TY - JOUR
T1 - Blockchain tokens and the potential democratization of entrepreneurship and innovation
AU - Chen, Yan
N1 - Publisher Copyright:
© 2018 Kelley School of Business, Indiana University
PY - 2018/7/1
Y1 - 2018/7/1
N2 - Over the past few years, Bitcoin has emerged as the first decentralized, global currency. The rise of Bitcoin has brought attention not only to digital currencies but also to the underlying technology empowering digital currencies: blockchain technology. A blockchain is a distributed ledger that records and secures transactions in a peer-to-peer network. Besides empowering digital currencies, blockchain technology has given innovators the capability of creating digital tokens to represent scarce assets, potentially reshaping the landscape of entrepreneurship and innovation. Blockchain tokens may democratize (1) entrepreneurship by giving entrepreneurs new ways to raise funds and engage stakeholders, and (2) innovation by giving innovators a new way to develop, deploy, and diffuse decentralized applications. Blockchain technology and tokens have sparked a new wave of innovation, which may start to revolutionize entrepreneurship and innovation.
AB - Over the past few years, Bitcoin has emerged as the first decentralized, global currency. The rise of Bitcoin has brought attention not only to digital currencies but also to the underlying technology empowering digital currencies: blockchain technology. A blockchain is a distributed ledger that records and secures transactions in a peer-to-peer network. Besides empowering digital currencies, blockchain technology has given innovators the capability of creating digital tokens to represent scarce assets, potentially reshaping the landscape of entrepreneurship and innovation. Blockchain tokens may democratize (1) entrepreneurship by giving entrepreneurs new ways to raise funds and engage stakeholders, and (2) innovation by giving innovators a new way to develop, deploy, and diffuse decentralized applications. Blockchain technology and tokens have sparked a new wave of innovation, which may start to revolutionize entrepreneurship and innovation.
KW - Blockchain token
KW - Crowdfunding
KW - Initial coin offering
KW - Open innovation
KW - Token sale
UR - http://www.scopus.com/inward/record.url?scp=85045018829&partnerID=8YFLogxK
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U2 - 10.1016/j.bushor.2018.03.006
DO - 10.1016/j.bushor.2018.03.006
M3 - Article
AN - SCOPUS:85045018829
SN - 0007-6813
VL - 61
SP - 567
EP - 575
JO - Business Horizons
JF - Business Horizons
IS - 4
ER -