Blockchain - a tool for digital transformation of business models into value creation

Abstract

Blockchain was recently recognized as one of the top 10 emerging technologies by the World Economic Forum (2016). Prior to this remarkable recognition, The Economist published several articles about the "trust machine" and therefore introduced this remarkable new technology to a wider audience. Prior to these developments, information science and business had already begun to explore the vast potential of blockchain technology with numerous evidence and concepts besides its origin - the development of cryptocurrencies, a decentralized and tamper-proof ledger technology that is expected to have many more use cases than digital technology with bitcoin as the most important mainstream application To understand the advancement of blockchain technology and its current state, investigating these under-researched aspects of blockchain technology operations is crucial. In this vein, it is important to differentiate between theoretical blockchain applications and their commercial applications in order to assess the potential disruption of existing business models by blockchain technology. The digital transformation of business models makes it necessary for companies to develop a strategy to manage (radical) change in terms of value creation. Digital transformation strategies: which will contribute to changes in value creation, such as structural changes and financial issues. The given study aims to map the existing blockchain activities and analyze how they are used in different industries and regions, as a result, we will get a better understanding of the disruptive potential of blockchain technology, apart from purely conceptual considerations and evaluate the potential of this technology, in case of their application in the global economy. DOI: 10.30890/2567-5273