[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/eee/bushor/v62y2019i6p773-784.html
   My bibliography  Save this article

A decentralized token economy: How blockchain and cryptocurrency can revolutionize business

Author

Listed:
  • Lee, Jei Young
Abstract
As the underlying technology of bitcoin, blockchain is expected to create a new economic system by revolutionizing the way we communicate over the internet. Blockchain seeks to improve information security and transparency by sharing encrypted data among peer-to-peer (P2P) networks. Due to its emphasis on security and trust, there is increased demand for blockchain’s application in a variety of business sectors. The decentralized nature of blockchain creates the new concept of a token economy in which the community’s revenue can be allocated to the actual content producers and service users who create value. This article looks at how blockchain technology and cryptocurrencies are evolving and interconnected, creating a token economy through different business models. Blockchain is expected to be a key technology that enables new protocols for the establishment of a token economy in the future, leading to a new economic paradigm.

Suggested Citation

  • Lee, Jei Young, 2019. "A decentralized token economy: How blockchain and cryptocurrency can revolutionize business," Business Horizons, Elsevier, vol. 62(6), pages 773-784.
    • Handle: RePEc:eee:bushor:v:62:y:2019:i:6:p:773-784
    DOI: 10.1016/j.bushor.2019.08.003
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0007681319301156
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.bushor.2019.08.003?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Pazaitis, Alex & De Filippi, Primavera & Kostakis, Vasilis, 2017. "Blockchain and value systems in the sharing economy: The illustrative case of Backfeed," Technological Forecasting and Social Change, Elsevier, vol. 125(C), pages 105-115.
    2. Alex Pazaitis & Primavera De Filippi & Vasilis Kostakis, 2017. "Blockchain and Value Systems in the Sharing Economy: The Illustrative Case of Backfeed," The Other Canon Foundation and Tallinn University of Technology Working Papers in Technology Governance and Economic Dynamics 73, TUT Ragnar Nurkse Department of Innovation and Governance.
    3. Kaplan, Andreas M. & Haenlein, Michael, 2010. "Users of the world, unite! The challenges and opportunities of Social Media," Business Horizons, Elsevier, vol. 53(1), pages 59-68, January.
    4. Jianjun Sun & Jiaqi Yan & Kem Z. K. Zhang, 2016. "Blockchain-based sharing services: What blockchain technology can contribute to smart cities," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 2(1), pages 1-9, December.
    5. Alex Pazaitis & Primavera de Filippi & Vasilis Kostakis, 2017. "Blockchain and value systems in the sharing economy: The illustrative case of Backfeed," Post-Print hal-01676881, HAL.
    6. Ying fan and Adonis Yatchew, 2016. "Introduction," The Energy Journal, International Association for Energy Economics, vol. 0(China Spe).
    7. Chen, Yan, 2018. "Blockchain tokens and the potential democratization of entrepreneurship and innovation," Business Horizons, Elsevier, vol. 61(4), pages 567-575.
    8. Sanjay Prasad & Ravi Shankar & Rachita Gupta & Sreejit Roy, 2018. "A TISM modeling of critical success factors of blockchain based cloud services," Journal of Advances in Management Research, Emerald Group Publishing Limited, vol. 15(4), pages 434-456, September.
    9. Kietzmann, Jan H. & Hermkens, Kristopher & McCarthy, Ian P. & Silvestre, Bruno S., 2011. "Social media? Get serious! Understanding the functional building blocks of social media," Business Horizons, Elsevier, vol. 54(3), pages 241-251, May.
    10. Wei Zhang & Pengfei Wang & Xiao Li & Dehua Shen, 2018. "Some stylized facts of the cryptocurrency market," Applied Economics, Taylor & Francis Journals, vol. 50(55), pages 5950-5965, November.
    11. Michel Rauchs & Garrick Hileman, 2017. "Global Cryptocurrency Benchmarking Study," Cambridge Centre for Alternative Finance Reports 201704-gcbs, Cambridge Centre for Alternative Finance, Cambridge Judge Business School, University of Cambridge.
    12. Rainer Böhme & Nicolas Christin & Benjamin Edelman & Tyler Moore, 2015. "Bitcoin: Economics, Technology, and Governance," Journal of Economic Perspectives, American Economic Association, vol. 29(2), pages 213-238, Spring.
    13. J. Leon Zhao & Shaokun Fan & Jiaqi Yan, 2016. "Overview of business innovations and research opportunities in blockchain and introduction to the special issue," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 2(1), pages 1-7, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Min Xu & Xingtong Chen & Gang Kou, 2019. "A systematic review of blockchain," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 5(1), pages 1-14, December.
