International Journal of Information Management xxx (xxxx) xxx–xxx

Contents lists available at ScienceDirect

International Journal of Information Management

journal homepage: www.elsevier.com/locate/ijinfomgt

Analysing the impact of blockchain-technology for operations and supply

chain management: An explanatory model drawn from multiple case studies
⁎
Stefan Tönnissen , Frank Teuteberg
Department of Accounting and Information Systems, Osnabrück University, Katharinenstr. 1, D-49069 Osnabrück, Germany

A R T I C LE I N FO A B S T R A C T

Keywords: Blockchain technology is said to have a high disruptive potential and can do without an intermediary. Numerous
Disintermediation contributions deal with its impact on and possibilities for logistics and supply chains. In this article, we use a
Supply chain multiple case analysis to develop an explanatory model for the interaction of actors in an operational supply
Blockchain chain involving blockchain technology. In addition, we show which intermediary tasks the blockchain could
Explanatory model
replace and what impact this would have on the industry logic. For this purpose, we analyze the status quo in
Case study
practice based on a multiple case study with real use cases and find answers to our research questions. The
findings of the paper include (1) insights into the impact of blockchain technology on the logistics industry, and
(2) the implications and research questions related to blockchain technology and the impact of blockchain
technology on business models.

1. Introduction 2017). Due to the peer-to-peer network of the blockchain, there are no
intermediaries between the players; thus, in a logistics chain, producers
The blockchain technology, which has existed since the introduction or suppliers can deal directly with their customers (Hughes et al.,
of bitcoins in 2009 (Nakamoto, 2008), has now reached a level of 2019). Businessrelationships between unknown individuals are ne-
maturity that makes it suitable for many applications. Blockchain cessarily based on trust (Queiroz & Wamba, 2019) and trust is an in-
technology is often referred to in the current literature as disruptive herent component of the blockchain consensus mechanism (Wang,
technology (Holotiuk, Pisani, & Moormann, 2017; Nofer, Gomber, Hinz, Singgih, Wang, & Rit, 2019). Disintermediation or the bypassing of
& Schierech, 2017; Swan, 2015) and as an innovation with the potential middlemen promises to achieve supply chain management goals of cost,
to destroy business processes (Wessel & Christensen, 2012), interrupt quality, speed, reliability, risk reduction, sustainability, and flexibility
development processes, abruptly postpone opportunities for action in (Kshetri, 2018). However, it is still unclear what effect blockchain
companies and radically change business models (Brousseau & Penard, technology will have on roles and tasks in a logistics chain and which
2007). In 1995 Bower and Christensen recognized that the most per- intermediary tasks the blockchain will take on. Players in a logistics
sistent pattern in the economy is the failure of leading companies to chain face new players with new functions as well as a loss of business
stay at the forefront of their industries when (disruptive) technologies partners that they know well. Maintaining a functioning supply chain
displace existing technologies (Bower & Christensen, 1995). Disruption requires knowledge of and transparency in the changing roles and
due to blockchain technology can relate to business processes (Wessel & functions brought about by the blockchain. In order to achieve this, we
Christensen, 2012) and business models (Brousseau & Penard, 2007). carried out a literature review in order to record and analyze the gen-
Business models are a tool for mapping, innovating and evaluating the eral tasks of an intermediary. We determined a functional intermediary
business logic of a company (Veit et al., 2014). According to Chris- profile and then compared it against blockchain-based use cases in the
tensen, disruption is a relative phenomenon, since a disruptive business logistics sector in order to gain an understanding of the new role allo-
model can only be defined when compared with that of another com- cation this would lead to in the industry.
pany (Christensen, 2006). In this article, we use a multiple case analysis to develop an ex-
The blockchain is a distributed system between participants in a planatory model of the interaction of actors in a supply chain involving
network which stores transactions between those participants in a blockchain technology. The explanatory model is based on the answers
consistent, unchanging and chronological chain (Risius & Spohrer, to the following research questions:

⁎
Corresponding author.
E-mail address: [email protected] (S. Tönnissen).

https://doi.org/10.1016/j.ijinfomgt.2019.05.009
Received 23 January 2019; Received in revised form 13 April 2019; Accepted 13 May 2019
0268-4012/ © 2019 Elsevier Ltd. All rights reserved.

Please cite this article as: Stefan Tönnissen and Frank Teuteberg, International Journal of Information Management,
https://doi.org/10.1016/j.ijinfomgt.2019.05.009
S. Tönnissen and F. Teuteberg International Journal of Information Management xxx (xxxx) xxx–xxx

