SlideShare a Scribd company logo
BUSINESS MODELS FOR
BLOCKCHAIN-BASED VENTURES
Enrico Ferro, Michele Osella, Riccardo Rostagno
Copyright © 2018 ISMB 2
WHY BLOCKCHAIN IS RELEVANT?
«What internet did for communications, I think blockchain
will do for trusted transactions»
Ginny Rommetty, CEO of
Copyright © 2018 ISMB 6
RESEARCH QUESTIONS
Along which dimensions can the blockchain
ecosystem be mapped?
What are the key archetypal actors and their
strategical positioning?
What are the emerging business models
enabled by blockchain?
Copyright © 2018 ISMB 7
METHODOLOGY
LITERATURE
REVIEW
Business Models: Academic literature, Strategyzer
Blockchain: Academic papers, Whitepapers
CASE STUDIES
Long list of 1326 cryptocurrencies
Mixed sampling approach:
• Theoretical sampling
• Empirical sampling
32 projects under lens
CROSS CASE
ANALYSIS
Identification of 20 business models
8Copyright © 2018 ISMB
VALUE ECOSYSTEM FRAMEWORK
BASIC
INFRASTRUCTURE
• Distributed ledger
• Consensus algorithm
• Coin as validation
reward
ON-CHAIN
APPLICATION LOGIC
• Decentralized platform
that runs smart
contracts executed on a
virtual machine
• Programming language
UTILITY/ CRYPTO
EQUITY TOKEN
• Provides access to
the services network
• Guarantees voting
and dividends rights
OFF-CHAIN
APPLICATION LOGIC
• Back-end app-blockchains
connection
• Front-end user interface
Please quote as: Ferro, Osella, Rostagno (2018) «Blockchain Value Ecosystem Framework» Link to blog post
Copyright © 2018 ISMB 9
Bitcoin Ethereum Coinbase BAT Steem
OFF-CHAIN
APPLICATION LOGIC
UTILITY/CRYPTO
EQUITY TOKEN
ON-CHAIN
APPLICATION LOGIC
BASIC
INFRASTRUCTURE
VALUE ECOSYSTEM EXEMPLIFICATION
Copyright © 2018 ISMB 10
SINGLE CHAIN CROSS CHAIN
OFF-CHAIN
APPLICATION LOGIC Decentralized
applications
Providers
Financial Platform
ProvidersUTILITY/CRYPTO
EQUITY TOKEN
ON-CHAIN
APPLICATION LOGIC
Protocols Providers Protocols Innovators
BASIC
INFRASTRUCTURE
VALUE ECOSYSTEM MATRIX
+
+
Copyright © 2018 ISMB 11
SINGLE CHAIN CROSS CHAIN
OFF-CHAIN
APPLICATION LOGIC
Services binders
Liquidity providers
Crowd aggregator
Marketplaces enablers
UTILITY/CRYPTO
EQUITY TOKEN
Exchanges
Prediction market orchestrators
Attention Monetizators
ON-CHAIN
APPLICATION LOGIC
Miners
Blockchain connectorsPayment services
providers
BASIC
INFRASTRUCTURE
Turn-key technical
developers
Scalability providersDevelopment tools
providers
FROM REAL-LIFE ACTORS TO ARCHETYPES
+
+
Copyright © 2018 ISMB 12
SINGLE CHAIN CROSS CHAIN
OFF-CHAIN
APPLICATION LOGIC
Services binders Merged services Membership-based p2p lending
Liquidity providers
Crowd aggregator
Distributed assets as a
service Fly liquidity
Marketplaces enablers Light intermediation
UTILITY/CRYPTO
EQUITY TOKEN
Wallet to Wallet
Exchanges
Prediction market orchestrators Collective Oracle
Centralized ExchangeAttention Monetizators
Prosumer platform
Three-sided markets
ON-CHAIN
APPLICATION LOGIC Miners
Solo mining Cross-chain atomic swaps like
Blockchain connectors
Pool mining Smart Bridges
Cloud mining Cross-chain messaging
Mining Marketplace Decentralized exchange
BASIC
INFRASTRUCTURE
Turn-key technical
developers
ICO as a service Trusted off-chain transactions Scalability providers
EMERGING BUSINESS MODELS
+
+
Copyright © 2018 ISMB 14
SINGLE CHAIN CROSS CHAIN
OFF-CHAIN
APPLICATION LOGIC
Services binders Merged services Membership-based p2p lending
Liquidity providers
Crowd aggregator
Distributed assets as a
service Fly liquidity
Marketplaces enablers Light intermediation
UTILITY/CRYPTO
EQUITY TOKEN
Wallet to Wallet
Exchanges
Prediction market orchestrators Collective Oracle
Centralized ExchangeAttention Monetizators
Prosumer platform
Three-sided markets
ON-CHAIN
APPLICATION LOGIC Miners
Solo mining Cross-chain atomic swaps like
Blockchain connectors
Pool mining Smart Bridges
Cloud mining Cross-chain messaging
Mining Marketplace Decentralized exchange
BASIC
INFRASTRUCTURE
Turn-key technical
developers
ICO as a service Trusted off-chain transactions Scalability providers
BUSINESS MODELS MATURITY
+
+
Copyright © 2018 ISMB 15
SINGLE CHAIN USERS’ BASED
VALUE
GENERATION
VALUE
APPROPRIATION
CAPABILITY
CROSS CHAIN
OFF-CHAIN
APPLICATIONLOGIC
Services binders Merged services V V V
Crowd aggregator Distributed assets as a service V V V
Marketplaces enablers Light intermediation V V V
Prediction market orchestrators Collective Oracle V V X
Attention Monetizators
Prosumer platform V V X
UTILITY/CRYPTO
EQUITYTOKEN
Three-sided markets V V V
V V V Membership-based p2p lending
Liquidity providers
V V V Fly liquidity
V V V Wallet to Wallet
Exchanges
V V V Centralized Exchange
ON-CHAIN
APPLICATIONLOGIC
Miners
Solo mining V V V
Pool mining V V V
Cloud mining V V V
Mining Marketplace V V V
Turn-key technical developers ICO as a service V V V
BASIC
INFRASTRUCTURE
V X X Cross-chain atomic swaps like
Blockchain
connectors
V X X Smart Bridges
V X X Cross-chain messaging
V V X Decentralized exchange
V X X Trusted off-chain transactions Scalability providers
MATURITY MODEL FRAMEWORK
+
+
BUSINESS MATURITY LEVELS
Copyright © 2018 ISMB 16
MARKET VALUE DISTRIBUTION
VALUE
APPROPRIATION
CONCENTRATION
Infrastructure &
Exchanges > 97%
Dapps &
Innovators < 3%
BTC 63.93%ETH 14.98%
BCH 8,69%
DASH 1,73%
BTC ETH BCH DASH BTG LTC ADA XMR ETC
NEO EOS QTUM LSK ZEC USDT NXT MONA BCN
DCR VTC PIVX DOGE WTC EMC2 BTCD DGB
C4 = 89,34%
Source: Coinmarketcap
17Copyright © 2018 ISMB
CONCLUSIONS
• The actors operating in the blockchain ecosystem may be mapped against two main dimensions:
◦ position in the technological stack
◦ number of blockchains with which they interact.
• Eleven archetypal actors have been identified leveraging four strategic positions:
◦ Dapps providers
◦ Protocol providers
◦ Financial platform providers
◦ Protocol innovators
• Twenty business models have emerged from the case studies conducted showing different levels
