Pattern Based Evaluation of Blockchain Technology as a Catalyst for Business Model Innovation

Abstract

As blockchain technology became more established in the financial arena, federal health IT officials, vendors and developers started looking at its potential and its use in the healthcare sector. Lately, there has been a major hype around the potential of the technology. It is described as a disruptive technology that could enable business model innovation with increased transparency, new models of partnerships and possible disintermediation. Business modelling was recognized as a potential tool to help the healthcare sector to determine a technology implementation strategy by involving all the important stakeholders in a value-driven dialogue about the way in which the technology should be utilized.

This research focused on exploring the potential of the blockchain technology for business model innovation with the use of business model patterns as a theoretical construct. From the scientific perspective, research contributed to a better understanding of the role of business model patterns as a construct with multipurpose character. The construct was used in a role of classification device to gain an understanding over the technology associated business model logics and in a role of instruments of scientific inquiry to explore potential technology implications. A two-way relationship between the disruptive technology and business models was considered. As a result, tokenization was proposed as a new business model pattern, specific to the blockchain technology. Moreover, value patterns (patient empowerment, privacy by design, security by design, transparency by design) were recognized as an important matter that is potentially impacting future business models. In the second step, business model patterns were evaluated in the context of e-Health industry specific moderators. A Discussion with the implication of the technology from the business model innovation perspective was provided.