Blockchain as a cutting-edge technology impacting business: A systematic literature review perspective

• Published in: Telecommunications policy Vol. 46; no. 10; p. 102443
• Main Authors: Sun, Yi, Jiang, Shiqing, Jia, Wanjiao, Wang, Yu
• Format: Journal Article
• Language: English
• Published: Elsevier Ltd 01.11.2022
• Subjects: Blockchain; Business; Cluster analysis; Research framework; Systematic literature review; Cluster analysis; Research framework; Blockchain; Business; Systematic literature review
• ISSN: 0308-5961; 1879-3258
• DOI: 10.1016/j.telpol.2022.102443

As one of the most disruptive technological innovations, blockchain technology has received extensive attention from academia and industry. Although many scholars have reviewed the existing blockchain research, most of the previous review articles focused on the application of technology or blockchain in specific industries or scenarios, and lacked a comprehensive review of the application of blockchain technology in the business field. Based on a systematic literature review approach and cluster analysis, this study quantitatively analyzed 2830 papers obtained from the Web of Science to fill this gap. By constructing a three-layer research framework, this research enumerates the infrastructure and protocols of blockchain technology in detail, and on this basis develops a three-subjects value creation model. The model highlights that business value can be created from transactions, crypto-economic models, and analytical and automated processes in the interaction of organizations, individuals, and technologies. Different blockchain-based applications solve different kinds of economic problems, including information storage/sharing, consensus generation and governance. This study expands the blockchain literature and deepens our understanding of how blockchain technology affects organizations and individuals in the business world. The newly proposed research framework can inspire practitioners and managers to discover opportunities for business model innovation. This work provides a solid research foundation and practical guidance for academics and practitioners who are interested in blockchain-based business. •This paper systematicly reviews blockchain application in business area.•This paper proposes a framework to deepen our understanding of how blockchain technology affects organizations and individuals.•Blockchain applications are classified into three economic layers with each corresponding to one economic problems.•This paper provides practical guidance for scholars and practitioners who are interested in blockchain-based business.