A transaction cost perspective on blockchain governance in global value chains

This study advances theoretical insights into blockchain adoption in the context of global value chains from a transaction cost theory perspective. The research has adopted an exploratory qualitative approach using Netnography method to scrutinize case TradeLens—a thriving blockchain-enabled ecosystem that Maersk and IBM jointly developed. applies textual audiovisual data company websites social media. Our findings indicate technology's salient strategic relevance streamlining business processes, improving efficiency, enhancing visibility, transparency, traceability for creation chains. investigation supports notion blockchain, as disruptor, will transform trade with digital tools share real-time information collaborate security reduce search cost, policing enforcement economic transactions administrative friction trade. In contrast, bargaining increase if is hard verify where human actor intervention be required, implying relatively higher designing costs codifying agreements smart contracts.