Abstract

The emergence of decentralized virtual currency systems based on cryptographic operations has been accompanied by efforts to utilize the technology as infrastructure for further applications besides cryptocurrencies such as Bitcoin. So-called Decentralized Consensus Systems (DCSs) could reshape financial and other information-based industries, where the invention, registration and transfer of as-sets constitutes the core of business activities. The starting point for this paper is the observation that innovative applications beyond payments already attract the attention of scholars and practitioners, whose works so far are mainly focused on explanatory issues. What is missing are approaches to evaluate the value of DCSs, taking into account the diversity of applications ranging from currencies to the decentralization of business operations. To fill this gap, this paper firstly discusses the poten-tials and introduces a contextualization of DCSs operating as digital infrastructures. Furthermore, the notion of economic value is examined. This forms the foundation for the subsequent development of an evaluation framework regarding the value of DCSs in order to provide a basis for the assessment of business models. The framework is then exemplarily applied to the Bitcoin system, which is evaluated according to various indicators such as venture capital investments, research or demand.

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