The Impact of Blockchain on Business Model: A Literature Review
Giacomo Vella, Luca Gastaldi and Antonio Ghezzi
School of Management, Politecnico di Milano, Milan, Italy
Keywords: Blockchain, Business Model, Value Creation, Value Delivery, Value Capture.
Abstract: Blockchain is becoming an increasingly relevant topic and companies are beginning to build business solution
using this technology. Despite the relevance of the changes that blockchain could bring to business and
management, current research is still predominantly focused on technological aspects and practical
applications. Knowledge is lacking also both for academics and practitioners who, still struggle to have a clear
understanding of the potential impacts of blockchain. Moreover, scientific literature addressing the business
adoption of blockchain does not seem to consider the increasing differentiation of blockchain real-world
applications This study hence aims to start filling this gap by investigating the existing body of knowledge
systematically through a review in which the potential impacts of blockchain are presented and future avenues
of research are set out. The review is based on 61 scientific articles published between January 2008 and
January 2020. The review has been structured considering two frameworks: the business model elements of
value creation, delivery, and capture and the different stages of evolution of blockchain applications. The
results provide evidence and future direction for research that are valuable for both academics and managers.
1 INTRODUCTION
Blockchain technology was born in October 2008
when Satoshi Nakamoto published his idea of a peer-
to-peer electronic cash system: Bitcoin. With Bitcoin,
for the first time, value could be reliably transferred
between two distant, untrusting parties without the
need of an intermediary (Catalini & Gans, 2016;
Zamani & Giaglis, 2018). Nowadays blockchain is
not only focused on transactions and cryptocurrencies
but it could be also used to create platforms for the
development of new applications. Companies and
public administrations are starting to increasingly
adopt blockchain in their businesses and the number
of new firms that use blockchain to create innovative
business models continues to grow. Despite the
progression in the adoption of the technology,
institutions still struggle to have a clear understanding
of the benefits of blockchain and how to implement it
in their businesses or to create new business models
based on it.
Blockchain research is strongly increasing, but
still, the main attempts to understand this technology
have been mainly restricted to technical aspects of
blockchain protocols or the financial aspects of
cryptocurrencies (Risius & Spohrer, 2017). Much less
progress has been accomplished in recognizing its
wider implications from organizational and
managerial perspectives, and the extent to which it
could disrupt traditional business models remains a
subject of intense debate (Chong et al., 2019a;
Constantinides et al., 2018).
From a preliminary analysis of literature on this
topic emerge that scholarly understanding of business
applications of blockchain is still a fragmented and
almost unexplored ground, especially for what
concerns business models based on blockchain.
Contributing to the fragmentation of the literature
about the topic, scientific literature addressing the
business adoption of blockchain does not seem to
consider the increasing differentiation of blockchain
real-world applications (Angelis & Ribeiro da Silva,
2019). This complicates the creation of
comprehensive theories about the impact of
blockchain in business.
Hence, the purpose of this work is to review the
literature to analyze and map existing studies that
examine the impact of blockchain on business
models. This will allow a better understanding of the
extant knowledge, highlighting the already existing
studies on the theme and opportunities for future
research.
These objectives are represented in the following
research question:
Vella, G., Gastaldi, L. and Ghezzi, A.
The Impact of Blockchain on Business Model: A Literature Review.
DOI: 10.5220/0011849600003467
In Proceedings of the 25th International Conference on Enterprise Information Systems (ICEIS 2023) - Volume 2, pages 397-405
ISBN: 978-989-758-648-4; ISSN: 2184-4992
Copyright
c
 2023 by SCITEPRESS – Science and Technology Publications, Lda. Under CC license (CC BY-NC-ND 4.0)
397

RQ: How scientific literature analyzes the
impact of blockchain on firms’ business models
according to the maturity stage of the technology?
2 SETTING THE STAGE FOR
THE REVIEW
To answer the research question identified, the review
is structured considering two frameworks: the
business model elements of value creation, delivery,
and capture and the different stages that characterize
the evolution of blockchain applications.
2.1 Business Model
“Business model” is a quite vast term that still
nowadays does not recall a univocal definition. In
fact, over the years researchers have formulated
different interpretations and explanations about it,
resulting in blurred and non-univocally identified
concepts.