of maturity in terms of: magnitude of the user base, clarity of the value generation and
appropriation mechanisms.
• From a business model perspective, three types of innovation were found:
◦ The birth of blockchains-specific business models such as mining
◦ The convergence of activities previously conducted by different players (eg: payment & reputation)
◦ Light intermediation promoting a fairer redistribution of resourses through revenue sharing
mechanisms
innodev.ismb.it
Enrico Ferro, PhD
Head of Innovation Development Area
ferro@ismb.it
@egferro
Michele Osella, PhD
Head of Business Model & Policy Innovation Unit
osella@ismb.it
@MicheleOsella
ISMB | INNOVATION DEVELOPMENT AREA
19Copyright © 2018 ISMB
ANNEXES: BUSINESS MODEL CANVASES
20Copyright © 2018 ISMB
DISTRIBUTED ASSETS AS A SERVICE
Advisors with
strong
reputation
Providers of
«under
utilized asset»
Providers of
«under
utilized
asset»
Requestors
(asset
seekers)
Under utilized
asset
exploitation
Access to a
cheaper asset
marketplace
Human
resources
Marketing ICO fundings
Commission for
every smart
contract
between users
Github
repository
Two-sided
platform
Long term
standardized
Platform
management
Smart contract
deployment
Providers
community
Smart
contract
developers
21Copyright © 2018 ISMB
THREE-SIDED PLATFORM
Platform
management Publishers
Improved
revenues,
better
reporting, less
fraud
Users
Advertisers
Cheaper
customer
attention, better
penetration
Strong
Privacy,
No
malvertising
Utility
token
Human
resources Marketing
ICO
fundings
Share of
advertizing
expenditur
e
Long term
customized
Community
platforms
Search
engines
Network of
volunteers for
the social
media
management
Brave
browser
Free &
Open
source
browser
22Copyright © 2018 ISMB
LIGHT INTERMEDIATION
Ethereum
Advisors
with strong
reputation
Sellers (asset
holders)
Access to a
distributed
marketplace
Human
resources
Marketing ICO fundings
Commission for
every smart
contract
between users
Short term
standardized
Platform
management
Smart
contract
deployment
Smart
contract
developers
Buyers (asset
seekers)
Access to an open
marketplace
Utility
token
Compensation
for external
solutions
Publishing
platform (e.g
medium,
telegram, slack)
Two-
sided
platform
23Copyright © 2018 ISMB
MERGED SERVICES
Value added
payment system
Human
resources
Marketing
ICO
fundings
Commission
for every
payment
Github
repository
Two-
sided
platform
Long term
standardized
Platform
management
Smart
contract
deployment
Application
developers
Smart
contract
developers
Merchants
(optional)
Users
Compensation
for external
solutions
E-
commerce
platform
Dapps
24Copyright © 2018 ISMB
ICO AS A SERVICE
Vocational
education
Software
developers
EnterprisesExpert
consultancy
Workshop
&
Hackathon
Direct
company
channels
Short term
standardized
Long term
customize
d
Product or
service
revenues
Human
resources
Outreaching
Software
houses
«Crypto
stock»
options
Technical
design and
development
Support
Strategical
designers
Software &
Smart
contract
developers
25Copyright © 2018 ISMB
SOLO MINING
Electrical
energy
Mining
hardware
Block
reward
Mining
Mining
hardware
Cryptocurrency’s
users
Cryptocurrency’s
client
Short term,
anonymous
Peer-to-peer
electronic
cash system
Other miners
on the same
network
Wallet and
exchanges
26Copyright © 2018 ISMB
POOL MINING
Mining pool
partecipants
(hardware
holders)
Facilitation
in
cooperative
mining
Medium/Long
term
standardized
Community
platforms
Software
developers
Pool
management
Partecipants
coordination
Mining pool
partecipants
Fee collected
for every
block mined
Pool
operators
Pool
maintainance
Risk
diversification
enabled by
cooperative
mining
27Copyright © 2018 ISMB
CLOUD MINING
Multi-
algorithm
cloud mining
services
Long-term
standardized
Company
website direct
channel
Small – medium
investors
Mining
hardware
Electrical
energy
Mining
hardware
Hash-rate
contracts
Mning
pools
Renting
hardware
for mining
Hardware
maintenance
28Copyright © 2018 ISMB
MINING MARKETPLACE
Exchanges
Sellers (asset
holders)
Regular recurring
income
Software
developers
Marketing
Short term
flexible
Platform
manageme
nt
Buyers (asset
seekers)Flexible mining
enablers
Mining
software
Wallet
manageme
nt
E-wallet
Fees for
selling
hashing
power
Fees for
buying
hashing
power
Withdrawal
fees form
the wallet
Deposit fee
to the
wallet
Mining
pools
Publishing
platform (e.g
medium,
telegram, slack)
Two-sided
platform
29Copyright © 2018 ISMB
MEMBERSHIP BASED P2P LENDING
Two-sided
platform
Software
developers
Marketing
Membership
tiers price
Lenders
Borrowers
Investment
with liquid
collateral
Provision of new
way to access the
value of
blockchain based
asset without
liquidationCommunity
network
Community
engagement
Platform
manageme
nt
Capital on
demand without
liquidation
Utility
token
ICO
fundings
Blockchain-
based
payment
circuits
Long term,
standardized
30Copyright © 2018 ISMB
FLY LIQUIDITY
Payment
circuits
( e.g. VISA,
Mastercard )
Multi-
currency
wallet
Wallet
management
ICO
fundings
Apps
developmnet
Software
developers
Token
appreciation
Issuing and
withdrawal
fee
Human
resources
Marketing
Crypto owners
and users
Communit
y
platforms
Medium-
long term
standardized
Crypto currencies
usability for every
day life
31Copyright © 2018 ISMB
CENTRALIZED EXCHANGE
ICO
fundings
(optional)
Arbitrage
on
exchange
rate
Transactions’
fee
Users
Short term
standardized
Security
Server
maintenance
Company
website
App
Provision of
cryptocurrencies’
trading platform
Platform
management
Trading
economics
management
Network
community
Utility
token
(optional)
Banks
Payment
circuits
32Copyright © 2018 ISMB
WALLET-TO-WALLET EXCHANGE
Arbitrage on
exchange
rate
Provision of
instant bitcoin
and altcoin
conversion
Merchants
Company
website
App
Very short
term
standardized
API’s
Platform
management
Users
Development’
s costs
Cryptocurrency’s
reserves

