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1 – 10 of 53This chapter synthesizes the economics, law, and technology of security tokens and security token offerings (STOs). Security tokens are an increasingly important instrument in…
Abstract
This chapter synthesizes the economics, law, and technology of security tokens and security token offerings (STOs). Security tokens are an increasingly important instrument in decentralized finance (DeFi) markets. They are blockchain-based investment contracts that are subject to securities law. Interoperability, fractional ownership, market liquidity, and rapid settlement are the main reasons security tokens are a primary catalyst for digitizing finance. The chapter empirically compares STOs with initial exchange offerings (IEOs) and initial coin offerings (ICOs). STOs take longer and raise more funding. However, controlling for other factors, the amount raised in STOs and IEOs is lower than in utility-token ICOs. These findings suggest an avenue for future research. Moreover, both the law and the technology of security tokens need to address critical challenges related to the competent jurisdiction in multinational activities and blockchain interoperability, scalability, and natural resource degradation.
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Purpose: Blockchain technology has the potential of revolutionising finance in general and entrepreneurial finance in particular. As this area is hitherto uncharted, this chapter…
Abstract
Purpose: Blockchain technology has the potential of revolutionising finance in general and entrepreneurial finance in particular. As this area is hitherto uncharted, this chapter delineates its scope to the use of blockchain technology for providing strategic business funding. Blockchain technology started off by floating initial coin offering as a way of providing long-term funds to the startups. Since then, it has evolved quickly and has already spawned several iterations. One of its most prominent offshoots, security token offering has evolved into a distinct financing resource, with its own unique characteristics.
Methodology: This chapter discusses the implications of this development for startups and new ventures. It focusses on the use of blockchain technology for innovations in the domain of entrepreneurial finance with the aim to document the emergence of cryptofinance as a viable source of funding for startups. For this purpose, a systematic literature review methodology has been undertaken. In order to provide a comprehensive view, various sources such as academic research papers, working papers and practice papers have been used for collating information.
Practical implications: This chapter provides a brief overview of entrepreneurial finance and blockchain technology, illustrating their unique aspects. It proceeds to discuss the use of blockchain technology in finance in general and in entrepreneurial finance in particular. This discussion is followed by an extensive analysis of the evolution of cryptofinance as a funding source, enumerating various iterations and their implications.
Conclusion: As the use of blockchain technology in entrepreneurial finance is still at the nascent stage, the regulatory paradigm is still evolving. The current work also looks at the development of legal framework for managing these innovations across different prominent markets. This chapter further delves into the likely future course of development for cryptofinance. It mainly focusses on the emergence of decentralised finance as a comprehensive ecosystem and smart contracts.
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Martin Lennartsson, Samuel André and Fredrik Elgh
The purpose of this research is to support the customization ability for industrial house building companies striving to offer individualized products but with a strategy which…
Abstract
Purpose
The purpose of this research is to support the customization ability for industrial house building companies striving to offer individualized products but with a strategy which includes a production facility. This is accomplished by analyzing the as-is state in terms of existing engineering assets and by proposing a to-be state using the design platform and product lifecycle management (PLM) support.
Design/methodology/approach
This study is based on design research methodology and collected data are in-depth interviews, document reviews and workshops and method development. The theoretical baseline is product platforms and the design platform.
Findings
The analysis showed that despite use of a platform, inherent assets are disorganized. Still, the identified object-based engineering assets were possible to include in a conceptual proposal for better management, both in the process and product view, using an asset relationship matrix and a PLM system.
Practical implications
The results should be applicable for industrial house building and off-site construction companies and offers an approach to identify and manage their assets and platforms which are crucial to stay competitive.
Originality/value
Previous research on design platforms has focused on engineer-to-order companies within the mechanical industry. The contribution of this paper lies in the application and support of the design platform for industrial house building and the introduction of PLM system support.
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Deepak Kumar, B.V. Phani, Naveen Chilamkurti, Suman Saurabh and Vanessa Ratten
The review examines the existing literature on blockchain-based small and medium enterprise (SME) finance and highlights its trend, themes, opportunities and challenges. Based on…
Abstract
Purpose
The review examines the existing literature on blockchain-based small and medium enterprise (SME) finance and highlights its trend, themes, opportunities and challenges. Based on these factors, the authors create a framework for the existing literature on blockchain-based SME financing and lay down future research paths.
