Blockchain impact on the B2B sales market

Abstract

Advances in ICT, such as the Internet, have led to the development of electronic marketplaces for business (B2B) where different sides of the market come into contact with each other. However, despite technological innovation, e-B2B sales markets still suffer from various problems inherited from traditional exchanges. The purpose of this study is to determine the blockchain impact on the B2B sales market when introducing a new generation of blockchain-based B2B platforms. The study presents approaches to the concept of a blockchain-based B2B trading platform. The problems in the traditional electronic B2B sales market, as well as the possibilities of blockchain-based B2B trading platforms in solving the problems of existing B2B markets, are identified. The authors determine that blockchain-based B2B trading platforms eliminate various problems that are currently damaging the B2B sales market worldwide and should have a positive impact.