RQ1: Does blockchain technology lead to the removal of inter- literature review, Hughes et al. (2019) demonstrate the benefits of
mediaries in supply chains and thus to disintermediation, or does re- blockchain technology in achieving UN Sustainable Development Goals
intermediation occur? by contrasting those goalswith the capabilities of blockchain. Wang
RQ2: Which of the tasks of an intermediary in a supply chain are et al. (2019) examine the impact of blockchain on the supply chain
replaced by the blockchain or become superfluous? through interviews with supply chain experts. Experts think that the
RQ3: What effect does disintermediation or reintermediation have blockchain will provide improvements in supply chain transparency
on a supply chain? and operational improvements, secure information sharing, and build
The paper is structured as follows. We proceed by first providing a confidence. Ying, Jia, and Du (2018) conducted a study of a successful
theoretical insight into blockchain technology as well as the theory of blockchain-enabled ecommerce platform in a conglomerate and con-
disintermediation. Next, in the methods section, we will explain the cluded that blockchain empowers companies to issue their own cryp-
approaches to literature research on the functions of an intermediary tocurrency and protect sensitive information. They also demonstrate
and the search for use cases of blockchain-based solutions from the that the inherent trust present in blockchain technology means that
supply chain, including a brief description of the selected use cases. The institutional intermediaries can be dispensed with.
results section presents the detailed results of a within-case analysis as
well as a cross-case analysis and finally shows the relationships in an 2.2. Inter-, dis- and reintermediation
explanatory model. Following is the section implications with an out-
look on future research. The last section contains conclusions and Distributed data management in a blockchain enables transactions
comments on limitations. between parties without the need for a central intermediary (Zheng,
Xie, Dai, & Wang, 2017). Following Turban et al. (2018), a central in-
2. Theoretical background termediary usually provides relevant information on supply and de-
mand, prices and trade requirements, and matches market supply and
2.1. Blockchain demand. In addition, they provide further added value through the
transportation and distribution of goods, trustee services, payment ar-
A blockchain is a concatenation of data, which is combined into rangements and consultancy (Turban et al., 2018). In electronic mar-
individual blocks and stored on all of the users' computers. This se- kets, the intermediary also acts as a platform provider and provides
quence of data into blocks results in a sequence that reflects the course technology for the exchange of services (Puschmann & Alt, 2016). In
of transactions in the form of a chain. The data blocks are protected doing so, it also acts as a trustworthy authority, enabling business re-
against subsequent changes by means of cryptographic methods, so that lationships between strangers with confidence and risk reduction
over time a gapless chain of linked data blocks is created. The inclusion (Kiviat, 2015). Today, logistics chains include third-party logistics
of a new record in the blockchain requires the passage of a so-called providers who act as business partners in the logistics chain and assume
consensus mechanism that runs across the network of all participants logistics functions (Lieb & Bentz, 2004). There are also fourth-party
(Risius & Spohrer, 2017). The consensus mechanism is used to reach logistics providers, who act as neutral business partners in the supply
agreement among all participants in the blockchain network about the chain and offer various services to the companies involved in that
correct state of data on the blockchain (Beck, Avital, Rossi, & Thatcher, supply chain (Mehmann & Teuteberg, 2016). The intermediary also has
2017). This ensures that the data is the same on all nodes in the network a regulatory function in order to cover legal uncertainties and the high
(Swan, 2015). The best-known consensus mechanism is proof-of-work, cost of bilateral contracts between the trading partners (Giaglis, Klein,
in which the computer has to execute a complicated mathematical al- & O`Keefe, 1999). These intermediary functions can be fully automated
gorithm. Only after successful execution can a new data block be gen- through electronic marketplaces, providing such functions as "sup-
erated on the blockchain, which must be checked by the other com- plying relevant information about supply and demand" and "matching
puters in the peer-to-peer network before inclusion in the blockchain supply and demand" and thus replacing intermediaries. However, the
(Holotiuk et al., 2017). In addition to the data, each block contains a intermediary’s expertise and knowledge of the market and the industry
timestamp as well as the hash value of the previous block. The blocks cannot be replaced (Turban et al., 2018). Disintermediation can not
are protected against subsequent changes by means of cryptographic only occur as a whole, but also as partial disintermediation in the
methods, so that a continuous chain of linked data blocks is formed context of the intermediary's previous key activities (Tay & Chelliah,
over time (Nofer et al., 2017). 2011) (Fig. 1).
The impact of blockchain on the strategic goals of supply chains is Intermediation is the most prevalent asset ownership verification
the subject of a recent study by Kshetri (2018). They analysed 11 use and transaction processing solution today (Nofer et al., 2017). How-
cases and showed conclusively that the blockchain makes a positive ever, blockchain technology with its peer-to-peer network and dis-
contribution to achieving the goals of cost, speed, dependability, risk tributed data management can lead to an elimination of intermediaries,
reduction, sustainability, and flexibility. Despite blockchain's positive also known as disintermediation. The crypto-currency Bitcoin allows
contributions to the supply chain, Queiroz and Wamba (2019) show payment to be made between two parties without using a banking in-
that there is a difference in the acceptance of blockchain technology termediary. This reduces fraud and identity theft (Kursh & Gold, 2016)
between the US and India in the logistics sector, which should be factor as well as increasing efficiency and reducing transaction costs (Zheng
in to the design of blockchain-based global supply chains. In their et al., 2017). Disintermediation is, in its original sense, the investment

Fig. 1. Traditional vs. blockchain based Markets: The Disintermediation (based on Giaglis et al., 1999).

2
S. Tönnissen and F. Teuteberg International Journal of Information Management xxx (xxxx) xxx–xxx

of assets, such as money, without the use of a bank or financial in- "Intermediation", "Disintermediation" and "Reintermediation" were
stitution (Allen, 1996). More recent definitions refer to disintermedia- searched for in titles, keywords and abstracts. The contributions to the
tion as a shortening of value-added or supply chains based on electronic literature were collected in an Excel file. After the databases were
marketplaces (Giaglis et al., 1999). Atkinson and Schumpeter (2001) evaluated, the conferences relevant to business information technology
define disintermediation as the reduction or elimination of retailers, were searched, including MKWI, WI, ECIS, ICIS, HICSS, AMCIS and
dealers, brokers and other middlemen in transactions between manu- PACIS. Then relevant journals were selected for research. Journals were
facturers and customers. Cue (1999), on the other hand, describes selected on the basis of the Information Systems VHB-JOURQUAL3
disintermediation as the circumvention of an intermediary organization rating. Due to the novelty of blockchain technology, the journals ex-
in a business relationship that would normally be involved in the amined were in the A + to C ranking, in order to obtain the widest
transaction, regardless of whether the goods or services are the subject possible range of contributions. We received 139 database hits, 4 hits in
of the transaction. For Sampson and Fawcett (2001), disintermediation conference contributions and 48 hits in journals.
describes a situation in which an end customer has a direct business The contributions collected in the Excel file were then adjusted for
relationship with a manufacturer without an intermediary. Due to in- duplicates. The titles of the papers as well as their abstracts were ex-
creasing digitization, the role of intermediaries in many markets has amined for relevance to the research questions and then analyzed. We
changed significantly (Peukert & Reimers, 2017). As well as the inter- were able to identify the functions of intermediaries from the resulting
mediary disappearing, there is also the possibility that an existing in- 14 contributions. The functions of intermediaries (see Table 1) include:
termediary will change its role based on experience, expertise and the provision of relevant information to customers and suppliers; data
market knowledge and participate in the business model in a new on demand, supply and prices and trade requirements (Turban et al.,
function. This process is referred to as reintermediation (Giaglis et al., 2018). A fundamental function is the matching of supply and demand in
1999; Zamani, 2018). Reintermediation can also refer to a situation a market (Turban et al., 2018). Intermediaries also act as platform
where an increase in electronic distribution channels initially replaces providers, offering additional services on an electronic platform for
an existing intermediary, which later in turn are replaced by new customers (Puschmann & Alt, 2016). An intermediary is a trustworthy
central agents or intermediaries (Cue, 1999). authority that can deliver the trust required for settling business be-
All the aforementioned types of intermediation can occur in any tween strangers, thus reducing risk in a business relationship (Giaglis,
aspects of a supply network. The disintermediation of a middlemen in a Klein, & O`Keefe, 2002). In addition, an intermediary can provide
supply network leads to the effect, that all the different former func- added value such as the transportation of goods, fiduciary services,
tions of the middlemen has to overtake from another player in the additional payment arrangements and financing options as well as
supply network. Beside the key functions, some has to manage the in- consultancy (Turban et al., 2018). Lastly, an intermediary can ensure
formation flow, material flow and knowledge flow between the dif- compliance with governance rules by providing a regulatory function
ferent actors in the remaining supply network (Shunk, Carter, Hovis, & between buyer and seller (Giaglis et al., 1999). Based on the method for
Talwar, 2007). developing taxonomies described in Nickerson, Varshney, and
Muntermann (2013), we have followed an empirical-to-conceptual
3. Methodology approach. We have collected functions of intermediaries found in the
research contributions (empirical approach) until no new functions
To answer the research questions, we begin a literature search to were found despite multiple new posts (pragmatic termination cri-
find the appropriate functions of an intermediary. These functions are a terion). In addition to analysing current literature, we have used case
prerequisite for the analysis of use cases, which we have identified in study research to answer our research questions by analysing real ap-
the following step with a case study research. The results of Section 3 plications (conceptual approach).
are the functions of an intermediary, which we use in Section 4 to
analyze the use cases to answer our research questions 1 and 2. The 3.2. Case study research
results then flow into an explanatory model to answer RQ 3 (see Fig. 2).
In order to answer our research questions, we conducted qualitative
3.1. Literature review research through case study analysis. Case study research is the most
popular form of qualitative research in information systems research
To clarify the research questions, a systematic literature searches (Recker, 2013). It is widely used and can provide insights that cannot
(see Fig. 3) was carried out in this paper (Webster & Watson, 2002). be achieved by other methods (Rowley, 2002). Case study research is
Following Denyer and Tranfield (2009), the literature search is divided used to conduct empirical studies on real-world phenomena (Recker,
into problem formulation, literature search, literature analysis, and 2013; Rose, Spinks, & Canhoto, 2015) rather than in a laboratory or by
interpretation as well as presentation phases. For this purpose, journals experiment (Eisenhardt & Graebner, 2007; Rowley, 2002). The main
as well as contributions from conferences and databases were eval- strengths of case study research are that phenomena are studied in their
uated. This was followed by a forward search as well as a backward natural environment and that theories can be generated from practice
search. The databases EBSCO, ScienceDirect, Web of Science, ACM (Recker, 2013).
Digital Library, IEEE Explore and AISEL were searched. The keywords To ensure that our research results were meaningful, we conducted

