Building a Blockchain-Based Platform for Interbank Collaboration

Abstract

ABSTRACT Organizations today are shifting toward collaborative forms of value creation and rely on digital technologies to operate interorganizational processes. This has led blockchain technology to gain considerable momentum, given its ability to foster collaboration among multiple actors. Nevertheless, despite its benefits, building a blockchain-based platform requires integrating heterogeneous needs and adapting to decentralized governance structures. This research investigates the successful deployment of a blockchain-based solution for interbank collaboration. Our empirical analysis focuses on the Spunta Banca DLT Project, initiated in 2017 to automate the interbank reconciliation processes in Italy, through the deployment of a permissioned blockchain-based solution. A qualitative analysis of interview data collected from project participants was conducted to gain insights on the process to build a blockchain-based platform for interbank collaboration. The findings of our exploratory case study reveal that successful deployment hinges on a sequential legitimacy-building process, encompassing pragmatic, normative, and cognitive legitimacy.