Experience with blockchain technology from the IT University in Copenhagen.
Course: Digital Technology and New Business Models
In this course I wrote an independent assignment about blockchains’ possible influence on different business models. Here I described the technology behind blockchain and its key aspects for investigating potential business models based on blockchain technology. With point of departure in examples from the transport sector focusing on Uber and Arcade City, as well as the banking sector with Barclays and R3. In addition, I used Business Model Canvas as a framework to compare business models, both without and with blockchain, to suggest how the future would look if a company would base its business on blockchain technology.
The conclusion of my acquired knowledge: By removing or greatly reducing the basic revenue stream; To take a percentage of transactions, blockchain-based companies need to re-think their business model. Examples could be to look at Platform Cooperativism (Uber/Arcade City) and the banks thinking in plugins or add on’s for the upcoming blockchain platforms, known from Salesforce and Atlassian.
Course: Organising and Managing Process Innovation
By looking at new ways of creating process innovation, my group and I chose to look at how a general supply chain looks like today to investigate how blockchain changes the status quo. The case was Provenance, which has conducted a pilot study to use blockchain to track the supply chain of tuna from catch to table. In addition to theoretical coverage of blockchain, the task of focus was to suggest what the blockchain supply chain creates of pros and cons.
The conclusion to my acquired knowledge: The technology is still in its infant stage, but the pilot study and our study showed that with blockchain, better transparency, traceability and digitalisation of the current supply chain can be achieved. The disadvantages of blockchain are still many: Interoperability, governance, security, legislation, etc.
Course: Innovation & Technology in Society
With the many ways in which blockchain can potentially be applied, the purpose of this independent paper was to investigate the social context in which the technology is developed by and social sphere. Due to blockchain’s various configuration options, I investigated why there is a need for blockchain technology, where the example of the assignment was olive oil at COOP Trading. Due to suspicion of fraud with olive oil, blockchain should be able to solve the problem of the need to rely on suppliers, instead one can rely on the technology. But it requires consensus about standardisation of blockchain use, as well as which stakeholders help create the technology.
The conclusion of my acquired knowledge: Blockchain technology is not without issues, but due to scalability and automated control systems, it seems to be a much more effective solution than analog or even traditional digital control mechanisms. This will make a potential blockchain solution cheaper in the long run.