Fig. 2. Procedure to answer the research questions.

3
S. Tönnissen and F. Teuteberg International Journal of Information Management xxx (xxxx) xxx–xxx

Fig. 3. Process of Literature Review (based on Denyer and Transfield (2009)).

Table 1
Characterization of blockchain-based applications.
Blockchain-based Ocean Agri- Agri- food Animal Cognizant Open Origin Cargo Life Crypter Ever-
application Freight digital product Retail Bazaar Tracking Chain ledger
[1] [2] [3] [4] [5] [6] [7] [8] [9] [10]

Functions of the intermediary

Relev. Information X
Matching Buyers / Sellers X
Platform Provider X X X X X X X X X X
Trust
Added value
Compliance-Governance

Value proposition
Cost reduction X X X
Increased transparency X X X X X X X X
Process safety X
Process efficiency X X X X
Traceability X X X X X
Real-time processing X X

Type of blockchain
Permissioned X X X X X X X X X
Permissionless X

Business model
Infrastructure provider X X
Platform provider X X
Integrator X X
Applications provider X X X X

a multiple case study since, as the number of cases increases, results are pharmaceuticals and diamonds (see Table 1). Ocean Freight [1] is an
more robust (Rowley, 2002), and provide a stronger foundation for application for the digitization and automation of international con-
building theories (Yin, 1994). For case study research, the selection of tainer shipments by sea (Petersen, 2017). IBM has developed a proto-
cases is a significant challenge (Eisenhardt & Graebner, 2007). How- type system in cooperation with MAERSK. The Agri-digital application
ever, it should be borne in mind that the selection of cases is also guided [2] combines goods delivery with payment transactions and provides a
by pragmatic and logistical reasons (Seawright & Gerring, 2008). For high degree of transparency in supply chains (Agridigital, CBH Group,
the selection of cases, we followed the criteria described in Parè (2004). 2017). The application is a prototype which is already at the pilot stage.
Conducting a multiple case study also raises the question of which Agri-food [3] is an application at the proof-of-concept stage. It is a
number of case studies is suitable. For Rowley (2002) 6-10 case studies complete food supply chain based on RFID and blockchain (Tian,
are typical. 2016). The Animal Product [4] use case enables the identification of
We carried out a search on Google using the search string: animal products and traceability in a complete supply chain (Marinello,
(“blockchain and logistic" or "blockchain and supply chain”) and ("case Boscaro, & Pezzuolo, 2017). A company called Provenance has im-
study" or "use case") for the period 01/01/2017 - 31/12/2017 and re- plemented the concept in a blockchain application. In Cognizant Retail
ceived 7060 hits. Working on our assumption that the results of the first [5], Cognizant provides a blockchain application for traditional re-
pages reflect the relevance of Google's search algorithms (Google Inc., tailing (Weldon, Herridge, & Cohen, 2017). OpenBazaar [6] is an
2018), we used the results as a starting point to analyze titles and ab- electronic marketplace for trading in goods and services on a block-
stracts to find appropriate use cases. If the titles and abstracts were chain (OpenBazaar, 2017). Origin Tracking [7] is a use case that acts as
accurate, a contribution to our research question was to be expected. a general ledger for food tracking and integrates with existing IT sys-
Furthermore, we tried to ensure a wide selection of case studies in order tems (Petersen, 2017). The application is provided by origintrail and is
to obtain a large degree of variation. Another requirement was that the being used by Walmart. The Imperial Group uses CargoChain [8] within
case studies should have left the concept phase and be either in the the Group as a solution for the digitization of transport management
prototype phase or in productive use. In this way we ensured that our (IMPERIAL Logistics International B.V. & Co. KG, 2017). LifeCrypter
research was an empirical investigation of real phenomenon (Rose [9], however, has only one prototype so far. LifeCrypter is an applica-
et al., 2015). tion that captures supply chains for pharmaceutical products (Schöner
We found 10 use cases in the fields of logistics and supply chain & Sandner, 2017). The Everledger [10] application for supply chain
management, food trade and transportation, general retail, tracking and tracing of diamonds is in production and has over one

4
S. Tönnissen and F. Teuteberg International Journal of Information Management xxx (xxxx) xxx–xxx

Fig. 4. Procedure for determining the tasks assumed by the intermediary.

