Skip to main content Accessibility help
×
Hostname: page-component-8448b6f56d-42gr6 Total loading time: 0 Render date: 2024-04-18T16:14:39.334Z Has data issue: false hasContentIssue false

Blockchains

Strategic Implications for Contracting, Trust, and Organizational Design

Published online by Cambridge University Press:  09 September 2022

Wenqian Wang
Affiliation:
Purdue University, Indiana
Fabrice Lumineau
Affiliation:
The University of Hong Kong
Oliver Schilke
Affiliation:
University of Arizona

Summary

Blockchains have become increasingly important for organizing contemporary economic and social activities. This Element offers a deeper understanding of blockchains to both management scholars and practitioners, with an emphasis on blockchains' strategic implications for fundamental issues in organizing. It provides a critical examination of the core themes, theoretical lenses, and methodologies used in blockchain research in business and management scholarship. Furthermore, it offers an in-depth discussion of why and how blockchains offer a new way of organizing, providing profound implications for three major issues of strategic organization: contracting, trust, and organizational design. It also discusses several limitations of the technology in its current stage of development. Finally, this Element points to the implication of blockchains on both scholarly research and business practice.
Get access
Type
Element
Information
Online ISBN: 9781009057707
Publisher: Cambridge University Press
Print publication: 06 October 2022

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Adhami, S., Giudici, G., & Martinazzi, S. (2018). Why do businesses go crypto? An empirical analysis of initial coin offerings. Journal of Economics and Business, 100, 6475.Google Scholar
Ahluwalia, S., Mahto, R. V., & Guerrero, M. (2020). Blockchain technology and startup financing: A transaction cost economics perspective. Technological Forecasting and Social Change, 151, 119854.CrossRefGoogle Scholar
Akyildirim, E., Corbet, S., Cumming, D., Lucey, B., & Sensoy, A. (2020). Riding the wave of crypto-exuberance: The potential misusage of corporate blockchain announcements. Technological Forecasting and Social Change, 159, 120191.Google Scholar
Alabi, K. (2017). Digital blockchain networks appear to be following Metcalfe’s Law. Electronic Commerce Research and Applications, 24, 23–9.Google Scholar
Alexandre, A. (2018). New study says 80 percent of ICOs conducted in 2017 were scams. Cointelegraph. Accessed 17 June 2021. https://cointelegraph.com/news/new-study-says-80-percent-of-icos-conducted-in-2017-were-scams.Google Scholar
Allen, D. W., Berg, C., Markey-Towler, B., Novak, M., & Potts, J. (2020). Blockchain and the evolution of institutional technologies: Implications for innovation policy. Research Policy, 49(1), 103865.Google Scholar
Angelis, J., & da Silva, E. R. (2019). Blockchain adoption: A value driver perspective. Business Horizons, 62(3), 307–14.Google Scholar
Antonopoulos, A. M. (2014). Mastering Bitcoin: Unlocking Digital Cryptocurrencies. Sebastopol, CA: O’Reilly Media.Google Scholar
Aratani, L. (2021). Electricity needed to mine Bitcoin is more than used by entire countries. The Guardian. Accessed 2 June 2021. www.theguardian.com/technology/2021/feb/27/bitcoin-mining-electricity-use-environmental-impact.Google Scholar
Arrowsmith, R. (2021). EY and Microsoft expand Xbox blockchain smart contract platform. Accounting Today. Accessed 22 May 2021. www.accountingtoday.com/news/ey-and-microsoft-expand-xbox-blockchain-smart-contract-platform.Google Scholar
Babich, V., & Hilary, G. (2020). OM Forum – Distributed ledgers and operations: What operations management researchers should know about blockchain technology. Manufacturing & Service Operations Management, 22(2), 223–40.Google Scholar
Bahga, A., & Madisetti, V. K. (2016). Blockchain platform for industrial Internet of Things. Journal of Software Engineering and Applications, 9(10), 533–46.Google Scholar
Bai, C., & Sarkis, J. (2020). A supply chain transparency and sustainability technology appraisal model for blockchain technology. International Journal of Production Research, 58(7), 2142–62.Google Scholar
Bambrough, B. (2020). Massive hack exposes Bitcoin’s greatest weakness. Forbes. Accessed 21 June 2021. www.forbes.com/sites/billybambrough/2020/12/23/massive-hack-exposes-bitcoins-greatest-weakness/?sh=2f28b579da7d.Google Scholar
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99120.Google Scholar
Barney, J. B., & Hansen, M. H. (1994). Trustworthiness as a source of competitive advantage. Strategic Management Journal, 15(8), 175–90.Google Scholar
Beck, R., Müller-Bloch, C., & King, J. L. (2018). Governance in the blockchain economy: A framework and research agenda. Journal of the Association for Information Systems, 19(10), 1020–34.Google Scholar
Bergin, T., & Layne, N. (2015). Special report: Cyber thieves exploit banks’ faith in SWIFT transfer network. Reuters. Accessed 2 June 2021. www.reuters.com/article/us-cyber-heist-swift-specialreport-idUSKCN0YB0DD.Google Scholar
Bertino, E., Kundu, A., & Sura, Z. (2019). Data transparency with blockchain and AI ethics. Journal of Data and Information Quality, 11(4), 18.Google Scholar
Bodkhe, U., Mehta, D., Tanwar, S. et al. (2020). A survey on decentralized consensus mechanisms for cyber physical systems. IEEE Access, 8, 54371–401.Google Scholar
Bouri, E., Shahzad, S. J. H., & Roubaud, D. (2019). Co-explosivity in the cryptocurrency market. Finance Research Letters, 29, 178–83.CrossRefGoogle Scholar
Brink, S. (2021). How can blockchain support the energy transition? Shell. Accessed 21 June 2021. www.shell.com/energy-and-innovation/digitalisation/news-room/blockchain-building-trust-to-enable-the-energy-transition.html.Google Scholar
