Hype or help? (PDF), 2023, e
The real benefits of blockchain
Authors: Jan Bieser and Daniel Fasnacht
Blockchain is much more than bitcoins and offers benefits for many industries. Since the introduction of blockchain in 2009, the technology has been continuously developed. Nevertheless, discussions about blockchain applications are still heavily influenced by cryptocurrencies and, since 2021, also by so-called non-fungible tokens (NFT). The result: The confusion around blockchain and its potential is equally great.
This study provides clarity and drills down to blockchain's benefits in the real economy. Opportunities and challenges are illustrated using three concrete examples:
- Self-sovereign (electronic) identities to securely identify people, organizations, and objects in the digital space
- Product tracking to increase product safety and transparency along supply chains
- Consolidation of sensitive (health) data to improve the quality of diagnosis and therapy without compromising data security
Ultimately, blockchain offers a technical basis to securely digitize and automate business processes, collaborate efficiently, and create more robust digital infrastructures. Once achieved, new business areas can open up. Leaders must detach themselves from hype and sweeping criticism to realize this potential. This study aims to be a starting point to do so.