BLOCKCHAIN – AN OPPORTUNITY FOR DEVELOPING NEW BUSINESS MODELS

Authors

Keywords
blockchain, distributed ledger, decentralized application (DApp), smart contract.

Abstract
Over the last years, the blockchain technology has attracted the attention of both business users and IT specialists. In essence, blockchain or a chain of blocks is a distributed and decentralized database replicated across the multiple nodes of a network. Until recently blockchain has been associated mainly with cryptocurrencies, but nowadays it is revealing its serious potential as a means of replacing the business models that facilitate the operations of business organisations and the communication between them. The utilisation of the advantages provided by blockchain, however, requires their appropriate interpretations within the framework of business processes. With reference to this, the article analyses some of the main concepts and mechanisms of this technology. Special attention is paid to the interrelation of blockchain and distributed ledger (DLT) technologies, hashing of transactions and data management through consensus as well as the so called “smart contracts”. A parallel is made between the capabilities of public and private blockchain. Based on this, the study defines the fundamental blockchain characteristics and the advantages resulting from them. It is suggested that the blockchain technology offers a solution to the primary problem of trust between people in the context of global communication and ensures better transparency, reliability and security of data and business processes. In addition, the author outlines certain potential technical and business risk that have to be taken into consideration in the process of data transfer with reference to blockchain.

JEL: C89, O00.
Pages: 18

To view the full text of the article click on the relevant button below.

More titles

  • THE INNOVATION RECEPTIVITY OF ENTERPRISES AS THE BASIS OF THEIR ECONOMIC GROWTH AND DEVELOPMENT

    The paper deals with issues related to the innovation receptivity of enterprises which is indicative of their preparedness and ability to introduce innovations and intensify their innovative activity. High innovation receptivity may be interpreted as an indicator of the ability of an enterprise to gain competitive advantages, and hence, to exert ...

  • ECONOMIC IMPORTANCE OF INSURABLE RISK

    The article presents insurable risk as the necessity which determines the decision of signing an insurance contract. It also outlines all relationships between the insurer and the insured which are presented as the driving force behind the motivation for using various insurance services. An emphasis is put on the fact that insurable interest is a ...

  • INFLUENCE OF BRANDS ON PRODUCT SATISFACTION

    The article reports the results of causal research aiming at studying the influence of brands on the levels of consumer satisfaction with products in the category of fast-moving consumer goods. During the conducted laboratory experiment, two independent groups of consumers were given the same product but with and without information about its ...