How Blockchain Affects the Technological Strategy of the Financial Industry: An Analysis Based on Knowledge Discovery in Text

Authors

DOI:

https://doi.org/10.24023/FutureJournal/2175-5825/2020.v12i2.498

Keywords:

Technology Strategy, Blockchain, Financial Industry, Knowledge Discovery in Text, Text Mining

Abstract

Purpose – The main objective of this article is to investigate how blockchain is affecting the technological strategy of the financial industry.

Theoretical framework – Our theoretical framework is structured based on four approaches: Blockchain; Blockchain Advantages; Technology Strategy; Blockchain Technology Strategy.

Design/methodology/approach – We conducted an exploratory study using knowledge discovery in texts (KDT), with the support of text mining tools. We collected and analyzed contents of a set of news published on the Web about Blockchain. A total of 2,605 blockchain web news items were extracted from the business media worldwide, such as Forbes, Fortune, Financial Post and Business World. We explored the text dataset using sentiment analysis, opinion mining, text association analysis, and correspondence analysis.

Findings – The results showed that blockchain technology has the potential to affect the transactions through a common platform. Additionally, the results demonstrated the advantages of blockchain technology for cross-border payment systems.

Research, Practical & Social implications – We elaborate four theoretical propositions that may guide research and help practitioners to identify challenges and opportunities for blockchain technology.

Originality/value – Our study revealed how blockchain has been affecting the technology strategy of the financial industry and highlighted two starting trajectories: the establishment of private blockchain and its application in the cross-border payment services.

 

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Author Biographies

Marcelo Vighi Fernandes, Universidade do Vale do Rio dos Sinos – Unisinos

Mestre em Gestão e Negócios pela Universidade do Vale do Rio dos Sinos, Masters d’Administration des Entreprises pela Universidade de Poitiers na França.

Jorge Renato Verschoore, Universidade do Vale do Rio dos Sinos – Unisinos

Doutor em Administração pela Universidade Federal do Rio Grande do Sul e Pós Doutor pela Universidade da Califórnia em Berkeley. Professor de estratégia e novos negócios no Programa de Pós-Graduação em Administração da Universidade do Vale do Rio dos Sinos. Professor associado ao Institut dAdministration des Entreprises da Universidade de Poitiers na França. 

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Published

2020-06-16

How to Cite

Fernandes, M. V., & Verschoore, J. R. (2020). How Blockchain Affects the Technological Strategy of the Financial Industry: An Analysis Based on Knowledge Discovery in Text. Future Studies Research Journal: Trends and Strategies, 12(2), 311–334. https://doi.org/10.24023/FutureJournal/2175-5825/2020.v12i2.498

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