Burns, J., Steele, A., Cohen, E. E., & Ramamoorti, S. (2020). Blockchain and internal control: A COSO perspective. COSO. Accessed 21 June 2021. www.aicpa.org/content/dam/aicpa/interestareas/informationtechnology/downloadabledocuments/blockchain-and-internal-control-the-coso-perspective.pdf.Google Scholar
Buterin, V. (2014). A next-generation smart contract and decentralized application platform. Ethereum Whitepaper. Accessed 21 June 2021. https://blockchainlab.com/pdf/Ethereum_white_paper-a_next_generation_smart_contract_and_decentralized_application_platform-vitalik-buterin.pdf.Google Scholar
Cai, Y. J., Choi, T. M., & Zhang, J. (2021). Platform supported supply chain operations in the blockchain era: Supply contracting and moral hazards. Decision Sciences, 52(4), 866–92.Google Scholar
Cao, Z., Li, Y., Jayaram, J., Liu, Y., & Lumineau, F. (2018). A meta-analysis of the exchange hazards–interfirm governance relationship: An informal institutions perspective. Journal of International Business Studies, 49(3), 303–23.Google Scholar
Cao, Z., & Lumineau, F. (2015). Revisiting the interplay between contractual and relational governance: A qualitative and meta-analytic investigation. Journal of Operations Management, 33–34, 1542.Google Scholar
Carson, B., Romanelli, G., Walsh, P., & Zhumaev, A. (2018). Blockchain beyond the hype: What is the strategic business value? McKinsey & Company. Accessed 22 April 2022. www.caba.org/wp-content/uploads/2020/04/IS-2018-209.pdf.Google Scholar
Casey, M. J., & Vigna, P. (2018). In blockchain we trust. MIT Technology Review, 121(3), 1016.Google Scholar
Catalini, C., & Gans, J. S. (2016). Some simple economics of the blockchain. National Bureau of Economic Research. Accessed 21 June 2021. www.nber.org/papers/w22952.Google Scholar
CBInsights. (2019). How blockchain could disrupt insurance. Accessed 21 June 2021. www.cbinsights.com/research/blockchain-insurance-disruption/.Google Scholar
Cennamo, C., Marchesi, C., & Meyer, T. (2020). Two sides of the same coin? Decentralized versus proprietary blockchains and the performance of digital currencies. Academy of Management Discoveries, 6(3), 382405.Google Scholar
Centobelli, P., Cerchione, R., Del Vecchio, P., Oropallo, E., & Secundo, G. (2021). Blockchain technology for bridging trust, traceability and transparency in circular supply chain. Information & Management, forthcoming. https://doi.org/10.1016/j.im.2021.103508.Google Scholar
Chalmers, D., Matthews, R., & Hyslop, A. (2021). Blockchain as an external enabler of new venture ideas: Digital entrepreneurs and the disintermediation of the global music industry. Journal of Business Research, 125(5), 577–91.Google Scholar
Chang, V., Baudier, P., Zhang, H. et al. (2020a). How blockchain can impact financial services: The overview, challenges and recommendations from expert interviewees. Technological Forecasting and Social Change, 158, 120166.Google Scholar
Chang, Y., Iakovou, E., & Shi, W. (2020b). Blockchain in global supply chains and cross border trade: A critical synthesis of the state-of-the-art, challenges and opportunities. International Journal of Production Research, 58(7), 2082–99.Google Scholar
Chen, H., Pendleton, M., Njilla, L., & Xu, S. (2020). A survey on Ethereum systems security: Vulnerabilities, attacks, and defenses. ACM Computing Surveys, 53(3), Article 67. https://doi.org/10.1145/3391195.Google Scholar
Chen, Y. (2018). Blockchain tokens and the potential democratization of entrepreneurship and innovation. Business Horizons, 61(4), 567–75.Google Scholar
Chen, Y., Pereira, I., & Patel, P. C. (2021). Decentralized governance of digital platforms. Journal of Management, 47(5), 1305–37.Google Scholar
Cheng, S. F., De Franco, G., Jiang, H., & Lin, P. (2019). Riding the blockchain mania: Public firms’ speculative 8-K disclosures. Management Science, 65(12), 5901–13.Google Scholar
Chod, J., Trichakis, N., Tsoukalas, G., Aspegren, H., & Weber, M. (2020). On the financing benefits of supply chain transparency and blockchain adoption. Management Science, 66(10), 4378–96.CrossRefGoogle Scholar
Clemons, E. K., Reddi, S. P., & Row, M. C. (1993). The impact of information technology on the organization of economic activity: The ‘move to the middle’ hypothesis. Journal of Management Information Systems, 10(2), 935.Google Scholar
Clohessy, T., & Acton, T. (2019). Investigating the influence of organizational factors on blockchain adoption: An innovation theory perspective. Industrial Management & Data Systems, 119(7), 1457–91.Google Scholar
Cole, R., Stevenson, M., & Aitken, J. (2019). Blockchain technology: Implications for operations and supply chain management. Supply Chain Management: An International Journal, 24(4), 469–83.Google Scholar
Cong, L. W., & He, Z. (2019). Blockchain disruption and smart contracts. Review of Financial Studies, 32(5), 1754–97.CrossRefGoogle Scholar
Criddle, C. (2021). Bitcoin consumes ‘more electricity than Argentina’. BBC News. Accessed 2 June 2021. www.bbc.com/news/technology-56012952.Google Scholar
Damsgaard, J., & Lyytinen, K. (1998). Contours of diffusion of electronic data interchange in Finland: Overcoming technological barriers and collaborating to make it happen. Journal of Strategic Information Systems, 7(4), 275–97.Google Scholar
Das, T. K., & Teng, B. S. (1998). Between trust and control: Developing confidence in partner cooperation in alliances. Academy of Management Review, 23(3), 491512.Google Scholar
Davidson, S., De Filippi, P., & Potts, J. (2018). Blockchains and the economic institutions of capitalism. Journal of Institutional Economics, 14(4), 639–58.Google Scholar
