Which type of ecosystem for distributed ledger technology?. (February 2023)

• Record Type: Journal Article
• Authors: Papanikolaou, Efstathios; Angelis, Jannis; Moustakis, Vassilis
• Is Part Of: Technology in society. Volume 72(2023)
• Publication Date: 2023-02
• Subjects: Blockchain -- Distributed ledger -- Business ecosystem -- Digital ecosystem -- Blockchain ecosystem; Technology -- Social aspects -- Periodicals; 303.483
• DOI: 10.1016/j.techsoc.2022.102143
• Languages: English
• ISSNs: 0160-791X

Abstract

Abstract: Distributed Ledger Technology (DLT), or the blockchain, enables new ways of inter-firm interaction in a networked environment. The economic community consisted of organizations, that although independent, are connected and interact through this seminal technology form the DLT ecosystem. DLT may be applicable in many ecosystem types. However, little research has been done on how DLT works in the ecosystem types. We acknowledge specific ecosystem characteristics in a DLT network of actors and argue that there are similarities between various ecosystem types. Our study extends DLT and ecosystem literature by answering the question "How do ecosystem types make fit to DLT?". We build upon the software, technological, digital, innovation, product and service ecosystem literature and examine how do they match to DLT ecosystem. We find that these ecosystems can be part or subset of the DLT ecosystem, but it is the business ecosystem type that fits better to DLT ecosystem conceptualization. We further analyse the characteristics, definitions and enablers of business ecosystem and identify the analogies between these two structures. In this way we provide academics and practitioners alike insight into what characteristics shape DLT business ecosystems and what features it adopts from other ecosystem types. Highlights: DLT network facet and network effects created indicate an ecosystem approach. Business ecosystem key enablers fit to DLT realization. Other than business ecosystem types demonstrate similarities to DLT approach. There are ecosystem types can be developed inside DLT business ecosystem. Proximity of business ecosystem and DLT notion derives based on their analogies.