Blockchain technology, an enabling force: : Getting access to a new spectrum of international markets

The impact that technology has on modern international business is comprehensive, it has, and is transforming the way that business and interaction are conducted across borders. Through development of new technologies arises opportunities to be exploited in the search for beneficial advantages. To meet the development and evolution of today’s society’s demanding social and digital needs, advancements and measures are being made in key areas such as methods of payment, supply chain management and data transformation. Blockchain is currently one of the hottest topics when it comes to developing new ecosystems within the financial global environment. The technology of blockchain has disrupted traditional models and solutions both across the public and private sector and across different industries. Blockchain is basically a digital networking system of computers that monitors, distributes, and duplicates information regarding for example, transactions, that then is stored in a digital ledger within the blockchain. The usage of different types of blockchain setups is having an exponential growth across the international business landscape, the potential benefits of receiving and distributing information as well as transactions in a faster, transparent, and more secure way is intriguing. Despite its relevance to international business theory, there has been limited academic contribution on the impact of blockchain technology. By relating blockchain technology to theoretical models and providing a new context for the phenomenon this thesis contributes to the existing research. The study revolves around the following research questions: “What impact has blockchain on businesses ability to reach and gain access to international markets?” as well as “What are the main challenges that companies face when using blockchain technology to conduct business across borders?” In which the empirical findings from four company representatives concluded that, objectively blockchain has made it easier for companies to gain access to international markets. The internationalization process becomes more efficient and transparent, relationships and network creation across borders gets substantially easier through increased interconnectivity. Blockchain creates new business models and processes that reaches consensus and trust more effectively. Furthermore, obstacles associated with international payments that can be seen to limit cross-border trade gets mitigated by transparent chains of information. The main challenges companies face when using blockchain technology to conduct business across borders mainly relies on the counterpart experiencing structural difficulties to understand how to comprehensively implement blockchain technology throughout the organization.