Blockchain Papers

Geetika Jain, Sachin Kamble, Nelson Oly Ndubisi, Archana Shrivastava · 6 authors

No abstract is available for this record.

Mohammad Rashed Hasan Polas, Ahmed Imran Kabir, Abu Saleh Md. Sohel‐Uz‐Zaman, Ridoan Karim · 5 authors

Blockchain technology has been heralded as a game changer for addressing severe environmental and economic sustainability challenges. In response to rising environmental concerns, blockchain technology (BCT) is transforming green innovation, culminating in green economic practices and well-established business models. Recognizing this, we investigated the role of blockchain technology in green innovation practices and its impact on green economic sustainability, which has an impact on green environmental sustainability. Moreover, 184 small- and medium-sized enterprises (SMEs) were surveyed in Lima, Peru. Data for this cross-sectional study were gathered using stratified random sampling. The positivist approach was implemented using a statistical induction method. Prior studies’ research constructs were measured using validated measurement scales. For quantitative data analysis, using the partial least squares structural equation modeling (PLS-SEM) framework, this study provided two key findings. First, sustainability orientation and sustainability attitude have a positive and significant effect on the adoption of green innovation that employs green energy (solar) technology towards a sustainable green economy. Second, the intention to use blockchain technology mediates the relationship between sustainability orientation and social perception with the adoption of green innovation that employs green energy (solar) technology towards a sustainable green economy. We recommend that small- and medium-sized enterprises embrace green innovation and blockchain technology to protect the environment and boost community cohesiveness.

David Zargaran, Alexander Zargaran, Tim Weyrich, Afshin Mosahebi

Non-fungible tokens (NFTs) are unique digital assets created and traded on the internet. Over the past year, they have gained significant traction and investment, being heralded as a revolution in authentication and ownership. Employing blockchain technology, an immutable ledger of transactions is held, maintained across thousands of computers around the world. The application of NFTs has seen digital art gain early traction, although the “use-cases” are still being established in this nascent technology.1 Within the health care sphere, some have suggested the role of NFTs in supply-chain tracking of medications.2 An extension of the technology has been proposed to validate credentials and degree certificates, leveraging a key strength of the blockchain technology: transparency. Responding to the 2013 Keogh review into the regulation of cosmetic interventions, the Royal College of Surgeons in the United Kingdom has created the Cosmetic Surgery Certification Scheme.3 This recently re-launched scheme runs in parallel to a multitude of independent societies, including the British Association of Aesthetic Plastic Surgeons, the British Association of Plastic and Reconstructive and Aesthetic Surgeons, the British Association of Oral and Maxillofacial Surgeons, the UK Association of Aesthetic Plastic Surgeons, the British Society of Facial Plastic Surgeons, the British Oculoplastic Surgical Society, the Association of Surgeons of Great Britain and Ireland, the British College of Aesthetic Medicine, the Joint Council for Cosmetic Practitioners, and the General Medical Council specialist register. Furthermore, licensing organizations such as licensing boards or the General Medical Council do not provide a centralized credential for aesthetic practice. In the United States, a few of the organizations available include (without limitation) the American Academy of Aesthetic Medicine, American Academy of Anti-Aging Medicine, American Academy of Cosmetic Surgery, American Academy of Dermatology, American Academy of Facial Plastic and Reconstructive Surgery, The Aesthetic Society, American Society of Plastic Surgeons, Foundation for Facial Aesthetic Surgery, National Coalition of Estheticians, National Aesthetic Spa Network, Professional Beauty Association, Society for Clinical and Medical Hair Removal, Society of Dermatology SkinCare Specialists, Society of Permanent Cosmetic Professionals, Society of Plastic Surgical Skin Care Specialists, The Spa Association, and Vegas Cosmetic Surgery and Aesthetic Dermatology. This trend is observed around the world, with a multitude of organizations offering professional support, information, guidance, and oversight within a single country. The proliferation of associations above reporting to regulate and oversee their members could potentially dilute the value of membership. It also presents a challenging landscape for patients looking to verify the credentials of their practitioner. Although there are many benefits to joining professional societies beyond authentication, NFTs could prove valuable in helping prospective patients safely and quickly identify whether their practitioner is qualified to provide their care. Furthermore, beyond their role in identification and authentication of credentials, holding an NFT would enable formation of communities to share information and resources, building a collaborative hub that could potentially enhance training and development opportunities. It is important to note, however, that the technology is in its infancy, and further developments and refinements are inevitable. The described application of NFTs would, however, require a centralized body to ensure appropriate award and oversight of these tokens and would not solve the problem of multiple professional bodies, should each look to provide their own NFT. This suggests that rather than further creation of professional bodies, a consensus should be achieved for a singular body to govern the safe practice of cosmetic interventions. NFTs may therefore find a role in the future landscape of cosmetic practice as part of a greater overarching strategy. A transparent and open form of communication enabled by NFTs may hold the key for future optimism in improving patient safety. The authors declared no potential conflicts of interest with respect to the research, authorship, and publication of this article. Dr Mosahebi is a Research section co-editor for Aesthetic Surgery Journal. The authors received no financial support for the research, authorship, and publication of this article.

