Why Business Schools Need to Teach About the Blockchain
34 Pages Posted: 20 Apr 2015
Date Written: February 3, 2015
An overview of Cryptocurrency and Blockchain technology based business initiatives and models.
Traditional in nature but revolutionary in its outlook, cryptocurrencies have often been mistrusted and discredited by critics due to their price volatility and fixed supply. In spite of these limitations, cryptocurrencies offer the possibility of rewiring the financial system based on the Blockchain, the underlying technology of all cryptocurrencies, which is heralded for its mathematical exactitude. In recent times, an increasing number of developers, mathematicians,entrepreneurs and academics have begun to leverage this technology, thus creating new business models and innovative ways in which value can be transferred without the use of traditional channels.
As financial institutions, central banks and sovereign states begin to acknowledge these changes, formal research conducted by business schools is found lacking in this space. Thus, this report aims to explain the concept of the Blockchain and presents the reader with an explanation of the technical jargon in a nontechnical manner, without which it is difficult to comprehend these new business models.
Having grasped these concepts, the report then delves into the new innovative companies using this technology and gauges the potential of these Blockchain-based businesses to change the economic structures and the rarefied services offered to its proponents in today’s digital age.
Keywords: Blockchain, Business models, Bitcoin, Cryptocurrency, Economics, Decentralized Business Models, Side Chains, Ethereum, Sharing Economy.
JEL Classification: A00, A10, A12, A20, D00, D02, D11, D12, H00, N00, O00, P00, Z00
Suggested Citation: Suggested Citation