Impact of blockchain technology on business models

Abstract

The key objective of this paper is two-fold. The first is to have a clear understanding of the Blockchain technology from both a technical and business perspective. Once we gain clarity into the concepts behind Blockchain, we will look at features of blockchain, its implications for businesses and how it impacts business models. We then investigate the application of blockchain technologies in various sectors like Finance (cryptocurrency), Insurance, Real estate , Healthcare etc. and understand the concepts of Proof of Concept and Smart Contracts. This paper aims to understand the implications of Blockchain to businesses. It will be studied how this technology can be used to build products and services that could not have been possible in the pre Blockchain era. The paper intends to go beyond the traditional use cases of Blockchain namely cryptocurrencies and solutions for the financial domain and analyze where else this technology is creating opportunities or has the potential to do so. Finally, we analyze a use case of blockchain implementation in the Healthcare sector and compare it with the current healthcare infrastructure. We see the steps involved in implementing blockchain and how it is monetized.