Blockchain Tokens and the Potential Democratization of Entrepreneurship and Innovation

22 Pages Posted: 25 Oct 2017 Last revised: 26 Jun 2018

See all articles by Yan Chen

Yan Chen

Stevens Institute of Technology - School of Business

Date Written: October 25, 2017

Abstract

Over the past few years, Bitcoin has emerged as the first decentralized, global currency. The rise of Bitcoin has brought attention not only to digital currencies but also to the underlying technology empowering digital currenciesā€”blockchain technology. A blockchain is a distributed ledger that records and secures transactions in a peer-to-peer network. Besides empowering digital currencies, blockchain technology has given innovators the capability of creating digital tokens to represent scarce assets, potentially reshaping the landscape of entrepreneurship and innovation. Blockchain tokens may democratize entrepreneurship by giving entrepreneurs a new way to raise funds and engage stakeholders. They may democratize innovation by giving innovators a new way to develop, deploy, and diffuse decentralized applications. Blockchain technology and tokens have sparked a new wave of innovation, which may start to revolutionize entrepreneurship and innovation.

Keywords: blockchain tokens; initial coin offerings; token sales; crowdfunding; open innovation

JEL Classification: L26; E42

Suggested Citation

Chen, Yan, Blockchain Tokens and the Potential Democratization of Entrepreneurship and Innovation (October 25, 2017). Business Horizons, Vol. 61, Issue 4, pp. 567-575, 2018; Stevens Institute of Technology School of Business Research Paper. Available at SSRN: https://ssrn.com/abstract=3059150

Yan Chen (Contact Author)

Stevens Institute of Technology - School of Business ( email )

Hoboken, NJ 07030
United States

Register to save articles to
your library

Register

Paper statistics

Downloads
543
rank
47,885
Abstract Views
3,012
PlumX Metrics