million diamonds registered to date (Badzar, 2016). RFID and blockchain to provide traceability across the entire supply
chain. The value proposition of this solution is a closed, verified and
transparent supply chain that processes data in real time and thus
4. Results provides up-to-date information. This is an “infrastructure provider”
business model since only an open blockchain is deployed (Tian, 2016).
4.1. Within-case analysis Animal product: The 1996/97 bovine epidemic BSE led the European
Commission to increase traceability requirements for animal products
For the above blockchain applications (numbers in square brackets), and to significantly reduce the many information asymmetries. The
we analyzed business reports, white papers, journals, blog entries and current method of identifying animal products is via different types of
homepages of vendors to find the scope of services, the value proposi- ear tags. Recent developments use RFID, barcodes, DNA fingerprints or
tion for the customer and the type of business model (see Fig. 4). To do network house scans for labeling. However, today's solutions do not
this, we take into account the functions of the intermediary (in the left protect against counterfeit data. This problem could be solved by using
half of Fig. 4) which we know from the literature review and the a closed blockchain application. The value proposition of this block-
functions of the blockchain technology (in the right half of Fig. 4). We chain application is not only transparency and the possibility of com-
then compared the types of intermediary with the activities of the plete traceability of animal products along the supply chain, but also
blockchain applications, and identified the following functions that the faster processes within the supply chains. This is a “platform provider”
intermediaries could inherit from the blockchain. business model, as it offers not only a blockchain but also user man-
Ocean Freight: The blockchain solution is a closed blockchain, with agement (Marinello et al., 2017).
central user and authorization management. It augments the existing IT Cognizant Retail: Traditional retail is coming under growing pressure
systems of connected partners and enables data exchange via a stan- from digital competitors. In addition, transparency in the supply chain
dardized interface. Its value propositions are drastic reduction in paper and the danger of counterfeit products are diminishing. A closed
and document management costs and a significant increase in the blockchain application could make the supply chain transparent, thus
transparency of the transportation process. It is an “integrator” business ensuring verified origin and authenticity of goods. In addition, effi-
model, because it provides a standard interface for connecting legacy ciency gains can be expected from faster transactions. The value pro-
systems (Petersen, 2017) in addition to the blockchain. position is not only an increase in transparency of the supply chain, but
Agridigital: The AgriDigital platform is a closed blockchain applica- also reduction in costs by avoiding redundant systems and an increase
tion where delivery of grain and transfer of ownership can be linked to in efficiency from shorter transaction times. This is an “infrastructure
payment by "Agricoin" cryptocurrency with the help of smart contracts. provider” business model because it only provides a blockchain, which
The value proposition of this application is giving cereal producers a is open (Weldon et al., 2017).
secure payment transaction after delivery and a fast payment process OpenBazaar: This application provides a decentralized and global
using cryptocurrency. Furthermore, traceability through complete marketplace without a central and controlling instance. The open
verification of the supply chain via the blockchain is possible. This is an marketplace brings suppliers and buyers together, thereby removing
“application provider” business model because it provides a fully marketplace fees. This blockchain marketplace competes with inter-
functioning application in addition to the blockchain (Agridigital, CBH mediaries in the trade such as eBay and Amazon. The value proposition
Group, 2017). of OpenBazaar is providing free trade in goods and services without
Agri-food: Food logistics in China is facing the challenge of ever marketplace fees without collecting customer data and without cen-
increasing health and safety standards in the food industry. Traceability sorship. This is an “application provider” business model because it is a
of supply chains in food production is therefore required. These re- peer-to-peer application.
quirements are now met by a closed blockchain application which uses

5
S. Tönnissen and F. Teuteberg International Journal of Information Management xxx (xxxx) xxx–xxx

Table 2
Assumption of the tasks of the intermediary by the blockchain-based application.
Blockchain-based application Ocean Agridigital Agri-food Animal Cognizant OpenBazaar Origin CargoChain LifeCrypter Everledger
Intermediary functions Freight product Retal Tracking

Relevant information X
Bring together Buyers / Sellers X
Infrastructure providers X X
Platform provider X X
Integrator X X
Application provider X X X X
Trust
Added value
Governance and Compliance X X X X