More Related Content

What's hot

BlockChain Strategists - English presentation
BlockChain Strategists - English presentationBlockChain Strategists - English presentation
BlockChain Strategists - English presentation
BlockChain Strategists
 
The journey of an innovative and disruptive technology in a big and organized...
The journey of an innovative and disruptive technology in a big and organized...The journey of an innovative and disruptive technology in a big and organized...
The journey of an innovative and disruptive technology in a big and organized...
Codemotion
 
Business Opportunities in Fintech and Blockchain
Business Opportunities in Fintech and BlockchainBusiness Opportunities in Fintech and Blockchain
Business Opportunities in Fintech and Blockchain
Saeed Al Dhaheri
 
Moving Beyond BINO Beta
Moving Beyond BINO BetaMoving Beyond BINO Beta
Moving Beyond BINO Beta
Tim Swanson
 
DCG Enterprise Blockchain Workshop Oct 2017
DCG Enterprise Blockchain Workshop Oct 2017DCG Enterprise Blockchain Workshop Oct 2017
DCG Enterprise Blockchain Workshop Oct 2017
Digital Currency Group
 
FirstPartner 2016 Blockchain Ecosystem Market Map
FirstPartner 2016 Blockchain Ecosystem Market MapFirstPartner 2016 Blockchain Ecosystem Market Map
FirstPartner 2016 Blockchain Ecosystem Market Map
Richard Warren
 
Chiu paper
Chiu paperChiu paper
Chiu paper
Ashish Sharma
 
Satoshi Nakamoto : a bank employee in 2016
Satoshi Nakamoto : a bank employee in 2016Satoshi Nakamoto : a bank employee in 2016
Satoshi Nakamoto : a bank employee in 2016
Koen Vingerhoets
 
Blockchain for Business
Blockchain for BusinessBlockchain for Business
Blockchain for Business
Floyd DCosta
 
State of Blockchain Q4 2016
State of Blockchain Q4 2016State of Blockchain Q4 2016
State of Blockchain Q4 2016
CoinDesk
 
Columbia Law School - Decentralized Ledgers Presentation on 4/7/2014
Columbia Law School - Decentralized Ledgers Presentation on 4/7/2014Columbia Law School - Decentralized Ledgers Presentation on 4/7/2014
Columbia Law School - Decentralized Ledgers Presentation on 4/7/2014
Ldger, Inc
 
Why banks invest in blockchain (and not in bitcoin)
Why banks invest in blockchain (and not in bitcoin)Why banks invest in blockchain (and not in bitcoin)
Why banks invest in blockchain (and not in bitcoin)
Koen Vingerhoets
 
Blockchain Organiseren
Blockchain OrganiserenBlockchain Organiseren
Blockchain Organiseren
Koen Vingerhoets
 
John Davies of C24 - BlockChain - Blockbuster or Bullshit?
John Davies of C24 - BlockChain - Blockbuster or Bullshit?John Davies of C24 - BlockChain - Blockbuster or Bullshit?
John Davies of C24 - BlockChain - Blockbuster or Bullshit?
Joe Baguley
 
Deloitte bitcoin-guide-corporates-investing-in-crypto-microstrategy
Deloitte bitcoin-guide-corporates-investing-in-crypto-microstrategyDeloitte bitcoin-guide-corporates-investing-in-crypto-microstrategy
Deloitte bitcoin-guide-corporates-investing-in-crypto-microstrategy
Rein Mahatma
 
From Bitcoin to Blockchain: Industry Review April 2017 from OLMA NEXT Ltd
From Bitcoin to Blockchain: Industry Review April 2017 from OLMA NEXT LtdFrom Bitcoin to Blockchain: Industry Review April 2017 from OLMA NEXT Ltd
From Bitcoin to Blockchain: Industry Review April 2017 from OLMA NEXT Ltd
OLMA Capital Management
 
Blockchain rewires financial markets / IBM
Blockchain  rewires financial markets / IBMBlockchain  rewires financial markets / IBM
Blockchain rewires financial markets / IBM
Diego Alberto Tamayo
 
Cryptocurrencies: The Mechanics Economic and Finance
Cryptocurrencies: The Mechanics Economic and FinanceCryptocurrencies: The Mechanics Economic and Finance
Cryptocurrencies: The Mechanics Economic and Finance
Ernie Teo
 
Initial Coin Offering
Initial Coin OfferingInitial Coin Offering
Initial Coin Offering
LawPlus Ltd.
 
Introduction to Blockchain and Cryptocurrencies
Introduction to Blockchain and CryptocurrenciesIntroduction to Blockchain and Cryptocurrencies
Introduction to Blockchain and Cryptocurrencies
Walid Driss
 

What's hot (20)

BlockChain Strategists - English presentation
BlockChain Strategists - English presentationBlockChain Strategists - English presentation
BlockChain Strategists - English presentation
 
The journey of an innovative and disruptive technology in a big and organized...
The journey of an innovative and disruptive technology in a big and organized...The journey of an innovative and disruptive technology in a big and organized...
The journey of an innovative and disruptive technology in a big and organized...
 
