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Beyond disintermediation: A multiple case study of emerging intermediary roles in blockchain applications

Author

Listed:
  • Simon Feulner

    (Frankfurt University of Applied Sciences
    Fraunhofer FIT)

  • Tobias Guggenberger

    (University of Bayreuth
    Fraunhofer FIT)

  • Jens-Christian Stoetzer

    (University of Bayreuth
    Fraunhofer FIT)

  • Nils Urbach

    (Frankfurt University of Applied Sciences
    Fraunhofer FIT)

Abstract

Since the introduction of blockchain technology, both academic and practical discourse has explored its impact on intermediation. Early research emphasized the notion of disintermediation, removing traditional intermediaries through decentralized trust and automated coordination. Yet, more recent studies highlight that blockchain systems often give rise to new forms of intermediation. These roles may not resemble legacy intermediaries but nonetheless fulfil essential functions such as compliance, governance, and technical integration. Based on a multiple case study, we investigate how and why such re-intermediation occurs in blockchain ecosystems. Our analysis identifies three recurring drivers, system integrity and resilience, boundary and interface management, and governance efficiency, that structurally necessitate new coordination layers. This study thereby contributes to electronic markets and blockchain literature by offering a refined conceptualization of intermediation dynamics in distributed systems.

Suggested Citation

  • Simon Feulner & Tobias Guggenberger & Jens-Christian Stoetzer & Nils Urbach, 2025. "Beyond disintermediation: A multiple case study of emerging intermediary roles in blockchain applications," Electronic Markets, Springer;IIM University of St. Gallen, vol. 35(1), pages 1-17, December.
    • Handle: RePEc:spr:elmark:v:35:y:2025:i:1:d:10.1007_s12525-025-00832-5
    DOI: 10.1007/s12525-025-00832-5
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    JEL classification:

    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • M0 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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