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Blockchain technology and its effects on business models of global payment providers.

Dolinski, German (2018) Blockchain technology and its effects on business models of global payment providers.

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Abstract:Because of its potentially disruptive influence on business models, blockchain technology has sparked interest in the payments industry. This paper aims to explore the effects of blockchain technology on business models of payment providers involved in cross-border payments. The results of the case studies indicate that blockchain technology offers a new model for cross-border payments and can facilitate the more efficient processing of payments, cutting out intermediaries out of the process and in turn lowering the costs of transactions significantly. As a result, blockchain technology allows the offering of new services and causes some of the current practices obsolete. This technological innovation impacts the current infrastructure in the payments industry and generates potential for new business models. Eventually, companies which leverage the potential of blockchain technology to a better extent will prevail. Blockchain technology has the potential to be a force of technological disruption but will require collaboration between innovators, incumbents and regulators, adding complexity and delaying implementation. These factors make the preparation of business model innovation promising but also troublesome. The findings contribute to theory by providing new insights about the impact of innovative technologies on business models and have further practical implications by its contribution to the understanding of the possible applications of blockchain technology for global payment providers, and in particular to its impact on the business models.
Item Type:Essay (Bachelor)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:85 business administration, organizational science
Programme:International Business Administration BSc (50952)
Link to this item:http://purl.utwente.nl/essays/75348
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