The value proposition of blockchain technologies and its impact on Digital Platforms

Blockchains and the disruption of the sharing economy value chains

“…It enables anonymous users in an autonomous system to exchange, share, and transact among themselves without the need for an intermediary or central authority (Ibrahim et al, 2021;Lee, 2019;Lim, Li, Wang, & Tseng, 2021). The promise of decentralization is the most compelling value proposition of blockchain technology (Zutshi et al, 2021). In this respect, it upends the traditional architecture of global value chain governance.…”

“…In order to prevent malicious users from subverting the system, permissionless networks adopt a consensus model by which users are to expend or maintain resources while to attempt to publish blocks. Permissioned networks, on the other hand, require users to have authorization before they can publish blocks(Yaga et al, 2018).In contrast with the centralized trust systems employed by multisided digital platforms, blockchains employ a decentralized, opensource system by which data management, transaction, verification, and monitoring happen across multiple nodes using a consensus mechanism(Bhushan, Sinha, Sagayam, & Onesimu, 2021;Mohanta, Jena, Panda, & Sobhanayak, 2019;Zutshi et al, 2021). Four key features of blockchain technology underpin this trust mechanism: (a) an append-only ledger to provide the entire transactional history in a process where transactions can be written into the blockchain but cannot be overridden; (b) the use of cryptography to ensure that the data contained within the ledger has not been tampered with, and the data can be attested; (c) the ledger is shared among multiple participants to provide transparency across multiple nodes in the network; and (d) scaling up the number of nodes in the network to make it moreF I G U R E 1 Principles undergirding the sharing economy value chains [Color figure can be viewed at wileyonlinelibrary.com]…”

Strategic analysis and development plan design on digital transformation in the energy industry: A global perspective

“…Massive sums of international capital have poured into block-chain technology with strong confidence of investors. 8 Such a technological progress will promote the energy digital transformation process with block-chain. The oil trading manipulated mainly by the manufacturers, suppliers, contractors, subcontractors, refiners, and retailers, for example, seems to be unable to track the real-time transfer of crude oil generally.…”

“…46 The second step is to promote the application of block-chain technology in data rights, responsibilities, and transactions in the energy digital transformation, accelerate the process of data capitalization and monetization, and improve the collaborative development of digital platform. 8…”

“…[4][5][6] The energy terminal market is being greatly affected by some new concepts, such as Smarter Energy, industrial digitization, Cloud Platform, Artificial Intelligence, Block-chain, Shared Economy, and the like. [7][8][9] In addition, driven by some new technical resources, such as edge data center, 5G base, and BeiDou Ground-Based Augmentation System, 10,11 the energy industry once again ushers in a new revolution. Digital transformation in energy industry, a profound change in business and organizational activities, processes, capabilities, and modes of the industry, will make full use of both opportunities and challenges of the digital technology to accelerate the impact on the whole society in a strategic and prioritized manner.…”