The competition between businesses is constantly increasing. Companies seek to reduce costs, increase efficiency and effectiveness, improve the quality of the services and products which they offer. Enterprises, relying only on the traditional pipeline business model, which facilitates working efficiently and effectively, leveraging on economies of scale, strive to survive in the era of digital technology. In order to stay competitive, they need to adopt, at least up to some extent, a platform business model approach, shifting the core values of their business in order to obtain competitive advantage through network effects, reaching more customers and reducing transaction costs. The attributes of this second-generation business model are so powerful, that many businesses which adopted it, were able to disrupt whole industries, overthrowing the respective incumbents that everyone thought were invincible. Nevertheless, a new technology emerged, which has the potential to be the “new internet” – the blockchain. This innovative technology offers new attributes, that increase the value of a business in the eyes of the customers, by providing them transparency, safety, security and more power, enabling different types of interactions through a combination of several preceding technologies. This thesis provides a literature review of these three topics – traditional pipeline business model, platform business model and blockchain technology. During the investigation on state of the art literature, two questions emerged, which are the core of this thesis – “Is blockchain technology really disruptive?” and “What kind of impacts/innovations does the blockchain technology bring to businesses?”. In order to answer those questions five interviews were conducted. The informants participating in the dialogs, were chosen as they held key managerial roles in different recently established blockchain enabled enterprises. The results from the interviews were in line with the theory about disruptive technology and it was concluded that public and consortium blockchains are definitely disruptive, while private blockchains are not. Furthermore, by using a coding analysis and the STOF business model framework, conclusions were made about the results from the implementation of blockchain technology in businesses. It impacts all business building blocks – service, technology, organization and finance. Having this said the contribution of the technology to the business model of companies is rather positive in all areas, except organization, where the implementation of the technology, provides more power to the users and reduces the strength of the company, since the firm has to rely on them – users have to engage in value creating activities in order the value network to grow and realize positive network effects. These value activities relate directly to the business functions of the company, making it more dependable on its users. On the other hand, the most positive impact from blockchain implementation is on the finance domain, where it enables directly new revenue streams. Leveraging on its attributes, the blockchain technology enables business model innovation. Enterprises, relying only on the traditional pipeline model, which facilitates working efficiently and effectively, leveraging on economies of scale, strive to survive in the era of digital technology. In order to stay competitive, they need to adopt, at least up to some extent, a platform business model approach, shifting the core values of their business in order to obtain competitive advantage through network effects, reaching more customers and reducing transaction costs. The attributes of this second-generation business model are so powerful, that many businesses which adopted it, were able to disrupt whole industries, overthrowing the respective incumbents that everyone thought were invincible. Nevertheless, a new technology emerged, which has the potential to be the “new internet” – the blockchain. This innovative technology offers new attributes, that increase the value of a business in the eyes of the customers, by providing them transparency, safety, security and more power, enabling different types of interactions through a combination of several preceding technologies. This thesis provides a literature review of these three topics – traditional pipeline business model, platform business model and blockchain technology. During the investigation on state of the art literature, two questions emerged, which are the core of this thesis – “Is blockchain technology really disruptive?” and “What kind of impacts/innovations does the blockchain technology bring to businesses?”. In order to answer those questions five interviews were conducted. The informants participating in the dialogs, were chosen as they held key managerial roles in different recently established blockchain enabled enterprises. The results from the interviews were in line with the theory about disruptive technology and it was concluded that public and consortium blockchains are definitely disruptive, while private blockchains are not. Furthermore, by using a coding analysis and the STOF business model, conclusions were made about the results from the implementation of blockchain technology in businesses. It impacts all business building blocks – service, technology, organization and finance. Having this said the contribution of the technology to the business model of companies is rather positive in all areas, except organization, where the implementation of the technology, provides more power to the users and reduces the strength of the company, since the firm has to rely on them – users have to engage in value creating activities in order the value network to grow and realize positive network effects. These value activities relate directly to the business functions of the company, making it more dependable on its users. On the other hand, the most positive impact the company has is on the finance domain, where it enables directly new streams of revenues. Leveraging on its attributes, the blockchain technology enables business model innovation.
