This chapter aims to develop a holistic view of the blockchain business model framework with the role of dynamic capability. The study conceptualizes a dynamic capability framework with blockchain properties and business model understanding. The traditional approach to a business model with new technological improvements is the lack of defining the necessary business values that are captured and created from the digital environment. Specifically, blockchain technology generates additional properties that can even disrupt digital business processes. Therefore, it is necessary to build a new business model framework other than digitalization for blockchain technology to disclose disruptive values for guidance on business strategy. The study explains the detailed properties of the blockchain and classical business model and its logic. Later, a dynamic capability framework is combined with these views to establish a new business model for blockchain. This framework is the beginning for businesses that invest in blockchain to understand holistically how to extract the disruptive values out of blockchain technology and applications. Therefore, the study contributes to the businesses that invest in blockchain technology to realize the new benefits by changing traditional processes and distinctive capability which they will gain with the blockchain technology.
This is a preview of subscription content, access via your institution.
Aagaard, A. (2019). The concept and frameworks of digital business models. In A. Aagaard (Ed.), Digital business models: Driving transformation and innovation (pp. 1–26). Cham: Palgrave Macmillan.
Böhm, M., Weking, J., Fortunat, F., Müller, S., Welpe, I., & Kremer, H. (2017). The business model DNA: Towards an approach for predicting business model success. 13th International Conference on Wirtschaftsinformatik (WI 2017), St. Gallen, Switzerland, 2(12), 1006–1020. Retrieved from https://aisel.aisnet.org/wi2017/track09/paper/8/
Braganza, A., Brooks, L., Nepelski, D., Ali, M., & Moro, R. (2017). Resource management in big data initiatives: Processes and dynamic capabilities. Journal of Business Research, 70, 328–337. https://doi.org/10.1016/j.jbusres.2016.08.006.
Burkhardt, D., Frey, P., Hiller, S., Neff, A., & Lasi, H. (2019). Distributed ledger enabled internet of things platforms: symbiosis evaluation. In H. Treiblmaier & R. Beck (Eds.), Business transformation through blockchain (Vol. 2, pp. 209–231). Cham: Pagrave Macmillan.
Carson, B., Romanelli, G., Walsh, P., & Zhumaev, A. (2018). Blockchain beyond the hype: What is the strategic business value? McKinsey & Company, (June). Retrieved from https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/blockchain-beyond-the-hype-what-is-the-strategic-business-value
Chong, A. Y. L., Lim, E. T. K., Hua, X., Zheng, S., & Tan, C. W. (2019). Business on chain: A comparative case study of five blockchain-inspired business models. Journal of the Association for Information Systems, 20(9), 1308–1337. https://doi.org/10.17705/1jais.00568.
Conte de Leon, D., Stalick, A. Q., Jillepalli, A. A., Haney, M. A., & Sheldon, F. T. (2017). Blockchain: Properties and misconceptions. Asia Pacific Journal of Innovation and Entrepreneurship, 11(3), 286–300. https://doi.org/10.1108/APJIE-12-2017-034.
Faber, N., & Jonker, J. (2019). At your service: How can blockchain be used to address societal challenges? In H. Treiblmaier & R. Beck (Eds.), Business transformation through blockchain (Vol. 2, pp. 209–231). Cham: Palgrave Macmillan.
Filipova, N. (2018). Blockchain – An opportunity for D.A. Tsenov Academy of Economics, pp. 75–93.
Furlonger, D., & Uzureau, C. (2019). The real business of blockchain: How leaders can create value in a new digital age. Boston, MA: Harvard Business Review Press.
Gassmann, O., Frankenberger, K., & Csik, M. (2013). The St. Gallen business model navigator. International Journal of Product Development, 18(3), 249–273.
Giancaspro, M. (2017). Is a ‘smart contract’ really a smart idea? Insights from a legal perspective. Computer Law and Security Review, 33(6), 825–835. https://doi.org/10.1016/j.clsr.2017.05.007.
Heikkilä, M., Bouwman, H., Heikkilä, J., Solaimani, S., & Janssen, W. (2016). Business model metrics: An open repository. Information Systems and e-Business Management, 14(2), 337–366. https://doi.org/10.1007/s10257-015-0286-3.
Kang, J., Xiong, Z., Niyato, D., Wang, P., Ye, D., & Kim, D. I. (2018). Incentivizing consensus propagation in proof-of-stake based consortium blockchain networks. IEEE Wireless Communications Letters, PP(c), 1. doi:https://doi.org/10.1109/LWC.2018.2864758.
Keane, S. F., Cormican, K. T., & Sheahan, J. N. (2018). Comparing how entrepreneurs and managers represent the elements of the business model canvas. Journal of Business Venturing Insights, 9(October 2017), 65–74. https://doi.org/10.1016/j.jbvi.2018.02.004.
Krco, S., van Kranenburg, R., Loncar, M., Ziouvelou, X., & McGroarty, F. (2019). Digitization of value chain and ecosystems. In A. Aagaard (Ed.), Digital business models driving transformation and innovation (pp. 81–116). Cham: Palgrave Macmillan.
Lakhani, K. R., & Iansity, M. (2017). The Truth About Blockchain. Harvard Business Review, 95(1), 119–127. https://doi.org/10.1016/j.annals.2005.11.001.
Macrinici, D., Cartofeanu, C., & Gao, S. (2018). Smart contract applications within blockchain technology: A systematic mapping study. Telematics and Informatics, 35(8), 2337–2354. https://doi.org/10.1016/j.tele.2018.10.004.
