Creating Business Potential with Blockchain

Blockchain is a rapidly growing technology with high potential within business economics. Previous research on the subject has primarily focused on the risks associated with the technology rather than its practical applications for creating business potential. This has resulted in research and knowledge gaps regarding blockchain ́s business potential in companies. Therefore the purpose of this study is to explore how blockchain technologies can create busniess potential for companies through various functions such as decentralization, smart contracts, payment solutions, tokenization and supply chain management. A qualitative research method based on semi-structured interviews with crypto experts provided a solid empirical foundation which combined with collected theory formed the basis of the study ́s analysis. The analysis highlights opportunities, competitive advantages and new ways of creating value through the implementation of blockchain, for example by increasing security, transparency and efficiency. The study also provides practical insights into which industries have the highest business potential, especially industries requiring automation and secure information management such as healthcare and logistics. The final result shows that blockchain offers a wide range of opportunities for companies to create business potential. Companies that are early adopters of the technology will benefit more from it and position themselves in future markets thereby gaining competitive advantages.