Integrating Blockchain Technology in Business Models for Sustainable Innovation

Abstract

This research paper investigates the role of blockchain technology in sustainable business model innovation by proposing a comprehensive framework. The study addresses the following research questions: How can blockchain technology enhance business model components? What are the specific innovations enabled by blockchain technology? To answer these questions, a hybrid approach was employed. Initially, a thorough review of existing literature identified key components of business model innovation. Subsequently, a survey was conducted among technology experts to evaluate the applications of blockchain technology in these components. The analysis revealed five categories of innovation: macro-activities of the value network, micro-activities within the organization, governance, financial aspects, as well as sustainable innovation. Next, a novel conceptual model was developed to assess the impact of digital technologies on business model performance, and then it was evaluated using Structural Equation Modeling (SEM). Key findings indicate that blockchain technology significantly enhances data transparency, security, and efficiency capabilities, leading to improved innovation and increased sales volume. Practical implications include recommendations for organizations to prioritize investments in platform technologies, insight analysis, and sensor-based data collection to achieve sustainable business model innovation. The study underscores the importance of a holistic approach to integrating blockchain technology across all business model components to maximize its potential.