Business Opportunities in Fintech and Blockchain
Business Opportunities in Fintech and BlockchainBusiness Opportunities in Fintech and Blockchain
Business Opportunities in Fintech and Blockchain
 
Moving Beyond BINO Beta
Moving Beyond BINO BetaMoving Beyond BINO Beta
Moving Beyond BINO Beta
 
DCG Enterprise Blockchain Workshop Oct 2017
DCG Enterprise Blockchain Workshop Oct 2017DCG Enterprise Blockchain Workshop Oct 2017
DCG Enterprise Blockchain Workshop Oct 2017
 
FirstPartner 2016 Blockchain Ecosystem Market Map
FirstPartner 2016 Blockchain Ecosystem Market MapFirstPartner 2016 Blockchain Ecosystem Market Map
FirstPartner 2016 Blockchain Ecosystem Market Map
 
Chiu paper
Chiu paperChiu paper
Chiu paper
 
Satoshi Nakamoto : a bank employee in 2016
Satoshi Nakamoto : a bank employee in 2016Satoshi Nakamoto : a bank employee in 2016
Satoshi Nakamoto : a bank employee in 2016
 
Blockchain for Business
Blockchain for BusinessBlockchain for Business
Blockchain for Business
 
State of Blockchain Q4 2016
State of Blockchain Q4 2016State of Blockchain Q4 2016
State of Blockchain Q4 2016
 
Columbia Law School - Decentralized Ledgers Presentation on 4/7/2014
Columbia Law School - Decentralized Ledgers Presentation on 4/7/2014Columbia Law School - Decentralized Ledgers Presentation on 4/7/2014
Columbia Law School - Decentralized Ledgers Presentation on 4/7/2014
 
Why banks invest in blockchain (and not in bitcoin)
Why banks invest in blockchain (and not in bitcoin)Why banks invest in blockchain (and not in bitcoin)
Why banks invest in blockchain (and not in bitcoin)
 
Blockchain Organiseren
Blockchain OrganiserenBlockchain Organiseren
Blockchain Organiseren
 
John Davies of C24 - BlockChain - Blockbuster or Bullshit?
John Davies of C24 - BlockChain - Blockbuster or Bullshit?John Davies of C24 - BlockChain - Blockbuster or Bullshit?
John Davies of C24 - BlockChain - Blockbuster or Bullshit?
 
Deloitte bitcoin-guide-corporates-investing-in-crypto-microstrategy
Deloitte bitcoin-guide-corporates-investing-in-crypto-microstrategyDeloitte bitcoin-guide-corporates-investing-in-crypto-microstrategy
Deloitte bitcoin-guide-corporates-investing-in-crypto-microstrategy
 
From Bitcoin to Blockchain: Industry Review April 2017 from OLMA NEXT Ltd
From Bitcoin to Blockchain: Industry Review April 2017 from OLMA NEXT LtdFrom Bitcoin to Blockchain: Industry Review April 2017 from OLMA NEXT Ltd
From Bitcoin to Blockchain: Industry Review April 2017 from OLMA NEXT Ltd
 
Blockchain rewires financial markets / IBM
Blockchain  rewires financial markets / IBMBlockchain  rewires financial markets / IBM
Blockchain rewires financial markets / IBM
 
Cryptocurrencies: The Mechanics Economic and Finance
Cryptocurrencies: The Mechanics Economic and FinanceCryptocurrencies: The Mechanics Economic and Finance
Cryptocurrencies: The Mechanics Economic and Finance
 
Initial Coin Offering
Initial Coin OfferingInitial Coin Offering
Initial Coin Offering
 
Introduction to Blockchain and Cryptocurrencies
Introduction to Blockchain and CryptocurrenciesIntroduction to Blockchain and Cryptocurrencies
Introduction to Blockchain and Cryptocurrencies
 

Similar to Business Models for Blockchain-based Ventures

Presentazione Indra
Presentazione IndraPresentazione Indra
Presentazione Indra
Sara Noggler
 
Blockchain Explained for Devlopers
Blockchain Explained for DevlopersBlockchain Explained for Devlopers
Blockchain Explained for Devlopers
Paula Peña (She, Her, Hers)
 
Blockchain and XBRL at the 2017 American Accounting Association presented b...
 Blockchain and XBRL at the  2017 American Accounting Association presented b... Blockchain and XBRL at the  2017 American Accounting Association presented b...
Blockchain and XBRL at the 2017 American Accounting Association presented b...
Workiva
 
Ibm system storage solutions handbook
Ibm system storage solutions handbook Ibm system storage solutions handbook
Ibm system storage solutions handbook
Diego Alberto Tamayo
 
Blockchain conference cwin18 mexico
Blockchain conference cwin18 mexicoBlockchain conference cwin18 mexico
Blockchain conference cwin18 mexico
Capgemini
 
IBM Bluemix Nice Meetup #4-20170302 6 Meetup @INRIA - BlockChain
IBM Bluemix Nice Meetup #4-20170302 6 Meetup @INRIA - BlockChainIBM Bluemix Nice Meetup #4-20170302 6 Meetup @INRIA - BlockChain
IBM Bluemix Nice Meetup #4-20170302 6 Meetup @INRIA - BlockChain
IBM France Lab
 
Blockchain Challenge - Enrico Ferro - 14/11/18
Blockchain Challenge - Enrico Ferro - 14/11/18Blockchain Challenge - Enrico Ferro - 14/11/18
Blockchain Challenge - Enrico Ferro - 14/11/18
The Blockchain Council
 
Blockchain explained cata
Blockchain explained   cataBlockchain explained   cata
Blockchain explained cata
Mogul Marketing
 
The implications of Blockchain technology in the Alternative Investments arena
The implications of Blockchain technology in the Alternative Investments arenaThe implications of Blockchain technology in the Alternative Investments arena
The implications of Blockchain technology in the Alternative Investments arena
Jérôme Vasamillet
 
New master david cutler
New master   david cutlerNew master   david cutler
Blockchain implementation strategy
Blockchain implementation strategyBlockchain implementation strategy
Blockchain implementation strategy
Mohammadamir Mohtashami
 
Blockchain in IT.pptx
Blockchain in IT.pptxBlockchain in IT.pptx
Blockchain in IT.pptx
ssuser3ab054
 
170720 chainstep meetp_next_bigthing
170720 chainstep meetp_next_bigthing170720 chainstep meetp_next_bigthing
170720 chainstep meetp_next_bigthing
Frank Bolten
 
Fintech Module 8 - Data, Analytics and Strategy
Fintech Module 8 - Data, Analytics and StrategyFintech Module 8 - Data, Analytics and Strategy
Fintech Module 8 - Data, Analytics and Strategy
Drago Indjic
 
Blockchain: Real World Use Cases
Blockchain: Real World Use CasesBlockchain: Real World Use Cases
Blockchain: Real World Use Cases
Capgemini
 
170911 bitkom ak_logistics
170911 bitkom ak_logistics170911 bitkom ak_logistics
170911 bitkom ak_logistics
BoFrank01
 
Blockchain Technology and its role in the process of public sector innovation
Blockchain Technology and its role in the process of public sector innovationBlockchain Technology and its role in the process of public sector innovation
Blockchain Technology and its role in the process of public sector innovation
samossummit
 