Abderahman Rejeb, Karim Rejeb, John G. Keogh, Suhaiza Zailani

Blockchain can help to fundamentally alter aspects of circular economy (CE) activities and overcome pressing sustainability issues. Nevertheless, limited studies have investigated the barriers to blockchain adoption in the CE. This study aims to close the knowledge gap by providing a comprehensive review of the barriers hampering the adoption and integration of blockchain technology in the CE. An integrated approach based on fuzzy Delphi and best-worst methods has been applied to analyze and rank the barriers. Sixteen barriers to blockchain adoption in the CE were identified from the academic literature and validated by a panel of experts. The findings from the fuzzy Delphi technique identified ten significant barriers for further analysis. Then, using the best-worst method, the optimal weights were determined based on the experts’ judgment to recognize the importance of each barrier. The findings from this method showed that a lack of knowledge and management support, reluctance to change and technological immaturity are the most significant barriers. In contrast, the least significant barriers are investment costs, security risks, and scalability issues. Theoretically, this study is the first to apply an integrated approach combining fuzzy Delphi and best-worst techniques to prioritze the barriers to blockchain adoption in the CE. It also provides valuable insights for managers and decision-makers that can be used to optimize blockchain implementations in the CE.

Vincent Tawiah, Abdulrasheed Zakari, Guo Li, Anthony Kyiu

Abstract This study examines the relationship between the adoption of blockchain technology and environmental efficiency by using a sample of US firms over the 2015–2019 period. Our results indicate that the adoption of blockchain technology is positively and significantly associated with environmental efficiency, suggesting that blockchain improves environmental sustainability. In further analyses, we determine that the relationship between blockchain and environmental efficiency is more pronounced for firms in financial and technological industries than for those in other industries. Our findings are also robust to other methods that control for endogeneity, including difference in difference regressions and propensity score matching. Overall, we provide empirical evidence to incentivize business leaders and policymakers to adopt innovative technologies, such as blockchain.

Moritz Böhmecke‐Schwafert, Marie Wehinger, Robin Teigland

Abstract Blockchain is increasingly lauded as an enabler of the transition to a circular economy. While there is considerable conceptual research and some empirical studies on this phenomenon, scholars have yet to develop a theoretical model of blockchain's role in this transition. Grounded in the sustainability transition literature, this paper addresses this gap through the following research question: What role does blockchain play in the transition to a circular economy? Following an abductive approach, we conducted interviews with ground‐level experts implementing blockchain innovations for the circular economy across Europe and the United States. Through a thematic analysis, we derived a theoretical model of the relationships among (1) drivers and barriers of the transition to a circular economy, (2) blockchain innovation for the circular economy, (3) technical challenges of blockchain, and (4) the circular economy. While blockchain plays a moderating role, interviewees considered it only an infrastructural resource rather than a panacea.

