Skip to main content
SpringerLink
Log in

Blockchain Technology: Unlocking the Business Model Maze for Evolving Businesses and Start-Up

  • Chapter
  • First Online:
Transformations Through Blockchain Technology

Abstract

Our business, economic and social lives are often simplified by the emergence and applicability of new technological changes. Blockchain is one of those technology which is bringing a paradigm shift in our various old and traditional business models. Blockchain technology occupied fifth rank among 2018 technology trends. Although most of the people approach blockchain as a technology which could bring revolution only in financial sectors, but on the contrary this technology is capable enough to revolutionise the entire business model irrespective of nature, geographical location, ownership and even size of business. Blockchain technology gained considerable recognition with Bitcoin in 2008. With the unique characteristic of removing intermediaries, blockchain technology brought various advantages to those businesses which are heavily dependent on intermediaries. A blockchain business model facilitates decentralisation and through cryptography, permits transactions which are of peer-to-peer nature and helps in the fabrication of network of trust. Tokens are used to earn profits in Blockchain-based business models, and they shall be given to those who would help blockchain to acquire consensus. These tokens carry values which are decided as per market conditions. Examples of tokens are Ethers and Bitcoins. Various start-up venture capital firms and business organisations are investing in blockchain technology and metamorphosing their traditional and complex business models into technology-base easy processes. Blockchain though, commence its expedition with the concept of bitcoin, up till now, it has covered a remarkable distance and aptly become a significant part of businesses of various nature. The present chapter is an attempt to dwell into the concept of blockchain technology and analyse its impact on business models. The chapter also put light on archetypal patterns, which shall enhance readers understanding of how blockchain is enabling evolution in existing business models and creating new ones.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 109.00
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 139.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 139.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

References

  1. Idrees, S. M., Agarwal, P., & Alam, M. A. (Eds.). (2021). Blockchain for Healthcare Systems: Challenges, Privacy, and Securing of Data. CRC Press.

    Google Scholar 

  2. J. Kietzmann, From hype to reality: Blockchain grows up. Bus. Horiz. 62(3), XXX (2019)

    Article  Google Scholar 

  3. A. Hughes, A. Park, C. Archer-Brown, J. Kietzmann, Beyond bitcoin: What blockchain and distributed ledger technologies mean for firms. Bus. Horiz. 62(3), XXX (2019)

    Article  Google Scholar 

  4. M. Swan, Blockchain: Blueprint for a New Economy, 1st edn. (O’Reilly Media, Sebastopol, 2015). https://doi.org/10.1017/CBO9781107415324.004

    Book  Google Scholar 

  5. B.W. Wirtz, A. Pistoia, S. Ullrich, V. Göttel, Business models: Origin, development and future research perspectives. Long Range Plan. 49(1), 36–54 (2016)

    Article  Google Scholar 

  6. C. Zott, R. Amit, L. Massa, The business model: Recent developments and future research. J. Manag. 37, 1019 (2011)

    Google Scholar 

  7. A. Osterwalder, Y. Pigneur, C.L. Tucci, Clarifying business models: Origins, present, and future of the concept, in Communications of the Association for Information Systems, vol. 16 (2005)

    Google Scholar 

  8. W. Mougayar, V. Buterin, The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology (Wiley, New York, 2016)

    Google Scholar 

  9. A. Onetti, A. Zucchella, M.V. Jones, P.P. McDougall-Covin, Internationalization, innovation and entrepreneurship: Business models for new technology-based firms. J. Manag. Gov. 16(3), 337–368 (2012)

    Article  Google Scholar 

  10. M. Morris, M. Schindehutte, J. Allen, The entrepreneur’s business model: Toward a unified perspective. J. Bus. Res. 58(6), 726–735 (2005)

    Article  Google Scholar 

  11. S.M. Shafer, H.J. Smith, J.C. Linder, The power of business models. Bus. Horiz. 48(3), 199–207 (2005)

    Article  Google Scholar 

  12. D. Veit, E. Clemons, A. Benlian, P. Buxmann, T. Hess, D. Kundisch, J. Leimeister, P. Loos, M. Spann, Business models. Bus. Inf. Syst. Eng. 6(1), 45–53 (2014)

