Blockchain Beyond Borders: Interdisciplinary Perspectives and Evolving Legitimacy in ICO-Driven Entrepreneurship

Abstract

This dissertation examines the interdisciplinary nature of blockchain research and investigates the changing paradigm of organisational legitimacy in the context of Initial Coin Offerings (ICOs). The first essay maps blockchain literature across disciplines. Using topic modelling and statistical analysis on 35,604 academic articles, a growing trend of interdisciplinarity in blockchain research was identified. This challenges the traditional view that blockchain belongs to a single discipline. The study also uncovers new research themes and trends, introducing the IDEA framework to capture ten different aspects of research across 15 disciplines. This framework provides a foundation for future studies to measure the interdisciplinary nature of emerging technologies. The second essay analyses 306 ICOs and explores how blockchain-based funding options like ICOs are disrupting traditional ideas about organisational legitimacy in early-stage entrepreneurial ventures. This essay discusses the concept of distinctive entrepreneurial storytelling, highlighting the increasing importance of organisational identity management in the context of ICOs. The findings suggest that unique entrepreneurial stories can act as costly signals to resource-providing audiences, enhancing the legitimacy of new entrepreneurial ventures. Online media also plays a mediating role in the relationship between legitimacy and entrepreneurial storytelling.

Introduction

The impact of technology on modern society is undeniable, transforming various aspects of our lives. Blockchain technology (BCT) is a prime example of this technological revolution, experiencing rapid growth alongside other advancements like Artificial Intelligence (AI), the Internet of Things (IoT), 3D printing, and Computer Vision. BCT’s multifaceted nature, impacting areas like finance, supply chain, and logistics, necessitates a comprehensive, interdisciplinary approach. However, existing research on BCT often falls short of reflecting its interdisciplinarity and mapping the diverse knowledge across disciplines. This dissertation aims to address this gap by examining the interdisciplinary landscape of blockchain research and exploring the changing dynamics of organisational legitimacy in the context of ICOs.

Methodology

The research methodology used in this dissertation consists of two main parts:

• Essay 1: This essay examines the interdisciplinary landscape of blockchain research using a mixed-method approach.
  • Data Collection: A dataset of 35,604 academic articles on BCT was compiled from six major databases: IEEE Xplore, JSTOR, PubMed, ScienceDirect, Scopus, and Web of Science.
  • Data Analysis: Latent Dirichlet Allocation (LDA), a probabilistic topic modelling technique, was used to identify eight distinct research themes within the blockchain literature. These themes were then analysed using the IDEA framework, which incorporates four analytical metrics to evaluate ten different aspects of research across 15 disciplines.
• Essay 2: This essay explores the evolving legitimacy in ICO-driven entrepreneurship, focusing on the role of distinctive entrepreneurial storytelling.
  • Data Collection: Data was collected from 306 ICOs across 29 market categories, focusing on narrative-style self-descriptions from whitepapers, websites, and ICObench profiles.
  • Data Analysis: LDA was used to analyse the content of these narratives and quantify their distinctiveness. The study also examined contribution claims made by ICO ventures and assessed market category viability using online media discussions.

Key Findings

Essay 1:

• Interdisciplinarity in Blockchain Research: The analysis revealed a growing trend of interdisciplinarity in BCT research, challenging the notion that blockchain is confined to a single discipline.
• Dominant Research Themes: Eight dominant themes emerged from the LDA analysis, including blockchain and cryptocurrency technologies, healthcare and supply chain traceability, energy trade, edge computing, data privacy, and deep learning applications.
• Evolution of Research Focus: The research focus has shifted from technical aspects to broader applications and societal implications of BCT, indicating its expanding influence and relevance.
• Synergistic Knowledge Areas: Significant interconnections were identified between research themes, highlighting cross-pollination of ideas and collaborative efforts across disciplines.

Essay 2:

• Distinctive Storytelling and Legitimacy: Unique entrepreneurial stories can enhance the perceived legitimacy of ICO ventures, acting as costly signals to potential investors.
• Online Media as a Mediator: Online media plays a crucial role in shaping the relationship between distinctiveness and legitimacy, amplifying the positive effects of distinctive storytelling.
• Contingencies Affecting Distinctiveness: The effectiveness of distinctiveness depends on factors like contribution claims and market category viability. Ventures with strong contribution claims benefit from greater distinctiveness, especially in less established markets.

Significance/Implications

The findings of this dissertation have significant implications for various stakeholders:

• Researchers: The IDEA framework offers a valuable tool for understanding the interdisciplinary nature of emerging technologies and provides guidance for future research in blockchain and other related fields.
• Entrepreneurs: The insights into the role of distinctive storytelling in ICO success provide entrepreneurs with practical strategies for enhancing their legitimacy and attracting resources.
• Investors: The study highlights the importance of evaluating distinctiveness and contribution claims in the context of online media discourse when assessing ICO ventures.
• Policymakers: The findings contribute to a deeper understanding of the evolving dynamics of legitimacy in the digital age, with potential implications for policy and regulation surrounding ICOs and blockchain technology.

Full Text and Citation Information

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Citation:

Shahid, M. N. (2024). Blockchain Beyond Borders: Interdisciplinary Perspectives and Evolving Legitimacy in ICO-Driven Entrepreneurship. National University of Singapore (Singapore) ProQuest Dissertations & Theses,  2024. 32248407.