Business Model Innovations through Blockchain Technology: An Empirical Study in the Era of Industry 4.0

Abstract

Blockchain technology has transformed the modern business models and the level of transparency, transaction security and low-cost maintenance provided is still unmatched. This seminal technology has multi-faced potential uses in the whole arena of entrepreneurships. Here we have briefly clarified the concept of blockchain technology and emphasised on certain features which can possibly innovate the existing business models. The paper aims at the influence made by this technology upon financial and also non-financial services of a firm. Various innovative business models are also discussed. The paper has also attempted to show the features which can be of interest to the stakeholders. The famous business model, proposed by Osterwalder and Pigneur, which shows the effect of this technology on essential blocks of business model, is also briefly discussed in this article. We have proposed the various ways though which a business can maximise its profit through blockchain technology.