De Filippi, P., Mannan, M., & Reijers, W. (2020). Blockchain as a confidence machine: The problem of trust & challenges of governance. Technology in Society, 62, 101284.CrossRefGoogle Scholar
De Filippi, P., & Wright, A. (2018). Blockchain and the Law: The Rule of Code. Cambridge, MA: Harvard University Press.Google Scholar
De Villiers, C., Kuruppu, S., & Dissanayake, D. (2021). A (new) role for business: Promoting the United Nations’ Sustainable Development Goals through the internet-of-things and blockchain technology. Journal of Business Research, 131, 598609.CrossRefGoogle Scholar
Dierksmeier, C., & Seele, P. (2018). Cryptocurrencies and business ethics. Journal of Business Ethics, 152(1), 114.Google Scholar
Dierksmeier, C., & Seele, P. (2020). Blockchain and business ethics. Business Ethics: A European Review, 29(2), 348–59.Google Scholar
Du, W. D., Pan, S. L., Leidner, D. E., & Ying, W. (2019). Affordances, experimentation and actualization of FinTech: A blockchain implementation study. Journal of Strategic Information Systems, 28(1), 5065.CrossRefGoogle Scholar
Duncan, S. (2019). Privacy on public blockchains: EY clients and the blockchain curious must leverage this ‘best of both worlds’ breakthrough. EY. Accessed 30 April 2021. https://assets.ey.com/content/dam/ey-sites/ey-com/en_gl/generic/ey-2019-hfs-report-privacy-on-public-blockchains.pdf.Google Scholar
DuPont, Q. (2017). Experiments in algorithmic governance: A history and ethnography of ‘The DAO’, a failed decentralized autonomous organization, in Campbell-Verduyn, M. (ed.), Bitcoin and Beyond. New York: Routledge, 157–77.Google Scholar
Durovic, M., & Janssen, A. (2019). Formation of smart contracts under contract law. in DiMatteo, L., Cannarsa, M., & Poncibo, C. (eds.), The Cambridge Handbook of Smart Contracts, Blockchain Technology and Digital Platforms (Cambridge Law Handbooks). Cambridge: Cambridge University Press, 6179.Google Scholar
Emmelhainz, M. A. (1988). Strategic issues of EDI implementation. Journal of Business Logistics, 9(2), 5570.Google Scholar
Ennis, M. (2021). NFT art: The bizarre world where burning a Banksy can make it more valuable. The Conversation. Accessed 18 June 2021. https://theconversation.com/nft-art-the-bizarre-world-where-burning-a-banksy-can-make-it-more-valuable-156605#:~:text=A%20blockchain%20company%20has%20bought,from%20a%20New%20York%20gallery.Google Scholar
Ethereum. (2021). Proof-of-stake (POS). Accessed 17 June 2021. https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/.Google Scholar
Fanning, K., & Centers, D. P. (2016). Blockchain and its coming impact on financial services. Journal of Corporate Accounting & Finance, 27(5), 53–7.Google Scholar
Felin, T., & Lakhani, K. (2018). What problems will you solve with blockchain? MIT Sloan Management Review, 60(1), 32–8.Google Scholar
Fernandez-Carames, T. M., & Fraga-Lamas, P. (2020). Towards post-quantum blockchain: A review on blockchain cryptography resistant to quantum computing attacks. IEEE Access, 8, 21091–116.Google Scholar
Fiaidhi, J., Mohammed, S., & Mohammed, S. (2018). EDI with blockchain as an enabler for extreme automation. IT Professional, 20(4), 6672.Google Scholar
Fisch, C., & Momtaz, P. P. (2020). Institutional investors and post-ICO performance: An empirical analysis of investor returns in initial coin offerings (ICOs). Journal of Corporate Finance, 64, 101679.Google Scholar
Forde, E. (2021). Cash ‘gifts’ and strong-arm tactics: Music’s problem with NFTs. The Guardian. Accessed 30 July 2022.www.theguardian.com/music/2021/apr/07/cash-gifts-and-strong-arm-tactics-musics-problem-with-nfts.Google Scholar
Fortino, G., Messina, F., Rosaci, D., & Sarné, G. M. (2020). Using blockchain in a reputation-based model for grouping agents in the Internet of Things. IEEE Transactions on Engineering Management, 67(4), 1231–43.Google Scholar
Fry, J., & Cheah, E. T. (2016). Negative bubbles and shocks in cryptocurrency markets. International Review of Financial Analysis, 47, 343–52.Google Scholar
Fulmer, C. A., & Gelfand, M. J. (2012). At what level (and in whom) we trust: Trust across multiple organizational levels. Journal of Management, 38(4), 1167–230.Google Scholar
Gambetta, D. (2009). Signaling, in Hedström, P., & Bearman, P. (eds.), The Oxford Handbook of Analytical Sociology. New York: Oxford University Press, 168–94.Google Scholar
Garay, J., Kiayias, A., & Leonardos, N. (2015). The Bitcoin backbone protocol: Analysis and applications, in Oswald, E., & Fischlin, M. (eds.), Advances in Cryptology – EUROCRYPT 2015. Berlin: Springer, 281310.Google Scholar
Garg, P., Gupta, B., Chauhan, A. K. et al. (2021). Measuring the perceived benefits of implementing blockchain technology in the banking sector. Technological Forecasting and Social Change, 163, 120407.Google Scholar
Gaszcz, C. (2019). Hyundai division is developing a blockchain platform to track history of used cars. Yahoo. Accessed 23 April 2022. www.yahoo.com/video/hyundai-division-developing-blockchain-platform-105745154.html.Google Scholar
Gillespie, N., & Dietz, G. (2009). Trust repair after an organization-level failure. Academy of Management Review, 34(1), 127–45.Google Scholar
Giudici, G., & Adhami, S. (2019). The impact of governance signals on ICO fundraising success. Journal of Industrial and Business Economics, 46(2), 283312.Google Scholar
Gleim, M. R., & Stevens, J. L. (2021). Blockchain: A game changer for marketers? Marketing Letters, 32(1), 123–8.Google Scholar
Glikson, E., & Woolley, A. W. (2020). Human trust in artificial intelligence: Review of empirical research. Academy of Management Annals, 14(2), 627–60.CrossRefGoogle Scholar
