Discussion, conclusion, and recommendations

In this final chapter, we integrate the ideas discussed in earlier chapters regarding blockchain's potential to disrupt economies and transform societies. The technology's impact on business models, competitive positions, markets and industries are summarized. We consider the future of blockchain and how the developments in other technologies are likely to affect its potential to work as a trust machine. The chapter also addresses the importance of organizational, interorganizational and cultural changes to benefit from the potential of blockchain. It argues that while some actors may see an opportunity to distort the truth for profitable gains, new technologies such as AI and satellite imagery can change the economics of truth and bring blockchain closer to a truth machine. Recommendations and implications for policymakers are discussed. First, in order to strengthen security, regulators can make it obligatory for firms to deploy blockchain in supply chains of mission critical systems, and have substantial national security and economic benefits. Second, public policy efforts directed at protecting privacy using blockchain should focus on providing training to key stakeholders and increasing investment in this technology. Third, one way to enrich the blockchain ecosystem would be to turn attention to public–private partnerships. Finally, national governments should provide legal clarity and more information for parties to engage in smart contracts that are enforceable. Recommendations are also offered for companies and scholarly research.