In this work, the reference definition for Business
Model is the one elaborated by David J. Teece ( 2010)
that identify the business model as a company’s
architecture of value, it represents the way a firm
generates value for its target customers (value
creation), delivers value to such target customers
(value delivery), and captures a share of such value to
make its business sustainable (value capture).
The business model is suitable to be used in the
analysis of the applications of blockchain which is
characterized by the involvement of different
interconnected actors as the point of view of
researchers and practitioners in analyzing and using
the business model concept has shifted from focusing
on a single firm to considering network of firms, not
neglecting the growing interconnection between
businesses.
The most used and complete business model
representation tool is the Business Model Canvas
designed by Osterwalder in 2004 (Osterwalder,
2004). This framework has been introduced and
validated all around the world, and it is currently
widely adopted and employed both by practitioners
(Osterwalder & Pigneur, 2010) and academics
(Chesbrough, 2010).The business model canvas has
been chosen as the reference model for analyzing
blockchain impact on firms’ business logic thanks to
its completeness and coherence in considering and
illustrating all factors and related connections that
contribute in building companies’ strategy
(Osterwalder & Pigneur, 2010).
The nine building blocks introduced by the
business model canvas represent a more detailed level
of description of the business model value dimensions
(value creation, value delivery and value capture). In
particular:
• Key Partners, Key Activities, Key Resources and
Value Proposition represent Value Creation
component;
• Customer Relationships, Channels and Customer
Segment represent Value Delivery component;
• Cost Structure and Revenue Streams represent
Value Capture component.
2.2 The Evolution of Blockchain
Applications
As already highlighted, organizations are adopting
blockchain in different ways: from the use of
cryptocurrencies to the development of decentralized
applications.
Despite the real-world applications of blockchain
are increasingly differentiating (Angelis & Ribeiro da
Silva, 2019), this differentiation does not seem to be
considered in scientific literature. This contributes to
the fragmentation of the literature which complicates
the comparison of results and the creation of
comprehensive theories about the impact of
blockchain in business applications.
Different ways of using this technology could
influence its impact on firms’ business models.
Hence, to provide a better representation of the extant
body of knowledge and understand the impact of
blockchain on firms is essential to first categorize the
types of blockchain applications.
One of the most adopted taxonomies about
blockchain applications is the one proposed by Swan
(2015) that differentiates between blockchain 1.0,
2.0, and 3.0. In the view of Swan, blockchain 1.0 is
linked to the deployment of cryptocurrencies in
applications related to cash; blockchain 2.0 is used in
contracts and financial applications different from
simple cash transactions; blockchain 3.0 identifies the
applications beyond currency and finance.
This categorization, albeit widely adopted,
focuses more on the industry where blockchain is
adopted than on how it is applied.
Hence, for the purpose of our research, we
adopted the classification offered by Angelis and
Ribeiro da Silva (2019) that describes the different
stages of maturity of the applications of technology:
• Blockchain 1.0, is focused on transactions,
mainly on the deployment of cryptocurrencies in
applications related to cash, such as currency
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transfer, remittance, and digital payment
systems.
• Blockchain 2.0, is an extension of blockchain 1.0
that encompasses privacy, smart contracts, and
the emergence of non-native asset tokens.
• Blockchain 3.0, expands the blockchain focus
further to incorporate decentralized applications
(dApp); a dApp consists of back-end code that
runs on a decentralized peer-to-peer network
connecting users and providers directly.
The work of Angelis and Ribeiro da Silva also
introduces the concept of blockchain 4.0, defined as
the applications that involve the inclusion of artificial
intelligence (AI) to blockchain technologies. For this
research, however, we do not include this category in
our analysis as this kind of application is still not
widely adopted in business.
3 METHODOLOGY
The review starts by searching the SciVerse Scopus
online database for scientific articles on blockchain
and business models. Since Scopus is less selective
than, for example, the Web of Science, this
potentially means that a wider array of international
outlets are searched which, in turn, could be more
receptive to the emerging topic of blockchain impact
on business models. Moreover, because of the recent
and fast growth of the literature on blockchain, we
decided to review papers published in both academic
journals and conference proceedings. This decision
came about from the consideration that, in dynamic
and growing fields such as blockchain, if the scope of
a literature review is broadened by including
publications that belong to the ‘grey literature’ this
can lead to the inclusion of novel and relevant
findings and avoid the lack of immediacy determined
by the lag of academic knowledge (Adams et al.,
2017).
