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The Blockchain Phenomenon – The Disruptive Potential of Distributed Consensus Architectures

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  • Mattila, Juri

Abstract

Blockchain technology is disrupting society by enabling new kinds of disintermediated digital platforms. Furthermore, it is also providing efficiency gains on top of old existing structures by removing the need for actively intermediated data-synchronization and concurrency control. Due to this dual effect, blockchain technology has the potential to impact all sectors and layers of society, in a multitude of combined ways. While there is a lot of hype around the concept of blockchains, the phenomenon itself has remained ambiguous and misconceptions have emerged about the capabilities and the potential of blockchain technology. Drawing from ETLA’s participation in blockchain research in 2014–2016, this paper aims to provide a more comprehensive understanding on blockchain technology, its true possibilities, and its potential larger societal implications. It offers a holistic view of the key concepts and the basic principles, and the tools and the framework to understand the ongoing discussion, to critically evaluate different viewpoints, and to delve deeper in a constructed manner

Suggested Citation

  • Mattila, Juri, 2016. "The Blockchain Phenomenon – The Disruptive Potential of Distributed Consensus Architectures," ETLA Working Papers 38, The Research Institute of the Finnish Economy.
    • Handle: RePEc:rif:wpaper:38
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    Cited by:

    1. Horim Kim & Jaeyoung Kim & Kyungmyung Jang & Jaemin Han, 2020. "Are the Blockchain-Based Patents Sustainable for Increasing Firm Value?," Sustainability, MDPI, vol. 12(5), pages 1-17, February.
    2. Magnus Schückes & Tobias Gutmann, 2021. "Why do startups pursue initial coin offerings (ICOs)? The role of economic drivers and social identity on funding choice," Small Business Economics, Springer, vol. 57(2), pages 1027-1052, August.
    3. Darcy W.E. Allen, 2019. "Entrepreneurial Exit: Developing the Cryptoeconomy," World Scientific Book Chapters, in: Melanie Swan & Jason Potts & Soichiro Takagi & Frank Witte & Paolo Tasca (ed.), Blockchain Economics: Implications of Distributed Ledgers Markets, Communications Networks, and Algorithmic Reality, chapter 10, pages 197-214, World Scientific Publishing Co. Pte. Ltd..
    4. Rahel Mandaroux & Chuanwen Dong & Guodong Li, 2021. "A European Emissions Trading System Powered by Distributed Ledger Technology: An Evaluation Framework," Sustainability, MDPI, vol. 13(4), pages 1-21, February.
    5. Daim, Tugrul & Lai, Kuei Kuei & Yalcin, Haydar & Alsoubie, Fayez & Kumar, Vimal, 2020. "Forecasting technological positioning through technology knowledge redundancy: Patent citation analysis of IoT, cybersecurity, and Blockchain," Technological Forecasting and Social Change, Elsevier, vol. 161(C).
    6. Li, Jingming & Li, Nianping & Peng, Jinqing & Cui, Haijiao & Wu, Zhibin, 2019. "Energy consumption of cryptocurrency mining: A study of electricity consumption in mining cryptocurrencies," Energy, Elsevier, vol. 168(C), pages 160-168.
    7. Adjovu, Charles & Fabian, Ewa, 2020. "Blockchain-mediated Licensing: Legal Engineering for Artist Empowerment," LawArXiv kfjxa, Center for Open Science.
    8. Ahmed Alketbi & Qassim Nasir & Manar Abu Talib, 0. "Novel blockchain reference model for government services: Dubai government case study," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 0, pages 1-22.
    9. Mattila, Juri & Seppälä, Timo & Lähteenmäki, Ilkka, 2018. "Who Holds the Reins? – Banks in the Crossfire of Global Platforms," ETLA Reports 86, The Research Institute of the Finnish Economy.
    10. Ahmed Alketbi & Qassim Nasir & Manar Abu Talib, 2020. "Novel blockchain reference model for government services: Dubai government case study," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 11(6), pages 1170-1191, December.
    11. Rafael Bettín-Díaz & Alix E. Rojas & Camilo Mejía-Moncayo, 2022. "Colombian Origin Coffee Supply Chain Traceability by a Blockchain Implementation," SN Operations Research Forum, Springer, vol. 3(4), pages 1-15, December.
    12. Albekov Adam Umarovich & Vovchenko Natalia Gennadyevna & Andreeva Olga Vladimirovna & Sichev Roman Alexandrovich, 2017. "Block Chain and Financial Controlling in the System of Technological Provision of Large Corporations," European Research Studies Journal, European Research Studies Journal, vol. 0(3B), pages 3-12.

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