Blockchains as a Path to a Network of Systems – An Emerging New Trend of the Digital Platforms in Industry and Society

Abstract

At the beginning of the 1990s, the Internet’s various fragmented information networks were combined into one integrated network of systems. As a result, the commercial utilization of the Internet boomed, creating com- pletely new business models and economic structures in the process. A similar reaction is now anticipated from the digitalization of industry and society at large. However, the main question is: “How can all the separately structured, isolated systems be fused into one seamless network of systems?”

So far, the problem has mainly been addressed from the standpoint of centralized and decentralized system architectures. Our analysis shows, however, that completely new and innovative technological approaches, such as the blockchain technology, are emerging to address this problem. These new distributed architecture solu- tions may completely revolutionize the anticipated structures and business models of the digitalization current- ly in progress, as they allow machines to autonomously share much more than just data, e.g. computing power, storage capacity or even electric power. As a result, understanding digitalization in its full capacity requires a systems approach and a new kind of higher-level thinking on the scale of a network of systems.

Publication info

Series
ETLA Raportit - Reports 45
Date
13.08.2015
Keywords
Digitalization, Industrial Internet, Platforms, Blockchain
ISSN
2323-2447, 2323-2455 (Pdf)
JEL
L14, L15, L86, L96, O33
Pages
20
Language
English