Since the literature on blockchain is still
fragmented and focused on Computer Science we
wanted to include also documents outside the field of
“Business, Management, and Accounting” to not
exclude any articles with management-type
implications. Hence our search was not limited to a
specific subject area.
In line with previous reviews (e.g. Ghezzi et al.,
2018), we adopted a multi-step process.
In the first step, the following first-level criteria
determined whether articles were included: (1) the
articles were published between January 2008 and
December 2020; and (2) had to contain the term
‘blockchain’ and ‘business model’ in their title,
keywords or abstract. This search resulted in over 373
articles gathered.
As a second step, we retained the articles that met
our more refined second-level criteria: (3) they must
be relevant, as inferred from their title or abstract, or
by examining the paper; (4) their full text has to be
available; and (5) they must be written in English.
This phase allowed us to reduce the number of
papers in the sample significantly, resulting in a
working database of 61 articles.
These articles collected were then examined
through a comprehensive scheme of analysis or third
level criteria, where the following were considered:
title; year; author/s; publication outlet; article type
(for the following labels: empirical; conceptual;
literature review); industry type; research findings;
and Scopus citations.
In this step, the articles were classified according
to the two frameworks of analysis: the business model
canvas and the three stages of maturity of blockchain
applications.
To analyze the contribution of each article on the
impact of blockchain on business models, we
highlighted each part of the text that provided
relevant information. Hence, the process of text
analysis consisted of the complete document
screening so to highlight sentences expressing
blockchain impact on business models.
Citations reporting the effect of blockchain
adoption on business models have been analyzed so
to derive which business model canvas components
have been affected by the adoption of distributed
ledger technology solutions. This activity helps in
understanding which value architecture components
blockchain technology has the greatest impact on.
Each citation can be referred to one of the three
different blockchain maturity stages and in the same
paper different citations can potentially deal with all
three stages.
4 REVIEW OF THE
LITERATURE
The literature on blockchain impact on business
model is mapped in the section below and discussed
through the business model canvas and the three
stages of maturity of blockchain applications.
4.1 Blockchain 1.0
The adoption of blockchain 1.0 offers an alternative
digital system for cash-related activities and
The Impact of Blockchain on Business Model: A Literature Review
399

transactions mainly characterized by not needing any
intermediary between parties. The adoption of
blockchain 1.0 has the potential to impact all value
architecture dimensions, with value creation being the
most influenced one since all analyzed papers have
reported effects on such dimension.
Table 1: Blockchain 1.0 impact on value architecture and
business model canvas
Value
architecture
dimension
Papers
reporting
impact
(%)
Business model
canvas
component
Papers
reporting
impact
(%)
Value
creation
100%
Key partners 0%
Key activities 33%
Ke
y
resources 0%
Value
p
roposition
100%
Value
delivery
33%
Customer
relationshi
p
s
0%
Channels 0%
Customer
se
g
ment
33%
Value
capture
67%
Cost structure 67%
Revenue streams 33%
4.1.1 Key Activities
The adoption of blockchain 1.0 can streamline
common process operations related to money
transfers due to the possibility of accumulating
trustable data related to all network transfers.
Blockchain 1.0 provides transparency during
transfers, allowing an overall simplification of the
clearing process by providing secure access, for all
involved parties, to the needed information, no longer
requiring relying on multiple and repeated data
exchange (Chong et al., 2019a).
4.1.2 Value Propositions
Blockchain 1.0 offers a solution for solving
traditional payment systems limitations. Distributed
payment services enable instant, low cost and
borderless payments reducing service prices for both
sellers and buyers that traditionally used centralized
payment systems such as PayPal. This allows
blockchain network users to get access to direct value
exchange services characterized by having lower
transaction fees thanks to the elimination of
previously vital third parties, decreasing the overall
cost sustained by customers to access previously
centralized services (Chen & Bellavitis, 2020;
Weking et al., 2019).
4.1.3 Customer Segment
The reduced involvement of centralized institutions
enables cheaper services and can hence attract new
customers. Moreover, cryptocurrencies are not tied
up to a specific authority or country making them
inherently borderless allowing any person with an
internet connection to access a decentralized network
to manage money transactions (Chen & Bellavitis,
2020). Particularly, cryptocurrencies can have an
impact on developing economies where the financial
inclusion of companies and individuals can be
fostered thanks to blockchain adoption (Holtmeier &
Sandner, 2019).
