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Blockchain implementation from a strategic management perspective
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
2019 (English)Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

 

The main focus of this thesis is Blockchain technology and its implementation in companies from managerial perspective. In the recent years the blockchain technology was getting more and more popular.  However, during our research we noticed, that most of the studies done regarding blockchain are analyzing either its technical side of implementation or theoretical advantages. There was a clear gap in the literature investigating blockchain implementation from managerial side and its actual results.  Such tendency was identified not only by us, but also other fellow researchers. As a result, we wanted to gather and build our research on practical experience from managers related to blockchain technology, its actual advantages and strategic implementation process. In order to make the thesis and learnings more structured and focused, we formulated a research question:

 

“How could Blockchain improve business processes and how managers can prepare to cope with the possible innovation changes from strategic management point of view?”

 

The research was conducted using a qualitative method. We focused on learning from people related with blockchain technology, thus mainly our respondents were: developers, blockchain solutions business owners and blockchain business consultants. In total we had 11 interviews of which 8 were detailed email interviews. In order to get relevant information for the research, our questions were divided into 3 key topics: Familiarization with blockchain, Decision process and Implementation and Key learnings and Advice for managers. Questions formulated around these main topics helped us to gain insights, learn about current situation and answer our research question. In addition, an unexpected, but relevant themes occurred during interviews, such as hype around the blockchain and possible threats of quantum computing. Based on the findings, analysis was made on 5 topics: Advantages of blockchain, Blockchain Hype, Implementation Strategy, Implementation challenges and Future of blockchain. Which helped to conclude that blockchain technology’s theoretical advantages are the same as companies are trying to achieve: Transparency, Cost reduction, Real time data, however, they are still waiting for results, since no one clearly identified, that it is a superior solution, then current. Moreover, one of the theoretical advantages – security could have been seen as contradictory, since it depends on type of a blockchain. Due to theoretical advantages, we found, that there is a lot of Hype in the companies and people are fearing of missing out on the technology. Thus, without even learning or calculating the risks and advantages companies wants to implement blockchain solutions no matter what. As a result, biggest challenge so far is willingness to invest time and learn about the technology, as well as, solve current problems, not create a blockchain solution and then look what a company could do with it. When it comes to blockchain implementation strategy, the best and most useful way is to make partnerships within your industry’s other companies, since only then blockchain could be superior and could have a positive impact on the whole sector. Lastly, blockchain is still at the very early steps of being implemented into companies, thus the positive results could be seen only in the upcoming years, nevertheless, companies are increasingly investing their resources into it, thus the future is promising for blockchain.

 

Place, publisher, year, edition, pages
2019.
Keywords [en]
Blockchain, Blockchain implementation, Strategic management
National Category
Business Administration
Identifiers
URN: urn:nbn:se:umu:diva-161278OAI: oai:DiVA.org:umu-161278DiVA, id: diva2:1333520
Educational program
Master's program in Business Development and Internationalisation
Supervisors
Examiners
Available from: 2019-07-01 Created: 2019-07-01 Last updated: 2019-07-01Bibliographically approved

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CiteExportLink to record
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Citation style
  • apa
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