Application of Blockchain in Creating Sustainable Value for Startups

Abstract

This study aims to explore the application of blockchain technology in creating sustainable value for startups, focusing on its benefits, challenges, and the potential for innovation and collaboration within the business ecosystem. A qualitative research design was adopted, utilizing semi-structured interviews with founders and senior managers of startups that incorporate blockchain technology into their operations. Data were analyzed through thematic analysis to identify key themes and subthemes. Four main themes were identified: (1) Blockchain applications, highlighting data security, transparency, cost reduction, and financial facilitation; (2) Opportunities and challenges, including resistance to change, regulatory issues, initial investment needs, and resource access; (3) The impact of blockchain on innovation, outlining product and service development, business process improvements, and new market creation; (4) Collaboration and partnership in the ecosystem, focusing on business network development, resource and capital access, and the promotion of standards and protocols. Blockchain technology offers significant opportunities for startups to enhance transparency, efficiency, and security, contributing to the creation of sustainable value. However, to fully leverage these benefits, startups must navigate challenges related to adoption, regulation, and initial investment.