Blockchian Business Model
The paper conducts a conceptual literature review to examine how blockchain technology—specifically its three main types (public, consortium, private) and their technical attributes (data accessibility, decentralised control, operational complexity)—affects business model innovation across three value‑configuration archetypes: value shops, value networks and value chains. It first classifies blockchain types, then maps their benefits (e.g., trustable collaboration, controlled value, service delivery, network effects, cost efficiency) and associated risks (privacy issues, inflexible transactions, scalability challenges, service disruption, increased investment) to the three core business‑model functions of value creation, delivery and capture. The analysis identifies how blockchain can enable new activities, restructure existing processes, or alter governance, and links these changes to four value‑driver dimensions (novelty, lock‑in, complementarity, efficiency). A three‑step analytical framework (characteristics → benefits/risks → BMI design elements) is illustrated with examples (e.g., Hyperledger, Bitcoin, ChainFinance, ChainNova). The paper concludes with managerial implications for firms considering blockchain adoption, outlines limitations of the conceptual approach, and proposes future research directions, including empirical validation, sector‑specific frameworks, and technical challenges such as scalability and interoperability. Additionally, an extensive bibliography spanning blockchain applications in finance, supply chain, smart cities, healthcare, education, and more underscores the breadth of existing research and highlights gaps for future investigation.
Topics
Blockchain Types and Technical Attributes
Classification of public, consortium, and private blockchains together with their three core technical characteristics—data accessibility, decentralized control, and operational complexity—and an explanation of how these attributes shape potential business‑model applications.
Value‑Configuration Lens and Mapping of Blockchain Benefits and Risks
Using the value‑configuration framework (value shops, value networks, value chains), the paper links blockchain‑derived benefits (trustable collaboration, controlled value, service delivery, network effects, cost efficiency) and risks (privacy concerns, transaction inflexibility, scalability limits, service disruption, high investment) to the three core business‑model functions of value creation, delivery, and capture, illustrating distinct impacts for each configuration.
Business‑Model Innovation Design Elements and Value‑Driver Dimensions
Identification of three BMI design elements—new activities, new structures, new governance—that blockchain can trigger, and four value‑driver dimensions—novelty, lock‑in, complementarity, efficiency—that explain how these innovations generate performance gains.