From Buzzword to Biz World: Realizing Blockchain's Potential in the International Business Context

Initially making its name as the backbone technology of Bitcoin, blockchain has been referred to as a distributed ledger, public database, Internet of value, digital infrastructure, network, and platform. Compared with fluctuating cryptocurrency and non-fungible token (NFT) markets, applications of blockchain technology in more diverse business scenarios have received less attention. By analyzing 16 international business use cases under eight categories of blockchain-based solutions, this article offers a contextualized understanding of the potential for blockchain to become a general-purpose technology (GPT). It discusses how the extensiveness, evolvability, and enabling (3Es) aspects of blockchain influence the value, vision, and viability (3Vs) required for successful real-world applications. The article discusses how firms can draw on lessons from failed cases and good practices of existing cases to enhance the 3Vs for blockchain adoption.

Automated summary

This article provides a contextualized understanding of the potential for blockchain technology to become a general-purpose technology (GPT) by analyzing international business use cases. It discusses how the extensiveness, evolvability, and enabling aspects of blockchain influence the value, vision, and viability required for successful real-world applications.