Please Choose One Of The Articles Listed Below To Write A Tw
Please Choose One Of The Articles Listed Belowwrite A Two Page Articl
Please choose one of the articles listed below. Write a two-page article summary report (single-spaced, 350 words or more, 12 points, 1-inch margins) that contains:
- A summary of the article with words,
- Key learning points,
- Your thoughts and lessons learned, including your rationale(s) with 100 words or more.
Articles:
- Morkunas, V. J., Paschen, J., & Boon, E. (2019). How blockchain technologies impact your business model. Business Horizons, 62(3).
- Min, H. (2019). Blockchain technology for enhancing supply chain resilience. Business Horizons, 62(1), 35-45.
- Felin, T., & Lakhani, K. (2018). What problems will you solve with blockchain? MIT Sloan Management Review, 60(1), 32-38.
Paper For Above instruction
Introduction
The rapid development of blockchain technology has revolutionized various industries by enabling secure, transparent, and decentralized transactions. Among the influential articles on this subject, the piece by Morkunas, Paschen, and Boon (2019) titled "How blockchain technologies impact your business model" provides a comprehensive analysis of how blockchain integration can fundamentally alter traditional business paradigms. This article examines the transformative potential of blockchain for business models, highlighting key principles, opportunities, and challenges that organizations face when adopting this technology.
Summary of the Article
Morkunas et al. (2019) explore how blockchain technology influences business models, emphasizing its capacity to disrupt established practices across different sectors. The authors define blockchain as a distributed ledger technology that ensures transparency, security, and decentralization. They argue that blockchain's core characteristics can facilitate novel value creation mechanisms by enabling peer-to-peer transactions without the need for intermediaries. The article elaborates on various components impacted by blockchain, including value propositions, customer relationships, revenue streams, and operational processes.
The authors identify three primary ways blockchain affects business models:
1. Enhanced Trust and Transparency: By providing immutable records, blockchain reassures stakeholders and reduces the need for extensive third-party verification.
2. Decentralization of Power: Blockchain decentralizes authority, enabling peer-to-peer networks and collaborative ecosystems that circumvent traditional hierarchical structures.
3. New Revenue Opportunities: Through tokenization and smart contracts, organizations can create innovative revenue streams and streamline contractual agreements.
Morkunas et al. discuss the challenges associated with blockchain adoption, including technological complexity, regulatory uncertainties, and the need for organizational change management. They emphasize that successful business model transformation requires strategic alignment and understanding of blockchain’s capabilities to address specific industry issues.
Key Learning Points
Several critical insights emerge from the article. First, blockchain's ability to foster transparency and trust makes it particularly valuable in industries such as supply chain management, finance, and healthcare, where data integrity is crucial. Second, decentralization introduces opportunities for new business ecosystems that are less dependent on centralized authorities, promoting peer-to-peer commerce and shared economies. Third, smart contracts and tokenization enable automation of contractual processes, reducing costs and increasing efficiency.
Understanding these features underscores the strategic importance of aligning blockchain initiatives with organizational goals. The article highlights that technology alone does not guarantee success; instead, integrating blockchain into the core business model is essential for capturing its full value. Furthermore, regulatory and technical challenges demand proactive strategies for effective implementation.
Thoughts and Lessons Learned
The article deepened my understanding of how blockchain technology is not merely a tool for cryptocurrency but a transformative driver for business innovation. It is clear that organizations willing to embrace blockchain must re-evaluate their business models, emphasizing transparency, decentralization, and automation. My key lesson is the importance of strategic planning in blockchain adoption—technology must align with the company's vision and industry-specific needs for meaningful impact.
Additionally, I learned that overcoming regulatory hurdles and technological complexity is critical, requiring cross-disciplinary expertise and proactive policy engagement. The potential of blockchain to redefine trust-based relationships and enable new business ecosystems inspires me to consider how my organization or future ventures could leverage this technology for competitive advantage. This article has reinforced the importance of continuous learning and adaptability in the dynamic landscape of digital transformation.
References
Morkunas, V. J., Paschen, J., & Boon, E. (2019). How blockchain technologies impact your business model. Business Horizons, 62(3), 283-291.
Min, H. (2019). Blockchain technology for enhancing supply chain resilience. Business Horizons, 62(1), 35-45.
Felin, T., & Lakhani, K. (2018). What problems will you solve with blockchain? MIT Sloan Management Review, 60(1), 32-38.
(Additional credible references could include texts on blockchain technology, industry case studies, and scholarly articles analyzing blockchain's strategic implications.)