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Does blockchain technology have a role in developing organisational strategy?
chapterposted on 2023-09-01, 15:26 authored by Gordon Bowen, Richard Bowen, Deidre Bowen
Although for many political commentators the war in Ukraine was bound to happen at some stage, to the business community it was a black swan event. Business events are driven by unpredictability, volatility, uncertainty, dynamics, and compulsiveness (UVUDC). These factors create black swan situations, which hinder strategy formulation, and they can dissipate rapidly. This conceptual paper suggests that a blockchain approach to strategy formulation would enhance decision making under environmental conditions of UVUDC. Democratisation of the strategy formulation process extends the net of ideas and decisions to the whole organisation. Thus, ideas and decisions have variety and are not susceptible to groupthink. The role of senior management would need to change to accommodate the new organisational ecosystem; they would become coaches, facilitators, and filterers of information and ideas. The blockchain strategy formulation process generates emergent strategies and is more flexible than the over-centralisation of the current economy’s strategy formulation process.
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