Origin Tracking: Retracing a supply chain of food and ingredients is (Turban et al., 2018). Here, only Cognizant Retail and OpenBazaar have
very difficult for retailers in the case of a food-borne disease outbreak. the potential to take on this role as a new blockchain application. This
Inadequate data along the supply chains makes it difficult to find the function goes hand in hand with the important role of matching supply
source of contamination in a timely manner. To facilitate traceability, and demand. Matching these requires a great deal of information,
Walmart and IBM formed a partnership in 2016 to develop a blockchain which is necessary for the synchronization of two declarations of will.
application. This closed application augments supply chain partners’ This intermediary function could also only be taken on by Cognizant
existing IT systems with a transparent and superordinate general ledger Retail and OpenBazaar. Electronic markets have created new inter-
for the movement of food. The value proposition of the application is mediaries in the form of platform providers (Puschmann & Alt, 2016),
integration with existing IT systems and an increase in the transparency examples being ebay and Amazon. We have used the five types of
of the food chains and thus traceability. This is an “integrator” business business model which Rückeshäuser (2017) applied to the term "plat-
model, because it provides a standard interface for connecting legacy form provider" to analyze the blockchain business models. The simplest
systems (Petersen, 2017; Popper & Lohr, 2017) as well as providing a business model is infrastructure provider in which, as we see with agri-
blockchain. food or animal products, blockchain is only used as infrastructure. It is
CargoChain: The CargoChain application makes all paper and not clear if there is an income model such as a subscription model or
documents required in the supply chain electronically available and account-based model available for these applications.
machine-readable. Processes can therefore be digitized and automated. These blockchain applications have the potential to replace the
The value proposition is short reaction times due to digital data, com- following functions of intermediaries:
bined with a high level of automation and exception handling based on The results of the Table 2 are the answer for our RQ2. The next level
workflows. The closed blockchain is interlinked with the various ex- of business model is that of the platform provider, where there is the
isting IT systems. This is an “application provider” business model, possibility to develop applications on top of the infrastructure, e.g.
since it provides other functions in the logistics process (IMPERIAL LifeCrypter. In addition to the income models mentioned above, a li-
Logistics International B.V. & Co. KG, 2017) as well as blockchain. cense model could be added here. The next level of business model is
LifeCrypter: Supply chain security has grown significantly in im- the integrator which is a blockchain application integrated into existing
portance due to the US Drug Supply Chain Security Act (DSCSA). The IT infrastructure and provides application customization. This feature is
proliferation of counterfeit medicines or drugs containing fraudulent offered by Ocean Freight as well as Origin Tracking. The highest level of
content is fueled by complex pharmaceutical supply chains. In today's business model is that of application provider providing complete ap-
supply chains, there are few ways to test the authenticity of drugs. In plications. This function is provided by Agridigital, OpenBazaar, Car-
the case of backtracking and recall campaigns, high costs are incurred goChain and Everledger. Trust is an indispensable prerequisite for a
due to inefficient processes and loss of reputation. This closed block- business relationship between strangers. Such a relationship has an
chain application captures drug data in real-time. It uses a unique inherent risk of failure as well as promoting opportunistic behavior. The
identification tag from manufacture to delivery to the consumer, al- reduction of this risk and the formation of a trustworthy authority is
lowing the consumer to track the supply chain. The value proposition is often part of the function of an intermediary (Giaglis et al., 2002). None
transparency and traceability of the supply chain and trustworthy data. of the previously analyzed blockchain-based applications offer this level
This is a “platform provider” business model, as it offers configurable of confidence on a digital platform. Another function of an intermediary
smart contracts to automate processes as well as blockchain (Schöner & is additional services for the customer. In addition to the transportation
Sandner, 2017). of goods, these can be trustee services, additional financing and pay-
Everledger: Paper certificates are often the only proof of origin of ment options and advice (Turban et al., 2018). The blockchain appli-
high-quality articles or luxury goods. Unfortunately, this does not limit cations do not offer any additional intermediary functions outside the
illegal activities such as document falsification, theft, fraud and traf- services that are included in the functional scope of the software.
ficking in blood diamonds. The Everledger application uses crypto- Today, intermediaries carry out business transactions in their area of
graphy to create a digital fingerprint for individual diamonds that can responsibility according to the law. Numerous regulations and laws
provide information about origin, ownership and supply chains. The have to be observed, such as the Child Protection Act, the Law on the
use of Everledger is reserved for a closed network of actors in the Marketing of Medicines, EU Food Information Regulation (EU) No
diamond supply chain. The value proposition of the application is 1169/2011, etc. Regulation (EC) No 178/2002 (Basic Regulation) for
transparency of origin and transactions in the life cycle of a diamond. the obligation of traceability is set out for foodstuffs. Agridigital, Agri-
This is an “application provider” business model, as it provides a food, Animal Product, Cognizant Retail and LifeCrypter provide this
function for end customers to print diamond certificates as well as legal function.
blockchain (Badzar, 2016). Based on our analysis, we can answer the first and second research
Today's intermediaries provide a wealth of information about the questions: "Does the blockchain technology lead to a removal of the
demand for goods and services, such as: the quantity and type of those intermediary, and thus to disintermediation, or is there reintermedia-
goods and services, prices as well as existing trade requirements tion?" and "What tasks of the intermediary does the blockchain replace

6
S. Tönnissen and F. Teuteberg International Journal of Information Management xxx (xxxx) xxx–xxx

or make superfluous? ". The Ocean Freight application cannot replace architecture of the blockchain technology and its need for a central
any of the features of a typical intermediary. Therefore, neither disin- entity to manage access permissions and applications in a permissioned
termediation nor reintermediation take place. Maersk could, however, blockchain. Thus, a logistics blockchain service provider in the re-
act as the new logistics service provider with the integrated supply spective industry could develop on this basis. Initially, industries will
chain business model of its blockchain integrator and assume the role of jump on the blockchain bandwagen where one of the value proposi-
a new mediator. A similar situation arises with Agridigital. None of the tions, such as transparency or traceability, is the backbone of their
existing functions of an intermediary are replaced by Agridigital, but a business model or where they are under pressure from regulatory re-
new intermediary is created as a service provider and application quirements.
provider in grain logistics. The agri-food application aims to meet the
stringent requirements for food transparency and traceability in China. 4.2. Cross-case analysis
The business model is only that of an infrastructure provider, so it has
no typical functions of food logistics intermediary. The "Law and reg- Based on the results of our within-case analysis, we can present the
ulation" function only offers traceability, which was insufficiently results of a cross-case analysis, which refers to value proposition as a
provided by the previous participants in the logistics chain. Thus, there value proposition for customers (Krishnamoorthi & Mathew, 2018). Our
are none of the three possible types of intermediation here. However, it analysis initially revealed six different value propositions in the 10 use
remains to be seen whether the pure infrastructure provider will cases (see Table 1). The most common value propositions are an in-
eventually become a platform provider, integrator or application pro- crease in transparency, traceability and process efficiency. The increase
vider in the role of a food logistics service provider - and thus an in- in transparency value proposition is founded on the immutability of
termediary. The animal product application is similar to agri-food: in data, processing of data in real time, permanent availability of the data
addition to the closed blockchain and the platform provider business and the chronological order of data in blockchain technology. The
model it only fulfils the legal requirements for traceability. It does not traceability value proposition is founded on these same characteristics
take over other functions of an intermediary. The function of platform of blockchain, as well as the peer-to-peer network and open source.
provider is a service function in the logistics of animal products and is Process efficiency relies on the processing of data in real time, the
therefore included as a new intermediary. Cognizant Retail only de- permanent availability of data and smart contracts for the automation
ploys the blockchain as infrastructure to increase supply chain visibility of process steps.
and security against counterfeit products. The retailer, as a typical in-
termediary, uses this application to complement its value proposition to 4.3. Explanatory model
the customer. Thus, none of the three types of intermediation exist. The
OpenBazaar application competes with existing intermediaries, such as To summarize the most important results from our within-case
eBay and Amazon, by providing relevant information and bringing to- analysis and cross-case analysis and to answer our RQ3, we present an
gether buyers and sellers functions. In this case, reintermediation could explanatory model of the roles and functions in the logistics industry
occur due to the displacement of existing intermediaries and the ap- (see Fig. 5). It provides an insight into the impact of blockchain tech-
pearance of a new intermediary. Origin Tracking does not replace any nology on business models. According to our findings, traditional in-
of the essential functions of a food logistics intermediary, but Walmart termediaries, as a link between producer and consumer (in the upper
acts as an integrator in a new food logistics service function, which can third of the Fig. 5), retain part of their previous functions and thus their
be seen as intermediation. With CargoChain, the logistics service pro- right to exist, since the use cases investigated can only take over part of
vider IMPERIAL acts as an application provider without, however, the functions of an intermediary.
taking on any of the additional functions of an existing intermediary in However, our analysis shows that, due to the value propositions of
logistics. This new logistics service function is an intermediation. blockchain applications, existing producers derive some of the func-
Intermediation also arises in LifeCrypter, where traceability of phar- tions of the intermediary from the platform of a blockchain provider or
maceutical products is made possible in a closed blockchain and effi- a blockchain service provider. The blockchain provider (in the middle
ciency savings are achieved by automation of processes. Other func- of Fig. 5) merely provides the blockchain with basic functions without
tions of an intermediary in pharmaceutical logistics are not present. participating in a corresponding platform, while the blockchain service
Intermediation also takes place in Everledger, where the application provider offers this as a service to the producer as well as consumer.
provider business model is a new service function in the diamond trade. The blockchain service provider (in the lower third of the Fig. 5) helps
The functions of the existing actors in the logistics process, from the its customers to integrate the platform with the blockchain into their
original producer to the jeweler, are not threatened (Table 3). existing IT infrastructure and, in addition to consulting and im-
We can now answer the third research question "What effect could plementation, offers customization of the platform to meet customer-
disintermediation or reintermediation have on the industry logic?", specific requirements. The safeguarding of governance rules and com-
First, the value propositions of the blockchain applications allow no pliance by a traditional intermediary is taken over by the blockchain
disintermediation of an intermediary to take place. Only OpenBazaar with its encryption, chronological chain and immutability properties.
could displace intermediaries such as e.g. eBay or Amazon and lead to Compliance could be enforced and certified through the involvement of
reintermediation through a new intermediary. However, our analysis independent third parties such as government agencies and accountants
shows that intermediation is much more likely where a new central in the blockchain. The platform establishes a link between producers
intermediary or intermediary determines the rules of the logistics in- and consumers based on their defined functions and data.
dustry. This new intermediary may arise due to the peer-to-peer The number of actors has now increased from the original three to

