Blockchain-Based Decentralized Business Models in the Sharing Economy: A Technology Adoption Perspective

Abstract

Recently, blockchain technology has increasingly been deemed to enable novel ``decentralized'' business models for the sharing economy and thereby potentially provide an alternative to extant ``centralized'' sharing economy business models. Using a technology adoption perspective, our chapter explores under which circumstances such blockchain-based decentralized sharing economy business models may be widely adopted. Building on extant research, we theorize on the factors that are relevant for adoption from the individual users' perspective. We then derive eight potential adoption scenarios of blockchain-based decentralized sharing economy business models and explore adoption using an agent-based simulation for the short term vs. long term. Our analyses highlight the relatively high importance of individual attitudes toward decentralized business models vis-à-vis contextual influences and show how adoption patterns vary depending on the time horizon for the different scenarios. We conclude our exploratory study by deriving research and practical implications for blockchain-based business models.