Blockchain EXE #12:海外遠征を含む最新事情共有(Jim Maricondo | ConsenSys)
Blockchain EXE #12:海外遠征を含む最新事情共有(Jim Maricondo | ConsenSys)Blockchain EXE #12:海外遠征を含む最新事情共有(Jim Maricondo | ConsenSys)
Blockchain EXE #12:海外遠征を含む最新事情共有(Jim Maricondo | ConsenSys)
blockchainexe
 
Neuroware.io at FINNOVASIA KL - 2016
Neuroware.io at FINNOVASIA KL - 2016Neuroware.io at FINNOVASIA KL - 2016
Neuroware.io at FINNOVASIA KL - 2016
Mark Smalley
 
Applying Blockchain to the Energy Industry
Applying Blockchain to the Energy IndustryApplying Blockchain to the Energy Industry
Applying Blockchain to the Energy Industry
Indigo Advisory Group
 

Similar to Business Models for Blockchain-based Ventures (20)

Presentazione Indra
Presentazione IndraPresentazione Indra
Presentazione Indra
 
Blockchain Explained for Devlopers
Blockchain Explained for DevlopersBlockchain Explained for Devlopers
Blockchain Explained for Devlopers
 
Blockchain and XBRL at the 2017 American Accounting Association presented b...
 Blockchain and XBRL at the  2017 American Accounting Association presented b... Blockchain and XBRL at the  2017 American Accounting Association presented b...
Blockchain and XBRL at the 2017 American Accounting Association presented b...
 
Ibm system storage solutions handbook
Ibm system storage solutions handbook Ibm system storage solutions handbook
Ibm system storage solutions handbook
 
Blockchain conference cwin18 mexico
Blockchain conference cwin18 mexicoBlockchain conference cwin18 mexico
Blockchain conference cwin18 mexico
 
IBM Bluemix Nice Meetup #4-20170302 6 Meetup @INRIA - BlockChain
IBM Bluemix Nice Meetup #4-20170302 6 Meetup @INRIA - BlockChainIBM Bluemix Nice Meetup #4-20170302 6 Meetup @INRIA - BlockChain
IBM Bluemix Nice Meetup #4-20170302 6 Meetup @INRIA - BlockChain
 
Blockchain Challenge - Enrico Ferro - 14/11/18
Blockchain Challenge - Enrico Ferro - 14/11/18Blockchain Challenge - Enrico Ferro - 14/11/18
Blockchain Challenge - Enrico Ferro - 14/11/18
 
Blockchain explained cata
Blockchain explained   cataBlockchain explained   cata
Blockchain explained cata
 
The implications of Blockchain technology in the Alternative Investments arena
The implications of Blockchain technology in the Alternative Investments arenaThe implications of Blockchain technology in the Alternative Investments arena
The implications of Blockchain technology in the Alternative Investments arena
 
New master david cutler
New master   david cutlerNew master   david cutler
New master david cutler
 
Blockchain implementation strategy
Blockchain implementation strategyBlockchain implementation strategy
Blockchain implementation strategy
 
Blockchain in IT.pptx
Blockchain in IT.pptxBlockchain in IT.pptx
Blockchain in IT.pptx
 
170720 chainstep meetp_next_bigthing
170720 chainstep meetp_next_bigthing170720 chainstep meetp_next_bigthing
170720 chainstep meetp_next_bigthing
 
Fintech Module 8 - Data, Analytics and Strategy
Fintech Module 8 - Data, Analytics and StrategyFintech Module 8 - Data, Analytics and Strategy
Fintech Module 8 - Data, Analytics and Strategy
 
Blockchain: Real World Use Cases
Blockchain: Real World Use CasesBlockchain: Real World Use Cases
Blockchain: Real World Use Cases
 
170911 bitkom ak_logistics
170911 bitkom ak_logistics170911 bitkom ak_logistics
170911 bitkom ak_logistics
 
Blockchain Technology and its role in the process of public sector innovation
Blockchain Technology and its role in the process of public sector innovationBlockchain Technology and its role in the process of public sector innovation
Blockchain Technology and its role in the process of public sector innovation
 
Blockchain EXE #12:海外遠征を含む最新事情共有(Jim Maricondo | ConsenSys)
Blockchain EXE #12:海外遠征を含む最新事情共有(Jim Maricondo | ConsenSys)Blockchain EXE #12:海外遠征を含む最新事情共有(Jim Maricondo | ConsenSys)
Blockchain EXE #12:海外遠征を含む最新事情共有(Jim Maricondo | ConsenSys)
 
Neuroware.io at FINNOVASIA KL - 2016
Neuroware.io at FINNOVASIA KL - 2016Neuroware.io at FINNOVASIA KL - 2016
Neuroware.io at FINNOVASIA KL - 2016
 
Applying Blockchain to the Energy Industry
Applying Blockchain to the Energy IndustryApplying Blockchain to the Energy Industry
Applying Blockchain to the Energy Industry
 

Recently uploaded

Should Repositories Participate in the Fediverse?
Should Repositories Participate in the Fediverse?Should Repositories Participate in the Fediverse?
Should Repositories Participate in the Fediverse?
Paul Walk
 
办理新西兰奥克兰大学毕业证学位证书范本原版一模一样
办理新西兰奥克兰大学毕业证学位证书范本原版一模一样办理新西兰奥克兰大学毕业证学位证书范本原版一模一样
办理新西兰奥克兰大学毕业证学位证书范本原版一模一样
xjq03c34
 
How to make a complaint to the police for Social Media Fraud.pdf
How to make a complaint to the police for Social Media Fraud.pdfHow to make a complaint to the police for Social Media Fraud.pdf
How to make a complaint to the police for Social Media Fraud.pdf
Infosec train
 
怎么办理(umiami毕业证书)美国迈阿密大学毕业证文凭证书实拍图原版一模一样
怎么办理(umiami毕业证书)美国迈阿密大学毕业证文凭证书实拍图原版一模一样怎么办理(umiami毕业证书)美国迈阿密大学毕业证文凭证书实拍图原版一模一样
怎么办理(umiami毕业证书)美国迈阿密大学毕业证文凭证书实拍图原版一模一样
rtunex8r
 
快速办理(新加坡SMU毕业证书)新加坡管理大学毕业证文凭证书一模一样
快速办理(新加坡SMU毕业证书)新加坡管理大学毕业证文凭证书一模一样快速办理(新加坡SMU毕业证书)新加坡管理大学毕业证文凭证书一模一样
快速办理(新加坡SMU毕业证书)新加坡管理大学毕业证文凭证书一模一样
3a0sd7z3
 
