Navigating the Blockchain Chasm: An Exploratory Journey Into the Danish Blockchain Landscape

Nicklas Peyk Millgaard & Frederik Osterhammel

Student thesis: Master thesis


[Purpose] The following study seeks to contribute to the gap of knowledge in academia between entrepreneurship and blockchain technology by exploring how entrepreneurs navigate the blockchain domain in order to successfully cross the chasm in the technology adoption life cycle. [Theoretical framework] The theoretical framework for this exploration is threefold. It is firstly based upon Gartner’s Hype Cycle in order to map the danish landscape of blockchain technology. Secondly, using contrasting entrepreneurship theories of Schumpeter and Kirzner, the study will define the blockchain entrepreneurs. Third and finally, using Penrose’s growth of the firm, the study will connect the blockchain entrepreneurs with Moore’s Theory of Crossing the Chasm and thereby explore the barriers of adoption of the blockchain technology in order to construct a framework contribution assisting blockchain entrepreneurs in successfully navigating the chasm in the danish landscape. [Method] While our contribution is derived from the theoretical framework, the theoretical framework has been derived inductively and based on our preliminary analysis of ten in-depth interviews of blockchain entrepreneurs in the danish landscape. [Key findings] Our analysis showcases a shift of entrepreneurial perspective between the year of 2017 and 2020, from entrepreneurs being naive and idealistic to more wise and pragmatic. A key reason for this has been the blockchain hype in 2017 and the subsequent crash. Our analysis furthermore showcases a link between the entrepreneurial perspective to blockchain, the risk of being stuck in the chasm and which blockchain layer you navigate in the landscape. [Limitations and further research] While this study has explored the past and present to help the blockchain entrepreneur navigate the blockchain domain, our further research should investigate the future in regards to crossing the chasm of blockchain technology.

EducationsMSocSc in Organisational Innovation and Entrepreneurship , (Graduate Programme) Final Thesis
Publication date2020
Number of pages115