New Approach to A Disruptive Business Model with Dynamic Capability Under the Blockchain Technology

Abstract

This chapter aims to develop a holistic view of the blockchain business model framework with the role of dynamic capability. The study conceptualizes a dynamic capability framework with blockchain properties and business model understanding. The traditional approach to a business model with new technological improvements is the lack of defining the necessary business values that are captured and created from the digital environment. Specifically, blockchain technology generates additional properties that can even disrupt digital business processes. Therefore, it is necessary to build a new business model framework other than digitalization for blockchain technology to disclose disruptive values for guidance on business strategy. The study explains the detailed properties of the blockchain and classical business model and its logic. Later, a dynamic capability framework is combined with these views to establish a new business model for blockchain. This framework is the beginning for businesses that invest in blockchain to understand holistically how to extract the disruptive values out of blockchain technology and applications. Therefore, the study contributes to the businesses that invest in blockchain technology to realize the new benefits by changing traditional processes and distinctive capability which they will gain with the blockchain technology. © 2021, The Author(s), under exclusive license to Springer Nature Switzerland AG.