Bengaluru Dreamin' 24 - Personal Branding
Bengaluru Dreamin' 24 - Personal BrandingBengaluru Dreamin' 24 - Personal Branding
Bengaluru Dreamin' 24 - Personal Branding
Tarandeep Singh
 
Discover the benefits of outsourcing SEO to India
Discover the benefits of outsourcing SEO to IndiaDiscover the benefits of outsourcing SEO to India
Discover the benefits of outsourcing SEO to India
davidjhones387
 
Honeypots Unveiled: Proactive Defense Tactics for Cyber Security, Phoenix Sum...
Honeypots Unveiled: Proactive Defense Tactics for Cyber Security, Phoenix Sum...Honeypots Unveiled: Proactive Defense Tactics for Cyber Security, Phoenix Sum...
Honeypots Unveiled: Proactive Defense Tactics for Cyber Security, Phoenix Sum...
APNIC
 
HijackLoader Evolution: Interactive Process Hollowing
HijackLoader Evolution: Interactive Process HollowingHijackLoader Evolution: Interactive Process Hollowing
HijackLoader Evolution: Interactive Process Hollowing
Donato Onofri
 
Securing BGP: Operational Strategies and Best Practices for Network Defenders...
Securing BGP: Operational Strategies and Best Practices for Network Defenders...Securing BGP: Operational Strategies and Best Practices for Network Defenders...
Securing BGP: Operational Strategies and Best Practices for Network Defenders...
APNIC
 
快速办理(Vic毕业证书)惠灵顿维多利亚大学毕业证完成信一模一样
快速办理(Vic毕业证书)惠灵顿维多利亚大学毕业证完成信一模一样快速办理(Vic毕业证书)惠灵顿维多利亚大学毕业证完成信一模一样
快速办理(Vic毕业证书)惠灵顿维多利亚大学毕业证完成信一模一样
3a0sd7z3
 
一比一原版新西兰林肯大学毕业证(Lincoln毕业证书)学历如何办理
一比一原版新西兰林肯大学毕业证(Lincoln毕业证书)学历如何办理一比一原版新西兰林肯大学毕业证(Lincoln毕业证书)学历如何办理
一比一原版新西兰林肯大学毕业证(Lincoln毕业证书)学历如何办理
thezot
 
Integrating Physical and Cybersecurity to Lower Risks in Healthcare!
Integrating Physical and Cybersecurity to Lower Risks in Healthcare!Integrating Physical and Cybersecurity to Lower Risks in Healthcare!
Integrating Physical and Cybersecurity to Lower Risks in Healthcare!
Alec Kassir cozmozone
 
一比一原版(USYD毕业证)悉尼大学毕业证如何办理
一比一原版(USYD毕业证)悉尼大学毕业证如何办理一比一原版(USYD毕业证)悉尼大学毕业证如何办理
一比一原版(USYD毕业证)悉尼大学毕业证如何办理
k4ncd0z
 

Recently uploaded (14)

Should Repositories Participate in the Fediverse?
Should Repositories Participate in the Fediverse?Should Repositories Participate in the Fediverse?
Should Repositories Participate in the Fediverse?
 
办理新西兰奥克兰大学毕业证学位证书范本原版一模一样
办理新西兰奥克兰大学毕业证学位证书范本原版一模一样办理新西兰奥克兰大学毕业证学位证书范本原版一模一样
办理新西兰奥克兰大学毕业证学位证书范本原版一模一样
 
How to make a complaint to the police for Social Media Fraud.pdf
How to make a complaint to the police for Social Media Fraud.pdfHow to make a complaint to the police for Social Media Fraud.pdf
How to make a complaint to the police for Social Media Fraud.pdf
 
怎么办理(umiami毕业证书)美国迈阿密大学毕业证文凭证书实拍图原版一模一样
怎么办理(umiami毕业证书)美国迈阿密大学毕业证文凭证书实拍图原版一模一样怎么办理(umiami毕业证书)美国迈阿密大学毕业证文凭证书实拍图原版一模一样
怎么办理(umiami毕业证书)美国迈阿密大学毕业证文凭证书实拍图原版一模一样
 
快速办理(新加坡SMU毕业证书)新加坡管理大学毕业证文凭证书一模一样
快速办理(新加坡SMU毕业证书)新加坡管理大学毕业证文凭证书一模一样快速办理(新加坡SMU毕业证书)新加坡管理大学毕业证文凭证书一模一样
快速办理(新加坡SMU毕业证书)新加坡管理大学毕业证文凭证书一模一样
 
Bengaluru Dreamin' 24 - Personal Branding
Bengaluru Dreamin' 24 - Personal BrandingBengaluru Dreamin' 24 - Personal Branding
Bengaluru Dreamin' 24 - Personal Branding
 
Discover the benefits of outsourcing SEO to India
Discover the benefits of outsourcing SEO to IndiaDiscover the benefits of outsourcing SEO to India
Discover the benefits of outsourcing SEO to India
 
Honeypots Unveiled: Proactive Defense Tactics for Cyber Security, Phoenix Sum...
Honeypots Unveiled: Proactive Defense Tactics for Cyber Security, Phoenix Sum...Honeypots Unveiled: Proactive Defense Tactics for Cyber Security, Phoenix Sum...
Honeypots Unveiled: Proactive Defense Tactics for Cyber Security, Phoenix Sum...
 
HijackLoader Evolution: Interactive Process Hollowing
HijackLoader Evolution: Interactive Process HollowingHijackLoader Evolution: Interactive Process Hollowing
HijackLoader Evolution: Interactive Process Hollowing
 
Securing BGP: Operational Strategies and Best Practices for Network Defenders...
Securing BGP: Operational Strategies and Best Practices for Network Defenders...Securing BGP: Operational Strategies and Best Practices for Network Defenders...
Securing BGP: Operational Strategies and Best Practices for Network Defenders...
 
快速办理(Vic毕业证书)惠灵顿维多利亚大学毕业证完成信一模一样
快速办理(Vic毕业证书)惠灵顿维多利亚大学毕业证完成信一模一样快速办理(Vic毕业证书)惠灵顿维多利亚大学毕业证完成信一模一样
快速办理(Vic毕业证书)惠灵顿维多利亚大学毕业证完成信一模一样
 
一比一原版新西兰林肯大学毕业证(Lincoln毕业证书)学历如何办理
一比一原版新西兰林肯大学毕业证(Lincoln毕业证书)学历如何办理一比一原版新西兰林肯大学毕业证(Lincoln毕业证书)学历如何办理
一比一原版新西兰林肯大学毕业证(Lincoln毕业证书)学历如何办理
 
Integrating Physical and Cybersecurity to Lower Risks in Healthcare!
Integrating Physical and Cybersecurity to Lower Risks in Healthcare!Integrating Physical and Cybersecurity to Lower Risks in Healthcare!
Integrating Physical and Cybersecurity to Lower Risks in Healthcare!
 