    2. Tandon, Anushree & Kaur, Puneet & Mäntymäki, Matti & Dhir, Amandeep, 2021. "Blockchain applications in management: A bibliometric analysis and literature review," Technological Forecasting and Social Change, Elsevier, vol. 166(C).
    3. Lennart Ante, 2020. "A place next to Satoshi: foundations of blockchain and cryptocurrency research in business and economics," Scientometrics, Springer;Akadémiai Kiadó, vol. 124(2), pages 1305-1333, August.
    4. Hughes, Alex & Park, Andrew & Kietzmann, Jan & Archer-Brown, Chris, 2019. "Beyond Bitcoin: What blockchain and distributed ledger technologies mean for firms," Business Horizons, Elsevier, vol. 62(3), pages 273-281.
    5. Marat Rashitovich Safiullin & Leonid Alekseevich Elshin & Alia Aidarovna Abdukaeva & Maxim Vladimirovich Savushkin, 2020. "A Formalized Assessment of the Scenario Development of the National Economy in the Context of the Penetration of Blockchain Technologies Into the Financial Sector of Transactions," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(5), pages 199-204, October.
    6. Dulani Jayasuriya Daluwathumullagamage & Alexandra Sims, 2021. "Fantastic Beasts: Blockchain Based Banking," JRFM, MDPI, vol. 14(4), pages 1-43, April.
    7. Leng, Jiewu & Ruan, Guolei & Jiang, Pingyu & Xu, Kailin & Liu, Qiang & Zhou, Xueliang & Liu, Chao, 2020. "Blockchain-empowered sustainable manufacturing and product lifecycle management in industry 4.0: A survey," Renewable and Sustainable Energy Reviews, Elsevier, vol. 132(C).
    8. Kowalski, Michał & Lee, Zach W.Y. & Chan, Tommy K.H., 2021. "Blockchain technology and trust relationships in trade finance," Technological Forecasting and Social Change, Elsevier, vol. 166(C).
    9. Klarin, Anton, 2020. "The decade-long cryptocurrencies and the blockchain rollercoaster: Mapping the intellectual structure and charting future directions," Research in International Business and Finance, Elsevier, vol. 51(C).
    10. Pritpal Singh BHULLAR & Dyal BHATNAGAR, 2020. "Bitcoins as a determinant of stock market movements: A comparison of Indian and Chinese Stock Markets," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(3(624), A), pages 193-202, Autumn.
    11. Randy Priem, 2020. "Distributed ledger technology for securities clearing and settlement: benefits, risks, and regulatory implications," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 6(1), pages 1-25, December.
    12. Garg, Poonam & Gupta, Bhumika & Chauhan, Ajay Kumar & Sivarajah, Uthayasankar & Gupta, Shivam & Modgil, Sachin, 2021. "Measuring the perceived benefits of implementing blockchain technology in the banking sector," Technological Forecasting and Social Change, Elsevier, vol. 163(C).
    13. Centobelli, Piera & Cerchione, Roberto & Esposito, Emilio & Oropallo, Eugenio, 2021. "Surfing blockchain wave, or drowning? Shaping the future of distributed ledgers and decentralized technologies," Technological Forecasting and Social Change, Elsevier, vol. 165(C).
    14. Hakkarainen, Tuuli & Colicev, Anatoli, 2023. "Blockchain-enabled advances (BEAs): Implications for consumers and brands," Journal of Business Research, Elsevier, vol. 160(C).
    15. García-Monleón, Fernando & Danvila-del-Valle, Ignacio & Lara, Francisco J., 2021. "Intrinsic value in crypto currencies," Technological Forecasting and Social Change, Elsevier, vol. 162(C).
    16. Ammar AL-Ashmori & Shuib Bin Basri & P. D. D. Dominic & Luiz Fernando Capretz & Amgad Muneer & Abdullateef Oluwagbemiga Balogun & Abdul Rehman Gilal & Rao Faizan Ali, 2022. "Classifications of Sustainable Factors in Blockchain Adoption: A Literature Review and Bibliometric Analysis," Sustainability, MDPI, vol. 14(9), pages 1-30, April.
    17. Pólvora, Alexandre & Nascimento, Susana & Lourenço, Joana S. & Scapolo, Fabiana, 2020. "Blockchain for industrial transformations: A forward-looking approach with multi-stakeholder engagement for policy advice," Technological Forecasting and Social Change, Elsevier, vol. 157(C).
    18. Anton Dziatkovskii & Uladzimir Hryneuski & Alexandra Krylova & Adrian Chun Minh Loy, 2022. "Chronological Progress of Blockchain in Science, Technology, Engineering and Math (STEM): A Systematic Analysis for Emerging Future Directions," Sustainability, MDPI, vol. 14(19), pages 1-18, September.
    19. Plinio Limata, 2020. "Blockchain and Institutions (I): trust and (de)centralization," CERBE Working Papers wpC35, CERBE Center for Relationship Banking and Economics.
    20. Emmanuelle Reuter, 2022. "Hybrid business models in the sharing economy: The role of business model design for managing the environmental paradox," Business Strategy and the Environment, Wiley Blackwell, vol. 31(2), pages 603-618, February.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:bushor:v:62:y:2019:i:6:p:773-784. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/bushor .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.