From Buzzword to Biz World: Realizing Blockchain’s Potential in the International Business Context

Initially making its name as the backbone technology of Bitcoin, blockchain has been referred to as a distributed ledger, public database, Internet of value, digital infrastructure, network, and platform. Compared with fluctuating cryptocurrency and non-fungible token (NFT) markets, applications of blockchain technology in more diverse business scenarios have received less attention. By analyzing 16 international business use cases under eight categories of blockchain-based solutions, this article offers a contextualized understanding of the potential for blockchain to become a general-purpose technology (GPT). It discusses how the extensiveness, evolvability, and enabling (3Es) aspects of blockchain influence the value, vision, and viability (3Vs) required for successful real-world applications. The article discusses how firms can draw on lessons from failed cases and good practices of existing cases to enhance the 3Vs for blockchain adoption.