一比一原版(USYD毕业证)悉尼大学毕业证如何办理
一比一原版(USYD毕业证)悉尼大学毕业证如何办理一比一原版(USYD毕业证)悉尼大学毕业证如何办理
一比一原版(USYD毕业证)悉尼大学毕业证如何办理
 

Business Models for Blockchain-based Ventures

  • 1. BUSINESS MODELS FOR BLOCKCHAIN-BASED VENTURES Enrico Ferro, Michele Osella, Riccardo Rostagno
  • 2. Copyright © 2018 ISMB 2 WHY BLOCKCHAIN IS RELEVANT? «What internet did for communications, I think blockchain will do for trusted transactions» Ginny Rommetty, CEO of
  • 3. Copyright © 2018 ISMB 6 RESEARCH QUESTIONS Along which dimensions can the blockchain ecosystem be mapped? What are the key archetypal actors and their strategical positioning? What are the emerging business models enabled by blockchain?
  • 4. Copyright © 2018 ISMB 7 METHODOLOGY LITERATURE REVIEW Business Models: Academic literature, Strategyzer Blockchain: Academic papers, Whitepapers CASE STUDIES Long list of 1326 cryptocurrencies Mixed sampling approach: • Theoretical sampling • Empirical sampling 32 projects under lens CROSS CASE ANALYSIS Identification of 20 business models
  • 5. 8Copyright © 2018 ISMB VALUE ECOSYSTEM FRAMEWORK BASIC INFRASTRUCTURE • Distributed ledger • Consensus algorithm • Coin as validation reward ON-CHAIN APPLICATION LOGIC • Decentralized platform that runs smart contracts executed on a virtual machine • Programming language UTILITY/ CRYPTO EQUITY TOKEN • Provides access to the services network • Guarantees voting and dividends rights OFF-CHAIN APPLICATION LOGIC • Back-end app-blockchains connection • Front-end user interface Please quote as: Ferro, Osella, Rostagno (2018) «Blockchain Value Ecosystem Framework» Link to blog post
  • 6. Copyright © 2018 ISMB 9 Bitcoin Ethereum Coinbase BAT Steem OFF-CHAIN APPLICATION LOGIC UTILITY/CRYPTO EQUITY TOKEN ON-CHAIN APPLICATION LOGIC BASIC INFRASTRUCTURE VALUE ECOSYSTEM EXEMPLIFICATION
  • 7. Copyright © 2018 ISMB 10 SINGLE CHAIN CROSS CHAIN OFF-CHAIN APPLICATION LOGIC Decentralized applications Providers Financial Platform ProvidersUTILITY/CRYPTO EQUITY TOKEN ON-CHAIN APPLICATION LOGIC Protocols Providers Protocols Innovators BASIC INFRASTRUCTURE VALUE ECOSYSTEM MATRIX + +
  • 8. Copyright © 2018 ISMB 11 SINGLE CHAIN CROSS CHAIN OFF-CHAIN APPLICATION LOGIC Services binders Liquidity providers Crowd aggregator Marketplaces enablers UTILITY/CRYPTO EQUITY TOKEN Exchanges Prediction market orchestrators Attention Monetizators ON-CHAIN APPLICATION LOGIC Miners Blockchain connectorsPayment services providers BASIC INFRASTRUCTURE Turn-key technical developers Scalability providersDevelopment tools providers FROM REAL-LIFE ACTORS TO ARCHETYPES + +
  • 9. Copyright © 2018 ISMB 12 SINGLE CHAIN CROSS CHAIN OFF-CHAIN APPLICATION LOGIC Services binders Merged services Membership-based p2p lending Liquidity providers Crowd aggregator Distributed assets as a service Fly liquidity Marketplaces enablers Light intermediation UTILITY/CRYPTO EQUITY TOKEN Wallet to Wallet Exchanges Prediction market orchestrators Collective Oracle Centralized ExchangeAttention Monetizators Prosumer platform Three-sided markets ON-CHAIN APPLICATION LOGIC Miners Solo mining Cross-chain atomic swaps like Blockchain connectors Pool mining Smart Bridges Cloud mining Cross-chain messaging Mining Marketplace Decentralized exchange BASIC INFRASTRUCTURE Turn-key technical developers ICO as a service Trusted off-chain transactions Scalability providers EMERGING BUSINESS MODELS + +
  • 10. Copyright © 2018 ISMB 14 SINGLE CHAIN CROSS CHAIN OFF-CHAIN APPLICATION LOGIC Services binders Merged services Membership-based p2p lending Liquidity providers Crowd aggregator Distributed assets as a service Fly liquidity Marketplaces enablers Light intermediation UTILITY/CRYPTO EQUITY TOKEN Wallet to Wallet Exchanges Prediction market orchestrators Collective Oracle Centralized ExchangeAttention Monetizators Prosumer platform Three-sided markets ON-CHAIN APPLICATION LOGIC Miners Solo mining Cross-chain atomic swaps like Blockchain connectors Pool mining Smart Bridges Cloud mining Cross-chain messaging Mining Marketplace Decentralized exchange BASIC INFRASTRUCTURE Turn-key technical developers ICO as a service Trusted off-chain transactions Scalability providers BUSINESS MODELS MATURITY + +
  • 11. Copyright © 2018 ISMB 15 SINGLE CHAIN USERS’ BASED VALUE GENERATION VALUE APPROPRIATION CAPABILITY CROSS CHAIN OFF-CHAIN APPLICATIONLOGIC Services binders Merged services V V V Crowd aggregator Distributed assets as a service V V V Marketplaces enablers Light intermediation V V V Prediction market orchestrators Collective Oracle V V X Attention Monetizators Prosumer platform V V X UTILITY/CRYPTO EQUITYTOKEN Three-sided markets V V V V V V Membership-based p2p lending Liquidity providers V V V Fly liquidity V V V Wallet to Wallet Exchanges V V V Centralized Exchange ON-CHAIN APPLICATIONLOGIC Miners Solo mining V V V Pool mining V V V Cloud mining V V V Mining Marketplace V V V Turn-key technical developers ICO as a service V V V BASIC INFRASTRUCTURE V X X Cross-chain atomic swaps like Blockchain connectors V X X Smart Bridges V X X Cross-chain messaging V V X Decentralized exchange V X X Trusted off-chain transactions Scalability providers MATURITY MODEL FRAMEWORK + + BUSINESS MATURITY LEVELS
  • 12. Copyright © 2018 ISMB 16 MARKET VALUE DISTRIBUTION VALUE APPROPRIATION CONCENTRATION Infrastructure & Exchanges > 97% Dapps & Innovators < 3% BTC 63.93%ETH 14.98% BCH 8,69% DASH 1,73% BTC ETH BCH DASH BTG LTC ADA XMR ETC NEO EOS QTUM LSK ZEC USDT NXT MONA BCN DCR VTC PIVX DOGE WTC EMC2 BTCD DGB C4 = 89,34% Source: Coinmarketcap
