Abstract
Blockchain technologies disrupt industries by enabling decentralized and transactional data sharing across a network of untrusted participants, among others. Initial Coin Offerings (ICOs) are a novel form of crowdfunding through which hundreds of blockchain-enabled businesses manage to raise billions of dollars in total only in United States. However, there is a lack of understanding of the ICO phenomenon especially related to the business aspects. In this paper, we describe the results of an exploratory study of 91 ICOs and identify the key business model elements that ICOs reveal in their websites and whitepapers. Furthermore, we also note the immaturity and lack of transparency of the business aspects of businesses behind the ICO campaigns.
Highlights
The emergence of blockchain technologies sparked a lot of interest towards the blockchain technology
This study focuses on blockchain-enabled business models and aims to answer the following research question: What business model characteristics do blockchain-enabled businesses reveal in their Initial Coin Offerings (ICOs)’s websites and whitepapers? To answer this question, we collected a sample of 91 ICOs from 14 ICO enlisting sites and studied the business model aspects of these ICOs through content analysis
In this study we took a sample of 4127 ICOs collected from 14 ICO enlisting sites and investigated the business model aspects of 91 ICOs by analyzing the ICO enlisting websites, the ICOs’ websites and their whitepapers
Summary
The emergence of blockchain technologies sparked a lot of interest towards the blockchain technology. Initial Coin Offerings (ICOs) represent an unregulated fundraising model that enable blockchain-based projects to be funded via crowdfunding model [1, 2]. Earlier research discusses how blockchain technology impacts the business models of existing companies using case study methodology and literature review This study focuses on blockchain-enabled business models and aims to answer the following research question: What business model characteristics do blockchain-enabled businesses reveal in their ICO’s websites and whitepapers? We collected a sample of 91 ICOs from 14 ICO enlisting sites and studied the business model aspects of these ICOs through content analysis. These insights can be used both in further research and in practice
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