Mariappan, S. (2019). Blockchain technology: Disrupting the current business and governance model. International Journal of Recent Technology and Engineering, 8(3), 6285–6292. https://doi.org/10.35940/ijrte.C5905.098319.
Mettler, M., & Hsg, M. A. (2016). Blockchain technology in healthcare: The revolution starts Here, 16–18. doi:https://doi.org/10.1109/HealthCom.2016.7749510.
Morkunas, V. J., Paschen, J., & Boon, E. (2019). How blockchain technologies impact your business model. Business Horizons, 62(3), 295–306. https://doi.org/10.1016/j.bushor.2019.01.009.
Mougayar, W. (2016). The Business Blockchain: Promise, practice, and application of the next Internet technology. Hoboken, NJ: Wiley.
Nofer, M., Gomber, P., Hinz, O., & Schiereck, D. (2017). Blockchain. Business and Information Systems Engineering, 59(3), 183–187. https://doi.org/10.1007/s12599-017-0467-3.
Nowiński, W., & Kozma, M. (2017). How can blockchain technology disrupt the existing business models? Entrepreneurial Business and Economics Review, 5(3), 173–188. https://doi.org/10.15678/EBER.2017.050309.
Oh, J., & Shong, I. (2017). A case study on business model innovations using blockchain: Focusing on financial institutions. Asia Pacific Journal of Innovation and Entrepreneurship, 11(3), 335–344. https://doi.org/10.1108/APJIE-12-2017-038.
Pazaitis, A., De Filippi, P., & Kostakis, V. (2017). Blockchain and value systems in the sharing economy: The illustrative case of Backfeed. Technological Forecasting and Social Change, 125(2016), 105–115. https://doi.org/10.1016/j.techfore.2017.05.025.
Puthal, D., & Mohanty, S. P. (2019). Proof of authentication: IoT-friendly blockchains. IEEE Potentials, 38(1), 26–29. https://doi.org/10.1109/MPOT.2018.2850541.
Risius, M., & Spohrer, K. (2017). A blockchain research framework: What we (don’t) know, where we go from here, and how we will get there. Business and Information Systems Engineering, 59(6), 385–409. https://doi.org/10.1007/s12599-017-0506-0.
Solaimani, S., Bouwman, H., & Itälä, T. (2015). Networked enterprise business model alignment: A case study on smart living. Information Systems Frontiers, 17(4), 871–887. https://doi.org/10.1007/s10796-013-9474-1.
Sun, Y., Yan, H., Lu, C., Bie, R., & Thomas, P. (2012). A holistic approach to visualizing business models for the internet of things. Communications in Mobile Computing, 1(1), 4. https://doi.org/10.1186/2192-1121-1-4.
Tapscott, D., & Tapscott, A. (2016). Blockchain revolution: How the technology behind bitcoin and other cryptocurrencies is changing the world. New York: Portfolio/Penguin.
Treiblmaier, H., & Onder, I. (2019). The impact of blockchain on the tourism industry: A theory-based research framework. In H. Treiblmaier & R. Beck (Eds.), Business transformation through blockchain (Vol. 2, pp. 3–21). Cham: Palgrave Macmillan.
Ugray, Z., Paper, D., & Johnson, J. (2019). How business value is extracted from operational data: A case study. In A. Aagaard (Ed.), Digital business models driving transformation and innovation (pp. 117–145). Cham: Palgrave Macmillan.
Urban, M., Klemm, M., Ploetner, K. O., & Hornung, M. (2018). Airline categorisation by applying the business model canvas and clustering algorithms. Journal of Air Transport Management, 71(April), 175–192. https://doi.org/10.1016/j.jairtraman.2018.04.005.
VanAlstyne, W. M., Parker, G. G., & Choudary, P. S. (2016). Pipelines, platforms, and the new rules of strategy: Scale now trumps differentiation. Harvard Business Review, (April), 2012–2014.
Viswanadham, N. (2018). Performance analysis and design of competitive business models. International Journal of Production Research, 56(1–2), 983–999. https://doi.org/10.1080/00207543.2017.1406171.
Warner, K. S. R., & Wäger, M. (2019). Building dynamic capabilities for digital transformation: An ongoing process of strategic renewal. Long Range Planning, 52(3), 326–349. https://doi.org/10.1016/j.lrp.2018.12.001.
Wójcik, P. (2015). Exploring links between dynamic capabilities perspective and resource-based view: A literature overview. International Journal of Management and Economics, 45, 83–107. https://doi.org/10.1515/ijme-2015-0017.
Wrigley, C., & Straker, K. (2016). Designing innovative business models with a framework that promotes experimentation. Strategy and Leadership, 44(1), 11–19. https://doi.org/10.1108/SL-06-2015-0048.
Zamani, E. D., & Giaglis, G. M. (2018). Industrial management and data systems article information: For authors. Industrial Management and Data Systems, 118(3), 637–652. https://doi.org/10.1108/IMDS-02-2018-0085.
Editors and Affiliations
Rights and permissions
© 2021 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this chapter
Cite this chapter
Aydiner, A.S. (2021). New Approach to A Disruptive Business Model with Dynamic Capability Under the Blockchain Technology. In: Dincer, H., Yüksel, S. (eds) Management Strategies to Survive in a Competitive Environment. Contributions to Management Science. Springer, Cham. https://doi.org/10.1007/978-3-030-72288-3_2
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-72287-6
Online ISBN: 978-3-030-72288-3
eBook Packages: Business and ManagementBusiness and Management (R0)