Table 3
Results of research question RQ1.
Blockchain-based Ocean Agridigital Agri-food Animal Cognizant Open Origin CargoChain LifeCrypter Everledger
Applications Freight product Retal Bazaar Tracking
Results

Disintermediation
Reintermediation X
Intermediation X X X X X X X

7
S. Tönnissen and F. Teuteberg International Journal of Information Management xxx (xxxx) xxx–xxx

Fig. 5. Explanatory model of functions, value propositions and the interaction of the actors in blockchain supply chains.

four or five due to division of labour between the former intermediar 6. Conclusions and limitations
and the new blockchain based intermediar., depending on whether an
independent third party is responsible for governance rules and com- The possibilities offered by blockchain technology for logistics and
pliance. In addition to existing intermediaries, the blockchain and its supply chain management are currently being examined from many
providers act as another intermediary, thus initially increasing the different perspectives and have already led to numerous applications.
complexity for both producers and consumers. Today's global and complex flows of goods are characterized by a lack
of transparency and trust. The numerous middlemen associated with
high documentary requirements lead to time-consuming and cost-in-
5. Implications and future research tensive processes (Chavanne & Pires, 2017). With the distributed
system of blockchain, in which no single company has control, today's
From the explanatory model presented above, we derive implica- disparate interests of participants in a supply chain can be reconciled in
tions and research questions based on St. Gallen`s Business Model a public register. Blockchain eliminates the problems of disclosure and
Concept (see Table 4). The Concept takes into account the four central accountability (Casey & Wong, 2017). Until now, it was unclear what
questions: Who is your target customer?, What do you offer to the impact these blockchain applications would have on current logistics
customer?, How is the value proposition created? and Whereby is business models. Blockchain's peer-to-peer network can do without
revenue created? The reduction helps to reduce the complexity intermediaries (Zheng et al., 2017), does that also apply to logistics? Do
(Gassmann, Frankenberger, & Csik, 2014) (Table 4). the new blockchain applications lead to disintermediation, in which the
Our study provides new insights into the business model concept blockchain takes over the functions that intermediaries previously had
and how blockchain technology and (dis-) intermediation will change in a supply chain? Our investigation into ten blockchain logistics ap-
existing concepts in the Operations and Supply Chain Management. plications show that there is no disintermediation. In one case, existing
This study differs from existing work in that, in the end, we present an intermediaries are replaced by a new intermediary so that re-
explanatory model of the interrelationships between intermediation intermediation takes place. In the Agri-food and Cognizant Retail ap-
and disintermediation in the logistics sector through the blockchain. plications, there is initially no intermediation, although over time a
Related work such as Kshetri (2018) demonstrates the benefits of service provider could become established as an intermediary. In seven
blockchain for the logistics industry or highlights the challenges of out of ten of the blockchain applications, intermediation takes place in
adopting blockchain (Queiroz & Wamba, 2019). the form of a new service provider in the logistics chain. However, it is
unclear whether the service provider with its blockchain logistics ap-
plication will be accepted as an intermediary in the logistics chain. The

8
S. Tönnissen and F. Teuteberg International Journal of Information Management xxx (xxxx) xxx–xxx

Table 4
Implications and research questions based on the St. Gallen Business model concept (Gassmann et al., 2014).
Question Dimension Implications and research questions

Who? Customer Who are the target customers of the blockchain platform and how can they be integrated into the blockchain supply chain?
Stakeholders In addition to the value propositions of the blockchain-based applications for the direct customers, additional values for third-party
stakeholders, such as big data analyses for optimizing the logistics chain etc., can result. Which requirements have to be considered and how
are they implemented in the platform? Which price model results from this?
Distribution channels The value propositions transparency increase and traceability require a complete picture of the supply chain on the blockchain. How and by
whom can the multiple actors be won over to the blockchain-based application - through the Blockchain Service Provider?
Customer segments Can the existing actors in a supply chain be segmented and dealt with in a differentiated way in order to intensify business relations?
What? Value Proposition The blockchain applications have a number of value propositions. Does this value proposition generate benefits for the customer? What is the
difference between these benefits and the previous benefits that were promised?
How? Internal resources What resources should be provided for a blockchain application that requires a globally comprehensive supply chain with multiple actors?
Activities & In a logistics chain existing legacy systems of the actors are to be integrated into the blockchain network. What activities are necessary on the
Skills part of the provider as well as on the part of the customer and which qualifications of the employees are necessary?
Partner Which partners or actors in a logistics chain are "system-relevant" and necessary for achieving the value proposition? Who can be dispensed
with and with what consequences?
Whereby? Cost drivers What costs are incurred by a blockchain application and who bears these costs?
Revenue streams What returns can the actors generate in a blockchain to cover their costs?

