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Blockchain Technology: Implications for Business Management.

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ETLA is the leading private economic research organisation in Finland. From early on, ETLA has charted the effect of education and research on productivity and growth. More recently, ETLA has analysed factors that foster innovation and facilitate adoption of new technology, and thereby promote the development of a knowledge economy.

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Blockchains as a Path to a Network of Systems. An Emerging New Trend of the Digital Platforms in Industry and Society. 13/08/2015




When the strategies for industrial digitalization are drawn up, it should be borne in mind that the lifecycle of telecommunications technologies is usually very long. With computers, it took over 20 years before the Internet reached the peak of its development, and with mobile devices this moment still lies ahead.

Now is the time to launch the first architectural pilot system and software implementation that make use of the peer-to-peer and blockchain technology, and possibly other similar disruptive technologies

Accordingly, companies are well advised to set aside funds for the construction of proprietary pilot platforms and introduce the first products to the market over the next 3-5 years. This will give enough time to renew the entire product and service portfolio before the anticipated technology peak is reached.

Companies should actively seek to acquire expertise in innovations like the blockchain technology and in this field in general. In practice, this could be accomplished by launching R&D pilot projects in collaboration with universities. It would also be advisable to consider venture capital investments in start-up companies working with the blockchain technology.

In the efforts to develop business models, the blockchain and other similar technologies should, above all, be perceived as an excellent opportunity to access completely new markets and earning logics.

After all, one of the biggest challenges facing the Big Data business is that the masses of data often come in highly diverse formats, and so refining the exhaust data to create value is often extremely complicated. In a system architecture based on the blockchain technology, all the data to be shared are generated in a fully predictable format and freely available, and will also be retained in the blockchain completely.

Offhand, it is hard to imagine a better starting point for creating value out of data.