The scientific enterprise relies on a peer-review process to maintain the quality of academic discourse and to ensure researchers develop a valid and consistent cumulative body of knowledge. In recent years, it appears that the review capacity in the IS field has decreased, which indicates that the community’s hunger for publication accompanies only a modest appetite for providing the necessary support to sustain the consequent increase in peer-review load. The advent of blockchain technologies and the proliferation of cryptocurrencies presents an opportunity to develop a token-based peer-review payment system that can clear the congested review pipelines while also controlling for quality and spreading the equity that peer review generates in a fair fashion through market-regulation mechanisms. Despite the digital transformation of the publishing industry, little has been done thus far to address the chronic inefficiency of the review process. The typical review cycles, which are measured in years, suggest that something needs to change. Developing a token-based peer-review payment system may be an opportunity not only to address the apparent challenge in the peer-review process but also to assert our proclaimed role as stewards of the digital revolution.
Over the last decade, blockchain technology has facilitated a method by which a network of equipotent and equally privileged peers can jointly maintain and edit databases in an entirely decentralized manner, without any kind of an intermediary exhibiting unilateral control. As a consequence it has enabled the creation of a new type of multi-sided platform architecture with distributed governance. As the different platform provision functions are opened to free market competition rather than monopolized by a single entity, the monopoly-like pricing structure typical of platforms is overhauled. Instead, blockchain-enabled distributed platforms appear to share value more evenly between the all the different market sides connected to the platform. Our analysis reveals that blockchain technology adds new considerations to how multi-sided platform architectures should be perceived and analyzed.
The rise of cryptocurrencies such as Bitcoin is driving a paradigm shift in organization design. Their underlying blockchain technology enables a novel form of organizing, which I call the “decentralized autonomous organization” (DAO). This study explores how tasks are coordinated within DAOs that provide decentralized and open payment systems that do not rely on centralized intermediaries (e.g., banks).\nGuided by a Bitcoin pilot case study followed by a three-stage research design that uses both qualitative and quantitative data, this inductive study examines twenty DAOs in the cryptocurrency industry to address the following question: How are DAOs coordinated to enable growth? Results from the pilot study suggest that task coordination within DAOs is enabled by distributed consensus mechanisms at various levels. Further, findings from interview data reveal that DAOs coordinate tasks through “machine consensus” and “social consensus” mechanisms that operate at varying degrees of decentralization. Subsequent fuzzy-set qualitative comparative analyses (fsQCA), explaining when DAOs grow or decline, show that social consensus mechanisms can partially substitute machine consensus mechanisms in less decentralized DAOs.\nTaken together, the results unpack how DAO growth relies on the interplay between machine consensus, social consensus, and decentralization mechanisms. To conclude, I formulate three propositions to outline a theory of DAO coordination and discuss how this novel form of organizing calls for a revision of our conventional understanding of task coordination and organizational growth.
All the early attention about Bitcoin regarded its potential disruptive capability for the global monetary supply. Many thought Bitcoin would disintermediate banks and be one of the biggest technological innovations of this generation. Blockchain is just one form of distributed ledger system to emerge. Ether is another cryptocurrency technology that uses a form of distributed ledger technology (DLT) usually referred to as Ethereum. Distributed ledgers have the potential to transform or even disrupt most every industry, and even improve how democracies function. eBay may be one of the first early successes in the peer-to-peer economy. Founded in 1995 in Silicon Valley by Pierre Omidyar, eBay is a classical Silicon Valley success story. Open Bazaar was formed to compete with the eBay model by facilitating similar transactions among peers, but with no intermediary monetizing the transactions. Uber and Airbnb are the platform death-stars that draw the most attention and ire from certain stakeholders around the world.
