Blockchain Technology and its utilization in Finnish companies
Nyyssölä, Taneli; Paczkowski, Mikael (2020)
Nyyssölä, Taneli
Paczkowski, Mikael
2020
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2020121528306
https://urn.fi/URN:NBN:fi:amk-2020121528306
Tiivistelmä
Blockchain technology created a fair amount of hype in recent years, resulting in a myriad of cryptocurrencies and promises of a new trustless economy. As students of Business Information Technology at JAMK we were interested in the ways that blockchain could transform the way data is handled. The goal for the thesis was to find out the relevance of blockchain technology from the point of view of Finnish companies.
The research was conducted with qualitative methods focusing on the current and future use-cases of blockchain technology in companies around Finland. Also included in the research is an overall assessment on the need for raising awareness of the technology as well as the need for blockchain-related expertise. The research material was collected from existing literature on the subject and semi-structured interviews with individuals from related companies. The data was analyzed deductively with thematic analysis.
The findings indicated that blockchain technology is a significant actor in distributed system architectures because it acts as a solution to many existing problems encountered in various industries such as finance and logistics. Implementing blockchain technology can, in specific cases, allow for more efficient and secure processes by replacing the work done by trusted intermediaries. In some companies blockchain technology was already in use, but in most cases applications were in development.
Based on the findings, blockchain technology offers considerable benefits to companies in specific industries, although it isn’t essential in every situation. The technology still faces challenges that need to be addressed, but at the moment it is the most promising format for systems utilizing distributed ledger technology.
The research was conducted with qualitative methods focusing on the current and future use-cases of blockchain technology in companies around Finland. Also included in the research is an overall assessment on the need for raising awareness of the technology as well as the need for blockchain-related expertise. The research material was collected from existing literature on the subject and semi-structured interviews with individuals from related companies. The data was analyzed deductively with thematic analysis.
The findings indicated that blockchain technology is a significant actor in distributed system architectures because it acts as a solution to many existing problems encountered in various industries such as finance and logistics. Implementing blockchain technology can, in specific cases, allow for more efficient and secure processes by replacing the work done by trusted intermediaries. In some companies blockchain technology was already in use, but in most cases applications were in development.
Based on the findings, blockchain technology offers considerable benefits to companies in specific industries, although it isn’t essential in every situation. The technology still faces challenges that need to be addressed, but at the moment it is the most promising format for systems utilizing distributed ledger technology.