Blockchains: A review and research agenda for international business

A growing number of firms around the world are adopting blockchain technology. However, international business literature has devoted little attention to blockchain despite its potential to transform the field. Our study seeks to provide a thorough understanding of blockchain and the implications of the technology as it represents a new way to produce and maintain trust between organizations. We also provide a comprehensive discussion of the implications of blockchain for international business research. Specifically, we evaluate how blockchain can help firms overcome gaps in trust and increase transparency in supply chains, improve inter-organizational relationships, and reduce the need to internalize activities by lowering transaction costs. We also discuss how blockchains are transforming capital raising activities and accelerating the speed with which firms internationalize. We conclude with research opportunities for international business scholars to pursue to better understand the implications of blockchain technologies.