Exploring blockchain-based innovations for economic and sustainable development in the global south: A mixed-method approach based on web mining and topic modeling

Abstract

Information and Communication Technologies such as blockchain can significantly contribute to achieving the Sustainable Development Goals (SDGs) in the Global South (GS). Grounded in the innovation forecasting literature, this paper explores blockchain-based innovations and research in the context of economic and sustainable development to answer the following research questions: what is the status quo of blockchain innovations and research in the Global South?; and further, how can blockchain innovations contribute to economic and sustainable development? We follow a mixed-method approach based on web mining and topic modeling with unstructured empirical data on blockchain innovators from Crunchbase, their websites, and academic publications to address these research questions. Our results indicate that blockchain innovators already engage in various application areas beyond the financial sector, addressing critical development issues. However, the empirical data on blockchain research and innovations suggests a largely untapped potential in various promising application areas relevant for the SDGs, such as sustainable energy or integrity verification. The major contributions of this paper are an overview and status quo of entrepreneurial innovation activities and research on blockchain technology in the GS, an analysis of these areas in the context of the SDGs, and a lean methodological approach for innovation forecasting.