Abstract Contemporary organizations with multinational business activities must strive to achieve strategic responsiveness to thrive and survive as they operate across a highly dynamic and complex global business environment. Here we emphasize the importance of combining the slow analytical strategy processes at headquarters with the fast autonomous responses taken by frontline agents in the subsidiaries in view of the changing conditions. New business developments are observed first in the fast activities around the multinational periphery where updated experiences from ongoing responses create useful insights that can be used strategically if management at headquarters is cognizant about its existence and able to collect this information. We introduce the notion of democratizing the strategic engagement of managers and employees at all levels and locations of the multinational corporation (MNC) as an essential leadership paradigm. The implied interaction between slow central analytical reasoning at headquarters and updated insights from fast decentralized initiatives in local subsidiaries constitutes an effective dynamic responsive mechanism. This dynamic interaction implies that critical strategic decisions made in the MNC must be informed by the diverse updated insights of managers and employees operating on the corporate frontlines tapping into the crowd wisdom readily available in and around the organization.
Technologia blockchain jest uznawana za jedną z przelomowych technologii informatycznych naszych czasow. Ponad 8 letnia juz historia tej technologii lączy sie nierozerwalnie z historią cyfrowej waluty Bitcoin, stworzonej przez tajemniczego Satoshi Nakamoto. Od czasu, gdy pierwsi uzytkownicy podlączyli sie do sieci Bitcoin, nastąpila ewolucja w postrzeganiu samej technologii blockchain jako technologii bazowej, dającej sie zastosowac nie tylko do tworzenia innych niz Bitcoin kryptowalut. Istotne bylo takze pojawienie sie niezaleznej od Bitcoin sieci blockchain nazwanej Ethereum, zaprojektowanej przez 19 letniego Vitalika Buterina, ktora zaoferowala nowe mozliwości funkcjonalne - inteligentne kontrakty. Blockchain jaki znamy dzisiaj bardzo intensywnie i skutecznie wykorzystuje znane koncepty kryptograficzne takie jak jednokierunkowe funkcje haszujące, kryptografie asymetryczną czy znakowanie czasem. Mechanizmy konsensusu zawieranego automatycznie przez uczestnikow sieci blockchain eliminują potrzebe zaufanej trzeciej strony przy przetwarzaniu transakcji, a inteligentne kontrakty poszerzyly obszar zastosowan technologii blockchain daleko poza transfer kryptowalut. Przedsiebiorstwa i instytucje na calym świecie dostrzegly innowacyjny potencjal wynikający z unikalnych cech technologii blockchain i dzisiaj są juz na etapie usprawniania swoich procesow z wykorzystaniem tej technologii. Przytoczone przyklady zastosowan realnie wplywają takze na poprawe jakości zycia zwyklych ludzi.
The payment services market in Poland is particularly open to new payment solutions. The most important financial innovations of the recent years include cryptocurrencies. Bitcoin is the most well-known of them and its applications cover payments and investments. The article aims to determine the potential for using cryptocurrencies in individual segments of the payment services market in Poland. The paper considers the following research hypothesis: Representatives of the financial sector see a potential for a widespread use of cryptocurrencies in the payment services sector in Poland. The aim of the paper was achieved and the hypothesis verified on the basis of selected results of a survey among representatives of institutions operating in the financial market in Poland. The study, primarily carried out by the author, presents the opinions of experts representing the broadly understood community of professionals from the payment services market in Poland. Their views concern the directions in which innovations in the payment services sector may develop and the prospects for the use of cryptocurrencies in that area.
