Affiliation:
1. The University of Sydney Business School, Sydney, NSW, Australia
2. University of Sydney Business School, Australia and the Copenhagen Business School, Denmark
3. Trinity Business School, Trinity College Dublin, Dublin, Ireland
Abstract
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.