The rise of the digital economy: Thoughts on blockchain technology and cryptocurrencies for the collaborative economy

Abstract

This study highlights the potential impacts of blockchain technology on the collaborative economy (CE), colloquially known as the sharing economy. This conceptual review first analyzes how the CE intersects with the blockchain technology. Collaborative consumption involves an intensification of peer-to-peer trade, underpinned by robust digital infrastructures and processes, hence an increased use of new technologies and a redefinition of business activities. As an inherently connected economy, the CE is, therefore, prone to integrating the most recent technological advances including artificial intelligence, big data analysis, augmented reality, the smart grid, and blockchain technology. This review then furthers the examination of the organizational and managerial implications related to the use of blockchain technology in terms of governance, transaction costs, and user confidence. A closing case finally examines the role of a prominent social networking site (i.e., Facebook ) in the CE-blockchain nexus.