functional building blocks of social media," Business Horizons, Elsevier, vol. 54(3), pages 241-251, May.
    16. Scholz, Joachim & Smith, Andrew N., 2016. "Augmented reality: Designing immersive experiences that maximize consumer engagement," Business Horizons, Elsevier, vol. 59(2), pages 149-161.
    17. Wilson, Matthew, 2018. "Where is the power in numbers? Understanding firm and consumer power when crowdsourcing," Business Horizons, Elsevier, vol. 61(4), pages 545-554.
    18. de Regt, Anouk & Barnes, Stuart J. & Plangger, Kirk, 2020. "The virtual reality value chain," Business Horizons, Elsevier, vol. 63(6), pages 737-748.
    19. Angelis, Jannis & Ribeiro da Silva, Elias, 2019. "Blockchain adoption: A value driver perspective," Business Horizons, Elsevier, vol. 62(3), pages 307-314.
    20. Berman, Barry & Pollack, Debra, 2021. "Strategies for the successful implementation of augmented reality," Business Horizons, Elsevier, vol. 64(5), pages 621-630.
    21. Demetis, Dionysios S., 2020. "Breaking bad online: A synthesis of the darker sides of social networking sites," European Management Journal, Elsevier, vol. 38(1), pages 33-44.
    22. Wilson, Matthew & Robson, Karen & Botha, Elsamari, 2017. "Crowdsourcing in a time of empowered stakeholders: Lessons from crowdsourcing campaigns," Business Horizons, Elsevier, vol. 60(2), pages 247-253.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Keegan, Brendan James & McCarthy, Ian P. & Kietzmann, Jan & Canhoto, Ana Isabel, 2024. "On your marks, headset, go! Understanding the building blocks of metaverse realms," Business Horizons, Elsevier, vol. 67(1), pages 107-119.
    2. Gala, Kaushik, 2024. "Digital Davids, global Goliaths, and the Web3 sling," Business Horizons, Elsevier, vol. 67(1), pages 5-17.
    3. Urbani, Roberto & Ferreira, Caitlin & Lam, Joey, 2024. "Managerial framework for evaluating AI chatbot integration: Bridging organizational readiness and technological challenges," Business Horizons, Elsevier, vol. 67(5), pages 595-606.
    4. Brewer, Jordan & Patel, Dhru & Kim, Dennie & Murray, Alex, 2024. "Navigating the challenges of generative technologies: Proposing the integration of artificial intelligence and blockchain," Business Horizons, Elsevier, vol. 67(5), pages 525-535.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Malhotra, Arvind & O’Neill, Hugh & Stowell, Porter, 2022. "Thinking strategically about blockchain adoption and risk mitigation," Business Horizons, Elsevier, vol. 65(2), pages 159-171.
    2. Wilson, Kathleen Bridget & Karg, Adam & Ghaderi, Hadi, 2022. "Prospecting non-fungible tokens in the digital economy: Stakeholders and ecosystem, risk and opportunity," Business Horizons, Elsevier, vol. 65(5), pages 657-670.
    3. Murray, Alex & Kim, Dennie & Combs, Jordan, 2023. "The promise of a decentralized internet: What is Web3 and how can firms prepare?," Business Horizons, Elsevier, vol. 66(2), pages 191-202.
    4. Montecchi, Matteo & Plangger, Kirk & Etter, Michael, 2019. "It’s real, trust me! Establishing supply chain provenance using blockchain," Business Horizons, Elsevier, vol. 62(3), pages 283-293.
    5. Kostyk, Alena & Sheng, Jie, 2023. "VR in customer-centered marketing: Purpose-driven design," Business Horizons, Elsevier, vol. 66(2), pages 225-236.
    6. Kouhizadeh, Mahtab & Saberi, Sara & Sarkis, Joseph, 2021. "Blockchain technology and the sustainable supply chain: Theoretically exploring adoption barriers," International Journal of Production Economics, Elsevier, vol. 231(C).
    7. Orji, Ifeyinwa Juliet & Kusi-Sarpong, Simonov & Huang, Shuangfa & Vazquez-Brust, Diego, 2020. "Evaluating the factors that influence blockchain adoption in the freight logistics industry," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 141(C).
    8. Garg, Poonam & Gupta, Bhumika & Chauhan, Ajay Kumar & Sivarajah, Uthayasankar & Gupta, Shivam & Modgil, Sachin, 2021. "Measuring the perceived benefits of implementing blockchain technology in the banking sector," Technological Forecasting and Social Change, Elsevier, vol. 163(C).
    9. Morkunas, Vida J. & Paschen, Jeannette & Boon, Edward, 2019. "How blockchain technologies impact your business model," Business Horizons, Elsevier, vol. 62(3), pages 295-306.
    10. Mahmoona Khalil & Kausar Fiaz Khawaja & Muddassar Sarfraz, 2022. "The adoption of blockchain technology in the financial sector during the era of fourth industrial revolution: a moderated mediated model," Quality & Quantity: International Journal of Methodology, Springer, vol. 56(4), pages 2435-2452, August.
    11. Chohan, Raeesah & Paschen, Jeannette, 2023. "NFT marketing: How marketers can use nonfungible tokens in their campaigns," Business Horizons, Elsevier, vol. 66(1), pages 43-50.
    12. Dutta, Pankaj & Choi, Tsan-Ming & Somani, Surabhi & Butala, Richa, 2020. "Blockchain technology in supply chain operations: Applications, challenges and research opportunities," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 142(C).
    13. Sharma, Luv & Olson, John & Guha, Abhijit & McDougal, Lori, 2021. "How blockchain will transform the healthcare ecosystem," Business Horizons, Elsevier, vol. 64(5), pages 673-682.
    14. Piñeiro-Chousa, Juan & Šević, Aleksandar & González-López, Isaac, 2023. "Impact of social metrics in decentralized finance," Journal of Business Research, Elsevier, vol. 158(C).
    15. Vineet Paliwal & Shalini Chandra & Suneel Sharma, 2020. "Blockchain Technology for Sustainable Supply Chain Management: A Systematic Literature Review and a Classification Framework," Sustainability, MDPI, vol. 12(18), pages 1-39, September.
    16. Kimani, Danson & Adams, Kweku & Attah-Boakye, Rexford & Ullah, Subhan & Frecknall-Hughes, Jane & Kim, Ja, 2020. "Blockchain, business and the fourth industrial revolution: Whence, whither, wherefore and how?," Technological Forecasting and Social Change, Elsevier, vol. 161(C).
    17. Damiano Cesa Bianchi & Marco Bellucci & Giacomo Manetti & Luca Bagnoli, 2023. "NFTs and business model innovations," Working Papers - Business wp2023_01.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
    18. Alireza Abdollahi & Faraz Sadeghvaziri & Abderahman Rejeb, 2023. "Exploring the role of blockchain technology in value creation: a multiple case study approach," Quality & Quantity: International Journal of Methodology, Springer, vol. 57(1), pages 427-451, February.
    19. Weili Yin & Wenxue Ran, 2021. "Theoretical Exploration of Supply Chain Viability Utilizing Blockchain Technology," Sustainability, MDPI, vol. 13(15), pages 1-25, July.
    20. Taab Ahmad Samad & Rohit Sharma & Kunal K Ganguly & Samuel Fosso Wamba & Geetika Jain, 2023. "Enablers to the adoption of blockchain technology in logistics supply chains: evidence from an emerging economy," Annals of Operations Research, Springer, vol. 327(1), pages 251-291, August.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:bushor:v:66:y:2023:i:4:p:529-541. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/bushor .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.