Trading securities is a process that requires multiple trusted intermediaries to ensure that the trade is done correctly. The securities industry is therefore very slow and expensive; the central securities depository (CSD) being one of the main contributors to the disruption. In an effort to fix this, financial institutions has recently started looking into the blockchain technology; the innovation behind the cryptocurrency Bitcoin. Bitcoin is a digital currency that can be traded peer-to-peer without the need for a trusted intermediary. If this concept could be used when trading securities it would simplify the process, making the settlement-time near instant. In addition to the speedup, it would also save the industry a lot of money since many processes could be automated. The purpose of this paper is to provide an overview of the blockchain technology and its applications in the finance industry. The focus is on how a blockchain could be used to reduce the responsibility of the central securities depository as much as possible, and especially on how corporate actions could be automated. The goal is to answer these questions: Is blockchain a suitable platform for a decentralized corporate actions solution? Whatare the benefits and drawbacks of using a blockchain versus a traditional centralized solution? The aim is to provide an evaluation of the usage of blockchains in finance, with extra focus on the CSD and corporate actions
Which is more innovative: the decentralized, diversified firm, or the centralized, more narrowly focused firm? The economics and finance literatures argue that diversified firms have innovation advantages as their operating units have access to an internal capital market. In contrast, the strategy and entrepreneurship literatures argue that managers of these firms suffer from “managerial myopia,” discouraging them from investing in projects with long‐term, uncertain payoffs. We take a fresh look at the relationship between innovation and diversification using a comprehensive sample of diversified and nondiversified firms and a novel approach that teases out the mechanisms influencing the relationship between diversification and innovation. Consistent with conceptual and empirical work in strategy, we find a robust negative correlation between diversification and R&D intensity, suggesting that diversification reduces innovation by discouraging investment. However, our analysis suggests that internal capital market inefficiencies, rather than managerial myopia, is responsible for this observed negative relationship.
Making a series of small bets rather than one large gamble is at the core of experimentation, thereby scaling down what is at stake. Less effortful and more specific behaviors are more likely to be followed through, so making things tangible increases your odds of translating intentions into actions. Small wins mark progress and offer proof-of-concept, opportunities for feedback, and opportunities for joining development efforts.
Decentralized autonomous organizations (DAOs) are the result of the high-speed development of international economy and internet technology, this new management approach is also the need of management in different complicated industries as well. The objective of this paper is to present the basic concepts related to DAOs, blockchain technology and to reveal their advantages and disadvantages. A management perspective to the DAOs and related concepts is presented, also. Besides, in this paper the application of DAOs also will be discussed, from a general perspective but from our own, also.
The article discusses the history of cryptocurrency, its positive and negative sides, legal status, the evaluation of the prospects for its use and investigates the possibilities of obtaining cryptocurrency, mechanism of operation and its impact on the development of the shadow economy.
The paper deals with cryptocurrencies and trading. Main goal of this article is to introduce strategy for automated trading on cryptocurrency exchange market. For this purpose we will use algorithm based of Floyd-Warshall algorithm. Article is introductory and can this method can be developed in the future. First, a general introduction to cryptocurrencies is given from the programmer's point of view, some statistics data and figure representing volatility of exchange. Then the article describes some basic strategies for automated trading. Also explained is the algorithm Floyd-Warshall and its modifications for automation arbitrage. An illustrative example is given and a trading algorithm is listed.
We examine the relationship between the organization of a multi-divisional firm and its ability to adapt production decisions to changes in the environment. We show that even if lower-level manag-ers have superior information about local conditions, and incentive conflicts are negligible, a centralized organization can be better at adapting to local information than a decentralized one. As a result, and in contrast to what is commonly argued, an increase in product market competition that makes adaptation more important can favor centralization rather than decentralization. (JEL D21, D23, F23, L22) The organization theorist Chester Barnard and the economist Friedrich Hayek shared the view that the “economic problem of society is mainly one of rapid adaptation to changes in the particular circumstances of time and place ” (Hayek 1945, 524). But whereas Hayek viewed adaptation as an autonomous process, undertaken by individual economic actors, Barnard (1938) stressed the ability of organizations to engage in what Oliver Williamson (1996, 2002) calls “coordinated adaptation.” Williamson (1996, 103), referring to Barnard and challenging Hayek, argues that:
