Researchers Marin Jovanovic, Nikola Kostić, Ina M. Sebastian, and Tomaz Sedej have delved into the intricate world of blockchain-based platform ecosystems, focusing on the factors that drive their successful deployment and industry-wide adoption. Their study, centered on TradeLens, a prominent global shipping platform ecosystem, offers valuable insights into the challenges and strategies involved in managing such platforms.
The researchers highlight that the proliferation of blockchain-based platforms has sparked significant interest across various academic disciplines. These platforms, with their potential to revolutionize industries, present unique challenges for sponsors aiming to achieve widespread adoption. The study identifies key factors that influence the success of these platforms, with a particular emphasis on platform value drivers and governance mechanisms.
TradeLens, underpinned by blockchain technology, serves as a case study to explore these dynamics. The platform’s value is largely derived from the digitalization of workflows and the leverage of the ecosystem. This digital transformation streamlines processes, enhances transparency, and fosters collaboration among global supply chain actors. By digitizing workflows, TradeLens enables more efficient and secure data sharing, which is crucial for the complex and interconnected nature of global shipping.
The governance of TradeLens is multifaceted, encompassing strategic, technological, and interoperability aspects. Strategic governance, or off-chain governance, involves high-level decision-making and strategic planning to align the platform with industry needs and trends. Technological governance, or on-chain governance, focuses on the technical aspects of the blockchain, ensuring its security, scalability, and functionality. Interoperability governance, which spans both on-chain and off-chain elements, addresses the seamless integration of the platform with existing systems and standards, facilitating smooth operations across diverse supply chain actors.
The researchers emphasize that effective governance mechanisms are essential for managing the complexities of a blockchain-based platform ecosystem. Strategic governance ensures that the platform remains relevant and valuable to its users, while technological governance guarantees the platform’s robustness and reliability. Interoperability governance bridges the gap between the platform and the broader industry, enabling widespread adoption and integration.
This study contributes significantly to the literature on blockchain-based platform ecosystems and platform governance. By unpacking the value drivers and governance mechanisms of TradeLens, the researchers provide a comprehensive framework for understanding the dynamics of such platforms. Their findings offer practical insights for platform sponsors, highlighting the importance of strategic planning, technological excellence, and interoperability in achieving industry-wide adoption.
The implications of this research extend beyond the shipping industry. The principles and strategies identified in the study can be applied to other sectors exploring blockchain-based solutions. As industries continue to embrace digital transformation, the insights from this study will be invaluable for sponsors aiming to create successful and widely adopted platform ecosystems. Read the original research paper here.