La concorrenza tra imprese è in costante crescita. Le aziende cercano di ridurre i costi, aumentare l’efficienza e l’efficacia e, non per ultimo, cercano di migliorare la qualità dei servizi e dei prodotti che offrono. Le imprese, che fanno affidamento unicamente sui tradizionali pipeline model, i quali favoriscono un lavoro più efficiente ed efficace, ma che sfruttano l’economia di scala, fanno fatica a sopravvivere nell’era dell’economia digitale. Per poter rimanere competitive, c’è bisogno che esse adottino, almeno in parte, un platform business model approach, spostando così i valori fondamentali delle loro imprese in modo da ottenere vantaggi in competitività attraverso l’effetto network, raggiungendo più clienti e riducendo i costi di transazione. Gli attributi di questa seconda generazione di modelli d’impresa sono così potenti, che molte aziende che le hanno adottate, sono state capaci di sconvolgere interi settori industriali, rovesciando gli operatori storici che tutti pensavano invincibili. Tuttavia, una nuova tecnologia, che ha tutto il potenziale di diventare la “nuova internet”, è emersa - la Blockchain. Questa tecnologia innovativa offre nuovi attributi, che aumentano il valore delle imprese agli occhi dei clienti, fornendo loro più trasparenza, sicurezza e più potere, consentendo diversi tipi d’interazione attraverso una combinazione di diverse precedenti tecnologie. Questa tesi fornisce una rassegna bibliografica dei seguenti tre argomenti – tradizionali pipeline business model, platform business model e blockchain enabled platforms. Durante l’indagine bibliografica sullo stato dell’arte, sono emersi due quesiti, i quali sono il cuore di questa tesi – “E’ realmente la blockchain disruptive?” e “Quali tipi d’impatto/innovazione la blockchain può portare nelle imprese?” In maniera da poter rispondere a questi interrogativi sono state effettuate 5 interviste. Gli informatori partecipanti alla discussione sono stati scelti per detenere degli importanti ruoli manageriali in diverse imprese nel settore della blockchain recentemente createsi. Il risultato delle interviste è in linea con la teoria sulle tecnologie disruptive e si è concluso che sia blockchain pubbliche che di consorzio sono disruptive, mentre quelle private non lo sono. Inoltre, sono state raggiunte delle conclusioni sui risultati dell’implementazione della Blockchain nelle imprese attraverso l’uso del coding analysis e della STOF business model. Essa incide su tutti gli elementi costitutivi di un’impresa – servizi, tecnologie, organizzazione e finanza. Avendo detto questo, il contributo delle tecnologie al modello imprenditoriale delle compagnie è piuttosto positivo in tutte le aree, ad eccezione dell’organizzazione, dove l’implementazione delle tecnologie dà più potere ai consumatori e riduce la forza delle compagnie, siccome le società devono fare affidamento su loro. Gli utenti, infatti, devono partecipare alle attività di creazione di valore in maniera da far crescere e rendere concreti gli effetti positivi della rete. Queste attività di valore sono legate direttamente alle funzioni imprenditoriali delle compagnie, rendendole più dipendenti dagli utenti. D’altra parte, l’impatto più positivo si ha sul settore finanziario della compagnia, dove si possono avere nuovi canali di ricavo. Sfruttando i propri attributi, la tecnologia della Blockchain permette innovazione nei modelli imprenditoriali.
