Driving value creation with blockchain

Blockchain, an emerging technology in which information is stored on a decentralised network instead of with a central authority, can provide a platform for organisations to implement decentralised transactions and securely manage data. Despite the potential of blockchain technology to transform businesses, there is limited guidance on how organisations can leverage blockchain to create more value for users.

To understand how blockchain technology helps organisations better fulfil customer needs, Prof Boh Wai Fong and former PhD student Zheng Yujie of NTU’s Nanyang Business School studied blockchain-enabled online communities that use the technology to operate their platforms.

Analysing data from publicly available sources, including white papers, experts’ review reports and project community sites, the researchers identified three key drivers that spur member participation and protect contributions in blockchain communities: a system that rewards members for gaining and maintaining their reputation in the community, data ownership mechanisms, as well as verification and tracking mechanisms.

The researchers hope their findings will provide new insights for organisations to use blockchain technology to enhance value creation.

The article appeared first in NTU's research & innovation magazine Pushing Frontiers (issue #20, June 2022).