Blockchain and the Trustless Society

Abstract:

Today’s legal, political, and socio-economic systems are built on the foundation of contracts, transactions, and records (Lansiti & Lakhani, 2017). Together, they document events and identities, ensure trust in transactions, as well as govern interactions among commercial entities, governmental institutions, trading partners, individuals, and the broader society (Lansiti & Lakhani, 2017). However, such governance structures demand constant technological innovation and updates to keep pace with rapid developments in our digital economy. One such technological development that has drawn much attention from scholars and practitioners alike is Blockchain. Blockchain has been touted as the foundation for truly trustless transactions that are critical to today’s digital economy (Risius & Spohrer, 2017).This project attempts to provide answers to the two research questions below:1. How do blockchain companies create and capture value through innovative business models?2. What constitute pioneering business applications of Blockchain and how can these applications be translated into lessons learnt for organizations venturing into blockchain technology?