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Blockchain technologies are quickly changing the competitive business landscape. Companies need to think strategically about how to best prepare for a future in which they might systematically enhance value and unleash new value using blockchain. In this article, we address how cooperating companies jointly create unique value with blockchain technology, the risks they face along the way, and how they can mitigate those risks. We briefly identify three different reasons a company might adopt blockchain – to enhance value creation, to strengthen existing value ecosystems, or to create new value ecosystems. Then, we identify three strategic risks of blockchain adoption as they relate to business issues, legal issues, and technological issues. Finally, we highlight four different forms of strategic maneuvers for minimizing these risks. The strategic maneuvers include the all-industry approach, the walled garden approach, the many gardens approach, and the options approach. We provide prescriptive advice to managers on how to strategically think about blockchain adoptions, how to identify the underlying risks, and how to consider strategic approaches to mitigate their adoption risk. |
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