Blockchain: Foundational Technology to Change the World

Abstract

Blockchain is a new technology, which has a huge potential for implementation in a variety of industries. It is commonly discussed merely as an underlying technology of the Bitcoin cryptocurrency. However, the areas of the technology implementation are not researched thoroughly and not limited to the financial sector. The objective of this study is to define the concept of Blockchain, analyse use cases and implications of the technology. An exploratory desk study was conducted in order to describe the Blockchain’s history and related concepts. On the basis of the desk research, an analysis of the business value and the technology’s principles was made. The exploratory research approach based on a profound literature examination was chosen. The exploratory approach was found relevant for this study as it enables to conduct a research of technology implementation into supply chain management and the Internet of Things industries. Analyses of the most relevant and valid sources, such as consulting companies’ reports, was done in order to collect secondary data for the thesis work. This text provides an examination of Blockchain’s implementation areas and possible implications, not concrete suggestions for developing distributed Blockchain-based applications. The results indicate Blockchain as a foundational, not a disruptive technology, which is to be implemented within the supply chain and Internet of Things. Additionally, the study provides data about economic, technological, social and political implications of Blockchain and the abilities for developing these areas.