  • 13. 17Copyright © 2018 ISMB CONCLUSIONS • The actors operating in the blockchain ecosystem may be mapped against two main dimensions: ◦ position in the technological stack ◦ number of blockchains with which they interact. • Eleven archetypal actors have been identified leveraging four strategic positions: ◦ Dapps providers ◦ Protocol providers ◦ Financial platform providers ◦ Protocol innovators • Twenty business models have emerged from the case studies conducted showing different levels of maturity in terms of: magnitude of the user base, clarity of the value generation and appropriation mechanisms. • From a business model perspective, three types of innovation were found: ◦ The birth of blockchains-specific business models such as mining ◦ The convergence of activities previously conducted by different players (eg: payment & reputation) ◦ Light intermediation promoting a fairer redistribution of resourses through revenue sharing mechanisms
  • 14. innodev.ismb.it Enrico Ferro, PhD Head of Innovation Development Area ferro@ismb.it @egferro Michele Osella, PhD Head of Business Model & Policy Innovation Unit osella@ismb.it @MicheleOsella ISMB | INNOVATION DEVELOPMENT AREA
  • 15. 19Copyright © 2018 ISMB ANNEXES: BUSINESS MODEL CANVASES
  • 16. 20Copyright © 2018 ISMB DISTRIBUTED ASSETS AS A SERVICE Advisors with strong reputation Providers of «under utilized asset» Providers of «under utilized asset» Requestors (asset seekers) Under utilized asset exploitation Access to a cheaper asset marketplace Human resources Marketing ICO fundings Commission for every smart contract between users Github repository Two-sided platform Long term standardized Platform management Smart contract deployment Providers community Smart contract developers
  • 17. 21Copyright © 2018 ISMB THREE-SIDED PLATFORM Platform management Publishers Improved revenues, better reporting, less fraud Users Advertisers Cheaper customer attention, better penetration Strong Privacy, No malvertising Utility token Human resources Marketing ICO fundings Share of advertizing expenditur e Long term customized Community platforms Search engines Network of volunteers for the social media management Brave browser Free & Open source browser
  • 18. 22Copyright © 2018 ISMB LIGHT INTERMEDIATION Ethereum Advisors with strong reputation Sellers (asset holders) Access to a distributed marketplace Human resources Marketing ICO fundings Commission for every smart contract between users Short term standardized Platform management Smart contract deployment Smart contract developers Buyers (asset seekers) Access to an open marketplace Utility token Compensation for external solutions Publishing platform (e.g medium, telegram, slack) Two- sided platform
  • 19. 23Copyright © 2018 ISMB MERGED SERVICES Value added payment system Human resources Marketing ICO fundings Commission for every payment Github repository Two- sided platform Long term standardized Platform management Smart contract deployment Application developers Smart contract developers Merchants (optional) Users Compensation for external solutions E- commerce platform Dapps
  • 20. 24Copyright © 2018 ISMB ICO AS A SERVICE Vocational education Software developers EnterprisesExpert consultancy Workshop & Hackathon Direct company channels Short term standardized Long term customize d Product or service revenues Human resources Outreaching Software houses «Crypto stock» options Technical design and development Support Strategical designers Software & Smart contract developers
  • 21. 25Copyright © 2018 ISMB SOLO MINING Electrical energy Mining hardware Block reward Mining Mining hardware Cryptocurrency’s users Cryptocurrency’s client Short term, anonymous Peer-to-peer electronic cash system Other miners on the same network Wallet and exchanges
  • 22. 26Copyright © 2018 ISMB POOL MINING Mining pool partecipants (hardware holders) Facilitation in cooperative mining Medium/Long term standardized Community platforms Software developers Pool management Partecipants coordination Mining pool partecipants Fee collected for every block mined Pool operators Pool maintainance Risk diversification enabled by cooperative mining
  • 23. 27Copyright © 2018 ISMB CLOUD MINING Multi- algorithm cloud mining services Long-term standardized Company website direct channel Small – medium investors Mining hardware Electrical energy Mining hardware Hash-rate contracts Mning pools Renting hardware for mining Hardware maintenance
  • 24. 28Copyright © 2018 ISMB MINING MARKETPLACE Exchanges Sellers (asset holders) Regular recurring income Software developers Marketing Short term flexible Platform manageme nt Buyers (asset seekers)Flexible mining enablers Mining software Wallet manageme nt E-wallet Fees for selling hashing power Fees for buying hashing power Withdrawal fees form the wallet Deposit fee to the wallet Mining pools Publishing platform (e.g medium, telegram, slack) Two-sided platform
  • 25. 29Copyright © 2018 ISMB MEMBERSHIP BASED P2P LENDING Two-sided platform Software developers Marketing Membership tiers price Lenders Borrowers Investment with liquid collateral Provision of new way to access the value of blockchain based asset without liquidationCommunity network Community engagement Platform manageme nt Capital on demand without liquidation Utility token ICO fundings Blockchain- based payment circuits Long term, standardized
  • 26. 30Copyright © 2018 ISMB FLY LIQUIDITY Payment circuits ( e.g. VISA, Mastercard ) Multi- currency wallet Wallet management ICO fundings Apps developmnet Software developers Token appreciation Issuing and withdrawal fee Human resources Marketing Crypto owners and users Communit y platforms Medium- long term standardized Crypto currencies usability for every day life
  • 27. 31Copyright © 2018 ISMB CENTRALIZED EXCHANGE ICO fundings (optional) Arbitrage on exchange rate Transactions’ fee Users Short term standardized Security Server maintenance Company website App Provision of cryptocurrencies’ trading platform Platform management Trading economics management Network community Utility token (optional) Banks Payment circuits
  • 28. 32Copyright © 2018 ISMB WALLET-TO-WALLET EXCHANGE Arbitrage on exchange rate Provision of instant bitcoin and altcoin conversion Merchants Company website App Very short term standardized API’s Platform management Users Development’ s costs Cryptocurrency’s reserves