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Blockchain, business and the fourth industrial revolution: Whence, whither, wherefore and how?

Kimani, Danson and Adams, Kweku and Attah-Boakye, Rexford and Ullah, Subhan and Frecknall-Hughes, Jane and Kim, Ja (2020) 'Blockchain, business and the fourth industrial revolution: Whence, whither, wherefore and how?' Technological Forecasting and Social Change, 161. ISSN 0040-1625

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Abstract

Blockchain is one the most remarkable technological innovations of the 21st century. The most notable application of blockchain is in the development and operation of cryptocurrencies (e.g. bitcoin, ethereum, among others). Besides the financial services industry, blockchain is also considered in other sectors such as international trade, taxation, supply chain management, business operations and governance. However, blockchain has not been examined comprehensively in all areas of relevant literature. This article conducts a survey of the literature to gain an understanding of the opportunities and issues presented by blockchain in various business functions. The article begins by providing a discussion regarding how the blockchain technology operates. The paper takes a broad focus in its analysis of the prospects of blockchain for various business functions, including banking and the capital markets, corporate governance, international trade, and taxation. The paper demonstrates how organisations and regulators can leverage blockchain to upscale business operations, enhance efficiency and reduce operational costs. The key drawbacks of blockchain that stakeholders need to bear in mind before adopting the technology are also highlighted. The article also reflects on how organisations can tap into blockchain to reap the full potential of the fourth industrial revolution.

Item Type: Article
Uncontrolled Keywords: Blockchain; business functions; fourth industrial revolution; technological innovations; fintech 2
Divisions: Faculty of Social Sciences > Essex Business School
Faculty of Social Sciences > Essex Business School > Essex Accounting Centre
Depositing User: Elements
Date Deposited: 17 Aug 2020 08:20
Last Modified: 24 Sep 2020 16:15
URI: http://repository.essex.ac.uk/id/eprint/28487

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