Goldsby, C., & Hanisch, M. (2022). The boon and bane of blockchain: Getting the governance right. California Management Review, 64(3), 141–68.Google Scholar
Gulati, R., Wohlgezogen, F., & Zhelyazkov, P. (2012). The two facets of collaboration: Cooperation and coordination in strategic alliances. Academy of Management Annals, 6(1), 531–83.Google Scholar
Halaburda, H. (2018). Blockchain revolution without the blockchain? Communications of the ACM, 61(7), 27–9.CrossRefGoogle Scholar
Halaburda, H., Haeringer, G., Gans, J. S., & Gandal, N. (2020). The microeconomics of cryptocurrencies. National Bureau of Economic Research. Accessed 30 July 2022. www.nber.org/system/files/working_papers/w27477/w27477.pdf.Google Scholar
Halaburda, H., & Mueller-Bloch, C. (2020). Toward a multidimensional conceptualization of decentralization in blockchain governance: Commentary on ‘two sides of the same coin? Decentralized versus proprietary blockchains and the performance of digital currencies’ by Cennamo, Marchesi, & Meyer. Academy of Management Discoveries, 6(4), 712–14.Google Scholar
Hanisch, M., Theodosiadis, V., & Teixeira, F. (2022). Digital governance: How blockchain technologies revolutionize the governance of interorganizational relationships, in Baalmans, S., Broekhuizen, T., & Fabian, N. (eds.), Digital Transformation. Groningen: University of Groningen Press, forthcoming. https://research.rug.nl/en/publications/digital-governance-how-blockchain-technologies-revolutionize-the-.Google Scholar
Hasan, M. R., Shiming, D., Islam, M. A., & Hossain, M. Z. (2020). Operational efficiency effects of blockchain technology implementation in firms. Review of International Business and Strategy, 30(2), 163–81.Google Scholar
Hertig, A. (2020). What is an oracle? CoinDesk. Accessed 22 May 2021. www.coindesk.com/what-is-an-oracle.Google Scholar
Hojckova, K., Ahlborg, H., Morrison, G. M., & Sandén, B. (2020). Entrepreneurial use of context for technological system creation and expansion: The case of blockchain-based peer-to-peer electricity trading. Research Policy, 49(8), 104046.Google Scholar
Hooper, A., & Holtbrügge, D. (2020). Blockchain technology in international business: Changing the agenda for global governance. Review of International Business and Strategy, 30(2), 183200.Google Scholar
Hsieh, Y. Y., Vergne, J. P., Anderson, P., Lakhani, K., & Reitzig, M. (2018). Bitcoin and the rise of decentralized autonomous organizations. Journal of Organization Design, 7, 14. https://doi.org/10.1186/s41469-018-0038-1.Google Scholar
Hsieh, Y. Y., Vergne, J. P., & Wang, S. (2017). The internal and external governance of blockchain-based organizations, in Campbell-Verduyn, M. (ed.), Bitcoin and Beyond. New York: Routledge, 4868.Google Scholar
Huang, L., Röck, D., Murray, A., & Hofmann, E. (2020). modum.io: Funding a Blockchain-Based Start-Up’s Supply Chain Solution. Boston, MA: Harvard Business School.Google Scholar
Huang, R. (2019). UN pilot in Mongolia uses blockchain to help farmers deliver sustainable cashmere. Forbes. Accessed 11 May 2021. www.forbes.com/sites/rogerhuang/2019/12/28/un-pilot-in-mongolia-uses-blockchain-to-help-farmers-deliver-sustainable-cashmere/?sh=70e0262517d9.Google Scholar
IBM. (2020). Blockchain and the unbanked: Changes coming to global finance. Accessed 18 June 2021. www.ibm.com/blogs/blockchain/2020/03/blockchain-and-the-unbanked-changes-coming-to-global-finance/.Google Scholar
IBM. (2021). Building trust and transparency in insurance policies with blockchain. Accessed 22 May 2021. https://mediacenter.ibm.com/id/1_ovxiynn1.Google Scholar
Iftody, E. (2019). What’s the difference between Crowdfunding, ICO’s, IEO’s and STO’s? Medium. Accessed 21 June 2021. https://medium.com/swlh/whats-the-difference-between-crowdfunding-ico-s-ieo-s-and-sto-s-d4059f6b24ed.Google Scholar
Jain, A., & Jain, C. (2019). Blockchain hysteria: Adding ‘blockchain’ to company’s name. Economics Letters, 181, 178–81.Google Scholar
Jaoude, J., & Saade, R. G. (2019). Blockchain applications – Usage in different domains. IEEE Access, 7, 45360–81.Google Scholar
Jazdi, N. (2014). Cyber physical systems in the context of Industry 4.0, in Miclea, L., & Stoian, I. (eds.), 2014 IEEE International Conference on Automation, Quality and Testing, Robotics. Cluj-Napoca: IEEE, 14. https://doi.org/10.1109/AQTR.2014.6857843.Google Scholar
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–60.CrossRefGoogle Scholar
Kamble, S., Gunasekaran, A., & Arha, H. (2019). Understanding the blockchain technology adoption in supply chains-Indian context. International Journal of Production Research, 57(7), 2009–33.Google Scholar
Khanna, T., Gulati, R., & Nohria, N. (1998). The dynamics of learning alliances: Competition, cooperation, and relative scope. Strategic Management Journal, 19(3), 193210.Google Scholar
Kiktenko, E. O., Pozhar, N. O., Anufriev, M. N. et al. (2018). Quantum-secured blockchain. Quantum Science and Technology, 3(3), 035004.CrossRefGoogle Scholar
Kim, S. K., & Huh, J. H. (2020). Blockchain of carbon trading for UN sustainable development goals. Sustainability, 12(10), 4021.Google Scholar
Knill, E. (2010). Quantum computing. Nature, 463, 441–3.Google Scholar
Koufaris, M., & Hampton-Sosa, W. (2004). The development of initial trust in an online company by new customers. Information & Management, 41(3), 377–97.Google Scholar
Kurpjuweit, S., Schmidt, C. G., Klöckner, M., & Wagner, S. M. (2021). Blockchain in additive manufacturing and its impact on supply chains. Journal of Business Logistics, 42(1), 4670.Google Scholar
Lacity, M., & van Hoek, R. (2021a). Requiem for reconciliations: DL Freight, a blockchain-enabled solution by Walmart Canada and DLT Labs. Blockchain Center of Excellence. Accessed 2 June 2021. https://blockchain.uark.edu/new-bcoe-white-paper-on-walmart-canada-dlt-labs/.Google Scholar