    Article  Google Scholar 

  13. M.M. Al-Debei, D. Avison, Developing a unified framework of the business model concept. Eur. J. Inf. Syst. 19(3), 359–376 (2010)

    Article  Google Scholar 

  14. M.W. Johnson, C.M. Christensen, H. Kagermann, Reinventing your business model. Harv. Bus. Rev. 86(10), 57–68 (2008)

    Google Scholar 

  15. C. Baden-Fuller, S. Haefliger, Business models and technological innovation. Long Range Plan. 46(6), 419–426 (2013)

    Article  Google Scholar 

  16. H. Chesbrough, R.S. Rosenbloom, The role of the business model in capturing value from innovation: Evidence from Xerox Corporation’s technology spin-off companies. Ind. Corp. Chang. 11(3), 529–555 (2002)

    Article  Google Scholar 

  17. R. Beck, J. Stenum Czespluch, N. Lollike, S. Malone, Blockchain—The gateway to trust-free cryptographic transactions, in ECIS 2016 Proceedings (2016)

    Google Scholar 

  18. S. Nakamoto, Bitcoin: A peer-to-peer electronic cash system (2008), https://bitcoin.org/bitcoin.pdf

  19. Rather, I. H., & Idrees, S. M. (2021). Blockchain Technology and Its Applications in the Healthcare Sector. In Blockchain for Healthcare Systems (pp. 17-25). CRC Press.

    Google Scholar 

  20. W. Vaughn, Open vs closed blockchains: Let’s end this madness (2015), https://medium.com/@WayneVaughan/open-vs-closed-blockchains-let-s-end-thismadness-8313e4095ead

  21. P. Jayachandran, The Difference Between Public and Private Blockchain (IBM, Somers, 2017)., https://www.ibm.com/blogs/blockchain/2017/05/the-difference-betweenpublic-and-private-blockchain/

    Google Scholar 

  22. J. Coburn, Public vs. private blockchains: Understanding the differences. Blocks Decoded (2018), https://blocksdecoded.com/public-private-blockchains/

  23. D. Tapscott, A. Tapscott, Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business and the World (Penguin, New York, 2016)

    Google Scholar 

  24. G. Larios-Hernandez, Blockchain entrepreneurship opportunity in the practices of the unbanked. Bus. Horiz. 60(6), 865–874 (2017)

    Article  Google Scholar 

  25. A. Osterwalder, Y. Pigneur, Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers (Wiley, Hoboken, 2013), p. P38

    Google Scholar 

  26. M.W. Johnson, C.M. Christensen, H. Kagermann, Reinventing your business model. Harv. Bus. Rev. 86(12), 50–59 (2008)

    Google Scholar 

  27. M. Montecchi, K.A. Plangger, M. Etter, It’s real, trust me! Establishing supply chain provenance using blockchain. Bus. Horiz. 62(3), XXX (2019)

    Article  Google Scholar 

  28. L. Mearian, Q&A: Walmart’s Frank Yiannas on the use of blockchain for food safety. Computerworld (2018), https://www.computerworld.com/article/3309656/emerging-technology/qa-walmarts-frank-yiannas-on-theuse-of-blockchain-for-food-safety.html

  29. M.D. Gregorio, Blockchain: A new tool to cut costs. PricewaterhouseCoopers (2017), https://www.pwc.com/m1/en/media-centre/articles/blockchain-newtool-to-cut-costs.html

  30. M. Vukolic, Behind the Architecture of Hyperledger Fabric (IBM, Somers, 2018)., https://www.ibm.com/blogs/research/2018/02/architecture-hyperledgerfabric/

    Google Scholar 

  31. M. Pilkington, Blockchain technology: Principles and applications, in Research Handbooks on Digital Transformations, (University of Burgundy/Edward Elgar Publishing Ltd., Burgundy/Cheltenham, 2016), pp. 225–253. https://doi.org/10.4337/9781784717766

    Chapter  Google Scholar 

  32. E. Kane, Is blockchain a general purpose technology? SSRN Electron. J. 68, 1–27 (2017). https://doi.org/10.2139/ssrn.293258

