Blockchain Ecosystems
Due to the specific characteristics in terms of a distributed consensus, digital transfer of values, automation, and irreversible recordkeeping, BC has the potential to challenge entire business models of many organizations. The features of this innovation come by design meaning that the system inheres technical elements, such as cryptography, digital signatures, and peer-to-peer architecture, that logically support the development of business platform and ecosystems within interorganizational company networks. Like an infrastructure for the provision and processing of data-driven business models, so called BC-enabled ecosystems constitute a next step in digitization to access new markets and to provide the foundation for a decentralized platform economy. The distributed consensus replaces the role of a trusted third party and ensures that all participants are not constrained by any central authority. As any business ecosystem requires to generate value for its users and customers, BC-enabled ecosystems achieve superior benefits through high structural as well as processual implications [1].
For a fully functioning Bitcoin ecosystem several components are necessary. These includes the end customers, the providers of the infrastructure, the platform, the miners, and a Blockchain community with developers or consulting services [2].
[1] Heines, R. (2020): A Classificatory Framework for Blockchain-based Applications
[2] Riasanow, T. (2018): The Generic Blockchain Ecosystem and its Strategic Implications.