Simone Pizzi, Andrea Caputo, Andrea Venturelli, Fabio Caputo

Purpose The purpose of this paper is to evaluate blockchain’s enabling role for sustainability reporting. This study extends the scientific knowledge about the impacts related to the notarisation of mandatory sustainability reports through a publicly available blockchain. Design/methodology/approach Building on the idea journey framework, this paper presents the case study of Banca Mediolanum in Italy, a first-mover who notarised its non-financial declaration on a public blockchain to mitigate the information asymmetries that negatively impact stakeholder engagement. Findings The analysis reveals that the notarisation of the non-financial reports through a publicly available blockchain can represent a tool useful to mitigate the asymmetric information between organisations and stakeholders. Practical implications Although academics and practitioners have observed the benefits of its implementation, only a few companies have adopted blockchain systems to ensure their information’s reliability. The findings underline the opportunity for socially responsible organisations to signal their orientation towards sustainable development through the adoption of an innovative tool. Social implications The proliferation of non-financial reports prepared on mandatory basis mitigated the signalling effects related to the disclosure of non-financial information. The case study underlines the opportunity for socially responsible organisations to overcoming this criticism through notarisation. Originality/value To the best of the authors’ knowledge, this is the first study about sustainability reporting practices and blockchain. This research contributes to the currently scarce discussion about the role of blockchain in non-financial reporting. In addition, the authors contribute to the scientific conversation about the need to rethink assurance in non-financial reporting practices.

Symeon Dionysis, Thomas Chesney, Derek McAuley

Purpose Given the increasing industry interest in blockchain technologies for supply chain management and product traceability, this paper aims to investigate consumer purchasing intentions for blockchain traceable coffee and their psychosocial antecedents, utilising an extended model of the theory of planned behaviour (TPB). Design/methodology/approach An online questionnaire study of 123 participants was deployed, using two traceability systems (one based on blockchain and one on a more established traceability certification) for organic coffee. Findings Adding variables such as environmental protections, trust and habits significantly increased the predictive power of TPB. The results suggest that attitude, perceived behavioural control and environmental protections drive intentions to purchase blockchain traceable coffee. Research limitations/implications Apart from establishing the factors affecting consumer intentions for blockchain traceable coffee, this study validates the TPB as a model of explaining coffee purchasing intentions and provides evidence of new variables that can significantly increase the model's predictive power. Practical implications The proposed format of presenting traceability information along with the significant variables revealed in our study can function as a guide for designing product features and marketing strategies for blockchain traceable organic coffee. Increasing consumer awareness on product traceability will also play a crucial role in the success of these products. Originality/value This study is the first to explore consumer purchasing intentions for blockchain traceable coffee and establish the psychosocial variables behind them contributing, in that way, to an understudied area in academic literature as well as providing insights for a more consumer-centric design of such products.

Anne-Marthe Rekdal Remme, Stine-Mari Stange, Asle Fagerstrøm, Lester Allan Lasrado

This study explores the relative impact of blockchain-enabled sustainability labeling on consumers purchasing behavior when shopping for fashion products. A conjoint experiment was conducted where participants (n=84) assigned scores to stimuli cards according to preference in a specific shopping scenario. Results showed that “blockchain trademarked” did not have much impact relative to “low price” and “high product rating”. Further analysis showed that “blockchain trademarked” had a relatively stronger impact towards those participants (n=22) who indicated that living a sustainable lifestyle is important. Our findings show that there is a need for educating consumers about blockchain and the associated benefits for improving future transparency in sustainability in the fashion industry. Overall, these findings provide valuable grounds for further research on how blockchain-enabled sustainability labeling can create value for both consumers and companies within the fashion industry.