Neo-functionalist scholarship has made one of the first systematic attempts to explain why and under what circumstances regional organizations act cohesively in global forums. Known as the externalization hypothesis, Schmitter (1969; 1971) and Nye (1967; 1971) have argued that with progressive regional integration member states of a regional grouping tend to develop an interest in becoming a cohesive actor vis-à-vis third states. The motivation to centralize policies towards the extra-regional world is largely defensive: to safe-guard the economic benefits reaped from closer regional cooperation (Haas and Rowe 1973: 4), to reduce external dependence of member states and, at the same time, protect their foreign policy autonomy ( ibid . 5). In a mutually reinforcing relationship, externalization is also believed to foster regional integration insofar as developing joint positions towards outsiders creates a need for increased internal consultation, communication, coordination, harmonization and, hence, institutionalization ( ibid . 6). Externalization, in other words, has a dual effect: it helps to curtail the “exogenous determination of the external conditions of regional organizations” and, vice versa, creates conducive conditions for deepening regional integration (Schmitter 1971: 244; Jorgensen-Dahl 1977: 36). In an empirical study Haas and Rowe tested eighteen regional organizations on externalization (Haas and Rowe 1973). In their research design they posited that primarily the material institutional properties such as functional specificity, homogeneity and autonomous central authority would influence the cohesiveness of regional organizations in global forums. The more functionally specific, the more homogenous the membership and the more centralized the organizational structure, they argued, the greater the likelihood is that a regional organization will act cohesively in global forums. By contrast, regional organizations with a broad functional scope, a diverse membership and a decentralized organizational structure are expected to be less united in global institutions. As the measure for cohesiveness they used the voting behavior of regional organizations in the United Nations General Assembly ( ibid .).
W artykule zwrócono uwagę na wybrane zagrożenia związane z internetowym systemem płatności za pomocą kryptowaluty bitcoin. Poruszone zostały zagadnienia związane z anoniowością w sieci Bitcoin, pozyskiwaniem bitcoinów, prawdopodobieństwem podwójnego wydania środków (ang. double spending), ryzykiem inwestycji w kryptowalutę oraz ryzykiem AML.
Cryptocurrency networks have given birth to a diversity of start-ups and attracted a huge influx of venture capital to invest in these start-ups for creating and capturing value within and between such networks. Synthesizing strategic management and information systems (IS) literature, this study advances a unified theoretical framework for identifying and investigating how cryptocurrency companies configure value through digital business models. This framework is then employed, via multiple case studies, to examine digital business models of companies within the bitcoin network. Findings suggest that companies within the bitcoin network exhibits six generic digital business models. These six digital business models are in turn driven by three modes of value configurations with their own distinct logic for value creation and mechanisms for value capturing. A key finding of this study is that value-chain and value-network driven business models commercialize their products and services for each value unit transfer, whereas commercialization for value-shop driven business models is realized through the subsidization of direct users by revenue generating entities. This study contributes to extant literature on value configurations and digital businesses models within the emerging and increasingly pervasive domain of cryptocurrency networks.
We show that the behaviour of Bitcoin has interesting similarities to stock\nand precious metal markets, such as gold and silver. We report that whilst\nLitecoin, the second largest cryptocurrency, closely follows Bitcoin's\nbehaviour, it does not show all the reported properties of Bitcoin. Agreements\nbetween apparently disparate complexity measures have been found, and it is\nshown that statistical, information-theoretic, algorithmic and fractal measures\nhave different but interesting capabilities of clustering families of markets\nby type. The report is particularly interesting because of the range and novel\nuse of some measures of complexity to characterize price behaviour, because of\nthe IRS designation of Bitcoin as an investment property and not a currency,\nand the announcement of the Canadian government's own electronic currency\nMintChip.\n
Andrew Campbell, Sven Kunisch, Günter Müller‐Stewens
At too many large companies, corporate functions like HR and IT don't get enough strategic direction from the CEO. Four basic steps can help.
Few CEOs give enough direction to the heads of their corporate-level functions. That's the conclusion of a survey we conducted of more than 50 function heads at some of Europe's leading companies. We are referring here to larger companies in which corporate-level functions such as finance, human resources, information technology, strategy, purchasing and legal provide policies, controls and services to decentralized operating divisions. Fortunately, some CEOs have found ways to address the problem.
In our survey, fewer than one in 10 function heads felt they had received sufficient guidance on how their function should contribute to the company's overall strategy. Instead, they were expected to develop their own ideas and functional strategies.