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Value Propositions in the Cryptocurrency Ecosystem: A Stakeholder Analysis

Abdat, Mostafa; Lesueur, Raymond San
Master thesis
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2287850.pdf (2.409Mb)
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http://hdl.handle.net/11250/2624034
Utgivelsesdato
2019
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Samlinger
  • Master of Science [1117]
Sammendrag
With the emergence of the blockchain technology and Bitcoin, much attention has

been placed on the development of the industry. Considerable hype has been placed

around potential applications of blockchain solutions as well as the volatility of

cryptocurrencies. With the industry entering a new growth stage, several challenges

arise as well. These stem from a yet unclear regulatory framework, from undefined

ecosystem members and the difficulty to outline value propositions. We find that

these conditions inhibit its widespread adoption and the definition of clear value

propositions.

Within this thesis, we address these conditions and adopt the perspective of one of

the new actors in this ecosystem, the cryptocurrency exchanges. Through in-depth

interviews with industry stakeholders and based on the review of prevalent

literature, we identify the actors in this industry and categorize them in accordance

with Savage et al. (1991) matrix. We find four different types of stakeholders and

highlight the role they play with respect to the democratization of the technology.

Through a stakeholder map we showcase three different consequences of the current

composition and highlight their impact on the creation of a value proposition.

The value proposition theory leads us to the inclusion of the network perspective.

We find that banks, while likely to enter the industry themselves, are unlikely to

support exchanges in their development. An emphasis is placed on the regulatory

positions, which we identify as ambivalent. Their support to cryptocurrencies is

crucial, which is why we argue for three different approaches cryptocurrency

exchanges can take to develop conditions in their favor. We find that any proposition

will need to account for stakeholder positions in the network and that it requires

trust, need and transparency.

In short, we observe advances that enable the democratization of the technology and

the development of value propositions, which are in turn subject to the conditions

created within the industry.
Beskrivelse
Masteroppgave(MSc) in Master of Science in Business, Strategy - Handelshøyskolen BI, 2019
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Handelshøyskolen BI

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