Abderahman Rejeb, Suhaiza Zailani, Karim Rejeb, Horst Treiblmaier · 5 authors

Blockchain technology can play a crucial role to facilitate the transition from a linear to a circular economy. This article evaluates those enablers that influence technology adoption in the circular economy. A comprehensive literature review and feedback from experts revealed nineteen critical enablers. The Decision-Making Trial and Evaluation Laboratory (DEMATEL) methodology was used to determine the cause-and-effect relationships between them. The findings identified five critical causal enablers: transparency, security, smart contracts, traceability, and enhanced collaboration. Effect enablers were identified as immutability, decentralization, privacy, automation, information sharing, and enhanced regulation.

Michael Paul Kramer, Linda Bitsch, Jon Henrich Hanf

Coffee is the second most important commodity in terms of global trade value, with its global market value exceeding $460 billion in 2020. Its supply networks, which encompass multiple stakeholders, are complex and nontransparent. Blockchain is a trust technology, and some coffee firms have embraced this technology to provide trust attributes to consumers while making their supply chain more transparent. For businesses to gain the expected productivity advantages, a technology must be adopted and used. As theoretical and empirical research on blockchain technology adoption is scarce, this article attempts to identify behavioral intentions of stakeholders in the supply network toward its adoption. Based on exploratory interviews, this article develops a blockchain technology adoption model based on factors relevant to individuals’ use behavior. The results provide evidence that a normative stakeholder management approach positively impacts use behavior. Managers can use the model to benchmark and improve their corporate social responsibility strategy to obtain better returns on blockchain investments. This study closes a research gap as, to the best of the authors’ knowledge, no research has been conducted so far on the impact of an instrumental stakeholder management approach on blockchain technology adoption behavior. Understanding how stakeholder management can compensate for the lack of consensus mechanisms in private and consortium blockchains, as well as understanding the factors influencing behavioral intentions toward the use of a technology, can provide for managerial guidance toward the development of an effective stakeholder management strategy, which eventually can result in a competitive advantage.

Nicola Friedman, Jarrod Ormiston

Blockchain technology has been forwarded as an innovation to address pressing sustainability challenges in global food supply chains. However, limited studies have critically examined the technology's role in advancing sustainability. Drawing on the literature on sustainability-oriented innovation and innovation resistance theory, we explore the potential of blockchain technology to contribute to sustainable transformations within food supply chains. We reflect on 18 expert interviews with various actors across global food supply chains to evaluate the opportunities for, and resistance to, Blockchain technology as a driver of sustainability. The findings reveal that Blockchain is used within food supply chains as both a tool for sustainability as well as a broader philosophical mindset for addressing sustainability challenges. We reveal the opportunities for Blockchain technology as a sustainability-oriented innovation that can ensure fairer supply chains, enhance food traceability, and drive environmental sustainability. We also unpack the resistance to Blockchain that hinder its potential as a sustainability-oriented innovation which include functional and psychological barriers alongside cooperative barriers and protection of the status quo. Our study contributes to the broader literature on sustainability-oriented innovation and innovation resistance theory.

Katrien Steenmans, Phillip Taylor, Ine Steenmans

The literature on blockchain technology and circular economy is at a nascent stage, with only initial limited and superficial recognition of the possible role blockchain may have in supporting circular economy laws and policies. This paper contributes to this emerging area by exploring the regulatory opportunities and challenges for adoption of blockchain for circular waste management. In particular, through a mixed methods approach combining empirical and doctrinal research, this paper presents initial findings on: (1) the current role of blockchain within the legal landscape on circular economies; (2) the regulatory barriers of blockchain application to circular economies; and (3) opportunities of blockchain in supporting regulatory mechanisms promoting circularity.