Lacity, M., & van Hoek, R. (2021b). What we’ve learned so far about blockchain for business. MIT Sloan Management Review, 62(3), 4854.Google Scholar
Lacity, M. C. (2020). Blockchain Foundations: For the Internet of Value. Arkansas: Epic Books.Google Scholar
Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 3546.Google Scholar
Leising, M. (2017). The $55M hack that almost brought Ethereum down. CoinDesk. Accessed 17 June 2021. www.coindesk.com/tech/2020/09/17/the-55m-hack-that-almost-brought-ethereum-down/.Google Scholar
Leonard, J. (2019). For blockchain it’s time to face up to governance and regulation. Computing. Accessed 18 June 2021. www.computing.co.uk/analysis/3076512/for-blockchain-its-time-to-face-up-to-governance-and-regulation.Google Scholar
Lewis, J. D., & Weigert, A. (1985). Trust as a social reality. Social Forces, 63(4), 967–85.Google Scholar
Li, J. J., Poppo, L., & Zhou, K. Z. (2010). Relational mechanisms, formal contracts, and local knowledge acquisition by international subsidiaries. Strategic Management Journal, 31(4), 349–70.Google Scholar
Liang, T. P., Kohli, R., Huang, H. C., & Li, Z. L. (2021). What drives the adoption of the blockchain technology? A fit-viability perspective. Journal of Management Information Systems, 38(2), 314–37.Google Scholar
Liu, Y., & Tsyvinski, A. (2021). Risks and returns of cryptocurrency. Review of Financial Studies, 34(6), 2689–727.Google Scholar
Liu, Z., & Li, Z. (2020). A blockchain-based framework of cross-border e-commerce supply chain. International Journal of Information Management, 52, 102059.CrossRefGoogle Scholar
Long, C. P., & Sitkin, S. B. (2018). Control–trust dynamics in organizations: Identifying shared perspectives and charting conceptual fault lines. Academy of Management Annals, 12(2), 725–51.Google Scholar
Long, C. P., & Weibel, A. (2018). Two sides of an important coin: Outlining the general parameters of control-trust research, in Searle, R., Nienaber, A. M., & Sitkin, S. B. (eds.), The Routledge Companion to Trust. New York: Routledge, 506–21.Google Scholar
Luhmann, N. (1979). Trust and Power. Chichester: Wiley.Google Scholar
Lumineau, F., & Malhotra, D. (2011). Shadow of the contract: How contract structure shapes inter-firm dispute resolution. Strategic Management Journal, 32(5), 532–55.Google Scholar
Lumineau, F., Wang, W., & Schilke, O. (2021a). Blockchain governance – A new way of organizing collaborations? Organization Science, 32(2), 500–21.CrossRefGoogle Scholar
Lumineau, F., Wang, W., & Schilke, O. (2021b). Blockchains can change the way we collaborate. LSE Business Review. Accessed 30 July 2022. https://blogs.lse.ac.uk/businessreview/2021/01/14/blockchains-can-change-the-way-we-collaborate/.Google Scholar
Lumineau, F., Wang, W., Schilke, O., & Huang, L. (2021c). How blockchain can simplify partnerships. Harvard Business Review. Accessed 30 July 2022. https://hbr.org/2021/04/how-blockchain-can-simplify-partnerships.Google Scholar
Macneil, I. R. (1978). Contracts: Adjustment of long-term economic relations under classical, neoclassical, and relational contract law. Northwestern University Law Review, 72, 854902.Google Scholar
Makarov, I., & Schoar, A. (2020). Trading and arbitrage in cryptocurrency markets. Journal of Financial Economics, 135(2), 293319.Google Scholar
Malhotra, A., O’Neill, H., & Stowell, P. (2022). Thinking strategically about blockchain adoption and risk mitigation. Business Horizons, 65(2), 159–71.Google Scholar
Malhotra, D., & Lumineau, F. (2011). Trust and collaboration in the aftermath of conflict: The effects of contract structure. Academy of Management Journal, 54(5), 981–98.Google Scholar
Mani, K. (2019). Will blockchain replace EDI? Yes and no. Forbes. Accessed 22 April 2022. www.forbes.com/sites/forbestechcouncil/2019/04/03/will-blockchain-replace-edi-yes-and-no/?sh=55ef370347d7.Google Scholar
Mattke, J., Hund, A., Maier, C., & Weitzel, T. (2019). How an enterprise blockchain application in the US pharmaceuticals supply chain is saving lives. MIS Quarterly Executive, 18(4), 245–61.Google Scholar
Matzutt, R., Hiller, J., Henze, M. et al. (2018). A quantitative analysis of the impact of arbitrary blockchain content on Bitcoin, in Meiklejohn, S., & Sako, K. (eds.), Financial Cryptography and Data Security. Berlin: Springer, 420–38.Google Scholar
Mayer, K. J., & Argyres, N. S. (2004). Learning to contract: Evidence from the personal computer industry. Organization Science, 15(4), 394410.Google Scholar
Mayer, R. C., Davis, J. H., & Schoorman, F. D. (1995). An integrative model of organizational trust. Academy of Management Review, 20(3), 709–34.Google Scholar
McKnight, D. H., Carter, M., Thatcher, J. B., & Clay, P. F. (2011). Trust in a specific technology: An investigation of its components and measures. ACM Transactions on Management Information Systems, 2(2), 125.Google Scholar
Mohan, V. (2019). On the use of blockchain-based mechanisms to tackle academic misconduct. Research Policy, 48(9), 103805.Google Scholar
Montecchi, M., Plangger, K., & Etter, M. (2019). It’s real, trust me! Establishing supply chain provenance using blockchain. Business Horizons, 62(3), 283–93.Google Scholar
Murray, A., Kuban, S., Josefy, M., & Anderson, J. (2021a). Contracting in the smart era: The implications of blockchain and decentralized autonomous organizations for contracting and corporate governance. Academy of Management Perspectives, 35(4), 622–41.Google Scholar
Murray, A., Rhymer, J., & Sirmon, D. G. (2021b). Humans and technology: Forms of conjoined agency in organizations. Academy of Management Review, 46(3), 552–71.Google Scholar
Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. Bitcoin.org. Accessed 18 June 2021. https://bitcoin.org/bitcoin.pdf.Google Scholar
Nandi, M. L., Nandi, S., Moya, H., & Kaynak, H. (2020). Blockchain technology-enabled supply chain systems and supply chain performance: A resource-based view. Supply Chain Management: An International Journal, 25(6), 841–62.Google Scholar
Nandi, S., Sarkis, J., Hervani, A., & Helms, M. (2021). Do blockchain and circular economy practices improve post COVID-19 supply chains? A resource-based and resource dependence perspective. Industrial Management & Data Systems, 121(2), 333–63.Google Scholar
Narayanan, A., & Clark, J. (2017). Bitcoin’s academic pedigree. Communications of the ACM, 60(12), 3645.Google Scholar
Nayak, N., & Nguyen, D. T. (2018). Blockchain, AI and robotics: How future tech will simplify federal procurement. Federal Times. Accessed 21 June 2021. www.federaltimes.com/acquisition/2018/03/23/blockchain-ai-and-robotics-how-future-tech-will-simplify-federal-procurement/.Google Scholar
Times, New York. (2021). Dealbook newsletter: When doing well means doing good. Accessed 21 June 2021. www.nytimes.com/2021/03/15/business/dealbook/sec-esg-priority.html.Google Scholar
Niranjanamurthy, M., Nithya, B. N., & Jagannatha, S. (2019). Analysis of blockchain technology: Pros, cons and SWOT. Cluster Computing, 22(6), 14743–57.Google Scholar
Okhuysen, G. A., & Bechky, B. A. (2009). Coordination in organizations: An integrative perspective. Academy of Management Annals, 3(1), 463502.Google Scholar
Oprunenco, A., & Akmeemana, C. (2018). Using blockchain to make land registry more reliable in India. LSE Business Review. Accessed 30 July 2022. https://blogs.lse.ac.uk/businessreview/2018/04/13/using-blockchain-to-make-land-registry-more-reliable-in-india/.Google Scholar
Oxley, J. E. (1999). Institutional environment and the mechanisms of governance: The impact of intellectual property protection on the structure of inter-firm alliances. Journal of Economic Behavior & Organization, 38(3), 283309.Google Scholar
Palmer, D. (2016). 7 cool decentralized apps being built on Ethereum. CoinDesk. Accessed 21 June 2021. www.coindesk.com/7-cool-decentralized-apps-built-ethereum.Google Scholar
Park, G., Shin, S. R., & Choy, M. (2020). Early mover (dis) advantages and knowledge spillover effects on blockchain startups’ funding and innovation performance. Journal of Business Research, 109, 6475.Google Scholar
Parkhe, A. (1993). Strategic alliance structuring: A game theoretic and transaction cost examination of interfirm cooperation. Academy of Management Journal, 36(4), 794829.Google Scholar
Parmigiani, A., & Rivera-Santos, M. (2015). Sourcing for the base of the pyramid: Constructing supply chains to address voids in subsistence markets. Journal of Operations Management, 3334, 6070.Google Scholar
Pazaitis, A., De Filippi, P., & Kostakis, V. (2017). Blockchain and value systems in the sharing economy: The illustrative case of Backfeed. Technological Forecasting and Social Change, 125, 105–15.CrossRefGoogle Scholar
Pennington, R., Wilcox, H. D., & Grover, V. (2003). The role of system trust in business-to-consumer transactions. Journal of Management Information Systems, 20(3), 197226.Google Scholar
Pereira, J., Tavalaei, M. M., & Ozalp, H. (2019). Blockchain-based platforms: Decentralized infrastructures and its boundary conditions. Technological Forecasting and Social Change, 146, 94102.Google Scholar
Pinkham, B. C., & Peng, M. W. (2017). Overcoming institutional voids via arbitration. Journal of International Business Studies, 48(3), 344–59.Google Scholar
Poole, J. (2016). Textbook on Contract Law. New York: Oxford University Press.Google Scholar
Poppo, L., & Zenger, T. (2002). Do formal contracts and relational governance function as substitutes or complements? Strategic Management Journal, 23(8), 707–25.Google Scholar
Puranam, P. (2018). The Microstructure of Organizations. Oxford: Oxford University Press.Google Scholar
Puranam, P., Alexy, O., & Reitzig, M. (2014). What’s ‘new’ about new forms of organizing? Academy of Management Review, 39(2), 162–80.Google Scholar
PwC. (2020). PwC’s global blockchain survey. Accessed 2 June 2021. www.pwc.com/gx/en/industries/technology/blockchain/blockchain-in-business.html.Google Scholar
Reuer, J. J., & Ariño, A. (2007). Strategic alliance contracts: Dimensions and determinants of contractual complexity. Strategic Management Journal, 28(3), 313–30.Google Scholar
Roels, G., & Tang, C. S. (2017). Win-win capacity allocation contracts in coproduction and codistribution alliances. Management Science, 63(3), 861–81.Google Scholar
Ryall, M. D., & Sampson, R. C. (2009). Formal contracts in the presence of relational enforcement mechanisms: Evidence from technology development projects. Management Science, 55(6), 906–25.Google Scholar
Saberi, S., Kouhizadeh, M., Sarkis, J., & Shen, L. (2019). Blockchain technology and its relationships to sustainable supply chain management. International Journal of Production Research, 57(7), 2117–35.Google Scholar
Salah, K., Rehman, M. H. U., Nizamuddin, N., & Al-Fuqaha, A. (2019). Blockchain for AI: Review and open research challenges. IEEE Access, 7, 10127–49.Google Scholar
Sampson, R. C. (2007). R&D alliances and firm performance: The impact of technological diversity and alliance organization on innovation. Academy of Management Journal, 50(2), 364–86.Google Scholar
Santos, F. M., & Eisenhardt, K. M. (2005). Organizational boundaries and theories of organization. Organization Science, 16(5), 491508.Google Scholar
Schallbruch, M., & Skierka, I. (2018). Requirements for a German ‘blockchain strategy’. Digital Society Institute Berlin. Accessed 22 April 2022. https://faculty-research.esmt.berlin/sites/faculty/files/2019-03/dsi-ipr_2018-3_en-de.pdf.Google Scholar