4.1.4 Cost Structure
As previously described, the disintermediation
process generated by blockchain 1.0 adoption allows
for a decrease in transaction costs. This effect can not
only be offered to the market as a distinctive
characteristic of the provided service but can also be
leveraged by firms to reduce money transfer activities
costs compared to traditional payment systems (Chen
& Bellavitis, 2020; Chong et al., 2019a).
4.1.5 Revenue Streams
Transaction tracking capabilities provided by the
available ledger which displays all transactions,
allows firms also to enhance their ability to manage
cash flows, improving cash balance management and
interest earned hence optimizing revenues (Chong et
al., 2019b).
Table 2: Blockchain 2.0 impact on value architecture and
business model canvas.
Value
architecture
dimension
Papers
reporting
impact (%)
Business
model canvas
component
Papers
reporting
impact
(%)
Value
creation
100%
Key partners 41%
Key activities 86%
Key resources 36%
Value
p
roposition
98%
Value
delivery
56%
Customer
relationshi
p
s
33%
Channels 19%
Customer
se
g
ment
41%
Value
capture
76%
Cost structure 55%
Revenue
streams
47%
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4.2 Blockchain 2.0
Blockchain 2.0 application falls outside the
conception of purely monetary value but rather
considers value in its most generic sense. These
applications are characterized by the use of digital
assets and smart contracts to allow companies to do
business with untrusted parties without the need for a
trustworthy intermediary.
4.2.1 Key Partners
The use of smart contracts for managing contractual
relationships and the growing availability of trustable
data allow new collaborations with previously
unreachable partners and collaboration activities
based on simultaneous cooperation and competition
(coopetition) (Bedin et al., 2021; Schneider et al.,
2020).
Blockchain provides increased transparency and
security of operations, leading to a modification in
business relationships, that shift from the ones based
on trust and long-term relationships to new ones
characterized by being shorter and more flexible,
whereby partners are selected prioritizing the
provided competencies rather than the existing trust
(Klöckner et al., 2020; Nowiński & Kozma, 2017;
Tiscini et al., 2020).
4.2.2 Key Activities
The availability of a reliable database allows firms to
streamline entire business processes (Nowiński &
Kozma, 2017; Rejeb & Rejeb, 2020) such as
verification of compliance to standards (Rijanto,
2020).
The use of smart contracts allows firms to
completely automate entire business processes such
as the billing and payment in different sectors ranging
from insurance, freight transportation to energy
(Berntzen & Johannessen, 2019; Tan & Sundarakani,
2020). Hence companies can offer products and
services to customers and automatically collect
payments once the requested product or services is
accessed, increasing the overall process efficiency
(Atlam et al., 2018).
4.2.3 Key Resources
The identified potential impacts on key resources are
strictly interconnected with the one reported in the
key activities segment. Firms can experience an
increase in resource fluidity thanks to the
establishment of a new ownership paradigm, shifting
from the original possession of assets towards flexible
access to resources when needed (Morkunas et al.,
2019). Moreover, the increased efficiency of
operational processes and activities allows to free up
both human (Tönnissen & Teuteberg, 2020) and
technical resources (Klöckner et al., 2020; Massaro et
al., 2020), allowing firms to enjoy greater flexibility
in resource management and maximize their usage
(Mas et al., 2020).
4.2.4 Value Proposition
Blockchain 2.0 can be applied to create a distributed
database where data are securely stored and
accessible to all network users that can enjoy
trustable, traceable, and immutable information,
providing a reliable timeline of network exchanges
for all network parties (Tan & Sundarakani, 2020).
This particular type of distributed database
constitutes a common source of truth for all entities
relying on such information, increasing products
information accountability, verifiability, and
traceability enabling higher safety, detection, and
prevention of illicit behaviours (Tönnissen &
Teuteberg, 2020), while removing the need of a third
party necessary to establish trust between untrusted
parties and creating peer-to-peer connections
between network actors (Chen & Bellavitis, 2020).
