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Article: How Blockchain Can Simplify Partnerships
Title | How Blockchain Can Simplify Partnerships |
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Authors | |
Issue Date | 2021 |
Publisher | Harvard Business School Publishing. The Journal's web site is located at http://harvardbusinessonline.hbsp.harvard.edu |
Citation | Harvard Business Review, 2021 How to Cite? |
Abstract | Collaborations that require information sharing and mutual trust between companies, suppliers, and clients can be tough, particularly in the remote era. But blockchain’s distributed ledger — and its use of smart contracts — can simplify the process, creating a common, reliable record of transactions and avoiding costly disputes. In doing so, blockchain changes how deals are made: Partner selection is made simpler, as establishing trust is less important; agreement formation is more important, because protocols are hard to alter once put in place; and execution is made easier, because outcomes can be automated. Blockchain isn’t a magic bullet — it works much better in some situations than others — but it can fundamentally change how collaborations work. |
Persistent Identifier | http://hdl.handle.net/10722/301236 |
ISSN | 2023 Impact Factor: 9.1 2023 SCImago Journal Rankings: 0.323 |
DC Field | Value | Language |
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dc.contributor.author | Lumineau, F | - |
dc.contributor.author | Wang, W | - |
dc.contributor.author | Schilke, O | - |
dc.contributor.author | Huang, L | - |
dc.date.accessioned | 2021-07-27T08:08:07Z | - |
dc.date.available | 2021-07-27T08:08:07Z | - |
dc.date.issued | 2021 | - |
dc.identifier.citation | Harvard Business Review, 2021 | - |
dc.identifier.issn | 0017-8012 | - |
dc.identifier.uri | http://hdl.handle.net/10722/301236 | - |
dc.description.abstract | Collaborations that require information sharing and mutual trust between companies, suppliers, and clients can be tough, particularly in the remote era. But blockchain’s distributed ledger — and its use of smart contracts — can simplify the process, creating a common, reliable record of transactions and avoiding costly disputes. In doing so, blockchain changes how deals are made: Partner selection is made simpler, as establishing trust is less important; agreement formation is more important, because protocols are hard to alter once put in place; and execution is made easier, because outcomes can be automated. Blockchain isn’t a magic bullet — it works much better in some situations than others — but it can fundamentally change how collaborations work. | - |
dc.language | eng | - |
dc.publisher | Harvard Business School Publishing. The Journal's web site is located at http://harvardbusinessonline.hbsp.harvard.edu | - |
dc.relation.ispartof | Harvard Business Review | - |
dc.title | How Blockchain Can Simplify Partnerships | - |
dc.type | Article | - |
dc.identifier.email | Lumineau, F: lumineau@hku.hk | - |
dc.identifier.authority | Lumineau, F=rp02823 | - |
dc.description.nature | link_to_OA_fulltext | - |
dc.identifier.hkuros | 323355 | - |
dc.publisher.place | United States | - |