first step would be to convince participants in a logistics chain to use for Analyzing the Economics of Platforms. Review of Network Economics, Band 6, Heft
the application. In global logistics chains, several hundred subscribers 2, ISSN (Online) 1446-9022, ISSN (Print)2194–5993.
Casey, M. J., & Wong, P. (2017). Global Supply Chains Are About to Get Better, Thanks to
would have to be persuaded of the advantages of an application (Kolbe, Blockchain. (Accessed 18 December 2017) https://hbr.org/2017/03/global-supply-
2017). If this does not succeed, a disrupted logistics chain makes chains-are-about-to-get-better-thanks-to-blockchain/.
transparency more difficult and prevents the traceability of goods flows. Chavanne, Y., & Pires, T. (2017). Die Blockchain entrümpelt die Supply Chain. (Accessed 18
December 2017) http://www.netzwoche.ch/news/2017-09-01/die-blockchain-
Thus, some blockchain applications would lose their value for the entruempelt-die-supply-chain/.
participants. Some participants in a logistics chain would see no benefit Christensen, C. M. (2006). The ongoing process of building a theory of disruption. The
in transparency of the data, and perhaps would put more emphasis on Journal of Product Innovation Management, 2006.
Cue, J. J. (1999). Business-to-Business Electronic Commerce: Disintermediation and Channel
protecting their own data (Casey & Wong, 2017). Furthermore, it is still Conflict. Submitted to the Department of Civil and Environmental Engineering on May 7th,
unclear how to deal with the numerous legal requirements in all the 1999.
different countries. What data should be stored in the blockchain for Denyer, D., & Tranfield, T. (2009). Producing a systematic review. In D. Buchanan, & A.
Bryman (Eds.). The SAGE Handbook of Organizational Research Methods (pp. 671–
reasons of transparency and documentation, and which data is subject
689). London: Sage Publications.
to confidentiality by law? In our evaluation, nine out of ten applications Eisenhardt, K. M., & Graebner, M. E. (2007). Theory building from cases: Opportunities
have been developed or designed based on a closed blockchain. Who and challenges. Academy of Management Journal. 50(1), 25–32.
should determine the participants of this closed blockchain and be re- Gassmann, O., Frankenberger, K., & Csik, M. (2014). The Business Model Navigator: 55
Models That Will Revolutionise Your Business. Auflage: Financial Times Prent 01.
sponsible for users and authorization (Kolbe, 2017)? Is there a general Giaglis, G. M., Klein, S., & O`Keefe, R. M. (2002). The role of intermediaries in electronic
consensus that the service provider will take over this task? The se- marketplaces: Developing a contingency model. Information Systems J, 12(3),
curity and convenience of a blockchain grows with the number of 231–246 July 2002.
Giaglis, G. M., Klein, S., & O`Keefe, R. M. (1999). Disintermediation, Reintermediation, or
participants. This network effect is leading to a race of global applica- Cybermediation? The Future of Intermediaries in Electronic Marketplaces. Proceedings of
tion development on different blockchain, with as yet no common the 12th International Bled Electronic Commerce Conference.
standards or interfaces. ISO/TC 307 of the International Organization Google Inc (2018). How Search works. (Accessed 07 December 2018) http://www.google.
com/intl/ALL/search/howsearchworks/.
for Standardization sets a global standard for blockchain. Holotiuk, F., Pisani, F., & Moormann, J. (2017). The Impact of Blockchain Technology on
The results of our research are based on 10 different applications Business Models in the Payments Industry. J. M. Leimeister, & W. Brenner (Eds.).
from the logistics industry. These use cases are just a small part of a Proceedings der 13. Internationalen Tagung Wirtschaftsinformatik (WI 2017), 912–926.
Hughes, L., Dwivedi, Y. K., Misra, S. K., Rana, N. P., Raghavan, V., & Akella, V. (2019).
much more complex logistics industry with many different players Blockchain research, practice and policy: Applications, benefits, limitations, emer-
around the world. In addition, our investigation is based on a snapshot ging research themes and research agenda. International Journal of Information
of the use cases. Especially the blockchain technology shows a high Management, 49(2019), 114–129.
IMPERIAL Logistics International B.V. & Co. KG. CARGOCHAIN 2.0. Accessed 7 December
dynamic and leads to permanent changes in the business models of the
2017 https://github.com/domschiener/cargochain/.
companies. In addition, some applications are stuck in a prototype Kiviat, T. I. (2015). Beyond bitcoin: Issues in regulation Blockchain transactions. Duke
status and have yet to prove their practicality. Law Journal, 65, 569.
Kolbe, M. (2017). Nutzen und Potenziale: Kühne + Nagel testet Blockchain in der Logistik.
(Accessed 19 December 2017) https://www.cio.de/a/kuehne-nagel-testet-
References blockchain-in-der-logistik,3572699/.
Kursh, S. R., & Gold, N. A. (2016). Adding FinTech and Blockchain to your curriculum.
Agridigital, CBH Group (2017). Solving for Supply Chain Inefficiencies and Risks with Business Education Innovation Journal, 8(2) December 2016.
blockchain in Agriculture, Pilot Report. (Accessed 2 December 2017) http://www. Krishnamoorthi, S., & Mathew, S. K. (2018). Business analytics and business value: A
agridigital.io/blockchain#pilot-report/. comparative case study. Information & Management, 55(5), 643–666 July 2018.
Allen, G. (1996). Disintermediation: A Disaster or a Discipline? Online Information 96. Kshetri, N. (2018). 1 Blockchain’s roles in meeting key supply chain management ob-
Proceedings of the International Online Information Meeting see IR056 631. jectives. International Journal of Information Management, 39(2018), 80–89.
Atkinson, R. D., & Schumpeter, J. (2001). The Revenge of the Disintermediated. How the Lieb, R., & Bentz, B. A. (2004). The use of third-party logistics services by large American
Middleman is Fighting E-Commerce and Hurting Consumers, Progressive Policy Institute, manufacturers: The 2004 survey. Transportation Journal, 44(2), 5–15 (SPRING 2005).
Policy Paper January 2001. Mehmann, J., & Teuteberg, F. (2016). The fourth-party logistics service provider ap-
Badzar, A. (2016). Blockchain for securing sustainable transport contracts and supply chain proach to support sustainable development goals in transportation e a case study of
transparency. An explorative study of blockchain technology in logistics. Lund University. the German agricultural bulk logistics sector. Journal of Cleaner Production,
(Accessed 20 February 2018) http://lup.lub.lu.se/luur/download?func= 126(2016), 382e393.
downloadFile&recordOId=8880383&fileOId=8880390/. Marinello, F., Boscaro, D., & Pezzuolo, A. (2017). Development of a traceability system for
Beck, R., Avital, M., Rossi, M., & Thatcher, J. B. (2017). Blockchain technology in business the animal product supply chain based on Blockchain Technology. 8th European
and information systems research. Business & Information Systems Engineering, 59(6), Conference on Precision Livestock Farming ECPLF, At Nantes, 1.
381–384. https://doi.org/10.1007/s12599-017-0505-1 2017. Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. (Accessed 4 April
Bower, J., & Christensen, C. M. (1995). Disruptive technologies: Catching the waves. 2019) https://bitcoin.org/bitcoin.pdf/.
Harvard Business Review, 1995. Nickerson, R. C., Varshney, U., & Muntermann, J. (2013). A method for taxonomy de-
Brousseau, E., & Penard, T. (2007). The Economics of Digital Business Models: A Framework velopment and its application in information systems. European Journal of Information

