Platform Strategy for Business Transformation in a Blockchain Ecosystem
This chapter explains blockchain platform strategies for business transformation in a blockchain ecosystem. The blockchain platform, which includes specific transaction records and distributed ledgers for certain time periods, can be defined as (1) a core asset in a blockchain ecosystem, (2) a common basic asset, (3) an asset possibly generating derivative content and services, such as complements, (4) the hub in the value chain in blockchain technology-based businesses, and (5) an asset retaining blockchain technology.
Blockchains can generate various complements within the context of platform leadership. This means blockchains can show the characteristics of complementarity. They bring about network externality and lock-in effect regarding platform leadership. Blockchain technology innovation is beneficial for production efficiency, cost reduction, and lowering prices.
Blockchains can also be defined as the adjustment of existing approved transactions and derivative service providers as complementors. Blockchain platforms should promote the blockchain ecosystem for platform leaders and complementors so that ecosystem stakeholders can form competitive and cooperative relationships with blockchain platform leaders.
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