Design/methodology/approach
The review follows a systematic approach. It includes 53 articles encompassing multiple dimensions of blockchain-based SME finance, including peer-to-peer lending platforms, supply chain finance (SCF), decentralized lending protocols and tokenization of assets. The review critically evaluates these approaches' theoretical underpinnings, empirical evidence and practical implementations.
Findings
The review demonstrates that blockchain-based SME finance holds significant promise in addressing the credit gap by leveraging blockchain technology's decentralized and transparent nature. Benefits identified include reduced information asymmetry, improved access to financing, enhanced credit assessment processes and increased financial inclusion. However, the literature acknowledges several challenges and limitations, such as regulatory uncertainties, scalability issues, operational complexities and potential security risks.
Originality/value
The article contributes to the growing knowledge of blockchain-based SME finance by synthesizing and evaluating the existing literature. It also provides a framework for the existing literature in the area and future research paths. The study offers insights for researchers, policymakers and practitioners seeking to understand the potential of blockchain technology in filling the SME credit gap and fostering economic development through improved access to finance for SMEs.
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Klaus Ulrich, José Manuel Guaita Martínez, Patricia Carracedo and Domingo Ribeiro Soriano
The study aims to shed light on the concepts most addressed in scientific research, which blockchain topics are of most interest, how relevant are these tools for academia, and…
Abstract
Purpose
The study aims to shed light on the concepts most addressed in scientific research, which blockchain topics are of most interest, how relevant are these tools for academia, and how relevant are they?
Design/methodology/approach
The authors have developed a bibliometric study of scientific publications on blockchain made since 2016. For the analysis, the VOSViewer software version 1.6.19 has been used, which allows a statistical analysis of scientific publications on the subject.
Findings
The study manifest the relevance of Initial Coin Offering, growth of research interest in this field and the relevance of blockchain technology in the development of entrepreneurial projects.
Originality/value
This study provides a complete and updated picture of the scientific research on blockchain for the subsequent transfer of knowledge to the business world.
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Sarah Schönherr, Robert Eller, Andreas Kallmuenzer and Mike Peters
Organisational learning drives tourism organisations towards more sustainable tourism. Digital transformation also provides opportunities for sustainable tourism development. This…
Abstract
Purpose
Organisational learning drives tourism organisations towards more sustainable tourism. Digital transformation also provides opportunities for sustainable tourism development. This study aims to combine these perspectives and explore how digital transformation enables organisational learning to contribute to sustainable tourism, following organisational learning theory (OLT).
Design/methodology/approach
Based on a critical realist paradigm, this study focuses on developing an in-depth understanding of organisational learning in tourism organisations. Thirty qualitative interviews with tourism organisations participating in an executive development programme (EDP) show how tourism organisations create, retain and transfer knowledge.
Findings
This study demonstrates that the EDP initiates knowledge creation through content transmission and exchange, triggers knowledge retention through utilisation of digital technologies and reinforces digitalisation through data value creation. Furthermore, this study enables knowledge transformation as implementation, which contributes to the three pillars of sustainable tourism and facilitates the development of networks encouraging sustainable tourism.
Originality/value
This study identifies approaches that enable economic, social and environmentally sustainable tourism development by facilitating collaborations via digital transformation, digital technologies that guide guest streams, online mobility offers and online environmental awareness campaigns that reduce environmental impacts. Thus, this study strengthens OLT and has implications for organisational learning and tourism policymakers.
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Discusses how the reorganization of local government, enforced byrecent government legislation, has affected Humberside County Council′sleisure services department. Highlights the…
Abstract
Discusses how the reorganization of local government, enforced by recent government legislation, has affected Humberside County Council′s leisure services department. Highlights the key issues to be addressed by library services in the reorganization process. Explains the preparations for change and new initiatives at both the corporate and departmental level aimed at improving communications during this process. Deals with service profiles, joint arrangements, budget disaggregation and staffing considerations. Explains staff transfer and recruitment procedures, with reference to statutory transfer orders (STOs) made by the Secretary of State. Concludes that the staff most involved in driving through the process of change do not have the security of being on a provisional STO, yet their positive commitment is essential if services are to be transferred effectively to new authorities.
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