Blockchain adoption: A value driver perspective

The ongoing discussion regardingblockchain technologiesis focusedprimarily on cryptocurrencies, but blockchain features and functionalities have developed beyond financial instruments. As the technologies provide new functionalities, the associated value proposition changes as well. This study explores the relationship between blockchain technologies and their underlying value drivers. Four identified distinct blockchain stages of increased maturity are analyzed and discussed. This covers the evolutionary technology types focused on transactions, smart contracts, decentralized applications, and the introduction of artificial intelligence supporting decentralized decision making. In addition, we address management issues around appropriate blockchain adoption using a blockchain value driver-focused framework that gives decision makers actionable questions and recommendations. We provide practitioners with a methodfor assessing suitableblockchainadoptionthat addresses the specific value creation associated with a given organizational strategy. For academics, we critically identify andassess thecharacteristicsof theblockchain stagesandtheir strategy implications and provide a structured approach conceptualizing blockchain technology evolution