Business Model Discussions in the Cryptocurrency Era——Based on Comparative Case Studies

Abstract

Abstract:

Recent technological advances have enabled the emergence of novel business models based on cryptocurrency. The fundamen-tal question at the core is how cryptocurrency plays its role in the business model and model innovation. To answer this question, the pa-per applies compartive case study methodology and selects two social media organizations (one is Steemit that employs cryptocurrency and the other is Zhihu that does not employ cryptocurrency) to illustrate the similarities and differences that cryptocurrency can possibly cre-ate in the business model. Two cases are analyzed through five aspects by dividing the business model canvas into relevant blocks:value proposition, value creation, value delivery, value network and value appropriate. The research analyzes the different corresponding ele-ments of the business model in the cases and gives the following three new propositions:(1) cryptocurrency can align different stake-holders' interests in value creation process; (2) cryptocurrency blurs the boundary of value network so that enable a new governance model between customers and the firm; (3) cryptocurrency enable firms to achieve fairer profit redistribution in value capture process. Finally, this paper concludes that the new interactive structure between different value elements of the business model within cryptocur-rency framework displays a new feature of value co-creation and co-realization that centeres on customer relationships.

Key words: cryptocurrency, business model, business model innovation, value creation, comparison case study

Guo Xiaochun, Hu Yi. Business Model Discussions in the Cryptocurrency Era——Based on Comparative Case Studies[J]. , 2020, 32(1): 324-336.

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