    Article  Google Scholar 

  33. M. Crosby, V.S. Nachiappan, V. Kalyanaraman, Blockchain technology beyond bitcoin. Blockchain Technologies (2015), pp. 1–27, http://www.blockchaintechnologies.com/blockchain-definition

  34. Gartner, Blockchain status 2018: Market adoption reality (2018), https://www.gartner.com/doc/3869693/blockchain-status–market-adoption

  35. Deloitte, Blockchain technology use cases in organizations worldwide as of April 2018*. Statista (2018), https://www.statista.com/statistics/878732/worldwideuse-cases-blockchain-technology

  36. D. Schatsky, A. Arora, A. Dongre, Blockchain and the five vectors of progress. Deloitte (2018), https://www2.deloitte.com/insights/us/en/focus/signals-for-strategists/value-of-blockchain-applicationsinteroperability.html

  37. M.E. Porter, J.E. Heppelmann, How smart, connected products are transforming companies. Harv. Bus. Rev. 93, 96–114 (2015)

    Google Scholar 

  38. S. Lenka, V. Parida, J. Wincent, Digitalization capabilities as enablers of value co-creation in servitizing firms. Psychol. Mark. 34, 92–100 (2017)

    Article  Google Scholar 

  39. T. Grubic, I. Jennions, Remote monitoring technology and servitised strategies—Factors characterising the organisational application. Int. J. Prod. Res. 56, 2133–2149 (2018)

    Article  Google Scholar 

  40. Gardener Glossary. Digitalization (2018), https://www.gartner.com/it-glossary/digitalization/. Accessed 14 Nov 2018

  41. IBM, Innovative Analytics (GBE03664-USEN-02) (IBM, Somers, 2015)

    Google Scholar 

  42. T. Baines, A. Ziaee Bigdeli, O.F. Bustinza, V.G. Shi, J. Baldwin, K. Ridgway, Servitization: Revisiting the state-of-the-art and research priorities. Int. J. Oper. Prod. Manag. 37, 256–278 (2017)

    Article  Google Scholar 

  43. Y. Chen, Blockchain tokens and the potential democratization of entrepreneurship and innovation. Bus. Horiz. 61, 567–575 (2018). https://doi.org/10.1016/j.bushor.2018.03.006, https://www.sciencedirect.com/science/article/pii/S000768131830037

    Article  Google Scholar 

  44. D. Tamayo, IBM blockchain explained (2017), https://www.slideshare.net/DiegoDiaz49/1-ibmblockchain-explained

  45. A. Ziaee Bigdeli, T. Baines, O.F. Bustinza, V. Guang Shi, Organisational change towards servitization: A theoretical framework. Compet. Rev. Int. Bus. J. 27, 12–39 (2017)

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Banasthali Vidyapith, Niwai, Rajasthan, India

    Richa Chauhan

  2. Independent Researcher, Rajasthan, India

    Vidhi Kaul

Authors
  1. Richa Chauhan
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Vidhi Kaul
    View author publications

    You can also search for this author in PubMed Google Scholar

Editor information

Editors and Affiliations

  1. Researcher, Department of Computer Science (IDI), Norwegian University of Science and Technology (NTNU), Gjøvik, Norway

    Sheikh Mohammad Idrees

  2. Associate Professor, Department of Computer Science (IDI), Norwegian University of Science and Technology (NTNU), Gjøvik, Norway

    Mariusz Nowostawski

Rights and permissions

Reprints and permissions

Copyright information

© 2022 The Author(s), under exclusive license to Springer Nature Switzerland AG

About this chapter

Check for updates. Verify currency and authenticity via CrossMark

Cite this chapter

Chauhan, R., Kaul, V. (2022). Blockchain Technology: Unlocking the Business Model Maze for Evolving Businesses and Start-Up. In: Idrees, S.M., Nowostawski, M. (eds) Transformations Through Blockchain Technology . Springer, Cham. https://doi.org/10.1007/978-3-030-93344-9_13

Download citation

  • DOI: https://doi.org/10.1007/978-3-030-93344-9_13

  • Published:

  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-030-93343-2

  • Online ISBN: 978-3-030-93344-9

  • eBook Packages: EngineeringEngineering (R0)

Publish with us

Policies and ethics

Search

Navigation