Schepker, D. J., Oh, W. Y., Martynov, A., & Poppo, L. (2014). The many futures of contracts: Moving beyond structure and safeguarding to coordination and adaptation. Journal of Management, 40(1), 193225.Google Scholar
Schilke, O., & Cook, K. S. (2013). A cross-level process theory of trust development in interorganizational relationships. Strategic Organization, 11(3), 281303.Google Scholar
Schilke, O., & Cook, K. S. (2015). Sources of alliance partner trustworthiness: Integrating calculative and relational perspectives. Strategic Management Journal, 36(2), 276–97.Google Scholar
Schilke, O., & Goerzen, A. (2010). Alliance management capability: An investigation of the construct and its measurement. Journal of Management, 36(5), 1192–219.Google Scholar
Schilke, O., & Lumineau, F. (2018). The double-edged effect of contracts on alliance performance. Journal of Management, 44(7), 2827–58.Google Scholar
Schilke, O., Reimann, M., & Cook, K. S. (2021). Trust in social relations. Annual Review of Sociology, 47, 239–59. https://doi.org/10.1146/annurev-soc-082120-082850.Google Scholar
Schilke, O., Wiedenfels, G., Brettel, M., & Zucker, L. G. (2017). Interorganizational trust production contingent on product and performance uncertainty. Socio-Economic Review, 15(2), 307–30.Google Scholar
Schmeiss, J., Hoelzle, K., & Tech, R. P. G. (2019). Designing governance mechanisms in platform ecosystems: Addressing the paradox of openness through blockchain technology. California Management Review, 62, 121–43.Google Scholar
Schmidt, C. G., & Wagner, S. M. (2019). Blockchain and supply chain relations: A transaction cost theory perspective. Journal of Purchasing and Supply Management, 25(4), 100552.Google Scholar
Schwab, K. (2017). The Fourth Industrial Revolution. New York: Penguin Random House.Google Scholar
Selznick, P. (1957). Leadership in Administration: A Sociological Interpretation. Berkeley, CA: University of California Press.Google Scholar
Segal, E. (2021). What will the next decade bring? Here are 20 predictions from trend forecasters. The Guardian. Accessed 21 June 2021. www.theguardian.com/commentisfree/2021/feb/15/2020s-trend-predictions-forecasters-working-from-home-ai-climate.Google Scholar
Shackelford, S. J., & Myers, S. (2017). Block-by-block: Leveraging the power of blockchain technology to build trust and promote cyber peace. Yale Journal of Law and Technology, 19(1), 334–88.Google Scholar
Sharma, P., Paul, S., & Sharma, S. (2020). What’s in a name? A lot if it has ‘blockchain’. Economics Letters, 186, 108818.Google Scholar
Simon, H. A. (1957). Models of Man: Social and Rational. New York: Wiley.Google Scholar
Smith, A. (1776). The Wealth of Nations. New York: Alfred A. Knopf.Google Scholar
Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87(3), 355–74.Google Scholar
Standard Chartered. (2019). We’ve completed our first cross-border Letter of Credit blockchain transaction in the oil industry with PTT Group. Accessed 2 June 2021. www.sc.com/en/media/press-release/weve-completed-our-first-cross-border-letter-of-credit-blockchain-transaction-in-the-oil-industry-with-ptt-group/.Google Scholar
Statista. (2021). Cryptocurrency projects: Funds raised worldwide by industry 2019. Accessed 12 May 2021. www.statista.com/statistics/802925/worldwide-amount-crytocurrency-ico-projects-by-industry/.Google Scholar
Sternberg, H. S., Hofmann, E., & Roeck, D. (2021). The struggle is real: Insights from a supply chain blockchain case. Journal of Business Logistics, 42(1), 7187.Google Scholar
Sulkowski, A. (2018). Blockchain, business supply chains, sustainability, and law: The future of governance, legal frameworks, and lawyers. Delaware Journal of Corporate Law, 43(2), 303–45.Google Scholar
Sundarakani, B., Ajaykumar, A., & Gunasekaran, A. (2021). Big data driven supply chain design and applications for blockchain: An action research using case study approach. Omega, 102, 102452.Google Scholar
Swanson, T. (2020). Blockchain: Enigma, paradox, opportunity. Deloitte. Accessed 21 June 2021. www2.deloitte.com/content/dam/Deloitte/uk/Documents/Innovation/deloitte-uk-blockchain-key-challenges.pdf.Google Scholar
Szabo, N. (1997). Smart contracts: Formalizing and securing relationships on public networks. First Monday, 2(9). https://doi.org/10.5210/fm.v2i9.548.Google Scholar
Tanwar, S., Parekh, K., & Evans, R. (2020). Blockchain-based electronic healthcare record system for healthcare 4.0 applications. Journal of Information Security and Applications, 50, 102407.Google Scholar
Economist, The. (2015). The promise of the blockchain: The trust machine. Accessed 30 July 2022. www.economist.com/leaders/2015/10/31/the-trust-machineGoogle Scholar
Torres, de Oliveira, Indulska, R., M., & Zalan, T. (2020). Guest editorial: Blockchain and the multinational enterprise: Progress, challenges and future research avenues. Review of International Business and Strategy, 30(2), 145–61.Google Scholar
Trabucchi, D., Moretto, A., Buganza, T., & MacCormack, A. (2020). Disrupting the disruptors or enhancing them? How blockchain reshapes two‐sided platforms. Journal of Product Innovation Management, 37(6), 552–74.Google Scholar
Treiblmaier, H. (2018). The impact of the blockchain on the supply chain: A theory-based research framework and a call for action. Supply Chain Management: An International Journal, 23(6), 545–59.Google Scholar
Tsolakis, N., Niedenzu, D., Simonetto, M., Dora, M., & Kumar, M. (2021). Supply network design to address United Nations Sustainable Development Goals: A case study of blockchain implementation in Thai fish industry. Journal of Business Research, 131, 495519.Google Scholar
