The aim of the presented work is to determine common issues of modern concepts of the sharing economy that can be effectively solved through Blockchain applications. Furthermore, a practical framework is provided that addresses the key factors of implementing Blockchain technology in sharing economy concepts.
The very essence of the sharing economy pertains to old market principles that are coupled with new interpretations, dimensions, and potential. Driven by socio-economic factors, it revolves around a) conscious consumption in a decentralised manner, b) accessibility over ownership, and c) extraordinary efficiency. Thus, it mirrors a new “zeitgeist” which is dawning in various parts of the world. Since technology is a key enabler of sharing economy concepts, Blockchain stands out as a disintermediating and disruptive technology. The hype among information technology enthusiasts, financial investors and traders brings back memories of the dot-com bubble. One important lesson learned from this was the urgent need to distil viable, beneficial and future-oriented business models.
Table of Contents
1. Introduction
2. Literature Review
2.1 Rationale
2.2 The Sharing Economy: Basic Framework
2.2.1 Principles
2.2.2 Players
2.2.3 Concepts and Drivers
2.2.4 Enablers
2.2.5 Further Issues and Challenges
2.3 Blockchain
2.3.1 What is a Blockchain?
2.3.2 Smart Contracts
2.3.3 Value for Business
2.3.4 Blockchain Issues
2.4 Blockchain and the Sharing Economy
2.4.1 True Decentralisation
2.4.2 Disrupting the Disruptors
2.4.3 New Models
2.5 Full Framework: Blockchain Implementation in the Sharing Economy
3. A Justification of the Research Methods Used
3.1 Research Aims
3.2 Research Philosophy
3.3 Research Design and Strategy
3.3.1 Methodology
3.3.2 Data Collection Methods and Sampling
3.3.3 Questionnaire Design
3.5 Data Analysis
3.6 Reliability and Validity
4. Results
4.1 Sample and Attitudes
4.2 Drivers
4.3 Enablers and Players
4.4 Challenges and Bottlenecks
4.5 Further Analysis
4.5.1 Differences among Age Groups
4.5.2 Differences among Continents and Professions
5. Discussion
5.1 Introduction
5.2 Interpretation of Results
5.2.1 Sample and Attitudes
5.2.2 Drivers
5.2.3 Enablers and Players
5.2.4 Challenges and Bottlenecks
5.3 Implications
5.4 Limitations
6. Future Work
7. Conclusion
8. References
Research Objectives and Topics
The primary research objective is to determine how blockchain technology can improve the sharing economy by identifying and analyzing the key factors involved. The study explores the confluence of these two phenomena to provide a reliable, practically oriented framework for evaluating promising business models.
- Theoretical analysis of socio-economic drivers and enablers in the sharing economy.
- Technical evaluation of blockchain applications and smart contracts.
- Identification of critical success factors for blockchain integration.
- Empirical survey of blockchain experts to validate and adjust the proposed framework.
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2.3.1 What is a Blockchain?
In order to introduce and to put the emergence of Blockchain technology in the historical context of structured data and networks, Lilic (2016) goes back to the post-World War corporate world of the United States in 1950. Moreover, he refers to first use cases of computers and the subsequent need for structuring and organising data which gave rise to the notion of databases. The proliferation of databases between the 70’s and 80’s introduced a demand for connecting these databases, which subsequently, gave rise to the development of a network. According to Lilic’s (2016) broad timeline, the internet as we know it today is the result of applications which were built and constructed on that database network. As the complexity of digital economies grows, certain friction points in that configuration become apparent.
One commonly used example for such inefficiencies of the database networks are financial transactions (Wright and De Filippi, 2015, PwC, 2017; Lilic, 2016). With regard to Blockchains, a survey of bank representatives, conducted by PwC (2017), reveals that 50% of the respondents recognise Blockchain technology as already relevant for business models of banks. Furthermore, about two thirds indicate that the importance might increase significantly within the following five to ten years. The reason is that a large share of the population has no access to this system. In other words, there is, obviously, something like cross-border payments, but certainly not something such as a cross border e-mail (Lilic, 2016).
In basic terms, Blockchain put databases and networks together so that they become one. The first and most popular example of a fully functional Blockchain is Bitcoin (Nakamoto, 2008b). The actual technology behind applications such as cryptocurrencies like Bitcoin, is a distributed ledger within a network of thousands of computers around the world that are connected and running the same protocol. These properties of the network makes it decentralised and distributed. Every computer that participates in the network holds a copy of the same database which effectively results in the combination of database and network – it rearranges the relationship between the two (Nakamoto, 2008b; Lilic, 2016). In addition to that, predictable time intervals (Bitcoin approx. every 10 minutes) and sophisticated synchronisation methods among all those connected computers allow them to achieve consensus (Tapscott and Tapscott, 2016; Lilic, 2016).
Summary of Chapters
Chapter 1: Introduction: Provides an overview of the emergence of the sharing economy and blockchain technology, outlining the research problem and objectives.
Chapter 2: Literature Review: Synthesizes existing literature to establish a framework of drivers, enablers, and players within the sharing economy and blockchain.
Chapter 3: A Justification of the Research Methods Used: Describes the methodology, focusing on a deductive approach using an expert survey to validate the theoretical framework.
Chapter 4: Results: Presents the primary data collected from the expert survey, including participant demographics and evaluation scores for various factors.
Chapter 5: Discussion: Analyzes the survey results in context of the literature review, interpreting the significance of drivers, enablers, and challenges.
6 Future Work: Suggests potential avenues for further research based on the study's findings and the dynamic nature of the fields.
7 Conclusion: Summarizes the study’s findings regarding the confluence of blockchain and the sharing economy and presents the adjusted framework.
8 References: Lists the academic and industry sources utilized throughout the dissertation.
Key Words
Blockchain, Sharing Economy, Peer-to-Peer, Decentralisation, Smart Contracts, Distributed Ledger, Business Models, Innovation, Trust, Scalability, Governance, Disintermediation, Cryptocurrency, Digital Transformation, Expert Survey
Frequently Asked Questions
What is the core focus of this research?
The work investigates the intersection between the sharing economy and blockchain technology to determine how the latter can improve peer-to-peer market systems.
Which thematic areas are central to this work?
The study focuses on identifying socio-economic and technological drivers, key enablers, and the various market players involved in the sharing economy.
What is the primary research question?
The research asks: How can blockchain technology improve the sharing economy, and what are the specific key factors involved in this transformation?
What methodology was applied?
The research employs a deductive approach, utilizing a literature review to develop a theoretical framework, which is subsequently validated via an empirical survey of blockchain experts.
What does the main body cover?
The main part of the dissertation reviews literature on sharing economy principles, evaluates blockchain functionality, and analyzes expert data to build a practical framework for future implementation.
Which keywords best characterize this work?
Key concepts include Blockchain, Sharing Economy, Peer-to-Peer, Decentralization, Smart Contracts, and Distributed Ledger Technology.
Why are scalability and ease of use considered critical?
Expert respondents identified these as the most significant challenges, suggesting that while the technology is promising, current limitations in performance and user experience hinder mass adoption.
What is the significance of the "adjusted framework" provided in the study?
The adjusted framework consolidates expert opinions to provide a reliable guide for businesses and practitioners to evaluate the suitability of blockchain integration for their sharing economy concepts.
- Quote paper
- Wladimir Kossov (Author), 2017, Chain Reactions. Investigating the Impact of Blockchain on the Sharing Economy, Munich, GRIN Verlag, https://www.grin.com/document/460864