Moreover, thanks to the introduction of non-
native tokens, blockchain 2.0 generalized the concept
of value beyond monetary terms, including all
possible digital assets (Morkunas et al., 2019)
building a new protocol for data exchange that offers
transparency, immutability, security, and traceability
of network shared information that can be used for
supporting transactions of value without needing any
trusted intermediary (Schneider et al., 2020).
The process of tokenization whereby assets,
whether physical or digital (Lohmer & Lasch, 2020),
are represented as tokens in a blockchain-based
environment, supports and reinforces the broaden
Internet of value potential of blockchain 2.0 by
offering users new sources of value not only
monetary.
4.2.5 Customer Relationship
The use of tokens and smart contracts to build new
offerings contributes to the automation of
relationships with customers that can enjoy the
requested value proposition by autonomously access
the dedicated smart contract (Massaro et al., 2020).
An example of this relationship is represented by the
issuing of tokens through ICOs for involving people
in future launches of products and services while
raising funds to develop the project (Chen &
The Impact of Blockchain on Business Model: A Literature Review
401

Bellavitis, 2020; Morkunas et al., 2019). This issuing
doesn’t require any customer dedicated resource but
is carried out automatically by smart contracts.
Tokens can be used by companies also to create
token-based communities and rewarding systems to
interact and relate with their customers, stimulating
customer engagement and lock-in effects (Mas et al.,
2020; Rijanto, 2020; Schneider et al., 2020).
4.2.6 Channels
The analyzed papers didn’t highlight a particular
impact on the channel dimension apart from
underlining the increasing trend of relying on digital
devices such as phone applications, websites, and
more general digital databases (Tiscini et al., 2020).
4.2.7 Customer Segment
The increasing product safety and compliance to
standards provided by the use of blockchain
applications, allows firms to generate trust in
customers, increasing positive brand perception and
customer loyalty, ultimately favoring an increase in
company customer base enabling final consumers
who don’t usually trust displayed information
accountability and safety, to participate in the
business model (Palas & Bunduchi, 2020; Tiscini et
al., 2020).
4.2.8 Cost Structure
The impact on the costs structure component is
strictly related to key activities. A direct consequence
of simplification of business operations thanks to
increased automation, higher availability of
information, and reduced coordination activities effort,
is a reduction in operating costs related to business
activities and processes (Chen & Bellavitis, 2020; Mas
et al., 2020; Tönnissen & Teuteberg, 2020).
4.2.9 Revenue Streams
Blockchain 2.0 gives firms improved access to capital
thanks to innovative fund-raising alternatives such as
ICOs, a blockchain-related crowdfunding solution
that allows companies to collect capital from different
investors without the need of any financial
intermediary (Chen & Bellavitis, 2020; Morkunas et
al., 2019; Nowiński & Kozma, 2017). Moreover,
blockchain 2.0 allows for the creation of new sources
of monetization for customers that can enjoy
additional profits from previously unavailable value
sources.
4.3 Blockchain 3.0
Blockchain 3.0 introduces the concept of
Decentralized Applications (DApps) which are
constituted by computer codes running on
decentralized systems instead of centralized ones as
for commonly known apps.
Blockchain 3.0, as the two previous maturity
stages, has highlighted the potential impact on all
three value architecture components and value
creation is still the most impacted one with all
analyzed documents reporting effect on such
dimension.
Table 3: Blockchain 3.0 impact on value architecture and
business model canvas.
Value
architecture
dimension
Papers
reporting
impact
(%)
Business model
canvas
component
Papers
reporting
impact
(%)
Value
creation
100%
Key partners 0%
Key activities 0%
Key resources 100%
Value proposition 100%
Value
delivery
33%
Customer
relationships
0%
Channels 0%
Customer
segment
33%
Value
capture
67%
Cost structure 0%
Revenue streams 67%
4.3.1 Key Partners and Key Resources
In blockchain 3.0 the role of the network provider is
separated from the one who develops the business
solution. By decoupling the blockchain platform
provider role in two different actors, new links and
relationships are established. Blockchain network
provider represents a key partner for a service
provider who relies on its technical knowledge and
supplied blockchain network (key resource) for
designing value propositions to be offered to the final
customers (Chong et al., 2019b; Trabucchi et al.,
2020; Weking et al., 2019).
