Blockchain is a distributed decentralized database that holds a constantly updated record of data that network members have shared. The development of smart contracts, particularly on the Ethereum platform, has allowed for the expansion of scenarios in which Blockchain technology can be applied. Nonetheless, the present literature focuses more on technical factors; Indeed there are not many practical studies on real-world Blockchain implementation in business. The objective of this research is to characterize the present state of startups implementing business models based on Blockchain and Distributed Ledger Technology. In order to fill the significant gaps highlighted in the literature review, a comprehensive representative sample of Blockchain startups has been analyzed. After a preliminary filtering procedure of the data gathered in partnership with the Politecnico di Milano’s Blockchain and Distributed Ledger Observatory, the sample has been reduced to 1410 startups that raised a total of $36.4 billion through traditional funding, initial coin offerings (ICOs), or both. A complete empirical analysis has been made regarding both technical and business factors in order to identify potential trends as well as future business applications. The following evaluations considered the sector and processes in which the companies are most active, highlighting those that have stimulated the interest of investors. It has been discovered that the most successful solutions are those that leverage the programmability of current platforms or those that do not operate directly on the Blockchain but instead give complimentary services to it. Moreover, the majority of startups do not use a single Blockchain but rather interface with multiple ones to deliver their services. The token analysis revealed that, although nearly all startups adopt permissionless Blockchain, just over half include a token in their offering and usually it is a fungible utility token. The last part of the technical analysis shows that the majority of startups adopt a centralized governance model. Some areas like the entertainment industry and the DeFi world are growing faster than others, so a more in-depth analysis may be appropriate. In addition, despite the organized format of this analysis, it must be considered a certain degree of interpretation in inserting some variables.
La Blockchain è un database distribuito decentralizzato che contiene un registro costantemente aggiornato di dati che i membri della rete hanno condiviso. Lo sviluppo degli smart contract, in particolare sulla piattaforma Ethereum, ha permesso di ampliare gli scenari in cui la tecnologia Blockchain può essere applicata. Tuttavia, la letteratura attuale si concentra maggiormente sui fattori tecnici; non ci sono infatti molti studi pratici sull’implementazione della Blockchain nel mondo reale. L’obiettivo di questa ricerca è quello di categorizzare lo stato attuale delle startup che implementano modelli di business basati sulle tecnologie Blockchain e Distributed Ledger. Al fine di colmare le significative lacune evidenziate nella revisione della letteratura, è stato analizzato un campione rappresentativo di startup Blockchain. Dopo una procedura preliminare di filtraggio dei dati raccolti in collaborazione con l’Osservatorio Blockchain e Distributed Ledger del Politecnico di Milano, il campione è stato ridotto a 1410 startup che hanno raccolto un totale di $36.4 miliardi attraverso finanziamenti tradizionali, Initial Coin Offering (ICO) o entrambi. È stata effettuata un’analisi empirica completa sia per quanto riguarda i fattori tecnici che quelli di business, al fine di identificare potenziali trend e future applicazioni commerciali. Le valutazioni successive hanno preso in considerazione il settore e i processi in cui le aziende sono più attive, evidenziando quelle che hanno attirato maggiormente l’interesse degli investitori. È emerso che le soluzioni di maggior successo sono quelle che sfruttano la programmabilità delle piattaforme pre-esistenti o quelle che non operano direttamente sulla Blockchain, ma forniscono servizi complementari ad essa. Inoltre, la maggior parte delle startup non utilizza un’unica piattaforma ma si interfaccia con più Blockchain per fornire i propri servizi. L’analisi dei token ha rivelato che, sebbene quasi tutte le startup adottino una Blockchain permissionless, poco più della metà include un token nella propria offerta e di solito si tratta di un token di utilità fungibile. L’ultima parte dell’analisi tecnica mostra che la maggior parte delle startup adotta un modello di governance centralizzato. Alcuni campi, come l’industria dell’intrattenimento e il mondo DeFi, stanno crescendo più velocemente di altri, quindi potrebbe essere opportuna un’analisi più approfondita su di essi. Inoltre, nonostante la struttura organizzata di questa analisi, va considerato un certo grado di interpretazione nell’inserimento di alcune variabili.
Blockchain and distributed ledger technologies in business innovation: an analysis of the international blockchain startup ecosystem
AMADEO, TOMMASO
2021/2022
Abstract
Blockchain is a distributed decentralized database that holds a constantly updated record of data that network members have shared. The development of smart contracts, particularly on the Ethereum platform, has allowed for the expansion of scenarios in which Blockchain technology can be applied. Nonetheless, the present literature focuses more on technical factors; Indeed there are not many practical studies on real-world Blockchain implementation in business. The objective of this research is to characterize the present state of startups implementing business models based on Blockchain and Distributed Ledger Technology. In order to fill the significant gaps highlighted in the literature review, a comprehensive representative sample of Blockchain startups has been analyzed. After a preliminary filtering procedure of the data gathered in partnership with the Politecnico di Milano’s Blockchain and Distributed Ledger Observatory, the sample has been reduced to 1410 startups that raised a total of $36.4 billion through traditional funding, initial coin offerings (ICOs), or both. A complete empirical analysis has been made regarding both technical and business factors in order to identify potential trends as well as future business applications. The following evaluations considered the sector and processes in which the companies are most active, highlighting those that have stimulated the interest of investors. It has been discovered that the most successful solutions are those that leverage the programmability of current platforms or those that do not operate directly on the Blockchain but instead give complimentary services to it. Moreover, the majority of startups do not use a single Blockchain but rather interface with multiple ones to deliver their services. The token analysis revealed that, although nearly all startups adopt permissionless Blockchain, just over half include a token in their offering and usually it is a fungible utility token. The last part of the technical analysis shows that the majority of startups adopt a centralized governance model. Some areas like the entertainment industry and the DeFi world are growing faster than others, so a more in-depth analysis may be appropriate. In addition, despite the organized format of this analysis, it must be considered a certain degree of interpretation in inserting some variables.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/196274