To what extent will blockchain drive the machine economy? Perspectives from a prospective study
Abstract
The advancements in the fields of IT and robotics are provoking the fourth industrial revolution and transforming our economy toward the machine economy. Billions of economically autonomous machines engaging in business relationships raise novel requirements regarding security, privacy, regulation, business models, trustful transaction processing, and interoperability. A technology that promises to provide solutions to these challenges is blockchain. Neither practice has spawned productive solutions nor has research been able to assess the phenomenon profoundly. First investigations focus on specific use cases, but existing work does not examine the overall impact and role of blockchain in the machine economy. However, this knowledge is of particular importance for various stakeholders. In this article, we address this research and knowledge gap by conducting a study with 50 blockchain and machine economy experts. We establish a sound research fundament by following a literature assessment, group discussion, interviews, and qualitative data analysis. As main research instrument, we chose a Delphi study, which has a long-proven record of application in prospective studies and has been applied to examine future premises, estimates, and challenges across nearly all disciplines. This allows us to derive six key findings leading to a transparent picture of blockchain's role in the machine economy.
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To ensure a successful project, there is a need for more explanatory studies regarding the project problem.
“The previous excerpts imply that, to ensure a successful project, there is a need for more explanatory studies regarding the project problem [22,23].”
From Blockchain Technology: Potential Applications for Public Sector E-Procurement and Project Management (2022) · cites this paper as [22]
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Hnatkowska, B., & Kasprzyk, K. (2010) · Cited by 5 · see citing works
Thiebes, S., Scheidt, D., Schmidt-Kraepelin, M., et al. (2018) · Publications of Darmstadt Technical University, Institute for Business Studies (BWL) · Cited by 5 · see citing works
Murray Turoff: Father of Computer Conferencing
Subramanian, R. (2012) · IEEE Annals of the History of Computing · doi:10.1109/mahc.2012.12 · Cited by 3 · see citing works
IoT Implementation and Challenges
Banafa, A. (2022) · River Publishers eBooks · doi:10.1201/9781003339373-9 · Cited by 3 · see citing works
Flagged first, then by citations
Cited by
Sorted by citations
Beiderbeck, D., Frevel, N., von der Gracht, H. A., Schmidt, S. L., & Schweitzer, V. M. (2021) · MethodsX · doi:10.1016/j.mex.2021.101401 · Cited by 642 · see citing works
Self-citationIoT–Blockchain: Harnessing the Power of Internet of Thing and Blockchain for Smart Supply Chain
Azizi, N., Malekzadeh, H., Akhavan, P., Haass, O., Saremi, S., & Mirjalili, S. (2021) · Sensors · doi:10.3390/s21186048 · Cited by 75 · see citing works
Blockchain Technology: Potential Applications for Public Sector E-Procurement and Project Management
Khalfan, M., Azizi, N., Haass, O., Maqsood, T., & Ahmed, I. (2022) · Sustainability · doi:10.3390/su14105791 · Cited by 57 · see citing works
“The previous excerpts imply that, to ensure a successful project, there is a need for more explanatory studies regarding the project problem [22,23].”
Background
- Authors
- Schweizer, A., Knoll, P., Urbach, N., von der Gracht, H. A., & Hardjono, T.
- Affiliations
- qbound, and the UCL Centre for Blockchain Technologies, Munich, Germany
- University of Bayreuth (DE)
- School of International Business and Entrepreneurship, Steinbeis University Berlin, Berlin, Germany
- Connection Science and Engineering, Massachusetts Institute of Technology, Cambridge, MA, USA
- Venue
- IEEE Transactions on Engineering Management
- Published
- 2020-11
- Volume
- 67
- Issue
- 4
- Pages
- 1169-1183
- ISSN
- 0018-9391 (ISSN-L)
- 1558-0040
- OpenAlex
- W3015214121
- Cited by
- 39
- References
- 120
- Citations by year
- 2026: 1 · 2025: 6 · 2024: 5 · 2023: 5 · 2022: 8 · 2021: 11 · 2020: 3
- FWCI
- 6.35
- Type
- journal article
- Language
- en
- Open access
- closed
- Licence
- Locations
- IEEE Transactions on Engineering Management (publishedVersion)
- ERef Bayreuth (University of Bayreuth) (submittedVersion)
- Publikationsdatenbank der Fraunhofer-Gesellschaft (Fraunhofer-Gesellschaft) (submittedVersion)
- Fraunhofer-Publica (Fraunhofer-Gesellschaft) (submittedVersion)
- Topics
- Physical Sciences › Computer Science › Information Systems › Blockchain Technology Applications and Security
- Social Sciences › Decision Sciences › Management Science and Operations Research › Impact of AI and Big Data on Business and Society
- Physical Sciences › Computer Science › Information Systems › Blockchain Technology in Education and Learning
- Keywords
- blockchain, Fourth Industrial Revolution, autonomous machines, interoperability, privacy and security, regulation, business models, expert opinion
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
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