Blockchains and the disruption of the sharing economy value chains

Abstract

Abstract Against the backdrop of debates and rising public sentiments against “Big Tech,” this paper takes a conceptual approach to explore the possibilities for blockchain technologies to disrupt the governance of the sharing economy value chains. Unlike centralized trust systems employed by multisided digital platforms, blockchains employ a decentralized, open‐source system. Data can be shared, verified, and monitored using a consensus mechanism across multiple nodes. We bring insights and discussions from the extant literature to elucidate two guiding principles of the sharing economy value chains: resource optimization and data monetization. Against this backdrop, we propose a conceptual framework that compares traditional digital platforms' governance mechanisms and value drivers with block‐chained enabled platforms, where resource optimization and data monetization are driven by decentralized platform co‐owners rather than single platform owners. We offer case illustrations to explicate this framework and how it signposts a new, disruptive model for the governance of the collaborative economy, especially in developing countries.

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