Radicalness of blockchain: an assessment based on its impact on the payments industry

Blockchain is receiving considerable attention among practitioners and academics. However, a detailed analysis investigating how the impact of blockchain is going to unfold is still missing. Our article sets out to assess the radicalness of blockchain at an early stage of its development and substan...

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Published in:	Technology analysis & strategic management Vol. 31; no. 8; pp. 915 - 928
Main Authors:	Holotiuk, Friedrich, Pisani, Francesco, Moormann, Jürgen
Format:	Journal Article
Language:	English
Published:	Abingdon Routledge 03-08-2019 Taylor & Francis Ltd
Subjects:	Academic staff Blockchain Cryptography Delphi study Distillation Innovations Payments payments industry radical innovation Technology
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Abstract	Blockchain is receiving considerable attention among practitioners and academics. However, a detailed analysis investigating how the impact of blockchain is going to unfold is still missing. Our article sets out to assess the radicalness of blockchain at an early stage of its development and substantiates the analysis with evidence from the payments industry. We start by distilling five key aspects of radical innovation from extant literature. Our analysis of blockchain then focuses on the payments industry, which represents a major business field of banking and the cradle of this technology. The results of a Delphi study provide 17 statements about the current development of blockchain. The statements deliver insights into the impact of blockchain on the payments industry and reveal the radicalness of the technology. Based on these insights, we investigate how blockchain affects the five key aspects of radical innovation and develop contributions from an innovation management's perspective.
AbstractList	Blockchain is receiving considerable attention among practitioners and academics. However, a detailed analysis investigating how the impact of blockchain is going to unfold is still missing. Our article sets out to assess the radicalness of blockchain at an early stage of its development and substantiates the analysis with evidence from the payments industry. We start by distilling five key aspects of radical innovation from extant literature. Our analysis of blockchain then focuses on the payments industry, which represents a major business field of banking and the cradle of this technology. The results of a Delphi study provide 17 statements about the current development of blockchain. The statements deliver insights into the impact of blockchain on the payments industry and reveal the radicalness of the technology. Based on these insights, we investigate how blockchain affects the five key aspects of radical innovation and develop contributions from an innovation management's perspective.
Author	Moormann, Jürgen Pisani, Francesco Holotiuk, Friedrich
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SubjectTerms	Academic staff Blockchain Cryptography Delphi study Distillation Innovations Payments payments industry radical innovation Technology
Title	Radicalness of blockchain: an assessment based on its impact on the payments industry
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