Blockchain Evolution and Its Impact on Business Models: A Comprehensive Review

Blockchain technology, originally conceived as the foundational technology of Bitcoin in 2008, has transcended its initial role and now holds transformative potential beyond cryptocurrencies. Despite the significant potential changes that blockchain could bring to business and management, current research predominantly centers on technological aspects and practical applications. Both academics and practitioners continue to grapple with a clear understanding of blockchain’s potential impacts. Moreover, the existing scientific literature addressing the business adoption of blockchain seems to overlook the increasing differentiation of real-world blockchain applications. This study aims to address this gap by systematically investigating the existing body of knowledge through a comprehensive review. In this review, we present the potential impacts of blockchain on business models and outline future research avenues. The analysis is based on 74 scientific articles published between January 2008 and July 2023. The review is structured around two frameworks: the elements of value creation, delivery, and capture within business models, and the various stages of blockchain application evolution. The findings underscore the necessity for a more nuanced exploration of real-world blockchain applications and their multifaceted effects on business models. This study contributes to the evolving discourse on the managerial and organizational dimensions of blockchain and offers insights for future research directions in this evolving field.