U.S. Department of Justice. (2021). Department of Justice seizes $2.3 million in cryptocurrency paid to the ransomware extortionists darkside. Accessed 18 June 2021. www.justice.gov/opa/pr/department-justice-seizes-23-million-cryptocurrency-paid-ransomware-extortionists-darkside.Google Scholar
van der Scheer, W. (2018). How blockchain leads to new organizational structures. Xebia. Accessed 18 June 2021. https://articles.xebia.com/how-blockchain-leads-to-new-organizational-structures.Google Scholar
van Hoek, R. (2019). Exploring blockchain implementation in the supply chain. International Journal of Operations & Production Management, 39(6), 829–59.Google Scholar
van Pelt, R. V., Jansen, S., Baars, D., & Overbeek, S. (2021). Defining blockchain governance: A framework for analysis and comparison. Information Systems Management, 38(1), 2141.Google Scholar
Vergne, J. P. (2020). Decentralized vs. distributed organization: Blockchain, machine learning and the future of the digital platform. Organization Theory, 1(4), 126. https://doi.org/10.1177/2631787720977052.Google Scholar
Vigliotti, M. G., & Jones, H. (2020). The Executive Guide to Blockchain. Cham: Palgrave Macmillan.Google Scholar
Volberda, H. W. (1996). Toward the flexible form: How to remain vital in hypercompetitive environments. Organization Science, 7(4), 359–74.Google Scholar
Wang, S., & Vergne, J. P. (2017). Buzz factor or innovation potential: What explains cryptocurrencies’ returns? PLoS One, 12(1), e0169556. https://doi.org/10.1371/journal.pone.0169556.Google Scholar
Wang, W., Hoang, D. T., Hu, P. et al. (2019). A survey on consensus mechanisms and mining strategy management in blockchain networks. IEEE Access, 7, 22328–70.Google Scholar
Werbach, K. (2018). The Blockchain and the New Architecture of Trust. Cambridge, MA: MIT Press.Google Scholar
Williamson, O. E. (1975). Market and Hierarchies: Antitrust Implications. New York: Free Press.Google Scholar
Williamson, O. E. (1985). The Economic Institutions of Capitalism. New York: Free Press.Google Scholar
Williamson, O. E. (1996). The Mechanisms of Governance. New York: Oxford University Press.Google Scholar
Wood, D. J., & Gray, B. (1991). Toward a comprehensive theory of collaboration. The Journal of Applied Behavioral Science, 27(2), 139–62.Google Scholar
Xia, Q. I., Sifah, E. B., Asamoah, K. O. et al. (2017). MeDShare: Trust-less medical data sharing among cloud service providers via blockchain. IEEE Access, 5, 14757–67.Google Scholar
Xu, J., Wang, S., Bhargava, B. K., & Yang, F. (2019). A blockchain-enabled trustless crowd-intelligence ecosystem on mobile edge computing. IEEE Transactions on Industrial Informatics, 15(6), 3538–47.Google Scholar
Yang, C. S. (2019). Maritime shipping digitalization: Blockchain-based technology applications, future improvements, and intention to use. Transportation Research Part E: Logistics and Transportation Review, 131, 108–17.Google Scholar
Yin, H. H. S., Langenheldt, K., Harlev, M., Mukkamala, R. R., & Vatrapu, R. (2019). Regulating cryptocurrencies: A supervised machine learning approach to de-anonymizing the bitcoin blockchain. Journal of Management Information Systems, 36(1), 3773.Google Scholar
Yoon, J., Talluri, S., Yildiz, H., & Sheu, C. (2020). The value of blockchain technology implementation in international trades under demand volatility risk. International Journal of Production Research, 58(7), 2163–83.Google Scholar
Yu, Y., Huang, G., & Guo, X. (2021). Financing strategy analysis for a multi-sided platform with blockchain technology. International Journal of Production Research, 59(15), 4513–32.Google Scholar
Yuthas, K., Sarason, Y., & Aziz, A. (2021). Strategic value creation through enterprise blockchain. Journal of the British Blockchain Association, 4(1). https://doi.org/10.31585/jbba-4-1-(7)2021.Google Scholar
Zalan, T. (2018). Born global on blockchain. Review of International Business and Strategy, 28(1), 1934.Google Scholar
Zand, D. E. (1972). Trust and managerial problem solving. Administrative Science Quarterly, 17(2), 229–39.Google Scholar
Zavolokina, L., Ziolkowski, R., Bauer, I., & Schwabe, G. (2020). Management, governance and value creation in a blockchain consortium. MIS Quarterly Executive, 19(1), 117.Google Scholar
Zhao, X., Ai, P., Lai, F., Luo, X., & Benitez, J. (2022). Task management in decentralized autonomous organization. Journal of Operations Management, forthcoming. https://doi.org/10.1002/joom.1179.Google Scholar
Zhou, K. Z., & Poppo, L. (2010). Exchange hazards, relational reliability, and contracts in China: The contingent role of legal enforceability. Journal of International Business Studies, 41(5), 861–81.Google Scholar
Zhou, K. Z., & Xu, D. (2012). How foreign firms curtail local supplier opportunism in China: Detailed contracts, centralized control, and relational governance. Journal of International Business Studies, 43(7), 677–92.Google Scholar
Ziolkowski, R., Miscione, G., & Schwabe, G. (2020). Decision problems in blockchain governance: Old wine in new bottles or walking in someone else’s shoes? Journal of Management Information Systems, 37(2), 316–48.Google Scholar
Zucker, L. G. (1986). Production of trust: Institutional sources of economic structure, 1840 to 1920, in Cummings, L. L., & Staw, M. (eds.), Research in Organizational Behavior, vol. 8. Greenwich, CT: JAI Press, 53112.Google Scholar

Save element to Kindle

To save this element to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Blockchains
Available formats
×

Save element to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Blockchains
Available formats
×

Save element to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Blockchains
Available formats
×