Gloria Luzzani, Erica Grandis, Marco Frey, E. Capri

Sustainability standards have not yet been commonly adopted by the whole wine chain, and indicator assessments are not widely spread. A deep understanding of how embedding sustainability into business while controlling costs related to the adoption of sustainability certification standards such as data collection and management practices could allow one to overcome most barriers relevant to sustainability compliance. Blockchain technology (BCT) may answer these needs. In order to verify BCT potential to be used as a sustainability management tool in the wine industry, with a qualitative triple bottom line research approach, this article explores the connections among BCT adoption in agri-food, issues posed by wine sustainability certification, and whether wine companies that already own a wine sustainability certification are prepared to adopt it. Results show that (1) the blockchain allows collecting data and information that are relevant for monitoring and improving sustainability: Soil and water features, climate conditions, treatment with pesticides and fertilizers, production process, traceability, transparency, labor and human rights, quality and safety, waste reduction, authenticity, relationship with stakeholders; (2) wine companies that already own a sustainability certification have little familiarity with blockchain applications (57.1%, n.21) and only 14% of the respondents support their intention to invest in BCT in the coming years; (3) the case study shows improvements in traceability and transparency along the supply chain and an increase in consumers’ trust that was reflected in sales growth, and the main costs are linked to complexity in data management.

Susanne Köhler, Massimo Pizzol, Joseph Sarkis

Blockchain technology has been promised as a solution to social and environmental issues in supply chains. The potential includes reduction of vulnerable party exploitation and avoiding environmentally harmful practices. Yet, it remains unclear how these potential improvements are created and whether blockchain can truly contribute. Therefore, this field study explores and identifies the mechanisms for blockchain technology to facilitate positive social and environmental impacts in supply chains. We applied an explorative qualitative research approach and interviewed blockchain technology implementers and practitioners that allowed a detailed analysis of this problem despite the scarcity of practice data. The results include the development of a middle-range theory that shows barriers and drivers of blockchain-based technologies in supply chains, introduces the concept of blockchain-enabled system, and outlines expected outcomes and impacts. We further identify four impact pathways that describe how blockchain-enabled system create positive impact: (voluntary) market mechanisms, plausibility checks, smart contracts and tokenisation, and peer-to-peer trust. The study contributes by providing insights into “how” blockchain-based technologies in supply chains can lead to social and environmental impacts. The study also furthers the discussion on blockchain technology’s role in supply chain implementation and addresses the yet unresolved problem of measuring the impact of such blockchain-enabled systems.

E.F. Morten Komdeur, P.T.M. Ingenbleek

Blockchain technology, best known as the decentralised transactional ledger of Internet currencies such as Bitcoin, could provide possibilities for tracking the origin of timber products. As such, it could ease the complex job of timber procurement officers in companies that seek to purchase timber products from trustworthy origins. This study explores how trust among purchasers in suppliers of sustainable timber can be increased and the roles that blockchain technology could play as a factor influencing purchasing decisions. The study examines the attributes influencing purchaser trust in timber products, revealing that the country of origin is the strongest predictor of purchaser trust, followed by the price level for the timber product, the presence of a certification scheme, and the duration of the relationship with the supplier. Blockchain technology also had a significant effect on purchaser trust and could become an important factor for generating trust in timber products during international trade.

Rebekkah Navas, Hyo Jung Chang, Samina Khan, Jo Woon Chong

Consumers and professionals realize the importance of adopting social and environmental responsibility, but it is not easy for companies to implement transparent sustainability strategies that consumers can trust. Thus, it is often hard for consumers to compare brands to make conscious sustainability decisions. Blockchain technology is proposed as a bridge between ecolabels and industry initiatives as this technology provides the transparency of sustainable business practices. The objective of this study is to examine the effects of effectiveness, knowledge of the sustainability initiative, and trust in claims made by a company in ecolabels (i.e., traditional and blockchain ecolabels) on intention to buy products by comparing Generations X and Y. A total of 200 participants completed the survey. The results indicated that both the trust and knowledge measures were higher for the blockchain label than for the traditional ecolabel for Generation Y. Thus, the companies should determine how to effectively integrate this technology to the mutual benefit of the retailer and consumer by different generations.