9
S. Tönnissen and F. Teuteberg International Journal of Information Management xxx (xxxx) xxx–xxx

Systems, 22(3), 336–359. 2017_Blockchain-Technology-in-the-Pharmaceutical-Industry.pdf/.

Nofer, M., Gomber, P., Hinz, O., & Schierech, D. (2017). Blockchain. Business & Shunk, D. L., Carter, J. R., Hovis, J., & Talwar, A. (2007). Electronics industry drivers of
Information Systems Engineering, 2(2017). intermediation and disintermediation. International Journal of Physical Distribution &
OpenBazaar (2017). What is OpenBazaar? (Accessed 7 December 2017) http://docs. Logistics Management, 37(3), 248–261 2007.
openbazaar.org/. Swan, M. (2015). Blockchain, Blueprint for a new economy. O`Reilly USA 2015.
Parè, G. (2004). Investigation information systems with positivist case research. Tay, K. B., & Chelliah, J. (2011). Disintermediation of traditional chemical intermediary
Communication of the Association for Information Systems, 13 Article 18. roles in the Electronic Business-to-Business (e-B2B) exchange world. The Journal of
Petersen, M. (2017). Blockchain in Logistics and Supply Chain: Trick or Treat? Strategic Information Systems, 20(3), 217–231.
International Conference of Logistics in Hamburg. https://doi.org/10.15480/882.1444. Tian, F. (2016). An Agri-food Supply Chain Traceability System for China Based on RFID &
Peukert, C., & Reimers, I. (2017). Digital Disintermediation and the Market for Ideas. Blockchain Technology. 13th International Conference on Service Systems and Service
Eighth Annual Conference on Internet Commerce and Innovation. Management (ICSSSM), Kunming, China.
Popper, N., & Lohr, S. (2017). Blockchain: A Better Way to Track Pork Chops, Bonds, Bad Turban, E., Outland, J., King, D., Lee, J. K., Liang, T.-P., & Turban, D. C. (2018). Electronic
Peanut Butter? (Accessed 7 December 2017) https://www.nytimes.com/2017/03/04/ Commerce 2018. A Managerial and Social Networks Perspective. Springer International
business/dealbook/blockchain-ibm-bitcoin.html/. Publishing AG 2018.
Puschmann, T., & Alt, R. (2016). Sharing Economy. Business & Information Systems Veit, D., Clemons, E., Benlian, A., Buxmann, P., Hess, T., Kundisch, D., et al. (2014).
Engineering, 58(1), 93–99. https://doi.org/10.1007/s12599-015-0420-2 2016. Geschäftsmodelle - Eine Forschungsagenda für die Wirtschaftsinformatik.
Queiroz, M. M., & Wamba, S. F. (2019). Blockchain adoption challenges in supply chain: WIRTSCHAFTSINFORMATIK - Research Notes55–64 Number: 1, Year: 2014.
An empirical investigation of the main drivers in India and the USA. International Wang, Y., Singgih, M., Wang, J., & Rit, M. (2019). Making sense of blockchain technology:
Journal of Information Management, 46(2019), 70–82. How will it transform supply chains? International Journal of Production Economics,
Recker, J. (2013). Scientific Research in Information Systems. A Beginner`s Guide. Berlin: 211(2019), 221–236.
Springer-Verlag. Webster, J., & Watson, R. T. (2002). Analyzing the past to prepare for the future: Writing
Risius, M., & Spohrer, K. (2017). A Blockchain research framework. What we (don’t) a literature review. MIS Quaterly, 26(2) 2002.
know, where we go from here, and how we will get there. Business & Information Weldon, R., Herridge, M., & Cohen, J. (2017). Retail: Opening the Doors to Blockchain.
Systems Engineering, 59(6), 385–409. https://doi.org/10.1007/s12599-017-0506-0 (Accessed 7 December 2017) https://www.cognizant.com/whitepapers/retail-
2017. opening-the-doors-to-blockchain-codex2879.pdf/.
Rose, S., Spinks, N., & Canhoto, A. I. (2015). Management Research. Applying the prin- Wessel, M., & Christensen, C. M. (2012). Surviving Disruption, Harvard Business Review.
ciples, Routledge Taylor & Francis Group. (Accessed 19 February 2018) https://hbr.org/2012/12/surviving-disruption/.
Rowley, J. (2002). Using case studies in research. Management Research News, 25(1) 2002. Yin, R. K. (1994). Case Study Research. Design and Methods (2nd edition). Sage
Rückeshäuser, N. (2017). Typology of Distributed Ledger Based Business Models. Publications.
Proceedings of the 25th European Conference on Information Systems (ECIS). Ying, W., Jia, S., & Du, W. (2018). Digital enablement of blockchain: Evidence from HNA
Sampson, S. E., & Fawcett, S. E. (2001). The Impact of Disintermediation in Retail Supply group. International Journal of Information Management, 39(2018), 1–4.
Chains. Proceedings of the Twelfth Annual Conference of the Production and Operations Zamani, E. (2018). With a little help from the miners: Distributed ledger technology and
Management Society. market disintermediation. Industrial Management and Data Systems, 118(3), 637–652.
Seawright, J., & Gerring, J. (2008). Case-selection techniques in case study research: A https://doi.org/10.1108/IMDS-05-2017-0231.
menu of qualitative and quantitative options. Sage Journals, 61(2), 294–308. Zheng, Z., Xie, S., Dai, H.-N., & Wang, H. (2017). Blockchain challenges and opportu-
Schöner, M. M., & Sandner, P. (2017). Blockchain Technology in the Pharmaceutical nities: A survey. International Journal of Web and Grid Services January 2017.
Industry, FSBC Working Paper. (Accessed 7 December 2017) http://explore-ip.com/

10