Blockchain Materialization as a General Purpose Technology: A Research Framework

Blockchain, often treated as a next transforming general-purpose technology (GPT), might have the potential to revolutionize economic, political and social structures in the subsequent years. However, the actual impact of Blockchain will ultimately depend on the pace and direction of its diffusion process throughout the economy. Being currently in the nascent phase, the diffusion process of Blockchain remained largely neglected in the academic literature so far. The study at hand covers this research gap by investigating the forces affecting Blockchain diffusion leading to its materialization as a GPT. Identified from the broad literature on technological change, the various factors influencing diffusion patterns of GPTs are conceptualized in a framework of three interrelated groups: advancements in the GPT itself, advancements in its application sectors, and environmental factors. This conceptual framework is then applied to structure the current studies of Blockchain technology and reveal unexplored blind spots. In such a way, the present paper serves as a basis for further research on diffusion patterns of Blockchain and its materialization as a general-purpose technology.