Francesco Mercuri, Gaetano della Corte, Federica Ricci

The lack of transparency along global supply chains poses challenges in the areas of fraud, pollution, human rights abuses, and inefficiencies. In this context, the blockchain has the potential to offer an unprecedented level of transparency, with a shared and decentralized database in which immutable and encrypted copies of information are stored on every node of the network. Using a single case study methodology, this paper investigates how blockchain technology can improve and facilitate sustainable business models. The aim of this paper is to understand how blockchain technology can drive the development of sustainable business models. Recent studies show the importance of sustainability perspectives for business models. The study was conducted by applying the CAOS (“Characteristic, Ambience, Organization, Start-up”) model to a start-up operating in the agri-food sector, not yet institutionalized, called Devoleum. The results indicate that blockchain technology can increase sustainability through realizing the traceability, security, and non-manipulability of information, which are particularly useful in the agri-food sector. Furthermore, the absence of intermediaries in blockchain technology contributes to reducing transaction costs and the time required to consolidate relations between the company and the environment. The limitations of this study must be identified in that the company is operational but not yet incorporated.

Giulio Caldarelli, Alessandro Zardini, Cecilia Rossignoli

Purpose This paper aims to examine and overcome the barriers to the widespread adoption of blockchain technology, introducing a novel concept of sustainability in the fashion supply chain. Design/methodology/approach This work is an exploratory study of a well-known fashion company operating in the Veneto region (Italy). Data extracted from interviews and focus groups are coded using the (CAQDAS) software AQUAD. The outcome is then organized according to an adapted TOE view. Findings This exploration study's findings support the idea that the blockchain solution could be a valuable add-on in sustainable supply chains. However, a high understanding of technology and extensive communication with clients is required for successful integration. Research limitations/implications Being the outcome of qualitative analysis, the findings require further investigation to be inferable at a broader scale. As the project is still incomplete, some managerial choices are always subject to change. Practical implications Focused on a practitioner approach, this paper should guide managers in the process of successfully implementing blockchain technology. Arguably, similar companies may opt for similar choices. Originality/value To the best of the authors' knowledge, this is the first paper to contextualize and address the blockchain adoption barriers in the fashion supply chain. Furthermore, it offers an overview of how blockchain affects sustainable production.

Xiaoli Zhang, Guoyi Xiu, Fakhar Shahzad, Yupeng Duan

The purpose of this research is to examine the green supply chain (GSC) financing decisions of manufacturers and capital-constrained retailers in order to establish a Stackelberg game model under decentralized and centralized decision-making. This paper studies the influence of retailers’ choice of trade credit or bank loan financing strategy on a GSC’s performance and analyzes their decision-making tendency. The results show that manufacturers should provide trade credit and participate in retailers’ financing decisions to avoid double marginal effects under both centralized and decentralized decision-making. Interestingly, the optimal value of green marketing effort and retailer order quantity was twice as high as the decentralized under the centralized decision, indicating that the centralized decision could better improve GSC’s financing efficiency. Especially when the trade credit financing strategy is feasible, this effect is more significant. Finally, the outcomes are verified through numerical simulation, which references GSC practitioners in management decisions.

Syed Abdul Rehman Khan, Zhang Yu, Salman Sarwat, Danish Iqbal Godil · 6 authors

This paper aims to examine the role of blockchain technology for the circular economy to enhance organisational performance in the context of China–Pakistan-Economic-Corridor (CPEC). A close-ended questionnaire-based survey of manufacturing firms was administered to collect cross-sectional data from 290 respondents, which has been analysed through structural equation modelling. The circular economy approach in supply chain management offers environmental as well as economic benefits to the organisations. With the beginning of the Industry 4.0 era, there is an emphasis on technology in every field. A relatively recent phenomenon of blockchain technology promises lots of potential improvement in business operations. According to our results, with features such as visibility, transparency, relationship management, and smart contracting, blockchain technology was found to play a positive role in the circular economy. Furthermore, green practices were found to have a positive nexus with environmental and economic pathways to the firms’ performance, whereas environmental performance was also found to have a positive nexus with the economic health of the firm. Last but not the least, both environmental and economic performances were found to be the cause of a boost in organisational performance.

