Abstract
This paper provides an empirical study to identify the objective of companies that are currently investing in adopting blockchain technologies to improve their processes and services. Unlike other studies based on the theoretical potential application of blockchain technology in different sectors, the main objective of this paper is to analyze real projects and investment of companies in blockchain technology. More than 100 blockchain projects from different sectors were examined with the aim of extracting the perceived applicability and business value of blockchain technology by managers, customers, and partners. We identified the most demanded business value and functional properties in each sector and company size, as well as the relationship between the properties that are demanded together. This article assesses the main functional values attributed to blockchain, highlighting those really appreciated by companies that invest in them and identifying new applications of blockchain technology in different sectors, and generating organizational change. The article reveals that, as expected, significant deviations are already occurring between theoretical applications identified in the literature and those finally adopted by the industry.
Highlights
Academic Editor: Ping-Feng PaiThe birth of bitcoin [1] at the end of 2008 was much more than the beginning of the first decentralized cryptocurrency
The different benefits identified in the research are discussed below, starting with a definition of each perceived value, continuing with an understanding of the impact of each of them in the different sectors or company sizes, and with an analysis of the relationships between them
Blockchain enables the management of business-to-business processes in a decentralized way, allowing all parties to directly participate in the management of business processes
Summary
The birth of bitcoin [1] at the end of 2008 was much more than the beginning of the first decentralized cryptocurrency. The technology designed to support bitcoin cryptocurrency would later be called blockchain and give rise to a new family of decentralized technologies. Blockchain is a distributed peer-to-peer architecture that introduces major disruptions to traditional business by decentralizing governance through the creation of a secure design that does not require trusted third parties to establish transactional relationships between two parties. It was not until 2014–2016 when researchers began to identify the benefits of blockchain technology for different industries. Leaders are increasingly investing in blockchain and digital assets as one of the top five strategic priorities, with 66% forecasting investment of USD 1 million or more in the months, nearly 40% of them have blockchain in production
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