From pipelines to blockchain enabled distributed platforms : evolution of business models
VOYNOV, ZHIVKO
2018/2019
Abstract
The competition between businesses is constantly increasing. Companies seek to reduce costs, increase efficiency and effectiveness, improve the quality of the services and products which they offer. Enterprises, relying only on the traditional pipeline business model, which facilitates working efficiently and effectively, leveraging on economies of scale, strive to survive in the era of digital technology. In order to stay competitive, they need to adopt, at least up to some extent, a platform business model approach, shifting the core values of their business in order to obtain competitive advantage through network effects, reaching more customers and reducing transaction costs. The attributes of this second-generation business model are so powerful, that many businesses which adopted it, were able to disrupt whole industries, overthrowing the respective incumbents that everyone thought were invincible. Nevertheless, a new technology emerged, which has the potential to be the “new internet” – the blockchain. This innovative technology offers new attributes, that increase the value of a business in the eyes of the customers, by providing them transparency, safety, security and more power, enabling different types of interactions through a combination of several preceding technologies. This thesis provides a literature review of these three topics – traditional pipeline business model, platform business model and blockchain technology. During the investigation on state of the art literature, two questions emerged, which are the core of this thesis – “Is blockchain technology really disruptive?” and “What kind of impacts/innovations does the blockchain technology bring to businesses?”. In order to answer those questions five interviews were conducted. The informants participating in the dialogs, were chosen as they held key managerial roles in different recently established blockchain enabled enterprises. The results from the interviews were in line with the theory about disruptive technology and it was concluded that public and consortium blockchains are definitely disruptive, while private blockchains are not. Furthermore, by using a coding analysis and the STOF business model framework, conclusions were made about the results from the implementation of blockchain technology in businesses. It impacts all business building blocks – service, technology, organization and finance. Having this said the contribution of the technology to the business model of companies is rather positive in all areas, except organization, where the implementation of the technology, provides more power to the users and reduces the strength of the company, since the firm has to rely on them – users have to engage in value creating activities in order the value network to grow and realize positive network effects. These value activities relate directly to the business functions of the company, making it more dependable on its users. On the other hand, the most positive impact from blockchain implementation is on the finance domain, where it enables directly new revenue streams. Leveraging on its attributes, the blockchain technology enables business model innovation. Enterprises, relying only on the traditional pipeline model, which facilitates working efficiently and effectively, leveraging on economies of scale, strive to survive in the era of digital technology. In order to stay competitive, they need to adopt, at least up to some extent, a platform business model approach, shifting the core values of their business in order to obtain competitive advantage through network effects, reaching more customers and reducing transaction costs. The attributes of this second-generation business model are so powerful, that many businesses which adopted it, were able to disrupt whole industries, overthrowing the respective incumbents that everyone thought were invincible. Nevertheless, a new technology emerged, which has the potential to be the “new internet” – the blockchain. This innovative technology offers new attributes, that increase the value of a business in the eyes of the customers, by providing them transparency, safety, security and more power, enabling different types of interactions through a combination of several preceding technologies. This thesis provides a literature review of these three topics – traditional pipeline business model, platform business model and blockchain technology. During the investigation on state of the art literature, two questions emerged, which are the core of this thesis – “Is blockchain technology really disruptive?” and “What kind of impacts/innovations does the blockchain technology bring to businesses?”. In order to answer those questions five interviews were conducted. The informants participating in the dialogs, were chosen as they held key managerial roles in different recently established blockchain enabled enterprises. The results from the interviews were in line with the theory about disruptive technology and it was concluded that public and consortium blockchains are definitely disruptive, while private blockchains are not. Furthermore, by using a coding analysis and the STOF business model, conclusions were made about the results from the implementation of blockchain technology in businesses. It impacts all business building blocks – service, technology, organization and finance. Having this said the contribution of the technology to the business model of companies is rather positive in all areas, except organization, where the implementation of the technology, provides more power to the users and reduces the strength of the company, since the firm has to rely on them – users have to engage in value creating activities in order the value network to grow and realize positive network effects. These value activities relate directly to the business functions of the company, making it more dependable on its users. On the other hand, the most positive impact the company has is on the finance domain, where it enables directly new streams of revenues. 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https://hdl.handle.net/10589/145961