Érika de Andrade Silva Leal, Márcia Elisa Soares Echeveste, Lia Buarque de Macedo Guimarães, Aline Cafruni Gularte

Goal: This article presents an assessment of the impacts of the “Research in Companies Support Program (PAPPE): Economical Subvention to Innovation”, in the decentralized modality, i.e., projects contracted in the states of the Brazilian federation. Considering the high opportunity cost of the PAPPE program, it was deemed important to evaluate how the financed projects impacted the three dimensions (economic, social and environmental) of sustainable development.
 Methodology: Study was based on literature review on innovation grants; interviews with one Finep technician and technicians from Fapes, Fapesc and Sebrae-PR; and documental research and analysis of 53 projects carried out in the states of Espírito Santo, Paraná and Santa Catarina, from 2009-2013. Descriptive analysis was conducted for comparing performance of the three states.
 Results: Under the economic dimension, the PAPPE program enhanced the ability of funding recipients to compete on a national level. However, there was no evidence of impact on the social and environmental dimensions.
 Limitations of the investigation: This research is restricted to three Brazilian states, chosen due to the homogeneity of project types and the interest of the researchers, with a focus on the state of Espírito Santo.
 Practical implications: Although both social and environmental dimensions are not explicit in the scope of the PAPPE program, the assessment of these dimensions should be included in the design and evaluation of any policy sponsored by public funding, since they are critical to the country.

Gurudutt Nayak, Amol S. Dhaigude

This paper proposes a conceptual model of sustainable supply chain management (SSCM) in small and medium enterprises (SME) using blockchain technology (BT). With growing focus on sustainable business process, research on SSCM is gaining prominence. BT, being a disruptive technology, has potential to impact the SSCM. Using the extant literature, the antecedents of SSCM using BT have been identified. Multiple-criteria decision-making has been deployed to develop the conceptual model. Various managerial and theoretical implications along with scope for future research have been discussed.

Ilkka Kuronen

The purpose of this thesis was to provide information on whether the currency Bitcoin is viable and beneficial for businesses as a payment method or a business model. Interview, customer questionnaire and analysis of Bitcoin services, products and legislation were used to create a better understanding of viability of the currency.\n\nTheoretical part of the thesis explains how Bitcoin and its markets function. Later parts of the theoretical part lays out different services and products that can be built around Bitcoin. The objective of the theoretical part is to give better understanding of the general idea of Bitcoin for readers who are unfamiliar with the subject as it is a new concept.\n\nThe empirical research part of the thesis was conducted with both qualitative and quantitative methods. Methods used were a qualitative theme interview and a quanti-tative customer questionnaire. The theme interview was conducted with a brick and mortar store, which had previously used Bitcoin as a payment method. The interview was conducted over the phone and a planned theme structure was used. The ques-tionnaire was conducted in two different Bitcoin related communities and it was used to find out their previous and planned Bitcoin payment method usage.\n\nTrough empirical research it turned out that Bitcoin retail payment method is not very popular and that it has many problems and disadvantages in its current form. Online payment methods appeared to be more popular among users.\n\nFrom the research it was concluded that Bitcoin online payment methods using mer-chant solution services are viable, when transaction fees and times are at their normal level. Online payment methods involve less investment and risk compared to retail Bitcoin payment methods, which don’t have much demand, require staff training and purchasing and maintaining of separate payment devices. Online payment methods appeared to have some advantages compared to traditional payment methods as well as normally they involve smaller transaction fees when using a Bitcoin merchant ser-vice as opposed to using credit or debit card company payment services. It should be noted that at the end of the research Bitcoin transaction feeds and transaction con-firmation times rose significantly, which temporarily made the business use of the currency mostly untenable.