4.3.2 Value Proposition
In blockchain 3.0 the value proposition is split
between two distinctive roles: blockchain provider,
offering platform as a service, and service provider
that is responsible for designing the final application
on top of the existing blockchain network. Taking the
perspective of blockchain providers, they offer a
complete distributed ledger-based network on top of
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which customized business solutions can be
designed, providing indeed great application design
flexibility. On the other hand, service providers
purchase access to such blockchain network that
enables them to offer highly flexible applications to
their customers to solve a vast set of customers’
business needs (Trabucchi et al., 2020). In blockchain
3.0 the technology is offered as an open-source
platform to developers that can leverage existing
blockchain networks thanks to dedicated APIs that
are proposed to developers without any specification
of asset or channel for distribution (Weking et al.,
2019) that can foster cooperative innovation aimed at
developing customized business applications
independently from the application field (Chen &
Bellavitis, 2020).
4.3.3 Customer Segment
The presence of multiple service providers and the
multiple roles played by users in a blockchain
environment allows increasing direct network
externalities in two-sided blockchain-based
platforms, increasing the attractiveness of such
solutions and addressing the chicken and egg paradox
(Trabucchi et al., 2020).
4.3.4 Revenue Streams
In blockchain 3.0 the platform provides access to new
sources of revenues thanks to the innovative value
proposition offered to service providers. In particular
transaction fee still constitutes a major source of
revenues for distributed ledger providers that also
profit from technology rental fees, obtained by
charging third parties for the use of the network, and
token reselling whereby blockchain providers profit
from the reselling of their network-related tokens
(Trabucchi et al., 2020; Weking et al., 2019).
5 AVENUES FOR FUTURE
RESEARCH
The review has highlighted how the literature about
blockchain impact on firms’ business model is still in
its early stages.
Available documents refer mostly to blockchain
2.0, neglecting the other two maturity stages. The low
number of studies on blockchain 1.0 could be related
to the fact that research on this type of application is
focused more on a technical perspective rather than a
business one. There has not been a mass adoption by
general firms of blockchain 1.0 instruments, such as
cryptocurrencies, leading to a lack of practical cases
to analyze. Recently though, important actors of the
financial sector such as banks, fintech companies, and
regulators have started to approach this kind of
blockchain application.
Similarly, also blockchain 3.0 has shown a low
number of studies. This phenomenon might be
justified by the fact that blockchain 3.0 has been only
recently introduced as a way of applying blockchain
technology. Hence, related research is still scarce so
little information has been found. At the same time, it
could represent one of the most promising and
innovative interpretations of blockchain. The
increasing number of released DApps on blockchain
platforms like Ethereum and the related user's number
testifies the high potential of blockchain 3.0.
Looking at the impact on business model canvas
components, literature doesn’t analyze multiple
dimensions: blockchain 1.0 available documents have
not provided significant impacts for key resources,
key partners, and customer relationships components;
blockchain 2.0 lacks analysis on channels; blockchain
3.0 related studies have neglected the impact on key
activities, channels, customer segment, customer
relationships. Hence, future research should focus on
filling the current literature gaps about the missing
consideration on business model canvas dimension of
each blockchain maturity stage. Future research can
additionally investigate the magnitude of the impact
of each highlighted effect so to provide a quantitative
scale of impact and an additional categorization
variable to discriminate the most relevant effects from
the least relevant ones.
6 CONCLUSIONS
Blockchain technology adoption is evolving through
diverse applications and new instruments. This paper
contributes to the understanding of the impact on
business models of the different types of blockchain
applications.
This study can benefit academics by contributing
to the growing stream of literature that addresses the
impact of blockchain on organizations from a
strategic perspective, especially by providing
contributions to the impact of blockchain on business
models.
This research can also benefit practitioners that
are still struggling in the adoption of blockchain
technology and with the understanding of how they
can create value, by providing tools to understand
how blockchain can modify their business models.
The Impact of Blockchain on Business Model: A Literature Review
403

Important implications for practitioners have also
been derived suggesting that each maturity stage of
the application of blockchain provides a precise set of
characteristics that can be leveraged by firms to solve
defined business needs.
This study has been developed minding
limitations that mainly consists in the lack of
documents analyzing the research topic thus bringing
to a restricted pool of information to which
elaborating considerations on, and the intrinsic delay
of academic literature that generates a gap between
released practical cases and theoretical considerations
elaborated on such evidence.
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