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How Can Blockchain Technology Disrupt the Existing Business Models?

Author

Listed:
  • Witold Nowiński

    (Institute of Management, WSB University in Poznan, Poland)

  • Miklós Kozma

    (Institute of Business Economics, Corvinus University of Budapest, Hungary)

Abstract

Objective: The main purpose of the paper is to show that blockchain technology may disrupt the existing business models and to explore how this may occur. Research Design & Methods: This is a theory development paper which relies on a literature review and desk re-search. The discussion of the reviewed sources leads to the formulation of three re-search propositions. Findings: The paper provides a short overview of key literature on business models and business model innovation, indicating, among others, that new technologies may be one of the drivers of business model innovation. This study also provides an overview of blockchain technology and a range of its business applications showing how it can disrupt business models. It is shown that blockchain technology may affect many dimensions of business models. We propose that there are three crucial ways in which blockchain technology can affect and disrupt business models: by authenticating traded goods, via disintermediation and via lowering transaction costs. Implications & Recommendations: This study shows that blockchain technology may affect diverse dimensions of business models in diverse industries. It is recommended that mangers should follow developments in this field in order to prepare for possible disruptions in their industries. Contribution & Value Added: This study provides an analysis of the possible impact of blockchain technology on business model innovation. Blockchain technology is gaining momentum with more and more diverse applications, as well as increasing numbers of actors involved in its applications. This paper contributes to our understanding of the possible applications of blockchain technology to businesses, and in particular to its impact on business models.

Suggested Citation

  • Witold Nowiński & Miklós Kozma, 2017. "How Can Blockchain Technology Disrupt the Existing Business Models?," Entrepreneurial Business and Economics Review, Centre for Strategic and International Entrepreneurship at the Cracow University of Economics., vol. 5(3), pages 173-188.
    • Handle: RePEc:krk:eberjl:v:5:y:2017:i:3:p:173-188
    as

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    References listed on IDEAS

    as
    1. Huasheng Zhu & Zach Zhizhong Zhou, 2016. "Analysis and outlook of applications of blockchain technology to equity crowdfunding in China," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 2(1), pages 1-11, December.
    2. Ying fan and Adonis Yatchew, 2016. "Introduction," The Energy Journal, International Association for Energy Economics, vol. 0(China Spe).
    3. J. Leon Zhao & Shaokun Fan & Jiaqi Yan, 2016. "Overview of business innovations and research opportunities in blockchain and introduction to the special issue," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 2(1), pages 1-7, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    entrepreneurial mindset; entrepreneurial cognition; cognitive adaptability; cognitive tuning of mindsets; literature review;
    All these keywords.

    JEL classification:

    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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